PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

52.0%

Basic

Materials

0.5%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

1,560,000

1,489,297

6.415%

due

07/15/27

344,000

349,915

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

349,000

350,509

Mosaic

Co.

4.050%

due

11/15/27

600,000

591,995

2,781,716

Communications

2.0%

AT&T,

Inc.

1.700%

due

03/25/26

1,600,000

1,556,480

2.950%

due

07/15/26

1,060,000

1,039,632

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

1,560,000

1,512,457

6.150%

due

11/10/26

500,000

510,294

Discovery

Communications

LLC

3.950%

due

03/20/28

1,600,000

1,537,921

4.900%

due

03/11/26

600,000

600,207

Rogers

Communications,

Inc.

(Canada)

2.900%

due

11/15/26

60,000

58,417

3.200%

due

03/15/27

1,200,000

1,167,892

3.625%

due

12/15/25

1,100,000

1,090,438

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

1,075,000

1,054,637

10,128,375

Consumer,

Cyclical

3.6%

AutoZone,

Inc.

3.125%

due

04/21/26

60,000

59,173

5.050%

due

07/15/26

1,800,000

1,813,478

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

936,000

941,028

5.000%

due

01/15/27 ~

600,000

604,143

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

2,000,000

2,009,444

5.850%

due

05/17/27

2,200,000

2,212,130

6.950%

due

06/10/26

1,600,000

1,625,132

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

1,100,000

1,057,875

2.350%

due

02/26/27

1,900,000

1,813,857

5.400%

due

05/08/27

1,480,000

1,494,681

6.000%

due

01/09/28

780,000

800,220

Hyundai

Capital

America

2.750%

due

09/27/26 ~

1,560,000

1,517,417

5.650%

due

06/26/26 ~

1,080,000

1,092,026

O'Reilly

Automotive,

Inc.

5.750%

due

11/20/26

500,000

509,328

Ross

Stores,

Inc.

0.875%

due

04/15/26

1,060,000

1,021,393

18,571,325

Consumer,

Non-Cyclical

4.8%

BAT

Capital

Corp.

(United

Kingdom)

3.215%

due

09/06/26

1,760,000

1,727,022

4.700%

due

04/02/27

1,200,000

1,202,193

Principal

Amount

Value

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

1,180,000

1,146,289

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

2,100,000

2,139,732

Centene

Corp.

4.250%

due

12/15/27

2,060,000

2,011,728

Cigna

Group

3.400%

due

03/01/27

1,780,000

1,746,077

CVS

Health

Corp.

1.300%

due

08/21/27

1,500,000

1,385,453

2.875%

due

06/01/26

1,580,000

1,548,538

6.250%

due

06/01/27

500,000

516,756

HCA,

Inc.

3.125%

due

03/15/27

1,660,000

1,612,719

4.500%

due

02/15/27

1,080,000

1,076,692

5.000%

due

03/01/28

692,000

697,827

5.200%

due

06/01/28

80,000

80,998

Humana,

Inc.

1.350%

due

02/03/27

1,020,000

961,088

3.950%

due

03/15/27

1,600,000

1,578,627

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.125%

due

07/27/27 ~

500,000

515,458

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

1,660,000

1,597,362

5.125%

due

02/01/28

1,480,000

1,495,964

Mars,

Inc.

4.450%

due

03/01/27 ~

682,000

683,500

4.600%

due

03/01/28 ~

1,157,000

1,161,869

24,885,892

Energy

5.1%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

1,560,000

1,535,404

5.000%

due

12/15/29 ~

20,000

19,997

Cenovus

Energy,

Inc.

(Canada)

4.250%

due

04/15/27

600,000

595,115

DCP

Midstream

Operating

5.625%

due

07/15/27

858,000

872,521

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

1,660,000

1,680,782

Enbridge,

Inc.

(Canada)

5.250%

due

04/05/27

1,040,000

1,053,353

5.300%

due

04/05/29

1,340,000

1,365,580

5.900%

due

11/15/26

1,600,000

1,632,646

Energy

Transfer

3.900%

due

07/15/26

2,300,000

2,280,698

6.050%

due

12/01/26

1,160,000

1,185,637

EQT

Corp.

3.125%

due

05/15/26 ~

480,000

471,632

3.900%

due

10/01/27

1,463,000

1,437,214

Hess

Corp.

4.300%

due

04/01/27

1,680,000

1,671,924

MPLX

1.750%

due

03/01/26

1,600,000

1,558,494

Northwest

Pipeline

LLC

4.000%

due

04/01/27

680,000

672,601

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

2,200,000

2,209,073

ONEOK,

Inc.

4.000%

due

07/13/27

1,300,000

1,284,380

4.250%

due

09/24/27

1,720,000

1,705,161

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

1,600,000

1,599,380

Western

Midstream

Operating

4.650%

due

07/01/26

1,680,000

1,679,407

26,510,999

Financial

31.2%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

1,600,000

1,636,591

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

1,650,000

1,611,468

3.650%

due

07/21/27

1,600,000

1,563,048

6.100%

due

01/15/27

1,500,000

1,534,185

6.450%

due

04/15/27

1,150,000

1,187,509

Ally

Financial,

Inc.

4.750%

due

06/09/27

1,680,000

1,679,446

7.100%

due

11/15/27

1,330,000

1,400,641

American

Express

Co.

5.098%

due

02/16/28

1,640,000

1,660,050

5.389%

due

07/28/27

40,000

40,434

6.338%

due

10/30/26

1,600,000

1,615,643

American

Tower

Corp.

3.375%

due

10/15/26

1,500,000

1,473,444

3.600%

due

01/15/28

540,000

525,968

Aon

North

America,

Inc.

5.125%

due

03/01/27

600,000

606,628

ARES

Capital

Corp.

2.150%

due

07/15/26

600,000

578,839

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

1,061,000

1,061,287

Arthur

Gallagher

Co.

4.600%

due

12/15/27

460,000

461,139

Athene

Global

Funding

1.608%

due

06/29/26 ~

900,000

868,004

4.860%

due

08/27/26 ~

500,000

501,662

4.950%

due

01/07/27 ~

2,100,000

2,108,267

5.516%

due

03/25/27 ~

120,000

122,020

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

100,000

97,655

4.950%

due

01/15/28 ~

2,923,000

2,911,592

6.375%

due

05/04/28 ~

500,000

517,576

Bank

America

Corp.

1.658%

due

03/11/27

1,780,000

1,731,843

3.559%

due

04/23/27

1,760,000

1,741,269

3.824%

due

01/20/28

1,780,000

1,758,040

4.948%

due

07/22/28

1,180,000

1,189,660

5.819%

due

09/15/29

1,640,000

1,699,877

5.933%

due

09/15/27

1,760,000

1,794,821

Bank

Montreal

(Canada)

4.567%

due

09/10/27

1,720,000

1,721,204

5.266%

due

12/11/26

600,000

608,155

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

1,720,000

1,712,281

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

1,400,000

1,346,359

4.837%

due

09/10/28

1,300,000

1,301,381

5.674%

due

03/12/28

1,600,000

1,628,772

5.829%

due

05/09/27

1,800,000

1,822,286

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

60,000

57,839

7.300%

due

11/27/28

1,500,000

1,587,043

Principal

Amount

Value

BNP

Paribas

(France)

1.675%

due

06/30/27 ~

1,500,000

1,447,863

Canadian

Imperial

Bank

Commerce

(Canada)

5.926%

due

10/02/26

60,000

61,225

Capital

One

Financial

Corp.

1.878%

due

11/02/27

1,560,000

1,492,721

5.468%

due

02/01/29

1,540,000

1,566,115

7.149%

due

10/29/27

1,570,000

1,627,639

Citigroup,

Inc.

1.122%

due

01/28/27

1,680,000

1,631,960

1.462%

due

06/09/27

1,680,000

1,618,589

3.070%

due

02/24/28

1,600,000

1,555,311

Citizens

Bank

4.575%

due

08/09/28

1,000,000

997,470

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

1,660,000

1,631,322

Corebridge

Global

Funding

4.900%

due

01/07/28 ~

245,000

247,347

5.750%

due

07/02/26 ~

560,000

568,474

Crown

Castle,

Inc.

1.050%

due

07/15/26

500,000

476,722

3.700%

due

06/15/26

1,400,000

1,383,572

4.000%

due

03/01/27

1,160,000

1,144,484

Danske

Bank

(Denmark)

1.549%

due

09/10/27 ~

2,000,000

1,917,217

4.298%

due

04/01/28 ~

1,300,000

1,290,910

5.427%

due

03/01/28 ~

700,000

711,847

Deutsche

Bank

(Germany)

2.311%

due

11/16/27

1,600,000

1,537,950

5.371%

due

09/09/27

600,000

613,492

5.373%

due

01/10/29

1,350,000

1,365,126

5.706%

due

02/08/28

1,150,000

1,167,831

7.146%

due

07/13/27

1,150,000

1,182,423

Equitable

Financial

Life

Global

Funding

1.300%

due

07/12/26 ~

1,060,000

1,018,454

1.400%

due

08/27/27 ~

1,060,000

984,789

4.875%

due

11/19/27 ~

1,200,000

1,207,103

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

845,000

854,796

Goldman

Sachs

Bank

USA

5.283%

due

03/18/27

1,560,000

1,570,173

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

1,560,000

1,496,647

2.640%

due

02/24/28

1,560,000

1,506,272

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

1,500,000

1,500,938

HSBC

Holdings

PLC

(United

Kingdom)

5.887%

due

08/14/27

1,800,000

1,828,769

7.390%

due

11/03/28

1,800,000

1,913,338

Huntington

Bancshares,

Inc.

4.000%

due

05/15/25

300,000

299,651

4.443%

due

08/04/28

1,130,000

1,122,534

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

1,311,000

1,309,369

ING

Groep

(Netherlands)

4.858%

due

03/25/29

1,117,000

1,121,375

Intesa

Sanpaolo

SpA

(Italy)

3.875%

due

07/14/27 ~

1,600,000

1,566,645

Jackson

Financial,

Inc.

5.170%

due

06/08/27

120,000

121,029

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

474,000

476,179

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

1,500,000

1,512,599

5.550%

due

07/02/27 ~

1,700,000

1,732,897

JPMorgan

Chase

Co.

1.470%

due

09/22/27

1,080,000

1,033,266

1.578%

due

04/22/27

1,680,000

1,629,388

2.069%

due

06/01/29

1,970,000

1,824,331

2.182%

due

06/01/28

1,680,000

1,599,157

2.947%

due

02/24/28

1,700,000

1,651,886

5.012%

due

01/23/30

1,680,000

1,699,028

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

1,600,000

1,621,054

5.985%

due

08/07/27

1,800,000

1,830,006

Mizuho

Financial

Group,

Inc.

(Japan)

1.554%

due

07/09/27

1,800,000

1,733,490

5.414%

due

09/13/28

1,600,000

1,631,455

Morgan

Stanley

1.512%

due

07/20/27

1,790,000

1,721,044

1.593%

due

05/04/27

1,880,000

1,820,947

3.591%

due

07/22/28 §

1,880,000

1,833,534

3.772%

due

01/24/29

1,680,000

1,643,636

5.656%

due

04/18/30

1,640,000

1,691,138

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

1,200,000

1,158,006

3.073%

due

05/22/28

1,800,000

1,742,128

5.516%

due

09/30/28

1,400,000

1,425,879

PNC

Financial

Services

Group,

Inc.

5.300%

due

01/21/28

1,860,000

1,885,991

6.615%

due

10/20/27

2,100,000

2,164,774

Royal

Bank

Canada

(Canada)

5.069%

due

07/23/27

1,680,000

1,690,487

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

1,169,000

1,183,318

Santander

Holdings

USA,

Inc.

3.244%

due

10/05/26

1,040,000

1,016,473

Societe

Generale

(France)

5.500%

due

04/13/29 ~

200,000

202,792

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

600,000

595,985

4.568%

due

12/17/26

1,600,000

1,602,832

5.264%

due

12/11/26

1,040,000

1,054,293

5.532%

due

07/17/26

40,000

40,534

Truist

Financial

Corp.

1.125%

due

08/03/27

1,700,000

1,576,669

1.267%

due

03/02/27

1,109,000

1,075,406

4.873%

due

01/26/29

1,060,000

1,066,304

5.435%

due

01/24/30

80,000

81,673

6.047%

due

06/08/27

1,730,000

1,759,293

U.S.

Bancorp

3.100%

due

04/27/26

50,000

49,282

6.787%

due

10/26/27

1,660,000

1,715,618

UBS

(Switzerland)

5.000%

due

07/09/27

600,000

606,994

UBS

Group

(Switzerland)

1.364%

due

01/30/27 ~

200,000

194,677

1.494%

due

08/10/27 ~

1,700,000

1,629,015

6.442%

due

08/11/28 ~

2,000,000

2,075,009

VICI

Properties

due

04/01/28 #

87,000

87,234

4.750%

due

02/15/28

1,640,000

1,641,168

Principal

Amount

Value

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

1,340,000

1,326,262

Wells

Fargo

Co.

2.393%

due

06/02/28

1,580,000

1,508,232

3.196%

due

06/17/27

1,600,000

1,574,511

3.526%

due

03/24/28

1,520,000

1,489,770

4.900%

due

01/24/28

1,098,000

1,104,379

5.707%

due

04/22/28

1,080,000

1,103,721

6.303%

due

10/23/29

660,000

694,174

Western

Union

Co.

1.350%

due

03/15/26

1,060,000

1,025,455

161,956,791

Industrial

0.9%

Boeing

Co.

2.196%

due

02/04/26

1,100,000

1,076,451

3.100%

due

05/01/26

500,000

491,366

6.259%

due

05/01/27

670,000

689,507

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

1,060,000

1,019,747

4.500%

due

10/08/27

600,000

597,348

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

660,000

669,406

4,543,825

Technology

1.5%

Broadcom,

Inc.

4.150%

due

02/15/28

640,000

634,719

5.050%

due

07/12/27

540,000

546,911

Dell

International

LLC/EMC

Corp.

4.900%

due

10/01/26

1,660,000

1,666,840

6.020%

due

06/15/26

1,660,000

1,681,673

Marvell

Technology,

Inc.

1.650%

due

04/15/26

600,000

582,338

Micron

Technology,

Inc.

5.327%

due

02/06/29

770,000

781,599

6.750%

due

11/01/29

490,000

525,865

VMware

LLC

1.400%

due

08/15/26

1,540,000

1,475,175

7,895,120

Utilities

2.4%

AES

Corp.

1.375%

due

01/15/26

1,660,000

1,614,688

5.450%

due

06/01/28

60,000

61,060

CenterPoint

Energy,

Inc.

5.250%

due

08/10/26

60,000

60,564

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

560,000

553,129

Dominion

Energy,

Inc.

1.450%

due

04/15/26

1,900,000

1,839,782

2.850%

due

08/15/26

760,000

742,847

Exelon

Corp.

2.750%

due

03/15/27

1,660,000

1,607,122

FirstEnergy

Corp.

3.900%

due

07/15/27

1,600,000

1,573,695

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

500,000

493,310

NiSource,

Inc.

5.250%

due

03/30/28

660,000

671,627

Pacific

Gas

Electric

Co.

3.150%

due

01/01/26

1,100,000

1,085,963

5.450%

due

06/15/27

700,000

707,320

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Southern

Co.

5.500%

due

03/15/29

40,000

41,264

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

1,618,000

1,624,291

12,676,662

Total

Corporate

Bonds

Notes

(Cost

$268,639,105)

269,950,705

MORTGAGE-BACKED

SECURITIES

3.8%

Collateralized

Mortgage

Obligations

Commercial

3.8%

Bank

4.285%

due

11/15/61 §

250,479

248,548

Benchmark

Mortgage

Trust

3.042%

due

08/15/52

369,346

357,615

BLP

Commercial

Mortgage

Trust

5.661%

(SOFR

1.342%)

due

03/15/41 ~ §

94,883

94,822

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

1,220,419

1,216,232

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

709,850

709,072

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

1,491,613

1,495,654

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

700,819

702,130

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

855,000

855,812

Trust

5.069%

(SOFR

0.750%)

due

10/15/26 ~ §

96,963

96,458

5.463%

(SOFR

1.144%)

due

03/15/30 ~ §

1,114,000

1,109,937

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

494,000

488,580

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

163,000

162,248

5.761%

(SOFR

1.442%)

due

04/15/41 ~ §

879,094

881,884

5.810%

(SOFR

1.491%)

due

04/15/37 ~ §

87,441

87,504

COMM

Mortgage

Trust

3.317%

due

09/10/50

811,261

798,762

DBGS

Mortgage

Trust

4.302%

due

10/15/51

128,902

128,033

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

100,000

102,211

ELP

Commercial

Mortgage

Trust

5.135%

(SOFR

0.815%)

due

11/15/38 ~ §

1,127,687

1,123,273

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

1,773,876

1,773,389

Mortgage

Securities

Trust

4.106%

due

07/10/51 §

104,251

103,211

Hilton

USA

Trust

4.194%

due

11/05/38 ~ §

359,000

354,348

JPMDB

Commercial

Mortgage

Securities

Trust

3.492%

due

03/15/50

334,739

330,659

Principal

Amount

Value

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

3.514%

due

12/15/49

646,090

638,859

Morgan

Stanley

Capital

Trust

1.925%

due

07/15/53

600,000

551,488

SREIT

Trust

5.164%

(SOFR

0.845%)

due

11/15/38 ~ §

366,373

364,258

5.513%

(SOFR

1.194%)

due

11/15/38 ~ §

88,070

87,574

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

169,000

168,806

Wells

Fargo

Commercial

Mortgage

Trust

2.684%

due

10/15/49

1,703,145

1,668,053

3.063%

due

12/15/52

54,933

53,231

3.212%

due

09/15/50

411,536

405,048

3.933%

due

03/15/52

2,114,239

2,088,356

5.270%

due

03/15/38 ~ §

301,000

300,614

19,546,669

Collateralized

Mortgage

Obligations

Residential

0.0%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

100,020

97,295

Total

Mortgage-Backed

Securities

(Cost

$19,623,007)

19,643,964

ASSET-BACKED

SECURITIES

13.0%

Automobile

Other

0.8%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

490,000

490,510

4.910%

due

03/15/30 ~

820,000

821,199

5.099%

(SOFR

0.750%)

due

03/15/29 ~ §

130,000

130,389

5.499%

(SOFR

1.150%)

due

06/15/28 ~ §

990,000

997,304

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

1,045,000

1,051,627

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

135,439

136,168

5.185%

due

07/25/31 ~

573,357

576,449

4,203,646

Automobile

Sequential

3.9%

ARI

Fleet

Lease

Trust

4.460%

due

01/17/34 ~

1,340,000

1,337,598

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

50,000

50,245

CarMax

Auto

Owner

Trust

4.840%

due

01/15/30

45,000

45,505

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

395,000

396,261

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

805,000

812,072

5.060%

due

03/20/31 ~

150,000

152,817

5.160%

due

09/20/30 ~

150,000

152,413

Ford

Credit

Auto

Lease

Trust

4.720%

due

06/15/28

1,125,000

1,131,166

Ford

Credit

Auto

Owner

Trust

1.370%

due

10/17/33 ~

150,000

145,298

1.530%

due

05/15/34 ~

150,000

143,187

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

4.450%

due

10/15/29

1,650,000

1,655,771

4.610%

due

08/15/29

25,000

25,176

Ford

Credit

Floorplan

Master

Owner

Trust

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

730,000

733,250

Financial

Automobile

Leasing

Trust

4.660%

due

02/21/28

2,150,000

2,161,228

Financial

Revolving

Receivables

Trust

1.170%

due

06/12/34 ~

150,000

143,154

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

100,000

100,624

Honda

Auto

Receivables

Owner

Trust

4.570%

due

09/21/29

1,695,000

1,704,898

Hyundai

Auto

Lease

Securitization

Trust

4.830%

due

01/18/28 ~

695,000

699,954

5.410%

due

05/17/27 ~

130,000

131,199

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

30,000

30,293

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

378,000

378,855

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

1,075,000

1,078,030

4.740%

due

01/16/29

315,000

316,355

SFS

Auto

Receivables

Securitization

Trust

4.750%

due

07/22/30 ~

2,565,000

2,585,750

Toyota

Auto

Loan

Extended

Note

Trust

1.070%

due

02/27/34 ~

150,000

145,495

Toyota

Lease

Owner

Trust

4.750%

due

02/22/28 ~

1,475,000

1,484,944

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

120,000

120,817

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

1,600,000

1,597,186

World

Omni

Auto

Receivables

Trust

4.730%

due

03/15/30

890,000

900,129

20,359,670

Credit

Card

Bullet

0.7%

American

Express

Credit

Account

Master

Trust

4.650%

due

07/15/29

180,000

181,633

Credit

Card

Trust

4.790%

due

05/15/28

111,000

111,540

Capital

One

Multi-Asset

Execution

Trust

2.060%

due

08/15/28

95,000

92,178

Evergreen

Credit

Card

Trust

(Canada)

5.240%

due

05/15/29 ~

1,900,000

1,919,344

5.530%

due

05/15/29 ~

1,315,000

1,327,469

3,632,164

Other

Asset-Backed

Securities

7.6%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

72,252

72,232

Allegro

CLO

Ltd.

(Cayman)

5.261%

(SOFR

0.950%)

due

04/20/38 ~ §

1,300,000

1,293,964

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

1,001,000

999,417

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

800,000

800,917

ARES

XXXIV

CLO

Ltd.

(Cayman)

5.623%

(SOFR

1.320%)

due

04/17/33 ~ §

250,000

250,378

Principal

Amount

Value

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

1,000,000

997,704

Barings

Equipment

Finance

LLC

4.640%

due

10/13/28 ~

2,160,000

2,164,992

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

444,000

443,991

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

250,000

249,499

CCG

Receivables

Trust

4.480%

due

10/14/32 ~

105,000

105,166

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

150,000

150,005

Dext

ABS

LLC

4.590%

due

08/16/27 ~

375,000

375,258

4.770%

due

08/15/35 ~

530,000

531,354

DLLAA

LLC

4.950%

due

09/20/29 ~

1,255,000

1,272,080

Dllad

LLC

5.300%

due

07/20/29 ~

150,000

152,596

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

250,000

249,104

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

1,600,000

Flatiron

CLO

LLC

5.234%

(SOFR

0.910%)

due

10/15/34 ~ §

2,140,000

2,123,962

Green

Lakes

Park

CLO

LLC

(Cayman)

5.239%

(SOFR

0.950%)

due

01/25/38 ~ §

1,600,000

1,597,512

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

250,000

250,361

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

2,100,000

2,121,348

Kubota

Credit

Owner

Trust

4.670%

due

06/15/29 ~

2,560,000

2,582,019

5.260%

due

11/15/28 ~

150,000

152,613

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

250,000

249,069

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

1,650,000

1,649,932

Magnetite

XXVI

Ltd.

(Cayman)

5.166%

(SOFR

0.930%)

due

01/25/38 ~ §

2,400,000

2,389,214

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.099%

(SOFR

0.800%)

due

02/15/33 ~ §

444,000

442,323

5.377%

(SOFR

1.080%)

due

08/08/32 ~ §

1,362,718

1,361,767

5.402%

(SOFR

1.100%)

due

04/15/31 ~ §

1,724,250

1,723,541

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

1,502,000

1,504,422

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

220,000

220,753

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

120,000

120,396

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Principal

Amount

Value

T-Mobile

U.S.

Trust

4.740%

due

11/20/29 ~

2,700,000

2,722,795

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

250,000

249,491

Verizon

Master

Trust

4.510%

due

03/20/30

1,270,000

1,271,648

4.620%

due

11/20/30

260,000

262,069

4.710%

due

01/21/31

1,250,000

1,261,815

Volvo

Financial

Equipment

LLC

4.290%

due

10/16/28 ~

1,309,000

1,305,677

Voya

CLO

Ltd.

(Cayman)

5.253%

(SOFR

0.950%)

due

04/20/38 ~ §

1,600,000

1,593,041

5.280%

(SOFR

1.000%)

due

01/20/38 ~ §

500,000

498,272

39,362,697

Total

Asset-Backed

Securities

(Cost

$67,368,938)

67,558,177

U.S.

TREASURY

OBLIGATIONS

10.3%

U.S.

Treasury

Notes

10.3%

3.500%

due

09/30/26

26,983,800

26,808,300

4.250%

due

03/15/27 ‡

26,586,300

26,757,138

53,565,438

Total

U.S.

Treasury

Obligations

(Cost

$53,276,420)

53,565,438

SHORT-TERM

INVESTMENTS

19.3%

U.S.

Treasury

Bills

19.3%

4.311%

due

06/26/25

50,500,000

49,994,523

4.324%

due

07/22/25 ‡

50,500,000

49,842,490

99,837,013

Total

Short-Term

Investments

(Cost

$99,836,675)

99,837,013

TOTAL

INVESTMENTS

98.4%

(Cost

$508,744,145)

510,555,297

DERIVATIVES

0.1%

491,446

OTHER

ASSETS

LIABILITIES,

NET

1.5%

7,907,369

NET

ASSETS

100.0%

518,954,112

Short

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

792

163,042,576

164,080,126

(

1,037,550

)

CBOT

Year

U.S.

Treasury

Notes

06/25

146

15,523,655

15,790,812

(

267,157

)

Total

Futures

Contracts

(

1,304,707

)

PACIFIC

SELECT

FUND

BOND

PLUS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.375%

CIT

07/15/25

86,004,731

288,527

–

288,527

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.300%

GSC

07/15/25

25,045,148

84,752

–

84,752

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.380%

JPM

07/15/25

86,004,731

288,360

–

288,360

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.480%

JPM

09/16/25

175,355,696

581,120

–

581,120

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.500%

GSC

11/15/25

80,597,298

266,469

–

266,469

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.380%

JPM

11/15/25

92,536,596

310,261

–

310,261

1,819,489

–

1,819,489

Total

Return

Swaps

Short

Pay

Receive

Payment

Frequency

Receive

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

Core

U.S.

Aggregate

Bond

ETF

SOFR

0.150%

JPM

07/15/25

28,281,703

(

23,336

)

–

(

23,336

)

Total

Return

Swaps

1,796,153

–

1,796,153

Total

Swap

Agreements

1,796,153

–

1,796,153

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

269,950,705

–

269,950,705

–

Mortgage-Backed

Securities

19,643,964

–

19,643,964

–

Asset-Backed

Securities

67,558,177

–

67,558,177

–

U.S.

Treasury

Obligations

53,565,438

–

53,565,438

–

Short-Term

Investments

99,837,013

–

99,837,013

–

Derivatives:

Interest

Rate

Contracts

Swaps

1,819,489

–

1,819,489

–

Total

Assets

512,374,786

–

512,374,786

–

Liabilities

Derivatives:

Interest

Rate

Contracts

Futures

(

1,304,707

)

(

1,304,707

)

–

Swaps

(

23,336

)

–

(

23,336

)

–

Total

Interest

Rate

Contracts

(

1,328,043

)

(

1,304,707

)

(

23,336

)

–

Total

Liabilities

(

1,328,043

)

(

1,304,707

)

(

23,336

)

–

Total

511,046,743

(

1,304,707

)

512,351,450

–

PACIFIC

SELECT

FUND

CORE

INCOME

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

38.8%

Basic

Materials

0.2%

Rio

Tinto

Finance

USA

PLC

(Australia)

5.250%

due

03/14/35

350,000

352,821

Vale

Overseas

Ltd.

(Brazil)

6.400%

due

06/28/54

250,000

246,965

599,786

Communications

0.4%

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.500%

due

06/01/41

1,250,000

866,682

Verizon

Communications,

Inc.

3.400%

due

03/22/41

500,000

385,181

1,251,863

Consumer,

Cyclical

4.9%

American

Airlines

Pass-Through

Trust

Class AA

3.200%

due

12/15/29

2,486,525

2,371,580

3.600%

due

03/22/29

2,237,097

2,169,573

American

Airlines

Pass-Through

Trust

Class B

3.950%

due

01/11/32

503,750

475,369

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.

5.750%

due

04/20/29 ~

1,000,000

979,372

AutoNation,

Inc.

5.890%

due

03/15/35

750,000

748,998

British

Airways

Pass-Through

Trust

Class A

(United

Kingdom)

3.350%

due

12/15/30 ~

1,180,015

1,125,800

British

Airways

Pass-Through

Trust

Class AA

(United

Kingdom)

3.300%

due

06/15/34 ~

2,215,813

2,068,554

Delta

Air

Lines

Pass-Through

Trust

Class AA

3.625%

due

01/30/29

234,285

228,072

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.500%

due

10/20/25 ~

4.750%

due

10/20/28 ~

1,000,000

996,155

Hyatt

Hotels

Corp.

5.375%

due

12/15/31

400,000

398,583

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

6.500%

due

06/20/27 ~

225,000

226,110

New

Red

Finance,

Inc.

(Canada)

3.875%

due

01/15/28 ~

1,250,000

1,195,787

Royal

Caribbean

Cruises

Ltd.

5.625%

due

09/30/31 ~

1,050,000

1,031,765

Stellantis

Finance

U.S.,

Inc.

6.450%

due

03/18/35 ~

200,000

198,654

United

Airlines

Pass-Through

Trust

Class A

2.900%

due

11/01/29

310,593

290,385

5.800%

due

07/15/37

477,657

485,889

United

Airlines

Pass-Through

Trust

Class AA

4.150%

due

02/25/33

493,188

472,927

5.450%

due

08/15/38

396,519

401,015

15,864,681

Principal

Amount

Value

Consumer,

Non-Cyclical

2.9%

Anheuser-Busch

InBev

Worldwide,

Inc.

(Belgium)

5.450%

due

01/23/39

1,500,000

1,524,210

Block,

Inc.

2.750%

due

06/01/26

2,000,000

1,941,447

Elevance

Health,

Inc.

5.650%

due

06/15/54

500,000

482,650

J.M.

Smucker

Co.

6.200%

due

11/15/33

1,000,000

1,065,345

JBS

USA

LUX

SARL/JBS

USA

Food

Co./

JBS

USA

Foods

Group

5.950%

due

04/20/35 ~

550,000

565,840

Laboratory

Corp.

America

Holdings

4.800%

due

10/01/34

800,000

770,631

Mars,

Inc.

5.200%

due

03/01/35 ~

400,000

402,154

5.700%

due

05/01/55 ~

500,000

499,935

UnitedHealth

Group,

Inc.

5.750%

due

07/15/64

2,000,000

1,968,608

9,220,820

Energy

2.7%

Midstream,

Inc.

5.800%

due

12/15/34 ~

550,000

552,996

Eastern

Energy

Gas

Holdings

LLC

5.650%

due

10/15/54

900,000

869,643

Energy

Transfer

5.000%

due

05/15/44

1,500,000

1,295,411

6.500%

due

11/15/26

750,000

750,991

7.375%

due

02/01/31 ~

1,000,000

1,050,275

MPLX

5.650%

due

03/01/53

1,000,000

925,456

Petroleos

Mexicanos

(Mexico)

6.500%

due

03/13/27

1,750,000

1,713,217

6.875%

due

08/04/26

1,500,000

1,492,033

8,650,022

Financial

14.8%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

due

01/31/56 #

750,000

744,930

Arthur

Gallagher

Co.

5.150%

due

02/15/35

600,000

595,112

Atlas

Warehouse

Lending

Co.

6.250%

due

01/15/30 ~

1,250,000

1,257,241

Aviation

Capital

Group

LLC

5.125%

due

04/10/30 ~

350,000

348,210

Banco

Mercantil

del

Norte

(Mexico)

8.375%

due

10/14/30 ~

907,000

918,736

8.375%

due

05/20/31 ~

1,400,000

1,389,552

Banco

Santander

(Spain)

6.033%

due

01/17/35

650,000

673,335

Bank

America

Corp.

2.482%

due

09/21/36

1,000,000

834,263

5.162%

due

01/24/31

200,000

202,805

5.511%

due

01/24/36

750,000

763,581

Bank

Nova

Scotia

(Canada)

7.350%

due

04/27/85

950,000

943,572

Barclays

PLC

(United

Kingdom)

5.785%

due

02/25/36

400,000

402,334

PACIFIC

SELECT

FUND

CORE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

(Mexico)

8.125%

due

01/08/39 ~

2,000,000

2,039,496

BNP

Paribas

(France)

5.786%

due

01/13/33 ~

1,400,000

1,431,916

BPCE

(France)

6.293%

due

01/14/36 ~

750,000

775,996

Brixmor

Operating

Partnership

5.750%

due

02/15/35

1,500,000

1,524,808

Capital

One

Financial

Corp.

6.183%

due

01/30/36

400,000

399,223

Citigroup,

Inc.

5.411%

due

09/19/39

1,000,000

956,999

6.020%

due

01/24/36

450,000

454,470

Credit

Agricole

(France)

5.862%

due

01/09/36 ~

500,000

511,774

6.700%

due

09/23/34 ~

575,000

555,018

Extra

Space

Storage

5.400%

due

02/01/34

1,000,000

1,001,670

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.250%

due

01/15/32

2,600,000

2,252,776

5.625%

due

09/15/34

500,000

492,074

Goldman

Sachs

Group,

Inc.

2.615%

due

04/22/32

250,000

218,355

5.536%

due

01/28/36

700,000

710,040

5.851%

due

04/25/35

500,000

516,927

High

Street

Funding

Trust

III

5.807%

due

02/15/55 ~

500,000

493,540

Host

Hotels

Resorts

2.900%

due

12/15/31

1,400,000

1,215,601

HSBC

Holdings

PLC

(United

Kingdom)

5.450%

due

03/03/36

650,000

647,851

6.950%

due

08/27/31

600,000

598,925

JPMorgan

Chase

Co.

4.946%

due

10/22/35

1,000,000

978,981

5.294%

due

07/22/35

1,500,000

1,506,671

5.766%

due

04/22/35

450,000

467,899

6.500%

due

04/01/30

1,100,000

1,128,537

Liberty

Mutual

Group,

Inc.

4.300%

due

02/01/61 ~

1,000,000

624,364

Massachusetts

Mutual

Life

Insurance

Co.

5.672%

due

12/01/52 ~

1,000,000

987,488

MetLife,

Inc.

6.350%

due

03/15/55

200,000

200,680

Morgan

Stanley

2.484%

due

09/16/36

2,000,000

1,658,678

5.831%

due

04/19/35

1,500,000

1,555,151

Northwestern

Mutual

Life

Insurance

Co.

3.850%

due

09/30/47 ~

1,500,000

1,148,032

Phillips

Edison

Grocery

Center

Operating

Partnership

4.950%

due

01/15/35

1,000,000

950,166

Royal

Bank

Canada

(Canada)

6.350%

due

11/24/84

1,500,000

1,427,781

State

Street

Corp.

6.450%

due

09/15/30

550,000

550,889

UBS

Group

(Switzerland)

6.850%

due

09/10/29 ~

750,000

747,520

7.750%

due

04/12/31 ~

1,500,000

1,564,425

Ventas

Realty

5.000%

due

01/15/35

1,000,000

967,754

Principal

Amount

Value

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.625%

due

12/01/29 ~

2,700,000

2,621,860

Wells

Fargo

Co.

5.557%

due

07/25/34

1,500,000

1,526,874

Westpac

Banking

Corp.

(Australia)

5.618%

due

11/20/35

1,250,000

1,242,401

47,727,281

Industrial

1.5%

Amcor

Flexibles

North

America,

Inc.

5.500%

due

03/17/35 ~

600,000

602,404

BAE

Systems

PLC

(United

Kingdom)

5.300%

due

03/26/34 ~

750,000

759,651

Boeing

Co.

6.528%

due

05/01/34

1,000,000

1,072,061

nVent

Finance

SARL

(United

Kingdom)

2.750%

due

11/15/31

2,100,000

1,806,085

Sonoco

Products

Co.

5.000%

due

09/01/34

450,000

430,663

4,670,864

Technology

2.3%

Fiserv,

Inc.

5.150%

due

08/12/34

1,000,000

992,433

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

550,000

536,035

Intel

Corp.

4.750%

due

03/25/50

1,500,000

1,209,523

Kyndryl

Holdings,

Inc.

3.150%

due

10/15/31

1,250,000

1,098,237

Oracle

Corp.

5.500%

due

09/27/64

2,000,000

1,814,601

Roper

Technologies,

Inc.

4.900%

due

10/15/34

1,000,000

977,831

Synopsys,

Inc.

5.150%

due

04/01/35

750,000

754,236

7,382,896

Utilities

9.1%

AES

Corp.

5.800%

due

03/15/32

1,350,000

1,364,743

Brooklyn

Union

Gas

Co.

4.632%

due

08/05/27 ~

1,250,000

1,247,454

Dominion

Energy,

Inc.

6.625%

due

05/15/55

1,100,000

1,095,023

DTE

Energy

Co.

5.850%

due

06/01/34

1,250,000

1,293,002

Duke

Energy

Ohio,

Inc.

5.650%

due

04/01/53

1,000,000

983,626

Duke

Energy

Progress

Storm

Funding

LLC

2.387%

due

07/01/39

2,650,000

2,201,534

Edison

International

5.000%

due

12/15/26

1,500,000

1,358,908

8.125%

due

06/15/53

1,675,000

1,637,647

IPALCO

Enterprises,

Inc.

4.250%

due

05/01/30

1,250,000

1,190,551

KeySpan

Gas

East

Corp.

3.586%

due

01/18/52 ~

1,250,000

847,719

National

Grid

PLC

(United

Kingdom)

5.809%

due

06/12/33

750,000

773,393

Nevada

Power

Co.

5.900%

due

05/01/53

1,750,000

1,753,380

PACIFIC

SELECT

FUND

CORE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

NiSource,

Inc.

6.950%

due

11/30/54

750,000

762,290

Oncor

Electric

Delivery

Co.

LLC

5.550%

due

06/15/54

1,250,000

1,222,082

PacifiCorp

5.500%

due

05/15/54

1,000,000

939,581

7.375%

due

09/15/55

750,000

761,526

PG&E

Energy

Recovery

Funding

LLC

2.280%

due

01/15/38

1,200,000

968,741

PG&E

Wildfire

Recovery

Funding

LLC

3.594%

due

06/01/32

703,772

687,550

Piedmont

Natural

Gas

Co.,

Inc.

5.050%

due

05/15/52

1,000,000

893,254

Sempra

4.125%

due

04/01/52

1,250,000

1,177,711

6.400%

due

10/01/54

1,800,000

1,711,784

Texas

Electric

Market

Stabilization

Funding

LLC

4.265%

due

08/01/36 ~

874,491

864,646

Vistra

Operations

Co.

LLC

5.700%

due

12/30/34 ~

700,000

697,037

6.950%

due

10/15/33 ~

850,000

913,698

XPLR

Infrastructure

Operating

Partners

7.250%

due

01/15/29 ~

2,000,000

1,969,513

29,316,393

Total

Corporate

Bonds

Notes

(Cost

$127,333,354)

124,684,606

SENIOR

LOAN

NOTES

12.2%

Consumer,

Cyclical

2.2%

BCPE

Empire

Holdings,

Inc.

Term

7.575%

(SOFR

3.250%)

due

12/11/30

1,985,025

1,960,625

Caesars

Entertainment,

Inc.

Term

6.563%

(SOFR

2.250%)

due

02/06/31

728,822

725,405

Clarios

Global

Term

7.075%

(SOFR

2.750%)

due

01/28/32

250,000

247,188

ClubCorp

Holdings,

Inc.

Term

9.561%

(SOFR

5.000%)

due

09/18/26

1,704,173

1,709,073

Marriott

Ownership

Resorts,

Inc.

Term

6.575%

(SOFR

2.250%)

due

04/01/31

742,509

743,051

SeaWorld

Parks

Entertainment,

Inc.

Term

6.325%

(SOFR

2.000%)

due

12/04/31

1,831,352

1,832,496

7,217,838

Consumer,

Non-Cyclical

2.1%

Allied

Universal

Holdco

LLC

Term

8.175%

(SOFR

3.750%)

due

05/12/28

1,591,777

Belron

Finance

LLC

Term

7.052%

(SOFR

2.750%)

due

10/16/31

497,500

497,345

Boost

Newco

Borrower

LLC

Term

6.299%

(SOFR

2.000%)

due

01/31/31

995,000

990,335

Principal

Amount

Value

Grant

Thornton

Advisors

Holdings

LLC

Term

7.075%

(SOFR

2.750%)

due

06/02/31

993,759

989,101

Medline

Borrower

Term

6.575%

(SOFR

2.250%)

due

10/23/28

1,708,476

1,707,122

Wand

NewCo

Inc.

Term

6.825%

(SOFR

2.500%)

due

01/30/31

952,233

939,537

6,715,217

Energy

0.1%

Buckeye

Partners

Term

6.075%

(SOFR

1.750%)

due

11/01/26

380,966

381,175

Financial

2.5%

AssuredPartners,

Inc.

Term

7.825%

(SOFR

3.500%)

due

02/14/31

1,732,500

1,736,291

Avolon

TLB

Borrower

U.S.

LLC

Term

(Ireland)

6.069%

(SOFR

1.750%)

due

06/24/30

967,653

967,895

Deerfield

Dakota

Holding

LLC

Term

8.049%

(SOFR

3.750%)

due

04/09/27

978,013

929,112

Delos

Aircraft

DAC

Term

(Ireland)

6.049%

(SOFR

1.750%)

due

10/31/27

1,850,000

1,853,931

HUB

International

Ltd.

Term

6.787%

(SOFR

2.500%)

due

06/20/30

1,454,660

1,449,841

SBA

Senior

Finance

LLC

Term

6.080%

(SOFR

1.750%)

due

01/25/31

968,127

968,530

7,905,600

Industrial

3.8%

Chariot

Buyer

LLC

Term

7.675%

(SOFR

3.250%)

due

11/03/28

1,474,536

1,464,398

Dynasty

Acquisition

Co.,

Inc.

Term

6.325%

(SOFR

2.000%)

due

10/31/31

1,047,015

1,045,297

Term

6.325%

(SOFR

2.000%)

due

10/31/31

398,251

397,598

Husky

Injection

Molding

Systems

Ltd.

Term

(Canada)

8.724%

(SOFR

4.500%)

due

02/15/29

1,626,234

1,621,965

Kaman

Corp.

Term

due

02/26/32

± ∞

86,207

86,315

4.275%

(SOFR

2.750%)

due

02/26/32

913,793

902,799

Proampac

Borrower

LLC

Term

8.302%

(SOFR

4.000%)

due

09/15/28

1,919,452

1,915,853

PACIFIC

SELECT

FUND

CORE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Roper

Industrial

Products

Investment

Co.

LLC

Term

7.049%

(SOFR

2.750%)

due

11/22/29

970,200

966,804

Elevator

U.S.

Newco,

Inc.

Term

(Germany)

7.737%

(SOFR

3.000%)

due

04/30/30

1,965,261

1,967,718

TransDigm,

Inc.

Term

6.799%

(SOFR

2.500%)

due

02/28/31

1,733,172

1,726,180

12,094,927

Technology

1.5%

Central

Parent

LLC

Term

7.549%

(SOFR

3.025%)

due

07/06/29

874,073

750,974

Epicor

Software

Corp.

Term

7.075%

(SOFR

2.750%)

due

05/30/31

1,990,000

1,987,515

UKG,

Inc.

Term

7.300%

(SOFR

3.000%)

due

02/10/31

2,109,324

2,108,554

4,847,043

Total

Senior

Loan

Notes

(Cost

$39,270,327)

39,161,800

MORTGAGE-BACKED

SECURITIES

17.1%

Collateralized

Mortgage

Obligations

Commercial

0.4%

CHI

Commercial

Mortgage

Trust

5.665%

due

04/15/42 ~ §

900,000

905,928

Velocity

Commercial

Capital

Loan

Trust

6.030%

due

02/25/55 ~ §

299,616

300,966

1,206,894

Collateralized

Mortgage

Obligations

Residential

5.2%

Angel

Oak

Mortgage

Trust

5.420%

due

03/25/70 ~ §

900,000

901,379

5.637%

due

02/25/70 ~ §

1,044,888

1,051,518

5.691%

due

01/25/70 ~ §

1,190,912

1,194,710

Bravo

Residential

Funding

Trust

5.604%

due

12/25/64 ~ §

1,723,609

1,728,528

BRAVO

Residential

Funding

Trust

5.573%

due

03/25/65 ~

800,000

800,955

Morgan

Mortgage

Trust

5.591%

due

06/25/65 ~ §

500,000

501,942

5.592%

due

02/25/64 ~ §

476,881

479,192

LHOME

Mortgage

Trust

5.652%

due

01/25/40 ~ §

400,000

401,266

Morgan

Stanley

Residential

Mortgage

Loan

Trust

5.649%

due

10/25/69 ~ §

959,148

961,943

OBX

Trust

5.400%

due

02/25/55 ~ §

1,486,519

1,483,544

5.547%

due

12/25/64 ~ §

530,065

531,129

5.597%

due

11/25/64 ~ §

1,645,539

1,650,347

5.648%

due

12/01/64 ~ §

991,384

995,353

PRET

Trust

4.000%

due

07/25/69 ~ §

585,944

563,154

PRKCM

Trust

5.546%

due

02/25/60 ~ §

975,000

977,317

Principal

Amount

Value

Seasoned

Credit

Risk

Transfer

Trust

3.250%

due

11/25/64

2,838,900

2,441,280

16,663,557

Federal

Home

Loan

Mortgage

Corp.

3.2%

3.000%

due

07/01/52

1,750,864

1,520,258

4.000%

due

02/01/55

990,738

924,737

5.500%

due

05/01/38

10/01/53

4,085,657

4,129,977

6.000%

due

01/01/39

1,872,083

1,925,860

6.500%

due

07/01/53

1,686,451

1,746,762

10,247,594

Federal

National

Mortgage

Association

5.5%

3.000%

due

02/01/50

10/01/53

1,221,682

1,076,881

3.500%

due

07/01/43

696,604

649,484

4.000%

due

04/01/54

1,342,996

1,253,738

4.500%

due

04/01/50

799,398

778,506

5.000%

due

11/01/52

11/01/54

1,780,171

1,774,433

5.500%

due

09/01/44

01/01/55

3,024,834

3,042,292

6.000%

due

07/01/53

09/01/53

3,659,528

3,721,184

6.500%

due

09/01/53

5,316,087

5,491,706

17,788,224

Government

National

Mortgage

Association

2.8%

3.000%

due

07/20/52

1,673,399

1,483,759

4.500%

due

12/20/54

1,691,427

1,623,606

6.000%

due

12/20/52

2,231,941

2,267,688

6.000%

due

10/20/53

3,682,014

3,755,830

9,130,883

Total

Mortgage-Backed

Securities

(Cost

$54,675,344)

55,037,152

ASSET-BACKED

SECURITIES

13.6%

Automobile

Sequential

0.0%

Ford

Credit

Auto

Owner

Trust

1.290%

due

06/15/26

46,097

45,943

Other

Asset-Backed

Securities

13.6%

Benefit

Street

Partners

CLO

XXV

Ltd.

(Cayman)

5.316%

(SOFR

1.000%)

due

01/15/35 ~ §

1,000,000

993,737

Elmwood

CLO

Ltd.

(Cayman)

5.426%

(SOFR

1.150%)

due

04/22/38 ~ §

850,000

843,295

GreenSky

Home

Improvement

Issuer

Trust

5.220%

due

03/25/60 ~

200,000

200,235

Hilton

Grand

Vacations

Trust

3.610%

due

06/20/34 ~

111,424

109,523

Magnetite

XXVI

Ltd.

(Cayman)

5.416%

(SOFR

1.150%)

due

01/25/38 ~ §

1,350,000

1,343,515

Mosaic

Solar

Loan

Trust

6.120%

due

08/22/50 ~

359,582

363,424

MVW

LLC

1.740%

due

10/20/37 ~

68,645

66,400

4.930%

due

10/20/40 ~

1,000,599

1,009,015

Navient

Private

Education

Loan

Trust

2.460%

due

11/15/68 ~

208,955

201,017

Navient

Private

Education

Refi

Loan

Trust

0.840%

due

05/15/69 ~

196,475

178,718

0.940%

due

07/15/69 ~

2,961,860

2,693,549

PACIFIC

SELECT

FUND

CORE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

1.220%

due

07/15/69 ~

402,591

375,635

1.310%

due

01/15/69 ~

267,566

251,569

1.690%

due

05/15/69 ~

1,399,092

1,308,152

2.640%

due

05/15/68 ~

198,659

193,863

4.160%

due

10/15/70 ~

2,717,259

2,662,899

Navient

Student

Loan

Trust

1.310%

due

12/26/69 ~

805,141

685,302

1.320%

due

08/26/69 ~

635,769

546,597

3.390%

due

12/15/59 ~

899,326

880,926

5.054%

(SOFR

0.714%)

due

12/26/69 ~ §

483,568

480,676

5.504%

(SOFR

1.164%)

due

06/25/69 ~ §

498,142

498,861

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

(Cayman)

5.533%

(SOFR

1.230%)

due

01/20/39 ~ §

1,000,000

996,411

OCP

Aegis

CLO

Ltd.

(Jersey)

5.843%

(SOFR

1.550%)

due

01/20/36 ~ §

850,000

850,164

OneMain

Financial

Issuance

Trust

4.130%

due

05/14/35 ~

1,350,000

1,343,670

OWN

Equipment

Fund

LLC

5.700%

due

12/20/32 ~

286,458

289,045

Pagaya

Debt

Grantor

Trust

5.628%

due

07/15/32 ~

100,000

100,623

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.752%

(SOFR

1.450%)

due

10/15/32 ~ §

1,050,000

1,048,271

5.900%

(SOFR

1.450%)

due

01/15/33 ~ §

1,700,000

1,694,358

5.955%

(SOFR

1.662%)

due

07/20/29 ~ §

2,500,000

2,503,669

5.964%

(SOFR

1.662%)

due

10/15/29 ~ §

4,800,000

4,809,972

SBA

Small

Business

Investment

Cos.

5.035%

due

03/10/34

3,764,667

3,814,989

SLM

Student

Loan

Trust

5.368%

(SOFR

0.812%)

due

10/25/64 ~ §

363,179

361,251

SMB

Private

Education

Loan

Trust

1.070%

due

01/15/53 ~

1,126,235

1,007,602

1.290%

due

07/15/53 ~

432,549

406,149

1.680%

due

02/15/51 ~

590,534

551,676

2.230%

due

09/15/37 ~

1,303,643

1,255,864

2.820%

due

10/15/35 ~

199,361

196,704

2.880%

due

09/15/34 ~

218,494

217,353

3.440%

due

07/15/36 ~

422,987

416,260

3.500%

due

02/15/36 ~

214,341

211,179

3.600%

due

01/15/37 ~

251,623

248,275

3.630%

due

11/15/35 ~

213,761

210,831

4.480%

due

05/16/50 ~

945,341

938,379

5.060%

due

03/16/54 ~

1,369,555

1,378,947

5.164%

(SOFR

0.844%)

due

01/15/53 ~ §

2,739,447

2,691,697

SoFi

Professional

Loan

Program

LLC

2.540%

due

05/15/46 ~

398,779

382,937

43,813,184

Total

Asset-Backed

Securities

(Cost

$44,386,063)

43,859,127

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

17.1%

U.S.

Treasury

Bonds

13.1%

1.250%

due

05/15/50

3,750,000

1,863,135

1.375%

due

08/15/50

2,750,000

1,402,178

2.000%

due

02/15/50

1,750,000

1,059,434

2.000%

due

08/15/51

2,500,000

1,489,648

2.250%

due

02/15/52

7,500,000

4,733,203

2.750%

due

11/15/47

3,000,000

2,189,297

2.875%

due

05/15/52

8,250,000

5,992,529

3.000%

due

08/15/52

10,000,000

7,449,023

3.625%

due

02/15/53

9,000,000

7,582,676

4.500%

due

11/15/54

6,000,000

5,913,750

4.625%

due

11/15/44

1,300,000

1,302,031

4.625%

due

02/15/55

1,000,000

1,006,875

41,983,779

U.S.

Treasury

Notes

4.0%

4.000%

due

02/28/30

1,000,000

1,002,422

4.125%

due

02/29/32

2,000,000

2,005,625

4.250%

due

11/15/34

1,500,000

1,504,687

4.625%

due

02/15/35

8,200,000

8,472,266

12,985,000

Total

U.S.

Treasury

Obligations

(Cost

$64,273,245)

54,968,779

TOTAL

INVESTMENTS

98.8%

(Cost

$329,938,333)

317,711,464

OTHER

ASSETS

LIABILITIES,

NET

1.2%

3,950,485

NET

ASSETS

100.0%

321,661,949

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

PREFERRED

STOCKS

0.2%

Industrial

0.2%

spacing

Boeing

Co.

53,408

3,195,401

Total

Preferred

Stocks

(Cost

$2,721,765)

3,195,401

Principal

Amount

CORPORATE

BONDS

NOTES

37.0%

Basic

Materials

2.5%

Alpek

SAB

(Mexico)

3.250%

due

02/25/31 ~

245,000

212,638

Alumina

Pty.

Ltd.

6.125%

due

03/15/30 ~

1,545,000

1,542,340

Anglo

American

Capital

PLC

(South

Africa)

3.950%

due

09/10/50 ~

430,000

319,505

5.625%

due

04/01/30 ~

1,655,000

1,702,475

ArcelorMittal

(Luxembourg)

6.800%

due

11/29/32

425,000

457,629

BHP

Billiton

Finance

USA

Ltd.

(Australia)

5.300%

due

02/21/35

970,000

978,823

Braskem

America

Finance

Co.

(Brazil)

7.125%

due

07/22/41 ~

2,795,000

2,315,450

Eastman

Chemical

Co.

5.000%

due

08/01/29

1,075,000

1,081,090

First

Quantum

Minerals

Ltd.

(Zambia)

9.375%

due

03/01/29 ~

1,285,000

1,352,971

FMG

Resources

August

2006

Pty.

Ltd.

(Australia)

4.375%

due

04/01/31 ~

1,310,000

1,184,362

Freeport

Indonesia

(Indonesia)

5.315%

due

04/14/32 ~

1,030,000

1,011,282

Fresnillo

PLC

(Mexico)

4.250%

due

10/02/50 ~

1,835,000

1,342,288

Glencore

Funding

LLC

(Australia)

due

04/01/35 # ~

780,000

783,263

6.375%

due

10/06/30 ~

2,700,000

2,863,937

6.500%

due

10/06/33 ~

15,075,000

16,152,739

Methanex

U.S.

Operations,

Inc.

6.250%

due

03/15/32 ~

1,110,000

1,082,224

Nutrien

Ltd.

(Canada)

5.800%

due

03/27/53

670,000

661,860

OCP

(Morocco)

3.750%

due

06/23/31 ~

1,210,000

1,075,484

6.750%

due

05/02/34 ~

1,355,000

1,394,337

Orbia

Advance

Corp.

SAB

(Mexico)

5.875%

due

09/17/44 ~

2,355,000

2,028,149

POSCO

(South

Korea)

5.625%

due

01/17/26 ~

770,000

776,369

Rio

Tinto

Finance

USA

PLC

(Australia)

5.750%

due

03/14/55

380,000

380,899

5.875%

due

03/14/65

460,000

465,739

Sociedad

Quimica

Minera

Chile

(Chile)

3.500%

due

09/10/51 ~

1,555,000

1,038,433

6.500%

due

11/07/33 ~

1,985,000

2,090,598

Steel

Dynamics,

Inc.

5.250%

due

05/15/35

745,000

738,207

5.375%

due

08/15/34

1,810,000

1,815,576

46,848,667

Principal

Amount

Value

Communications

3.9%

Alibaba

Group

Holding

Ltd.

(China)

3.250%

due

02/09/61

440,000

279,327

AT&T,

Inc.

3.650%

due

09/15/59

4,030,000

2,720,159

Baidu,

Inc.

(China)

3.075%

due

04/07/25

705,000

704,844

Bharti

Airtel

Ltd.

(India)

4.375%

due

06/10/25 ~

2,140,000

2,138,218

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.250%

due

01/15/34 ~

2,270,000

1,868,766

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.700%

due

04/01/51

1,130,000

713,097

3.900%

due

06/01/52

415,000

268,537

4.400%

due

12/01/61

2,315,000

1,538,441

4.800%

due

03/01/50

3,900,000

2,942,217

5.125%

due

07/01/49

425,000

337,566

5.250%

due

04/01/53

2,955,000

2,389,502

6.834%

due

10/23/55

1,235,000

1,202,630

Corning,

Inc.

5.450%

due

11/15/79

1,610,000

1,468,379

CSC

Holdings

LLC

3.375%

due

02/15/31 ~

330,000

236,696

4.500%

due

11/15/31 ~

3,825,000

2,778,515

4.625%

due

12/01/30 ~

3,625,000

1,768,737

DISH

DBS

Corp.

5.250%

due

12/01/26 ~

690,000

634,676

5.750%

due

12/01/28 ~

1,070,000

904,388

EchoStar

Corp.

10.750%

due

11/30/29

5,092,925

5,355,989

Empresa

Nacional

Telecomunicaciones

(Chile)

3.050%

due

09/14/32 ~

535,000

449,978

Expedia

Group,

Inc.

5.400%

due

02/15/35

4,000,000

3,986,585

MercadoLibre,

Inc.

(Brazil)

3.125%

due

01/14/31

745,000

660,657

Millicom

International

Cellular

(Guatemala)

4.500%

due

04/27/31 ~

620,000

549,802

Motorola

Solutions,

Inc.

5.400%

due

04/15/34

2,835,000

2,869,558

Netflix,

Inc.

4.875%

due

06/15/30 ~

6,520,000

6,590,877

4.900%

due

08/15/34

435,000

435,479

Prosus

(China)

3.061%

due

07/13/31 ~

3,015,000

2,601,685

3.832%

due

02/08/51 ~

450,000

289,434

Sprint

Capital

Corp.

8.750%

due

03/15/32

2,275,000

2,737,261

T-Mobile

USA,

Inc.

2.550%

due

02/15/31

2,510,000

2,213,453

2.700%

due

03/15/32

8,100,000

7,009,253

4.700%

due

01/15/35

10,000

9,628

Tencent

Holdings

Ltd.

(China)

3.290%

due

06/03/60 ~

1,965,000

1,298,285

Time

Warner

Cable

LLC

4.500%

due

09/15/42

2,020,000

1,540,084

5.500%

due

09/01/41

125,000

108,511

6.750%

due

06/15/39

3,460,000

3,460,442

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Uber

Technologies,

Inc.

4.500%

due

08/15/29 ~

3,285,000

3,233,158

4.800%

due

09/15/34

1,250,000

1,215,325

Ziff

Davis,

Inc.

4.625%

due

10/15/30 ~

1,705,000

1,548,637

73,058,776

Consumer,

Cyclical

3.5%

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.

5.750%

due

04/20/29 ~

1,120,000

1,096,896

American

Builders

Contractors

Supply

Co.,

Inc.

3.875%

due

11/15/29 ~

460,000

422,283

BorgWarner,

Inc.

5.400%

due

08/15/34

960,000

950,145

Caesars

Entertainment,

Inc.

6.500%

due

02/15/32 ~

670,000

668,320

Carnival

Corp.

4.000%

due

08/01/28 ~

1,140,000

1,091,379

5.750%

due

03/15/30 ~

2,315,000

2,307,429

6.125%

due

02/15/33 ~

3,885,000

3,831,347

Choice

Hotels

International,

Inc.

5.850%

due

08/01/34

525,000

526,436

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.500%

due

10/20/25 ~

56,250

56,060

4.750%

due

10/20/28 ~

1,880,000

1,872,771

Dick's

Sporting

Goods,

Inc.

4.100%

due

01/15/52

1,530,000

1,099,258

Horton,

Inc.

5.000%

due

10/15/34

1,605,000

1,564,949

5.500%

due

10/15/35

695,000

699,199

Puerto

Liverpool

SAB

(Mexico)

6.255%

due

01/22/32 ~

765,000

777,358

6.658%

due

01/22/37 ~

1,080,000

1,097,125

Falabella

(Chile)

3.375%

due

01/15/32 ~

1,230,000

1,055,198

Ford

Motor

Credit

Co.

LLC

2.900%

due

02/16/28

650,000

601,873

4.125%

due

08/17/27

1,085,000

1,048,451

5.125%

due

06/16/25

295,000

294,815

6.800%

due

05/12/28

380,000

390,418

7.122%

due

11/07/33

790,000

807,839

Forestar

Group,

Inc.

3.850%

due

05/15/26 ~

835,000

822,734

General

Motors

Co.

5.600%

due

10/15/32

365,000

362,142

General

Motors

Financial

Co.,

Inc.

2.350%

due

01/08/31

635,000

537,699

Hyundai

Capital

America

5.400%

due

06/24/31 ~

460,000

463,304

6.100%

due

09/21/28 ~

4,205,000

4,359,958

Latam

Airlines

Group

(Chile)

7.875%

due

04/15/30 ~

950,000

942,994

Lear

Corp.

3.550%

due

01/15/52

2,095,000

1,367,784

Lithia

Motors,

Inc.

4.375%

due

01/15/31 ~

915,000

829,702

Marriott

International,

Inc.

5.300%

due

05/15/34

1,500,000

1,497,697

5.500%

due

04/15/37

1,890,000

1,870,141

MDC

Holdings,

Inc.

6.000%

due

01/15/43

55,000

53,855

Principal

Amount

Value

Meritage

Homes

Corp.

5.650%

due

03/15/35

3,295,000

3,246,086

MGM

Resorts

International

6.500%

due

04/15/32

1,555,000

1,526,349

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

6.500%

due

06/20/27 ~

301,500

302,988

NCL

Corp.

Ltd.

5.875%

due

02/15/27 ~

2,590,000

2,588,084

Nissan

Motor

Acceptance

Co.

LLC

7.050%

due

09/15/28 ~

705,000

733,629

Nissan

Motor

Co.

Ltd.

(Japan)

3.522%

due

09/17/25 ~

2,345,000

2,320,568

NVR,

Inc.

3.000%

due

05/15/30

1,235,000

1,132,206

Phinia,

Inc.

6.750%

due

04/15/29 ~

450,000

456,216

Royal

Caribbean

Cruises

Ltd.

5.625%

due

09/30/31 ~

2,235,000

2,196,185

6.000%

due

02/01/33 ~

3,825,000

3,825,580

6.250%

due

03/15/32 ~

1,200,000

1,211,700

Sabre

GLBL,

Inc.

8.625%

due

06/01/27 ~

265,000

262,442

10.750%

due

11/15/29 ~

207,000

209,283

United

Airlines

Pass-Through

Trust

Class A

5.800%

due

07/15/37

1,089,058

1,107,828

United

Airlines,

Inc.

4.625%

due

04/15/29 ~

955,000

904,418

Volkswagen

Group

America

Finance

LLC

(Germany)

6.450%

due

11/16/30 ~

4,230,000

4,436,525

Warnermedia

Holdings,

Inc.

5.391%

due

03/15/62

2,700,000

1,955,820

North

America

Capital,

Inc.

(Germany)

6.750%

due

04/23/30 ~

645,000

613,656

6.875%

due

04/23/32 ~

1,210,000

1,124,040

65,521,162

Consumer,

Non-Cyclical

3.0%

Amgen,

Inc.

5.750%

due

03/02/63

1,505,000

1,467,822

Ashtead

Capital,

Inc.

(United

Kingdom)

5.950%

due

10/15/33 ~

1,570,000

1,593,550

Bausch

Health

Cos.,

Inc.

4.875%

due

06/01/28 ~

285,000

230,468

BRF

(Brazil)

5.750%

due

09/21/50 ~

1,905,000

1,543,190

Centene

Corp.

3.000%

due

10/15/30

3,945,000

3,454,159

3.375%

due

02/15/30

1,540,000

1,394,026

CVS

Pass-Through

Trust

6.036%

due

12/10/28

1,111,203

1,119,721

Elevance

Health,

Inc.

5.200%

due

02/15/35

1,420,000

1,425,306

Equifax,

Inc.

2.600%

due

12/15/25

1,080,000

1,064,883

Global

Payments,

Inc.

5.400%

due

08/15/32

3,965,000

4,012,958

HCA,

Inc.

4.625%

due

03/15/52

1,725,000

1,374,352

5.450%

due

09/15/34

360,000

357,028

5.600%

due

04/01/34

5,340,000

5,371,766

5.750%

due

03/01/35

1,195,000

1,206,439

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Icon

Investments

Six

DAC

6.000%

due

05/08/34

425,000

434,328

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

3.750%

due

12/01/31

3,010,000

2,755,672

6.750%

due

03/15/34

380,000

410,502

7.250%

due

11/15/53

2,905,000

3,277,424

JBS

USA

LUX

SARL/JBS

USA

Food

Co./

JBS

USA

Foods

Group

5.950%

due

04/20/35 ~

425,000

437,240

Kimberly-Clark

Mexico

SAB

(Mexico)

2.431%

due

07/01/31 ~

355,000

313,086

Kroger

Co.

5.500%

due

09/15/54

870,000

821,224

Mars,

Inc.

5.200%

due

03/01/35 ~

1,505,000

1,513,105

5.700%

due

05/01/55 ~

1,850,000

1,849,759

Minerva

Luxembourg

(Brazil)

4.375%

due

03/18/31 ~

1,490,000

1,303,393

Pilgrim's

Pride

Corp.

3.500%

due

03/01/32

1,860,000

1,637,286

Smithfield

Foods,

Inc.

3.000%

due

10/15/30 ~

210,000

187,241

Teva

Pharmaceutical

Finance

Co.

LLC

(Israel)

6.150%

due

02/01/36

425,000

424,021

Teva

Pharmaceutical

Finance

Netherlands

III

(Israel)

3.150%

due

10/01/26

4,490,000

4,357,138

4.100%

due

10/01/46

7,955,000

5,757,574

4.750%

due

05/09/27

530,000

522,411

8.125%

due

09/15/31

340,000

379,365

United

Rentals

North

America,

Inc.

6.125%

due

03/15/34 ~

2,275,000

2,279,267

Verisk

Analytics,

Inc.

5.250%

due

03/15/35

1,285,000

1,284,328

Viatris,

Inc.

4.000%

due

06/22/50

250,000

164,076

55,724,108

Energy

4.4%

Aker

ASA

(Norway)

5.125%

due

10/01/34 ~

655,000

625,408

6.000%

due

06/13/33 ~

2,745,000

2,800,771

Baytex

Energy

Corp.

(Canada)

7.375%

due

03/15/32 ~

1,570,000

1,511,883

Canadian

Natural

Resources

Ltd.

(Canada)

5.400%

due

12/15/34 ~

3,615,000

3,573,460

Cheniere

Energy

Partners

5.950%

due

06/30/33

3,155,000

3,241,790

Civitas

Resources,

Inc.

8.625%

due

11/01/30 ~

680,000

702,135

Continental

Resources,

Inc.

2.875%

due

04/01/32 ~

7,860,000

6,584,124

5.750%

due

01/15/31 ~

5,855,000

5,902,701

Crescent

Energy

Finance

LLC

7.625%

due

04/01/32 ~

1,990,000

1,970,114

DCP

Midstream

Operating

6.450%

due

11/03/36 ~

1,515,000

1,586,737

6.750%

due

09/15/37 ~

1,000,000

1,063,634

Devon

Energy

Corp.

4.500%

due

01/15/30

1,150,000

1,130,004

Principal

Amount

Value

Ecopetrol

(Colombia)

7.750%

due

02/01/32

1,315,000

1,291,724

8.375%

due

01/19/36

1,115,000

1,087,099

Energean

Israel

Finance

Ltd.

(Israel)

5.375%

due

03/30/28 ~

1,265,000

1,209,654

5.875%

due

03/30/31 ~

480,000

441,795

Energy

Transfer

5.300%

due

04/15/47

2,355,000

2,084,289

5.550%

due

05/15/34

885,000

884,926

5.600%

due

09/01/34

1,300,000

1,302,924

5.700%

due

04/01/35

1,760,000

1,774,110

6.550%

due

12/01/33

2,100,000

2,246,552

EQM

Midstream

Partners

6.375%

due

04/01/29 ~

1,350,000

1,381,600

EQT

Corp.

3.125%

due

05/15/26 ~

25,000

24,564

3.900%

due

10/01/27

441,000

433,227

5.000%

due

01/15/29

375,000

377,603

5.750%

due

02/01/34

2,530,000

2,580,557

Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27 ~

510,000

492,078

Harbour

Energy

PLC

(United

Kingdom)

due

04/01/35 # ~

1,405,000

1,399,874

Helmerich

Payne,

Inc.

5.500%

due

12/01/34 ~

4,380,000

4,148,072

Leviathan

Bond

Ltd.

(Israel)

6.125%

due

06/30/25 ~

2,035,000

2,034,257

Ovintiv,

Inc.

6.500%

due

08/15/34

265,000

276,411

Permian

Resources

Operating

LLC

6.250%

due

02/01/33 ~

2,150,000

2,143,182

Raizen

Fuels

Finance

(Brazil)

6.450%

due

03/05/34 ~

905,000

915,053

6.950%

due

03/05/54 ~

560,000

546,311

Saudi

Arabian

Oil

Co.

(Saudi

Arabia)

3.500%

due

11/24/70 ~

1,500,000

932,250

Sempra

Infrastructure

Partners

3.250%

due

01/15/32 ~

1,675,000

1,417,556

Energy

Co.

6.750%

due

08/01/29 ~

830,000

818,422

7.000%

due

08/01/32 ~

800,000

785,914

SunCoke

Energy,

Inc.

4.875%

due

06/30/29 ~

505,000

464,106

Targa

Resources

Corp.

5.500%

due

02/15/35

400,000

397,847

6.500%

due

03/30/34

6,370,000

6,804,844

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

6.500%

due

07/15/27

90,000

90,392

Thaioil

Treasury

Center

Co.

Ltd.

(Thailand)

3.750%

due

06/18/50 ~

2,735,000

1,791,195

Var

Energi

ASA

(Norway)

8.000%

due

11/15/32 ~

2,490,000

2,805,594

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

11/01/33 ~

1,225,000

1,055,289

Viper

Energy,

Inc.

7.375%

due

11/01/31 ~

350,000

366,393

Western

Midstream

Operating

5.250%

due

02/01/50

600,000

511,834

5.300%

due

03/01/48

130,000

111,699

5.500%

due

08/15/48

960,000

840,037

6.150%

due

04/01/33

2,525,000

2,608,066

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Whistler

Pipeline

LLC

5.700%

due

09/30/31 ~

595,000

602,229

5.950%

due

09/30/34 ~

665,000

672,666

82,844,956

Financial

11.5%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.000%

due

10/29/28

540,000

507,581

3.400%

due

10/29/33

10,045,000

8,674,104

4.950%

due

09/10/34

1,150,000

1,108,198

5.100%

due

01/19/29

1,200,000

1,210,999

AIB

Group

PLC

(Ireland)

5.871%

due

03/28/35 ~

725,000

738,600

Air

Lease

Corp.

3.750%

due

06/01/26

2,355,000

2,330,210

Aircastle

Ltd.

2.850%

due

01/26/28 ~

2,600,000

2,455,172

6.500%

due

07/18/28 ~

4,155,000

4,330,388

Aircastle

Ltd./Aircastle

Ireland

DAC

5.250%

due

03/15/30 ~

265,000

264,218

American

Homes

Rent

3.375%

due

07/15/51

300,000

198,956

American

Tower

Corp.

5.900%

due

11/15/33

4,225,000

4,429,655

Antares

Holdings

(Canada)

3.750%

due

07/15/27 ~

4,390,000

4,197,340

3.950%

due

07/15/26 ~

1,065,000

1,045,288

6.350%

due

10/23/29 ~

2,030,000

2,032,674

Ardonagh

Finco

Ltd.

(United

Kingdom)

7.750%

due

02/15/31 ~

2,170,000

2,212,250

ARES

Capital

Corp.

2.150%

due

07/15/26

2,915,000

2,812,192

5.800%

due

03/08/32

2,155,000

2,143,357

Arthur

Gallagher

Co.

5.150%

due

02/15/35

615,000

609,989

5.450%

due

07/15/34

585,000

594,405

Athene

Holding

Ltd.

5.875%

due

01/15/34

3,630,000

3,689,451

Aviation

Capital

Group

LLC

5.125%

due

04/10/30 ~

565,000

562,111

6.375%

due

07/15/30 ~

3,120,000

3,275,229

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.750%

due

02/21/28 ~

2,075,000

1,951,457

5.375%

due

05/30/30 ~

1,140,000

1,141,887

Banco

Santander

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

Santand

(Mexico)

5.621%

due

12/10/29 ~

760,000

769,941

Banco

Santander

(Spain)

2.958%

due

03/25/31

600,000

538,854

Bank

America

Corp.

2.972%

due

02/04/33

960,000

841,988

3.419%

due

12/20/28

1,967,000

1,906,701

5.288%

due

04/25/34

2,125,000

2,135,648

5.518%

due

10/25/35

2,345,000

2,301,805

5.872%

due

09/15/34

9,050,000

9,447,278

6.204%

due

11/10/28

1,690,000

1,756,754

Barclays

PLC

(United

Kingdom)

6.224%

due

05/09/34

1,960,000

2,042,665

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

(Mexico)

1.875%

due

09/18/25 ~

1,200,000

1,182,841

Principal

Amount

Value

5.250%

due

09/10/29 ~

1,065,000

1,069,686

BGC

Group,

Inc.

due

04/02/30 # ~

1,170,000

1,165,512

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

1,970,000

1,876,522

5.950%

due

03/15/29

1,305,000

1,308,870

Blue

Owl

Finance

LLC

6.250%

due

04/18/34

3,035,000

3,110,238

Blue

Owl

Technology

Finance

Corp.

3.750%

due

06/17/26 ~

1,600,000

1,562,610

6.100%

due

03/15/28 ~

1,580,000

1,576,344

BNP

Paribas

(France)

1.323%

due

01/13/27 ~

1,830,000

1,781,980

2.219%

due

06/09/26 ~

930,000

925,445

4.625%

due

03/13/27 ~

555,000

553,324

Brighthouse

Financial,

Inc.

5.625%

due

05/15/30

1,795,000

1,859,811

Capital

One

Financial

Corp.

6.377%

due

06/08/34

2,925,000

3,058,130

Citadel

6.000%

due

01/23/30 ~

810,000

823,569

6.375%

due

01/23/32 ~

615,000

631,351

Citigroup,

Inc.

3.106%

due

04/08/26

655,000

654,785

5.500%

due

09/13/25

515,000

516,791

CNA

Financial

Corp.

5.125%

due

02/15/34

460,000

457,168

Credit

Agricole

(France)

6.251%

due

01/10/35 ~

7,105,000

7,268,355

Danske

Bank

(Denmark)

4.613%

due

10/02/30 ~

990,000

976,799

Deutsche

Bank

(Germany)

2.129%

due

11/24/26

2,665,000

2,617,428

7.079%

due

02/10/34

1,780,000

1,875,970

EPR

Properties

3.600%

due

11/15/31

525,000

468,832

Extra

Space

Storage

2.350%

due

03/15/32

655,000

548,199

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

535,000

541,202

KKR

Capital

Corp.

3.400%

due

01/15/26

2,365,000

2,334,420

Goldman

Sachs

Group,

Inc.

3.691%

due

06/05/28

535,000

524,873

6.750%

due

10/01/37

1,677,000

1,814,894

Host

Hotels

Resorts

5.500%

due

04/15/35

3,320,000

3,255,329

HSBC

Holdings

PLC

(United

Kingdom)

3.973%

due

05/22/30

780,000

750,930

Intesa

Sanpaolo

SpA

(Italy)

4.198%

due

06/01/32 ~

265,000

237,888

7.200%

due

11/28/33 ~

1,520,000

1,686,771

Invitation

Homes

Operating

Partnership

4.875%

due

02/01/35

705,000

674,866

Iron

Mountain,

Inc.

4.500%

due

02/15/31 ~

1,290,000

1,183,752

6.250%

due

01/15/33 ~

555,000

550,048

Jefferies

Financial

Group,

Inc.

6.200%

due

04/14/34

745,000

759,819

6.250%

due

01/15/36

3,960,000

4,060,388

JPMorgan

Chase

Co.

2.522%

due

04/22/31

1,330,000

1,193,932

2.739%

due

10/15/30

1,560,000

1,431,971

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

2.956%

due

05/13/31

1,960,000

1,782,986

4.912%

due

07/25/33

265,000

262,973

5.502%

due

01/24/36

1,015,000

1,037,255

6.500%

due

04/01/30

4,145,000

4,252,533

Liberty

Mutual

Group,

Inc.

3.950%

due

05/15/60 ~

825,000

562,661

Macquarie

Airfinance

Holdings

Ltd.

(United

Kingdom)

5.200%

due

03/27/28 ~

1,345,000

1,347,090

6.400%

due

03/26/29 ~

375,000

388,038

Main

Street

Capital

Corp.

6.950%

due

03/01/29

435,000

447,648

Marsh

McLennan

Cos.,

Inc.

5.000%

due

03/15/35

3,160,000

3,128,345

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

2.309%

due

07/20/32

1,290,000

1,104,994

Morgan

Stanley

2.188%

due

04/28/26

560,000

558,900

2.484%

due

09/16/36

6,450,000

5,349,236

2.699%

due

01/22/31

685,000

620,862

5.164%

due

04/20/29

2,045,000

2,073,098

5.424%

due

07/21/34

1,315,000

1,330,763

5.831%

due

04/19/35

1,660,000

1,721,034

5.942%

due

02/07/39

2,555,000

2,580,346

6.342%

due

10/18/33

2,440,000

2,618,598

MSD

Investment

Corp.

due

05/31/30 # ~

995,000

985,149

Navient

Corp.

5.000%

due

03/15/27

1,300,000

1,273,162

Norinchukin

Bank

(Japan)

5.094%

due

10/16/29 ~

515,000

519,705

OneMain

Finance

Corp.

6.625%

due

05/15/29

1,995,000

2,001,222

PNC

Financial

Services

Group,

Inc.

5.068%

due

01/24/34

855,000

846,713

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31 ~

4,700,000

4,215,735

4.000%

due

10/15/33 ~

5,070,000

4,353,066

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

1,565,000

1,500,486

Santander

U.K.

Group

Holdings

PLC

(United

Kingdom)

5.694%

due

04/15/31

2,120,000

2,164,839

SBA

Communications

Corp.

3.125%

due

02/01/29

820,000

749,035

Sixth

Street

Lending

Partners

6.125%

due

07/15/30 ~

645,000

649,438

Sixth

Street

Specialty

Lending,

Inc.

5.625%

due

08/15/30

355,000

352,133

Societe

Generale

(France)

7.132%

due

01/19/55 ~

1,790,000

1,781,610

Standard

Chartered

PLC

(United

Kingdom)

3.265%

due

02/18/36 ~

1,355,000

1,198,801

6.296%

due

07/06/34 ~

1,940,000

2,044,109

Starwood

Property

Trust,

Inc.

6.500%

due

07/01/30 ~

830,000

831,331

Stewart

Information

Services

Corp.

3.600%

due

11/15/31

2,050,000

1,833,424

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

3.040%

due

07/16/29

2,055,000

1,922,479

Principal

Amount

Value

Synchrony

Financial

5.450%

due

03/06/31

1,095,000

1,087,582

5.935%

due

08/02/30

1,690,000

1,714,494

Truist

Financial

Corp.

5.867%

due

06/08/34

905,000

931,362

UBS

Group

(Switzerland)

2.746%

due

02/11/33 ~

850,000

727,908

3.091%

due

05/14/32 ~

2,240,000

1,994,737

4.751%

due

05/12/28 ~

370,000

370,255

5.699%

due

02/08/35 ~

1,270,000

1,302,772

6.442%

due

08/11/28 ~

680,000

705,503

6.537%

due

08/12/33 ~

1,885,000

2,020,424

9.016%

due

11/15/33 ~

2,780,000

3,398,204

UniCredit

SpA

(Italy)

1.982%

due

06/03/27 ~

2,035,000

1,966,923

3.127%

due

06/03/32 ~

1,380,000

1,229,014

5.459%

due

06/30/35 ~

855,000

840,437

VICI

Properties

5.125%

due

05/15/32

1,410,000

1,381,298

Wells

Fargo

Co.

5.244%

due

01/24/31

3,610,000

3,671,294

216,860,992

Industrial

4.2%

Amphenol

Corp.

5.000%

due

01/15/35

1,730,000

1,727,893

Axon

Enterprise,

Inc.

6.250%

due

03/15/33 ~

365,000

369,667

BAE

Systems

PLC

(United

Kingdom)

5.300%

due

03/26/34 ~

2,270,000

2,299,211

Boeing

Co.

2.196%

due

02/04/26

485,000

474,617

5.150%

due

05/01/30

925,000

931,238

5.705%

due

05/01/40

1,945,000

1,891,884

5.805%

due

05/01/50

7,040,000

6,708,745

5.930%

due

05/01/60

155,000

145,962

6.298%

due

05/01/29

795,000

834,050

6.528%

due

05/01/34

790,000

846,928

6.858%

due

05/01/54

4,315,000

4,690,855

7.008%

due

05/01/64

1,170,000

1,268,942

Bombardier,

Inc.

(Canada)

7.000%

due

06/01/32 ~

905,000

902,216

Cemex

SAB

(Mexico)

3.875%

due

07/11/31 ~

7,930,000

7,107,121

5.125%

due

06/08/26 ~

1,190,000

1,166,047

Embraer

Netherlands

Finance

(Brazil)

5.980%

due

02/11/35

1,080,000

1,099,683

Empresa

los

Ferrocarriles

del

Estado

(Chile)

3.068%

due

08/18/50 ~

620,000

376,647

GATX

Corp.

6.050%

due

03/15/34

630,000

662,070

6.050%

due

06/05/54

480,000

483,581

GFL

Environmental,

Inc.

6.750%

due

01/15/31 ~

290,000

299,298

Ingersoll

Rand,

Inc.

5.700%

due

08/14/33

2,770,000

2,860,410

Jabil,

Inc.

3.000%

due

01/15/31

635,000

569,479

5.450%

due

02/01/29

370,000

377,123

Klabin

Austria

GmbH

(Brazil)

7.000%

due

04/03/49 ~

1,455,000

1,473,515

L3Harris

Technologies,

Inc.

5.350%

due

06/01/34

2,790,000

2,817,308

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.400%

due

07/31/33

1,820,000

1,843,807

Martin

Marietta

Materials,

Inc.

5.150%

due

12/01/34

580,000

576,744

Mohawk

Industries,

Inc.

5.850%

due

09/18/28

620,000

642,637

Otis

Worldwide

Corp.

5.125%

due

11/19/31

665,000

672,999

Owens

Corning

7.000%

due

12/01/36

3,525,000

3,988,908

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32 ~

1,205,000

1,213,634

RTX

Corp.

5.150%

due

02/27/33

2,295,000

2,316,381

Sensata

Technologies,

Inc.

3.750%

due

02/15/31 ~

1,405,000

1,228,590

Sitios

Latinoamerica

SAB

(Brazil)

5.375%

due

04/04/32 ~

2,240,000

2,150,423

6.000%

due

11/25/29 ~

655,000

661,924

SMBC

Aviation

Capital

Finance

DAC

(Ireland)

due

04/01/30 # ~

1,130,000

1,133,043

5.300%

due

04/03/29 ~

2,170,000

2,201,998

SYNNEX

Corp.

6.100%

due

04/12/34

3,235,000

3,329,368

Textron,

Inc.

6.100%

due

11/15/33

5,285,000

5,577,940

Trimble,

Inc.

6.100%

due

03/15/33

2,600,000

2,725,041

Veralto

Corp.

5.450%

due

09/18/33

2,275,000

2,321,103

Vulcan

Materials

Co.

5.350%

due

12/01/34

1,900,000

1,918,137

Waste

Management,

Inc.

4.950%

due

03/15/35

2,490,000

2,478,908

79,366,075

Technology

3.1%

AppLovin

Corp.

5.125%

due

12/01/29

1,185,000

1,189,983

5.375%

due

12/01/31

525,000

527,876

5.500%

due

12/01/34

5,180,000

5,181,323

Atlassian

Corp.

5.500%

due

05/15/34

4,705,000

4,779,733

Broadcom,

Inc.

3.137%

due

11/15/35 ~

795,000

659,229

3.187%

due

11/15/36 ~

11,060,000

9,082,827

CDW

LLC/CDW

Finance

Corp.

3.569%

due

12/01/31

5,745,000

5,196,592

5.550%

due

08/22/34

1,740,000

1,721,851

Entegris,

Inc.

4.750%

due

04/15/29 ~

2,200,000

2,122,844

Fiserv,

Inc.

5.625%

due

08/21/33

3,120,000

3,213,617

Hewlett

Packard

Enterprise

Co.

6.200%

due

10/15/35

1,835,000

1,943,014

Leidos,

Inc.

5.400%

due

03/15/32

755,000

760,589

5.500%

due

03/15/35

1,530,000

1,526,066

5.750%

due

03/15/33

3,500,000

3,590,636

Micron

Technology,

Inc.

5.800%

due

01/15/35

1,570,000

1,608,398

5.875%

due

09/15/33

8,750,000

9,105,259

NetApp,

Inc.

5.500%

due

03/17/32

930,000

937,558

Principal

Amount

Value

5.700%

due

03/17/35

745,000

744,179

Oracle

Corp.

4.100%

due

03/25/61

1,915,000

1,369,880

Synopsys,

Inc.

5.150%

due

04/01/35

1,195,000

1,201,749

5.700%

due

04/01/55

1,405,000

1,396,037

57,859,240

Utilities

0.9%

AES

Corp.

3.950%

due

07/15/30 ~

680,000

637,992

Boston

Gas

Co.

3.001%

due

08/01/29 ~

305,000

282,881

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31 ~

1,765,000

1,552,131

Cometa

Energia

(Mexico)

6.375%

due

04/24/35 ~

1,921,734

1,923,266

Duke

Energy

Corp.

5.450%

due

06/15/34

1,840,000

1,866,048

Enel

Americas

(Chile)

4.000%

due

10/25/26

505,000

500,049

Enel

Finance

International

(Italy)

6.800%

due

09/15/37 ~

2,100,000

2,298,810

Entergy

Corp.

2.800%

due

06/15/30

650,000

588,645

IPALCO

Enterprises,

Inc.

4.250%

due

05/01/30

445,000

423,836

Lightning

Power

LLC

7.250%

due

08/15/32 ~

1,050,000

1,081,931

Pacific

Gas

Electric

Co.

2.500%

due

02/01/31

350,000

300,965

3.250%

due

06/01/31

1,290,000

1,148,429

4.300%

due

03/15/45

1,835,000

1,437,384

Southern

California

Edison

Co.

6.200%

due

09/15/55

465,000

463,991

Southern

Co.

5.700%

due

03/15/34

1,335,000

1,379,521

Vistra

Operations

Co.

LLC

5.700%

due

12/30/34 ~

475,000

472,989

16,358,868

Total

Corporate

Bonds

Notes

(Cost

$680,023,699)

694,442,844

CONVERTIBLE

CORPORATE

BONDS

NOTES

0.2%

Communications

0.1%

EchoStar

Corp.

3.875%

due

11/30/30

1,196,413

1,338,413

Consumer,

Non-Cyclical

0.1%

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

1,970,000

1,860,172

Total

Convertible

Corporate

Bonds

Notes

(Cost

$3,245,306)

3,198,585

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

SENIOR

LOAN

NOTES

1.7%

Basic

Materials

0.3%

Asplundh

Tree

Expert

LLC

Term

6.075%

(SOFR

1.750%)

due

05/23/31

2,851,456

2,847,892

Novelis

Holdings,

Inc.

Term

6.292%

(SOFR

1.750%)

due

03/11/32

1,750,000

1,750,437

4,598,329

Communications

0.0%

Ciena

Corp.

Term

6.069%

(SOFR

1.750%)

due

10/24/30

485,427

485,933

Consumer,

Cyclical

1.0%

Aramark

Services,

Inc.

Term

due

04/06/28

∞

220,000

220,440

Term

6.325%

(SOFR

1.750%)

due

06/22/30

§ ∞

1,994,750

1,997,243

Carnival

Corp.

Term

6.329%

(SOFR

1.750%)

due

08/08/27

± §

31,819

31,779

6.329%

(SOFR

1.750%)

due

10/18/28

± §

1,705,609

Crown

Holdings,

Inc.

Term

6.069%

(SOFR

1.750%)

due

03/04/32

1,210,000

1,203,445

Flutter

Financing

Term

(Ireland)

6.049%

(SOFR

1.750%)

due

11/30/30

§ ∞

2,580,073

2,575,236

Hilton

Domestic

Operating

Co.,

Inc.

Term

6.070%

(SOFR

1.750%)

due

11/08/30

1,914,058

1,912,563

Hilton

Grand

Vacations

Borrower

LLC

Term

due

08/02/28

∞

118,503

118,088

Resideo

Funding,

Inc.

Term

6.049%

(SOFR

1.750%)

due

06/13/31

2,368,748

2,364,800

6.069%

(SOFR

1.750%)

due

02/11/28

± §

579,295

Wyndham

Hotels

Resorts,

Inc.

Term

6.075%

(SOFR

1.750%)

due

05/24/30

5,359,437

5,364,882

18,073,380

Consumer,

Non-Cyclical

0.3%

IQVIA,

Inc.

Term

due

01/02/31

∞

937,650

939,506

Trans

Union

LLC

Term

6.075%

(SOFR

1.750%)

due

06/24/31

5,427,406

5,418,076

6,357,582

Technology

0.1%

Open

Text

Corp.

Term

(Canada)

6.075%

(SOFR

1.750%)

due

01/31/30

§ ∞

1,024,392

1,022,994

Principal

Amount

Value

Utilities

0.0%

NRG

Energy,

Inc.

Term

6.044%

(SOFR

1.750%)

due

04/31/2031

616,884

616,605

Total

Senior

Loan

Notes

(Cost

$31,201,491)

31,154,823

MORTGAGE-BACKED

SECURITIES

16.5%

Collateralized

Mortgage

Obligations

Commercial

2.6%

Bank

2.978%

due

11/15/62

600,000

552,195

5.203%

due

02/15/56

1,020,000

1,030,786

5.745%

due

08/15/56

525,000

550,059

Benchmark

Mortgage

Trust

6.363%

due

07/15/56 §

235,000

245,108

BPR

Trust

6.217%

(SOFR

1.898%)

due

04/15/37 ~ §

100,000

100,153

Commercial

Mortgage

Trust

5.050%

due

11/13/46 ~ §

885,000

882,881

5.415%

due

11/13/46 ~ §

115,000

114,443

Trust

5.762%

(SOFR

1.443%)

due

03/15/42 ~ §

4,300,000

4,285,731

5.811%

(SOFR

1.491%)

due

07/15/29 ~ §

710,000

707,525

Citigroup

Commercial

Mortgage

Trust

2.896%

due

11/15/49

1,461,451

1,422,108

3.102%

due

12/15/72

1,870,000

1,733,632

CSMC

Trust

3.304%

due

09/15/37 ~

183,088

172,091

3.953%

due

09/15/37 ~

5,800,000

5,303,256

4.373%

due

09/15/37 ~

1,700,000

964,219

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

3,724,447

3,723,423

6.683%

(SOFR

2.364%)

due

07/15/38 ~ §

4,296,972

4,297,018

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

(IO)

0.124%

due

07/25/33 ± § Ω

7,989,625

100,311

0.230%

due

06/25/32 §

22,485,548

367,522

0.254%

due

05/25/33 ± § Ω

19,994,277

413,698

0.297%

due

03/25/32 §

6,885,852

127,115

0.343%

due

04/25/55 §

13,164,804

284,431

0.359%

due

06/25/32 §

18,264,657

442,485

0.395%

due

12/25/31 ± § Ω

14,874,486

279,290

0.471%

due

02/25/36 ± § Ω

4,958,979

172,959

0.512%

due

03/25/31 ± § Ω

16,790,877

406,475

0.562%

due

12/25/27 ± § Ω

5,924,690

73,549

0.614%

due

10/25/26 ± § Ω

14,729,279

117,846

0.716%

due

12/25/30 ± § Ω

11,162,658

371,089

0.769%

due

03/25/28 ± § Ω

6,014,991

79,247

0.875%

due

06/25/29 ± § Ω

7,113,192

221,049

1.206%

due

06/25/27 ± § Ω

1,353,158

21,985

1.280%

due

07/25/26 ± § Ω

4,384,907

53,702

1.317%

due

01/25/30 ± § Ω

3,283,447

173,717

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Government

National

Mortgage

Association

(IO)

0.064%

due

10/16/48 ± § Ω

3,968,380

6,085

0.329%

due

01/16/53 ± § Ω

22,642,291

256,926

0.445%

due

08/16/58 ± § Ω

1,180,757

22,797

0.503%

due

04/16/57 ± § Ω

1,544,080

39,065

0.520%

due

12/16/59 ± § Ω

1,560,840

50,677

0.526%

due

02/16/59 ± § Ω

1,783,890

54,005

0.563%

due

07/16/58 ± § Ω

846,033

22,611

0.566%

due

01/16/63 ± § Ω

4,736,417

211,776

0.569%

due

11/16/47 ± § Ω

6,866,645

130,457

0.571%

due

02/16/62 ± § Ω

3,314,066

144,377

0.611%

due

06/16/64 ± § Ω

5,968,844

332,347

0.640%

due

02/16/61 ± § Ω

2,069,145

99,129

0.685%

due

11/16/55 ± § Ω

5,240,688

137,346

0.799%

due

01/16/61 §

11,711,926

698,842

0.826%

due

05/16/63 ± § Ω

4,469,832

274,907

0.835%

due

05/16/60 ± § Ω

1,651,394

94,910

0.873%

due

10/16/62 ± § Ω

2,598,596

164,784

0.912%

due

11/16/60 ± § Ω

5,419,207

360,501

1.422%

due

10/16/60 §

29,357,074

2,848,391

Mortgage

Securities

Corp.

Trust

3.550%

due

03/05/33 ~ §

1,310,000

1,138,881

Mortgage

Securities

Trust

2.911%

due

02/13/53

1,552,462

1,433,154

3.164%

due

05/10/50

1,473,573

1,428,837

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2.822%

due

08/15/49

1,700,000

1,655,514

5.919%

(SOFR

1.600%)

due

01/15/42 ~ §

1,770,000

1,755,660

6.319%

(SOFR

2.000%)

due

01/15/42 ~ §

500,000

498,961

LEX

Mortgage

Trust

4.874%

due

10/13/33 ~ §

500,000

496,120

SCOTT

Trust

5.910%

due

03/10/40 ~

270,000

276,137

Wells

Fargo

Commercial

Mortgage

Trust

4.000%

due

04/15/55 §

3,314,000

3,112,440

47,536,735

Collateralized

Mortgage

Obligations

Residential

3.2%

ATLX

Trust

3.850%

due

04/25/63

04/25/64

~ §

1,222,634

1,176,150

CoreVest

American

Finance

Ltd.

7.553%

due

12/28/30 ~ §

3,070,000

3,093,771

CSMC

Trust

1.101%

due

05/25/66 ~ §

671,674

574,611

2.000%

due

01/25/60 ~

1,153,573

1,010,449

2.975%

due

07/25/57 ~ §

475,000

404,372

Federal

Home

Loan

Mortgage

Corp.

REMICS

(IO)

1.487%

(5.836%

SOFR)

due

10/15/41 ± § Ω

174,567

17,485

1.537%

(5.886%

SOFR)

due

05/15/44 ± § Ω

912,148

95,307

1.567%

(5.916%

SOFR)

due

09/15/37 ± § Ω

487,262

45,363

1.587%

(5.936%

SOFR)

due

08/15/39 ± § Ω

423,216

40,905

1.767%

(6.116%

SOFR)

due

01/15/40 ± § Ω

84,512

6,795

1.787%

(6.136%

SOFR)

due

09/15/42 ± § Ω

289,203

21,747

Principal

Amount

Value

1.827%

(6.176%

SOFR)

due

11/15/36 ± § Ω

149,114

15,707

3.000%

due

12/15/31 ± Ω

80,845

2,514

3.500%

due

06/15/27 ± Ω

129,279

1,583

Federal

National

Mortgage

Association

Interest

STRIPS

(IO)

3.000%

due

11/25/26

04/25/27

± Ω

280,927

5,450

3.500%

due

11/25/41 ± Ω

509,811

75,118

4.000%

due

11/25/41 ± Ω

835,769

148,506

4.500%

due

11/25/39 ± Ω

109,997

18,370

5.000%

due

01/25/38

01/25/39

± Ω

285,611

50,267

5.000%

due

01/25/39

± § Ω

73,235

13,133

5.500%

due

01/25/39 ± § Ω

70,521

13,771

6.000%

due

01/25/38

07/25/38

± Ω

291,925

57,821

Federal

National

Mortgage

Association

REMICS

(IO)

1.696%

(6.036%

SOFR)

due

09/25/41

08/25/45

± § Ω

2,428,746

218,448

2.026%

(6.366%

SOFR)

due

04/25/40 ± § Ω

201,291

22,735

2.146%

(6.486%

SOFR)

due

07/25/42 ± § Ω

65,794

7,910

2.196%

(6.536%

SOFR)

due

03/25/42 ± § Ω

363,231

26,810

2.224%

due

10/25/35 ± § Ω

114,827

4,993

2.358%

due

03/25/36 ± § Ω

69,015

2,692

3.000%

due

04/25/32

09/25/32

± Ω

225,295

7,960

3.040%

due

07/25/36 ± § Ω

128,079

10,660

3.500%

due

07/25/28 ± Ω

126,220

2,979

4.225%

due

12/25/36 ± § Ω

545,575

26,609

4.500%

due

09/25/48 ± Ω

1,613,716

208,195

5.500%

due

06/25/44 ± Ω

360,820

26,913

GITSIT

Mortgage

Loan

Trust

7.466%

due

06/25/54 ~ §

729,977

730,300

Government

National

Mortgage

Association

REMICS

(IO)

1.666%

(5.986%

SOFR)

due

08/16/42 ± § Ω

325,491

31,969

1.716%

(6.036%

SOFR)

due

06/16/43 ± § Ω

238,479

11,884

1.766%

(6.086%

SOFR)

due

10/16/42 ± § Ω

446,848

40,437

2.046%

(6.366%

SOFR)

due

04/20/40 ± § Ω

47,582

5,988

2.116%

(6.436%

SOFR)

due

06/20/40 ± § Ω

883,633

120,823

2.166%

(6.486%

SOFR)

due

04/16/42 ± § Ω

905,077

105,588

3.500%

due

05/20/43

07/20/50

± Ω

7,311,016

1,314,495

4.000%

due

04/16/45

01/16/46

± Ω

1,117,683

198,963

4.000%

due

02/16/50

7,610,856

1,432,445

4.500%

due

09/16/45

06/20/52

19,717,910

3,768,706

4.723%

(SOFR

0.414%)

due

02/20/68

07/20/68

712,650

709,896

4.923%

(SOFR

0.614%)

due

03/20/61 ± § Ω

186,286

184,188

5.000%

due

05/16/43

± Ω

3,683,689

362,641

5.000%

due

10/20/44

2,391,450

492,947

5.430%

(SOFR

1.114%)

due

05/20/60 ± § Ω

50,335

50,365

Legacy

Mortgage

Asset

Trust

4.750%

due

04/25/61 ~ §

1,521,669

1,521,106

5.250%

due

07/25/67 ~ §

2,858,190

2,852,770

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

MFA

Trust

6.330%

due

09/25/54 §

1,131,377

1,133,787

Mill

City

Mortgage

Loan

Trust

1.850%

due

11/25/60 ~ §

625,000

557,756

2.500%

due

11/25/60 ~ §

700,000

606,277

3.750%

due

05/25/58 ~ §

244,631

239,034

New

Residential

Mortgage

Loan

Trust

3.800%

due

01/25/64 ~ §

2,888,990

2,730,315

6.664%

due

03/25/39 ~ §

1,655,000

1,673,032

NLT

Trust

3.200%

due

10/25/62 ~ §

1,227,693

1,113,147

NYMT

Loan

Trust

3.750%

due

02/25/68 ~ §

2,154,820

1,994,407

5.268%

due

09/25/39 ~ §

770,000

766,021

6.381%

due

02/25/30 ~ §

511,786

512,151

6.509%

due

05/25/39 ~ §

1,670,000

1,689,921

PRET

LLC

5.925%

due

10/25/54 ~ §

759,968

759,363

5.963%

due

11/25/54 ~ §

1,571,588

1,572,581

6.996%

due

07/25/54 ~ §

559,500

560,105

PRKCM

Trust

2.071%

due

11/25/56 ~ §

846,668

739,244

PRPM

LLC

3.750%

due

03/25/54 ~ §

920,978

896,258

4.200%

due

12/25/64 ~ §

2,140,289

2,094,476

4.500%

due

02/25/55 ~ §

618,745

610,413

5.689%

due

09/25/29 ~ §

284,007

283,851

5.870%

due

11/25/29 ~ §

650,070

650,028

6.959%

due

02/25/29 ~ §

1,737,534

1,742,390

7.026%

due

03/25/29 ~ §

863,296

865,975

RCO

VII

Mortgage

LLC

7.021%

due

01/25/29 ~ §

2,326,127

2,334,327

RCO

Mortgage

LLC

5.875%

due

01/25/30 ~ §

2,390,308

2,395,518

Redwood

Funding

Trust

7.500%

due

07/25/59 ~ §

576,556

580,477

7.745%

due

12/25/54 ~ §

763,999

777,111

Roc

Mortgage

Trust

5.589%

due

10/25/39 ~ §

1,810,000

1,807,854

Toorak

Mortgage

Trust

6.597%

due

02/25/39 ~ §

1,090,000

1,098,591

Towd

Point

Mortgage

Trust

2.900%

due

10/25/59 ~ §

473,582

452,072

3.750%

due

12/25/58 ~ §

505,000

456,360

TVC

Mortgage

Trust

5.545%

due

07/25/39 ~ §

2,035,000

2,040,321

VCAT

LLC

5.877%

due

01/25/55 ~ §

576,614

578,388

5.889%

due

02/25/55 ~ §

1,863,361

1,864,825

Verus

Securitization

Trust

1.013%

due

09/25/66 ~ §

722,879

616,263

VOLT

XCII

LLC

5.893%

due

02/27/51 ~ §

192,143

192,243

VOLT

XCIV

LLC

6.239%

due

02/27/51 ~ §

210,214

210,467

60,586,959

Federal

Home

Loan

Mortgage

Corp.

4.3%

2.000%

due

12/01/51

46,528,773

37,137,419

2.500%

due

11/01/50

04/01/52

16,399,525

13,864,929

3.000%

due

11/01/49

05/01/52

4,799,554

4,215,542

3.500%

due

04/01/52

06/01/52

4,188,293

3,805,129

4.000%

due

06/01/44

02/01/53

9,945,706

9,394,890

4.500%

due

03/01/47

11/01/52

3,298,536

3,182,158

Principal

Amount

Value

5.000%

due

03/01/38

06/01/53

4,763,117

4,731,487

5.500%

due

04/01/53

06/01/53

3,307,815

3,323,147

6.000%

due

11/01/39

993,273

1,037,295

6.500%

due

01/01/53

258,917

269,416

7.000%

due

03/01/39

79,592

83,638

81,045,050

Federal

National

Mortgage

Association

6.3%

1.500%

due

03/01/51

1,308,686

990,394

2.000%

due

02/01/52

9,698,890

7,718,286

2.500%

due

11/01/50

06/01/62

42,627,655

35,404,034

3.000%

due

09/01/42

03/01/52

23,936,019

21,162,232

3.500%

due

03/01/43

06/01/52

18,891,416

17,344,271

3.900%

due

08/01/32

500,000

480,158

4.000%

due

11/01/42

04/01/52

9,393,299

8,896,437

4.060%

due

07/01/32

600,000

582,136

4.420%

due

04/01/33

196,315

194,426

4.500%

due

10/01/44

03/01/53

6,028,520

5,866,023

4.680%

due

07/01/33

100,000

100,929

5.000%

due

05/01/41

03/01/53

4,804,992

4,791,780

5.500%

due

05/01/53

09/01/53

7,788,995

7,816,358

6.000%

due

07/01/41

05/01/53

5,038,105

5,158,258

6.500%

due

05/01/40

02/01/53

1,561,906

1,634,745

7.000%

due

02/01/39

292,058

308,703

118,449,170

Government

National

Mortgage

Association

0.1%

4.500%

due

03/20/41

03/20/49

1,662,213

1,627,616

5.000%

due

10/20/47

258,356

259,416

6.000%

due

09/20/38

448,248

475,197

2,362,229

Total

Mortgage-Backed

Securities

(Cost

$327,573,649)

309,980,143

ASSET-BACKED

SECURITIES

14.9%

Automobile

Other

2.7%

American

Credit

Acceptance

Receivables

Trust

4.900%

due

03/12/29 ~

975,000

978,168

5.540%

due

08/12/31 ~

500,000

503,251

6.040%

due

07/12/30 ~

500,000

510,159

7.650%

due

09/12/30 ~

3,460,000

3,609,100

8.000%

due

02/15/29 ~

110,000

111,805

AmeriCredit

Automobile

Receivables

Trust

5.800%

due

12/18/28

700,000

714,919

Avis

Budget

Rental

Car

Funding

AESOP

LLC

3.340%

due

08/20/26 ~

4,166,667

4,136,756

6.110%

due

12/20/30 ~

675,000

677,758

6.480%

due

06/20/30 ~

2,080,000

2,119,946

7.260%

due

10/20/27 ~

260,000

259,402

7.320%

due

02/20/28 ~

255,000

254,504

7.340%

due

02/20/30 ~

100,000

104,815

7.350%

due

04/20/28 ~

320,000

319,581

Bridgecrest

Lending

Auto

Securitization

Trust

6.070%

due

02/15/30

1,000,000

1,020,505

6.300%

due

02/15/30

1,100,000

1,131,108

7.840%

due

08/15/29

2,265,000

2,396,683

CarMax

Auto

Owner

Trust

6.000%

due

07/15/30

2,700,000

2,753,056

6.420%

due

10/15/30

45,000

46,523

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Carvana

Auto

Receivables

Trust

5.380%

due

12/10/30 ~

600,000

602,495

5.800%

due

05/10/30 ~

710,000

724,361

6.300%

due

05/10/30 ~

300,000

308,244

6.440%

due

09/10/30 ~

400,000

413,748

6.590%

due

02/11/30 ~

1,495,000

1,544,401

7.220%

due

02/11/30 ~

1,000,000

1,047,037

Credit

Acceptance

Auto

Loan

Trust

5.390%

due

01/16/35 ~

510,000

514,209

6.700%

due

10/16/34 ~

680,000

707,387

6.710%

due

07/17/34 ~

390,000

402,119

Exeter

Automobile

Receivables

Trust

5.060%

due

02/18/31

700,000

697,348

5.490%

due

05/15/31

1,130,000

1,139,760

5.700%

due

07/16/29

300,000

304,042

5.980%

due

09/16/30

300,000

306,091

GLS

Auto

Receivables

Issuer

Trust

5.950%

due

12/17/29 ~

3,500,000

3,572,084

6.190%

due

02/15/30 ~

160,000

164,100

6.440%

due

05/15/29 ~

2,697,000

2,764,787

GLS

Auto

Select

Receivables

Trust

5.280%

due

10/15/31 ~

100,000

98,863

5.920%

due

08/15/30 ~

400,000

411,022

6.340%

due

08/15/31 ~

600,000

616,525

6.430%

due

01/15/31 ~

1,390,000

1,433,097

LAD

Auto

Receivables

Trust

4.930%

due

03/15/30 ~

100,000

99,232

5.330%

due

02/15/29 ~

1,040,000

1,052,354

5.640%

due

06/15/29 ~

1,040,000

1,054,871

6.150%

due

06/16/31 ~

600,000

613,226

Octane

Receivables

Trust

5.900%

due

07/20/32 ~

760,000

774,252

Santander

Drive

Auto

Receivables

Trust

4.490%

due

08/15/29

2,085,000

2,079,764

5.840%

due

06/17/30

100,000

102,232

5.970%

due

10/15/31

2,310,000

2,365,384

6.280%

due

08/15/31

100,000

103,535

SBNA

Auto

Receivables

Trust

6.040%

due

04/15/30 ~

100,000

102,532

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

270,877

272,336

VStrong

Auto

Receivables

Trust

5.770%

due

07/15/30 ~

300,000

304,694

7.290%

due

07/15/30 ~

100,000

104,405

Westlake

Automobile

Receivables

Trust

5.650%

due

02/15/29 ~

2,255,000

2,278,675

5.910%

due

04/15/30 ~

500,000

509,688

51,236,939

Automobile

Sequential

0.7%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

5.130%

due

10/20/28 ~

2,560,000

2,587,452

5.780%

due

04/20/28 ~

1,070,000

1,093,071

5.900%

due

08/21/28 ~

2,000,000

2,053,112

Carvana

Auto

Receivables

Trust

5.080%

due

03/11/30 ~

1,463,000

1,487,227

6.420%

due

01/10/28 ~

859,938

865,295

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

190,000

191,669

4.970%

due

09/22/31 ~

215,000

218,373

Octane

Receivables

Trust

5.680%

due

05/20/30 ~

1,123,563

1,134,463

Principal

Amount

Value

VStrong

Auto

Receivables

Trust

5.620%

due

12/15/28 ~

2,245,000

2,263,473

Westlake

Automobile

Receivables

Trust

5.440%

due

05/17/27 ~

575,000

576,967

12,471,102

Credit

Card

Bullet

0.1%

Mission

Lane

Credit

Card

Master

Trust

5.880%

due

01/15/30 ~

1,165,000

1,173,937

6.200%

due

08/15/29 ~

715,000

721,599

1,895,536

Home

Equity

Sequential

0.2%

GITSIT

Mortgage

Loan

Trust

6.276%

due

02/25/55 ~ §

3,340,556

3,342,130

Other

Asset-Backed

Securities

11.2%

Capital

CLO

Ltd.

7.046%

(SOFR

2.750%)

due

04/15/35 ~ §

1,500,000

1,503,697

AASET

Trust

5.943%

due

02/16/50 ~

1,013,675

1,024,608

Affirm

Asset

Securitization

Trust

5.610%

due

02/15/29 ~

3,635,000

3,660,395

6.890%

due

02/15/29 ~

110,000

111,142

AGL

CLO

Ltd.

(Cayman)

6.412%

(SOFR

1.900%)

due

01/21/38 ~ §

2,215,000

2,219,636

ALTDE

Trust

5.900%

due

08/15/50 ~

1,178,913

1,194,649

AMMC

CLO

Ltd.

(Cayman)

6.180%

(SOFR

1.862%)

due

05/26/31 ~ §

2,615,000

2,625,399

AMMC

CLO

XII

Ltd.

(Cayman)

6.059%

(SOFR

1.762%)

due

11/10/30 ~ §

536,094

537,247

Anchorage

Capital

CLO

Ltd.

(Cayman)

6.414%

(SOFR

2.112%)

due

10/15/34 ~ §

1,425,000

1,427,087

Anchorage

Capital

CLO

Ltd.

(Cayman)

6.543%

(SOFR

2.250%)

due

04/20/37 ~ §

565,000

569,010

Anchorage

Capital

CLO

Ltd.

(Cayman)

6.065%

(SOFR

1.750%)

due

01/20/37 ~ §

2,825,000

2,830,744

Anchorage

Capital

CLO

Ltd.

(Cayman)

6.390%

(SOFR

2.100%)

due

04/22/34 ~ §

2,530,000

2,533,641

Aqua

Finance

Trust

4.810%

due

04/18/50 ~

1,711,313

1,699,682

Ascent

Education

Funding

Trust

6.140%

due

10/25/50 ~

85,298

87,578

Auxilior

Term

Funding

LLC

6.180%

due

12/15/28 ~

1,557,125

1,571,713

Bain

Capital

CLO

Ltd.

(Jersey)

6.308%

(SOFR

2.000%)

due

04/16/37 ~ §

1,690,000

1,700,135

Bain

Capital

Credit

CLO

Ltd.

(Cayman)

6.015%

(SOFR

1.700%)

due

01/21/38 ~ §

2,585,000

2,590,557

Ballyrock

CLO

Ltd.

(Cayman)

5.647%

(SOFR

1.320%)

due

01/20/38 ~ §

1,140,000

1,136,959

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Benefit

Street

Partners

CLO

XXVIII

Ltd.

(Jersey)

6.193%

(SOFR

1.900%)

due

10/20/37 ~ §

1,815,000

1,818,023

Benefit

Street

Partners

CLO

XXXVII

Ltd.

(Cayman)

6.198%

(SOFR

1.850%)

due

01/25/38 ~ §

1,345,000

1,341,211

Betony

CLO

Ltd.

(Cayman)

6.149%

(SOFR

1.862%)

due

04/30/31 ~ §

775,000

776,285

BHG

Securitization

Trust

3.080%

due

02/20/35 ~

260,000

250,711

5.810%

due

04/17/35 ~

564,980

574,983

6.490%

due

04/17/35 ~

1,075,000

1,097,236

Business

Jet

Securities

LLC

5.364%

due

09/15/39 ~

1,741,486

1,732,603

Canyon

CLO

Ltd.

(Cayman)

6.264%

(SOFR

1.962%)

due

07/15/31 ~ §

250,000

250,461

Carlyle

Global

Market

Strategies

CLO

Ltd.

(Cayman)

6.085%

(SOFR

1.762%)

due

05/15/31 ~ §

750,000

752,945

CarVal

CLO

Ltd.

(Cayman)

6.993%

(SOFR

2.700%)

due

04/20/32 ~ §

1,810,000

1,810,585

Castlelake

Aircraft

Structured

Trust

3.967%

due

04/15/39 ~

3,444,794

3,240,850

Cerberus

Loan

Funding

XLVII

LLC

6.052%

(SOFR

1.750%)

due

07/15/36 ~ §

2,685,000

2,699,095

CLI

Funding

VIII

LLC

1.640%

due

02/18/46 ~

1,598,176

1,463,644

College

Ave

Student

Loans

LLC

5.690%

due

08/25/54 ~

2,942,230

3,010,784

6.080%

due

08/25/54 ~

880,000

899,016

Compass

Datacenters

Issuer

III

LLC

5.656%

due

02/25/50 ~

915,000

929,796

5.852%

due

02/25/50 ~

500,000

506,717

Crockett

Partners

Equipment

Co.

IIA

LLC

6.050%

due

01/20/31 ~

2,302,424

2,336,271

CyrusOne

Data

Centers

Issuer

LLC

4.650%

due

05/20/49 ~

705,000

669,597

5.910%

due

02/20/50 ~

200,000

203,262

Master

Finance

LLC

4.030%

due

11/20/47 ~

465,000

455,121

Dryden

CLO

Ltd.

(Cayman)

5.964%

(SOFR

1.662%)

due

01/15/31 ~ §

1,000,000

EverBright

Solar

Trust

6.430%

due

06/22/54 ~

814,369

826,576

EWC

Master

Issuer

LLC

5.500%

due

03/15/52 ~

1,021,125

1,003,731

FirstKey

Homes

Trust

2.058%

due

09/17/38 ~

2,300,000

2,199,724

2.189%

due

08/17/38 ~

4,049,000

3,890,665

FOCUS

Brands

Funding

8.241%

due

10/30/53 ~

493,750

526,897

Foundation

Finance

Trust

1.270%

due

05/15/41 ~

1,042,430

976,327

4.950%

due

04/15/50 ~

645,000

647,352

Frontier

Issuer

LLC

6.190%

due

06/20/54 ~

4,690,000

4,847,247

Principal

Amount

Value

6.600%

due

08/20/53 ~

2,895,000

2,950,419

Golub

Capital

Partners

CLO

Ltd.

(Jersey)

6.400%

(SOFR

2.100%)

due

04/25/37 ~ §

1,805,000

1,819,260

GreenSky

Home

Improvement

Issuer

Trust

5.220%

due

03/25/60 ~

295,000

295,347

GreenSky

Home

Improvement

Trust

5.670%

due

06/25/59 ~

475,047

481,328

6.360%

due

06/25/59 ~

320,000

326,155

Hardee's

Funding

LLC

7.253%

due

03/20/54 ~

455,400

468,905

Hildene

Community

Funding

CDO

Ltd.

(Cayman)

2.600%

due

11/01/35 ~

2,154,099

1,898,436

Hilton

Grand

Vacations

Trust

5.990%

due

03/25/38 ~

271,555

276,004

HIN

Timeshare

Trust

3.420%

due

10/09/39 ~

307,080

298,705

Horizon

Aircraft

Finance

Ltd.

(Cayman)

4.458%

due

12/15/38 ~

136,160

130,560

Horizon

Aircraft

Finance

Ltd.

(Cayman)

5.375%

due

09/15/49 ~

3,919,500

3,882,931

Invesco

CLO

Ltd.

(Cayman)

6.202%

(SOFR

1.912%)

due

10/22/34 ~ §

835,000

837,448

Island

Finance

Trust

6.540%

due

03/19/35 ~

155,000

158,179

Jack

the

Box

Funding

LLC

3.445%

due

02/26/52 ~

5,926,700

5,701,855

Kapitus

Asset

Securitization

LLC

5.490%

due

09/10/31 ~

905,000

908,312

KKR

CLO

Ltd.

(Cayman)

6.993%

(SOFR

2.700%)

due

01/20/36 ~ §

2,885,000

2,914,350

KKR

CLO

Ltd.

(Cayman)

6.021%

(SOFR

1.700%)

due

01/15/38 ~ §

2,065,000

2,071,365

Labrador

Aviation

Finance

Ltd.

4.300%

due

01/15/42 ~

123,850

120,449

Long

Point

Park

CLO

Ltd.

5.939%

(SOFR

1.637%)

due

01/17/30 ~ §

660,000

Madison

Park

Funding

XLVIII

Ltd.

(Cayman)

6.555%

(SOFR

2.262%)

due

04/19/33 ~ §

960,000

962,742

Mariner

Finance

Issuance

Trust

5.680%

due

09/22/36 ~

475,000

485,346

Marlette

Funding

Trust

6.930%

due

07/17/34 ~

100,000

100,013

MetroNet

Infrastructure

Issuer

LLC

6.230%

due

04/20/54 ~

200,000

204,828

Milos

CLO

Ltd.

(Cayman)

6.105%

(SOFR

1.812%)

due

10/20/30 ~ §

1,055,000

1,056,654

Mosaic

Solar

Loan

Trust

5.500%

due

09/20/49 ~

2,920,225

2,877,909

5.600%

due

04/22/52 ~

4,135,354

4,059,623

MVW

LLC

4.430%

due

03/20/42 ~

805,035

799,142

6.200%

due

02/20/43 ~

333,742

341,664

Navient

Private

Education

Refi

Loan

Trust

1.060%

due

10/15/69 ~

924,614

832,175

1.690%

due

05/15/69 ~

2,505,796

2,364,979

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Nelnet

Student

Loan

Trust

2.680%

due

04/20/62 ~

715,000

626,457

OCP

CLO

Ltd.

(Cayman)

5.681%

(SOFR

1.330%)

due

01/21/38 ~ §

2,610,000

2,603,561

5.993%

(SOFR

1.700%)

due

07/20/37 ~ §

1,140,000

1,145,338

OHA

Credit

Funding

Ltd.

(Bermuda)

6.193%

(SOFR

1.900%)

due

04/20/37 ~ §

1,275,000

1,284,648

OHA

Credit

Partners

Ltd.

(Cayman)

6.093%

(SOFR

1.800%)

due

04/20/37 ~ §

1,260,000

1,266,274

OnDeck

Asset

Securitization

Trust

LLC

4.980%

due

10/17/31 ~

540,000

537,662

OneMain

Financial

Issuance

Trust

3.140%

due

10/14/36 ~

2,200,000

2,133,421

4.050%

due

10/14/36 ~

2,735,000

2,602,894

OWN

Equipment

Fund

LLC

5.700%

due

12/20/32 ~

806,858

814,144

Palmer

Square

BDC

CLO

Ltd.

(Cayman)

5.902%

(SOFR

1.600%)

due

07/15/37 ~ §

4,330,000

4,342,394

6.452%

(SOFR

2.150%)

due

07/15/37 ~ §

2,920,000

2,947,479

ALIFT

Loan

Funding

5.842%

due

09/15/39 ~

529,506

535,350

Planet

Fitness

Master

Issuer

LLC

3.858%

due

12/05/49 ~

5,458,548

5,149,253

4.008%

due

12/05/51 ~

194,000

177,581

Polen

Capital

CLO

Ltd.

(Cayman)

6.211%

(SOFR

1.950%)

due

04/20/38 ~ §

1,270,000

1,255,156

7.411%

(SOFR

3.150%)

due

04/20/38 ~ §

1,375,000

1,377,359

Post

CLO

Ltd.

(Cayman)

7.493%

(SOFR

3.200%)

due

04/20/35 ~ §

500,000

501,984

Post

CLO

Ltd.

(Cayman)

6.255%

(SOFR

1.800%)

due

01/20/38 ~ §

2,805,000

2,811,803

Post

Road

Equipment

Finance

LLC

5.810%

due

10/15/30 ~

1,060,000

1,078,374

Progress

Residential

Trust

2.359%

due

07/17/38 ~

220,000

211,276

2.688%

due

05/17/26 ~

455,000

442,231

4.896%

due

06/17/39 ~

275,000

273,994

5.192%

due

06/17/39 ~

490,000

489,215

RAD

CLO

Ltd.

(Cayman)

5.611%

(SOFR

1.320%)

due

01/15/38 ~ §

1,070,000

1,067,725

Regional

Management

Issuance

Trust

5.740%

due

12/15/33 ~

140,000

140,218

Republic

Finance

Issuance

Trust

2.800%

due

12/22/31 ~

2,800,000

2,723,826

5.910%

due

08/20/32 ~

885,000

897,955

RFS

Asset

Securitization

LLC

6.550%

due

07/15/31 ~

1,305,000

1,328,157

Rockford

Tower

CLO

Ltd.

(Cayman)

7.205%

(SOFR

2.912%)

due

10/20/30 ~ §

970,000

971,363

7.584%

(SOFR

3.262%)

due

05/20/31 ~ §

1,935,000

1,938,157

Principal

Amount

Value

Rockford

Tower

Ltd.

(Cayman)

6.258%

(SOFR

1.850%)

due

10/20/37 ~ §

6,075,000

6,111,598

Ltd.

(Cayman)

5.852%

(SOFR

1.550%)

due

04/15/37 ~ §

2,010,000

2,013,232

SCF

Equipment

Leasing

LLC

5.520%

due

01/20/32 ~

370,000

377,194

SEB

Funding

LLC

4.969%

due

01/30/52 ~

399,000

389,949

7.386%

due

04/30/54 ~

1,400,000

1,438,031

Sierra

Timeshare

Receivables

Funding

LLC

5.150%

due

01/20/43 ~

1,095,795

1,108,525

7.120%

due

09/20/40 ~

45,888

47,354

SMB

Private

Education

Loan

Trust

1.310%

due

07/17/51 ~

288,350

268,397

1.340%

due

03/17/53 ~

1,792,442

1,675,049

1.390%

due

01/15/53 ~

925,304

842,937

1.590%

due

01/15/53 ~

179,944

163,025

3.960%

due

07/15/42 ~

1,155,000

1,121,930

4.000%

due

07/15/42 ~

120,000

116,445

5.240%

due

03/15/56 ~

2,773,150

2,804,237

5.799%

(SOFR

1.450%)

due

03/15/56 ~ §

971,486

977,268

5.880%

due

03/15/56 ~

1,997,000

2,045,827

6.060%

due

06/17/52 ~

295,000

306,433

Sound

Point

CLO

XXXII

Ltd.

(Cayman)

6.712%

(SOFR

2.412%)

due

10/25/34 ~ §

1,540,000

1,544,910

Stonepeak

ABS

2.301%

due

02/28/33 ~

3,273,299

3,132,230

Stream

Innovations

Issuer

Trust

5.210%

due

02/15/45 ~

589,108

596,473

6.270%

due

07/15/44 ~

120,784

126,155

Subway

Funding

LLC

5.246%

due

07/30/54 ~

798,000

787,992

6.028%

due

07/30/54 ~

2,558,588

2,582,414

Sunnova

Helios

Issuer

LLC

3.750%

due

06/20/46 ~

181,096

165,208

Sunnova

Helios

XIII

Issuer

LLC

5.300%

due

02/20/51 ~

2,317,057

2,204,049

Sunrun

Atlas

Issuer

LLC

3.610%

due

02/01/55 ~

809,792

757,861

Sunrun

Demeter

Issuer

LLC

2.270%

due

01/30/57 ~

166,123

144,529

Symetra

CLO

Ltd.

(Cayman)

due

04/20/38 # ~ §

1,070,000

1,069,998

Textainer

Marine

Containers

VII

Ltd.

(China)

1.680%

due

02/20/46 ~

364,273

335,267

2.100%

due

09/20/45 ~

1,279,046

1,196,338

Thrust

Engine

Leasing

DAC

4.163%

due

07/15/40 ~

2,052,279

1,987,238

TIC

Home

Improvement

Trust

6.670%

due

10/15/46 ~

642,988

655,681

TIF

Funding

III

LLC

(Bermuda)

6.310%

due

04/20/49 ~

393,125

398,494

Trafigura

Securitisation

Finance

PLC

(Ireland)

5.730%

(SOFR

1.400%)

due

11/15/27 ~ §

3,600,000

3,626,579

Tricon

Residential

Trust

6.230%

due

07/17/40 ~

1,725,000

1,744,617

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Volofin

Finance

DAC

(Ireland)

5.935%

due

06/15/37 ~

2,615,450

2,630,277

Wave

LLC

3.597%

due

09/15/44 ~

725,726

676,771

WAVE

Trust

3.844%

due

11/15/42 ~

90,570

84,689

Willis

Engine

Structured

Trust

5.438%

due

09/15/43 ~ §

157,133

155,445

Willis

Engine

Structured

Trust

VII

8.000%

due

10/15/48 ~

524,816

545,144

Wingstop

Funding

LLC

5.858%

due

12/05/54 ~

750,000

762,159

Ziply

Fiber

Issuer

LLC

6.640%

due

04/20/54 ~

4,100,000

4,226,234

209,666,109

Total

Asset-Backed

Securities

(Cost

$274,157,943)

278,611,816

U.S.

TREASURY

OBLIGATIONS

20.3%

U.S.

Treasury

Bonds

9.2%

2.000%

due

11/15/41

16,255,000

11,424,852

3.000%

due

11/15/44

7,020,000

5,533,186

3.250%

due

05/15/42

6,725,000

5,685,121

3.625%

due

08/15/43

510,000

448,481

3.625%

due

02/15/53

535,000

450,748

3.625%

due

05/15/53

24,820,000

20,914,243

3.875%

due

05/15/43

2,175,000

1,986,005

4.000%

due

11/15/52

6,485,000

5,850,179

4.125%

due

08/15/53 ‡

67,945,000

62,630,161

4.250%

due

02/15/54

7,155,000

6,743,588

4.375%

due

08/15/43

28,130,000

27,422,355

4.500%

due

02/15/44

5,645,000

5,579,289

4.500%

due

11/15/54

10,850,000

10,694,031

4.625%

due

02/15/55

6,285,000

6,328,209

171,690,448

U.S.

Treasury

Notes

11.1%

3.500%

due

09/30/26

6,475,000

6,432,887

3.500%

due

09/30/29

5,685,000

5,582,848

3.625%

due

08/31/29

11,790,000

11,644,237

3.625%

due

09/30/31

7,730,000

7,539,166

3.750%

due

08/31/31

2,940,000

2,889,009

3.875%

due

03/31/27

4,875,000

4,873,477

3.875%

due

08/15/33

54,655,000

53,578,980

3.875%

due

08/15/34

507,100

494,383

4.000%

due

02/28/30

1,060,000

1,062,567

4.000%

due

03/31/30

12,760,000

12,786,417

4.125%

due

01/31/27

4,665,000

4,681,400

4.125%

due

02/28/27

40,295,000

40,450,828

4.125%

due

10/31/29

1,750,000

1,763,159

4.125%

due

03/31/31

3,690,000

3,709,027

4.125%

due

02/29/32

3,750,000

3,760,547

4.125%

due

03/31/32

95,000

95,275

4.250%

due

12/31/26

6,515,000

6,549,229

4.375%

due

01/31/32

2,805,000

2,854,964

4.375%

due

05/15/34

1,115,000

1,130,309

4.625%

due

02/15/35

3,050,000

3,151,270

Principal

Amount

Value

4.875%

due

10/31/30

31,970,000

33,354,950

208,384,929

Total

U.S.

Treasury

Obligations

(Cost

$380,465,816)

380,075,377

FOREIGN

GOVERNMENT

BONDS

NOTES

4.8%

Brazil

Government

(Brazil)

5.000%

due

01/27/45

1,775,000

1,348,645

6.625%

due

03/15/35

1,125,000

1,120,720

Brazil

Notas

Tesouro

Nacional

(Brazil)

10.000%

due

01/01/33

BRL

75,679,000

10,451,132

Chile

Government

(Chile)

5.650%

due

01/13/37

2,785,000

2,831,509

Colombia

Government

(Colombia)

7.750%

due

11/07/36

2,705,000

2,630,126

8.000%

due

11/14/35

455,000

458,185

Costa

Rica

Government

(Costa

Rica)

7.000%

due

04/04/44 ~

200,000

203,478

7.158%

due

03/12/45 ~

1,885,000

1,940,098

Dominican

Republic

(Dominican

Republic)

6.600%

due

06/01/36 ~

315,000

314,150

7.050%

due

02/03/31 ~

655,000

679,071

Indonesia

Treasury

(Indonesia)

6.875%

due

04/15/29

IDR

94,174,000,000

5,718,769

Ivory

Coast

Government

(Ivory

Coast)

due

04/01/36 # ~

1,280,000

1,228,519

Mexican

Bonos

(Mexico)

8.500%

due

05/31/29

MXN

98,194,200

4,745,148

Mexico

Government

(Mexico)

5.125%

due

05/04/37

EUR

1,520,000

1,596,323

6.875%

due

05/13/37

1,545,000

1,584,552

Morocco

Government

(Morocco)

due

04/02/35 # ~

EUR

950,000

1,018,822

Nigeria

Government

(Nigeria)

10.375%

due

12/09/34 ~

3,470,000

3,488,977

Panama

Government

(Panama)

6.400%

due

02/14/35

1,065,000

1,001,846

8.000%

due

03/01/38

1,245,000

1,285,462

Republic

Armenia

(Armenia)

6.750%

due

03/12/35 ~

230,000

221,725

Republic

South

Africa

Government

(South

Africa)

7.100%

due

11/19/36 ~

980,000

951,138

7.300%

due

04/20/52

1,825,000

1,615,148

8.875%

due

02/28/35

ZAR

53,775,000

2,626,095

9.000%

due

01/31/40

75,785,000

3,416,624

Republic

Uzbekistan

(Uzbekistan)

3.700%

due

11/25/30 ~

445,000

377,723

3.900%

due

10/19/31 ~

1,005,000

841,703

5.375%

due

05/29/27 ~

EUR

2,200,000

2,407,910

6.900%

due

02/28/32 ~

2,545,000

2,525,209

6.947%

due

05/25/32 ~

430,000

426,480

Romania

Government

(Romania)

due

07/11/32 # ~

EUR

620,000

663,092

5.750%

due

03/24/35 ~

2,164,000

1,959,228

6.250%

due

09/10/34 ~

EUR

1,355,000

1,455,455

Saudi

Government

(Saudi

Arabia)

5.625%

due

01/13/35 ~

1,095,000

1,126,358

Turkiye

Government

(Turkey)

6.500%

due

01/03/35

3,790,000

3,530,298

37.000%

due

02/18/26

TRY

116,130,000

2,886,205

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$8,511,704

or 0.5%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Principal

Amount

Value

U.K.

Gilts

(United

Kingdom)

4.125%

due

01/29/27 ~

GBP

4,840,000

6,245,452

Uruguay

Government

(Uruguay)

8.250%

due

05/21/31

UYU

286,455,000

6,407,430

8.500%

due

03/15/28 ~

54,040,000

1,253,517

9.750%

due

07/20/33

258,870,000

6,228,359

Total

Foreign

Government

Bonds

Notes

(Cost

$97,025,487)

90,810,681

SHORT-TERM

INVESTMENTS

1.7%

U.S.

Government

Agency

Issues

0.6%

Federal

Home

Loan

Bank

Discount

Notes

4.363%

due

04/07/25

10,990,000

10,981,002

U.S.

Treasury

Bills

1.1%

2.907%

due

04/03/25

1,830,000

1,829,569

3.836%

due

04/08/25

8,370,000

8,363,098

4.095%

due

04/15/25

9,050,000

9,035,086

4.299%

due

05/22/25 ‡

2,500,000

2,485,054

21,712,807

Total

Short-Term

Investments

(Cost

$32,695,325)

32,693,809

TOTAL

INVESTMENTS

97.3%

(Cost

$1,829,110,481)

1,824,163,479

DERIVATIVES

(0.0%)

(

334,070

)

OTHER

ASSETS

LIABILITIES,

NET

2.7%

51,173,594

NET

ASSETS

100.0%

1,875,003,003

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

630

130,163,995

130,518,282

354,287

CBOT

Year

U.S.

Treasury

Notes

06/25

504

54,337,637

54,510,750

173,113

CBOT

Year

U.S.

Treasury

Notes

06/25

139

15,360,818

15,459,406

98,588

CBOT

U.S.

Long

Bond

06/25

1,564

183,747,758

183,427,875

(

319,883

)

306,105

Short

Futures

Outstanding

CBOT

Ultra

Year

U.S.

Treasury

Notes

06/25

1,565

177,853,847

178,605,625

(

751,778

)

CBOT

Ultra

U.S.

Treasury

Bond

06/25

9,035,853

8,924,250

111,603

(

640,175

)

Total

Futures

Contracts

(

334,070

)

PACIFIC

SELECT

FUND

DIVERSIFIED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Preferred

Stocks

3,195,401

–

Corporate

Bonds

Notes

694,442,844

–

694,442,844

–

Convertible

Corporate

Bonds

Notes

3,198,585

–

3,198,585

–

Senior

Loan

Notes

31,154,823

–

28,838,140

2,316,683

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

Commercial

47,536,735

–

42,649,118

4,887,617

Collateralized

Mortgage

Obligations

Residential

60,586,959

–

56,962,872

3,624,087

Federal

Home

Loan

Mortgage

Corp.

81,045,050

–

81,045,050

–

Federal

National

Mortgage

Association

118,449,170

–

118,449,170

–

Government

National

Mortgage

Association

2,362,229

–

2,362,229

–

Total

Mortgage-Backed

Securities

309,980,143

–

301,468,439

8,511,704

Asset-Backed

Securities

278,611,816

–

278,611,816

–

U.S.

Treasury

Obligations

380,075,377

–

380,075,377

–

Foreign

Government

Bonds

Notes

90,810,681

–

90,810,681

–

Short-Term

Investments

32,693,809

–

32,693,809

–

Derivatives:

Interest

Rate

Contracts

Futures

737,591

–

Total

Assets

1,824,901,070

3,932,992

1,810,139,691

10,828,387

Liabilities

Due

Custodian

(

209,092

)

–

(

209,092

)

–

Derivatives:

Interest

Rate

Contracts

Futures

(

1,071,661

)

(

1,071,661

)

–

Total

Liabilities

(

1,280,753

)

(

1,071,661

)

(

209,092

)

–

Total

1,823,620,317

2,861,331

1,809,930,599

10,828,387

PACIFIC

SELECT

FUND

FLOATING

RATE

INCOME

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

EXCHANGE-TRADED

FUNDS

5.9%

Invesco

Senior

Loan

ETF

475,183

9,836,288

iShares

iBoxx

High

Yield

Corporate

Bond

36,868

2,908,516

SPDR

Blackstone

Senior

Loan

227,226

9,345,805

SPDR

Bloomberg

High

Yield

Bond

ETF

34,789

3,315,392

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

171,016

4,302,763

Total

Exchange-Traded

Funds

(Cost

$29,907,636)

29,708,764

Principal

Amount

CORPORATE

BONDS

NOTES

2.6%

Consumer,

Non-Cyclical

1.2%

Allied

Universal

Holdco

LLC

7.875%

due

02/15/31 ~

2,500,000

2,533,925

Wand

NewCo

Inc.

7.625%

due

01/30/32 ~

3,225,425

3,303,730

5,837,655

Financial

1.4%

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

6.750%

due

10/15/27 ~

3,851,000

3,839,967

7.375%

due

10/01/32 ~

3,250,000

3,268,337

7,108,304

Total

Corporate

Bonds

Notes

(Cost

$12,926,054)

12,945,959

SENIOR

LOAN

NOTES

88.9%

Communications

1.5%

CNT

Holdings

Corp.

Term

6.802%

(SOFR

2.500%)

due

11/08/32

2,642,043

2,628,503

Speedster

Bidco

GmbH

Term

(Germany)

due

12/10/31

∞

1,000,000

1,000,469

StubHub

Holdco

Sub

LLC

Term

9.075%

(SOFR

4.750%)

due

03/15/30

968,454

970,068

Zayo

Group

Holdings,

Inc.

Term

7.439%

(SOFR

3.000%)

due

03/09/27

§ ∞

3,450,000

3,220,720

7,819,760

Consumer,

Cyclical

12.8%

Alterra

Mountain

Co.

Term

7.325%

(SOFR

3.000%)

due

05/31/30

± §

2,992,500

3,007,462

Term

7.075%

(SOFR

2.750%)

due

08/17/28

6,463,711

6,491,990

BCPE

Empire

Holdings,

Inc.

Term

7.575%

(SOFR

3.250%)

due

12/11/30

§ ∞

5,460,897

5,393,771

Caesars

Entertainment,

Inc.

Term

6.563%

(SOFR

2.250%)

due

02/06/30

2,990,881

2,989,012

Principal

Amount

Value

Term

6.563%

(SOFR

2.250%)

due

02/06/31

992,481

987,828

Clarios

Global

Term

7.075%

(SOFR

2.750%)

due

01/28/32

2,250,000

2,224,688

ClubCorp

Holdings,

Inc.

Term

9.561%

(SOFR

5.000%)

due

09/18/26

§ ∞

10,192,336

10,221,639

Crown

Holdings,

Inc.

Term

6.069%

(SOFR

1.750%)

due

03/04/32

750,000

745,937

FCG

Acquisitions,

Inc.

7.549%

(SOFR

3.250%)

due

03/31/28

3,986,422

3,962,336

Great

Outdoors

Group

LLC

Term

7.575%

(SOFR

3.250%)

due

01/23/32

2,493,750

2,492,815

PetSmart

LLC

Term

8.175%

(SOFR

3.750%)

due

02/11/28

2,741,301

2,703,608

Tacala

Investment

Corp.

Term

due

01/31/31

∞

644,320

644,482

Weber-Stephen

Products

LLC

8.675%

(SOFR

4.250%)

due

10/30/27

2,242,298

2,191,846

Term

7.689%

(SOFR

3.250%)

due

10/30/27

§ ∞

7,233,127

7,016,133

Whatabrands

LLC

Term

6.825%

(SOFR

2.500%)

due

08/03/28

§ ∞

8,491,640

8,464,136

Windsor

Holdings

III

LLC

Term

7.069%

(SOFR

2.750%)

due

08/01/30

2,500,000

2,480,208

7.072%

(SOFR

3.500%)

due

08/01/30

2,475,652

2,468,690

64,486,581

Consumer,

Non-Cyclical

13.9%

8th

Avenue

Food

Provisions,

Inc.

Term

8.189%

(SOFR

3.750%)

due

10/01/25

§ ∞

9,167,667

9,013,916

9.189%

(SOFR

4.750%)

due

10/01/25

§ ∞

2,530,029

2,489,971

Allied

Universal

Holdco

LLC

Term

8.175%

(SOFR

3.750%)

due

05/12/28

§ ∞

5,197,156

Anticimex

Global

(Sweden)

Term

7.490%

(SOFR

3.150%)

due

11/16/28

2,834,766

2,829,451

Term

due

11/16/28

∞

1,246,860

Bausch

Lomb

Corp.

8.325%

(SOFR

4.000%)

due

09/29/28

3,330,216

3,325,360

Term

7.672%

(SOFR

3.250%)

due

05/10/27

§ ∞

8,180,760

8,159,580

Belron

Finance

LLC

Term

7.052%

(SOFR

2.750%)

due

10/16/31

741,574

741,343

PACIFIC

SELECT

FUND

FLOATING

RATE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Citrin

Cooperman

Advisors

LLC

due

04/01/32

± ∞

1,250,000

1,248,438

Curium

Bidco

SARL

Term

(Luxembourg)

7.799%

(SOFR

3.500%)

due

07/31/29

1,963,945

1,971,310

Grant

Thornton

Advisors

Holdings

LLC

Term

7.075%

(SOFR

2.750%)

due

06/02/31

2,558,786

2,546,791

Mavis

Tire

Express

Services

Corp.

Term

7.313%

(SOFR

3.000%)

due

05/04/28

5,098,078

5,072,588

Medline

Borrower

Term

6.575%

(SOFR

2.250%)

due

10/23/28

5,745,375

5,740,824

Opal

LLC

Term

due

03/31/32

∞

1,000,000

995,000

Pathway

Vet

Alliance

LLC

due

06/30/28

∞

529,312

536,590

Term

8.314%

(SOFR

3.750%)

due

03/31/27

3,486,413

2,867,575

Southern

Veterinary

Partners

LLC

Term

7.575%

(SOFR

3.250%)

due

12/04/31

8,426,159

8,414,876

Wand

NewCo

Inc.

Term

6.825%

(SOFR

2.500%)

due

01/30/31

7,645,333

7,543,398

69,941,027

Energy

0.3%

Traverse

Midstream

Partners

LLC

Term

7.291%

(SOFR

3.000%)

due

02/16/28

± §

1,500,000

1,505,625

Financial

20.0%

Acrisure

LLC

Term

7.325%

(SOFR

3.000%)

due

11/06/30

8,501,925

8,460,742

Alliant

Holdings

Intermediate

LLC

Term

7.069%

(SOFR

2.750%)

due

09/19/31

11,079,973

11,011,411

Amynta

Agency

Borrower,

Inc.

Term

7.291%

(SOFR

3.000%)

due

12/06/31

2,245,272

2,227,029

Apex

Group

Treasury

LLC

Term

7.819%

(SOFR

3.500%)

due

02/27/32

§ ∞

8,163,682

8,153,477

Ardonagh

Group

Finco

Pty.

Ltd

Term

(United

Kingdom)

due

02/15/31

± ∞

4,250,000

4,196,875

Ascensus

Holdings,

Inc.

Term

7.325%

(SOFR

3.000%)

due

08/02/28

§ ∞

4,776,344

4,755,448

AssuredPartners,

Inc.

Term

due

02/14/31

∞

6,184,383

6,197,914

BroadStreet

Partners,

Inc.

Term

7.325%

(SOFR

3.000%)

due

06/13/31

§ ∞

10,350,775

10,271,850

CoreLogic,

Inc.

Term

7.939%

(SOFR

3.500%)

due

06/02/28

9,209,107

9,050,821

Principal

Amount

Value

Deerfield

Dakota

Holding

LLC

Term

8.049%

(SOFR

3.750%)

due

04/09/27

§ ∞

5,771,619

5,483,038

11.311%

(SOFR

6.750%)

due

04/07/28

5,815,000

5,582,400

FNZ

USA

FinCo

LLC

Term

9.291%

(SOFR

5.000%)

due

11/05/31

2,750,000

2,557,500

Goosehead

Insurance

Holdings

LLC

Term

due

01/08/32

± ∞

1,000,000

1,008,750

Howden

Group

Holdings

Ltd.

Term

(United

Kingdom)

7.825%

(SOFR

3.500%)

due

04/18/30

1,190,549

1,191,479

HUB

International

Ltd.

Term

6.787%

(SOFR

2.500%)

due

06/20/30

3,740,625

3,728,232

IMA

Financial

Group,

Inc.

Term

7.325%

(SOFR

3.000%)

due

11/01/28

± §

5,588,657

5,553,727

TIH

Insurance

Holdings

LLC

(2nd

Lien)

9.049%

(SOFR

4.750%)

due

05/06/32

7,500,000

7,582,035

USI,

Inc.

Term

6.549%

(SOFR

2.250%)

due

09/29/30

§ ∞

2,988,741

2,961,468

Term

6.549%

(SOFR

2.250%)

due

11/21/29

925,175

918,237

100,892,433

Industrial

23.9%

Apple

Bidco

LLC

Term

6.825%

(SOFR

2.500%)

due

09/23/31

§ ∞

8,522,542

8,443,973

Arcline

Holdings

LLC

due

06/24/30

± ∞

1,500,000

1,501,875

Bleriot

U.S.

Bidco,

Inc.

Term

7.049%

(SOFR

2.750%)

due

10/31/30

1,228,801

1,219,840

Brown

Group

Holding

LLC

Term

6.825%

(SOFR

2.500%)

due

07/01/31

2,045,204

2,036,682

Chariot

Buyer

LLC

Term

7.675%

(SOFR

3.250%)

due

11/03/28

§ ∞

8,181,503

8,125,255

Charter

Generation,

Inc.

Term

7.314%

(SOFR

2.750%)

due

11/29/30

2,629,877

2,627,137

Cornerstone

Building

Brands,

Inc.

Term

8.819%

(SOFR

4.500%)

due

05/15/31

868,755

717,266

Crosby

U.S.

Acquisition

Corp.

Term

7.825%

(SOFR

3.500%)

due

08/16/29

§ ∞

7,188,837

7,199,621

Cube

A&D

Buyer,

Inc.

2024

Term

Loan

7.793%

(SOFR

3.500%)

due

10/17/31

± §

1,250,000

1,243,750

Dynasty

Acquisition

Co.,

Inc.

Term

6.325%

(SOFR

2.000%)

due

10/31/31

1,987,242

1,983,981

PACIFIC

SELECT

FUND

FLOATING

RATE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Term

6.325%

(SOFR

2.000%)

due

10/31/31

755,883

754,643

Engineered

Machinery

Holdings,

Inc.

(2nd

Lien)

10.561%

(SOFR

6.000%)

due

05/21/29

± §

1,275,000

1,281,375

11.061%

(SOFR

6.500%)

due

05/21/29

± §

875,000

879,375

Filtration

Group

Corp.

Term

7.325%

(SOFR

3.000%)

due

10/21/28

§ ∞

8,648,447

GFL

U.S.

LLC

Term

6.819%

(SOFR

2.500%)

due

02/04/32

1,750,000

1,740,156

Goat

Holdco

LLC

Term

7.322%

(SOFR

3.000%)

due

01/27/32

4,750,000

4,719,039

Husky

Injection

Molding

Systems

Ltd.

Term

(Canada)

8.724%

(SOFR

4.500%)

due

02/15/29

4,432,822

4,421,186

Icebox

Holdco

III,

Inc.

Term

8.061%

(SOFR

3.500%)

due

12/22/28

989,796

991,342

11.311%

(SOFR

6.750%)

due

12/21/29

3,200,402

3,232,406

Kaman

Corp.

Term

due

02/26/32

± ∞

581,897

582,624

7.025%

(SOFR

2.750%)

due

02/26/32

6,168,103

6,093,895

Kenan

Advantage

Group,

Inc.

Term

7.575%

(SOFR

3.250%)

due

01/25/29

2,725,059

2,714,840

Madison

IAQ

LLC

due

03/28/32

± ∞

2,000,000

1,985,000

Pregis

TopCo

LLC

8.439%

(SOFR

4.250%)

due

07/31/26

246,803

247,111

Term

8.325%

(SOFR

4.000%)

due

07/31/26

1,956,858

1,960,323

Pro

Mach

Group,

Inc.

Term

7.075%

(SOFR

2.750%)

due

08/31/28

2,486,892

2,481,971

Proampac

Borrower

LLC

Term

8.302%

(SOFR

4.000%)

due

09/15/28

2,158,332

2,154,285

Quikrete

Holdings,

Inc.

Term

6.575%

(SOFR

2.250%)

due

02/10/32

2,500,000

2,476,785

Roper

Industrial

Products

Investment

Co.

LLC

Term

7.049%

(SOFR

2.750%)

due

11/22/29

§ ∞

7,799,469

7,772,171

Signia

Aerospace

LLC

Term

due

12/11/31

269,231

267,885

7.322%

(SOFR

3.000%)

due

11/21/31

± §

3,230,769

3,214,615

Spirit

AeroSystems,

Inc.

Term

8.791%

(SOFR

4.500%)

due

01/15/27

1,104,152

1,106,913

Principal

Amount

Value

SPX

Flow,

Inc.

Term

7.325%

(SOFR

3.000%)

due

04/05/29

1,361,140

1,360,928

Star

U.S.

Bidco

LLC

Term

8.075%

(SOFR

3.750%)

due

03/17/27

± §

1,632,700

1,633,720

STS

Operating,

Inc.

8.425%

(SOFR

4.000%)

due

03/25/31

1,105,677

1,063,523

Elevator

U.S.

Newco,

Inc.

Term

(Germany)

due

04/30/30

∞

2,000,000

1,996,208

7.737%

(SOFR

3.000%)

due

04/30/30

2,450,885

2,453,949

TransDigm,

Inc.

Term

6.799%

(SOFR

2.500%)

due

02/28/31

4,194,839

4,177,917

Term

7.049%

(SOFR

2.750%)

due

03/22/30

± § ∞

4,251,898

4,227,981

Term

6.829%

(SOFR

2.500%)

due

01/19/32

§ ∞

6,226,231

6,200,286

Trident

TPI

Holdings,

Inc.

Term

8.049%

(SOFR

3.750%)

due

09/15/28

§ ∞

2,610,009

2,523,281

120,463,560

Technology

16.5%

Applied

Systems,

Inc.

(2nd

Lien)

8.799%

(SOFR

4.500%)

due

02/23/32

± §

6,500,000

6,670,625

AthenaHealth

Group,

Inc.

Term

7.325%

(SOFR

3.000%)

due

02/15/29

3,250,000

3,221,563

Avalara,

Inc.

Term

due

03/26/32

∞

4,600,000

4,592,332

BCPE

Pequod

Buyer,

Inc.

Term

7.791%

(SOFR

3.500%)

due

11/25/31

1,000,000

998,021

Central

Parent

LLC

Term

7.549%

(SOFR

3.250%)

due

07/06/29

2,122,558

1,823,631

Ellucian

Holdings,

Inc.

(2nd

Lien)

9.075%

(SOFR

4.750%)

due

11/22/32

± § ∞

8,047,500

8,158,153

Term

7.325%

(SOFR

3.000%)

due

10/09/29

§ ∞

3,377,974

Epicor

Software

Corp.

Term

7.075%

(SOFR

2.750%)

due

05/30/31

9,949,992

9,937,564

Polaris

Newco

LLC

Term

8.302%

(SOFR

3.750%)

due

06/02/28

§ ∞

10,178,427

9,757,772

Project

Boost

Purchaser

LLC

Term

7.299%

(SOFR

3.000%)

due

07/16/31

994,936

990,850

9.549%

(SOFR

5.250%)

due

07/16/32

§ ∞

3,100,000

3,105,168

PACIFIC

SELECT

FUND

FLOATING

RATE

INCOME

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

March

31,

2025,

the

reconciliation

investments

for

significant

unobservable

inputs

(Level

used

valuing

the

Fund’s

assets

and

liabilities

was

follows:

The

table

below

shows

transfers

to/from

Level

All

other

significant

unobservable

inputs

used

value

Senior

Loan

Notes

with

the

aggregate

value

$48,167,855

were

provided

single

broker

quote.

Significant

changes

single

broker

quote

would

have

direct

and

proportional

changes

the

fair

value

the

security.

Principal

Amount

Value

RealPage,

Inc.

8.049%

(SOFR

3.750%)

due

04/24/28

§ ∞

3,600,000

3,606,998

Term

7.590%

(SOFR

3.000%)

due

04/24/28

§ ∞

6,707,623

6,627,131

Starlight

Parent

LLC

due

03/12/32

∞

375,000

365,391

Tempo

Acquisition

LLC

Term

6.075%

(SOFR

1.750%)

due

08/31/28

1,995,000

1,980,973

UKG,

Inc.

Term

7.329%

(SOFR

3.000%)

due

02/10/31

§ ∞

18,029,764

18,023,183

83,237,329

Total

Senior

Loan

Notes

(Cost

$451,827,503)

448,346,315

TOTAL

INVESTMENTS

97.4%

(Cost

$494,661,193)

491,001,038

OTHER

ASSETS

LIABILITIES,

NET

2.6%

13,243,296

NET

ASSETS

100.0%

504,244,334

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Exchange-Traded

Funds

29,708,764

–

Corporate

Bonds

Notes

12,945,959

–

12,945,959

–

Senior

Loan

Notes

448,346,315

–

400,178,460

48,167,855

Total

491,001,038

29,708,764

413,124,419

48,167,855

Senior

Loan

Notes

Value,

Beginning

Period

5,162,400

Purchases

19,587,760

Sales

(Includes

Paydowns)

(

6,026,798

)

Accrued

Discounts

(Premiums)

130

Net

Realized

Gains

(Losses)

1,032

Change

Net

Unrealized

Appreciation

(Depreciation)

(

77,280

)

Transfers

29,520,611

Transfers

Out

–

Value,

End

Period

48,167,855

Change

Net

Unrealized

Appreciation

(Depreciation)

Level

Investments

Held

the

End

Period,

Applicable

(

76,369

)

Amount

Level

Transfer

Change

Fair

Valuation

Measurement

Inputs

Transferred

From

29,520,611

Vendor

Price

(Observable

Inputs)

Unobservable

Single

Broker

Quote

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

0.1%

Industrial

0.1%

spacing

Chart

Industries,

Inc.

7,071

1,020,770

Total

Common

Stocks

(Cost

$942,807)

1,020,770

Principal

Amount

CORPORATE

BONDS

NOTES

88.8%

Basic

Materials

2.8%

Celanese

U.S.

Holdings

LLC

6.750%

due

04/15/33

950,000

923,117

Herens

Holdco

SARL

(Luxembourg)

4.750%

due

05/15/28 ~

3,650,000

3,288,079

Magnera

Corp.

7.250%

due

11/15/31 ~

3,525,000

3,432,663

Novelis

Corp.

3.875%

due

08/15/31 ~

4,725,000

4,112,389

4.750%

due

01/30/30 ~

1,033,000

964,135

Olympus

Water

U.S.

Holding

Corp.

7.250%

due

06/15/31 ~

9,475,000

9,310,088

Perenti

Finance

Pty.

Ltd.

(Australia)

6.500%

due

10/07/25 ~

594,041

594,225

7.500%

due

04/26/29 ~

800,000

825,700

23,450,396

Communications

9.0%

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31 ~

5,775,000

5,122,383

4.250%

due

01/15/34 ~

1,000,000

823,245

4.750%

due

03/01/30 ~

5,510,000

5,115,382

5.375%

due

06/01/29 ~

3,200,000

3,099,069

Ciena

Corp.

4.000%

due

01/31/30 ~

3,670,000

3,355,126

CommScope

LLC

9.500%

due

12/15/31 ~

3,515,000

3,623,684

Connect

Finco

SARL/Connect

U.S.

Finco

LLC

(United

Kingdom)

9.000%

due

09/15/29 ~

7,550,000

6,892,991

CSC

Holdings

LLC

3.375%

due

02/15/31 ~

1,800,000

1,291,067

11.750%

due

01/31/29 ~

5,450,000

5,289,048

DISH

Network

Corp.

11.750%

due

11/15/27 ~

8,125,000

8,561,325

EchoStar

Corp.

10.750%

due

11/30/29

3,350,000

3,523,037

Frontier

Communications

Holdings

LLC

5.000%

due

05/01/28 ~

2,550,000

2,518,041

8.625%

due

03/15/31 ~

4,800,000

5,117,351

Level

Financing,

Inc.

4.000%

due

04/15/31 ~

2,575,000

1,944,125

10.500%

due

05/15/30 ~

2,427,000

2,612,650

Univision

Communications,

Inc.

8.000%

due

08/15/28 ~

3,875,000

3,890,727

8.500%

due

07/31/31 ~

4,750,000

4,645,997

Vmed

U.K.

Financing

PLC

(United

Kingdom)

4.750%

due

07/15/31 ~

4,980,000

4,334,296

Principal

Amount

Value

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.

8.250%

due

10/01/31 ~

4,700,000

4,789,615

76,549,159

Consumer,

Cyclical

13.0%

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.

5.750%

due

04/20/29 ~

2,220,000

2,174,205

Boyd

Gaming

Corp.

4.750%

due

06/15/31 ~

6,113,000

5,642,764

Caesars

Entertainment,

Inc.

4.625%

due

10/15/29 ~

6,850,000

6,301,532

Churchill

Downs,

Inc.

6.750%

due

05/01/31 ~

2,425,000

2,447,135

Clarios

Global

LP/Clarios

U.S.

Finance

Co.

6.750%

due

02/15/30 ~

6,275,000

6,340,260

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29 ~

3,700,000

3,410,682

6.750%

due

01/15/30 ~

1,975,000

1,709,634

Grupo

Aeromexico

SAB

(Mexico)

8.625%

due

11/15/31 ~

2,575,000

2,484,566

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

4.875%

due

07/01/31 ~

1,875,000

1,648,180

5.000%

due

06/01/29 ~

90,000

84,412

6.625%

due

01/15/32 ~

4,200,000

4,165,319

LGI

Homes,

Inc.

7.000%

due

11/15/32 ~

4,275,000

4,050,242

MajorDrive

Holdings

LLC

6.375%

due

06/01/29 ~

23,778,000

18,258,337

Merlin

Entertainments

Group

U.S.

Holdings,

Inc.

(United

Kingdom)

7.375%

due

02/15/31 ~

3,225,000

3,049,193

Midwest

Gaming

Borrower

LLC/Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29 ~

3,650,000

3,428,390

New

Red

Finance,

Inc.

(Canada)

3.500%

due

02/15/29 ~

1,900,000

1,757,860

3.875%

due

01/15/28 ~

650,000

621,809

4.000%

due

10/15/30 ~

6,700,000

6,069,329

4.375%

due

01/15/28 ~

1,900,000

1,829,238

6.125%

due

06/15/29 ~

1,375,000

1,385,021

Saks

Global

Enterprises

LLC

11.000%

due

12/15/29 ~

3,500,000

2,840,212

SeaWorld

Parks

Entertainment,

Inc.

5.250%

due

08/15/29 ~

4,650,000

4,409,545

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Magnum

Management

Corp.

5.250%

due

07/15/29

8,465,000

8,018,317

Viking

Cruises

Ltd.

6.250%

due

05/15/25 ~

895,000

895,847

7.000%

due

02/15/29 ~

1,225,000

1,229,909

9.125%

due

07/15/31 ~

2,750,000

2,939,766

Viking

Ocean

Cruises

Ship

VII

Ltd.

5.625%

due

02/15/29 ~

175,000

172,416

Windsor

Holdings

III

LLC

8.500%

due

06/15/30 ~

4,950,000

5,114,008

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

6.250%

due

03/15/33 ~

825,000

804,276

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

7.125%

due

02/15/31 ~

6,165,000

6,383,765

109,666,169

Consumer,

Non-Cyclical

14.6%

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

3.500%

due

03/15/29 ~

11,300,000

10,411,452

5.875%

due

02/15/28 ~

2,875,000

2,876,760

Allied

Universal

Holdco

LLC

7.875%

due

02/15/31 ~

14,300,000

14,494,051

Bausch

Health

Cos.,

Inc.

4.875%

due

06/01/28 ~

1,350,000

1,091,691

5.750%

due

08/15/27 ~

875,000

874,015

6.125%

due

02/01/27 ~

875,000

887,797

Ltd.

due

04/15/32 # ~

1,675,000

1,666,546

Boost

Newco

Borrower

LLC

7.500%

due

01/15/31 ~

4,260,000

4,437,582

Charles

River

Laboratories

International,

Inc.

4.000%

due

03/15/31 ~

6,800,000

6,091,177

Chobani

Holdco

LLC

8.750%

Cash

9.500%

PIK

due

10/01/29 ~

3,425,000

3,731,406

CHS/Community

Health

Systems,

Inc.

4.750%

due

02/15/31 ~

3,655,000

2,893,559

10.875%

due

01/15/32 ~

2,000,000

1,972,841

EquipmentShare.com,

Inc.

8.625%

due

05/15/32 ~

2,495,000

2,574,890

9.000%

due

05/15/28 ~

1,500,000

1,555,912

Fiesta

Purchaser,

Inc.

7.875%

due

03/01/31 ~

2,935,000

3,033,091

9.625%

due

09/15/32 ~

4,300,000

4,429,575

Garda

World

Security

Corp.

(Canada)

8.250%

due

08/01/32 ~

3,350,000

3,274,336

8.375%

due

11/15/32 ~

4,475,000

4,404,807

Medline

Borrower

3.875%

due

04/01/29 ~

6,375,000

5,963,292

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.

6.250%

due

04/01/29 ~

200,000

202,796

Opal

Bidco

SAS

(France)

due

03/31/32 #

1,900,000

Post

Holdings,

Inc.

4.625%

due

04/15/30 ~

2,105,000

1,968,256

6.375%

due

03/01/33 ~

3,775,000

3,721,454

Primo

Water

Holdings,

Inc./Triton

Water

Holdings,

Inc.

4.375%

due

04/30/29 ~

3,250,000

3,113,175

6.250%

due

04/01/29 ~

3,000,000

2,994,577

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

6.750%

due

08/15/32 ~

3,475,000

3,505,357

Tenet

Healthcare

Corp.

4.250%

due

06/01/29

1,265,000

1,193,009

4.375%

due

01/15/30

5,550,000

5,208,465

6.125%

due

06/15/30

425,000

423,566

U.S.

Foods,

Inc.

4.625%

due

06/01/30 ~

2,050,000

1,948,894

5.750%

due

04/15/33 ~

875,000

853,401

Veritiv

Operating

Co.

10.500%

due

11/30/30 ~

5,475,000

5,803,911

Viking

Baked

Goods

Acquisition

Corp.

8.625%

due

11/01/31 ~

5,125,000

4,762,035

Principal

Amount

Value

Wand

NewCo

Inc.

7.625%

due

01/30/32 ~

9,428,250

9,657,144

123,920,820

Energy

9.4%

Aethon

United

LP/Aethon

United

Finance

Corp.

7.500%

due

10/01/29 ~

3,550,000

3,613,140

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

5.375%

due

06/15/29 ~

5,150,000

5,037,527

6.625%

due

02/01/32 ~

200,000

203,507

Archrock

Partners

LP/Archrock

Partners

Finance

Corp.

6.625%

due

09/01/32 ~

5,600,000

5,627,093

Civitas

Resources,

Inc.

8.625%

due

11/01/30 ~

3,250,000

3,355,793

Comstock

Resources,

Inc.

6.750%

due

03/01/29 ~

1,625,000

1,580,736

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

7.500%

due

12/15/33 ~

5,300,000

5,588,235

Enerflex

Ltd.

(Canada)

9.000%

due

10/15/27 ~

7,335,000

7,531,886

Energy

Transfer

7.125%

due

10/01/54

7,675,000

7,798,928

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.

8.000%

due

05/15/33

4,525,000

4,564,037

Sunoco

7.250%

due

05/01/32 ~

3,625,000

3,746,844

Transocean,

Inc.

8.500%

due

05/15/31 ~

6,675,000

6,491,961

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

11/01/33 ~

4,340,000

3,738,738

Venture

Global

LNG,

Inc.

8.125%

due

06/01/28 ~

1,600,000

1,635,930

9.000%

due

09/30/29 ~

4,175,000

3,965,327

9.500%

due

02/01/29 ~

1,250,000

1,341,170

9.875%

due

02/01/32 ~

8,640,000

9,181,816

Vital

Energy,

Inc.

7.875%

due

04/15/32 ~

5,325,000

4,962,308

79,964,976

Financial

10.0%

Acrisure

LLC/Acrisure

Finance,

Inc.

6.000%

due

08/01/29 ~

2,200,000

2,110,427

7.500%

due

11/06/30 ~

15,250,000

15,525,339

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

6.500%

due

10/01/31 ~

8,250,000

8,109,204

7.375%

due

10/01/32 ~

1,775,000

1,785,014

Ardonagh

Group

Finance

Ltd.

(United

Kingdom)

8.875%

due

02/15/32 ~

4,750,000

4,840,908

AssuredPartners,

Inc.

5.625%

due

01/15/29 ~

4,000,000

3,994,125

Banco

Mercantil

del

Norte

(Mexico)

6.625%

due

01/24/32 ~

2,400,000

2,150,059

BroadStreet

Partners,

Inc.

5.875%

due

04/15/29 ~

3,500,000

3,367,124

CoreLogic,

Inc.

4.500%

due

05/01/28 ~

5,900,000

5,499,288

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Howden

U.K.

Refinance

PLC/Howden

U.K.

Refinance

PLC/Howden

U.S.

Refinance

LLC

(United

Kingdom)

7.250%

due

02/15/31 ~

3,600,000

3,637,192

8.125%

due

02/15/32 ~

7,775,000

7,864,475

Iron

Mountain,

Inc.

4.500%

due

02/15/31 ~

450,000

412,937

4.875%

due

09/15/29 ~

4,050,000

3,869,510

5.000%

due

07/15/28 ~

625,000

606,427

5.250%

due

03/15/28 ~

500,000

489,058

6.250%

due

01/15/33 ~

950,000

941,523

OneMain

Finance

Corp.

3.875%

due

09/15/28

2,500,000

2,313,617

Panther

Escrow

Issuer

LLC

7.125%

due

06/01/31 ~

12,700,000

12,948,682

UBS

Group

(Switzerland)

7.125%

due

08/10/34 ~

4,000,000

3,944,466

84,409,375

Industrial

21.3%

BWX

Technologies,

Inc.

4.125%

due

04/15/29 ~

6,650,000

6,215,742

Calderys

Financing

LLC

11.750%

Cash

12.500%

PIK

due

06/01/28 ~

4,275,000

4,248,437

Chart

Industries,

Inc.

7.500%

due

01/01/30 ~

3,275,000

3,400,746

9.500%

due

01/01/31 ~

6,375,000

6,810,400

Clydesdale

Acquisition

Holdings,

Inc.

due

04/15/32 # ~

1,525,000

1,536,785

8.750%

due

04/15/30 ~

4,025,000

4,084,732

Cornerstone

Building

Brands,

Inc.

9.500%

due

08/15/29 ~

3,175,000

2,644,823

Atlas

Buyer,

Inc.

7.000%

due

12/01/28 ~

2,775,000

2,197,202

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

6.625%

due

12/15/30 ~

5,465,000

5,474,253

6.750%

due

07/15/31 ~

1,950,000

1,964,873

First

Student

Bidco,

Inc./First

Transit

Parent,

Inc.

4.000%

due

07/31/29 ~

5,350,000

4,910,058

GFL

Environmental,

Inc.

3.500%

due

09/01/28 ~

3,950,000

3,736,400

4.375%

due

08/15/29 ~

8,500,000

8,025,455

4.750%

due

06/15/29 ~

2,625,000

2,528,308

Goat

Holdco

LLC

6.750%

due

02/01/32 ~

5,675,000

5,559,485

Husky

Injection

Molding

Systems

Ltd./Titan

Co-Borrower

LLC

(Canada)

9.000%

due

02/15/29 ~

3,150,000

3,159,787

Iris

Holding,

Inc.

10.000%

due

12/15/28 ~

2,780,000

2,485,614

LABL,

Inc.

5.875%

due

11/01/28 ~

4,000,000

3,155,336

8.625%

due

10/01/31 ~

7,575,000

5,651,783

9.500%

due

11/01/28 ~

150,000

127,010

Madison

IAQ

LLC

5.875%

due

06/30/29 ~

4,000,000

3,782,623

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

04/15/27 ~

1,375,000

1,349,219

9.250%

due

04/15/27 ~

6,575,000

6,210,241

Oregon

Tool

Lux

7.875%

due

10/15/29 ~

3,284,635

1,970,728

Principal

Amount

Value

Owens-Brockway

Glass

Container,

Inc.

7.250%

due

05/15/31 ~

4,200,000

4,105,500

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32 ~

775,000

780,553

6.750%

due

03/01/33 ~

2,525,000

2,515,809

Regal

Rexnord

Corp.

6.400%

due

04/15/33

6,225,000

6,464,336

Sealed

Air

Corp.

6.875%

due

07/15/33 ~

9,825,000

10,290,666

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.

6.125%

due

02/01/28 ~

4,075,000

4,083,537

Sensata

Technologies,

Inc.

3.750%

due

02/15/31 ~

4,000,000

3,497,764

4.375%

due

02/15/30 ~

2,950,000

2,728,082

Spirit

AeroSystems,

Inc.

9.375%

due

11/30/29 ~

2,725,000

2,910,373

9.750%

due

11/15/30 ~

3,900,000

4,309,866

SPX

FLOW,

Inc.

8.750%

due

04/01/30 ~

12,600,000

12,962,603

Standard

Building

Solutions,

Inc.

6.500%

due

08/15/32 ~

2,325,000

2,326,995

Standard

Industries,

Inc.

3.375%

due

01/15/31 ~

450,000

391,629

4.375%

due

07/15/30 ~

1,650,000

1,523,806

4.750%

due

01/15/28 ~

2,640,000

2,557,867

Elevator

Holdco

GmbH

(Germany)

7.625%

due

07/15/28 ~

6,651,000

6,665,659

Elevator

U.S.

Newco,

Inc.

(Germany)

5.250%

due

07/15/27 ~

3,200,000

3,142,174

TransDigm,

Inc.

4.875%

due

05/01/29

1,200,000

1,140,826

6.000%

due

01/15/33 ~

4,125,000

4,064,702

6.375%

due

03/01/29 ~

5,250,000

5,310,086

6.625%

due

03/01/32 ~

675,000

684,446

6.750%

due

08/15/28 ~

2,975,000

3,022,166

6.875%

due

12/15/30 ~

1,150,000

1,176,272

7.125%

due

12/01/31 ~

1,975,000

2,034,424

179,920,181

Technology

3.8%

Amentum

Holdings,

Inc.

7.250%

due

08/01/32 ~

5,672,000

5,585,576

Central

Parent,

Inc./CDK

Global,

Inc.

7.250%

due

06/15/29 ~

5,975,000

5,177,097

Ellucian

Holdings,

Inc.

6.500%

due

12/01/29 ~

7,350,000

7,246,575

Open

Text

Holdings,

Inc.

(Canada)

4.125%

due

12/01/31 ~

3,350,000

2,963,040

Rackspace

Finance

LLC

3.500%

due

05/15/28 ~

1,417,500

584,441

UKG,

Inc.

6.875%

due

02/01/31 ~

10,675,000

10,836,982

32,393,711

Utilities

4.9%

Calpine

Corp.

5.125%

due

03/15/28 ~

3,950,000

3,889,994

NRG

Energy,

Inc.

3.625%

due

02/15/31 ~

5,650,000

5,008,201

6.250%

due

11/01/34 ~

4,275,000

4,212,114

PG&E

Corp.

5.250%

due

07/01/30

5,735,000

5,511,722

7.375%

due

03/15/55

475,000

468,042

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Vistra

Corp.

8.000%

due

10/15/26 ~

2,975,000

3,063,024

Vistra

Operations

Co.

LLC

4.375%

due

05/01/29 ~

8,525,000

8,102,553

6.875%

due

04/15/32 ~

325,000

331,530

7.750%

due

10/15/31 ~

575,000

602,677

XPLR

Infrastructure

Operating

Partners

7.250%

due

01/15/29 ~

8,100,000

7,976,527

8.625%

due

03/15/33 ~

2,200,000

2,142,234

41,308,618

Total

Corporate

Bonds

Notes

(Cost

$762,295,190)

751,583,405

SENIOR

LOAN

NOTES

3.2%

Industrial

2.8%

Atlas

Buyer,

Inc.

Term

8.175%

(SOFR

3.750%)

due

11/23/27

§ ∞

1,743,913

1,615,843

Engineered

Machinery

Holdings,

Inc.

(2nd

Lien)

10.561%

(SOFR

6.000%)

due

05/21/29

± §

4,000,000

4,020,000

Iris

Holding,

Inc.

9.141%

(SOFR

4.750%)

due

06/28/28

4,705,955

4,452,167

Oregon

Tool

Lux

(2nd

Lien)

8.585%

(SOFR

4.000%)

due

10/15/29

§ ∞

4,694,416

3,573,624

SPX

Flow,

Inc.

Term

7.325%

(SOFR

3.000%)

due

04/05/29

3,500,000

3,499,454

STS

Operating,

Inc.

8.425%

(SOFR

4.000%)

due

03/25/31

2,584,433

2,485,901

Elevator

U.S.

Newco,

Inc.

Term

(Germany)

7.737%

(SOFR

3.000%)

due

04/30/30

3,465,131

3,469,463

23,116,452

Technology

0.4%

Ellucian

Holdings,

Inc.

(2nd

Lien)

9.075%

(SOFR

4.750%)

due

11/22/32

± §

3,500,000

3,548,125

UKG,

Inc.

Term

7.300%

(SOFR

3.000%)

due

02/10/31

609

3,548,734

Total

Senior

Loan

Notes

(Cost

$27,173,890)

26,665,186

ASSET-BACKED

SECURITIES

3.2%

Other

Asset-Backed

Securities

3.2%

AIMCO

CLO

(Cayman)

10.653%

(SOFR

6.350%)

due

10/17/34 ~ §

1,000,000

977,341

AIMCO

CLO

Ltd.

(Cayman)

9.940%

(SOFR

5.650%)

due

07/22/37 ~ §

2,075,000

2,102,348

Principal

Amount

Value

AIMCO

CLO

Ltd.

(Jersey)

10.793%

(SOFR

6.500%)

due

04/19/37 ~ §

1,500,000

1,526,725

Barrow

Hanley

CLO

Ltd.

(Cayman)

9.546%

(SOFR

5.250%)

due

01/20/38 ~ §

1,000,000

1,009,992

Benefit

Street

Partners

CLO

XXIX

Ltd.

(Jersey)

8.905%

(SOFR

4.600%)

due

01/25/38 ~ §

1,000,000

1,005,618

CarVal

CLO

VII-C

Ltd.

(Jersey)

10.643%

(SOFR

6.350%)

due

07/20/37 ~ §

2,000,000

2,014,551

Clover

CLO

LLC

10.693%

(SOFR

6.400%)

due

04/20/37 ~ §

1,000,000

1,013,491

Eaton

Vance

CLO

Ltd.

10.552%

(SOFR

6.250%)

due

10/15/37 ~ §

1,000,000

1,011,930

Elmwood

CLO

Ltd.

(Cayman)

8.684%

(SOFR

4.400%)

due

04/17/38 ~ §

1,225,000

1,217,160

Juniper

Valley

Park

CLO

Ltd.

(Jersey)

9.793%

(SOFR

5.500%)

due

07/20/36 ~ §

1,550,000

1,550,102

Magnetite

Ltd.

(Cayman)

10.052%

(SOFR

5.750%)

due

07/15/37 ~ §

1,700,000

1,718,519

Magnetite

XXIII

Ltd.

(Cayman)

10.862%

(SOFR

6.562%)

due

01/25/35 ~ §

500,000

502,325

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

(Cayman)

9.446%

(SOFR

5.150%)

due

01/20/37 ~ §

1,025,000

1,024,876

OHA

Loan

Funding

Ltd.

(Cayman)

9.993%

(SOFR

5.700%)

due

07/20/37 ~ §

2,625,000

2,658,155

Ltd.

(Cayman)

11.064%

(SOFR

6.762%)

due

10/15/35 ~ §

625,000

Ltd.

(Cayman)

10.052%

(SOFR

5.750%)

due

07/15/36 ~ §

2,500,000

2,527,234

Ltd.

(Cayman)

10.552%

(SOFR

6.250%)

due

07/15/37 ~ §

2,000,000

2,010,166

Trimaran

CAVU

Ltd.

(Cayman)

11.925%

(SOFR

7.632%)

due

01/18/35 ~ §

1,441,000

1,435,334

Unity-Peace

Park

CLO

Ltd.

(Jersey)

11.468%

(SOFR

7.175%)

due

04/20/35 ~ §

1,500,000

1,501,980

27,432,847

Total

Asset-Backed

Securities

(Cost

$27,243,860)

27,432,847

TOTAL

INVESTMENTS

95.3%

(Cost

$817,655,747)

806,702,208

OTHER

ASSETS

LIABILITIES,

NET

4.7%

39,513,735

NET

ASSETS

100.0%

846,215,943

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

0.4%

Financial

0.4%

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.528%

due

11/18/27 ~

6,000

5,618

Bank

America

Corp.

5.875%

due

03/15/28

410,000

413,712

Jyske

Realkredit

(Denmark)

0.500%

due

10/01/43

DKK

14,318

1,697

1.500%

due

10/01/53

1,777,879

200,421

2.500%

due

10/01/47

642

Nordea

Kredit

Realkreditaktieselskab

(Denmark)

1.000%

due

10/01/50 ~

633

1.500%

due

10/01/53

734,826

77,191

2.000%

due

10/01/53

999,840

110,827

2.000%

due

10/01/53 ~

199,752

24,028

2.500%

due

10/01/47

322

Nykredit

Realkredit

(Denmark)

1.000%

due

10/01/50 ~

131

1.500%

due

10/01/52 ~

1,382,286

157,076

1.500%

due

10/01/53 ~

99,604

10,074

2.500%

due

10/01/47 ~

1,729

232

Realkredit

Danmark

(Denmark)

2.000%

due

10/01/53 ~

330,384

36,401

2.500%

due

04/01/47 ~

7,960

1,067

UBS

Group

(Switzerland)

0.650%

due

01/14/28 ~

EUR

100,000

103,949

7.750%

due

03/01/29 ~

100,000

121,792

1,264,302

Technology

0.0%

VMware

LLC

3.900%

due

08/21/27

100,000

98,275

Total

Corporate

Bonds

Notes

(Cost

$1,563,608)

1,362,577

MORTGAGE-BACKED

SECURITIES

19.3%

Collateralized

Mortgage

Obligations

Commercial

0.8%

BAMLL

Commercial

Mortgage

Securities

Trust

5.484%

(SOFR

1.164%)

due

09/15/38 ~ §

500,000

476,972

BDS

LLC

6.117%

(SOFR

1.800%)

due

03/19/39 ~ §

711,240

716,861

LoanCore

Issuer

Ltd.

(Cayman)

5.899%

(SOFR

1.550%)

due

01/17/37 ~ §

521,667

523,125

MF1

LLC

6.467%

(SOFR

2.150%)

due

06/19/37 ~ §

593,244

594,277

TRTX

Issuer

Ltd.

(Cayman)

5.969%

(SOFR

1.650%)

due

02/15/39 ~ §

482,710

481,262

2,792,497

Collateralized

Mortgage

Obligations

Residential

3.0%

Angel

Oak

Mortgage

Trust

1.469%

due

06/25/65 ~ §

138,611

131,574

Principal

Amount

Value

Bear

Stearns

ARM

Trust

5.125%

due

01/25/35 §

58,483

50,638

Chevy

Chase

Funding

LLC

Mortgage-

Backed

Certificates

4.795%

(SOFR

0.474%)

due

03/25/35 ~ §

111,777

110,654

Citigroup

Mortgage

Loan

Trust,

Inc.

5.600%

due

05/25/42 ~ §

415,456

402,375

7.410%

(UST

2.400%)

due

05/25/35 §

4,176

4,156

Eurosail-U.K.

PLC

(United

Kingdom)

5.550%

(SONIA

1.069%)

due

06/13/45 ~ §

GBP

183,747

237,238

Federal

Home

Loan

Mortgage

Corp.

REMICS

4.793%

(SOFR

0.464%)

due

07/15/44 §

200,645

197,226

4.813%

(SOFR

0.464%)

due

01/15/47 §

775,756

758,747

5.280%

(SOFR

0.940%)

due

11/25/54 §

1,487,934

1,489,887

Federal

Home

Loan

Mortgage

Corp.

STRIPS

4.913%

(SOFR

0.564%)

due

09/15/42 §

477,504

470,597

Federal

Home

Loan

Mortgage

Corp.

Structured

Pass-Through

Certificates

4.695%

(SOFR

0.374%)

due

08/25/31 §

25,806

27,382

Federal

National

Mortgage

Association

REMICS

4.526%

(SOFR

0.174%)

due

07/25/37 §

171,612

168,428

4.616%

(SOFR

0.264%)

due

08/25/34 §

11,816

11,605

4.804%

(SOFR

0.464%)

due

07/25/37 §

1,699

1,686

6.803%

due

05/25/35 §

125,045

128,282

Government

National

Mortgage

Association

REMICS

5.244%

(SOFR

0.900%)

due

10/20/72 §

2,380,390

2,382,467

5.444%

(SOFR

1.100%)

due

05/20/73 §

492,907

502,477

5.461%

(SOFR

0.865%)

due

08/20/68 §

544,910

544,033

6.522%

(SOFR

1.465%)

due

04/20/67 §

350,690

355,212

GSMPS

Mortgage

Loan

Trust

7.000%

due

06/25/43 ~

112,356

117,348

GSR

Mortgage

Loan

Trust

6.922%

due

01/25/35 §

39,525

37,148

HarborView

Mortgage

Loan

Trust

5.114%

(SOFR

0.794%)

due

06/20/35 §

1,324,373

1,260,355

Morgan

Mortgage

Trust

6.813%

due

07/25/35 §

25,359

25,322

Mellon

Residential

Funding

Corp.

Mortgage

Pass-Through

Certificates

5.134%

(SOFR

0.814%)

due

11/15/31 §

35,852

34,617

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Mellon

Residential

Funding

Corp.

Mortgage

Pass-Through

Trust

4.874%

(SOFR

0.554%)

due

12/15/30 §

28,252

27,389

New

Residential

Mortgage

Loan

Trust

3.250%

due

02/25/59 ~ §

237,996

230,478

Sequoia

Mortgage

Trust

5.131%

(SOFR

0.814%)

due

10/19/26 §

27,035

26,537

Structured

Adjustable

Rate

Mortgage

Loan

Trust

6.527%

due

02/25/34 §

10,331

9,984

Structured

Asset

Mortgage

Investments

Trust

4.931%

(SOFR

0.614%)

due

07/19/35 §

141,126

134,583

5.091%

(SOFR

0.774%)

due

10/19/34 §

53,122

50,732

Thornburg

Mortgage

Securities

Trust

5.055%

(SOFR

0.734%)

due

06/25/44 §

616,702

579,138

10,508,295

Federal

Home

Loan

Mortgage

Corp.

0.1%

6.429%

(UST

2.225%)

due

01/01/34 §

25,749

26,400

6.500%

due

02/01/54

295,905

305,899

7.481%

(RFUCC

1.731%)

due

08/01/35 §

577

590

332,889

Federal

National

Mortgage

Association

0.1%

5.675%

(RFUCC

0.675%)

due

02/01/36 §

26,234

26,585

5.886%

(US

FED

1.200%)

due

11/01/42

10/01/44

50,566

51,117

6.010%

(RFUCC

1.385%)

due

12/01/34 §

9,999

10,082

6.163%

(RFUCC

1.538%)

due

01/01/36 §

5,423

5,452

6.394%

(RFUCC

1.644%)

due

03/01/35 §

65,678

66,942

6.405%

(RFUCC

1.780%)

due

11/01/35 §

6,242

6,330

6.583%

(RFUCC

1.272%)

due

11/01/35 §

17,836

17,994

7.326%

(RFUCC

2.000%)

due

04/01/35 §

49,943

50,530

235,032

Government

National

Mortgage

Association

4.0%

due

04/20/55 #

15,000,000

13,726,243

3.500%

due

05/20/52

472,506

433,701

4.625%

(UST

1.500%)

due

07/20/25

01/20/27

1,050

1,048

4.750%

(UST

1.500%)

due

11/20/26 §

831

5.000%

(UST

1.500%)

due

05/20/26

12/20/26

1,293

1,287

14,163,110

Uniform

Mortgage-Backed

Securities

11.3%

due

06/01/52 #

1,700,000

1,581,719

due

05/01/54 #

9,500,000

9,479,950

Principal

Amount

Value

due

06/01/54 #

8,000,000

8,235,831

due

06/01/54 #

5,000,000

4,778,822

due

06/01/54 #

11,200,000

11,354,190

due

05/01/55 #

5,000,000

4,780,579

40,211,091

Total

Mortgage-Backed

Securities

(Cost

$68,117,245)

68,242,914

ASSET-BACKED

SECURITIES

6.7%

Home

Equity

Other

1.2%

ABFC

Trust

5.135%

(SOFR

0.814%)

due

06/25/34 §

714,667

715,450

ACE

Securities

Corp.

Home

Equity

Loan

Trust

5.215%

(SOFR

0.894%)

due

04/25/34 §

510,014

481,214

Citigroup

Mortgage

Loan

Trust,

Inc.

4.725%

(SOFR

0.404%)

due

09/25/36 ~ §

183,948

177,956

Credit-Based

Asset

Servicing

Securitization

LLC

3.922%

(SOFR

1.164%)

due

06/25/35 §

983,008

953,173

Home

Equity

Asset

Trust

5.290%

(SOFR

0.969%)

due

08/25/34 §

71,674

71,054

5.635%

(SOFR

1.314%)

due

07/25/35 §

660,973

654,350

Merrill

Lynch

Mortgage

Investors

Trust

5.155%

(SOFR

0.834%)

due

10/25/35 §

622,129

611,814

Morgan

Stanley

ABS

Capital

Inc.

Trust

5.095%

(SOFR

0.774%)

due

01/25/35 §

356,020

344,088

5.410%

(SOFR

1.089%)

due

07/25/34 §

61,586

64,952

Renaissance

Home

Equity

Loan

Trust

5.195%

(SOFR

0.874%)

due

12/25/32 §

140,663

131,750

Saxon

Asset

Securities

Trust

4.745%

(SOFR

0.424%)

due

09/25/37 §

96,774

92,774

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

5.937%

(SOFR

1.614%)

due

04/25/35 §

39,165

39,003

4,337,578

Other

Asset-Backed

Securities

5.5%

522

Funding

CLO

Ltd.

5.595%

(SOFR

1.302%)

due

10/20/31 ~ §

463,451

463,620

ACAS

CLO

Ltd.

(Cayman)

5.445%

(SOFR

1.152%)

due

10/18/28 ~ §

4,820

Adagio

CLO

VIII

DAC

(Ireland)

3.715%

(EURIBOR

0.930%)

due

04/15/32 ~ §

EUR

694,804

751,287

ARES

European

CLO

DAC

(Ireland)

3.565%

(EURIBOR

0.780%)

due

10/15/31 ~ §

502,659

543,847

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

ARES

CLO

Ltd.

(Cayman)

5.614%

(SOFR

1.312%)

due

01/15/32 ~ §

388,537

388,752

Barings

Euro

CLO

DAC

(Ireland)

3.765%

(EURIBOR

0.980%)

due

10/15/34 ~ §

EUR

1,700,000

1,824,060

Black

Diamond

CLO

DAC

(Ireland)

3.604%

(EURIBOR

0.860%)

due

01/20/32 ~ §

82,024

88,749

Canyon

CLO

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

500,000

498,001

Carlyle

Global

Market

Strategies

CLO

Ltd.

5.530%

(SOFR

1.212%)

due

08/14/30 ~ §

2,919

2,921

Carlyle

Global

Market

Strategies

Euro

CLO

Ltd.

(Ireland)

3.306%

(EURIBOR

0.750%)

due

11/15/31 ~ §

EUR

1,047,082

1,132,638

Catamaran

CLO

Ltd.

(Cayman)

5.652%

(SOFR

1.362%)

due

04/22/30 ~ §

76,919

76,952

CIFC

Funding

Ltd.

(Cayman)

5.508%

(SOFR

1.212%)

due

10/24/30 ~ §

160,875

161,038

Crestline

Denali

CLO

Ltd.

(Cayman)

5.585%

(SOFR

1.292%)

due

04/20/30 ~ §

38,793

38,812

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC

(Ireland)

3.251%

(EURIBOR

0.840%)

due

08/15/33 ~ ± §

EUR

1,000,000

1,081,300

Dryden

Euro

CLO

DAC

(Ireland)

3.416%

(EURIBOR

0.860%)

due

05/15/34 ~ §

300,527

324,638

Dryden

CLO

Ltd.

(Cayman)

5.525%

(SOFR

1.232%)

due

04/18/31 ~ §

386,632

386,812

Dryden

XXVI

Senior

Loan

Fund

(Cayman)

5.464%

(SOFR

1.162%)

due

04/15/29 ~ §

598,084

598,263

Dunedin

Park

CLO

DAC

(Ireland)

3.496%

(EURIBOR

0.980%)

due

11/20/34 ~ §

EUR

500,000

540,505

Gallatin

CLO

VIII

Ltd.

(Cayman)

5.654%

(SOFR

1.352%)

due

07/15/31 ~ §

229,146

229,414

Harvest

CLO

XXII

DAC

(Ireland)

3.635%

(EURIBOR

0.850%)

due

01/15/32 ~ §

EUR

1,153,088

1,244,027

KKR

CLO

Ltd.

(Cayman)

5.514%

(SOFR

1.212%)

due

07/15/30 ~ §

51,392

51,431

LCM

(Cayman)

5.555%

(SOFR

1.262%)

due

07/20/30 ~ §

107,835

107,724

LCM

XVIII

(Cayman)

5.575%

(SOFR

1.282%)

due

04/20/31 ~ §

225,598

225,711

Madison

Park

Euro

Funding

DAC

(Ireland)

3.665%

(EURIBOR

0.880%)

due

07/15/35 ~ §

EUR

1,000,000

1,078,719

Principal

Amount

Value

Navesink

CLO

Ltd.

5.572%

(SOFR

1.270%)

due

04/15/36 ~ §

1,700,000

1,698,173

Oak

Hill

European

Credit

Partners

VII

DAC

(Ireland)

3.484%

(EURIBOR

0.740%)

due

10/20/31 ~ §

EUR

340,187

367,097

Octagon

Investment

Partners

18-R

Ltd.

(Cayman)

5.529%

(SOFR

1.222%)

due

04/16/31 ~ §

214,214

214,309

OZLM

XXIV

Ltd.

(Cayman)

5.715%

(SOFR

1.422%)

due

07/20/32 ~ §

155,107

155,127

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.355%

(SOFR

1.062%)

due

07/20/29 ~ §

36,399

36,418

5.364%

(SOFR

1.062%)

due

10/15/29 ~ §

120,642

120,619

Rad

CLO

Ltd.

(Cayman)

5.678%

(SOFR

1.382%)

due

07/24/32 ~ §

362,870

363,124

Romark

CLO

Ltd.

(Cayman)

5.582%

(SOFR

1.292%)

due

10/23/30 ~ §

172,422

172,556

Saranac

CLO

Ltd.

(Jersey)

5.699%

(SOFR

1.402%)

due

08/13/31 ~ §

112,685

112,730

Segovia

European

CLO

DAC

(Ireland)

3.624%

(EURIBOR

0.880%)

due

07/20/32 ~ §

EUR

363,128

392,958

SLM

Student

Loan

Trust

5.368%

(SOFR

0.812%)

due

10/25/64 ~ §

427,269

425,002

Sound

Point

CLO

Ltd.

(Cayman)

5.765%

(SOFR

1.472%)

due

07/20/32 ~ §

574,056

574,364

Tikehau

CLO

DAC

(Ireland)

3.685%

(EURIBOR

0.900%)

due

10/15/31 ~ §

EUR

809,257

874,170

Trinitas

CLO

VII

Ltd.

(Cayman)

5.370%

(SOFR

1.060%)

due

01/25/35 ~ §

1,000,000

1,000,148

TSTAT

Ltd.

(Bermuda)

5.443%

(SOFR

1.150%)

due

07/20/37 ~ §

283,940

284,107

U.S.

Small

Business

Administration

5.290%

due

12/01/27

159,085

159,211

Venture

XXVIII

CLO

Ltd.

(Cayman)

5.545%

(SOFR

1.252%)

due

07/20/30 ~ §

100,724

100,701

Vibrant

CLO

Ltd.

(Cayman)

5.675%

(SOFR

1.382%)

due

07/20/32 ~ §

226,479

226,591

Voya

CLO

Ltd.

(Cayman)

5.514%

(SOFR

1.212%)

due

04/17/30 ~ §

263,812

263,559

5.649%

(SOFR

1.362%)

due

07/14/31 ~ §

172,154

172,227

19,557,232

Total

Asset-Backed

Securities

(Cost

$24,038,783)

23,894,810

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

90.3%

U.S.

Treasury

Inflation

Protected

Securities

90.3%

0.125%

due

04/15/26 ^

6,906,633

6,859,249

0.125%

due

07/15/26 ^

9,703,904

9,660,526

0.125%

due

10/15/26 ^

7,093,568

7,038,539

0.125%

due

04/15/27 ^

5,852,288

5,746,369

0.125%

due

01/15/30 ^

10,300,567

9,694,395

0.125%

due

07/15/30 ^

12,021,986

11,264,921

0.125%

due

01/15/31 ^

6,713,795

6,203,177

0.125%

due

07/15/31 ^

2,761,050

2,536,279

0.125%

due

01/15/32 ^

7,680,411

6,954,449

0.125%

due

02/15/51 ^

2,452,019

1,411,867

0.125%

due

02/15/52 ^ ‡

798,644

452,871

0.250%

due

07/15/29 ^

4,596,551

4,404,047

0.250%

due

02/15/50 ^

3,384,886

2,068,999

0.375%

due

01/15/27 ^

1,104,440

1,093,223

0.375%

due

07/15/27 ^

7,859,071

7,770,991

0.500%

due

01/15/28 ^

12,336,186

12,119,720

0.625%

due

01/15/26 ^

10,780,217

10,774,580

0.625%

due

07/15/32 ^

12,249,104

11,440,230

0.625%

due

02/15/43 ^

4,323,845

3,328,822

0.750%

due

07/15/28 ^

8,418,302

8,321,617

0.750%

due

02/15/42 ^

7,383,023

5,938,092

0.750%

due

02/15/45 ^

7,381,382

5,607,872

0.875%

due

01/15/29 ^

6,669,838

6,567,535

0.875%

due

02/15/47 ^

6,977,263

5,286,246

1.000%

due

02/15/46 ^

7,010,397

5,535,782

1.000%

due

02/15/48 ^

5,538,185

4,260,479

1.000%

due

02/15/49 ^

4,038,912

3,076,629

1.125%

due

01/15/33 ^

11,627,793

11,144,990

1.250%

due

04/15/28 ^ ‡

741,202

741,573

1.375%

due

07/15/33 ^

14,229,408

13,886,550

1.375%

due

02/15/44 ^

9,694,130

8,448,179

1.500%

due

02/15/53 ^

2,884,842

2,402,765

1.625%

due

10/15/27 ^ ‡

12,657,732

12,868,938

1.625%

due

10/15/29 ^

3,936,543

3,993,242

1.750%

due

01/15/28 ^ ‡

2,727,356

2,772,891

1.750%

due

01/15/34 ^

3,926,274

3,920,938

1.875%

due

07/15/34 ^

17,025,792

17,190,202

2.000%

due

01/15/26 ^

7,130,899

7,204,273

2.125%

due

04/15/29 ^

3,084,300

3,176,596

2.125%

due

01/15/35 ^

2,616,614

2,686,738

2.125%

due

02/15/40 ^

1,131,469

1,144,475

2.125%

due

02/15/41 ^

2,915,123

2,942,748

2.125%

due

02/15/54 ^

2,897,636

2,782,797

2.375%

due

01/15/27 ^ ‡

141,742

145,387

2.375%

due

10/15/28 ^

22,529,374

23,478,768

2.375%

due

02/15/55 ^

1,308,463

1,325,488

2.500%

due

01/15/29 ^

5,174,591

5,409,121

3.625%

due

04/15/28 ^

14,052,625

15,066,847

3.875%

due

04/15/29 ^

10,366,464

11,395,757

319,546,769

Total

U.S.

Treasury

Obligations

(Cost

$346,409,748)

319,546,769

FOREIGN

GOVERNMENT

BONDS

NOTES

9.1%

Canadian

Government

(Canada)

4.250%

due

12/01/26 ^

CAD

2,754,840

2,049,978

French

Republic

Government

OAT

(France)

0.100%

due

03/01/26 ^ ~

EUR

4,198,880

4,553,260

0.100%

due

07/25/31 ^ ~

1,201,540

1,241,734

Principal

Amount

Value

Italy

Buoni

Poliennali

Del

Tesoro

(Italy)

0.400%

due

05/15/30 ^ ~

EUR

1,461,936

1,529,849

1.400%

due

05/26/25 ^ ~

12,086,040

13,101,760

1.800%

due

05/15/36 ^ ~

611,028

645,631

Japanese

Government

CPI

Linked

(Japan)

0.100%

due

03/10/28 ^

JPY

259,520,060

1,797,253

0.100%

due

03/10/29 ^

1,078,587,363

7,438,208

Total

Foreign

Government

Bonds

Notes

(Cost

$35,010,855)

32,357,673

SHORT-TERM

INVESTMENTS

0.1%

U.S.

Treasury

Bills

0.1%

4.147%

due

04/17/25 ‡

240,000

239,546

Total

Short-Term

Investments

(Cost

$239,553)

239,546

TOTAL

INVESTMENTS

125.9%

(Cost

$475,379,792)

445,644,289

DERIVATIVES

0.4%

1,545,805

OTHER

ASSETS

LIABILITIES,

NET

(26.3%)

(

93,170,904

)

NET

ASSETS

100.0%

354,019,190

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

the

average

amount

borrowings

the

Fund

reverse

repurchase

agreements

during

the

period

was

$4,379,697

weighted

average

interest

rate

1.6%.

March

31,

2025,

the

average

amount

borrowings

the

Fund

sale-buyback

financing

transactions

during

the

period

was

$36,119,467

weighted

average

interest

rate

4.4%.

(b)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(c)

March

31,

2025,

forward

foreign

currency

contracts

outstanding

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

109

11,956,942

12,122,844

165,902

CBOT

Ultra

Year

U.S.

Treasury

Notes

06/25

128

14,515,945

14,608,000

92,055

CBOT

Ultra

U.S.

Treasury

Bonds

06/25

121

14,716,564

14,792,250

75,686

Eurex

Year

Euro

BOBL

06/25

2,402,308

2,419,959

17,651

Eurex

Year

Euro

BUXL

06/25

1,647,654

1,547,470

(

100,184

)

Euro-BTP

Italian

Bond

06/25

5,041,773

4,955,899

(

85,874

)

ICE

Month

EURIBOR

09/26

261

69,104,999

69,119,014

14,015

SFE

Year

Australian

Bond

06/25

4,851,108

4,857,281

6,173

TSE

Japanese

Year

Bond

06/25

920,447

922,728

2,281

187,705

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

197

40,651,558

40,812,860

(

161,302

)

CBOT

Year

U.S.

Treasury

Notes

06/25

432

46,299,984

46,723,500

(

423,516

)

CBOT

U.S.

Long

Bond

06/25

214

24,768,224

25,098,187

(

329,963

)

Eurex

Year

Euro

SCHATZ

06/25

9,135,094

9,136,382

(

1,288

)

Eurex

Year

Euro

BUND

06/25

134

18,873,724

18,666,714

207,010

Eurex

French

Government

OAT

Bond

06/25

10,824,852

10,613,173

211,679

ICE

Month

EURIBOR

09/25

261

69,103,982

69,126,069

(

22,087

)

SFE

Year

Australian

Bond

06/25

1,062,854

1,064,781

(

1,927

)

(

521,394

)

Total

Futures

Contracts

(

333,689

)

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

AUD

454,000

USD

286,247

04/25

DUB

–

(

2,565

)

CAD

2,844,122

USD

1,996,666

04/25

CIT

–

(

20,181

)

DKK

4,257,052

USD

614,404

04/25

DUB

2,591

–

DKK

226,765

USD

32,933

04/25

HSB

–

(

)

EUR

187,000

USD

196,171

04/25

DUB

6,032

–

EUR

238,000

USD

259,824

04/25

HSB

–

(

2,475

)

EUR

986,000

USD

1,070,573

04/25

JPM

–

(

4,411

)

EUR

29,827,000

USD

32,171,402

04/25

JPM

80,523

–

GBP

426,000

USD

552,011

04/25

BRC

–

(

1,726

)

JPY

514,711,795

USD

3,424,253

04/25

BNP

7,388

–

JPY

712,047,556

USD

4,718,359

04/25

JPM

28,941

–

USD

282,370

AUD

454,000

04/25

BRC

–

(

1,312

)

USD

286,313

AUD

454,000

05/25

DUB

2,562

–

USD

1,998,653

CAD

2,845,049

04/25

MSC

21,525

–

USD

1,996,666

CAD

2,839,977

05/25

CIT

20,166

–

USD

390,784

DKK

2,776,455

04/25

CIT

–

(

11,621

)

USD

238,435

DKK

1,707,713

04/25

MSC

–

(

9,072

)

USD

614,404

DKK

4,249,185

05/25

DUB

–

(

2,587

)

USD

32,933

DKK

226,343

05/25

HSB

–

USD

30,671,955

EUR

29,251,000

04/25

BNP

–

(

957,142

)

USD

1,285,016

EUR

1,184,000

04/25

BNP

4,757

–

USD

867,257

EUR

803,000

04/25

BOA

–

(

1,027

)

USD

32,223,719

EUR

29,827,000

05/25

JPM

–

(

80,404

)

USD

538,512

GBP

426,000

04/25

BNP

–

(

11,773

)

USD

551,971

GBP

426,000

05/25

BRC

1,723

–

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(d)

March

31,

2025,

premiums

received,

and

value

written

options

outstanding

were

follows:

(e)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

USD

2,697,849

JPY

402,214,483

04/25

BNP

16,240

–

USD

2,362,603

JPY

354,391,395

04/25

HSB

–

(

164

)

USD

2,246,228

JPY

334,831,955

04/25

JPM

13,866

–

USD

2,061,837

JPY

306,768,356

04/25

UBS

16,578

–

USD

3,424,253

JPY

512,986,999

05/25

BNP

–

(

7,415

)

USD

1,150,110

JPY

171,099,827

05/25

HSB

5,523

–

USD

4,718,359

JPY

709,660,067

05/25

JPM

–

(

28,969

)

Total

Forward

Foreign

Currency

Contracts

228,483

(

1,142,911

)

Inflation

Floor/Cap

Options

Description

Initial

Index

Floating

Rate

Expiration

Date

Counter-

party

Notional

Amount

Premium

Value

Cap

Eurostat

Eurozone

HICP

117.20

Maximum

[0,

(Final

Index/Initial

Index)

(1+3.000%)^20)]

06/22/35

GSC

EUR

2,200,000

100,087

(

33,289

)

Interest

Rate

Swaptions

Description

Pay/Receive

Floating

Rate

Floating

Rate

Index

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

Premium

Value

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.660%

09/05/25

MSC

EUR

3,800,000

84,377

(

71,842

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.350%

01/07/27

GSC

12,500,000

113,445

(

102,340

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.500%

01/14/27

GSC

4,400,000

40,343

(

42,935

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.440%

01/25/27

BRC

1,300,000

11,563

(

11,890

)

249,728

(

229,007

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.660%

09/05/25

MSC

3,800,000

84,377

(

76,674

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.350%

01/07/27

GSC

12,500,000

113,445

(

121,416

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.500%

01/14/27

GSC

4,400,000

40,343

(

36,691

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.440%

01/25/27

BRC

1,300,000

11,563

(

11,762

)

249,728

(

246,543

)

Total

Interest

Rate

Swaptions

499,456

(

475,550

)

–

Total

Written

Options

599,543

(

508,839

)

Interest

Rate

Swaps

Long

Receive

Pay

Payment

Frequency

Receive

Rate/

Pay

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.980%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

09/19/25

3,700,000

(

44,859

)

–

(

44,859

)

2.033%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

09/23/25

3,700,000

(

43,366

)

–

(

43,366

)

2.208%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

10/07/25

3,708,000

(

38,716

)

–

(

38,716

)

2.380%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

10/15/25

2,800,000

(

25,285

)

–

(

25,285

)

2.700%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

01/14/26

3,000,000

(

22,148

)

–

(

22,148

)

2.820%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

02/05/26

1,200,000

(

7,591

)

–

(

7,591

)

2.842%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

02/13/26

1,200,000

(

7,368

)

–

(

7,368

)

3.750%

Day

GBP

SONIA

A/A

LCH

03/19/27

GBP

18,700,000

(

140,832

)

(

122,765

)

(

18,067

)

0.700%

Month

EURIBOR

A/S

LCH

04/11/27

EUR

700,000

(

28,156

)

(

36,157

)

8,001

0.650%

Month

EURIBOR

A/S

LCH

04/12/27

1,400,000

(

58,290

)

(

73,966

)

15,676

0.650%

Month

EURIBOR

A/S

LCH

05/11/27

900,000

(

36,365

)

(

49,569

)

13,204

1.000%

Month

EURIBOR

A/S

LCH

05/13/27

1,600,000

(

46,608

)

(

76,490

)

29,882

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Receive

Pay

Payment

Frequency

Receive

Rate/

Pay

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.000%

Month

EURIBOR

A/S

LCH

05/18/27

EUR

700,000

(

20,142

)

(

33,724

)

13,582

2.340%

Day

USD

SOFR

S/Q

LCH

11/21/28

14,780,000

(

744,182

)

(

139,619

)

(

604,563

)

1.954%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

06/03/29

2,350,000

(

375,143

)

(

305,429

)

(

69,714

)

1.998%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

07/25/29

7,700,000

(

1,176,511

)

(

954,413

)

(

222,098

)

1.760%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

11/04/29

3,100,000

(

554,217

)

(

462,962

)

(

91,255

)

1.883%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

11/20/29

700,000

(

116,692

)

(

96,657

)

(

20,035

)

1.380%

Eurostat

Eurozone

HICP

Z/Z

LCH

03/15/31

EUR

5,300,000

(

1,055,938

)

(

1,165,781

)

109,843

2.879%

Month

EURIBOR

A/S

LCH

08/15/32

4,700,000

187,412

644

186,768

3.085%

Day

USD

SOFR

A/A

LCH

02/13/34

16,000,000

(

813,912

)

(

234,331

)

(

579,581

)

3.500%

U.K.

Retail

Price

Index

Z/Z

LCH

08/15/34

GBP

1,600,000

14,397

9,127

5,270

3.466%

U.K.

Retail

Price

Index

Z/Z

LCH

09/15/34

700,000

4,569

–

4,569

4.000%

Day

GBP

SONIA

A/A

LCH

01/27/35

1,700,000

(

31,539

)

(

11,091

)

(

20,448

)

2.250%

Month

EURIBOR

A/S

LCH

09/17/35

EUR

45,120,000

(

1,873,698

)

(

2,040,245

)

166,547

2.488%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/37

20,000

(

)

(

1,250

)

1,184

2.421%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/52

240,000

(

2,203

)

(

30,243

)

28,040

2.590%

Eurostat

Eurozone

HICP

Z/Z

LCH

12/15/52

500,000

47,293

(

11,342

)

58,635

2.700%

Eurostat

Eurozone

HICP

Z/Z

LCH

04/15/53

900,000

127,300

6,015

121,285

2.763%

Eurostat

Eurozone

HICP

Z/Z

LCH

09/15/53

700,000

115,320

1,735

113,585

2.682%

Eurostat

Eurozone

HICP

Z/Z

LCH

10/15/53

200,000

27,464

–

27,464

2.736%

Eurostat

Eurozone

HICP

Z/Z

LCH

10/15/53

400,000

62,282

3,920

58,362

(

6,677,790

)

(

5,824,593

)

(

853,197

)

–

Interest

Rate

Swaps

Short

Pay

Receive

Payment

Frequency

Pay

Rate/

Receive

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

4.250%

Day

USD

SOFR

A/A

CME

12/20/25

33,710,000

(

17,843

)

55,560

(

73,403

)

2.314%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

02/26/26

2,100,000

268,880

203,223

65,657

2.419%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

03/05/26

2,800,000

342,291

255,476

86,815

2.768%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

05/13/26

1,700,000

171,423

118,816

52,607

2.813%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

05/14/26

1,000,000

98,299

67,532

30,767

2.703%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

05/25/26

1,210,000

124,723

86,786

37,937

2.965%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/27

EUR

800,000

15,901

30,996

(

15,095

)

3.000%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/27

1,300,000

23,183

47,983

(

24,800

)

3.130%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/27

300,000

3,068

9,023

(

5,955

)

1.798%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

08/25/27

900,000

161,030

129,014

32,016

1.890%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

08/27/27

1,000,000

172,010

136,950

35,060

2.112%

Month

EURIBOR

A/S

LCH

09/02/27

EUR

2,600,000

3,335

–

3,335

2.120%

Month

EURIBOR

A/S

LCH

09/03/27

14,400,000

16,097

–

16,097

0.300%

Day

JPY

TONAR

S/S

LCH

09/20/27

JPY

377,560,000

40,277

(

2,663

)

42,940

2.573%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

08/26/28

400,000

34,167

23,914

10,253

2.645%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

09/10/28

500,000

38,608

26,277

12,331

0.550%

Day

JPY

TONAR

A/A

LCH

09/14/28

JPY

690,000,000

59,166

(

5,743

)

64,909

2.311%

U.S.

CPI

Urban

Consumers

Z/Z

LCH

02/24/31

5,100,000

650,650

535,506

115,144

0.500%

Day

JPY

TONAR

A/A

LCH

12/15/31

JPY

464,000,000

124,451

7,340

117,111

2.600%

Eurostat

Eurozone

HICP

Z/Z

LCH

05/15/32

EUR

260,000

1,831

12,440

(

10,609

)

3.250%

Day

USD

SOFR

A/A

LCH

06/18/34

2,000,000

72,297

88,962

(

16,665

)

2.049%

Eurostat

Eurozone

HICP

Z/Z

LCH

08/15/34

EUR

3,400,000

(

13,637

)

(

1,286

)

(

12,351

)

2.034%

Eurostat

Eurozone

HICP

Z/Z

LCH

09/15/34

1,400,000

(

2,663

)

(

4,491

)

1,828

3.838%

Day

USD

SOFR

A/A

LCH

11/15/34

1,400,000

(

10,968

)

–

(

10,968

)

3.864%

Day

USD

SOFR

A/A

LCH

11/15/34

1,300,000

(

12,837

)

–

(

12,837

)

3.866%

Day

USD

SOFR

A/A

LCH

11/15/34

500,000

(

5,014

)

–

(

5,014

)

3.867%

Day

USD

SOFR

A/A

LCH

11/15/34

1,300,000

(

13,087

)

–

(

13,087

)

3.870%

Day

USD

SOFR

A/A

LCH

11/15/34

1,300,000

(

13,402

)

–

(

13,402

)

3.881%

Day

USD

SOFR

A/A

LCH

11/15/34

1,200,000

(

13,467

)

–

(

13,467

)

3.894%

Day

USD

SOFR

A/A

LCH

11/15/34

1,100,000

(

13,428

)

–

(

13,428

)

0.190%

Month

EURIBOR

A/S

LCH

11/04/52

EUR

1,500,000

798,813

726,564

72,249

0.195%

Month

EURIBOR

A/S

LCH

11/04/52

1,550,000

823,777

749,203

74,574

0.197%

Month

EURIBOR

A/S

LCH

11/08/52

2,800,000

1,487,204

1,352,829

134,375

4.050%

Day

USD

SOFR

A/A

LCH

11/15/52

5,900,000

(

224,838

)

(

244,793

)

19,955

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Pay

Receive

Payment

Frequency

Pay

Rate/

Receive

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

2.237%

Day

USD

SOFR

S/Q

LCH

11/21/53

3,050,000

970,313

185,275

785,038

2.865%

Day

USD

SOFR

A/A

LCH

02/13/54

9,400,000

1,566,765

235,828

1,330,937

3.500%

Day

USD

SOFR

A/A

CME

06/20/54

2,400,000

156,171

63,167

93,004

2.250%

Month

EURIBOR

A/S

LCH

09/17/55

EUR

13,590,000

1,149,362

988,909

160,453

9,032,908

5,878,597

3,154,311

–

Total

Interest

Rate

Swaps

2,355,118

54,004

2,301,114

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

Inflation

Protected

Securities

0.375%

due

01/15/27

Day

USD

SOFR

4.490%

MSC

04/25/25

20,000,000

227,531

–

227,531

U.S.

Treasury

Inflation

Protected

Securities

0.125%

due

07/15/31

Day

USD

SOFR

4.490%

MSC

04/25/25

20,000,000

315,507

–

315,507

U.S.

Treasury

Inflation

Protected

Securities

0.125%

due

01/15/32

Day

USD

SOFR

4.490%

MSC

04/25/25

30,000,000

458,609

–

458,609

1,001,647

–

1,001,647

Total

Swap

Agreements

3,356,765

54,004

3,302,761

PACIFIC

SELECT

FUND

INFLATION

MANAGED

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(f)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

1,362,577

–

1,362,577

–

Mortgage-Backed

Securities

68,242,914

–

68,242,914

–

Asset-Backed

Securities

Home

Equity

Other

4,337,578

–

4,337,578

–

Other

Asset-Backed

Securities

19,557,232

–

18,475,932

1,081,300

Total

Asset-Backed

Securities

23,894,810

–

22,813,510

1,081,300

U.S.

Treasury

Obligations

319,546,769

–

319,546,769

–

Foreign

Government

Bonds

Notes

32,357,673

–

32,357,673

–

Short-Term

Investments

239,546

–

239,546

–

Derivatives:

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

228,483

–

228,483

–

Interest

Rate

Contracts

Futures

792,452

–

Swaps

5,358,936

–

5,358,936

–

Total

Interest

Rate

Contracts

6,151,388

792,452

5,358,936

–

Total

Asset

Derivatives

6,379,871

792,452

5,587,419

–

Total

Assets

452,024,160

792,452

450,150,408

1,081,300

Liabilities

Sale-Buyback

Financing

Transactions

(

254,030,090

)

–

(

254,030,090

)

–

Derivatives:

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

(

1,142,911

)

–

(

1,142,911

)

–

Interest

Rate

Contracts

Futures

(

1,126,141

)

(

1,126,141

)

–

Written

Options

(

508,839

)

–

(

508,839

)

–

Swaps

(

2,056,175

)

–

(

2,056,175

)

–

Total

Interest

Rate

Contracts

(

3,691,155

)

(

1,126,141

)

(

2,565,014

)

–

Total

Liabilities

Derivatives

(

4,834,066

)

(

1,126,141

)

(

3,707,925

)

–

Total

Liabilities

(

258,864,156

)

(

1,126,141

)

(

257,738,015

)

–

Total

193,160,004

(

333,689

)

192,412,393

1,081,300

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

23.4%

Basic

Materials

0.3%

BHP

Billiton

Finance

USA

Ltd.

(Australia)

5.125%

due

02/21/32

190,000

192,129

Industries,

Inc.

4.950%

due

06/01/43

210,000

183,566

Dow

Chemical

Co.

5.950%

due

03/15/55

250,000

242,139

Glencore

Funding

LLC

(Australia)

2.500%

due

09/01/30 ~

300,000

264,114

Nutrien

Ltd.

(Canada)

5.000%

due

04/01/49

165,000

146,451

Vale

Overseas

Ltd.

(Brazil)

3.750%

due

07/08/30

440,000

409,030

1,437,429

Communications

0.8%

Amazon.com,

Inc.

3.875%

due

08/22/37

240,000

215,895

AT&T,

Inc.

2.750%

due

06/01/31

365,000

324,528

3.550%

due

09/15/55

774,000

524,957

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.700%

due

04/01/51

860,000

542,711

Comcast

Corp.

5.350%

due

05/15/53

1,000,000

933,470

Corning,

Inc.

5.750%

due

08/15/40

75,000

76,085

Meta

Platforms,

Inc.

5.400%

due

08/15/54

150,000

147,077

5.600%

due

05/15/53

610,000

615,417

Uber

Technologies,

Inc.

4.800%

due

09/15/34

210,000

204,175

3,584,315

Consumer,

Cyclical

1.8%

American

Airlines

Pass-Through

Trust

Class A

3.650%

due

12/15/29

1,019,790

967,620

American

Airlines

Pass-Through

Trust

Class B

3.950%

due

01/11/32

1,752,275

1,653,552

Delta

Air

Lines

Pass-Through

Trust

Class A

2.500%

due

12/10/29

1,512,538

1,423,517

Hasbro,

Inc.

3.900%

due

11/19/29

262,000

249,352

Starbucks

Corp.

3.350%

due

03/12/50

355,000

240,809

United

Airlines

Pass-Through

Trust

Class A

3.100%

due

04/07/30

412,820

383,040

3.700%

due

09/01/31

1,030,639

967,938

United

Airlines

Pass-Through

Trust

Class B

3.650%

due

04/07/27

875,012

866,105

3.650%

due

07/07/27

1,217,407

1,198,931

7,950,864

Consumer,

Non-Cyclical

3.1%

Altria

Group,

Inc.

2.450%

due

02/04/32

190,000

160,381

Amgen,

Inc.

4.663%

due

06/15/51

23,000

19,666

Principal

Amount

Value

5.600%

due

03/02/43

500,000

495,890

5.650%

due

03/02/53

219,000

214,990

Baptist

Healthcare

System

Obligated

Group

3.540%

due

08/15/50

540,000

389,947

Bimbo

Bakeries

USA,

Inc.

(Mexico)

5.375%

due

01/09/36 ~

200,000

196,936

Bon

Secours

Mercy

Health,

Inc.

3.205%

due

06/01/50

700,000

481,441

Boston

Scientific

Corp.

4.550%

due

03/01/39

167,000

156,318

6.500%

due

11/15/35

215,000

238,637

Bristol-Myers

Squibb

Co.

4.125%

due

06/15/39

500,000

442,253

Cencora,

Inc.

5.150%

due

02/15/35

650,000

650,180

CommonSpirit

Health

3.910%

due

10/01/50

650,000

481,747

CVS

Health

Corp.

4.875%

due

07/20/35

500,000

470,189

CVS

Pass-Through

Trust

4.163%

due

08/11/36 ~

428,721

392,175

Europe

Finance

SARL

3.250%

due

11/15/39

285,000

226,282

Element

Fleet

Management

Corp.

(Canada)

5.037%

due

03/25/30 ~

265,000

265,176

5.643%

due

03/13/27 ~

500,000

508,407

Gilead

Sciences,

Inc.

2.600%

due

10/01/40

665,000

474,833

Global

Payments,

Inc.

3.200%

due

08/15/29

500,000

468,322

HCA,

Inc.

5.500%

due

06/15/47

700,000

645,173

5.750%

due

03/01/35

310,000

312,967

5.950%

due

09/15/54

155,000

149,000

6.100%

due

04/01/64

320,000

309,523

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

3.750%

due

12/01/31

245,000

224,299

6.750%

due

03/15/34

650,000

702,174

Kraft

Heinz

Foods

Co.

4.625%

due

10/01/39

120,000

108,883

Kroger

Co.

5.000%

due

09/15/34

160,000

156,420

5.500%

due

09/15/54

120,000

113,272

Mars,

Inc.

5.650%

due

05/01/45 ~

405,000

406,123

MedStar

Health,

Inc.

3.626%

due

08/15/49

520,000

378,925

Nationwide

Children's

Hospital,

Inc.

4.556%

due

11/01/52

150,000

131,510

PeaceHealth

Obligated

Group

3.218%

due

11/15/50

655,000

430,528

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.300%

due

05/19/53

750,000

712,635

Quanta

Services,

Inc.

2.350%

due

01/15/32

420,000

352,993

Regeneron

Pharmaceuticals,

Inc.

1.750%

due

09/15/30

460,000

392,436

Royalty

Pharma

PLC

2.150%

due

09/02/31

84,000

70,421

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

3.025%

due

07/09/40

455,000

339,738

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

UnitedHealth

Group,

Inc.

2.750%

due

05/15/40

200,000

144,590

Verisk

Analytics,

Inc.

5.750%

due

04/01/33

210,000

218,455

Viterra

Finance

(Netherlands)

3.200%

due

04/21/31 ~

1,000,000

902,050

Zoetis,

Inc.

5.600%

due

11/16/32

175,000

182,609

14,118,494

Energy

1.7%

Aker

ASA

(Norway)

5.800%

due

10/01/54 ~

150,000

136,914

Energy

Capital

PLC

5.125%

due

10/15/41 ~

280,000

266,295

Capital

Markets

America,

Inc.

4.812%

due

02/13/33

530,000

521,294

Cheniere

Energy,

Inc.

5.650%

due

04/15/34

310,000

313,730

Columbia

Pipelines

Operating

Co.

LLC

5.439%

due

02/15/35 ~

675,000

667,621

5.962%

due

02/15/55 ~

455,000

441,341

Devon

Energy

Corp.

5.750%

due

09/15/54

190,000

174,086

Midstream,

Inc.

4.300%

due

04/15/32 ~

540,000

502,845

Eastern

Energy

Gas

Holdings

LLC

6.200%

due

01/15/55

150,000

157,020

Enbridge,

Inc.

(Canada)

5.700%

due

03/08/33

700,000

718,704

Energy

Transfer

6.100%

due

02/15/42

455,000

456,115

Eni

SpA

(Italy)

5.950%

due

05/15/54 ~

370,000

362,239

Flex

Intermediate

Holdco

LLC

4.317%

due

12/30/39 ~

215,000

170,052

Galaxy

Pipeline

Assets

Bidco

Ltd.

(United

Arab

Emirates)

2.940%

due

09/30/40 ~

485,782

397,793

Kinder

Morgan,

Inc.

5.050%

due

02/15/46

310,000

272,085

MPLX

4.500%

due

04/15/38

315,000

276,729

5.400%

due

04/01/35

180,000

176,954

5.950%

due

04/01/55

110,000

106,075

NGPL

PipeCo

LLC

3.250%

due

07/15/31 ~

545,000

478,071

Occidental

Petroleum

Corp.

5.375%

due

01/01/32

155,000

152,829

South

Bow

USA

Infrastructure

Holdings

LLC

(Canada)

5.026%

due

10/01/29 ~

135,000

134,015

Suncor

Energy,

Inc.

(Canada)

5.950%

due

12/01/34

210,000

217,696

TotalEnergies

Capital

International

(France)

2.986%

due

06/29/41

805,000

587,336

7,687,839

Financial

10.7%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.300%

due

01/30/32

550,000

487,516

Principal

Amount

Value

AIB

Group

PLC

(Ireland)

6.608%

due

09/13/29 ~

630,000

665,347

Aircastle

Ltd./Aircastle

Ireland

DAC

5.250%

due

03/15/30 ~

200,000

199,410

Alexandria

Real

Estate

Equities,

Inc.

3.375%

due

08/15/31

335,000

305,682

American

Express

Co.

5.442%

due

01/30/36

645,000

652,311

American

Tower

Corp.

3.100%

due

06/15/50

351,000

229,557

Aon

North

America,

Inc.

5.750%

due

03/01/54

700,000

690,872

Athene

Global

Funding

2.500%

due

03/24/28 ~

885,000

828,256

Aviation

Capital

Group

LLC

5.125%

due

04/10/30 ~

195,000

194,003

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.528%

due

11/18/27 ~

4,605,000

4,311,969

Banco

Santander

(Spain)

1.722%

due

09/14/27

200,000

191,514

Bank

America

Corp.

2.676%

due

06/19/41

590,000

418,796

Bank

Ireland

Group

PLC

(Ireland)

2.029%

due

09/30/27 ~

1,000,000

962,397

5.601%

due

03/20/30 ~

290,000

296,975

Bank

New

York

Mellon

Corp.

6.474%

due

10/25/34

320,000

349,692

Banque

Federative

Credit

Mutuel

(France)

5.790%

due

07/13/28 ~

570,000

588,987

Barclays

PLC

(United

Kingdom)

2.894%

due

11/24/32

828,000

718,123

5.367%

due

02/25/31

200,000

202,258

5.785%

due

02/25/36

200,000

201,167

BNP

Paribas

(France)

1.904%

due

09/30/28 ~

550,000

512,460

5.283%

due

11/19/30 ~

900,000

909,675

BPCE

(France)

5.716%

due

01/18/30 ~

370,000

377,385

5.936%

due

05/30/35 ~

530,000

534,312

Brixmor

Operating

Partnership

2.500%

due

08/16/31

260,000

223,498

Brookfield

Finance,

Inc.

(Canada)

3.500%

due

03/30/51

520,000

358,446

CaixaBank

(Spain)

6.684%

due

09/13/27 ~

850,000

874,179

Capital

One

Financial

Corp.

3.800%

due

01/31/28

500,000

489,425

Citigroup,

Inc.

3.057%

due

01/25/33

1,409,000

1,235,652

Corebridge

Financial,

Inc.

3.850%

due

04/05/29

270,000

261,178

Credit

Agricole

(France)

5.230%

due

01/09/29 ~

386,000

390,269

5.335%

due

01/10/30 ~

344,000

349,138

Crown

Castle,

Inc.

2.900%

due

04/01/41

350,000

245,821

Danske

Bank

(Denmark)

4.613%

due

10/02/30 ~

282,000

278,240

5.019%

due

03/04/31 ~

255,000

255,663

5.705%

due

03/01/30 ~

475,000

488,905

Deutsche

Bank

(Germany)

4.999%

due

09/11/30

205,000

204,074

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.720%

due

01/18/29

365,000

382,163

6.819%

due

11/20/29

380,000

403,075

7.146%

due

07/13/27

270,000

277,613

Essex

Portfolio

5.500%

due

04/01/34

190,000

191,900

Extra

Space

Storage

2.400%

due

10/15/31

675,000

574,804

F&G

Annuities

Life,

Inc.

6.500%

due

06/04/29

245,000

249,557

Goldman

Sachs

Group,

Inc.

5.330%

due

07/23/35

1,200,000

1,194,593

Healthcare

Realty

Holdings

3.100%

due

02/15/30

325,000

298,393

Healthpeak

LLC

2.875%

due

01/15/31

510,000

456,822

5.375%

due

02/15/35

345,000

343,966

HSBC

Holdings

PLC

(United

Kingdom)

2.013%

due

09/22/28

635,000

594,261

2.206%

due

08/17/29

1,495,000

1,370,243

5.130%

due

03/03/31

200,000

200,666

Huntington

National

Bank

5.650%

due

01/10/30

513,000

529,677

KBC

Group

(Belgium)

6.324%

due

09/21/34 ~

740,000

783,895

KeyCorp

4.789%

due

06/01/33

115,000

110,325

5.121%

due

04/04/31

255,000

256,220

Macquarie

Airfinance

Holdings

Ltd.

(United

Kingdom)

5.150%

due

03/17/30 ~

250,000

246,711

5.200%

due

03/27/28 ~

325,000

325,505

Macquarie

Group

Ltd.

(Australia)

2.871%

due

01/14/33 ~

440,000

378,747

Morgan

Stanley

5.320%

due

07/19/35

380,000

380,194

5.466%

due

01/18/35

396,000

400,822

5.656%

due

04/18/30

705,000

726,983

Nasdaq,

Inc.

5.550%

due

02/15/34

101,000

103,632

Nationwide

Building

Society

(United

Kingdom)

2.972%

due

02/16/28 ~

830,000

803,893

NatWest

Group

PLC

(United

Kingdom)

4.445%

due

05/08/30

515,000

505,097

5.778%

due

03/01/35

755,000

770,660

NatWest

Markets

PLC

(United

Kingdom)

5.410%

due

05/17/29 ~

820,000

839,780

New

York

Life

Insurance

Co.

3.750%

due

05/15/50 ~

540,000

398,277

NNN

REIT,

Inc.

5.500%

due

06/15/34

310,000

311,763

Nomura

Holdings,

Inc.

(Japan)

6.070%

due

07/12/28

215,000

223,186

PNC

Financial

Services

Group,

Inc.

5.068%

due

01/24/34

503,000

498,125

Realty

Income

Corp.

1.800%

due

03/15/33

705,000

552,524

Royal

Bank

Canada

(Canada)

4.650%

due

10/18/30

310,000

307,688

Sabra

Health

Care

3.200%

due

12/01/31

515,000

447,593

Principal

Amount

Value

Santander

U.K.

Group

Holdings

PLC

(United

Kingdom)

5.694%

due

04/15/31

400,000

408,460

6.534%

due

01/10/29

1,400,000

1,456,071

Societe

Generale

(France)

1.792%

due

06/09/27 ~

455,000

439,194

5.634%

due

01/19/30 ~

1,066,000

1,084,908

6.100%

due

04/13/33 ~

400,000

409,925

Standard

Chartered

PLC

(United

Kingdom)

5.688%

due

05/14/28 ~

237,000

241,141

5.905%

due

05/14/35 ~

985,000

1,009,967

Teachers

Insurance

Annuity

Association

America

3.300%

due

05/15/50 ~

555,000

371,261

Toronto-Dominion

Bank

(Canada)

5.298%

due

01/30/32

240,000

244,171

Truist

Financial

Corp.

5.122%

due

01/26/34

520,000

510,814

7.161%

due

10/30/29

410,000

441,581

UBS

Group

(Switzerland)

3.869%

due

01/12/29 ~

785,000

766,934

5.428%

due

02/08/30 ~

217,000

220,977

5.617%

due

09/13/30 ~

310,000

318,326

6.537%

due

08/12/33 ~

440,000

471,611

UDR,

Inc.

1.900%

due

03/15/33

185,000

145,157

2.100%

due

08/01/32

555,000

452,154

UniCredit

SpA

(Italy)

1.982%

due

06/03/27 ~

1,020,000

985,878

Wells

Fargo

Co.

4.611%

due

04/25/53

780,000

662,376

5.557%

due

07/25/34

470,000

478,420

Carey,

Inc.

2.250%

due

04/01/33

325,000

261,040

2.400%

due

02/01/31

420,000

364,679

48,667,550

Industrial

0.7%

BAE

Systems

PLC

(United

Kingdom)

3.400%

due

04/15/30 ~

485,000

454,900

Boeing

Co.

6.388%

due

05/01/31

355,000

378,486

6.528%

due

05/01/34

580,000

621,795

Burlington

Northern

Santa

LLC

5.500%

due

03/15/55

410,000

408,889

Canadian

Pacific

Railway

Co.

(Canada)

4.700%

due

05/01/48

340,000

298,638

CSX

Corp.

3.800%

due

11/01/46

320,000

250,297

L3Harris

Technologies,

Inc.

5.400%

due

07/31/33

300,000

303,924

Masco

Corp.

2.000%

due

10/01/30

360,000

310,279

Otis

Worldwide

Corp.

3.112%

due

02/15/40

150,000

114,157

3,141,365

Technology

0.8%

Analog

Devices,

Inc.

2.800%

due

10/01/41

129,000

93,448

Broadcom,

Inc.

3.187%

due

11/15/36 ~

148,000

121,542

CGI,

Inc.

(Canada)

2.300%

due

09/14/31

435,000

370,520

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Dell

International

LLC/EMC

Corp.

due

04/01/32 #

530,000

533,594

Intel

Corp.

3.050%

due

08/12/51

300,000

176,552

3.734%

due

12/08/47

180,000

125,601

Intuit,

Inc.

5.500%

due

09/15/53

145,000

144,312

Leidos,

Inc.

2.300%

due

02/15/31

700,000

602,162

Oracle

Corp.

3.600%

due

04/01/50

600,000

417,170

Roper

Technologies,

Inc.

1.750%

due

02/15/31

400,000

336,331

Synopsys,

Inc.

5.700%

due

04/01/55

245,000

243,437

Texas

Instruments,

Inc.

5.050%

due

05/18/63

670,000

614,670

3,779,339

Utilities

3.5%

AES

Corp.

5.800%

due

03/15/32

280,000

283,058

Baltimore

Gas

Electric

Co.

5.400%

due

06/01/53

635,000

604,599

Constellation

Energy

Generation

LLC

5.600%

due

06/15/42

300,000

290,590

5.800%

due

03/01/33

181,000

187,540

Dominion

Energy,

Inc.

3.300%

due

04/15/41

280,000

206,479

Duke

Energy

Corp.

6.100%

due

09/15/53

850,000

865,342

Duquesne

Light

Holdings,

Inc.

2.775%

due

01/07/32 ~

575,000

491,121

Emera

U.S.

Finance

(Canada)

4.750%

due

06/15/46

380,000

313,591

Entergy

Arkansas

LLC

5.750%

due

06/01/54

330,000

328,990

Entergy

Mississippi

LLC

5.000%

due

09/01/33

615,000

609,554

5.850%

due

06/01/54

480,000

479,771

FirstEnergy

Transmission

LLC

4.550%

due

04/01/49 ~

525,000

449,717

ITC

Holdings

Corp.

2.950%

due

05/14/30 ~

360,000

328,723

Jersey

Central

Power

Light

Co.

5.100%

due

01/15/35 ~

130,000

128,576

Monongahela

Power

Co.

5.850%

due

02/15/34 ~

320,000

330,438

Nevada

Power

Co.

6.000%

due

03/15/54

350,000

357,504

Pacific

Gas

Electric

Co.

3.750%

due

08/15/42

191,000

142,401

4.300%

due

03/15/45

325,000

254,578

6.400%

due

06/15/33

878,000

918,103

6.750%

due

01/15/53

390,000

407,632

PG&E

Recovery

Funding

LLC

5.231%

due

06/01/42

105,000

104,978

5.529%

due

06/01/51

125,000

125,047

PG&E

Wildfire

Recovery

Funding

LLC

4.263%

due

06/01/38

325,000

307,585

5.099%

due

06/01/54

415,000

389,833

5.212%

due

12/01/49

225,000

215,229

Public

Service

Co.

Oklahoma

5.250%

due

01/15/33

470,000

471,540

Principal

Amount

Value

Public

Service

Enterprise

Group,

Inc.

5.450%

due

04/01/34

250,000

252,670

Puget

Energy,

Inc.

2.379%

due

06/15/28

180,000

167,451

SCE

Recovery

Funding

LLC

4.697%

due

06/15/42

548,914

533,074

5.112%

due

12/14/49

240,000

222,327

Southern

California

Edison

Co.

4.125%

due

03/01/48

1,290,000

972,148

5.875%

due

12/01/53

841,000

807,735

Southern

Co.

Gas

Capital

Corp.

4.400%

due

06/01/43

1,000,000

850,268

Southern

Power

Co.

5.150%

due

09/15/41

895,000

845,909

Union

Electric

Co.

5.200%

due

04/01/34

570,000

573,957

Virginia

Electric

Power

Co.

5.650%

due

03/15/55

515,000

506,303

Vistra

Operations

Co.

LLC

6.000%

due

04/15/34 ~

392,000

396,464

15,720,825

Total

Corporate

Bonds

Notes

(Cost

$113,176,555)

106,088,020

MORTGAGE-BACKED

SECURITIES

39.8%

Collateralized

Mortgage

Obligations

Commercial

4.3%

ACRE

Commercial

Mortgage

Ltd.

6.331%

(SOFR

2.014%)

due

12/18/37 ~ §

1,198,000

1,189,436

Cars

Net

Lease

Mortgage

Notes

3.100%

due

12/15/50 ~

420,863

394,562

COMM

Mortgage

Trust

2.321%

due

01/10/38 ~ §

1,900,000

1,720,865

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Credit

Risk

6.140%

(SOFR

1.800%)

due

07/25/41 ~ §

2,196,390

2,148,269

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

(IO)

1.195%

due

11/25/30 §

18,945,000

1,107,060

1.212%

due

10/25/30 §

15,300,000

892,946

1.363%

due

12/25/29 §

8,788,303

365,070

FREMF

Mortgage

Trust

3.807%

due

01/25/26 ~ §

2,100,000

2,069,530

3.881%

due

01/25/50 ~ §

2,385,000

2,349,005

4.073%

due

04/25/48 ~ §

2,000,000

1,975,655

GAM

Re-REMICS

Trust

2.250%

due

09/27/51 ~ §

1,700,000

1,670,314

LFT

CRE

Ltd.

6.384%

(SOFR

2.064%)

due

06/15/39 ~ §

2,590,000

2,586,920

MHC

Commercial

Mortgage

Trust

6.534%

(SOFR

2.215%)

due

04/15/38 ~ §

600,000

598,861

Wells

Fargo

Commercial

Mortgage

Trust

5.684%

(SOFR

1.364%)

due

02/15/40 ~ §

382,633

383,167

19,451,660

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Collateralized

Mortgage

Obligations

Residential

5.3%

CSMC

Trust

4.077%

due

09/27/60 ~ §

1,976,045

1,970,117

Federal

Home

Loan

Mortgage

Corp.

REMICS

1.500%

due

01/25/51

2,394,904

1,897,123

2.000%

due

12/25/51

1,853,652

1,642,171

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

3.000%

due

05/25/60

10/25/62

7,156,845

6,259,165

3.250%

due

11/25/61

1,479,812

1,276,142

3.500%

due

11/25/57

2,097,664

1,879,001

Government

National

Mortgage

Association

REMICS

(IO)

0.467%

due

03/20/71 §

38,269,047

1,274,933

Grene

Energy

Senior

11.000%

due

01/17/61

90,318

77,177

PRET

LLC

5.487%

due

10/25/51 ~ §

2,468,508

2,467,798

PRPM

LLC

4.000%

due

11/25/53 ~ §

696,916

685,257

Towd

Point

Mortgage

Trust

2.918%

due

11/30/60 ~ §

3,054,182

2,642,149

4.000%

due

11/25/47 ~ §

363,618

356,120

VOLT

XCII

LLC

5.893%

due

02/27/51 ~ §

36,034

36,053

VOLT

XCIII

LLC

5.893%

due

02/27/51 ~ §

349,676

349,814

VOLT

XCIV

LLC

6.239%

due

02/27/51 ~ §

348,956

349,375

VOLT

XCIX

LLC

6.116%

due

04/25/51 ~ §

239,393

239,643

VOLT

XCVI

LLC

6.116%

due

03/27/51 ~ §

253,418

253,639

VOLT

XCVII

LLC

6.239%

due

04/25/51 ~ §

363,172

363,719

24,019,396

Federal

National

Mortgage

Association

19.0%

1.090%

due

04/01/28

2,800,205

2,551,686

1.440%

due

01/01/31

1,400,000

1,187,771

1.560%

due

01/01/31

2,700,000

2,307,338

1.755%

due

03/01/32 §

3,291,156

2,776,379

1.815%

due

01/01/31

986,290

861,830

2.010%

due

01/01/32

2,200,000

1,893,119

2.140%

due

12/01/33

2,488,985

2,097,098

2.160%

due

12/01/33

3,026,091

2,553,463

2.320%

due

02/01/35

1,909,459

1,576,708

2.500%

due

01/01/52

03/01/62

11,587,240

9,559,917

2.510%

due

10/01/30

2,730,000

2,484,111

2.550%

due

10/01/30

885,538

810,917

3.000%

due

05/01/47

03/01/61

11,539,404

10,125,930

3.040%

due

07/01/32

2,863,169

2,634,917

3.080%

due

05/01/32

1,875,000

1,715,746

3.140%

due

07/01/32

1,710,000

1,565,934

3.190%

due

07/01/33

1,694,978

1,558,104

3.260%

due

02/01/31

800,000

751,178

3.500%

due

03/01/61

1,309,628

1,161,708

3.610%

due

01/01/37

2,264,757

2,163,142

3.670%

due

09/01/32

546,000

513,794

3.750%

due

09/01/32

2,589,557

2,476,235

3.790%

due

12/01/30

2,610,000

2,523,110

3.800%

due

09/01/32

2,210,061

2,104,448

Principal

Amount

Value

3.805%

due

11/01/32

1,470,000

1,401,055

3.830%

due

09/01/32

2,500,000

2,386,814

3.910%

due

08/01/32

1,300,000

1,245,317

4.000%

due

06/01/47

04/01/52

5,083,869

4,749,649

4.090%

due

09/01/31

02/01/34

4,456,585

4,281,777

4.550%

due

10/01/32

1,030,000

1,031,573

5.000%

due

07/01/52

01/01/59

4,207,878

4,183,055

5.500%

due

09/01/52

10/01/52

4,593,665

4,664,486

6.000%

due

12/01/61

2,419,863

2,515,161

86,413,470

Government

National

Mortgage

Association

11.2%

2.500%

due

10/20/45

10/20/50

2,671,337

2,267,906

2.804%

due

07/20/71 §

2,506,157

2,223,677

2.931%

due

10/20/70 §

1,809,008

1,665,583

3.000%

due

08/20/50

03/20/52

4,565,418

4,042,995

3.098%

due

12/20/71 §

2,913,214

2,611,421

3.500%

due

10/20/50

03/20/52

16,004,486

14,663,463

4.000%

due

12/20/51

03/20/52

4,193,204

3,916,151

4.500%

due

07/20/52

08/20/52

6,108,436

5,923,652

5.000%

due

07/20/52

06/20/63

9,162,200

9,044,213

5.500%

due

09/20/52

07/20/53

4,283,142

4,311,427

50,670,488

Total

Mortgage-Backed

Securities

(Cost

$194,626,308)

180,555,014

ASSET-BACKED

SECURITIES

15.4%

Credit

Card

Other

0.3%

Continental

Finance

Credit

Card

ABS

Master

Trust

6.190%

due

10/15/30 ~

1,620,000

1,626,654

Manufactured

Housing

Sequential

0.9%

Cascade

Asset

Trust

2.708%

due

02/25/46 ~

1,420,000

1,132,767

4.250%

due

08/25/54 ~ §

2,968,513

2,865,653

3,998,420

Other

Asset-Backed

Securities

14.2%

AMSR

Trust

2.006%

due

11/17/37 ~

2,120,000

2,082,400

2.327%

due

10/17/38 ~

1,342,000

1,276,519

2.751%

due

06/17/38 ~

3,650,000

3,361,879

4.000%

due

10/17/39 ~

3,000,000

2,867,091

Aqua

Finance

Trust

3.970%

due

07/17/46 ~

1,049,034

1,006,193

Bastion

Funding

LLC

7.119%

due

04/25/38 ~

1,190,065

1,202,993

CFIN

Issuer

LLC

4.750%

due

02/16/26 ~ §

406,062

407,938

DataBank

Issuer

LLC

2.060%

due

02/27/51 ~

1,300,000

1,262,968

Diversified

Abs

Phase

LLC

7.500%

due

11/28/39

1,136,158

1,135,211

Lion

Holdco

LLC

8.243%

due

11/30/43

939,042

970,425

FirstKey

Homes

Trust

5.197%

due

05/19/39 ~

915,000

912,697

FMC

GMSR

Issuer

Trust

3.620%

due

07/25/26 ~ §

4,600,000

4,335,011

3.850%

due

10/25/26 ~ §

2,100,000

1,988,163

4.450%

due

01/25/26 ~ §

2,700,000

2,637,729

PACIFIC

SELECT

FUND

INTERMEDIATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.190%

due

04/25/27 ~

3,000,000

3,004,491

6.500%

due

03/26/27 ~ §

2,550,000

2,561,332

7.900%

due

07/25/27 ~

3,000,000

3,064,045

Goodgreen

Trust

(Jersey)

5.900%

due

01/17/61 ~

1,660,606

1,653,674

Jonah

Energy

Abs

LLC

7.200%

due

12/10/37 ~

995,938

1,002,592

Jonah

Energy

LLC

7.800%

due

11/10/37

1,473,126

1,490,362

MNR

ABS

Issuer

LLC

8.946%

due

12/15/38

1,137,146

1,166,323

MVW

LLC

1.140%

due

01/22/41 ~

326,774

308,878

New

Residential

Mortgage

Loan

Trust

4.000%

due

09/04/39 ~

2,537,000

2,411,631

NRZ

Excess

Spread-Collateralized

Notes

2.981%

due

03/25/26 ~

681,764

666,365

3.104%

due

07/25/26 ~

1,317,366

1,280,307

3.228%

due

05/25/26 ~

846,014

825,881

3.844%

due

12/25/25 ~

548,490

542,035

OneMain

Financial

Issuance

Trust

3.450%

due

09/14/35 ~

675,000

642,931

PNMAC

GMSR

Issuer

Trust

8.590%

(SOFR

4.250%)

due

05/25/27 ~ §

1,730,000

1,753,020

Progress

Residential

Trust

2.409%

due

05/17/38 ~

1,570,000

1,526,214

2.425%

due

07/17/38 ~

2,530,000

2,442,042

2.538%

due

05/17/26 ~

1,650,000

1,602,802

2.547%

due

04/19/38 ~

2,550,000

2,537,129

2.811%

due

11/17/40 ~

1,000,000

920,022

5.200%

due

04/17/39 ~

1,685,000

1,656,122

Regional

Management

Issuance

Trust

1.680%

due

03/17/31 ~

180,788

179,466

2.420%

due

03/17/31 ~

895,000

881,763

Financial

LLC

7.851%

due

10/15/43

1,605,566

1,639,451

SCF

Equipment

Leasing

LLC

6.770%

due

08/22/33 ~

2,385,000

2,460,279

Sierra

Timeshare

Receivables

Funding

LLC

1.340%

due

11/20/37 ~

216,796

211,670

Upstart

Securitization

Trust

5.980%

due

08/20/32 ~

335,537

335,674

64,213,718

Total

Asset-Backed

Securities

(Cost

$69,866,552)

69,838,792

U.S.

TREASURY

OBLIGATIONS

19.8%

U.S.

Treasury

Bonds

9.6%

1.250%

due

05/15/50

127,000

63,098

1.625%

due

11/15/50

6,885,000

3,749,636

1.875%

due

11/15/51

2,475,000

1,424,333

2.000%

due

08/15/51

6,815,000

4,060,782

2.250%

due

08/15/46

1,540,000

1,036,191

2.375%

due

05/15/51

260,000

170,097

2.750%

due

08/15/42

1,135,000

886,541

2.875%

due

05/15/52

5,490,000

3,987,756

3.000%

due

08/15/48

4,770,000

3,623,523

3.125%

due

02/15/43

368,000

302,170

3.250%

due

05/15/42

21,235,000

17,951,455

3.750%

due

11/15/43

6,045,000

5,398,941

Principal

Amount

Value

3.875%

due

05/15/43

260,000

237,407

4.500%

due

11/15/54

485,000

478,028

43,369,958

U.S.

Treasury

Notes

9.8%

1.500%

due

02/15/30

1,075,000

959,144

1.625%

due

05/15/31

565,000

491,826

3.125%

due

08/31/29

145,000

140,288

3.500%

due

04/30/30

3,780,000

3,699,306

4.500%

due

12/31/31

10,340,000

10,601,327

4.625%

due

02/15/35

27,675,000

28,593,896

44,485,787

U.S.

Treasury

Strip

Coupons

0.4%

due

11/15/40

2,320,000

1,116,482

due

02/15/41

1,486,372

705,168

1,821,650

Total

U.S.

Treasury

Obligations

(Cost

$98,629,910)

89,677,395

FOREIGN

GOVERNMENT

BONDS

NOTES

0.3%

Mexico

Government

(Mexico)

4.400%

due

02/12/52

475,000

330,522

4.600%

due

01/23/46

480,000

359,160

Republic

Poland

Government

(Poland)

5.500%

due

03/18/54

430,000

404,006

Total

Foreign

Government

Bonds

Notes

(Cost

$1,411,374)

1,093,688

MUNICIPAL

BONDS

0.3%

Oklahoma

Development

Finance

Authority

4.714%

due

05/01/52

445,000

410,557

Regents

the

University

California

Medical

Center

Pooled

Revenue

3.706%

due

05/15/20

675,000

431,230

Texas

Natural

Gas

Securitization

Finance

Corp.

5.102%

due

04/01/35

412,473

418,243

Total

Municipal

Bonds

(Cost

$1,534,227)

1,260,030

TOTAL

INVESTMENTS

99.0%

(Cost

$479,244,926)

448,512,939

OTHER

ASSETS

LIABILITIES,

NET

1.0%

4,690,191

NET

ASSETS

100.0%

453,203,130

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

0.1%

Energy

0.1%

spacing

Foresea

Holdings

* ± Ω

(Luxembourg)

34,768

875,719

Financial

0.0%

spacing

CBL

Associates

Properties,

Inc.

REIT

9,021

239,778

Total

Common

Stocks

(Cost

$820,792)

1,115,497

Principal

Amount

CORPORATE

BONDS

NOTES

42.4%

Basic

Materials

0.3%

Solvay

Finance

America

LLC

(Belgium)

5.650%

due

06/04/29 ~

4,600,000

4,721,665

Communications

1.2%

AT&T,

Inc.

1.700%

due

03/25/26

3,700,000

3,599,359

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.850%

due

04/01/61

7,500,000

4,558,571

Paramount

Global

2.900%

due

01/15/27

100,000

96,790

3.700%

due

06/01/28

900,000

867,375

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

7,200,000

6,845,841

4.200%

due

10/01/29

4,000,000

3,929,023

19,896,959

Consumer,

Cyclical

4.2%

Air

Canada

Pass-Through

Trust

Class AA

(Canada)

3.750%

due

06/15/29 ~

1,298,261

1,267,061

Alaska

Airlines

Pass-Through

Trust

Class A

4.800%

due

02/15/29 ~

4,207,143

4,196,908

American

Airlines

Pass-Through

Trust

Class A

2.875%

due

01/11/36

4,117,554

3,623,131

3.250%

due

04/15/30

1,868,250

1,747,405

4.000%

due

01/15/27

453,245

450,356

American

Airlines

Pass-Through

Trust

Class AA

3.000%

due

04/15/30

2,865,885

2,710,137

BMW

U.S.

Capital

LLC

(Germany)

4.750%

due

03/21/28 ~

3,500,000

3,508,921

Ford

Motor

Credit

Co.

LLC

3.375%

due

11/13/25

2,300,000

2,272,762

4.125%

due

08/17/27

4,400,000

4,251,782

Hyundai

Capital

America

1.650%

due

09/17/26 ~

7,200,000

6,898,624

5.250%

due

01/08/27 ~

2,600,000

2,620,955

5.511%

(SOFR

1.150%)

due

08/04/25 ~ §

3,100,000

3,106,534

5.650%

due

06/26/26 ~

3,400,000

3,437,861

6.500%

due

01/16/29 ~

800,000

839,790

JetBlue

Pass-Through

Trust

Class A

4.000%

due

05/15/34

6,496,618

6,101,881

Nissan

Motor

Acceptance

Co.

LLC

2.750%

due

03/09/28 ~

5,900,000

5,424,292

5.550%

due

09/13/29 ~

4,800,000

4,753,950

Principal

Amount

Value

United

Airlines

Pass-Through

Trust

Class A

5.800%

due

07/15/37

4,489,976

4,567,362

United

Airlines

Pass-Through

Trust

Class AA

2.700%

due

11/01/33

3,818,975

3,395,451

Volkswagen

Group

America

Finance

LLC

(Germany)

4.625%

due

11/13/25 ~

1,000,000

998,084

5.650%

due

09/12/28 ~

6,200,000

6,312,114

72,485,361

Consumer,

Non-Cyclical

2.5%

BAT

International

Finance

PLC

(United

Kingdom)

5.931%

due

02/02/29

4,700,000

4,899,879

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

2,600,000

2,649,192

6.375%

due

11/21/30 ~

7,700,000

8,066,478

Becton

Dickinson

Co.

1.957%

due

02/11/31

7,900,000

6,739,079

Bristol-Myers

Squibb

Co.

4.950%

due

02/20/26

4,500,000

4,523,832

Centene

Corp.

2.625%

due

08/01/31

800,000

673,026

CommonSpirit

Health

6.073%

due

11/01/27

4,200,000

4,338,600

Constellation

Brands,

Inc.

3.700%

due

12/06/26

4,400,000

4,338,218

CVS

Pass-Through

Trust

6.943%

due

01/10/30

108,965

112,015

IQVIA,

Inc.

6.250%

due

02/01/29

2,900,000

3,022,119

Mars,

Inc.

4.600%

due

03/01/28 ~

3,500,000

3,514,729

42,877,167

Energy

1.9%

Adnoc

Murban

Rsc

Ltd.

(United

Arab

Emirates)

4.250%

due

09/11/29 ~

2,100,000

2,063,707

Canadian

Natural

Resources

Ltd.

(Canada)

6.450%

due

06/30/33

2,600,000

2,758,846

Enbridge,

Inc.

(Canada)

5.900%

due

11/15/26

1,400,000

1,428,565

Energy

Transfer

6.050%

due

12/01/26

2,100,000

2,146,413

Flex

Intermediate

Holdco

LLC

3.363%

due

06/30/31 ~

1,400,000

1,233,845

Greensaif

Pipelines

Bidco

SARL

(Saudi

Arabia)

5.853%

due

02/23/36 ~

3,500,000

3,547,661

Petroleos

Mexicanos

(Mexico)

10.000%

due

02/07/33

1,900,000

1,980,654

Pioneer

Natural

Resources

Co.

5.100%

due

03/29/26

2,300,000

2,315,814

Rio

Oil

Finance

Trust

(Brazil)

9.750%

due

01/06/27 ~

1,651,276

1,700,440

Sabine

Pass

Liquefaction

LLC

4.500%

due

05/15/30

6,800,000

6,677,252

Saudi

Arabian

Oil

Co.

(Saudi

Arabia)

5.250%

due

07/17/34 ~

2,800,000

2,819,916

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29 ~

900,000

833,796

4.125%

due

08/15/31 ~

200,000

181,862

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Venture

Global

LNG,

Inc.

8.125%

due

06/01/28 ~

1,500,000

1,533,685

Western

Midstream

Operating

6.350%

due

01/15/29

400,000

417,801

31,640,257

Financial

24.8%

Abu

Dhabi

Developmental

Holding

Co.

PJSC

(United

Arab

Emirates)

4.375%

due

10/02/31 ~

3,600,000

3,514,122

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

6.100%

due

01/15/27

2,800,000

2,863,811

Ally

Financial,

Inc.

6.848%

due

01/03/30

3,800,000

3,970,443

American

Express

Co.

5.098%

due

02/16/28

4,300,000

4,352,570

5.645%

due

04/23/27

4,600,000

4,653,074

American

Tower

Corp.

2.100%

due

06/15/30

8,000,000

6,998,924

Athene

Global

Funding

5.516%

due

03/25/27 ~

4,000,000

4,067,338

Aviation

Capital

Group

LLC

4.125%

due

08/01/25 ~

6,620,000

6,597,733

6.250%

due

04/15/28 ~

1,600,000

1,657,031

Banco

Bilbao

Vizcaya

Argentaria

(Spain)

1.125%

due

09/18/25

3,400,000

3,347,939

Banco

Espirito

Santo

(Portugal)

2.625%

* ~ ∂

EUR

1,000,000

243,292

4.750%

* ~ ∂

5,600,000

1,362,438

Banco

Santander

(Spain)

5.552%

due

03/14/28

4,600,000

4,674,165

6.527%

due

11/07/27

2,000,000

2,059,935

Bank

America

Corp.

5.015%

due

07/22/33

6,500,000

6,474,889

5.819%

due

09/15/29

5,500,000

5,700,806

Bank

America

5.379%

(SOFR

1.020%)

due

08/18/26 §

4,200,000

4,231,834

Bank

Ireland

Group

PLC

(Ireland)

6.253%

due

09/16/26 ~

6,400,000

6,444,684

Bank

Montreal

(Canada)

4.689%

due

06/28/28 ~

5,500,000

5,574,312

Bank

Nova

Scotia

(Canada)

5.450%

due

06/12/25

1,000,000

1,001,386

Barclays

PLC

(United

Kingdom)

6.238%

(SOFR

1.880%)

due

09/13/27 §

3,600,000

3,664,221

7.385%

due

11/02/28

4,000,000

4,250,092

BGC

Group,

Inc.

8.000%

due

05/25/28

2,400,000

2,563,447

Blue

Owl

Finance

LLC

6.250%

due

04/18/34

3,000,000

3,074,370

BNP

Paribas

(France)

1.904%

due

09/30/28 ~

3,600,000

3,354,283

5.497%

due

05/20/30 ~

1,000,000

1,018,062

BPCE

(France)

5.281%

due

05/30/29 ~

2,600,000

2,647,134

6.612%

due

10/19/27 ~

4,300,000

4,417,556

CaixaBank

(Spain)

6.684%

due

09/13/27 ~

3,700,000

3,805,248

Capital

One

Financial

Corp.

5.700%

due

02/01/30

2,200,000

2,247,845

Principal

Amount

Value

Financial

Corp.

(Canada)

7.500%

due

05/30/29 ~

2,400,000

2,517,551

Citibank

5.864%

due

09/29/25

3,100,000

3,119,374

Citigroup,

Inc.

3.070%

due

02/24/28

3,600,000

3,499,450

Cooperatieve

Rabobank

(Netherlands)

4.655%

due

08/22/28 ~

6,700,000

6,693,653

5.500%

due

07/18/25

300,000

300,984

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

1,400,000

1,421,184

Credit

Agricole

(France)

4.631%

due

09/11/28 ~

5,100,000

5,086,456

Crown

Castle,

Inc.

2.250%

due

01/15/31

7,900,000

6,755,276

3.700%

due

06/15/26

2,277,000

2,250,281

CTP

(Netherlands)

0.875%

due

01/20/26 ~

EUR

2,100,000

2,236,228

Danske

Bank

(Denmark)

5.427%

due

03/01/28 ~

4,500,000

4,576,156

Deutsche

Bank

(Germany)

5.706%

due

02/08/28

1,500,000

1,523,258

EPR

Properties

4.500%

due

04/01/25

2,200,000

Essex

Portfolio

3.375%

due

04/15/26

500,000

494,399

Extra

Space

Storage

3.875%

due

12/15/27

2,600,000

2,556,211

Federation

des

Caisses

Desjardins

Quebec

(Canada)

4.400%

due

08/23/25 ~

7,000,000

6,986,679

KKR

Capital

Corp.

6.875%

due

08/15/29

3,800,000

3,899,148

GLP

Capital

LP/GLP

Financing

II,

Inc.

4.000%

due

01/15/30

1,800,000

1,702,949

Goldman

Sachs

Bank

USA

5.109%

(SOFR

0.750%)

due

05/21/27 §

3,300,000

3,310,769

5.130%

(SOFR

0.770%)

due

03/18/27 §

4,500,000

4,509,567

Goldman

Sachs

Group,

Inc.

3.500%

due

04/01/25

3,400,000

5.425%

(SOFR

1.065%)

due

08/10/26 §

2,900,000

2,909,329

5.798%

due

08/10/26

2,900,000

2,911,880

Host

Hotels

Resorts

4.000%

due

06/15/25

1,350,000

1,348,754

HSBC

Holdings

PLC

(United

Kingdom)

5.546%

due

03/04/30

4,200,000

4,292,723

7.390%

due

11/03/28

8,500,000

9,035,206

ING

Groep

(Netherlands)

5.919%

(SOFR

1.560%)

due

09/11/27 §

4,700,000

4,766,514

JPMorgan

Chase

Co.

2.083%

due

04/22/26

800,000

798,704

4.851%

due

07/25/28

4,800,000

4,831,456

5.288%

(SOFR

0.930%)

due

07/22/28 §

4,100,000

4,118,956

6.070%

due

10/22/27

4,300,000

4,402,325

KBC

Group

(Belgium)

5.796%

due

01/19/29 ~

2,600,000

2,671,811

Kilroy

Realty

4.375%

due

10/01/25

2,600,000

2,593,676

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Lloyds

Banking

Group

PLC

(United

Kingdom)

4.450%

due

05/08/25

4,500,000

4,498,181

5.985%

due

08/07/27

2,300,000

2,338,340

Logicor

Financing

SARL

(Luxembourg)

1.625%

due

01/17/30 ~

EUR

2,300,000

2,250,262

Lseg

U.S.

Fin

Corp.

(United

Kingdom)

4.875%

due

03/28/27 ~

3,600,000

3,629,514

Manulife

Financial

Corp.

(Canada)

4.150%

due

03/04/26

500,000

498,535

Marsh

McLennan

Cos.,

Inc.

5.059%

(SOFR

0.700%)

due

11/08/27 §

1,900,000

1,908,272

MassMutual

Global

Funding

4.300%

due

10/22/27 ~

3,000,000

2,994,053

5.050%

due

12/07/27 ~

4,000,000

4,073,884

5.333%

(SOFR

0.980%)

due

07/10/26 ~ §

3,000,000

3,022,359

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

1.412%

due

07/17/25

6,900,000

6,834,935

Mizuho

Financial

Group,

Inc.

(Japan)

2.201%

due

07/10/31

8,700,000

7,607,720

5.414%

due

09/13/28

3,300,000

3,364,877

Morgan

Stanley

4.889%

due

07/20/33

6,500,000

6,405,536

5.042%

due

07/19/30

1,400,000

1,411,974

6.407%

due

11/01/29

2,800,000

2,955,819

Morgan

Stanley

Bank

5.436%

(SOFR

1.080%)

due

01/14/28 §

4,400,000

4,434,994

5.504%

due

05/26/28

4,600,000

4,685,578

Mutual

Omaha

Cos

Global

Funding

5.350%

due

04/09/27 ~

1,900,000

1,926,693

Nationwide

Building

Society

(United

Kingdom)

6.557%

due

10/18/27 ~

4,300,000

4,418,095

NatWest

Group

PLC

(United

Kingdom)

5.778%

due

03/01/35

4,500,000

4,593,337

NNN

REIT,

Inc.

3.500%

due

10/15/27

5,600,000

5,444,913

Nomura

Holdings,

Inc.

(Japan)

2.172%

due

07/14/28

500,000

461,692

5.842%

due

01/18/28

1,700,000

1,746,425

Northwestern

Mutual

Global

Funding

4.900%

due

06/12/28 ~

3,700,000

3,752,939

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

590,000

588,802

Pricoa

Global

Funding

4.200%

due

08/28/25 ~

4,500,000

4,493,059

Principal

Life

Global

Funding

5.500%

due

06/28/28 ~

6,300,000

6,475,092

Protective

Life

Global

Funding

5.209%

due

04/14/26 ~

3,200,000

3,225,901

Realty

Income

Corp.

3.200%

due

01/15/27

8,100,000

7,910,233

Regency

Centers

4.125%

due

03/15/28

3,500,000

3,461,318

RGA

Global

Funding

5.448%

due

05/24/29 ~

4,700,000

4,823,110

Royal

Bank

Canada

(Canada)

4.875%

due

01/19/27

3,500,000

3,532,641

Principal

Amount

Value

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

6,025,000

5,776,630

Scentre

Group

Trust

1/Scentre

Group

Trust

(Australia)

3.625%

due

01/28/26 ~

7,300,000

7,238,768

Standard

Chartered

PLC

(United

Kingdom)

1.456%

due

01/14/27 ~

4,000,000

3,900,239

Store

Capital

LLC

4.500%

due

03/15/28

7,600,000

7,477,917

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

1.902%

due

09/17/28

6,000,000

5,491,155

5.464%

due

01/13/26

1,600,000

1,611,736

5.522%

(SOFR

1.170%)

due

07/09/29 §

4,000,000

4,039,282

Synchrony

Bank

5.625%

due

08/23/27

5,600,000

5,682,117

Tesco

Property

Finance

PLC

(United

Kingdom)

5.801%

due

10/13/40 ~

GBP

177,564

225,810

Toronto-Dominion

Bank

(Canada)

4.701%

due

06/05/27 ~

3,400,000

3,416,149

Truist

Financial

Corp.

5.900%

due

10/28/26

2,300,000

2,315,325

UBS

(Switzerland)

7.500%

due

02/15/28

2,000,000

2,154,184

UBS

Group

(Switzerland)

5.711%

due

01/12/27 ~

2,800,000

2,822,330

6.537%

due

08/12/33 ~

8,500,000

9,110,666

Virgin

Money

U.K.

PLC

(United

Kingdom)

4.000%

due

09/03/27 ~

GBP

500,000

636,361

Wells

Fargo

Co.

2.393%

due

06/02/28

2,200,000

2,100,070

4.808%

due

07/25/28

600,000

602,018

5.574%

due

07/25/29

4,700,000

4,828,726

Wells

Fargo

Bank

5.429%

(SOFR

1.070%)

due

12/11/26 §

4,400,000

4,446,452

5.450%

due

08/07/26

2,700,000

2,737,517

5.550%

due

08/01/25

2,000,000

2,005,408

422,941,834

Industrial

1.0%

Boeing

Co.

6.259%

due

05/01/27

100,000

102,911

6.298%

due

05/01/29

100,000

104,912

6.388%

due

05/01/31

100,000

106,616

6.528%

due

05/01/34

100,000

107,206

7.008%

due

05/01/64

100,000

108,457

Canadian

Pacific

Railway

Co.

(Canada)

3.125%

due

06/01/26

9,800,000

9,628,841

IRB

Infrastructure

Developers

Ltd.

(India)

7.110%

due

03/11/32 ~

2,500,000

2,526,335

Rolls-Royce

PLC

(United

Kingdom)

5.750%

due

10/15/27 ~

950,000

973,168

RTX

Corp.

5.750%

due

11/08/26

3,100,000

3,157,805

16,816,251

Technology

1.3%

Amdocs

Ltd.

2.538%

due

06/15/30

4,700,000

4,182,302

Broadcom,

Inc.

5.050%

due

07/12/29

3,700,000

3,752,326

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Fiserv,

Inc.

5.450%

due

03/15/34

4,500,000

4,564,200

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

(China)

3.875%

due

06/18/26

4,000,000

3,965,480

Oracle

Corp.

2.875%

due

03/25/31

2,900,000

2,597,174

6.150%

due

11/09/29

2,700,000

2,859,124

21,920,606

Utilities

5.2%

Abu

Dhabi

National

Energy

Co.

PJSC

(United

Arab

Emirates)

4.375%

due

10/09/31 ~

3,400,000

3,327,131

AES

Corp.

5.450%

due

06/01/28

4,000,000

4,070,629

DTE

Electric

Co.

4.050%

due

05/15/48

100,000

80,854

DTE

Energy

Co.

5.100%

due

03/01/29

6,100,000

6,182,676

Duke

Energy

Corp.

3.750%

due

04/01/31

EUR

4,500,000

4,875,807

Entergy

Louisiana

LLC

2.350%

due

06/15/32

7,700,000

6,483,969

EPH

Financing

International

(Czech

Republic)

6.651%

due

11/13/28 ~

EUR

3,300,000

3,849,381

FirstEnergy

Pennsylvania

Electric

Co.

3.600%

due

06/01/29 ~

4,300,000

4,119,410

National

Grid

PLC

(United

Kingdom)

5.602%

due

06/12/28

3,400,000

3,488,366

National

Rural

Utilities

Cooperative

Finance

Corp.

4.800%

due

03/15/28

2,600,000

2,633,082

New

York

State

Electric

Gas

Corp.

2.150%

due

10/01/31 ~

7,200,000

6,104,543

Pacific

Gas

Electric

Co.

2.950%

due

03/01/26

2,100,000

2,063,112

3.500%

due

06/15/25

2,400,000

2,393,107

PacifiCorp

5.450%

due

02/15/34

4,300,000

4,336,842

PG&E

Recovery

Funding

LLC

4.838%

due

06/01/35

3,200,000

3,214,862

Public

Service

Enterprise

Group,

Inc.

5.200%

due

04/01/29

3,600,000

3,669,627

ReNew

Wind

Energy

AP2/ReNew

Power

Pvt

Ltd.

other

Subsidiaries

(India)

4.500%

due

07/14/28 ~

5,900,000

5,484,261

RWE

Finance

U.S.

LLC

(Germany)

5.875%

due

04/16/34 ~

4,000,000

4,075,628

Southern

California

Edison

Co.

2.500%

due

06/01/31

7,000,000

6,041,994

5.150%

due

06/01/29

4,500,000

4,530,621

Southern

Co.

3.250%

due

07/01/26

5,700,000

5,611,497

WEC

Energy

Group,

Inc.

1.800%

due

10/15/30

2,873,000

2,468,554

89,105,953

Total

Corporate

Bonds

Notes

(Cost

$732,321,497)

722,406,053

Principal

Amount

Value

SENIOR

LOAN

NOTES

0.0%

Consumer,

Non-Cyclical

0.0%

Stepstone

Group

MidCo

GmbH

Term

(Germany)

due

12/04/31

± ∞

500,000

496,875

Total

Senior

Loan

Notes

(Cost

$485,000)

496,875

MORTGAGE-BACKED

SECURITIES

72.3%

Collateralized

Mortgage

Obligations

Commercial

8.2%

1211

Avenue

the

Americas

Trust

3.901%

due

08/10/35 ~

9,600,000

9,436,810

Arbor

Multifamily

Mortgage

Securities

Trust

2.756%

due

05/15/53 ~

4,900,000

4,463,695

AREIT

Trust

6.561%

(SOFR

2.242%)

due

06/17/39 ~ §

5,172,668

5,207,836

BAMLL

Commercial

Mortgage

Securities

Trust

5.484%

(SOFR

1.164%)

due

09/15/38 ~ §

7,000,000

6,677,604

BDS

LLC

6.453%

(SOFR

2.137%)

due

08/19/38 ~ §

4,262,942

4,287,300

Benchmark

Mortgage

Trust

3.458%

due

03/15/55

6,500,000

5,897,074

BSPDF

Issuer

Ltd.

(Cayman)

5.634%

(SOFR

1.314%)

due

10/15/36 ~ §

433,180

433,905

Commercial

Mortgage

Trust

5.122%

(SOFR

0.803%)

due

10/15/38 ~ §

2,380,365

2,372,804

Cantor

Commercial

Real

Estate

Lending

2.874%

due

11/15/52

6,200,000

5,656,228

CFCRE

Commercial

Mortgage

Trust

3.060%

due

11/10/49

1,018,476

1,011,436

Citigroup

Commercial

Mortgage

Trust

2.984%

due

11/15/49

1,579,750

1,564,745

3.778%

due

09/10/58

5,900,000

5,854,188

DBGS

Mortgage

Trust

3.843%

due

04/10/37 ~

8,700,000

8,112,102

DOLP

Trust

2.956%

due

05/10/41 ~

7,000,000

6,161,956

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

6,063,053

6,061,387

Mortgage

Securities

Trust

3.602%

due

10/10/49 ~ §

7,000,000

5,669,512

Morgan

Chase

Commercial

Mortgage

Securities

Trust

5.817%

(SOFR

1.497%)

due

12/15/31 ~ §

2,944,345

2,879,689

5.934%

(SOFR

1.614%)

due

09/15/29 ~ §

1,081,454

1,036,940

LFT

CRE

Ltd.

5.604%

(SOFR

1.284%)

due

06/15/39 ~ §

2,773,195

2,784,227

Manhattan

West

Mortgage

Trust

2.130%

due

09/10/39 ~

8,600,000

8,021,682

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

MF1

Multifamily

Housing

Mortgage

Loan

Trust

5.284%

(SOFR

0.964%)

due

07/15/36 ~ §

433,291

433,910

Morgan

Stanley

Capital

Trust

2.428%

due

04/05/42 ~ §

4,900,000

4,190,970

NYO

Commercial

Mortgage

Trust

5.529%

(SOFR

1.209%)

due

11/15/38 ~ §

11,200,000

11,124,447

One

New

York

Plaza

Trust

5.384%

(SOFR

1.064%)

due

01/15/36 ~ §

3,780,000

3,625,742

PFP

Ltd.

(Bermuda)

6.595%

(SOFR

2.274%)

due

08/19/35 ~ §

4,580,546

4,594,434

Ready

Capital

Mortgage

Financing

LLC

6.872%

(SOFR

2.552%)

due

10/25/39 ~ §

3,535,707

3,554,573

Starwood

Mortgage

Trust

(Cayman)

5.292%

(SOFR

0.972%)

due

11/15/36 ~ §

7,100,000

7,042,041

TRTX

Issuer

Ltd.

(Cayman)

5.969%

(SOFR

1.650%)

due

02/15/39 ~ §

6,371,770

6,352,657

Wells

Fargo

Commercial

Mortgage

Trust

3.809%

due

12/15/48

4,837,000

4,793,029

139,302,923

Collateralized

Mortgage

Obligations

Residential

10.0%

Banc

America

Funding

Trust

4.425%

due

08/25/47 ~ §

2,813,657

2,369,747

6.425%

due

02/20/36 §

167,612

159,443

Banc

America

Mortgage

Trust

6.000%

due

05/25/37

1,606,990

1,260,868

BCAP

LLC

Trust

4.452%

due

03/26/37 ~ §

77,256

76,528

5.250%

due

02/26/36 ~ §

946,401

378,198

Bear

Stearns

ALT-A

Trust

5.449%

due

01/25/36 §

556,168

526,634

Bear

Stearns

ARM

Trust

5.260%

due

08/25/33 §

361,609

334,863

Bear

Stearns

Structured

Products,

Inc.

Trust

4.333%

due

12/26/46 §

299,219

229,268

5.116%

due

01/26/36 §

290,745

217,247

Chase

Home

Lending

Mortgage

Trust

3.250%

due

09/25/63 ~ §

3,778,568

3,393,106

CHL

Mortgage

Pass-Through

Trust

5.075%

(SOFR

0.754%)

due

03/25/35 §

317,665

307,075

5.328%

due

05/20/34 §

247,421

235,990

6.500%

due

10/25/37

722,919

301,413

Citigroup

Mortgage

Loan

Trust,

Inc.

5.109%

due

08/25/36 §

312,524

284,437

6.210%

due

08/25/35 §

45,197

40,572

Countrywide

Alternative

Loan

Trust

(IO)

0.565%

(4.886%

SOFR)

due

05/25/35 §

539,917

27,349

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

(Switzerland)

5.083%

due

03/25/32 ~ §

63,157

60,462

Cross

Mortgage

Trust

6.272%

due

06/25/69 ~ §

2,746,278

2,777,715

Principal

Amount

Value

DSLA

Mortgage

Loan

Trust

5.443%

due

07/19/44 §

201,226

190,141

Federal

Home

Loan

Mortgage

Corp.

REMICS

4.653%

(SOFR

0.304%)

due

10/15/43 §

2,089,043

2,051,395

4.793%

(SOFR

0.464%)

due

08/15/40

10/15/40

3,255,687

3,211,804

4.813%

(SOFR

0.464%)

due

12/15/29 §

2,567

2,558

5.640%

(SOFR

1.300%)

due

05/25/54 §

2,769,214

2,757,427

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

13.164%

due

09/25/60 ~ §

2,971,917

2,160,420

Federal

Home

Loan

Mortgage

Corp.

Structured

Pass-Through

Certificates

5.835%

(US

FED

1.200%)

due

10/25/44 §

384,003

350,841

6.035%

(US

FED

1.400%)

due

07/25/44 §

1,812,522

1,745,622

Federal

National

Mortgage

Association

REMICS

(IO)

2.246%

(6.586%

SOFR)

due

10/25/35 §

1,017

4.526%

(SOFR

0.174%)

due

07/25/37 §

35,752

35,089

4.834%

(SOFR

0.494%)

due

11/25/42 §

824,407

819,028

4.862%

(SOFR

0.514%)

due

04/18/28 §

1,957

1,955

4.912%

(SOFR

0.564%)

due

10/18/30 §

118

117

Federal

National

Mortgage

Association

REMICS

Trust

5.176%

due

10/25/42 §

256,504

257,886

FHLMC-GNMA

7.500%

due

09/20/26

3,857

3,875

First

Franklin

Mortgage

Loan

Trust

4.745%

(SOFR

0.424%)

due

10/25/36 §

13,900,000

11,252,140

First

Horizon

Alternative

Mortgage

Securities

Trust

4.655%

due

03/25/35 §

290,236

166,827

6.142%

due

06/25/34 §

785,177

779,567

Government

National

Mortgage

Association

REMICS

4.844%

(SOFR

0.500%)

due

01/20/72 §

2,454,812

2,415,720

4.923%

(SOFR

0.614%)

due

04/20/64 §

192,253

192,044

4.973%

(SOFR

0.664%)

due

05/20/65 §

478,761

477,537

5.023%

(SOFR

0.714%)

due

07/20/65

08/20/65

2,867,674

2,860,877

5.094%

(SOFR

0.750%)

due

10/20/72 §

2,317,735

2,319,193

5.144%

(SOFR

0.800%)

due

01/20/73 §

4,462,555

4,476,983

5.173%

(SOFR

0.864%)

due

01/20/66 §

2,538,084

2,536,911

5.224%

(SOFR

0.880%)

due

02/20/73

03/20/73

9,804,910

9,871,275

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.244%

(SOFR

0.900%)

due

01/20/73 §

7,491,124

7,497,392

5.314%

(SOFR

0.970%)

due

12/20/73 §

9,169,638

9,273,050

5.364%

(SOFR

1.020%)

due

12/20/72 §

3,134,383

3,177,836

6.522%

(SOFR

1.465%)

due

04/20/67 §

2,869,283

2,906,277

Great

Hall

Mortgages

No.

PLC

(United

Kingdom)

4.750%

(SOFR

0.392%)

due

06/18/39 ~ §

26,364

26,385

GreenPoint

Mortgage

Funding

Trust

4.975%

(SOFR

0.654%)

due

11/25/45 §

16,936

15,858

Mortgage-Backed

Securities

Corp.

Trust

2.500%

due

06/25/52 ~ §

5,628,735

4,602,925

HarborView

Mortgage

Loan

Trust

4.595%

(SOFR

0.434%)

due

05/25/38 §

561,428

450,572

Impac

CMB

Trust

4.975%

(SOFR

0.384%)

due

05/25/35 §

16,947

16,306

IndyMac

ARM

Trust

6.636%

due

01/25/32 §

4,918

4,746

Morgan

Alternative

Loan

Trust

4.795%

(SOFR

0.474%)

due

05/25/36 §

1,461,672

1,206,499

6.000%

due

12/27/36 ~

851,122

428,295

Morgan

Mortgage

Trust

4.473%

due

12/26/37 ~ §

2,661,363

2,353,285

4.735%

(SOFR

0.414%)

due

10/25/35 §

863,286

614,503

Lehman

Mortgage

Trust

5.750%

due

02/25/37

4,686,851

3,118,285

MASTR

Adjustable

Rate

Mortgages

Trust

6.868%

due

04/21/34 §

5,254

5,179

MASTR

Alternative

Loan

Trust

4.835%

(SOFR

0.514%)

due

03/25/36 §

688,084

66,358

Merrill

Lynch

Mortgage

Investors

Trust

5.050%

due

06/25/35 §

9,930

9,609

MetLife

Securitization

Trust

3.750%

due

03/25/57 ~ §

3,581,859

3,453,450

New

Residential

Mortgage

Loan

Trust

3.000%

due

03/25/52 ~ §

5,724,140

4,881,622

3.500%

due

12/25/57 ~ §

2,819,434

2,723,425

6.864%

due

10/25/63 ~ §

3,094,544

3,130,930

OBX

Trust

5.085%

(SOFR

0.764%)

due

06/25/57 ~ §

2,515,799

2,462,315

6.120%

due

11/25/62 ~ §

3,467,367

3,471,969

PHH

Alternative

Mortgage

Trust

4.755%

(SOFR

0.434%)

due

02/25/37 §

5,136,065

3,795,198

PRKCM

Trust

5.335%

due

08/25/57 ~ §

3,277,825

3,267,858

RAAC

Trust

5.735%

(SOFR

1.414%)

due

06/25/47 §

1,219,622

1,189,377

RBSSP

Resecuritization

Trust

6.250%

due

12/26/36 ~ §

626,648

212,343

Principal

Amount

Value

Reperforming

Loan

Trust

REMICS

4.775%

(SOFR

0.454%)

due

06/25/35 ~ §

570,310

547,271

Residential

Asset

Securitization

Trust

(IO)

0.515%

(4.836%

SOFR)

due

11/25/35 §

1,587,354

102,163

Resloc

U.K.

PLC

(United

Kingdom)

2.661%

(EURIBOR

0.160%)

due

12/15/43 ~ §

EUR

1,303,213

1,379,883

RFMSI

Trust

5.874%

due

09/25/35 §

340,813

219,442

RMAC

Securities

No.

PLC

(United

Kingdom)

5.070%

(SONIA

0.589%)

due

06/12/44 ~ §

GBP

2,761,860

3,488,976

Securitized

Asset-Backed

Receivables

LLC

Trust

5.095%

(SOFR

0.774%)

due

08/25/35 §

2,938,550

2,246,248

Sequoia

Mortgage

Trust

5.134%

(SOFR

0.814%)

due

07/20/33 §

119,593

118,612

Structured

Adjustable

Rate

Mortgage

Loan

Trust

3.979%

due

01/25/35 §

20,549

20,396

Structured

Asset

Mortgage

Investments

Trust

4.855%

(SOFR

0.534%)

due

05/25/36 §

359,747

256,903

4.895%

(SOFR

0.574%)

due

02/25/36 §

490,666

395,974

4.931%

(SOFR

0.614%)

due

07/19/35 §

39,801

38,407

4.995%

(SOFR

0.674%)

due

02/25/36 §

284,663

237,827

Structured

Asset

Mortgage

Investments

Trust

5.091%

(SOFR

0.774%)

due

09/19/32 §

6,410

6,179

Structured

Asset

Securities

Corp.

Trust

5.750%

due

04/25/35

2,147,166

1,165,161

Suntrust

Alternative

Loan

Trust

(IO)

0.665%

(4.986%

SOFR)

due

12/25/35 §

1,580,872

62,258

Towd

Point

Mortgage

Funding

Granite

PLC

(United

Kingdom)

5.470%

(SONIA

0.925%)

due

07/20/53 ~ §

GBP

3,629,319

4,701,846

Towd

Point

Mortgage

Trust

3.750%

due

07/25/62 ~ §

3,438,587

3,247,985

Trinity

Square

PLC

(United

Kingdom)

5.459%

(SONIA

0.900%)

due

07/15/59 ~ §

GBP

2,978,789

3,860,669

UWM

Mortgage

Trust

2.500%

due

11/25/51

12/25/51

~ §

14,289,143

11,910,305

Verus

Securitization

Trust

4.260%

due

02/25/67 ~ §

3,190,786

3,044,817

5.850%

due

12/25/67 ~ §

3,416,937

3,417,583

Wachovia

Mortgage

Loan

Trust

LLC

7.012%

due

05/20/36 §

1,177

1,132

WaMu

Mortgage

Pass-Through

Certificates

Trust

4.975%

(SOFR

0.654%)

due

12/25/45 §

12,952

12,983

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.015%

due

01/25/36 §

233,098

225,789

5.015%

(SOFR

0.694%)

due

10/25/45 §

13,057

12,985

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

0.415%

(4.736%

SOFR)

due

11/25/35 §

5,471,329

220,099

0.515%

(4.836%

SOFR)

due

11/25/35 §

1,667,709

82,668

5.465%

(US

FED

0.830%)

due

11/25/46 §

768,693

646,778

6.000%

due

07/25/36

1,009,191

811,346

Washington

Mutual

MSC

Mortgage

Pass-

Through

Certificates

Trust

6.725%

due

02/25/33 §

1,429

1,440

170,764,206

Federal

Home

Loan

Mortgage

Corp.

4.0%

3.000%

due

04/01/52

2,571,300

2,234,975

3.500%

due

08/01/27

06/01/48

5,195,159

4,752,734

4.000%

due

11/01/33

10/01/52

4,470,830

4,191,829

4.000%

due

09/01/52

23,577,200

22,011,701

4.500%

due

06/01/52

09/01/52

1,912,773

1,832,993

5.000%

due

12/01/52

09/01/53

20,702,377

20,415,920

5.500%

due

06/01/31

10/01/53

6,507,273

6,539,821

6.000%

due

05/01/29

07/01/54

6,011,147

6,108,831

6.262%

(UST

2.137%)

due

01/01/28 §

741

740

6.500%

due

11/01/53

01/01/54

1,006,281

1,039,612

6.582%

(UST

2.249%)

due

03/01/32 §

8,469

8,658

6.624%

(UST

2.249%)

due

03/01/32 §

11,587

11,744

7.000%

due

10/01/37

8,734

9,133

7.068%

(RFUCC

1.345%)

due

09/01/35 §

51,590

52,891

7.375%

(UST

2.250%)

due

07/01/32 §

1,672

1,699

69,213,281

Federal

National

Mortgage

Association

3.2%

2.500%

due

02/01/35

2,975,318

2,853,583

3.000%

due

04/01/27

04/01/52

17,371,530

15,128,238

3.500%

due

05/01/33

05/01/35

4,070,984

3,972,941

4.000%

due

04/01/25

10/01/52

4,901,398

4,628,450

4.378%

(US

FED

1.273%)

due

03/01/33 §

54,986

54,457

4.473%

(US

FED

1.255%)

due

05/01/36 §

5,502

5,446

4.500%

due

05/01/25

05/01/53

10,514,402

10,084,060

4.631%

(US

FED

1.255%)

due

05/01/36 §

195,411

192,598

4.658%

(US

FED

1.258%)

due

05/01/36 §

4,066

3,995

5.000%

due

05/01/25

07/01/53

8,745,556

8,623,582

5.500%

due

11/01/25

07/01/53

1,958,510

1,986,792

5.742%

(US

FED

1.733%)

due

09/01/34 §

14,018

13,981

5.886%

(US

FED

1.200%)

due

08/01/42

10/01/44

261,908

263,599

5.929%

(UST

1.695%)

due

02/01/33 §

77,330

78,072

5.960%

(RFUCC

1.335%)

due

12/01/34 §

139,474

140,427

Principal

Amount

Value

5.998%

(RFUCC

1.373%)

due

09/01/35 §

12,020

12,035

6.000%

due

11/01/34

03/01/54

2,995,013

3,064,167

6.020%

(RFUCC

1.395%)

due

12/01/34 §

1,305

1,317

6.163%

(RFUCC

1.413%)

due

07/01/33 §

5,979

5,977

6.163%

(RFUCC

1.538%)

due

01/01/36 §

4,716

4,741

6.175%

(UST

1.925%)

due

02/01/33 §

1,589

1,606

6.272%

(UST

2.025%)

due

01/01/34 §

2,842

2,928

6.355%

(RFUCC

1.605%)

due

08/01/36 §

15,460

15,631

6.378%

(UST

2.068%)

due

03/01/34 §

1,740

1,769

6.500%

due

09/01/28

12/01/53

2,036,811

2,105,485

6.527%

(RFUCC

1.652%)

due

03/01/33 §

980

995

6.574%

(RFUCC

1.550%)

due

09/01/33 §

6,811

6,905

6.830%

(RFUCC

1.455%)

due

04/01/35 §

56,570

56,911

6.919%

(RFUCC

1.174%)

due

08/01/35 §

51,546

51,837

6.930%

(UST

2.055%)

due

04/01/34 §

36,203

36,777

7.041%

(UST

2.360%)

due

11/01/34 §

470,184

490,535

7.069%

(RFUCC

1.256%)

due

07/01/35 §

105,300

106,188

7.375%

(RFUCC

2.250%)

due

06/01/34 §

1,483

1,495

7.465%

(RFUCC

1.840%)

due

09/01/35 §

12,766

13,058

7.500%

due

01/01/33

3,868

3,968

8.000%

due

05/01/30

54,014,643

Government

National

Mortgage

Association

5.0%

due

03/20/52 #

18,535,000

16,920,515

due

05/20/54 #

4,900,000

4,007,891

due

05/20/54 #

17,300,000

17,007,843

due

05/20/54 #

9,800,000

9,938,659

due

05/20/55 #

15,300,000

14,675,449

due

05/20/55 #

18,400,000

17,224,685

4.000%

due

03/15/44

09/15/49

689,414

651,298

4.625%

(UST

1.500%)

due

07/20/25

03/20/33

102,251

102,834

4.750%

(UST

1.500%)

due

11/20/26

12/20/32

41,508

41,905

4.875%

(UST

1.500%)

due

06/20/25

06/20/32

44,588

44,574

5.000%

(UST

1.500%)

due

06/20/25

09/20/30

5,061

5,075

5.000%

due

05/15/33

07/20/49

3,776,851

3,814,002

5.125%

(UST

2.000%)

due

03/20/29 §

12,681

12,819

6.000%

due

06/15/38

09/15/38

1,795

1,842

7.500%

due

07/15/31

12/15/31

7,774

8,172

8.000%

due

12/15/29

08/15/32

84,506

86,023

8.500%

due

09/15/29

12/15/30

69,103

69,362

84,612,948

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Uniform

Mortgage-Backed

Securities

41.9%

due

02/01/52 #

184,100,000

159,534,274

due

03/01/52 #

15,200,000

13,700,853

due

06/01/52 #

1,900,000

1,767,804

due

05/01/54 #

235,000,000

234,504,021

due

05/01/54 #

130,000,000

127,310,076

due

05/01/54 #

4,100,000

3,409,527

due

06/01/54 #

68,400,000

69,341,661

due

06/01/54 #

9,400,000

9,677,102

due

06/01/54 #

79,600,000

76,078,837

due

04/01/55 #

4,300,000

4,294,956

due

04/01/55 #

3,000,000

2,600,393

due

05/01/55 #

11,600,000

11,090,944

713,310,448

Total

Mortgage-Backed

Securities

(Cost

$1,247,128,043)

1,231,218,449

ASSET-BACKED

SECURITIES

11.1%

Automobile

Sequential

0.8%

Ally

Auto

Receivables

Trust

5.760%

due

11/15/26

124,270

124,311

CarMax

Auto

Owner

Trust

5.720%

due

11/16/26

517,630

518,237

Citizens

Auto

Receivables

Trust

5.840%

due

01/18/28 ~

5,159,978

5,201,358

Drive

Auto

Receivables

Trust

5.830%

due

12/15/26

193,636

193,725

FHF

Issuer

Trust

5.690%

due

02/15/30 ~

2,617,720

2,645,536

Santander

Drive

Auto

Receivables

Trust

5.710%

due

02/16/27

399,655

399,823

6.310%

due

07/15/27

322,319

322,446

SFS

Auto

Receivables

Securitization

Trust

5.350%

due

06/21/27 ~

1,179,249

1,180,811

Toyota

Auto

Loan

Extended

Note

Trust

4.930%

due

06/25/36 ~

2,400,000

2,440,341

13,026,588

Home

Equity

Other

5.1%

ABFC

Trust

5.260%

(SOFR

0.939%)

due

07/25/35 §

3,256,330

3,058,691

Argent

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates

5.195%

(SOFR

0.874%)

due

02/25/36 §

1,407,000

1,127,217

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust

5.455%

(SOFR

1.134%)

due

07/25/35 §

1,234,634

1,196,227

Citigroup

Mortgage

Loan

Trust,

Inc.

4.735%

(SOFR

0.414%)

due

12/25/36 §

8,215,579

2,985,319

4.755%

(SOFR

0.434%)

due

12/25/36 ~ §

1,684,783

922,805

Countrywide

Asset-Backed

Certificates

5.335%

(SOFR

1.014%)

due

03/25/47 ~ §

1,178,726

910,485

Principal

Amount

Value

Countrywide

Asset-Backed

Certificates

Trust

4.665%

(SOFR

0.344%)

due

10/25/47 §

76,620

75,989

4.715%

(SOFR

0.394%)

due

06/25/47 §

4,008,134

3,672,241

4.715%

(SOFR

0.394%)

due

03/25/37 §

1,073,342

1,048,187

FBR

Securitization

Trust

5.200%

(SOFR

0.879%)

due

09/25/35 §

21,331,682

20,861,083

GSAA

Home

Equity

Trust

4.775%

(SOFR

0.454%)

due

09/25/36 §

8,121,782

1,835,553

Home

Equity

Asset

Trust

5.215%

(SOFR

0.894%)

due

10/25/34 §

678,749

675,094

Home

Equity

Mortgage

Loan

Asset-Backed

Trust

4.755%

(SOFR

0.434%)

due

04/25/37 §

2,937,095

2,577,034

HSI

Asset

Securitization

Corp.

Trust

4.930%

(SOFR

0.609%)

due

02/25/36 §

350,940

334,442

IMC

Home

Equity

Loan

Trust

5.432%

due

08/20/29 §

234

232

IXIS

Real

Estate

Capital

Trust

4.635%

(SOFR

0.314%)

due

01/25/37 §

10,194,001

3,488,113

Morgan

Mortgage

Acquisition

Trust

4.870%

(SOFR

0.549%)

due

05/25/36 §

7,776,522

7,447,440

Lehman

ABS

Mortgage

Loan

Trust

4.525%

(SOFR

0.204%)

due

06/25/37 ~ §

731,704

484,973

MASTR

Asset-Backed

Securities

Trust

4.935%

(SOFR

0.614%)

due

04/25/36 §

6,847,684

1,391,605

Merrill

Lynch

Mortgage

Investors

Trust

5.185%

(SOFR

0.864%)

due

09/25/35 §

799,011

791,407

Morgan

Stanley

ABS

Capital

Inc.

Trust

4.495%

(SOFR

0.174%)

due

05/25/37 §

122,929

110,418

4.615%

(SOFR

0.294%)

due

05/25/37 §

5,376,056

4,829,160

4.615%

(SOFR

0.294%)

due

03/25/37 §

2,172,834

924,158

4.655%

(SOFR

0.334%)

due

11/25/36 §

4,978,726

2,384,502

4.685%

(SOFR

0.364%)

due

03/25/37 §

3,638,234

1,547,515

Morgan

Stanley

Capital

Inc.

Trust

4.795%

(SOFR

0.474%)

due

03/25/36 §

1,300,073

1,077,180

Option

One

Mortgage

Loan

Trust

4.715%

(SOFR

0.394%)

due

02/25/37 §

3,813,201

2,409,383

4.875%

(SOFR

0.554%)

due

02/25/37 §

10,742,138

5,064,739

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

5.260%

(SOFR

0.939%)

due

07/25/35 §

6,700,000

6,373,232

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Renaissance

Home

Equity

Loan

Trust

3.991%

(SOFR

0.994%)

due

08/25/33 §

116,627

107,830

Saxon

Asset

Securities

Trust

5.095%

(SOFR

0.774%)

due

10/25/35 §

1,578,002

1,523,865

Soundview

Home

Loan

Trust

4.655%

(SOFR

0.334%)

due

02/25/37 §

1,325,997

355,001

Structured

Asset

Investment

Loan

Trust

5.055%

(SOFR

0.734%)

due

01/25/36 §

3,707,027

3,478,863

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

4.705%

(SOFR

0.384%)

due

03/25/36 §

1,122,291

1,063,549

Terwin

Mortgage

Trust

4.855%

(SOFR

0.534%)

due

04/25/37 ~ §

104,284

101,541

86,235,073

Home

Equity

Sequential

0.0%

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

4.775%

(SOFR

0.454%)

due

12/25/36 §

106,925

104,247

Other

Asset-Backed

Securities

5.2%

ACAS

CLO

Ltd.

(Cayman)

5.445%

(SOFR

1.152%)

due

10/18/28 ~ §

84,349

Allegro

CLO

Ltd.

(Cayman)

5.543%

(SOFR

1.250%)

due

01/19/33 ~ §

4,400,000

4,400,958

Anchorage

Capital

CLO

Ltd.

(Cayman)

5.730%

(SOFR

1.440%)

due

04/22/34 ~ §

5,700,000

5,704,109

Avoca

CLO

XVII

DAC

(Netherlands)

3.605%

(EURIBOR

0.820%)

due

10/15/32 ~ §

EUR

5,619,938

6,050,416

Bain

Capital

Credit

CLO

Ltd.

(Cayman)

5.383%

(SOFR

1.090%)

due

10/21/34 ~ §

2,000,000

1,991,882

5.493%

(SOFR

1.200%)

due

10/20/34 ~ §

5,900,000

5,894,005

BlueMountain

CLO

Ltd.

(Cayman)

5.523%

(SOFR

1.200%)

due

11/15/30 ~ §

628,202

628,441

BlueMountain

Fuji

EUR

CLO

DAC

(Ireland)

3.695%

(EURIBOR

0.910%)

due

01/15/33 ~ §

EUR

4,297,519

4,649,006

Carlyle

Global

Market

Strategies

CLO

Ltd.

(Cayman)

5.383%

(SOFR

1.090%)

due

07/20/34 ~ §

6,000,000

5,978,379

Carlyle

U.S.

CLO

Ltd.

(Cayman)

5.452%

(SOFR

1.150%)

due

10/15/31 ~ §

1,866,480

1,866,771

CarVal

CLO

Ltd.

(Cayman)

5.538%

(SOFR

1.230%)

due

07/16/31 ~ §

4,179,394

4,181,854

Catamaran

CLO

Ltd.

(Cayman)

5.652%

(SOFR

1.362%)

due

04/22/30 ~ §

1,730,667

1,731,419

Principal

Amount

Value

CIFC

Funding

Ltd.

(Cayman)

5.505%

(SOFR

1.212%)

due

04/20/30 ~ §

355,816

355,962

CVC

Cordatus

Loan

Fund

DAC

(Ireland)

3.435%

(EURIBOR

0.650%)

due

10/15/31 ~ §

EUR

4,563,584

4,935,422

DLLAD

LLC

5.190%

due

04/20/26 ~

145,685

145,715

Dryden

Euro

CLO

DAC

(Ireland)

3.416%

(EURIBOR

0.860%)

due

05/15/34 ~ §

EUR

4,207,384

4,544,938

Dryden

Senior

Loan

Fund

(Cayman)

5.443%

(SOFR

1.150%)

due

10/19/29 ~ §

2,935,114

2,936,597

GreenSky

Home

Improvement

Issuer

Trust

5.120%

due

03/25/60 ~

3,600,000

3,605,479

Hayfin

Emerald

CLO

DAC

(Ireland)

4.094%

(EURIBOR

1.350%)

due

07/18/38 ~ §

EUR

3,600,000

3,898,323

Kubota

Credit

Owner

Trust

5.610%

due

07/15/26 ~

1,010,742

1,012,802

LCM

XXIV

Ltd.

(Cayman)

5.535%

(SOFR

1.242%)

due

03/20/30 ~ §

102,305

102,356

LCM

XXV

Ltd.

(Cayman)

5.393%

(SOFR

1.100%)

due

07/20/30 ~ §

673,058

673,323

Magnetite

XXV

Ltd.

(Cayman)

5.762%

(SOFR

1.462%)

due

01/25/32 ~ §

2,116,481

2,119,194

Marathon

CLO

XIII

Ltd.

(Cayman)

5.502%

(SOFR

1.200%)

due

04/15/32 ~ §

4,015,341

4,016,381

Nelnet

Student

Loan

Trust

6.544%

(SOFR

2.200%)

due

02/20/41 ~ §

1,376,799

1,409,731

6.640%

due

02/20/41 ~

1,376,799

1,425,021

OZLM

XVII

Ltd.

(Cayman)

5.443%

(SOFR

1.150%)

due

07/20/30 ~ §

675,553

675,844

Pagaya

Debt

Trust

6.258%

due

10/15/31 ~

2,140,358

2,157,949

8.050%

due

03/15/30 ~ §

127,593

127,956

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

2,400,000

2,408,211

Regatta

XIX

Funding

Ltd.

(Cayman)

5.613%

(SOFR

1.320%)

due

04/20/35 ~ §

1,800,000

1,801,338

SMB

Private

Education

Loan

Trust

5.500%

due

06/17/52 ~

2,783,436

2,841,838

Sound

Point

CLO

XVI

Ltd.

(Cayman)

5.542%

(SOFR

1.242%)

due

07/25/30 ~ §

507,211

506,943

THL

Credit

Wind

River

CLO

Ltd.

(Cayman)

5.555%

(SOFR

1.262%)

due

10/18/30 ~ §

488,611

488,623

Venture

XXIX

CLO

Ltd.

(Cayman)

5.575%

(SOFR

1.252%)

due

09/07/30 ~ §

96,128

96,165

Voya

CLO

Ltd.

(Cayman)

5.493%

(SOFR

1.200%)

due

07/20/32 ~ §

2,655,652

2,655,224

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.514%

(SOFR

1.212%)

due

04/17/30 ~ §

971,939

971,009

89,073,933

Total

Asset-Backed

Securities

(Cost

$201,847,184)

188,439,841

U.S.

GOVERNMENT

AGENCY

ISSUES

2.1%

Federal

Home

Loan

Mortgage

Corp.

0.680%

due

08/06/25

35,600,000

35,148,209

Total

U.S.

Government

Agency

Issues

(Cost

$35,600,000)

35,148,209

U.S.

TREASURY

OBLIGATIONS

18.7%

U.S.

Treasury

Bonds

13.7%

1.375%

due

11/15/40

25,850,000

16,794,364

1.875%

due

02/15/41

4,700,000

3,299,363

2.000%

due

02/15/50

4,600,000

2,784,797

2.250%

due

08/15/49

4,400,000

2,839,375

2.375%

due

11/15/49 ‡

1,300,000

860,361

2.500%

due

02/15/45 ‡

1,300,000

937,650

2.750%

due

08/15/42

26,200,000

20,449,201

2.875%

due

05/15/43

5,500,000

4,333,506

2.875%

due

08/15/45

9,200,000

7,048,961

3.000%

due

02/15/48

5,700,000

4,346,473

3.000%

due

08/15/48 ‡

600,000

455,789

3.000%

due

02/15/49 ‡

1,200,000

907,758

3.125%

due

08/15/44

35,400,000

28,554,840

3.250%

due

05/15/42

51,000,000

43,088,893

3.375%

due

11/15/48 ‡

1,800,000

1,461,481

3.625%

due

02/15/44

13,500,000

11,816,291

3.750%

due

11/15/43

20,900,000

18,663,928

3.875%

due

02/15/43

7,300,000

6,683,920

3.875%

due

05/15/43

5,900,000

5,387,322

4.250%

due

05/15/39 ‡

4,900,000

4,828,988

4.375%

due

11/15/39

20,700,000

20,603,489

4.500%

due

08/15/39

7,700,000

7,780,008

4.500%

due

11/15/54

12,100,000

11,926,501

4.625%

due

02/15/40

5,500,000

5,619,238

4.625%

due

05/15/44 ‡

500,000

501,807

4.625%

due

02/15/55

900,000

906,188

232,880,492

U.S.

Treasury

Inflation

Protected

Securities

4.5%

0.125%

due

07/15/31 ^ ‡

13,509,000

12,409,265

0.125%

due

01/15/32 ^ ‡

5,041,300

4,564,585

0.125%

due

02/15/51 ^

10,247,244

5,900,339

0.125%

due

02/15/52 ^

2,167,748

1,229,221

0.250%

due

02/15/50 ^

3,335,472

2,038,795

0.750%

due

02/15/45 ^

7,552,944

5,737,633

0.875%

due

02/15/47 ^

4,473,448

3,389,258

1.000%

due

02/15/46 ^

3,082,966

2,434,474

1.000%

due

02/15/48 ^

13,008,295

10,007,172

1.000%

due

02/15/49 ^

1,767,024

1,346,025

1.250%

due

04/15/28 ^ ‡

7,941,450

7,945,426

1.500%

due

02/15/53 ^

13,355,750

11,123,914

2.125%

due

02/15/54 ^

7,968,499

7,652,692

75,778,799

Principal

Amount

Value

U.S.

Treasury

Notes

0.0%

2.250%

due

08/15/27 ‡

20,000

19,265

U.S.

Treasury

Strip

Coupons

0.5%

due

02/15/42

12,200,000

5,486,616

due

08/15/41

3,900,000

1,798,736

due

05/15/41

2,600,000

1,216,295

due

11/15/41

600,000

272,987

8,774,634

Total

U.S.

Treasury

Obligations

(Cost

$369,108,141)

317,453,190

FOREIGN

GOVERNMENT

BONDS

NOTES

6.6%

Brazil

Government

(Brazil)

6.125%

due

03/15/34

4,400,000

4,288,331

Brazil

Letras

Tesouro

Nacional

(Brazil)

14.280%

due

10/01/25

BRL

21,000,000

3,434,125

Chile

Government

(Chile)

3.500%

due

01/31/34

7,000,000

6,183,100

CPPIB

Capital,

Inc.

(Canada)

4.300%

due

06/02/34 ~

CAD

2,500,000

1,840,659

European

Union

(Multi-National)

2.875%

due

10/05/29 ~

EUR

8,000,000

8,755,532

Hydro-Quebec

(Canada)

8.625%

due

06/15/29

1,000,000

1,162,052

Italy

Buoni

Poliennali

Del

Tesoro

(Italy)

1.300%

due

05/15/28 ^ ~

EUR

6,034,176

6,665,403

Japan

Government

Forty

Year

(Japan)

2.200%

due

03/20/64

JPY

332,000,000

1,969,584

2.300%

due

12/20/54

480,000,000

3,082,005

Japan

Government

Twenty

Year

(Japan)

2.000%

due

12/20/44

790,000,000

5,102,064

Korea

Development

Bank

(South

Korea)

5.062%

(SOFR

0.700%)

due

10/23/26 §

900,000

906,160

Mexico

Government

(Mexico)

6.000%

due

05/07/36

900,000

871,605

Mexico

Udibonos

(Mexico)

4.000%

due

08/24/34 ^

MXN

4,210,967

191,312

Peruvian

Government

(Peru)

6.150%

due

08/12/32 ~

PEN

26,900,000

7,356,007

6.950%

due

08/12/31 ~

8,200,000

2,385,127

Province

British

Columbia

(Canada)

4.150%

due

06/18/34

CAD

1,200,000

871,358

Province

Ontario

(Canada)

3.650%

due

06/02/33

3,800,000

2,686,763

Province

Quebec

(Canada)

3.600%

due

09/01/33

6,900,000

4,846,806

4.450%

due

09/01/34

13,200,000

9,796,004

Republic

Poland

Government

(Poland)

5.125%

due

09/18/34

2,300,000

2,282,084

Republic

South

Africa

Government

(South

Africa)

8.500%

due

01/31/37

ZAR

55,000,000

2,494,798

8.875%

due

02/28/35

120,800,000

5,899,254

Romania

Government

(Romania)

3.000%

due

02/27/27 ~

6,500,000

6,255,667

Saudi

Government

(Saudi

Arabia)

4.750%

due

01/16/30 ~

4,400,000

4,401,430

4.875%

due

07/18/33 ~

5,000,000

4,943,295

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with

total

aggregate

value

$1,605,730

0.1%

the

Fund’s

net

assets were

default.

(b)

March

31,

2025,

investments with a

total

aggregate

value

$875,719

or 0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(c)

March

31,

2025,

the

average

amount

borrowings

the

Fund

reverse

repurchase

agreements

during

the

period

was

$1,669,794

weighted

average

interest

rate

4.3%.

March

31,

2025,

the

average

amount

borrowings

the

Fund

sale-buyback

financing

transactions

during

the

period

was

$171,612,030

weighted

average

interest

rate

4.4%.

(d)

March

31,

2025,

securities

sold

short

outstanding

were

follows:

(e)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Principal

Amount

Value

State

Israel

(Israel)

3.800%

due

05/13/60 ~

9,000,000

5,787,419

U.K.

Gilts

(United

Kingdom)

4.375%

due

07/31/54 ~

GBP

7,247,000

8,102,193

Total

Foreign

Government

Bonds

Notes

(Cost

$117,482,710)

112,560,137

SHORT-TERM

INVESTMENTS

0.0%

Commercial

Paper

0.0%

Alimentation

Couche-Tard,

Inc.

(Canada)

4.550%

due

04/14/25 ~

400,000

399,285

U.S.

Treasury

Bills

0.0%

4.147%

due

04/17/25 ‡

518,000

517,021

Total

Short-Term

Investments

(Cost

$916,378)

916,306

TOTAL

INVESTMENTS

153.3%

(Cost

$2,705,709,745)

2,609,754,557

TOTAL

SECURITIES

SOLD

SHORT

(0.5%)

(Proceeds

$7,999,094)

(

8,015,857

)

DERIVATIVES

0.1%

1,768,409

OTHER

ASSETS

LIABILITIES,

NET

(52.9%)

(

908,992,736

)

NET

ASSETS

100.0%

1,702,530,230

Description

Principal

Amount

Value

Mortgage-Backed

Securities

(0.5%)

Uniform

Mortgage-Backed

Securities

6.000%

due

05/01/54

7,900,000

(

8,015,857

)

Total

Securities

Sold

Short

(Proceeds

$7,999,094)

(

8,015,857

)

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

11,324,053

11,394,453

70,400

CBOT

Year

U.S.

Treasury

Notes

06/25

1,701

181,681,391

183,973,781

2,292,390

CBOT

Year

U.S.

Treasury

Notes

06/25

747

81,623,316

83,080,406

1,457,090

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(f)

March

31,

2025,

forward

foreign

currency

contracts

outstanding

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ICE

Long

Gilt

06/25

8,400,229

8,290,835

(

109,394

)

Montreal

Exchange

Year

Canadian

Bond

06/25

283

24,051,146

24,415,031

363,885

4,074,371

Short

Futures

Outstanding

CBOT

U.S.

Long

Bond

06/25

2,059,709

2,111,063

(

51,354

)

CBOT

Ultra

Year

U.S.

Treasury

Notes

06/25

1,072

120,916,749

122,342,000

(

1,425,251

)

Eurex

Year

Euro

BOBL

06/25

128,500

127,366

1,134

Eurex

Year

Euro

BUND

06/25

226

32,265,167

31,482,667

782,500

(

692,971

)

Total

Futures

Contracts

3,381,400

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

AUD

14,591,000

USD

9,199,626

04/25

DUB

–

(

82,439

)

AUD

2,832,000

USD

1,791,919

04/25

JPM

–

(

22,343

)

BRL

2,277,032

USD

400,000

04/25

BNP

–

(

972

)

BRL

7,483,063

USD

1,292,352

04/25

BNP

18,983

–

BRL

148,059,575

USD

25,805,981

04/25

CIT

140,023

–

BRL

28,870,493

USD

4,929,060

04/25

GSC

130,214

–

BRL

500,000

USD

87,075

04/25

JPM

546

–

BRL

150,964,149

USD

26,032,988

07/25

CIT

–

(

88,559

)

CAD

45,672,804

USD

32,063,783

04/25

CIT

–

(

324,085

)

CAD

14,908

USD

10,419

04/25

HSB

–

(

)

CHF

9,711,310

USD

10,993,274

04/25

HSB

–

(

16,322

)

CHF

21,697

USD

24,143

04/25

JPM

383

–

CNH

471,733

USD

65,184

05/25

BNP

–

(

)

CNH

5,321,076

USD

730,550

05/25

BNP

3,797

–

CNH

2,736,375

USD

373,832

05/25

BOA

3,807

–

CNH

2,660,699

USD

363,285

05/25

GSC

3,911

–

CNH

476,138

USD

65,774

05/25

HSB

–

(

)

CNH

2,774,646

USD

382,009

05/25

HSB

912

–

CNH

2,843,885

USD

389,340

05/25

JPM

3,137

–

CNH

988,112

USD

137,070

05/25

SCB

–

(

703

)

CNH

11,916,000

USD

1,651,843

06/25

BNP

–

(

3,237

)

CNH

43,814,076

USD

6,031,347

06/25

BNP

30,433

–

CNH

7,027,638

USD

961,724

06/25

BOA

10,566

–

CNH

2,913,000

USD

402,575

06/25

GSC

445

–

CNH

20,529,039

USD

2,812,698

06/25

JPM

27,542

–

CNH

2,161,734

USD

299,970

07/25

HSB

–

(

341

)

CNH

1,718,331

USD

238,465

07/25

JPM

–

(

295

)

CNH

1,703,060

USD

235,597

07/25

JPM

457

–

CNH

2,167,753

USD

300,035

08/25

HSB

1,100

–

CNH

4,413,324

USD

613,507

08/25

JPM

–

(

428

)

CNH

2,843,973

USD

393,186

08/25

JPM

1,886

–

EUR

2,122,000

USD

2,309,104

04/25

BOA

–

(

14,586

)

EUR

6,733,000

USD

7,271,779

04/25

BOA

8,611

–

EUR

3,163,000

USD

3,439,446

04/25

CIT

–

(

19,295

)

EUR

2,000,000

USD

2,173,443

04/25

HSB

–

(

10,844

)

EUR

54,330,000

USD

58,600,338

04/25

JPM

146,674

–

GBP

18,983,000

USD

24,598,171

04/25

BRC

–

(

76,894

)

GBP

6,047,000

USD

7,643,132

04/25

CIT

168,076

–

IDR

42,552,580,892

USD

2,587,695

04/25

BNP

–

(

34,691

)

IDR

17,620,142,118

USD

1,076,335

04/25

BRC

–

(

19,584

)

IDR

30,396,693,194

USD

1,857,775

04/25

CIT

–

(

34,553

)

IDR

28,962,348,676

USD

1,744,194

04/25

DUB

–

(

6,651

)

IDR

35,064,446,666

USD

2,129,906

04/25

GSC

–

(

26,558

)

IDR

6,408,013,032

USD

389,861

04/25

JPM

–

(

5,534

)

IDR

21,953,454,869

USD

1,341,808

04/25

SCB

–

(

25,171

)

IDR

345,600,658

USD

20,862

04/25

UBS

–

(

104

)

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

IDR

1,981,084,308

USD

119,364

05/25

BNP

–

(

628

)

IDR

1,976,168,844

USD

118,946

05/25

CIT

–

(

504

)

IDR

21,004,090,080

USD

1,263,784

05/25

GSC

–

(

4,902

)

IDR

346,086,698

USD

20,833

05/25

UBS

–

(

)

ILS

723,000

USD

196,964

04/25

BRC

–

(

2,454

)

INR

34,914,555

USD

407,731

04/25

BNP

–

(

)

INR

148,395,730

USD

1,708,313

04/25

BNP

25,876

–

INR

3,478,056

USD

40,590

04/25

BRC

–

INR

97,871,608

USD

1,123,656

04/25

CIT

19,184

–

INR

23,859,426

USD

277,381

04/25

DUB

1,176

–

INR

52,382,058

USD

603,453

04/25

HSB

8,563

–

INR

119,044,679

USD

1,368,949

04/25

JPM

21,191

–

INR

138,965,358

USD

1,619,936

05/25

BNP

1,902

–

INR

15,465,084

USD

179,994

05/25

BOA

529

–

JPY

215,139,245

USD

1,443,044

04/25

BNP

–

(

8,687

)

JPY

91,230,284

USD

606,933

04/25

BNP

1,309

–

JPY

179,085,907

USD

1,201,402

04/25

JPM

–

(

7,416

)

JPY

272,158,790

USD

1,803,451

04/25

JPM

11,062

–

JPY

330,587,212

USD

2,197,736

04/25

SCB

6,326

–

JPY

164,084,648

USD

1,102,838

04/25

UBS

–

(

8,867

)

KRW

2,056,529,962

USD

1,416,169

04/25

BNP

–

(

19,769

)

KRW

128,727,964

USD

87,971

04/25

CIT

–

(

521

)

KRW

175,388,521

USD

119,918

04/25

GSC

–

(

769

)

KRW

128,671,223

USD

87,971

04/25

JPM

–

(

559

)

KRW

128,534,428

USD

87,971

04/25

SCB

–

(

652

)

KRW

299,626,853

USD

205,082

06/25

BOA

–

(

990

)

KRW

456,221,468

USD

311,983

06/25

GSC

–

(

1,226

)

MXN

93,995,000

USD

4,588,858

06/25

JPM

–

(

42,536

)

NOK

1,207,102

USD

114,976

04/25

BNP

–

(

240

)

NZD

12,042

USD

6,878

04/25

DUB

–

(

)

NZD

12,042

USD

6,924

05/25

DUB

–

(

)

PEN

12,816,257

USD

3,519,983

04/25

CIT

–

(

33,956

)

PEN

13,383,894

USD

3,650,817

04/25

DUB

–

(

8,885

)

PLN

16,028,175

USD

4,146,660

06/25

BNP

–

(

18,539

)

PLN

1,748,409

USD

451,263

06/25

BRC

–

(

926

)

PLN

15,340,143

USD

3,972,566

06/25

GSC

–

(

22,515

)

PLN

1,440,332

USD

373,177

06/25

HSB

–

(

2,398

)

PLN

12,378,442

USD

3,197,069

06/25

JPM

–

(

9,660

)

SGD

4,810,772

USD

3,590,581

04/25

BNP

–

(

9,939

)

SGD

3,845,714

USD

2,872,079

04/25

DUB

–

(

9,726

)

THB

278,857

USD

8,310

05/25

CIT

–

(

)

TRY

226,334,331

USD

5,887,258

04/25

BRC

–

(

65,262

)

TRY

25,706,281

USD

668,546

04/25

BRC

2,986

–

TRY

323,014,226

USD

8,207,043

05/25

BRC

–

(

213,538

)

TRY

47,941,103

USD

1,077,658

05/25

JPM

131,143

–

TRY

121,866,286

USD

3,056,906

06/25

BRC

–

(

136,666

)

TRY

79,492,432

USD

2,008,095

06/25

JPM

–

(

70,205

)

TWD

127,610,500

USD

3,895,021

04/25

BNP

–

(

52,131

)

TWD

201,940,694

USD

6,152,755

04/25

CIT

–

(

71,518

)

TWD

66,233,606

USD

2,016,175

04/25

HSB

–

(

21,512

)

TWD

89,845,493

USD

2,740,424

04/25

JPM

–

(

34,676

)

TWD

7,824,475

USD

239,339

04/25

MSC

–

(

3,701

)

TWD

19,222,351

USD

584,266

04/25

SCB

–

(

5,374

)

USD

10,836,400

AUD

17,423,000

04/25

BRC

–

(

50,362

)

USD

9,201,734

AUD

14,591,000

05/25

DUB

82,329

–

USD

1,694,267

BRL

9,760,095

04/25

BNP

–

(

16,095

)

USD

26,032,988

BRL

148,059,575

04/25

CIT

86,984

–

USD

1,666,695

BRL

9,570,493

04/25

GSC

–

(

10,442

)

USD

3,462,043

BRL

19,300,000

04/25

GSC

79,905

–

USD

88,955

BRL

500,000

04/25

JPM

1,335

–

USD

904,531

BRL

5,500,000

10/25

BNP

–

(

18,110

)

USD

2,543,586

BRL

15,500,000

10/25

GSC

–

(

56,584

)

USD

30,880

CAD

44,419

04/25

DUB

–

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

USD

596,319

CAD

856,000

04/25

GSC

1,453

–

USD

240,824

CAD

347,000

04/25

MSC

–

(

319

)

USD

31,219,382

CAD

44,440,266

04/25

MSC

336,220

–

USD

32,063,783

CAD

45,606,236

05/25

CIT

323,833

–

USD

10,419

CAD

14,886

05/25

HSB

–

USD

200,174

CHF

176,000

04/25

CIT

1,237

–

USD

10,077,193

CHF

9,031,851

04/25

DUB

–

(

131,750

)

USD

602,104

CHF

533,000

04/25

HSB

–

(

360

)

USD

10,993,274

CHF

9,676,545

05/25

HSB

16,298

–

USD

300,035

CNH

2,179,754

05/25

HSB

–

(

787

)

USD

299,970

CNH

2,169,983

05/25

HSB

497

–

USD

628,783

CNH

4,569,291

05/25

JPM

–

(

1,812

)

USD

851,972

CNH

6,162,689

05/25

JPM

1,477

–

USD

477,721

CNH

3,466,000

06/25

BNP

–

(

1,808

)

USD

779,819

CNH

5,664,000

06/25

BOA

–

(

3,809

)

USD

201,328

CNH

1,451,000

06/25

BOA

578

–

USD

5,101,384

CNH

37,232,000

06/25

BRC

–

(

49,750

)

USD

4,639,405

CNH

33,449,000

06/25

BRC

11,658

–

USD

503,376

CNH

3,648,000

06/25

CIT

–

(

1,333

)

USD

7,493,859

CNH

54,349,000

06/25

GSC

–

(

25,452

)

USD

1,213,761

CNH

8,699,000

08/25

BRC

5,334

–

USD

71,668,209

EUR

68,348,000

04/25

BNP

–

(

2,236,461

)

USD

58,695,633

EUR

54,330,000

05/25

JPM

–

(

146,456

)

USD

120,624

GBP

94,000

04/25

HSB

–

(

800

)

USD

31,596,403

GBP

24,936,000

04/25

MSC

–

(

614,658

)

USD

24,596,387

GBP

18,983,000

05/25

BRC

76,761

–

USD

435,403

IDR

7,219,197,321

04/25

BNP

2,281

–

USD

450,557

IDR

7,477,691,371

04/25

CIT

1,978

–

USD

1,263,784

IDR

20,985,133,320

04/25

GSC

4,819

–

USD

207,922

IDR

3,427,258,900

04/25

JPM

2,362

–

USD

20,833

IDR

345,600,658

04/25

UBS

–

USD

10,884

IDR

181,630,015

05/25

BNP

–

(

)

USD

499,387

IDR

8,307,091,010

05/25

BNP

1,537

–

USD

77,583

IDR

1,294,705,104

05/25

BOA

–

(

)

USD

96,683

IDR

1,607,741,607

05/25

BOA

328

–

USD

19,970

IDR

333,249,375

05/25

CIT

–

(

)

USD

583,087

IDR

9,684,481,183

05/25

CIT

2,707

–

USD

76,044

IDR

1,264,290,135

05/25

DUB

274

–

USD

21,785

IDR

363,526,731

05/25

GSC

–

(

)

USD

266,860

IDR

4,450,044,244

05/25

GSC

174

–

USD

116,165

IDR

1,931,195,897

05/25

HSB

431

–

USD

197,571

IDR

3,280,065,444

05/25

JPM

997

–

USD

113,022

IDR

1,881,115,010

05/25

MSC

284

–

USD

45,385

IDR

754,071,775

05/25

SCB

194

–

USD

260,342

ILS

960,000

04/25

BNP

2,071

–

USD

1,695,042

ILS

6,178,464

04/25

CIT

32,841

–

USD

1,714,918

ILS

6,236,728

04/25

DUB

37,041

–

USD

1,838,223

ILS

6,692,041

04/25

JPM

37,853

–

USD

407,731

INR

34,852,050

04/25

BNP

–

USD

39,760

INR

3,482,095

04/25

BRC

–

(

976

)

USD

40,590

INR

3,487,960

05/25

BRC

–

(

111

)

USD

8,448,918

JPY

1,252,600,000

04/25

CIT

97,695

–

USD

199,263

JPY

29,900,000

04/25

JPM

–

(

)

USD

606,933

JPY

90,924,572

05/25

BNP

–

(

1,314

)

USD

1,921,739

JPY

288,600,000

05/25

HSB

–

(

8,874

)

USD

202,683

JPY

30,152,761

05/25

HSB

973

–

USD

1,803,451

JPY

271,246,244

05/25

JPM

–

(

11,073

)

USD

934,271

JPY

140,347,292

05/25

SCB

–

(

4,594

)

USD

205,082

KRW

300,758,905

04/25

BOA

931

–

USD

311,983

KRW

457,884,712

04/25

GSC

1,168

–

USD

2,989,008

KRW

4,257,991,346

06/25

BNP

89,588

–

USD

4,195,425

KRW

6,004,362,538

06/25

CIT

106,612

–

USD

8,497,039

KRW

12,187,894,604

06/25

DUB

199,829

–

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(g)

March

31,

2025,

purchased

options

outstanding

were

follows:

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

USD

128,620

KRW

185,061,028

06/25

HSB

2,565

–

USD

19,598

NOK

218,897

04/25

BOA

–

(

1,208

)

USD

181,282

NOK

2,020,567

04/25

BRC

–

(

10,774

)

USD

114,976

NOK

1,207,094

05/25

BNP

239

–

USD

98,396

NOK

1,035,552

05/25

BRC

–

(

)

USD

6,919

NZD

12,042

04/25

DUB

–

USD

891,733

PEN

3,316,801

04/25

CIT

–

(

10,438

)

USD

3,893,269

PEN

14,558,688

04/25

GSC

–

(

67,184

)

USD

3,540,142

PEN

13,371,116

04/25

SCB

–

(

98,313

)

USD

3,519,983

PEN

12,857,793

09/25

CIT

34,694

–

USD

3,650,817

PEN

13,424,783

09/25

DUB

10,742

–

USD

198,259

PLN

766,000

06/25

BNP

961

–

USD

199,879

SGD

266,000

04/25

BNP

1,896

–

USD

118,448

SGD

159,550

04/25

DUB

–

(

304

)

USD

409,582

SGD

548,255

04/25

DUB

1,518

–

USD

3,741,233

SGD

4,997,913

04/25

HSB

21,302

–

USD

439,785

SGD

587,346

04/25

JPM

2,625

–

USD

1,565,581

SGD

2,095,515

04/25

MSC

5,896

–

USD

3,590,581

SGD

4,803,124

05/25

BNP

9,621

–

USD

2,872,079

SGD

3,840,128

05/25

DUB

9,079

–

USD

132,989

TRY

5,315,570

04/25

BRC

–

(

3,235

)

USD

64,896

TRY

2,606,386

04/25

GSC

–

(

1,899

)

USD

124,989

TRY

5,025,198

04/25

JPM

–

(

3,794

)

USD

270,269

TRY

11,372,168

06/25

BRC

–

(

2,363

)

USD

4,745,523

TWD

155,752,074

04/25

BNP

55,481

–

USD

8,743,715

TWD

286,231,364

04/25

CIT

123,707

–

USD

1,206,062

TWD

39,015,638

04/25

HSB

31,084

–

USD

763,707

TWD

25,042,716

04/25

JPM

9,531

–

USD

636,714

TWD

20,664,553

04/25

SCB

14,389

–

USD

1,715,787

TWD

55,772,975

07/25

BNP

26,272

–

USD

2,772,551

TWD

90,206,191

07/25

CIT

39,961

–

USD

434,454

TWD

14,131,540

07/25

GSC

6,372

–

USD

1,042,103

TWD

33,963,179

07/25

HSB

13,266

–

USD

1,733,534

TWD

56,388,957

07/25

JPM

25,360

–

USD

1,781,263

TWD

58,058,843

08/25

BNP

17,727

–

USD

8,900

TWD

290,160

08/25

BOA

–

USD

3,930,180

TWD

128,104,334

08/25

CIT

39,014

–

USD

974,072

TWD

31,870,662

08/25

HSB

6,001

–

USD

1,947,897

TWD

63,498,907

08/25

JPM

19,119

–

USD

584,266

TWD

19,063,139

08/25

SCB

5,224

–

USD

646,800

ZAR

11,804,055

04/25

BNP

3,704

–

USD

795,992

ZAR

14,552,802

04/25

BOA

3,142

–

USD

353,318

ZAR

6,447,000

04/25

JPM

2,079

–

ZAR

17,523,883

USD

958,585

04/25

MSC

–

(

3,867

)

Total

Forward

Foreign

Currency

Contracts

3,126,675

(

5,304,150

)

Interest

Rate

Swaptions

Description

Pay/Receive

Floating

Rate

Floating

Rate

Index

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

Cost

Value

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.163%

05/06/25

MSC

4,700,000

8,460

4,462

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.600%

06/09/25

DUB

46,300,000

46,300

38,267

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.460%

06/16/25

MSC

28,100,000

30,910

18,636

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.570%

06/20/25

MSC

57,000,000

65,550

54,834

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.600%

06/26/25

MSC

51,100,000

56,210

58,188

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.360%

07/14/25

BOA

49,900,000

49,900

42,874

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(h)

March

31,

2025,

premiums

received,

and

value

written

options

outstanding

were

follows:

Description

Pay/Receive

Floating

Rate

Floating

Rate

Index

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

Cost

Value

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.450%

07/17/25

MSC

85,700,000

81,415

95,170

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.500%

07/21/25

CIT

96,300,000

81,855

122,879

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.650%

08/04/25

MSC

192,800,000

236,180

387,432

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.650%

08/12/25

JPM

125,700,000

106,845

272,002

Call

Year

Interest

Rate

Swap

Pay

SOFR

3.700%

08/13/25

JPM

24,100,000

24,100

58,124

787,725

1,152,868

Total

Purchased

Options

787,725

1,152,868

Credit

Default

Swaptions

Credit

Indices

Buy

Protection

(1)

Description

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

(2)

Premium

Value

(3)

Put

CDX.NA.IG.S43

0.700%

05/21/25

GSC

2,900,000

3,988

(

2,359

)

Put

CDX.NA.IG.S43

0.700%

06/18/25

GSC

2,900,000

5,510

(

3,679

)

Put

CDX.NA.IG.S43

0.750%

06/18/25

GSC

5,900,000

7,729

(

6,058

)

Put

CDX.NA.IG.S44

1.000%

07/16/25

JPM

2,600,000

2,665

(

2,304

)

19,892

(

14,400

)

(1) If

the

Fund

buyer

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swaption

agreement,

the

Fund

will

either

(i)

receive

from

the

seller

protection

amount

equal

the

notional

amount

the

swaption

and

deliver

the

referenced

obligation

underlying

investments

comprising

the

referenced

index

(ii)

receive

net

settlement

amount

the

form

cash

investments

equal

the

notional

amount

the

swaption

less

the

recovery

value

the

referenced

obligation

underlying

investments

comprising

the

referenced

index.

(2) The

maximum

potential

amount

the

Fund

could

required

pay

seller

credit

protection

receive

buyer

credit

protection

credit

event

occurs

defined

under

the

terms

that

particular

swaption

agreement.

(3) The

quoted

market

prices

and

resulting

values

for

credit

default

swaption

agreements

credit

indices

serve

indicator

the

current

status

the

payment/

performance

risk

and

represent

the

likelihood

expected

liability

(or

profit)

for

the

credit

derivative

had

the

notional

amount

the

swaption

agreement

been

closed/

sold

period

end.

Increasing

values

(buy

protection)

decreasing

values

(sell

protection),

when

compared

the

notional

amount

the

swaption,

represent

deterioration

the

referenced

entity's

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

Interest

Rate

Swaptions

Description

Pay/Receive

Floating

Rate

Floating

Rate

Index

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

Premium

Value

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.400%

04/07/25

BNP

EUR

1,400,000

2,824

(

3,635

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.510%

04/07/25

BRC

400,000

1,388

(

282

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.520%

04/07/25

MSC

400,000

1,510

(

329

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.535%

04/10/25

GSC

2,300,000

9,717

(

2,924

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.550%

04/11/25

BRC

EUR

800,000

3,058

(

1,865

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.550%

04/14/25

BRC

800,000

2,862

(

2,059

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.710%

04/14/25

MSC

1,400,000

6,160

(

7,412

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.723%

04/14/25

GSC

1,300,000

5,915

(

7,440

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.695%

04/17/25

GSC

1,300,000

5,772

(

6,961

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.710%

04/21/25

GSC

1,300,000

5,135

(

8,202

)

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.350%

04/25/25

CIT

EUR

1,100,000

1,965

(

3,636

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.713%

04/28/25

GSC

1,300,000

4,895

(

9,776

)

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Description

Pay/Receive

Floating

Rate

Floating

Rate

Index

Exercise

Rate

Expiration

Date

Counter-

party

Notional

Amount

Premium

Value

Call

Year

Interest

Rate

Swap

Receive

Month

EURIBOR

2.450%

04/30/25

BRC

EUR

800,000

2,606

(

1,759

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.600%

04/30/25

GSC

1,300,000

5,548

(

5,965

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.626%

06/09/25

DUB

5,500,000

46,218

(

54,910

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.490%

06/16/25

MSC

3,300,000

31,034

(

23,718

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.580%

06/20/25

MSC

6,700,000

64,719

(

65,490

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.670%

06/26/25

MSC

6,000,000

56,170

(

78,494

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.519%

07/14/25

BOA

5,900,000

49,580

(

58,665

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.515%

07/17/25

MSC

10,200,000

81,429

(

103,637

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.489%

07/21/25

CIT

11,500,000

82,143

(

111,815

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.708%

08/04/25

MSC

22,800,000

234,706

(

399,046

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.739%

08/12/25

JPM

14,800,000

107,064

(

286,476

)

Call

Year

Interest

Rate

Swap

Receive

SOFR

3.757%

08/13/25

JPM

2,800,000

23,830

(

56,455

)

836,248

(

1,300,951

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.750%

04/07/25

BNP

EUR

1,400,000

2,824

(

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.860%

04/07/25

BRC

400,000

1,388

(

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.890%

04/07/25

MSC

400,000

1,510

(

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

3.985%

04/10/25

GSC

2,300,000

9,718

(

2,471

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.900%

04/11/25

BRC

EUR

800,000

3,058

(

410

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.920%

04/14/25

BRC

800,000

2,862

(

409

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

4.060%

04/14/25

MSC

1,400,000

6,160

(

1,065

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

4.073%

04/14/25

GSC

1,300,000

5,915

(

882

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

4.045%

04/17/25

GSC

1,300,000

5,772

(

1,420

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

4.060%

04/21/25

GSC

1,300,000

5,135

(

1,542

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.650%

04/25/25

CIT

EUR

1,100,000

1,965

(

847

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

4.063%

04/28/25

GSC

1,300,000

4,895

(

2,213

)

Put

Year

Interest

Rate

Swap

Pay

Month

EURIBOR

2.760%

04/30/25

BRC

EUR

800,000

2,606

(

3,827

)

Put

Year

Interest

Rate

Swap

Pay

SOFR

3.950%

04/30/25

GSC

1,300,000

5,548

(

4,789

)

59,356

(

20,054

)

Total

Interest

Rate

Swaptions

895,604

(

1,321,005

)

–

Options

Securities

Description

Exercise

Price

Expiration

Date

Counter-

party

Notional

Amount

Premium

Value

Call

Fannie

Mae

6.000%

due

05/13/55

102.35

05/06/25

MSC

13,400,000

8,899

(

6,836

)

Total

Written

Options

924,395

(

1,342,241

)

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(i)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Credit

Default

Swaps

Corporate

and

Sovereign

Issues

Sell

Protection

(1)

Referenced

Obligation

Payment

Frequency

Fixed

Deal

Receive

Rate

Expiration

Date

Counter-

party

Implied

Credit

Spread

03/31/25

(2)

Notional

Amount

(3)

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Schlumberger

Oilfield

U.K.

Ltd.

1.000%

06/20/25

CIT

0.123%

4,000,000

9,137

6,733

2,404

SoftBank

Group

Corp.

1.000%

06/20/26

GSC

1.326%

1,000,000

(

3,577

)

(

8,282

)

4,705

Petroleos

Mexicanos

4.850%

07/06/26

DUB

n/a

564,720

4,265

–

4,265

South

Africa

Government

1.000%

12/20/26

MSC

1.094%

4,800,000

(

5,941

)

(

75,533

)

69,592

Colombia

Government

1.000%

06/20/27

GSC

1.132%

4,600,000

(

11,385

)

(

81,717

)

70,332

Colombia

Government

1.000%

06/20/27

MSC

1.132%

1,600,000

(

3,960

)

(

39,107

)

35,147

Colombia

Government

1.000%

12/20/27

GSC

1.335%

2,100,000

(

17,365

)

(

101,582

)

84,217

Colombia

Government

1.000%

12/20/27

MSC

1.335%

1,900,000

(

15,712

)

(

91,908

)

76,196

(

44,538

)

(

391,396

)

346,858

Exchange

Rolls-Royce

PLC

1.000%

06/20/25

ICE

0.129%

EUR

4,300,000

10,612

4,938

5,674

Boeing

Co.

1.000%

06/20/25

ICE

0.246%

6,900,000

13,865

8,781

5,084

Barclays

Bank

PLC

1.000%

12/20/25

ICE

0.326%

EUR

3,500,000

19,734

14,552

5,182

Verizon

Communications,

Inc.

1.000%

12/20/26

ICE

0.368%

7,300,000

79,631

42,483

37,148

AT&T,

Inc.

1.000%

06/20/28

ICE

0.514%

6,000,000

90,375

38,689

51,686

T-Mobile

USA,

Inc.

5.000%

06/20/28

ICE

0.287%

2,400,000

348,645

311,690

36,955

Boeing

Co.

1.000%

12/20/29

ICE

0.852%

300,000

1,999

(

5,013

)

7,012

Boeing

Co.

1.000%

06/20/30

ICE

0.920%

11,300,000

46,023

19,912

26,111

610,884

436,032

174,852

Total

Credit

Default

Swaps

Corporate

and

Sovereign

Issues

–

Sell

Protection

566,346

44,636

521,710

Credit

Default

Swaps

Credit

Indices

Sell

Protection

(1)

Referenced

Obligation

Payment

Frequency

Fixed

Deal

Receive

Rate

Expiration

Date

Counter-

party

Notional

Amount

(3)

Value

(4)

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

S42

5.000%

12/20/29

BNP

EUR

2,756,360

545,263

536,760

8,503

iTraxx

Europe

Crossover

S42

5.000%

12/20/29

JPM

7,481,548

1,479,988

1,470,718

9,270

2,025,251

2,007,478

17,773

Exchange

CDX.NA.IG.S43

1.000%

12/20/29

ICE

61,500,000

1,183,542

1,305,722

(

122,180

)

CDX.NA.IG.S44

1.000%

06/20/30

ICE

33,300,000

612,404

610,584

1,820

1,795,946

1,916,306

(

120,360

)

Total

Credit

Default

Swaps

4,387,543

3,968,420

419,123

(1)

the

Fund

seller

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swap

agreement,

the

Fund

will

either

(i)

pay

the

buyer

protection

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

obligation

underlying

investments

comprising

the

referenced

index

(ii)

pay

net

settlement

amount

the

form

cash

investments

equal

the

notional

amount

the

swap

less

the

recovery

value

the

referenced

obligation

underlying

investments

comprising

the

referenced

index.

(2)

implied

credit

spread

the

spread

yield

between

U.S.

Treasury

security

and

the

referenced

obligation

underlying

investment

that

are

identical

all

respects

except

for

the

quality

rating.

Implied

credit

spreads,

represented

the

absolute

terms,

utilized

determining

the

value

credit

default

swap

agreements

corporate

and

sovereign

issues

period

end

serve

indicator

the

current

status

the

payment/performance

risk

and

represent

the

likelihood

risk

default

for

the

credit

derivative.

The

implied

credit

spread

particular

referenced

entity

reflects

the

cost

buying/selling

protection

and

may

include

upfront

payments

required

made

enter

the

agreement.

Wider

credit

spreads,

comparison

narrower

credit

spreads,

represent

deterioration

the

referenced

entity’s

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

credit

spread

identified

“Defaulted”

indicates

credit

event

has

occurred

for

the

referenced

entity

obligation.

(3)

The

maximum

potential

amount

the

Fund

could

required

pay

seller

credit

protection

receive

buyer

credit

protection

credit

event

occurs

defined

under

the

terms

that

particular

swap

agreement.

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(4)

The

quoted

market

prices

and

resulting

values

for

credit

default

swap

agreements

credit

indices

serve

indicator

the

current

status

the

payment/performance

risk

and

represent

the

likelihood

expected

liability

(or

profit)

for

the

credit

derivative

had

the

notional

amount

the

swap

agreement

been

closed/sold

period

end.

Increasing

values

(buy

protection)

decreasing

values

(sell

protection),

when

compared

the

notional

amount

the

swap,

represent

deterioration

the

referenced

entity’s

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

Interest

Rate

Swaps

Long

Receive

Pay

Payment

Frequency

Receive

Rate/

Pay

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

11.528%

Day

BRL

CDI

Z/Z

CME

01/04/27

BRL

32,900,000

(

241,969

)

–

(

241,969

)

11.548%

Day

BRL

CDI

Z/Z

CME

01/04/27

90,700,000

(

659,256

)

–

(

659,256

)

1.000%

Month

EURIBOR

A/S

LCH

05/18/27

EUR

29,000,000

(

834,479

)

(

1,197,575

)

363,096

3.500%

Day

GBP

SONIA

A/A

LCH

03/19/30

GBP

7,270,000

(

214,461

)

(

196,764

)

(

17,697

)

2.250%

Month

EURIBOR

A/S

LCH

09/17/30

EUR

10,920,000

(

104,972

)

(

157,809

)

52,837

4.500%

Month

AUD

BBSW

S/S

LCH

09/20/33

AUD

12,700,000

158,711

(

43,631

)

202,342

4.500%

Month

AUD

BBSW

S/S

LCH

03/20/34

7,300,000

84,749

(

35,769

)

120,518

4.500%

Month

AUD

BBSW

S/S

LCH

09/18/34

11,000,000

118,254

48,122

70,132

2.380%

Month

EURIBOR

A/S

LCH

12/31/34

EUR

180,000

(

4,665

)

(

466

)

(

4,199

)

2.420%

Month

EURIBOR

A/S

LCH

03/07/35

800,000

(

18,015

)

(

1,992

)

(

16,023

)

2.460%

Month

EURIBOR

A/S

LCH

03/13/35

900,000

(

17,135

)

(

2,324

)

(

14,811

)

4.000%

Month

AUD

BBSW

S/S

LCH

03/19/35

AUD

7,000,000

(

109,902

)

(

7,584

)

(

102,318

)

2.610%

Month

EURIBOR

A/S

LCH

03/24/35

EUR

800,000

(

4,082

)

(

2,178

)

(

1,904

)

2.520%

Month

EURIBOR

A/S

LCH

03/27/35

400,000

(

5,441

)

(

1,035

)

(

4,406

)

2.460%

Month

EURIBOR

A/S

LCH

04/01/35

900,000

(

17,171

)

(

2,283

)

(

14,888

)

2.250%

Month

EURIBOR

A/S

LCH

09/17/35

70,000,000

(

2,906,890

)

(

2,345,338

)

(

561,552

)

0.450%

Day

JPY

TONAR

A/A

LCH

12/15/51

JPY

310,000,000

(

652,404

)

(

540,233

)

(

112,171

)

(

5,429,128

)

(

4,486,859

)

(

942,269

)

–

Interest

Rate

Swaps

Short

Pay

Receive

Payment

Frequency

Pay

Rate/

Receive

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

5.160%

Day

USD

SOFR

A/A

LCH

05/31/25

38,800,000

(

122,517

)

(

267

)

(

122,250

)

3.500%

Day

USD

SOFR

A/A

LCH

12/18/25

20,000,000

138,756

10,375

128,381

4.073%

Day

USD

SOFR

A/A

LCH

12/31/25

125,700,000

132,096

–

132,096

3.807%

Day

USD

SOFR

A/A

LCH

05/31/28

10,700,000

51,537

–

51,537

3.750%

Day

USD

SOFR

A/A

LCH

06/20/29

4,900,000

23,764

(

35,408

)

59,172

3.585%

Day

USD

SOFR

A/A

LCH

10/31/30

37,900,000

294,872

–

294,872

3.722%

Day

USD

SOFR

A/A

LCH

10/31/30

2,100,000

715

–

715

3.727%

Day

USD

SOFR

A/A

LCH

10/31/30

4,100,000

293

–

293

3.732%

Day

USD

SOFR

A/A

LCH

10/31/30

3,000,000

(

589

)

–

(

589

)

3.739%

Day

USD

SOFR

A/A

LCH

10/31/30

4,400,000

(

2,633

)

–

(

2,633

)

3.694%

Day

USD

SOFR

A/A

CME

04/30/31

14,425,000

68,283

–

68,283

3.796%

Day

USD

SOFR

A/A

LCH

12/31/31

800,000

(

6,102

)

–

(

6,102

)

4.100%

Day

USD

SOFR

A/A

LCH

12/31/31

33,650,000

(

848,710

)

(

667,107

)

(

181,603

)

3.500%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/32

CAD

28,300,000

(

1,250,473

)

(

295,467

)

(

955,006

)

1.750%

Day

USD

SOFR

A/A

CME

06/15/32

34,790,000

5,162,608

4,498,237

664,371

3.156%

Day

USD

SOFR

A/A

LCH

03/10/33

27,590,000

676,168

531,585

144,583

2.850%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/33

CAD

3,700,000

(

43,236

)

(

)

(

43,214

)

2.900%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/33

5,000,000

(

73,781

)

(

2,385

)

(

71,396

)

3.000%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/33

1,900,000

(

37,649

)

6,703

(

44,352

)

3.717%

Day

USD

SOFR

A/A

LCH

08/15/33

11,490,000

82,762

–

82,762

3.753%

Day

USD

SOFR

A/A

LCH

08/15/33

6,400,000

28,115

–

28,115

3.754%

Day

USD

SOFR

A/A

LCH

08/15/33

6,400,000

27,500

–

27,500

3.750%

Day

CAD

Overnight

Repo

S/S

LCH

12/20/33

CAD

6,200,000

(

378,620

)

(

121,262

)

(

257,358

)

2.740%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/34

1,300,000

(

4,942

)

–

(

4,942

)

2.900%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/34

10,300,000

(

131,835

)

2,003

(

133,838

)

3.000%

Day

CAD

Overnight

Repo

S/S

LCH

06/01/34

5,200,000

(

96,186

)

3,930

(

100,116

)

3.750%

Day

USD

SOFR

A/A

LCH

11/15/34

2,700,000

(

2,406

)

–

(

2,406

)

3.882%

Day

USD

SOFR

A/A

LCH

11/15/34

4,500,000

(

50,936

)

–

(

50,936

)

4.095%

Day

USD

SOFR

A/A

LCH

02/18/35

1,380,000

(

37,450

)

–

(

37,450

)

3.899%

Day

USD

SOFR

A/A

LCH

03/11/35

1,400,000

(

15,402

)

(

4,703

)

(

10,699

)

3.905%

Day

USD

SOFR

A/A

LCH

03/12/35

1,300,000

(

14,972

)

(

3,834

)

(

11,138

)

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Pay

Receive

Payment

Frequency

Pay

Rate/

Receive

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.930%

Day

USD

SOFR

A/A

LCH

03/24/35

2,700,000

(

37,039

)

(

7,921

)

(

29,118

)

3.884%

Day

USD

SOFR

A/A

LCH

03/25/35

1,400,000

(

13,860

)

(

4,054

)

(

9,806

)

0.750%

Day

JPY

TONAR

S/S

LCH

03/20/38

JPY

50,000,000

30,848

22,744

8,104

0.800%

Day

JPY

TONAR

S/S

LCH

10/22/38

189,800,000

116,597

86,327

30,270

1.750%

Day

USD

SOFR

A/A

CME

12/21/52

11,600,000

4,185,130

3,747,486

437,644

3.500%

Day

USD

SOFR

A/A

LCH

06/20/54

25,000,000

1,619,034

669,076

949,958

3.895%

Day

USD

SOFR

A/A

LCH

11/15/54

8,469,000

(

129,218

)

–

(

129,218

)

3.765%

Day

USD

SOFR

A/A

LCH

12/17/54

2,300,000

18,690

–

18,690

3.500%

Day

USD

SOFR

A/A

LCH

12/18/54

4,800,000

266,906

114,123

152,783

3.807%

Day

USD

SOFR

A/A

LCH

02/15/55

800,000

(

1,424

)

–

(

1,424

)

3.750%

Day

GBP

SONIA

A/A

LCH

03/19/55

GBP

1,200,000

176,064

143,616

32,448

3.250%

Day

USD

SOFR

A/A

LCH

06/18/55

1,600,000

150,702

152,739

(

2,037

)

2.250%

Month

EURIBOR

A/S

LCH

09/17/55

EUR

27,800,000

2,351,160

2,179,103

172,057

12,302,620

11,025,617

1,277,003

–

Total

Interest

Rate

Swaps

6,873,492

6,538,758

334,734

Total

Swap

Agreements

11,261,035

10,507,178

753,857

PACIFIC

SELECT

FUND

MANAGED

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(j)

Fair

Value

Measurements

March

31,

2025

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Energy

875,719

–

875,719

Financial

239,778

–

Total

Common

Stocks

1,115,497

239,778

–

875,719

Corporate

Bonds

Notes

722,406,053

–

722,406,053

–

Senior

Loan

Notes

496,875

–

496,875

Mortgage-Backed

Securities

1,231,218,449

–

1,231,218,449

–

Asset-Backed

Securities

188,439,841

–

188,439,841

–

U.S.

Government

Agency

Issues

35,148,209

–

35,148,209

–

U.S.

Treasury

Obligations

317,453,190

–

317,453,190

–

Foreign

Government

Bonds

Notes

112,560,137

–

112,560,137

–

Short-Term

Investments

916,306

–

916,306

–

Derivatives:

Credit

Contracts

Swaps

541,303

–

541,303

–

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

3,126,675

–

3,126,675

–

Interest

Rate

Contracts

Futures

4,967,399

–

Purchased

Options

1,152,868

–

1,152,868

–

Swaps

4,293,559

–

4,293,559

–

Total

Interest

Rate

Contracts

10,413,826

4,967,399

5,446,427

–

Total

Asset

Derivatives

14,081,804

4,967,399

9,114,405

–

Total

Assets

2,623,836,361

5,207,177

2,617,256,590

1,372,594

Liabilities

Sale-Buyback

Financing

Transactions

(

204,456,817

)

–

(

204,456,817

)

–

Securities

Sold

Short

Mortgage-Backed

Securities

(

8,015,857

)

–

(

8,015,857

)

–

Derivatives:

Credit

Contracts

Written

Options

(

14,400

)

–

(

14,400

)

–

Swaps

(

122,180

)

–

(

122,180

)

–

Total

Credit

Contracts

(

136,580

)

–

(

136,580

)

–

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

(

5,304,150

)

–

(

5,304,150

)

–

Interest

Rate

Contracts

Futures

(

1,585,999

)

(

1,585,999

)

–

Written

Options

(

1,327,841

)

–

(

1,327,841

)

–

Swaps

(

3,958,825

)

–

(

3,958,825

)

–

Total

Interest

Rate

Contracts

(

6,872,665

)

(

1,585,999

)

(

5,286,666

)

–

Total

Liabilities

Derivatives

(

12,313,395

)

(

1,585,999

)

(

10,727,396

)

–

Total

Liabilities

(

224,786,069

)

(

1,585,999

)

(

223,200,070

)

–

Total

2,399,050,292

3,621,178

2,394,056,520

1,372,594

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

45.2%

Basic

Materials

2.0%

BHP

Billiton

Finance

USA

Ltd.

(Australia)

5.000%

due

02/21/30

1,855,000

1,885,558

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

1,105,000

1,054,918

6.415%

due

07/15/27

691,000

702,882

Corp.

Nacional

del

Cobre

Chile

(Chile)

3.000%

due

09/30/29 ~

1,500,000

1,375,170

3.625%

due

08/01/27 ~

477,000

466,291

EQUATE

Petrochemical

Co.

KSC

(Kuwait)

5.000%

due

05/18/25 ~

3,600,000

3,601,993

FMC

Corp.

3.200%

due

10/01/26

545,000

532,341

3.450%

due

10/01/29

1,123,000

1,038,525

LYB

International

Finance

III

LLC

1.250%

due

10/01/25

1,263,000

1,241,101

Ma'aden

Sukuk

Ltd.

(Saudi

Arabia)

5.250%

due

02/13/30 ~

1,780,000

1,802,510

Nutrien

Ltd.

(Canada)

4.900%

due

03/27/28

515,000

519,808

Rio

Tinto

Finance

USA

PLC

(Australia)

4.875%

due

03/14/30

770,000

778,082

14,999,179

Communications

2.2%

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

6.150%

due

11/10/26

710,000

724,617

Cox

Communications,

Inc.

3.350%

due

09/15/26 ~

360,000

353,695

3.500%

due

08/15/27 ~

435,000

424,291

Crown

Castle

Towers

LLC

3.663%

due

05/15/45 ~

748,000

746,294

4.241%

due

07/15/48 ~

1,040,000

1,016,296

Corp.

(South

Korea)

4.000%

due

08/08/25 ~

1,680,000

1,675,610

4.125%

due

02/02/28 ~

600,000

593,849

NBN

Co.

Ltd.

(Australia)

1.450%

due

05/05/26 ~

2,805,000

2,717,448

Netflix,

Inc.

4.875%

due

04/15/28

506,000

513,406

Rogers

Communications,

Inc.

(Canada)

3.200%

due

03/15/27

2,095,000

2,038,945

5.000%

due

02/15/29

2,260,000

2,262,733

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

750,000

735,793

Uber

Technologies,

Inc.

4.500%

due

08/15/29 ~

1,737,000

1,709,588

Verizon

Communications,

Inc.

2.100%

due

03/22/28

995,000

930,228

16,442,793

Consumer,

Cyclical

5.8%

Advance

Auto

Parts,

Inc.

5.900%

due

03/09/26

1,745,000

1,743,358

American

Airlines

Class B

3.700%

due

04/15/27

562,208

557,853

American

Honda

Finance

Corp.

5.650%

due

11/15/28

1,535,000

1,588,522

Aptiv

Swiss

Holdings

Ltd.

4.650%

due

09/13/29

520,000

512,683

Principal

Amount

Value

BMW

U.S.

Capital

LLC

(Germany)

4.600%

due

08/13/27 ~

2,605,000

2,609,456

Daimler

Truck

Finance

North

America

LLC

(Germany)

5.000%

due

01/15/27 ~

305,000

307,106

5.125%

due

09/25/27 ~

975,000

985,517

Darden

Restaurants,

Inc.

4.350%

due

10/15/27

1,555,000

1,543,976

Dollar

General

Corp.

3.875%

due

04/15/27

389,000

383,882

4.125%

due

05/01/28

1,979,000

1,949,295

4.625%

due

11/01/27

645,000

646,459

5.200%

due

07/05/28

839,000

851,262

Ford

Motor

Credit

Co.

LLC

5.125%

due

06/16/25

1,465,000

1,464,080

5.125%

due

11/05/26

1,035,000

1,028,634

5.800%

due

03/05/27

1,275,000

1,281,021

5.918%

due

03/20/28

685,000

688,340

General

Motors

Financial

Co.,

Inc.

5.050%

due

04/04/28

1,790,000

1,792,430

5.350%

due

07/15/27

1,000,000

1,008,772

5.400%

due

04/06/26

855,000

858,817

5.400%

due

05/08/27

540,000

545,356

Hyundai

Capital

America

4.850%

due

03/25/27 ~

245,000

245,051

5.000%

due

01/07/28 ~

1,165,000

1,167,971

5.250%

due

01/08/27 ~

460,000

463,708

5.500%

due

03/30/26 ~

760,000

766,543

5.600%

due

03/30/28 ~

1,255,000

1,278,920

6.250%

due

11/03/25 ~

630,000

635,057

Mattel,

Inc.

3.375%

due

04/01/26 ~

2,000,000

1,973,221

5.875%

due

12/15/27 ~

985,000

988,683

McDonald's

Corp.

3.800%

due

04/01/28

2,029,000

1,997,457

Ross

Stores,

Inc.

4.600%

due

04/15/25

2,630,000

2,629,613

Sands

China

Ltd.

(Macau)

3.800%

due

01/08/26

1,100,000

1,088,983

Stellantis

Finance

U.S.,

Inc.

5.350%

due

03/17/28 ~

200,000

200,294

Corp.

2.800%

due

04/23/27

1,270,000

1,203,314

Volkswagen

Group

America

Finance

LLC

(Germany)

3.950%

due

06/06/25 ~

1,180,000

1,177,906

4.850%

due

08/15/27 ~

1,705,000

1,704,721

5.050%

due

03/27/28 ~

720,000

719,938

5.700%

due

09/12/26 ~

1,435,000

1,452,575

6.000%

due

11/16/26 ~

920,000

936,236

42,977,010

Consumer,

Non-Cyclical

6.6%

BAT

International

Finance

PLC

(United

Kingdom)

4.448%

due

03/16/28

2,600,000

2,588,015

Becton

Dickinson

Co.

4.693%

due

02/13/28

1,980,000

1,987,956

Cencora,

Inc.

3.450%

due

12/15/27

372,000

362,144

4.625%

due

12/15/27

625,000

627,064

4.850%

due

12/15/29

335,000

336,725

Centene

Corp.

4.625%

due

12/15/29

4,215,000

4,041,441

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CSL

Finance

PLC

(Australia)

3.850%

due

04/27/27 ~

605,000

597,193

CVS

Health

Corp.

1.300%

due

08/21/27

2,910,000

2,687,779

2.875%

due

06/01/26

858,000

840,915

3.000%

due

08/15/26

585,000

572,028

4.300%

due

03/25/28

865,000

854,770

Element

Fleet

Management

Corp.

(Canada)

5.037%

due

03/25/30 ~

705,000

705,467

5.643%

due

03/13/27 ~

890,000

904,965

ERAC

USA

Finance

LLC

4.600%

due

05/01/28 ~

2,030,000

2,039,034

5.000%

due

02/15/29 ~

645,000

652,388

HCA,

Inc.

3.125%

due

03/15/27

1,690,000

1,641,865

5.625%

due

09/01/28

1,750,000

1,790,344

5.875%

due

02/15/26

1,150,000

1,154,632

Health

Care

Service

Corp.

Mutual

Legal

Reserve

Co.

1.500%

due

06/01/25 ~

2,550,000

2,535,633

5.200%

due

06/15/29 ~

615,000

625,685

Hershey

Co.

4.550%

due

02/24/28

535,000

540,103

Highmark,

Inc.

1.450%

due

05/10/26 ~

1,075,000

1,034,059

HPHT

Finance

Ltd.

(Hong

Kong)

1.500%

due

09/17/26 ~

3,450,000

3,293,202

Humana,

Inc.

1.350%

due

02/03/27

810,000

763,217

5.750%

due

03/01/28

510,000

524,364

Icon

Investments

Six

DAC

5.809%

due

05/08/27

1,910,000

1,950,477

Imperial

Brands

Finance

PLC

(United

Kingdom)

3.500%

due

07/26/26 ~

1,000,000

985,849

IQVIA,

Inc.

6.250%

due

02/01/29

690,000

719,056

Kroger

Co.

3.700%

due

08/01/27

194,000

190,780

Mars,

Inc.

4.600%

due

03/01/28 ~

1,285,000

1,290,408

4.800%

due

03/01/30 ~

1,180,000

1,187,038

PeaceHealth

Obligated

Group

1.375%

due

11/15/25

340,000

332,901

Solventum

Corp.

5.450%

due

02/25/27

2,560,000

2,597,640

Stryker

Corp.

4.250%

due

09/11/29

845,000

835,013

Utah

Acquisition

Sub,

Inc.

3.950%

due

06/15/26

1,872,000

1,847,396

Viatris,

Inc.

2.300%

due

06/22/27

1,209,000

1,138,549

Viterra

Finance

(Netherlands)

2.000%

due

04/21/26 ~

260,000

252,270

4.900%

due

04/21/27 ~

1,820,000

1,821,046

48,849,411

Energy

3.9%

Capital

Markets

America,

Inc.

4.234%

due

11/06/28

726,000

720,064

Capital

Markets

PLC

3.723%

due

11/28/28

1,055,000

1,029,667

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

838,000

824,787

Principal

Amount

Value

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

due

06/30/27

1,042,000

1,050,981

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26 ~

280,000

284,131

DCP

Midstream

Operating

5.375%

due

07/15/25

1,865,000

1,866,066

Enbridge,

Inc.

(Canada)

5.900%

due

11/15/26

450,000

459,182

6.000%

due

11/15/28

440,000

458,053

Energy

Transfer

2.900%

due

05/15/25

430,000

429,010

5.250%

due

07/01/29

675,000

685,085

EQT

Corp.

3.125%

due

05/15/26 ~

315,000

309,509

Gray

Oak

Pipeline

LLC

2.600%

due

10/15/25 ~

800,000

788,489

Sinclair

Corp.

5.750%

due

01/15/31

1,450,000

1,469,063

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

1,180,000

1,184,866

5.200%

due

08/01/29

485,000

485,057

5.875%

due

09/01/25

938,000

940,050

ONEOK,

Inc.

4.250%

due

09/24/27

2,085,000

2,067,012

4.850%

due

07/15/26

2,163,000

2,167,254

5.550%

due

11/01/26

1,095,000

1,109,842

Ovintiv,

Inc.

5.375%

due

01/01/26

750,000

751,092

5.650%

due

05/15/25

1,305,000

1,305,885

Schlumberger

Holdings

Corp.

3.900%

due

05/17/28 ~

1,674,000

1,648,559

Schlumberger

Investment

4.500%

due

05/15/28

922,000

922,829

South

Bow

USA

Infrastructure

Holdings

LLC

(Canada)

4.911%

due

09/01/27 ~

1,435,000

1,436,020

Tengizchevroil

Finance

Co.

International

Ltd.

(Kazakhstan)

4.000%

due

08/15/26 ~

2,000,000

1,957,990

Valero

Energy

Corp.

5.150%

due

02/15/30

415,000

418,798

Williams

Cos.,

Inc.

4.800%

due

11/15/29

695,000

697,113

Woodside

Finance

Ltd.

(Australia)

3.700%

due

09/15/26 ~

1,424,000

1,406,588

28,873,042

Financial

13.8%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

6.100%

due

01/15/27

800,000

818,232

6.450%

due

04/15/27

1,984,000

2,048,711

American

Express

Co.

5.043%

due

07/26/28

745,000

754,495

5.098%

due

02/16/28

1,450,000

1,467,727

American

Tower

Corp.

3.550%

due

07/15/27

914,000

893,776

Athene

Global

Funding

4.860%

due

08/27/26 ~

1,640,000

1,645,451

5.349%

due

07/09/27 ~

900,000

912,419

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

2,440,000

2,382,782

5.750%

due

03/01/29 ~

740,000

753,968

6.375%

due

05/04/28 ~

395,000

408,885

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Banco

Santander

(Spain)

5.552%

due

03/14/28

1,200,000

1,219,347

Bank

America

Corp.

1.734%

due

07/22/27

935,000

901,427

3.384%

due

04/02/26

1,790,000

1,789,911

Barclays

PLC

(United

Kingdom)

5.086%

due

02/25/29

1,065,000

1,072,754

7.325%

due

11/02/26

1,195,000

1,212,345

Brighthouse

Financial

Global

Funding

1.550%

due

05/24/26 ~

390,000

376,197

CaixaBank

(Spain)

6.684%

due

09/13/27 ~

1,495,000

1,537,526

Capital

One

Financial

Corp.

6.312%

due

06/08/29

835,000

868,450

7.149%

due

10/29/27

585,000

606,477

Charles

Schwab

Corp.

2.450%

due

03/03/27

2,273,000

2,193,793

Citigroup,

Inc.

3.106%

due

04/08/26

890,000

889,708

4.400%

due

06/10/25

360,000

359,940

5.174%

due

02/13/30

965,000

977,751

CNO

Global

Funding

1.750%

due

10/07/26 ~

3,105,000

2,975,932

Corebridge

Financial,

Inc.

3.500%

due

04/04/25

1,105,000

1,104,871

Corebridge

Global

Funding

4.650%

due

08/20/27 ~

390,000

391,377

5.200%

due

01/12/29 ~

495,000

503,118

Credit

Agricole

(France)

5.230%

due

01/09/29 ~

1,465,000

1,481,201

Crown

Castle,

Inc.

1.050%

due

07/15/26

1,805,000

1,720,966

2.900%

due

03/15/27

1,580,000

1,526,583

4.450%

due

02/15/26

3,505,000

3,495,475

4.800%

due

09/01/28

575,000

574,091

5.000%

due

01/11/28

710,000

712,872

5.600%

due

06/01/29

1,075,000

1,098,960

Danske

Bank

(Denmark)

4.613%

due

10/02/30 ~

1,020,000

1,006,399

5.427%

due

03/01/28 ~

1,155,000

1,174,547

6.259%

due

09/22/26 ~

650,000

654,616

Emaar

Sukuk

Ltd.

(United

Arab

Emirates)

3.635%

due

09/15/26 ~

2,480,000

2,445,652

Equitable

Financial

Life

Global

Funding

1.700%

due

11/12/26 ~

1,065,000

1,018,888

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

1,890,000

1,911,910

Global

Funding

Trust

5.400%

due

01/13/30 ~

1,345,000

1,371,038

Goldman

Sachs

Group,

Inc.

3.500%

due

04/01/25

1,470,000

4.482%

due

08/23/28

875,000

873,015

HSBC

Holdings

PLC

(United

Kingdom)

1.645%

due

04/18/26

2,830,000

2,825,997

4.899%

due

03/03/29

1,145,000

1,147,895

5.130%

due

11/19/28

1,445,000

1,456,973

5.597%

due

05/17/28

1,515,000

1,540,287

ING

Groep

(Netherlands)

4.858%

due

03/25/29

1,310,000

1,315,131

Intercontinental

Exchange,

Inc.

3.625%

due

09/01/28

708,000

689,629

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

1,090,000

1,095,010

Principal

Amount

Value

5.550%

due

07/02/27 ~

755,000

769,610

5.600%

due

04/10/26 ~

1,500,000

1,514,274

JPMorgan

Chase

Co.

4.080%

due

04/26/26

1,720,000

1,718,690

4.979%

due

07/22/28

835,000

842,557

5.040%

due

01/23/28

830,000

837,375

5.243%

(SOFR

0.885%)

due

04/22/27 §

1,300,000

1,306,036

Kilroy

Realty

4.375%

due

10/01/25

1,000,000

997,568

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

965,000

977,698

LPL

Holdings,

Inc.

5.700%

due

05/20/27

1,705,000

1,733,400

6.750%

due

11/17/28

540,000

571,064

Marsh

McLennan

Cos.,

Inc.

4.550%

due

11/08/27

1,355,000

1,361,731

Northwestern

Mutual

Global

Funding

4.350%

due

09/15/27 ~

1,000,000

999,744

PNC

Financial

Services

Group,

Inc.

4.758%

due

01/26/27

1,340,000

1,340,678

Realty

Income

Corp.

5.050%

due

01/13/26

255,000

255,026

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

695,000

703,512

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

1,440,000

1,380,638

6.124%

due

05/31/27

170,000

172,181

SBA

Tower

Trust

1.631%

due

05/15/51 ~

1,045,000

992,748

1.884%

due

07/15/50 ~

725,000

707,255

4.831%

due

10/15/29 ~

2,110,000

2,094,417

6.599%

due

11/15/52 ~

2,920,000

2,994,817

Societe

Generale

(France)

5.519%

due

01/19/28 ~

1,440,000

1,454,647

Standard

Chartered

PLC

(United

Kingdom)

4.300%

due

02/19/27 ~

728,000

721,345

5.688%

due

05/14/28 ~

830,000

844,503

U.S.

Bancorp

4.548%

due

07/22/28

1,275,000

1,275,363

UBS

Group

(Switzerland)

1.494%

due

08/10/27 ~

785,000

752,221

6.327%

due

12/22/27 ~

1,090,000

1,119,671

Wells

Fargo

Co.

2.188%

due

04/30/26

1,315,000

1,312,273

3.908%

due

04/25/26

1,815,000

1,813,809

4.900%

due

01/24/28

1,835,000

1,845,661

Western

Union

Co.

1.350%

due

03/15/26

3,514,000

3,399,479

102,484,496

Industrial

3.5%

Amcor

Flexibles

North

America,

Inc.

4.000%

due

05/17/25

1,325,000

1,323,193

BAE

Systems

PLC

(United

Kingdom)

5.000%

due

03/26/27 ~

1,370,000

1,382,417

Boeing

Co.

2.196%

due

02/04/26

625,000

611,620

3.200%

due

03/01/29

960,000

901,746

6.259%

due

05/01/27

1,587,000

1,633,207

Brambles

USA,

Inc.

(Australia)

4.125%

due

10/23/25 ~

1,414,000

1,409,908

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Fortive

Corp.

3.150%

due

06/15/26

1,320,000

1,295,966

GATX

Corp.

3.850%

due

03/30/27

377,000

371,462

5.400%

due

03/15/27

1,044,000

1,057,803

GTP

Acquisition

Partners

LLC

Class A

3.482%

due

06/15/50 ~

7,175,000

7,150,107

Huntington

Ingalls

Industries,

Inc.

5.353%

due

01/15/30

290,000

294,039

Mohawk

Industries,

Inc.

5.850%

due

09/18/28

605,000

627,089

Northrop

Grumman

Corp.

3.250%

due

01/15/28

265,000

256,612

Owens

Corning

5.500%

due

06/15/27

1,100,000

1,121,550

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

1.700%

due

06/15/26 ~

1,401,000

1,353,188

5.350%

due

01/12/27 ~

445,000

449,712

Regal

Rexnord

Corp.

6.050%

due

02/15/26

2,712,000

2,733,029

6.050%

due

04/15/28

200,000

205,235

Republic

Services,

Inc.

4.750%

due

07/15/30

450,000

452,383

Waste

Management,

Inc.

3.875%

due

01/15/29 ~

1,860,000

1,818,384

26,448,650

Technology

3.5%

Analog

Devices,

Inc.

1.700%

due

10/01/28

525,000

480,184

Atlassian

Corp.

5.250%

due

05/15/29

450,000

458,293

Cadence

Design

Systems,

Inc.

4.200%

due

09/10/27

114,000

113,690

CDW

LLC/CDW

Finance

Corp.

5.100%

due

03/01/30

335,000

334,708

Dell

International

LLC/EMC

Corp.

due

04/01/28 #

1,020,000

1,024,892

Fiserv,

Inc.

5.150%

due

03/15/27

1,420,000

1,434,376

Foundry

Holdco

LLC

5.500%

due

01/25/31 ~

435,000

442,329

5.900%

due

01/25/30 ~

265,000

274,651

Intel

Corp.

3.150%

due

05/11/27

431,000

417,876

3.750%

due

08/05/27

920,000

901,076

4.000%

due

08/05/29

940,000

907,086

4.875%

due

02/10/28

230,000

231,255

International

Business

Machines

Corp.

4.650%

due

02/10/28

3,125,000

3,145,599

Micron

Technology,

Inc.

4.185%

due

02/15/27

225,000

223,335

5.375%

due

04/15/28

2,470,000

2,512,644

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

(China)

3.150%

due

05/01/27

145,000

140,887

3.875%

due

06/18/26

980,000

971,543

4.300%

due

06/18/29

888,000

870,409

4.400%

due

06/01/27

235,000

234,408

Oracle

Corp.

2.500%

due

04/01/25

2,000,000

Synopsys,

Inc.

4.650%

due

04/01/28

2,365,000

2,379,164

Principal

Amount

Value

4.850%

due

04/01/30

1,485,000

1,495,093

Take-Two

Interactive

Software,

Inc.

3.550%

due

04/14/25

620,000

619,722

Western

Digital

Corp.

4.750%

due

02/15/26

4,785,000

4,761,176

26,374,396

Utilities

3.9%

AES

Corp.

1.375%

due

01/15/26

2,036,000

1,980,425

American

Electric

Power

Co.,

Inc.

5.200%

due

01/15/29

1,260,000

1,281,255

Appalachian

Power

Co.

3.300%

due

06/01/27

2,788,000

2,718,141

Constellation

Energy

Generation

LLC

5.600%

due

03/01/28

890,000

914,344

DTE

Energy

Co.

4.950%

due

07/01/27

625,000

629,862

5.200%

due

04/01/30

935,000

947,331

Enel

Finance

International

(Italy)

1.625%

due

07/12/26 ~

2,210,000

2,128,415

7.050%

due

10/14/25 ~

1,200,000

1,211,339

Exelon

Corp.

5.150%

due

03/15/29

575,000

584,922

FirstEnergy

Corp.

3.900%

due

07/15/27

1,255,000

1,234,367

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

295,000

291,053

National

Rural

Utilities

Cooperative

Finance

Corp.

4.120%

due

09/16/27

546,000

542,958

4.800%

due

03/15/28

953,000

965,126

5.100%

due

05/06/27

717,000

727,419

NiSource,

Inc.

5.250%

due

03/30/28

260,000

264,581

NRG

Energy,

Inc.

2.000%

due

12/02/25 ~

665,000

651,266

Pacific

Gas

Electric

Co.

3.150%

due

01/01/26

1,015,000

1,002,047

3.500%

due

06/15/25

1,815,000

1,809,787

Public

Service

Enterprise

Group,

Inc.

4.900%

due

03/15/30

1,575,000

1,583,085

Sempra

3.300%

due

04/01/25

995,000

5.400%

due

08/01/26

980,000

987,978

Southern

California

Gas

Co.

2.950%

due

04/15/27

570,000

553,564

Southern

Co.

5.113%

due

08/01/27

735,000

743,175

Tenaga

Nasional

Bhd.

(Malaysia)

7.500%

due

11/01/25 ~

1,200,000

1,218,468

Terraform

Global

Operating

6.125%

due

03/01/26 ~

1,993,000

1,988,729

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

476,000

477,851

5.125%

due

05/13/25 ~

830,000

830,848

29,263,336

Total

Corporate

Bonds

Notes

(Cost

$334,294,865)

336,712,313

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

12.5%

Collateralized

Mortgage

Obligations

Commercial

3.9%

Bank

2.263%

due

08/15/61

70,553

65,569

5.523%

due

06/15/57

243,680

248,359

Bank5

5.902%

due

12/15/57 §

350,000

364,825

6.122%

due

12/15/57 §

425,000

438,294

6.139%

due

11/15/57

600,000

619,178

Benchmark

Mortgage

Trust

6.201%

due

11/15/57 §

510,000

528,166

BPR

Trust

5.584%

(SOFR

1.264%)

due

09/15/38 ~ §

1,585,000

1,574,187

Commercial

Mortgage

Trust

5.962%

(SOFR

1.642%)

due

12/15/39 ~ §

581,383

580,948

6.112%

(SOFR

1.793%)

due

01/15/42 ~ §

480,000

479,138

6.711%

(SOFR

2.392%)

due

01/15/42 ~ §

1,260,000

1,257,661

Trust

5.713%

(SOFR

1.394%)

due

06/15/36 ~ §

935,000

933,123

CAMB

Commercial

Mortgage

Trust

5.687%

(SOFR

1.367%)

due

12/15/37 ~ §

890,000

888,863

COMM

Mortgage

Trust

3.759%

due

08/10/48

260,000

258,699

3.801%

due

05/10/48

872,452

871,477

3.920%

due

02/10/47 §

875,417

854,379

4.512%

due

08/10/47 ~ §

270,164

258,992

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

4.600%

due

06/25/30

1,626,395

1,644,166

Morgan

Chase

Commercial

Mortgage

Securities

Trust

6.454%

(SOFR

2.134%)

due

10/15/33 ~ §

2,345,000

2,319,639

6.534%

(SOFR

2.214%)

due

09/15/29 ~ §

1,025,000

893,544

6.854%

(SOFR

2.534%)

due

10/15/33 ~ §

1,890,000

1,871,148

KIND

Trust

6.190%

(SOFR

1.864%)

due

08/15/38 ~ §

2,048,180

2,004,342

Lstar

Commercial

Mortgage

Trust

2.809%

due

03/10/49 ~

1,260,000

1,253,464

MED

Commercial

Mortgage

Trust

5.911%

(SOFR

1.592%)

due

05/15/41 ~ §

400,000

395,697

ONE

Mortgage

Trust

5.383%

(SOFR

1.064%)

due

03/15/36 ~ §

2,945,000

2,872,731

5.533%

(SOFR

1.214%)

due

03/15/36 ~ §

1,580,000

1,531,226

RLGH

Trust

5.234%

(SOFR

0.914%)

due

04/15/36 ~ §

1,370,000

1,364,296

SDR

Commercial

Mortgage

Trust

6.060%

(SOFR

1.741%)

due

05/15/39 ~ §

1,125,000

1,124,044

Principal

Amount

Value

Trust

6.410%

(SOFR

2.091%)

due

06/15/39 ~ §

1,500,000

1,500,128

28,996,283

Collateralized

Mortgage

Obligations

Residential

2.1%

Angel

Oak

Mortgage

Trust

0.985%

due

04/25/66 ~ §

747,386

644,156

2.872%

due

04/25/65 ~ §

134,063

127,881

BINOM

Securitization

Trust

2.625%

due

06/25/56 ~ §

479,296

436,034

COLT

Mortgage

Loan

Trust

1.167%

due

06/25/66 ~ §

733,577

618,714

1.506%

due

04/27/65 ~ §

55,344

53,742

5.644%

due

11/25/69 ~ §

1,093,490

1,090,820

6.111%

due

05/25/69 ~ §

1,026,302

1,030,477

Deephaven

Residential

Mortgage

Trust

0.973%

due

05/25/65 ~ §

127,390

120,991

1.260%

due

04/25/66 ~ §

315,881

278,918

EFMT

5.289%

due

10/25/69 ~ §

2,457,733

2,433,614

Ellington

Financial

Mortgage

Trust

3.046%

due

11/25/59 ~ §

113,258

107,339

Federal

Home

Loan

Mortgage

Corp.

REMICS

7.000%

due

09/15/30

39,722

40,368

Federal

Home

Loan

Mortgage

Corp.

STACR

REMICS

Trust

5.290%

(SOFR

0.950%)

due

01/25/45 ~ §

403,813

403,097

Federal

Home

Loan

Mortgage

Corp.

Whole

Loan

Securities

Trust

3.859%

due

05/25/47 ~ §

49,908

49,208

Flagstar

Mortgage

Trust

4.000%

due

09/25/48 ~ §

121,747

118,954

5.285%

(SOFR

0.964%)

due

03/25/50 ~ §

367,190

354,144

Galton

Funding

Mortgage

Trust

2.832%

due

01/25/60 ~ §

1,085,000

905,615

3.339%

due

10/25/59 ~ §

680,000

650,231

3.500%

due

11/25/57 ~ §

137,757

125,628

4.000%

due

02/25/59 ~ §

64,791

61,612

4.500%

due

02/25/59 ~ §

88,646

86,271

Mortgage-Backed

Securities

Trust

6.218%

due

07/25/44 ~ §

11,233

11,130

Morgan

Mortgage

Trust

3.000%

due

10/25/50 ~ §

362,270

315,536

3.500%

due

08/25/50 ~ §

228,533

205,976

MFA

Trust

0.852%

due

01/25/56 ~ §

198,776

190,827

1.381%

due

04/25/65 ~ §

129,837

124,917

OBX

Trust

3.000%

due

05/25/60 ~ §

162,840

142,682

3.500%

due

12/25/49 ~ §

129,855

117,106

5.185%

(SOFR

0.864%)

due

02/25/60 ~ §

200,954

200,069

5.335%

(SOFR

1.014%)

due

10/25/59 ~ §

47,579

47,568

5.385%

(SOFR

1.064%)

due

02/25/60 ~ §

328,600

324,737

5.634%

(SOFR

1.314%)

due

06/25/59 ~ §

60,757

60,076

Sequoia

Mortgage

Trust

4.000%

due

06/25/48

08/25/48

~ §

191,635

181,054

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

4.500%

due

08/25/48 ~ §

7,567

7,466

Starwood

Mortgage

Residential

Trust

0.943%

due

05/25/65 ~ §

532,938

496,806

2.408%

due

02/25/50 ~ §

520,110

495,071

Towd

Point

Mortgage

Trust

5.935%

(SOFR

1.614%)

due

10/25/59 ~ §

320,000

325,791

TRK

Trust

1.409%

due

07/25/56 ~ §

286,528

253,260

Verus

Securitization

Trust

0.918%

due

02/25/64 ~ §

489,961

452,387

1.031%

due

02/25/66 ~ §

438,708

389,716

1.052%

due

01/25/66 ~ §

337,642

297,126

1.155%

due

01/25/66 ~ §

201,039

176,737

Wells

Fargo

Mortgage-Backed

Securities

Trust

2.500%

due

09/25/51 ~ §

1,365,680

1,212,997

15,766,849

Federal

Home

Loan

Mortgage

Corp.

1.1%

2.500%

due

01/01/52

1,399,865

1,177,717

3.000%

due

06/01/52

1,147,360

995,907

4.000%

due

12/01/49

01/01/54

2,283,592

2,133,728

4.500%

due

05/01/50

162,026

156,765

5.000%

due

12/01/41

377,778

381,237

5.500%

due

07/01/38

10/01/54

429,562

435,066

6.000%

due

09/01/53

12/01/54

1,863,940

1,905,193

6.201%

(UST

1.951%)

due

02/01/35 §

47,904

48,696

6.500%

due

09/01/54

01/01/55

549,599

567,897

6.769%

(UST

2.250%)

due

08/01/35 §

110,685

114,632

7.000%

due

03/01/39

101,872

106,597

7.144%

(UST

2.179%)

due

09/01/35 §

77,082

79,186

7.500%

due

06/01/38

87,150

91,377

8,193,998

Federal

National

Mortgage

Association

4.4%

2.000%

due

10/01/50

593,877

476,759

2.500%

due

01/01/52

1,352,418

1,135,934

3.000%

due

09/01/28

12/01/34

628,384

608,606

3.500%

due

01/01/44

01/01/52

2,365,358

2,171,697

4.000%

due

03/01/41

08/01/52

638,769

599,486

4.500%

due

05/01/41

01/01/53

4,283,110

4,137,044

5.000%

due

06/01/40

08/01/54

7,743,017

7,623,430

5.500%

due

01/01/36

10/01/54

5,361,114

5,410,650

6.000%

due

03/01/37

07/01/54

985,227

1,024,064

6.425%

(RFUCC

1.504%)

due

02/01/33 §

12,945

13,105

6.465%

(UST

2.215%)

due

02/01/33 §

28,865

29,402

6.480%

(RFUCC

1.605%)

due

04/01/33 §

14,633

14,856

6.500%

due

05/01/33

01/01/55

395,351

407,822

6.500%

due

02/01/54

8,800,724

9,081,342

6.644%

(RFUCC

1.549%)

due

01/01/35 §

1,513

1,554

7.000%

due

06/01/33

104,519

107,442

7.007%

(UST

2.258%)

due

06/01/35 §

55,845

57,570

7.354%

(UST

2.260%)

due

06/01/33 §

121,555

125,016

33,025,779

Principal

Amount

Value

Government

National

Mortgage

Association

0.9%

due

04/20/55 #

375,000

375,829

3.000%

due

09/20/47

2,008,789

1,801,105

3.500%

due

07/20/52

1,419,739

1,302,333

4.000%

due

10/20/50

511,851

483,374

4.625%

(UST

1.500%)

due

09/20/34

01/20/35

488,027

494,624

5.000%

due

12/20/34

05/20/48

1,058,820

1,060,544

5.500%

due

09/15/45

02/20/49

900,487

921,880

6.000%

due

07/15/36

120,954

126,411

6,566,100

Uniform

Mortgage-Backed

Securities

0.1%

due

04/01/40 #

340,000

341,735

Total

Mortgage-Backed

Securities

(Cost

$95,534,556)

92,890,744

ASSET-BACKED

SECURITIES

20.7%

Automobile

Other

5.0%

Ally

Auto

Receivables

Trust

6.010%

due

01/17/34 ~

283,294

284,401

Ally

Bank

Auto

Credit-Linked

Notes

5.827%

due

05/17/32 ~

174,442

176,732

6.022%

due

05/17/32 ~

184,909

187,575

AmeriCredit

Automobile

Receivables

Trust

0.890%

due

10/19/26

354,088

352,505

ARI

Fleet

Lease

Trust

6.030%

due

02/17/32 ~

1,115,000

1,136,961

Avis

Budget

Rental

Car

Funding

AESOP

LLC

7.320%

due

02/20/28 ~

240,000

239,533

Bayview

Opportunity

Master

Fund

VII

LLC

5.440%

(SOFR

1.100%)

due

12/26/31 ~ §

735,236

737,638

CarMax

Auto

Owner

Trust

5.470%

due

08/15/29

1,375,000

1,391,507

5.610%

due

02/15/29

1,695,000

1,730,240

5.670%

due

01/15/31

265,000

269,281

6.440%

due

12/16/30

1,160,000

1,199,461

6.580%

due

05/15/29

1,845,000

1,921,038

Carvana

Auto

Receivables

Trust

1.420%

due

08/10/27

2,683,000

2,552,548

5.670%

due

09/10/30 ~

1,135,000

1,152,255

Exeter

Automobile

Receivables

Trust

5.980%

due

12/15/28

2,420,000

2,441,961

Ford

Credit

Auto

Lease

Trust

6.430%

due

04/15/27

1,425,000

1,449,202

Ford

Credit

Auto

Owner

Trust

1.740%

due

04/15/33 ~

695,000

682,002

Ford

Credit

Floorplan

Master

Owner

Trust

5.750%

due

05/15/28 ~

1,485,000

1,500,825

6.620%

due

05/15/28 ~

1,765,000

1,788,205

Financial

Consumer

Automobile

Receivables

Trust

5.030%

due

09/18/28

520,000

525,408

Huntington

Bank

Auto

Credit-Linked

Notes

4.957%

due

03/21/33 ~

1,480,000

1,478,232

6.153%

due

05/20/32 ~

1,255,951

1,271,811

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Navistar

Financial

Dealer

Note

Master

Owner

Trust

5.790%

due

04/25/29 ~

140,000

141,336

6.130%

due

04/25/29 ~

220,000

222,001

Octane

Receivables

Trust

5.510%

due

10/20/31 ~

265,000

267,590

6.740%

due

08/20/29 ~

225,000

231,190

Santander

Bank

Auto

Credit-Linked

Notes

4.965%

due

01/18/33 ~

275,000

276,209

5.141%

due

01/18/33 ~

390,000

390,958

6.451%

due

12/15/32 ~

279,482

280,194

Santander

Drive

Auto

Receivables

Trust

2.510%

due

12/15/28

4,073,863

4,026,174

4.030%

due

03/15/29 ~

3,500,000

3,472,882

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

442,433

444,815

SFS

Auto

Receivables

Securitization

Trust

5.510%

due

01/20/32 ~

260,000

263,753

U.S.

Bank

6.789%

due

08/25/32 ~

221,627

224,515

World

Omni

Auto

Receivables

Trust

2.550%

due

09/15/28

1,105,000

1,082,717

World

Omni

Select

Auto

Trust

5.870%

due

08/15/28

1,200,000

1,212,962

37,006,617

Automobile

Sequential

0.3%

Enterprise

Fleet

Financing

LLC

4.980%

due

08/21/28 ~

310,000

314,230

5.060%

due

03/20/31 ~

210,000

213,943

Octane

Receivables

Trust

4.940%

due

05/20/30 ~

320,000

320,923

5.010%

due

01/22/46 ~

877,817

882,999

Santander

Bank

Auto

Credit-Linked

Notes

5.644%

due

12/15/33 ~

361,613

366,268

SFS

Auto

Receivables

Securitization

Trust

5.260%

due

08/20/30 ~

410,000

419,572

2,517,935

Home

Equity

Other

0.2%

BRAVO

Residential

Funding

Trust

5.190%

(SOFR

0.850%)

due

01/25/70 ~ §

306,965

306,176

Finance

America

HECM

Buyout

4.000%

due

10/01/34 ~ §

978,519

972,042

1,278,218

Home

Equity

Sequential

0.0%

BRAVO

Residential

Funding

Trust

5.190%

(SOFR

0.850%)

due

11/25/69 ~ §

173,813

173,348

Other

Asset-Backed

Securities

15.2%

Alinea

CLO

Ltd.

(Cayman)

5.203%

(SOFR

0.900%)

due

07/20/31 ~ §

810,000

809,356

5.453%

(SOFR

1.150%)

due

07/20/31 ~ §

250,000

249,855

AMSR

Trust

1.355%

due

11/17/37 ~

648,898

636,661

1.379%

due

11/17/37 ~

804,652

789,979

1.632%

due

07/17/37 ~

2,528,151

2,507,158

1.806%

due

09/17/37 ~

330,000

325,815

Principal

Amount

Value

Amur

Equipment

Finance

Receivables

LLC

2.910%

due

08/21/28 ~

3,000,000

2,972,887

5.020%

due

12/20/28 ~

785,000

783,386

Applebee's

Funding

LLC/IHOP

Funding

LLC

4.723%

due

06/05/49 ~

3,465,000

3,402,159

Arbys

Funding

LLC

3.237%

due

07/30/50 ~

1,886,125

1,797,859

ARES

XLV

CLO

Ltd.

(Cayman)

5.802%

(SOFR

1.500%)

due

10/15/30 ~ §

2,500,000

2,501,495

Auxilior

Term

Funding

LLC

5.490%

due

07/15/31 ~

510,000

520,509

6.180%

due

12/15/28 ~

1,711,296

1,727,328

Battalion

CLO

XII

Ltd.

5.519%

(SOFR

1.200%)

due

05/17/31 ~ §

1,080,000

1,080,379

5.869%

(SOFR

1.550%)

due

05/17/31 ~ §

1,170,000

1,171,409

Battalion

CLO

Ltd.

5.284%

(SOFR

0.980%)

due

01/17/33 ~ §

4,905,000

4,891,264

6.204%

(SOFR

1.900%)

due

01/17/33 ~ §

895,000

896,329

Blue

Owl

Asset

Leasing

Trust

LLC

5.050%

due

03/15/29 ~

856,252

857,967

5.410%

due

03/15/30 ~

210,000

211,629

BlueMountain

CLO

Ltd.

(Cayman)

5.523%

(SOFR

1.200%)

due

11/15/30 ~ §

2,635,594

2,636,596

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

3,135,000

3,134,936

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280%

due

09/26/33 ~

397,762

391,631

Chenango

Park

CLO

Ltd.

(Cayman)

due

04/15/30 # ~ §

1,815,000

1,816,714

CIFC

Funding

Ltd.

(Cayman)

5.293%

(SOFR

1.000%)

due

10/21/31 ~ §

1,985,000

1,977,601

6.593%

(SOFR

2.300%)

due

10/21/31 ~ §

785,000

786,123

CyrusOne

Data

Centers

Issuer

LLC

4.500%

due

05/20/49 ~

2,095,000

2,018,111

Dell

Equipment

Finance

Trust

4.820%

due

08/22/30 ~

100,000

100,463

5.290%

due

02/24/31 ~

230,000

231,225

DLLST

LLC

4.930%

due

04/22/30 ~

180,000

181,286

5.050%

due

08/20/27 ~

665,000

668,072

Driven

Brands

Funding

LLC

3.981%

due

10/20/49 ~

906,082

891,483

Dryden

CLO

Ltd.

(Cayman)

6.252%

(SOFR

1.950%)

due

01/17/32 ~ §

2,000,000

2,005,616

Elara

HGV

Timeshare

Issuer

LLC

2.610%

due

01/25/34 ~

713,371

698,833

7.300%

due

02/25/38 ~

814,865

840,152

FirstKey

Homes

Trust

1.968%

due

10/19/37 ~

5,395,000

5,285,434

Fortress

Credit

BSL

VII

Ltd.

(Cayman)

5.380%

(SOFR

1.090%)

due

07/23/32 ~ §

419,957

419,390

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.690%

(SOFR

1.400%)

due

07/23/32 ~ §

860,000

861,101

5.940%

(SOFR

1.650%)

due

07/23/32 ~ §

1,100,000

1,103,557

Fortress

Credit

BSL

Ltd.

(Jersey)

5.693%

(SOFR

1.400%)

due

10/18/33 ~ §

3,245,000

3,248,499

Frontier

Issuer

LLC

6.190%

due

06/20/54 ~

255,000

263,550

11.500%

due

08/20/53 ~

1,165,000

1,233,891

Goto

Foods

Funding

LLC

5.093%

due

04/30/47 ~

973,238

964,823

Hardee's

Funding

LLC

2.865%

due

06/20/51 ~

1,309,937

1,189,235

3.981%

due

12/20/50 ~

2,264,488

2,158,596

5.710%

due

06/20/48 ~

1,683,000

1,662,498

Hilton

Grand

Vacations

Trust

2.740%

due

02/25/39 ~

351,081

341,788

3.610%

due

06/20/34 ~

403,912

397,022

HPEFS

Equipment

Trust

5.350%

due

10/20/31 ~

235,000

238,054

5.820%

due

04/20/32 ~

580,000

589,705

6.480%

due

01/21/31 ~

635,000

643,243

6.970%

due

07/21/31 ~

630,000

644,612

Jersey

Mike's

Funding

2.891%

due

02/15/52 ~

49,625

47,882

Madison

Park

Funding

XXIV

Ltd.

(Cayman)

6.343%

(SOFR

2.050%)

due

10/20/29 ~ §

1,205,000

1,207,034

Marble

Point

CLO

XII

Ltd.

(Cayman)

5.579%

(SOFR

1.272%)

due

07/16/31 ~ §

748,539

Marble

Point

CLO

Ltd.

(Cayman)

5.330%

(SOFR

1.040%)

due

07/23/32 ~ §

1,281,915

1,281,315

MidOcean

Credit

CLO

(Cayman)

5.523%

(SOFR

1.230%)

due

04/20/33 ~ §

628,096

628,177

MVW

LLC

1.940%

due

01/22/41 ~

151,301

142,852

2.230%

due

05/20/39 ~

161,392

152,468

2.730%

due

10/20/37 ~

144,154

140,556

MVW

Owner

Trust

2.890%

due

11/20/36 ~

358,989

358,005

Navient

Private

Education

Loan

Trust

2.460%

due

11/15/68 ~

608,060

584,959

Navient

Private

Education

Refi

Loan

Trust

1.170%

due

09/16/69 ~

295,197

273,190

1.220%

due

07/15/69 ~

242,393

226,163

1.310%

due

01/15/69 ~

128,247

120,580

1.690%

due

05/15/69 ~

433,112

408,772

2.400%

due

10/15/68 ~

314,376

303,523

2.640%

due

05/15/68 ~

547,306

534,092

3.420%

due

01/15/43 ~

520,743

515,768

Nelnet

Student

Loan

Trust

1.320%

due

04/20/62 ~

590,365

548,702

Neuberger

Berman

Loan

Advisers

CLO

43Ltd.

(Cayman)

5.368%

(SOFR

1.050%)

due

07/17/36 ~ §

3,220,000

3,220,017

NMEF

Funding

LLC

4.720%

due

07/15/32 ~

255,000

255,010

Principal

Amount

Value

Octagon

Investment

Partners

XXI

Ltd.

(Cayman)

5.110%

(SOFR

0.810%)

due

02/14/31 ~ §

890,000

890,120

5.450%

(SOFR

1.150%)

due

02/14/31 ~ §

2,195,000

2,195,232

5.650%

(SOFR

1.350%)

due

02/14/31 ~ §

860,000

860,093

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

740,000

742,532

5.040%

due

07/20/32 ~

600,000

604,659

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

585,000

586,932

Progress

Residential

Trust

1.681%

due

10/17/38 ~

350,000

335,752

1.931%

due

10/17/38 ~

870,000

832,222

2.538%

due

05/17/26 ~

475,000

461,412

Rockford

Tower

CLO

Ltd.

(Cayman)

5.452%

(SOFR

1.130%)

due

08/20/32 ~ §

1,150,197

1,150,814

Romark

CLO

Ltd.

(Cayman)

5.950%

(SOFR

1.650%)

due

07/25/31 ~ §

3,015,000

3,017,969

SCF

Equipment

Trust

LLC

4.820%

due

07/22/30 ~

760,000

761,129

5.110%

due

11/21/33 ~

740,000

749,366

SEB

Funding

LLC

7.386%

due

04/30/54 ~

1,100,000

1,129,882

Sierra

Timeshare

Receivables

Funding

LLC

1.800%

due

09/20/38 ~

574,381

559,667

3.510%

due

07/20/37 ~

133,987

133,365

SMB

Private

Education

Loan

Trust

1.290%

due

07/15/53 ~

803,704

754,650

5.154%

(SOFR

0.834%)

due

01/15/37 ~ §

699,632

698,486

Sound

Point

CLO

XXII

Ltd.

(Cayman)

5.943%

(SOFR

1.650%)

due

01/20/32 ~ §

250,000

250,176

Symphony

CLO

XXIII

Ltd.

(Cayman)

5.216%

(SOFR

0.900%)

due

01/15/34 ~ §

2,840,000

2,820,120

Symphony

CLO

XXVI

Ltd.

(Cayman)

5.635%

(SOFR

1.342%)

due

04/20/33 ~ §

939,325

939,937

THL

Credit

Wind

River

CLO

Ltd.

(Cayman)

5.362%

(SOFR

1.060%)

due

04/15/31 ~ §

345,066

345,006

5.502%

(SOFR

1.200%)

due

07/15/30 ~ §

103,432

103,494

5.852%

(SOFR

1.550%)

due

04/15/31 ~ §

990,000

988,797

6.302%

(SOFR

2.000%)

due

04/15/31 ~ §

430,000

431,121

Tricon

Residential

Trust

6.000%

due

06/17/40 ~

1,435,000

1,418,761

Trinitas

CLO

Ltd.

(Cayman)

5.493%

(SOFR

1.200%)

due

01/20/32 ~ §

986,094

986,510

Trinitas

CLO

Ltd.

(Cayman)

5.630%

(SOFR

1.330%)

due

01/25/34 ~ §

3,245,000

3,243,597

Trinitas

CLO

VII

Ltd.

(Cayman)

5.370%

(SOFR

1.060%)

due

01/25/35 ~ §

2,240,000

2,240,331

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Verdant

Receivables

LLC

5.680%

due

12/12/31 ~

327,206

332,541

Voya

CLO

Ltd.

(Cayman)

6.102%

(SOFR

1.800%)

due

10/15/31 ~ §

2,715,000

2,717,169

Wellfleet

CLO

Ltd.

(Cayman)

5.373%

(SOFR

1.080%)

due

10/20/31 ~ §

662,787

662,943

113,399,653

Total

Asset-Backed

Securities

(Cost

$153,033,393)

154,375,771

U.S.

TREASURY

OBLIGATIONS

18.6%

U.S.

Treasury

Notes

18.6%

4.125%

due

01/31/27

70,725,000

70,973,642

4.125%

due

02/28/27

36,410,000

36,550,804

4.250%

due

11/30/26 ‡

25,865,000

25,992,810

4.250%

due

12/31/26

4,905,000

4,930,770

4.250%

due

01/15/28

430,000

434,082

138,882,108

Total

U.S.

Treasury

Obligations

(Cost

$138,343,363)

138,882,108

FOREIGN

GOVERNMENT

BONDS

NOTES

0.4%

Korea

Hydro

Nuclear

Power

Co.

Ltd.

(South

Korea)

1.250%

due

04/27/26 ~

1,790,000

1,731,133

Saudi

Government

(Saudi

Arabia)

5.125%

due

01/13/28 ~

1,390,000

1,407,542

Total

Foreign

Government

Bonds

Notes

(Cost

$3,175,845)

3,138,675

SHORT-TERM

INVESTMENTS

2.1%

Commercial

Paper

2.1%

Arrow

Electronics,

Inc.

4.971%

due

04/01/25 ~

2,605,000

2,604,654

CVS

Health

Corp.

4.942%

due

04/07/25 ~

2,805,000

2,802,407

FMC

Corp.

5.400%

due

04/30/25 ~

2,525,000

2,514,110

Harley-Davidson

Financial

Services,

Inc.

4.787%

due

04/02/25 ~

2,400,000

2,399,385

Ovintiv,

Inc.

5.156%

due

04/21/25

2,500,000

2,492,780

WPP

LLC

(United

Kingdom)

4.718%

due

04/14/25 ~

2,575,000

2,570,450

15,383,786

Total

Short-Term

Investments

(Cost

$15,385,640)

15,383,786

TOTAL

INVESTMENTS

99.5%

(Cost

$739,767,662)

741,383,397

DERIVATIVES

0.1%

406,043

OTHER

ASSETS

LIABILITIES,

NET

0.4%

3,330,054

NET

ASSETS

100.0%

745,119,494

PACIFIC

SELECT

FUND

SHORT

DURATION

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

purchased

options

outstanding

were

follows:

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

1,057

218,158,931

218,980,673

821,742

CBOT

Year

U.S.

Treasury

Notes

06/25

1,511,691

1,514,187

2,496

824,238

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

352

38,683,750

39,149,000

(

465,250

)

CBOT

Ultra

Year

U.S.

Treasury

Notes

06/25

1,703,430

1,711,875

(

8,445

)

CBOT

Ultra

U.S.

Treasury

Bond

06/25

4,063,015

4,034,250

28,765

(

444,930

)

Total

Futures

Contracts

379,308

Options

Futures

Description

Exercise

Price

Expiration

Date

Exchange

Number

Contracts

Notional

Amount

Cost

Value

Put

CBOT

Year

U.S.

Treasury

Notes

Futures

102.50

05/23/25

CBOE

398

81,590,000

25,500

12,438

Put

CBOT

Year

U.S.

Treasury

Notes

Futures

102.75

05/23/25

CBOE

183

37,606,500

20,303

14,297

45,803

26,735

Total

Purchased

Options

45,803

26,735

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

336,712,313

–

336,712,313

–

Mortgage-Backed

Securities

92,890,744

–

92,890,744

–

Asset-Backed

Securities

154,375,771

–

154,375,771

–

U.S.

Treasury

Obligations

138,882,108

–

138,882,108

–

Foreign

Government

Bonds

Notes

3,138,675

–

3,138,675

–

Short-Term

Investments

15,383,786

–

15,383,786

–

Derivatives:

Interest

Rate

Contracts

Futures

853,003

–

Purchased

Options

26,735

–

26,735

–

Total

Interest

Rate

Contracts

879,738

853,003

26,735

–

Total

Assets

742,263,135

853,003

741,410,132

–

Liabilities

Derivatives:

Interest

Rate

Contracts

Futures

(

473,695

)

(

473,695

)

–

Total

Liabilities

(

473,695

)

(

473,695

)

–

Total

741,789,440

379,308

741,410,132

–

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

42.1%

Angola

1.2%

Azule

Energy

Finance

PLC

8.125%

due

01/23/30 ~

1,300,000

1,303,673

Azerbaijan

0.4%

SOCAR

Turkey

Enerji

via

Steas

Funding

DAC

7.230%

due

03/17/26 ~

470,000

Brazil

5.7%

Acu

Petroleo

Luxembourg

SARL

7.500%

due

07/13/35 ~

807,313

808,084

Aegea

Finance

SARL

9.000%

due

01/20/31 ~

675,000

710,279

CSN

Inova

Ventures

6.750%

due

01/28/28 ~

725,000

693,398

Luxembourg

SARL

8.875%

due

02/12/31 ~

1,085,000

1,114,286

Celulose

International

GmbH

7.950%

due

01/26/32 ~

625,000

644,812

Raizen

Fuels

Finance

6.700%

due

02/25/37 ~

800,000

801,340

Sitios

Latinoamerica

SAB

6.000%

due

11/25/29 ~

1,000,000

1,010,570

Yinson

Boronia

Production

8.947%

due

07/31/42 ~

619,488

654,512

6,437,281

Chile

0.9%

ATP

Tower

Holdings/Andean

Telecom

Partners

Chile

SpA/Andean

Tower

Partners

7.875%

due

02/03/30 ~

1,025,000

1,028,765

Congo

1.2%

Ivanhoe

Mines

Ltd.

7.875%

due

01/23/30 ~

1,300,000

1,310,309

Czech

Republic

0.9%

Energo-Pro

8.500%

due

02/04/27 ~

1,000,000

1,015,333

Dominican

Republic

0.4%

Aeropuertos

Dominicanos

Siglo

XXI

7.000%

due

06/30/34 ~

450,000

452,032

Georgia

0.3%

Georgia

Global

Utilities

JSC

8.875%

due

07/25/29 ~

375,000

382,966

Hong

Kong

0.6%

NWD

Finance

BVI

Ltd.

4.125%

due

03/10/28 ~

200,000

85,113

NWD

MTN

Ltd.

4.125%

due

07/18/29 ~

600,000

354,802

4.500%

due

05/19/30 ~

200,000

115,242

8.625%

due

02/08/28 ~

200,000

152,646

707,803

India

0.8%

Vedanta

Resources

Finance

PLC

9.475%

due

07/24/30 ~

850,000

842,009

Principal

Amount

Value

Israel

2.4%

Energean

Israel

Finance

Ltd.

5.375%

due

03/30/28 ~

800,000

764,998

8.500%

due

09/30/33 ~

830,000

856,385

Israel

Discount

Bank

Ltd.

5.375%

due

01/26/28 ~

275,000

275,417

Leviathan

Bond

Ltd.

6.500%

due

06/30/27 ~

825,000

815,364

2,712,164

Jamaica

0.6%

Kingston

Airport

Revenue

Finance

Ltd.

6.750%

due

12/15/36 ~

675,000

680,687

Kazakhstan

1.1%

Tengizchevroil

Finance

Co.

International

Ltd.

3.250%

due

08/15/30 ~

775,000

678,526

4.000%

due

08/15/26 ~

600,000

587,397

1,265,923

Mexico

6.7%

Banco

Mercantil

del

Norte

5.875%

due

01/24/27 ~

300,000

289,245

8.375%

due

05/20/31 ~

775,000

769,216

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

5.125%

due

01/18/33 ~

500,000

475,642

7.625%

due

02/11/35 ~

1,050,000

1,062,810

Comision

Federal

Electricidad

5.000%

due

09/29/36 ~

796,800

714,132

FIEMEX

Energia

Banco

Actinver

Institucion

Banca

Multiple

7.250%

due

01/31/41 ~

994,250

985,054

Petroleos

Mexicanos

5.350%

due

02/12/28

650,000

602,796

5.950%

due

01/28/31

400,000

338,976

6.500%

due

03/13/27

725,000

709,761

6.840%

due

01/23/30

550,000

504,459

Saavi

Energia

SARL

8.875%

due

02/10/35 ~

1,025,000

1,038,274

7,490,365

Multi-National

3.6%

Africa

Finance

Corp.

7.500%

due

01/21/30 ~

775,000

766,766

Asian

Development

Bank

6.720%

due

02/08/28

INR

14,400,000

169,431

European

Bank

for

Reconstruction

Development

6.750%

due

01/13/32

21,200,000

249,307

Inter-American

Development

Bank

7.000%

due

01/25/29

55,000,000

648,292

7.000%

due

04/17/33

46,000,000

548,728

International

Bank

for

Reconstruction

Development

6.500%

due

04/17/30

25,600,000

297,056

6.750%

due

09/08/27

15,000,000

176,267

6.850%

due

04/24/28

67,000,000

790,462

7.050%

due

07/22/29

29,000,000

343,854

3,990,163

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Netherlands

0.8%

VEON

Holdings

3.375%

due

11/25/27 ~

925,000

846,605

Nigeria

2.3%

BOI

Finance

7.500%

due

02/16/27 ~

EUR

900,000

974,505

IHS

Holding

Ltd.

7.875%

due

05/29/30 ~

750,000

747,201

IHS

Netherlands

Holdco

8.000%

due

09/18/27 ~

876,531

879,191

2,600,897

Oman

0.9%

Lamar

Funding

Ltd.

3.958%

due

05/07/25 ~

1,000,000

999,068

Poland

1.0%

ORLEN

6.000%

due

01/30/35 ~

1,125,000

1,155,546

Saudi

Arabia

0.3%

Greensaif

Pipelines

Bidco

SARL

6.129%

due

02/23/38 ~

325,000

334,159

Serbia

0.3%

Telecommunications

Co.

Telekom

Srbija

Belgrade

7.000%

due

10/28/29 ~

350,000

349,732

Singapore

0.9%

Puma

International

Financing

7.750%

due

04/25/29 ~

1,000,000

1,010,817

South

Africa

1.7%

Sasol

Financing

USA

LLC

8.750%

due

05/03/29 ~

400,000

403,217

Transnet

SOC

Ltd.

8.250%

due

02/06/28 ~

1,500,000

1,529,081

1,932,298

Tanzania

0.8%

HTA

Group

Ltd.

7.500%

due

06/04/29 ~

875,000

889,284

Turkey

2.2%

Limak

Cimento

Sanayi

Ticaret

9.750%

due

07/25/29 ~

1,075,000

1,067,085

Mersin

Uluslararasi

Liman

Isletmeciligi

8.250%

due

11/15/28 ~

350,000

359,739

Turkcell

Iletisim

Hizmetleri

7.450%

due

01/24/30 ~

200,000

202,038

Soda

Investments

Holding

PLC

9.500%

due

10/06/28 ~

850,000

876,533

2,505,395

United

Arab

Emirates

0.4%

Galaxy

Pipeline

Assets

Bidco

Ltd.

2.160%

due

03/31/34 ~

503,289

444,026

United

Kingdom

2.6%

Standard

Chartered

PLC

5.905%

due

05/14/35 ~

675,000

692,109

6.097%

due

01/11/35 ~

1,100,000

1,142,757

Principal

Amount

Value

7.625%

due

01/16/32 ~

1,075,000

1,083,868

2,918,734

Venezuela

0.5%

Petroleos

Venezuela

5.375%

due

04/12/27 * ~ ∂

1,007,000

139,148

9.750%

due

05/17/35 * ~ ∂

1,958,498

303,567

12.750%

* ~ ∂

802,000

128,320

571,035

Zambia

0.6%

First

Quantum

Minerals

Ltd.

8.000%

due

03/01/33 ~

625,000

634,066

Total

Corporate

Bonds

Notes

(Cost

$47,422,013)

47,281,135

CONVERTIBLE

CORPORATE

BONDS

NOTES

0.3%

South

Africa

0.3%

Sasol

Financing

USA

LLC

4.500%

due

11/08/27 ~

400,000

363,400

Total

Convertible

Corporate

Bonds

Notes

(Cost

$364,224)

363,400

FOREIGN

GOVERNMENT

BONDS

NOTES

47.8%

Argentina

1.3%

Argentine

Republic

Government

4.125%

due

07/09/35 §

900,000

564,593

Provincia

Buenos

Aires/Government

6.625%

due

09/01/37 ~

1,340,783

866,481

1,431,074

Benin

0.5%

Benin

Government

7.960%

due

02/13/38 ~

650,000

608,483

Brazil

3.9%

Brazil

Government

6.000%

due

10/20/33

1,050,000

1,023,724

Brazil

Notas

Tesouro

Nacional

10.000%

due

01/01/27

BRL

20,695,000

3,374,074

4,397,798

Colombia

2.0%

Colombia

Government

7.500%

due

02/02/34

1,675,000

1,661,098

7.750%

due

11/07/36

550,000

534,776

2,195,874

Dominican

Republic

1.4%

Dominican

Republic

4.500%

due

01/30/30 ~

975,000

914,306

10.750%

due

06/01/36 ~

DOP

40,500,000

665,491

1,579,797

Ecuador

1.0%

Ecuador

Government

5.000%

due

07/31/40 ~ §

575,000

255,300

5.500%

due

07/31/35 ~ §

1,834,220

901,185

1,156,485

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Egypt

3.0%

Egypt

Government

7.053%

due

01/15/32 ~

625,000

528,153

7.903%

due

02/21/48 ~

225,000

161,407

8.150%

due

11/20/59 ~

500,000

358,247

8.625%

due

02/04/30 ~

675,000

654,030

24.458%

due

10/01/27

EGP

38,900,000

800,176

25.318%

due

08/13/27

17,400,000

362,311

Egypt

Treasury

Bills

25.616%

due

12/16/25

1,000,000

16,804

27.307%

due

10/07/25

30,000,000

526,756

3,407,884

Gabon

0.3%

Gabon

Government

6.625%

due

02/06/31 ~

500,000

392,081

Ghana

1.6%

Ghana

Government

5.000%

due

07/03/29 ~ §

1,025,000

896,667

5.138%

due

01/03/30 ~

519,272

400,646

5.344%

due

01/03/30 ~

666,720

514,410

1,811,723

Guatemala

1.5%

Guatemala

Government

6.550%

due

02/06/37 ~

550,000

547,806

6.600%

due

06/13/36 ~

800,000

806,400

7.050%

due

10/04/32 ~

325,000

342,168

1,696,374

Indonesia

1.1%

Indonesia

Government

4.150%

due

09/20/27

1,250,000

1,241,507

Israel

1.7%

Israel

Government

5.625%

due

02/19/35

1,875,000

1,864,935

Ivory

Coast

2.3%

Ivory

Coast

Government

due

04/01/36 # ~

1,150,000

1,103,748

4.875%

due

01/30/32 ~

EUR

1,261,000

1,206,714

5.875%

due

10/17/31 ~

250,000

254,132

2,564,594

Kenya

0.8%

Republic

Kenya

Government

9.500%

due

03/05/36 ~

925,000

849,621

Lebanon

0.6%

Lebanon

Government

6.100%

* ~ ∂

175,000

28,171

6.250%

* ~ ∂

450,000

72,338

6.750%

due

11/29/27 * ~ ∂

225,000

36,190

6.850%

due

03/23/27 * ~ ∂

225,000

36,219

7.000%

due

03/23/32 * ~ ∂

1,075,000

173,669

7.547%

due

06/19/49 * ~ ∂

1,300,000

204,579

7.895%

* ~ ∂

475,000

75,400

626,566

Mexico

2.2%

Mexican

Bonos

7.750%

due

11/13/42

MXN

30,000,000

1,206,231

Principal

Amount

Value

8.500%

due

11/18/38

MXN

29,000,000

1,297,570

2,503,801

Nigeria

1.8%

Nigeria

Government

6.125%

due

09/28/28 ~

1,225,000

1,119,879

7.143%

due

02/23/30 ~

725,000

656,741

10.375%

due

12/09/34 ~

200,000

201,094

1,977,714

Pakistan

1.1%

Pakistan

Government

6.875%

due

12/05/27 ~

1,400,000

1,279,089

Peru

2.5%

Peru

Government

5.400%

due

08/12/34

PEN

5,975,000

1,482,047

6.900%

due

08/12/37 ~

4,925,000

1,320,248

2,802,295

Poland

2.4%

Republic

Poland

Government

2.000%

due

08/25/36 ^

PLN

7,329,594

1,667,237

5.000%

due

10/25/34

4,225,000

1,034,074

2,701,311

Qatar

0.9%

Qatar

Government

4.000%

due

03/14/29 ~

1,000,000

987,374

Romania

0.8%

Romania

Government

5.125%

due

09/24/31 ~

EUR

825,000

863,295

Senegal

0.7%

Senegal

Government

4.750%

due

03/13/28 ~

800,000

753,400

South

Africa

4.5%

Republic

South

Africa

Government

7.100%

due

11/19/36 ~

575,000

558,066

8.750%

due

01/31/44

ZAR

62,025,000

2,654,489

8.750%

due

02/28/48

2,000

8.875%

due

02/28/35

38,350,000

1,872,817

5,085,457

South

Korea

1.8%

Korea

Development

Bank

0.800%

due

07/19/26

1,100,000

1,051,508

4.750%

due

06/26/27 ~

1,000,000

1,011,226

2,062,734

Turkey

0.9%

Turkiye

Government

37.000%

due

02/18/26

TRY

41,300,000

1,026,438

Ukraine

1.4%

Ukraine

Government

1.750%

due

02/01/29 * ~ ∂ §

465,110

302,716

1.750%

due

02/01/34 * ~ ∂ §

1,714,451

917,823

1.750%

due

02/01/35 * ~ ∂ §

588,081

309,242

1,529,781

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with

total

aggregate

value

$3,677,612

3.3%

the

Fund’s

net

assets were

default.

(b)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(c)

March

31,

2025,

forward

foreign

currency

contracts

outstanding

were

follows:

Principal

Amount

Value

United

Arab

Emirates

0.6%

Abu

Dhabi

Government

3.125%

due

05/03/26 ~

725,000

716,287

Uzbekistan

1.3%

National

Bank

Uzbekistan

8.500%

due

07/05/29 ~

575,000

595,130

Republic

Uzbekistan

6.900%

due

02/28/32 ~

875,000

868,196

1,463,326

Venezuela

0.8%

Venezuela

Government

8.250%

* ~ ∂

1,259,900

226,782

9.000%

* ~ ∂

816,000

147,178

11.750%

due

10/21/26 * ~ ∂

1,624,400

343,615

12.750%

* ~ ∂

1,149,000

232,655

950,230

Zambia

1.1%

Zambia

Government

0.500%

due

12/31/53 ~

1,932,073

1,182,409

Total

Foreign

Government

Bonds

Notes

(Cost

$54,783,594)

53,709,737

TOTAL

INVESTMENTS

90.2%

(Cost

$102,569,831)

101,354,272

DERIVATIVES

0.3%

295,323

OTHER

ASSETS

LIABILITIES,

NET

9.5%

10,701,965

NET

ASSETS

100.0%

112,351,560

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

140

15,480,727

15,570,625

89,898

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

BRL

275,000

USD

47,739

04/25

CIT

255

–

CZK

54,250,000

USD

2,347,378

04/25

JPM

3,917

–

EUR

1,550,000

USD

1,676,045

04/25

JPM

1,951

–

HUF

1,266,475,000

USD

3,425,589

04/25

HSB

–

(

29,722

)

ILS

15,985,265

USD

4,303,659

04/25

GSC

–

(

2,299

)

PLN

3,600,000

USD

931,059

04/25

HSB

–

(

2,289

)

TRY

112,300,000

USD

2,703,847

07/25

JPM

–

(

114,281

)

USD

3,836,082

CNH

27,822,421

04/25

CIT

931

–

USD

3,849,673

CNH

27,902,579

04/25

JPM

3,473

–

USD

4,172,957

EUR

3,859,915

04/25

CIT

–

(

5,651

)

USD

3,998,339

EUR

3,668,426

04/25

CIT

28,710

–

USD

119,993

EUR

110,836

04/25

HSB

–

USD

208,340

HUF

77,625,000

04/25

GSC

200

–

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(d)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

USD

3,169,763

HUF

1,188,850,000

04/25

JPM

–

(

17,964

)

USD

1,523,397

ILS

5,612,312

04/25

JPM

13,220

–

USD

3,269,707

INR

282,283,698

04/25

CIT

–

(

27,622

)

USD

1,392,899

MXN

28,227,936

04/25

CIT

17,684

–

USD

1,071,314

MXN

21,700,000

04/25

HSB

14,128

–

USD

2,972,929

PEN

10,850,000

04/25

CIT

21,375

–

USD

752,846

TRY

32,350,000

07/25

JPM

6,876

–

USD

4,686,557

ZAR

85,550,000

04/25

HSB

28,683

–

Total

Forward

Foreign

Currency

Contracts

141,459

(

199,828

)

Credit

Default

Swaps

Corporate

and

Sovereign

Issues

Buy

Protection

(1)

Referenced

Obligation

Payment

Frequency

Fixed

Deal

Pay

Rate

Expiration

Date

Counter-

party

Implied

Credit

Spread

03/31/25

(2)

Notional

Amount

(3)

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

China

Construction

Bank

Corp.

1.000%

12/20/26

GSC

0.232%

3,600,000

(

47,541

)

(

47,998

)

457

Industrial

Commercial

Bank

China

Ltd.

1.000%

12/20/26

GSC

0.250%

3,700,000

(

47,743

)

(

49,331

)

1,588

China

Development

Bank

1.000%

12/20/26

GSC

0.272%

3,650,000

(

45,738

)

(

48,665

)

2,927

Bank

China

Ltd.

1.000%

12/20/26

GSC

0.291%

4,100,000

(

50,086

)

(

54,665

)

4,579

(

191,108

)

(

200,659

)

9,551

Credit

Default

Swaps

Credit

Indices

Buy

Protection

(1)

Referenced

Obligation

Payment

Frequency

Fixed

Deal

Pay

Rate

Expiration

Date

Exchange

Notional

Amount

(3)

Value

(4)

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.S43

5.000%

12/20/29

ICE

8,600,000

(

466,604

)

(

598,463

)

131,859

Total

Credit

Default

Swaps

(

657,712

)

(

799,122

)

141,410

(1)

the

Fund

buyer

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swap

agreement,

the

Fund

will

either

(i)

receive

from

the

seller

protection

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

obligation

underlying

investments

comprising

the

referenced

index

(ii)

receive

net

settlement

amount

the

form

cash

investments

equal

the

notional

amount

the

swap

less

the

recovery

value

the

referenced

obligation

underlying

investments

comprising

the

referenced

index.

(2)

implied

credit

spread

the

spread

yield

between

U.S.

Treasury

security

and

the

referenced

obligation

underlying

investment

that

are

identical

all

respects

except

for

the

quality

rating.

Implied

credit

spreads,

represented

the

absolute

terms,

utilized

determining

the

value

credit

default

swap

agreements

corporate

and

sovereign

issues

period

end

serve

indicator

the

current

status

the

payment/performance

risk

and

represent

the

likelihood

risk

default

for

the

credit

derivative.

The

implied

credit

spread

particular

referenced

entity

reflects

the

cost

buying/selling

protection

and

may

include

upfront

payments

required

made

enter

the

agreement.

Wider

credit

spreads,

comparison

narrower

credit

spreads,

represent

deterioration

the

referenced

entity’s

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

credit

spread

identified

“Defaulted”

indicates

credit

event

has

occurred

for

the

referenced

entity

obligation.

(3)

The

maximum

potential

amount

the

Fund

could

required

pay

seller

credit

protection

receive

buyer

credit

protection

credit

event

occurs

defined

under

the

terms

that

particular

swap

agreement.

(4)

The

quoted

market

prices

and

resulting

values

for

credit

default

swap

agreements

credit

indices

serve

indicator

the

current

status

the

payment/performance

risk

and

represent

the

likelihood

expected

liability

(or

profit)

for

the

credit

derivative

had

the

notional

amount

the

swap

agreement

been

closed/sold

period

end.

Increasing

values

(buy

protection)

decreasing

values

(sell

protection),

when

compared

the

notional

amount

the

swap,

represent

deterioration

the

referenced

entity’s

credit

soundness

and

greater

likelihood

risk

default

other

credit

event

occurring

defined

under

the

terms

the

agreement.

Interest

Rate

Swaps

Long

Receive

Pay

Payment

Frequency

Receive

Rate/

Pay

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.000%

Day

MXN

TIIE

L/L

LCH

12/17/25

MXN

445,000,000

(

1,433,747

)

–

(

1,433,747

)

14.900%

Brazil

CETIP

Interbank

Z/Z

LCH

01/04/27

BRL

107,996,992

24,287

–

24,287

4.370%

Month

PLN

WIBOR

S/S

LCH

12/18/29

PLN

11,000,000

(

41,032

)

(

2,187

)

(

38,845

)

3.650%

Month

CZK

PRIBOR

A/S

LCH

03/11/30

CZK

184,537,500

32,428

4,733

27,695

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Receive

Pay

Payment

Frequency

Receive

Rate/

Pay

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.650%

Month

CZK

PRIBOR

A/S

LCH

03/11/30

CZK

55,000,000

10,278

11,694

(

1,416

)

(

1,407,786

)

14,240

(

1,422,026

)

–

Interest

Rate

Swaps

Short

Pay

Receive

Payment

Frequency

Pay

Rate/

Receive

Rate

Exchange

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.000%

Day

MXN

TIIE

L/L

LCH

12/17/25

MXN

445,000,000

1,418,233

–

1,418,233

–

Total

Interest

Rate

Swaps

10,447

14,240

(

3,793

)

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Nigeria

OMO

Bills

Day

USD

Fed

Funds

0.000%

CIT

05/20/25

118,539

20,198

–

20,198

Nigeria

OMO

Bills

SOFR

0.750%

JPM

06/05/25

258,718

3,851

–

3,851

Egypt

Treasury

Bills

SOFR

0.750%

JPM

09/18/25

739,726

57,217

–

57,217

Nigeria

Treasury

Bills

Day

USD

Fed

Funds

0.000%

CIT

10/03/25

118,669

(

2,881

)

–

(

2,881

)

Nigeria

OMO

Bills

Day

USD

Fed

Funds

0.000%

CIT

10/09/25

780,029

6,240

–

6,240

Nigeria

OMO

Bills

Day

USD

Fed

Funds

0.000%

CIT

12/02/25

62,741

8,062

–

8,062

Nigeria

OMO

Bills

SOFR

0.850%

JPM

12/09/25

277,830

38,757

–

38,757

Egypt

Treasury

Bills

SOFR

0.600%

JPM

12/18/25

166,818

923

–

923

Nigeria

OMO

Bills

Day

USD

Fed

Funds

0.000%

CIT

01/08/26

265,101

3,549

–

3,549

Zambia

Government

Bonds

Day

USD

Fed

Funds

0.000%

CIT

12/18/27

725,732

(

9,739

)

–

(

9,739

)

126,177

–

126,177

Total

Swap

Agreements

(

521,088

)

(

784,882

)

263,794

PACIFIC

SELECT

FUND

EMERGING

MARKETS

DEBT

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(e)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

47,281,135

–

47,281,135

–

Convertible

Corporate

Bonds

Notes

363,400

–

363,400

–

Foreign

Government

Bonds

Notes

53,709,737

–

53,709,737

–

Derivatives:

Credit

Contracts

Swaps

141,410

–

141,410

–

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

141,459

–

141,459

–

Interest

Rate

Contracts

Futures

89,898

–

Swaps

1,609,012

–

1,609,012

–

Total

Interest

Rate

Contracts

1,698,910

89,898

1,609,012

–

Total

Asset

Derivatives

1,981,779

89,898

1,891,881

–

Total

Assets

103,336,051

89,898

103,246,153

–

Liabilities

Due

Custodian

(

24,350

)

–

(

24,350

)

–

Derivatives:

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

(

199,828

)

–

(

199,828

)

–

Interest

Rate

Contracts

Swaps

(

1,486,628

)

–

(

1,486,628

)

–

Total

Liabilities

Derivatives

(

1,686,456

)

–

(

1,686,456

)

–

Total

Liabilities

(

1,710,806

)

–

(

1,710,806

)

–

Total

101,625,245

89,898

101,535,347

–

PACIFIC

SELECT

FUND

DIVIDEND

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.9%

Basic

Materials

2.6%

spacing

Linde

PLC

20,451

9,522,804

RPM

International,

Inc.

17,642

2,040,827

Sherwin-Williams

Co.

18,460

6,446,047

18,009,678

Communications

1.3%

spacing

T-Mobile

U.S.,

Inc.

31,920

8,513,383

Consumer,

Cyclical

9.0%

spacing

Costco

Wholesale

Corp.

4,312

4,078,203

Cummins,

Inc.

4,912

1,539,617

Hilton

Worldwide

Holdings,

Inc.

33,378

7,595,164

Home

Depot,

Inc.

25,312

9,276,595

Marriott

International,

Inc.

Class A

7,573

1,803,889

McDonald's

Corp.

25,176

7,864,227

NIKE,

Inc.

Class B

36,752

2,333,017

Ross

Stores,

Inc.

61,577

7,868,925

Target

Corp.

11,654

1,216,211

Tractor

Supply

Co.

53,538

2,949,944

Walmart,

Inc.

126,191

11,078,308

Yum!

Brands,

Inc.

26,143

4,113,863

61,717,963

Consumer,

Non-Cyclical

22.3%

spacing

AbbVie,

Inc.

39,319

8,238,117

AstraZeneca

PLC

ADR

(United

Kingdom)

104,713

7,696,406

Automatic

Data

Processing,

Inc.

14,813

4,525,816

Avery

Dennison

Corp.

22,898

4,075,157

Becton

Dickinson

Co.

32,557

7,457,506

Booz

Allen

Hamilton

Holding

Corp.

5,000

522,900

Cigna

Group

8,899

2,927,771

Coca-Cola

Co.

130,752

9,364,458

Colgate-Palmolive

Co.

82,103

7,693,051

Danaher

Corp.

31,265

6,409,325

Elevance

Health,

Inc.

11,903

5,177,329

Eli

Lilly

Co.

14,401

11,893,930

HealthCare

Technologies,

Inc.

46,235

3,731,627

Kenvue,

Inc.

340,643

8,168,619

McKesson

Corp.

14,242

9,584,724

Mondelez

International,

Inc.

Class A

93,050

6,313,442

Philip

Morris

International,

Inc.

46,406

7,366,024

Quest

Diagnostics,

Inc.

29,800

5,042,160

S&P

Global,

Inc.

8,546

4,342,223

Stryker

Corp.

21,331

7,940,465

Thermo

Fisher

Scientific,

Inc.

20,239

10,070,926

UnitedHealth

Group,

Inc.

21,082

11,041,697

Zoetis,

Inc.

17,003

2,799,544

152,383,217

Energy

5.0%

spacing

ConocoPhillips

60,553

6,359,276

EOG

Resources,

Inc.

35,382

4,537,388

EQT

Corp.

82,858

4,427,103

Exxon

Mobil

Corp.

84,009

9,991,190

Schlumberger

122,301

5,112,182

Williams

Cos.,

Inc.

65,569

3,918,403

34,345,542

Financial

21.0%

spacing

American

Express

Co.

33,946

9,133,171

Value

American

Tower

Corp.

REIT

29,002

6,310,835

Aon

PLC

Class A

7,202

2,874,246

Bank

America

Corp.

244,007

10,182,412

Charles

Schwab

Corp.

109,264

8,553,186

Chubb

Ltd.

48,770

14,728,052

Equity

Residential

REIT

104,741

7,497,361

Goldman

Sachs

Group,

Inc.

6,843

3,738,263

Hartford

Insurance

Group,

Inc.

40,238

4,978,648

JPMorgan

Chase

Co.

74,498

18,274,359

Marsh

McLennan

Cos.,

Inc.

54,086

13,198,607

MetLife,

Inc.

23,700

1,902,873

Morgan

Stanley

65,712

7,666,619

Progressive

Corp.

32,201

9,113,205

Visa,

Inc.

Class A

58,367

20,455,299

Wells

Fargo

Co.

73,694

5,290,492

143,897,628

Industrial

14.5%

spacing

Amphenol

Corp.

Class A

110,099

7,221,393

CSX

Corp.

120,602

3,549,317

Deere

Co.

14,513

6,811,677

Vernova,

Inc.

8,598

2,624,797

General

Electric

Co.

70,336

14,077,750

Honeywell

International,

Inc.

34,625

7,331,844

Howmet

Aerospace,

Inc.

61,659

7,999,022

Illinois

Tool

Works,

Inc.

8,747

2,169,343

Northrop

Grumman

Corp.

14,225

7,283,342

Old

Dominion

Freight

Line,

Inc.

24,676

4,082,644

Otis

Worldwide

Corp.

22,983

2,371,846

Rockwell

Automation,

Inc.

13,102

3,385,295

Schneider

Electric

18,828

4,346,355

Stanley

Black

Decker,

Inc.

32,662

2,511,055

Connectivity

PLC

(Switzerland)

28,737

4,061,113

Trane

Technologies

PLC

12,894

4,344,247

Union

Pacific

Corp.

29,326

6,927,974

Waste

Connections,

Inc.

41,506

8,101,556

99,200,570

Technology

19.6%

spacing

Accenture

PLC

Class A (Ireland)

28,184

8,794,535

Analog

Devices,

Inc.

34,253

6,907,802

Apple,

Inc.

149,770

33,268,410

Applied

Materials,

Inc.

29,113

4,224,879

Broadcom,

Inc.

41,000

6,864,630

Broadridge

Financial

Solutions,

Inc.

33,960

8,233,942

Intuit,

Inc.

4,700

2,885,753

KLA

Corp.

10,412

7,078,078

Microsoft

Corp.

93,408

35,064,429

QUALCOMM,

Inc.

21,280

3,268,821

Roper

Technologies,

Inc.

17,140

10,105,401

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

19,400

3,220,400

Texas

Instruments,

Inc.

24,920

4,478,124

134,395,204

Utilities

3.6%

spacing

Ameren

Corp.

83,652

8,398,661

Atmos

Energy

Corp.

34,531

5,337,802

CMS

Energy

Corp.

79,364

5,961,030

NextEra

Energy,

Inc.

73,630

5,219,630

24,917,123

Total

Common

Stocks

(Cost

$486,033,538)

677,380,308

PACIFIC

SELECT

FUND

EQUITY

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.8%

Basic

Materials

1.6%

spacing

Air

Products

Chemicals,

Inc.

22,284

6,571,997

Albemarle

Corp.

11,781

848,468

Industries

Holdings,

Inc.

17,686

1,382,161

Dow,

Inc.

70,257

2,453,374

DuPont

Nemours,

Inc.

41,848

3,125,209

Eastman

Chemical

Co.

11,194

986,303

Ecolab,

Inc.

25,311

6,416,845

Freeport-McMoRan,

Inc.

144,023

5,452,711

International

Flavors

Fragrances,

Inc.

25,626

1,988,834

International

Paper

Co.

52,483

2,799,968

Linde

PLC

47,401

22,071,802

LyondellBasell

Industries

Class A

26,068

1,835,187

Mosaic

Co.

31,939

862,672

Newmont

Corp.

115,012

5,552,779

Nucor

Corp.

23,616

2,841,949

PPG

Industries,

Inc.

23,385

2,557,150

Sherwin-Williams

Co.

23,262

8,122,858

Steel

Dynamics,

Inc.

14,384

1,799,151

77,669,418

Communications

15.0%

spacing

Airbnb,

Inc.

Class A *

42,971

5,133,316

Alphabet,

Inc.

Class A

584,441

90,377,956

Alphabet,

Inc.

Class C

474,109

74,070,049

Amazon.com,

Inc.

945,042

179,803,691

Arista

Networks,

Inc.

103,289

8,002,832

AT&T,

Inc.

719,222

20,339,598

Booking

Holdings,

Inc.

3,321

15,299,548

CDW

Corp.

13,389

2,145,721

Charter

Communications,

Inc.

Class A *

9,729

3,585,428

Cisco

Systems,

Inc.

399,453

24,650,245

Comcast

Corp.

Class A

378,871

13,980,340

Corning,

Inc.

77,194

3,533,941

DoorDash,

Inc.

Class A *

33,992

6,212,718

eBay,

Inc.

46,612

3,157,031

Expedia

Group,

Inc.

12,495

2,100,410

F5,

Inc.

5,648

1,503,893

FactSet

Research

Systems,

Inc.

3,813

1,733,542

Fox

Corp.

Class A

22,517

1,274,462

Fox

Corp.

Class B

14,065

741,366

Gen

Digital,

Inc.

54,293

1,440,936

GoDaddy,

Inc.

Class A *

14,130

2,545,378

Interpublic

Group

Cos.,

Inc.

36,313

986,261

Juniper

Networks,

Inc.

31,919

1,155,149

Match

Group,

Inc.

25,698

801,778

Meta

Platforms,

Inc.

Class A

219,418

126,463,758

Motorola

Solutions,

Inc.

16,723

7,321,497

Netflix,

Inc.

42,859

39,967,303

News

Corp.

Class A

37,921

1,032,210

News

Corp.

Class B

11,270

342,270

Omnicom

Group,

Inc.

19,611

1,625,948

Palo

Alto

Networks,

Inc.

66,339

11,320,087

Paramount

Global

Class B

56,064

670,525

T-Mobile

U.S.,

Inc.

48,445

12,920,766

Uber

Technologies,

Inc.

210,587

15,343,369

VeriSign,

Inc.

8,413

2,135,808

Verizon

Communications,

Inc.

421,794

19,132,576

Walt

Disney

Co.

180,403

17,805,776

Warner

Bros

Discovery,

Inc.

223,648

2,399,743

723,057,225

Value

Consumer,

Cyclical

8.2%

spacing

Aptiv

PLC

(Jersey)

23,414

1,393,133

AutoZone,

Inc.

1,665

6,348,279

Best

Buy

Co.,

Inc.

19,676

1,448,350

Caesars

Entertainment,

Inc.

21,660

541,500

CarMax,

Inc.

15,645

1,219,058

Carnival

Corp.

101,258

1,977,569

Chipotle

Mexican

Grill,

Inc.

134,800

6,768,308

Copart,

Inc.

87,775

4,967,187

Costco

Wholesale

Corp.

44,477

42,065,457

Cummins,

Inc.

13,737

4,305,725

Darden

Restaurants,

Inc.

11,874

2,466,942

Deckers

Outdoor

Corp.

15,282

1,708,680

Delta

Air

Lines,

Inc.

64,276

2,802,434

Dollar

General

Corp.

22,041

1,938,065

Dollar

Tree,

Inc.

20,252

1,520,318

Domino's

Pizza,

Inc.

3,506

1,610,832

Horton,

Inc.

29,413

3,739,275

Fastenal

Co.

57,399

4,451,292

Ford

Motor

Co.

391,357

3,925,311

General

Motors

Co.

99,695

4,688,656

Genuine

Parts

Co.

13,965

1,663,790

Hasbro,

Inc.

12,725

782,460

Hilton

Worldwide

Holdings,

Inc.

24,098

5,483,500

Home

Depot,

Inc.

99,531

36,477,116

Las

Vegas

Sands

Corp.

35,431

1,368,700

Lennar

Corp.

Class A

23,135

2,655,435

Live

Nation

Entertainment,

Inc.

15,063

1,966,927

LKQ

Corp.

25,147

1,069,753

Lowe's

Cos.,

Inc.

56,513

13,180,527

Lululemon

Athletica,

Inc.

11,132

3,151,024

Marriott

International,

Inc.

Class A

22,887

5,451,683

McDonald's

Corp.

71,861

22,447,221

MGM

Resorts

International

21,655

641,854

NIKE,

Inc.

Class B

118,460

7,519,841

Norwegian

Cruise

Line

Holdings

Ltd.

43,038

816,001

NVR,

Inc.

309

2,238,517

O'Reilly

Automotive,

Inc.

5,688

8,148,515

PACCAR,

Inc.

52,545

5,116,307

Pool

Corp.

3,835

1,220,872

PulteGroup,

Inc.

20,801

2,138,343

Ralph

Lauren

Corp.

4,015

886,271

Ross

Stores,

Inc.

33,436

4,272,786

Royal

Caribbean

Cruises

Ltd.

24,808

5,096,556

Southwest

Airlines

Co.

60,056

2,016,680

Starbucks

Corp.

113,586

11,141,651

Tapestry,

Inc.

21,914

1,542,965

Target

Corp.

45,270

4,724,377

Tesla,

Inc.

280,384

72,664,317

TJX

Cos.,

Inc.

112,047

13,647,325

TKO

Group

Holdings,

Inc.

6,672

1,019,548

Tractor

Supply

Co.

54,060

2,978,706

Ulta

Beauty,

Inc.

4,783

1,753,161

United

Airlines

Holdings,

Inc.

32,961

2,275,957

Walgreens

Boots

Alliance,

Inc.

64,591

721,481

Walmart,

Inc.

434,651

38,158,011

Williams-Sonoma,

Inc.

12,334

1,950,005

Grainger,

Inc.

4,454

4,399,795

Wynn

Resorts

Ltd.

9,073

757,596

Yum!

Brands,

Inc.

28,183

4,434,877

397,866,822

PACIFIC

SELECT

FUND

EQUITY

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Consumer,

Non-Cyclical

16.7%

spacing

Abbott

Laboratories

173,917

23,070,090

AbbVie,

Inc.

176,881

37,060,107

Agilent

Technologies,

Inc.

28,137

3,291,466

Align

Technology,

Inc.

7,038

1,118,057

Altria

Group,

Inc.

170,628

10,241,093

Amgen,

Inc.

53,826

16,769,490

Archer-Daniels-Midland

Co.

47,927

2,300,975

Automatic

Data

Processing,

Inc.

40,850

12,480,900

Avery

Dennison

Corp.

8,071

1,436,396

Baxter

International,

Inc.

51,138

1,750,454

Becton

Dickinson

Co.

28,972

6,636,326

Bio-Techne

Corp.

15,581

913,514

Biogen,

Inc.

14,600

1,997,864

Boston

Scientific

Corp.

147,609

14,890,796

Bristol-Myers

Squibb

Co.

203,216

12,394,144

Brown-Forman

Corp.

Class B

16,925

574,434

Bunge

Global

13,589

1,038,471

Campbell's

Co.

19,387

773,929

Cardinal

Health,

Inc.

24,442

3,367,374

Cencora,

Inc.

17,486

4,862,682

Centene

Corp.

50,061

3,039,203

Charles

River

Laboratories

International,

Inc.

4,826

726,410

Church

Dwight

Co.,

Inc.

24,539

2,701,499

Cigna

Group

27,481

9,041,249

Cintas

Corp.

34,342

7,058,311

Clorox

Co.

12,415

1,828,109

Coca-Cola

Co.

386,223

27,661,291

Colgate-Palmolive

Co.

81,901

7,674,124

Conagra

Brands,

Inc.

48,018

1,280,640

Constellation

Brands,

Inc.

Class A

15,705

2,882,182

Cooper

Cos.,

Inc.

19,959

1,683,542

Corpay,

Inc.

6,960

2,427,091

Corteva,

Inc.

69,387

4,366,524

CVS

Health

Corp.

126,093

8,542,801

Danaher

Corp.

63,779

13,074,695

DaVita,

Inc.

4,625

707,486

Dexcom,

Inc.

38,253

2,612,297

Edwards

Lifesciences

Corp.

58,302

4,225,729

Elevance

Health,

Inc.

23,244

10,110,210

Eli

Lilly

Co.

78,947

65,203,117

Equifax,

Inc.

12,403

3,020,875

Estee

Lauder

Cos.,

Inc.

Class A

23,357

1,541,562

HealthCare

Technologies,

Inc.

45,795

3,696,114

General

Mills,

Inc.

55,793

3,335,863

Gilead

Sciences,

Inc.

124,792

13,982,944

Global

Payments,

Inc.

25,503

2,497,254

HCA

Healthcare,

Inc.

18,124

6,262,748

Henry

Schein,

Inc.

12,094

828,318

Hershey

Co.

14,802

2,531,586

Hologic,

Inc.

23,282

1,438,129

Hormel

Foods

Corp.

27,897

863,133

Humana,

Inc.

12,068

3,193,193

IDEXX

Laboratories,

Inc.

8,250

3,464,587

Incyte

Corp.

15,667

948,637

Insulet

Corp.

7,028

1,845,623

Intuitive

Surgical,

Inc.

35,554

17,608,830

IQVIA

Holdings,

Inc.

17,359

3,060,392

J.M.

Smucker

Co.

9,966

1,180,074

Johnson

241,233

40,006,081

Kellanova

26,891

2,218,239

Kenvue,

Inc.

191,967

4,603,369

Value

Keurig

Dr.

Pepper,

Inc.

119,628

4,093,670

Kimberly-Clark

Corp.

32,624

4,639,785

Kraft

Heinz

Co.

88,413

2,690,408

Kroger

Co.

66,561

4,505,514

Labcorp

Holdings,

Inc.

8,416

1,958,740

Lamb

Weston

Holdings,

Inc.

14,401

767,573

MarketAxess

Holdings,

Inc.

3,717

804,173

McCormick

Co.,

Inc.

25,261

2,079,233

McKesson

Corp.

12,724

8,563,125

Medtronic

PLC

128,561

11,552,491

Merck

Co.,

Inc.

253,509

22,754,968

Moderna,

Inc.

33,145

939,661

Molina

Healthcare,

Inc.

5,362

1,766,189

Molson

Coors

Beverage

Co.

Class B

17,610

1,071,921

Mondelez

International,

Inc.

Class A

133,894

9,084,708

Monster

Beverage

Corp.

70,693

4,136,954

Moody's

Corp.

15,382

7,163,244

PayPal

Holdings,

Inc.

100,550

6,560,887

PepsiCo,

Inc.

137,636

20,637,142

Pfizer,

Inc.

567,826

14,388,711

Philip

Morris

International,

Inc.

155,790

24,728,547

Procter

Gamble

Co.

234,606

39,981,555

Quanta

Services,

Inc.

14,768

3,753,730

Quest

Diagnostics,

Inc.

11,158

1,887,934

Regeneron

Pharmaceuticals,

Inc.

10,428

6,613,750

ResMed,

Inc.

14,728

3,296,863

Revvity,

Inc.

12,363

1,308,005

Rollins,

Inc.

28,156

1,521,269

S&P

Global,

Inc.

31,629

16,070,695

Solventum

Corp.

13,402

1,019,088

STERIS

PLC

9,885

2,240,435

Stryker

Corp.

34,366

12,792,743

Sysco

Corp.

49,291

3,698,797

Thermo

Fisher

Scientific,

Inc.

38,325

19,070,520

Tyson

Foods,

Inc.

Class A

28,649

1,828,093

United

Rentals,

Inc.

6,463

4,050,362

UnitedHealth

Group,

Inc.

92,208

48,293,940

Universal

Health

Services,

Inc.

Class B

5,740

1,078,546

Verisk

Analytics,

Inc.

14,276

4,248,823

Vertex

Pharmaceuticals,

Inc.

25,781

12,499,144

Viatris,

Inc.

119,632

1,041,995

Waters

Corp.

5,950

2,192,991

West

Pharmaceutical

Services,

Inc.

7,271

1,627,831

Zimmer

Biomet

Holdings,

Inc.

20,270

2,294,159

Zoetis,

Inc.

44,498

7,326,596

806,568,131

Energy

3.7%

spacing

APA

Corp.

34,517

725,547

Baker

Hughes

Co.

99,576

4,376,365

Chevron

Corp.

167,456

28,013,714

ConocoPhillips

128,862

13,533,087

Coterra

Energy,

Inc.

74,101

2,141,519

Devon

Energy

Corp.

66,811

2,498,731

Diamondback

Energy,

Inc.

18,779

3,002,387

Enphase

Energy,

Inc.

13,574

842,267

EOG

Resources,

Inc.

55,779

7,153,099

EQT

Corp.

59,542

3,181,329

Expand

Energy

Corp.

21,071

2,345,624

Exxon

Mobil

Corp.

437,833

52,071,479

First

Solar,

Inc.

10,730

1,356,594

Halliburton

Co.

88,490

2,244,991

Hess

Corp.

27,703

4,425,000

Kinder

Morgan,

Inc.

193,547

5,521,896

PACIFIC

SELECT

FUND

EQUITY

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Marathon

Petroleum

Corp.

32,234

4,696,171

Occidental

Petroleum

Corp.

67,491

3,331,356

ONEOK,

Inc.

62,156

6,167,118

Phillips

40,648

5,019,215

Schlumberger

138,451

5,787,252

Targa

Resources

Corp.

21,959

4,402,121

Texas

Pacific

Land

Corp.

1,889

2,502,906

Valero

Energy

Corp.

30,898

4,080,699

Williams

Cos.,

Inc.

122,179

7,301,417

176,721,884

Financial

15.5%

spacing

Aflac,

Inc.

49,082

5,457,428

Alexandria

Real

Estate

Equities,

Inc.

REIT

15,605

1,443,619

Allstate

Corp.

26,466

5,480,315

American

Express

Co.

55,439

14,915,863

American

International

Group,

Inc.

62,382

5,423,491

American

Tower

Corp.

REIT

46,818

10,187,597

Ameriprise

Financial,

Inc.

9,562

4,629,060

Aon

PLC

Class A

21,727

8,671,028

Apollo

Global

Management,

Inc.

44,832

6,139,294

Arch

Capital

Group

Ltd.

37,542

3,610,790

Arthur

Gallagher

Co.

25,485

8,798,441

Assurant,

Inc.

5,140

1,078,115

AvalonBay

Communities,

Inc.

REIT

14,236

3,055,330

Bank

America

Corp.

664,994

27,750,200

Bank

New

York

Mellon

Corp.

72,005

6,039,059

Berkshire

Hathaway,

Inc.

Class B *

183,653

97,809,915

Blackrock,

Inc.

14,455

13,681,368

Blackstone,

Inc.

73,336

10,250,906

Brown

Brown,

Inc.

23,732

2,952,261

BXP,

Inc.

REIT

13,600

913,784

Camden

Property

Trust

REIT

10,689

1,307,265

Capital

One

Financial

Corp.

38,275

6,862,707

Cboe

Global

Markets,

Inc.

10,488

2,373,329

CBRE

Group,

Inc.

Class A *

30,192

3,948,510

Charles

Schwab

Corp.

170,602

13,354,725

Chubb

Ltd.

37,115

11,208,359

Cincinnati

Financial

Corp.

15,661

2,313,443

Citigroup,

Inc.

188,405

13,374,871

Citizens

Financial

Group,

Inc.

41,533

1,701,607

CME

Group,

Inc.

36,094

9,575,377

CoStar

Group,

Inc.

41,078

3,254,610

Crown

Castle,

Inc.

REIT

43,559

4,540,155

Digital

Realty

Trust,

Inc.

REIT

31,811

4,558,198

Discover

Financial

Services

25,166

4,295,836

Equinix,

Inc.

REIT

9,752

7,951,293

Equity

Residential

REIT

34,198

2,447,893

Erie

Indemnity

Co.

Class A

2,444

1,024,158

Essex

Property

Trust,

Inc.

REIT

6,436

1,973,084

Everest

Group

Ltd.

4,338

1,576,125

Extra

Space

Storage,

Inc.

REIT

21,243

3,154,373

Federal

Realty

Investment

Trust

REIT

6,974

682,197

Fifth

Third

Bancorp

67,839

2,659,289

Franklin

Resources,

Inc.

31,577

607,857

Globe

Life,

Inc.

7,891

1,039,402

Goldman

Sachs

Group,

Inc.

31,271

17,083,035

Hartford

Insurance

Group,

Inc.

29,370

3,633,950

Healthpeak

Properties,

Inc.

REIT

70,544

1,426,400

Host

Hotels

Resorts,

Inc.

REIT

70,409

1,000,512

Huntington

Bancshares,

Inc.

145,584

2,185,216

Intercontinental

Exchange,

Inc.

57,549

9,927,202

Invesco

Ltd.

41,595

630,996

Invitation

Homes,

Inc.

REIT

57,105

1,990,109

Value

Iron

Mountain,

Inc.

REIT

29,403

2,529,834

JPMorgan

Chase

Co.

280,460

68,796,838

KeyCorp

93,030

1,487,550

Kimco

Realty

Corp.

REIT

67,570

1,435,187

KKR

Co.,

Inc.

67,601

7,815,352

Loews

Corp.

18,263

1,678,552

M&T

Bank

Corp.

16,739

2,992,096

Marsh

McLennan

Cos.,

Inc.

49,209

12,008,472

Mastercard,

Inc.

Class A

81,656

44,757,287

MetLife,

Inc.

57,147

4,588,333

Mid-America

Apartment

Communities,

Inc.

REIT

11,715

1,963,200

Morgan

Stanley

123,577

14,417,729

Nasdaq,

Inc.

41,478

3,146,521

Northern

Trust

Corp.

20,211

1,993,815

PNC

Financial

Services

Group,

Inc.

39,843

7,003,204

Principal

Financial

Group,

Inc.

21,356

1,801,806

Progressive

Corp.

58,695

16,611,272

Prologis,

Inc.

REIT

92,809

10,375,118

Prudential

Financial,

Inc.

35,784

3,996,357

Public

Storage

REIT

15,789

4,725,490

Raymond

James

Financial,

Inc.

18,614

2,585,671

Realty

Income

Corp.

REIT

87,291

5,063,751

Regency

Centers

Corp.

REIT

16,373

1,207,672

Regions

Financial

Corp.

91,727

1,993,228

SBA

Communications

Corp.

REIT

10,772

2,369,948

Simon

Property

Group,

Inc.

REIT

30,719

5,101,811

State

Street

Corp.

28,415

2,543,995

Synchrony

Financial

37,326

1,976,038

Rowe

Price

Group,

Inc.

22,313

2,049,895

Travelers

Cos.,

Inc.

22,847

6,042,118

Truist

Financial

Corp.

130,797

5,382,297

U.S.

Bancorp

156,413

6,603,757

UDR,

Inc.

REIT

30,084

1,358,894

Ventas,

Inc.

REIT

43,799

3,011,619

VICI

Properties,

Inc.

REIT

104,963

3,423,893

Visa,

Inc.

Class A

172,673

60,514,980

W.R.

Berkley

Corp.

30,134

2,144,335

Wells

Fargo

Co.

331,679

23,811,235

Welltower,

Inc.

REIT

61,043

9,352,398

Weyerhaeuser

Co.

REIT

72,902

2,134,571

Willis

Towers

Watson

PLC

10,180

3,440,331

748,186,397

Industrial

7.3%

spacing

Co.

53,910

7,917,223

A.O.

Smith

Corp.

10,826

707,587

Allegion

PLC

8,733

1,139,307

Amcor

PLC

144,874

1,405,278

AMETEK,

Inc.

23,208

3,995,025

Amphenol

Corp.

Class A

120,712

7,917,500

Axon

Enterprise,

Inc.

7,196

3,784,736

Ball

Corp.

30,428

1,584,386

Boeing

Co.

75,154

12,817,515

Builders

FirstSource,

Inc.

11,673

1,458,425

Carrier

Global

Corp.

81,972

5,197,025

Caterpillar,

Inc.

48,096

15,862,061

Robinson

Worldwide,

Inc.

11,756

1,203,814

CSX

Corp.

189,716

5,583,342

Deere

Co.

25,336

11,891,452

Dover

Corp.

13,778

2,420,519

Eaton

Corp.

PLC

39,369

10,701,675

Emerson

Electric

Co.

56,203

6,162,097

Expeditors

International

Washington,

Inc.

14,146

1,701,056

PACIFIC

SELECT

FUND

EQUITY

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

FedEx

Corp.

22,590

5,506,990

Fortive

Corp.

35,116

2,569,789

Garmin

Ltd.

15,413

3,346,625

Vernova,

Inc.

27,545

8,408,938

Generac

Holdings,

Inc.

6,029

763,573

General

Dynamics

Corp.

25,848

7,045,648

General

Electric

Co.

107,793

21,574,769

Honeywell

International,

Inc.

65,295

13,826,216

Howmet

Aerospace,

Inc.

40,911

5,307,384

Hubbell,

Inc.

5,381

1,780,627

Huntington

Ingalls

Industries,

Inc.

3,801

775,556

IDEX

Corp.

7,588

1,373,200

Illinois

Tool

Works,

Inc.

26,493

6,570,529

Ingersoll

Rand,

Inc.

40,443

3,236,653

Jabil,

Inc.

11,371

1,547,252

Jacobs

Solutions,

Inc.

12,551

1,517,290

Hunt

Transport

Services,

Inc.

8,076

1,194,844

Johnson

Controls

International

PLC

66,958

5,364,005

Keysight

Technologies,

Inc.

17,495

2,620,226

L3Harris

Technologies,

Inc.

19,015

3,980,030

Lennox

International,

Inc.

3,215

1,803,068

Lockheed

Martin

Corp.

20,957

9,361,701

Martin

Marietta

Materials,

Inc.

6,126

2,929,024

Masco

Corp.

21,876

1,521,257

Mettler-Toledo

International,

Inc.

2,127

2,511,796

Mohawk

Industries,

Inc.

4,656

531,622

Nordson

Corp.

5,397

1,088,683

Norfolk

Southern

Corp.

22,663

5,367,731

Northrop

Grumman

Corp.

13,779

7,054,986

Old

Dominion

Freight

Line,

Inc.

18,902

3,127,336

Otis

Worldwide

Corp.

40,150

4,143,480

Packaging

Corp.

America

8,937

1,769,705

Parker-Hannifin

Corp.

12,884

7,831,539

Pentair

PLC

16,589

1,451,206

Republic

Services,

Inc.

20,462

4,955,078

Rockwell

Automation,

Inc.

11,373

2,938,556

RTX

Corp.

133,473

17,679,834

Smurfit

WestRock

PLC

49,455

2,228,442

Snap-on,

Inc.

5,281

1,779,750

Stanley

Black

Decker,

Inc.

15,168

1,166,116

Connectivity

PLC

(Switzerland)

29,421

4,157,776

Teledyne

Technologies,

Inc.

4,689

2,333,762

Textron,

Inc.

18,780

1,356,855

Trane

Technologies

PLC

22,217

7,485,352

TransDigm

Group,

Inc.

5,624

7,779,623

Trimble,

Inc.

24,478

1,606,981

Union

Pacific

Corp.

60,394

14,267,479

United

Parcel

Service,

Inc.

Class B

73,423

8,075,796

Veralto

Corp.

24,731

2,410,036

Vulcan

Materials

Co.

13,237

3,088,192

Waste

Management,

Inc.

36,605

8,474,423

Westinghouse

Air

Brake

Technologies

Corp.

16,773

3,041,783

Xylem,

Inc.

24,346

2,908,373

349,987,508

Technology

28.3%

spacing

Accenture

PLC

Class A (Ireland)

62,689

19,561,476

Adobe,

Inc.

43,852

16,818,558

Advanced

Micro

Devices,

Inc.

162,228

16,667,305

Akamai

Technologies,

Inc.

15,188

1,222,634

Analog

Devices,

Inc.

49,738

10,030,662

ANSYS,

Inc.

8,759

2,772,749

Apple,

Inc.

1,505,817

334,487,130

Applied

Materials,

Inc.

82,076

11,910,869

Value

Autodesk,

Inc.

21,595

5,653,571

Broadcom,

Inc.

469,652

78,633,834

Broadridge

Financial

Solutions,

Inc.

11,698

2,836,297

Cadence

Design

Systems,

Inc.

27,446

6,980,341

Cognizant

Technology

Solutions

Corp.

Class A

49,682

3,800,673

Crowdstrike

Holdings,

Inc.

Class A *

24,679

8,701,322

Dayforce,

Inc.

15,237

888,774

Dell

Technologies,

Inc.

Class C

31,257

2,849,076

Electronic

Arts,

Inc.

24,099

3,482,788

EPAM

Systems,

Inc.

5,707

963,570

Fair

Isaac

Corp.

2,383

4,394,633

Fidelity

National

Information

Services,

Inc.

52,842

3,946,241

Fiserv,

Inc.

56,675

12,515,540

Fortinet,

Inc.

63,636

6,125,601

Gartner,

Inc.

7,724

3,242,072

Hewlett

Packard

Enterprise

Co.

130,273

2,010,112

HP,

Inc.

93,524

2,589,680

Intel

Corp.

433,847

9,852,665

International

Business

Machines

Corp.

92,331

22,959,026

Intuit,

Inc.

28,020

17,204,000

Jack

Henry

Associates,

Inc.

7,307

1,334,258

KLA

Corp.

13,237

8,998,513

Lam

Research

Corp.

128,178

9,318,541

Leidos

Holdings,

Inc.

13,503

1,822,095

Microchip

Technology,

Inc.

53,777

2,603,345

Micron

Technology,

Inc.

111,145

9,657,389

Microsoft

Corp.

744,852

279,609,992

Monolithic

Power

Systems,

Inc.

4,887

2,834,362

MSCI,

Inc.

7,883

4,457,837

NetApp,

Inc.

20,605

1,809,943

NVIDIA

Corp.

2,453,789

265,941,652

NXP

Semiconductors

(China)

25,533

4,852,802

Semiconductor

Corp.

42,936

1,747,066

Oracle

Corp.

162,541

22,724,857

Palantir

Technologies,

Inc.

Class A *

205,382

17,334,241

Paychex,

Inc.

32,127

4,956,554

Paycom

Software,

Inc.

4,878

1,065,745

PTC,

Inc.

12,042

1,865,908

QUALCOMM,

Inc.

110,676

17,000,940

Roper

Technologies,

Inc.

10,745

6,335,037

Salesforce,

Inc.

95,887

25,732,235

Seagate

Technology

Holdings

PLC

21,636

1,837,978

ServiceNow,

Inc.

20,680

16,464,175

Skyworks

Solutions,

Inc.

15,699

1,014,626

Super

Micro

Computer,

Inc.

50,478

1,728,367

Synopsys,

Inc.

15,358

6,586,278

Take-Two

Interactive

Software,

Inc.

16,340

3,386,465

Teradyne,

Inc.

16,356

1,351,006

Texas

Instruments,

Inc.

90,725

16,303,283

Tyler

Technologies,

Inc.

4,277

2,486,605

Western

Digital

Corp.

32,729

1,323,233

Workday,

Inc.

Class A *

21,363

4,988,901

Zebra

Technologies

Corp.

Class A *

5,170

1,460,835

1,364,036,263

Utilities

2.5%

spacing

AES

Corp.

71,259

885,037

Alliant

Energy

Corp.

25,647

1,650,384

Ameren

Corp.

26,744

2,685,098

American

Electric

Power

Co.,

Inc.

53,337

5,828,134

American

Water

Works

Co.,

Inc.

19,532

2,881,361

Atmos

Energy

Corp.

15,484

2,393,517

CenterPoint

Energy,

Inc.

65,325

2,366,725

PACIFIC

SELECT

FUND

EQUITY

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

CMS

Energy

Corp.

29,943

2,249,019

Consolidated

Edison,

Inc.

34,665

3,833,602

Constellation

Energy

Corp.

31,342

6,319,487

Dominion

Energy,

Inc.

84,091

4,714,982

DTE

Energy

Co.

20,751

2,869,241

Duke

Energy

Corp.

77,381

9,438,161

Edison

International

38,708

2,280,675

Entergy

Corp.

42,862

3,664,272

Evergy,

Inc.

23,050

1,589,298

Eversource

Energy

35,822

2,224,904

Exelon

Corp.

100,235

4,618,829

FirstEnergy

Corp.

51,377

2,076,658

NextEra

Energy,

Inc.

206,043

14,606,388

NiSource,

Inc.

44,956

1,802,286

NRG

Energy,

Inc.

20,686

1,974,686

PG&E

Corp.

214,248

3,680,781

Pinnacle

West

Capital

Corp.

11,354

1,081,468

PPL

Corp.

73,947

2,670,226

Public

Service

Enterprise

Group,

Inc.

49,933

4,109,486

Sempra

63,463

4,528,720

Southern

Co.

109,599

10,077,628

Vistra

Corp.

33,357

3,917,446

WEC

Energy

Group,

Inc.

31,682

3,452,704

Xcel

Energy,

Inc.

57,916

4,099,874

120,571,077

Total

Common

Stocks

(Cost

$2,257,758,227)

4,764,664,725

TOTAL

INVESTMENTS

98.8%

(Cost

$2,257,758,227)

4,764,664,725

DERIVATIVES

(0.0%)

(

442,254

)

OTHER

ASSETS

LIABILITIES,

NET

1.2%

56,192,353

NET

ASSETS

100.0%

4,820,414,824

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Standard

Poor's

500

Index

06/25

178

50,756,179

50,313,925

(

442,254

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

4,764,664,725

–

Total

Assets

4,764,664,725

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

442,254

)

(

442,254

)

–

Total

Liabilities

(

442,254

)

(

442,254

)

–

Total

4,764,222,471

–

PACIFIC

SELECT

FUND

FOCUSED

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.7%

Communications

25.3%

spacing

Alibaba

Group

Holding

Ltd.

ADR

(China)

37,754

4,992,211

Alphabet,

Inc.

Class C

107,104

16,732,858

Amazon.com,

Inc.

157,931

30,047,952

Booking

Holdings,

Inc.

1,978

9,112,468

DoorDash,

Inc.

Class A *

31,339

5,727,829

MercadoLibre,

Inc.

(Brazil)

4,353

8,492,137

Meta

Platforms,

Inc.

Class A

34,599

19,941,480

Shopify,

Inc.

Class A *

(Canada)

47,480

4,528,880

99,575,815

Consumer,

Cyclical

5.3%

spacing

Core

Main,

Inc.

Class A *

178,265

8,611,982

DraftKings,

Inc.

Class A *

232,729

7,728,930

Las

Vegas

Sands

Corp.

115,636

4,467,019

20,807,931

Consumer,

Non-Cyclical

14.4%

spacing

Argenx

ADR

(Netherlands)

10,170

6,019,267

Danaher

Corp.

29,043

5,953,815

Eli

Lilly

Co.

16,031

13,240,163

Madrigal

Pharmaceuticals,

Inc.

13,500

4,471,605

Monster

Beverage

Corp.

117,251

6,861,529

Revolution

Medicines,

Inc.

48,089

1,700,427

Surgery

Partners,

Inc.

311,410

7,395,987

UnitedHealth

Group,

Inc.

16,561

8,673,824

Vaxcyte,

Inc.

59,424

2,243,850

56,560,467

Financial

10.0%

spacing

American

Tower

Corp.

REIT

25,807

5,615,603

Intercontinental

Exchange,

Inc.

33,234

5,732,865

Mastercard,

Inc.

Class A

40,476

22,185,705

Progressive

Corp.

21,059

5,959,908

39,494,081

Industrial

4.8%

spacing

Chart

Industries,

Inc.

24,905

3,595,286

Howmet

Aerospace,

Inc.

96,379

12,503,248

Vertiv

Holdings

Co.

Class A

38,967

2,813,417

18,911,951

Technology

38.9%

spacing

Apple,

Inc.

94,328

20,953,079

ASML

Holding

(Netherlands)

9,282

6,150,532

Broadcom,

Inc.

85,171

14,260,180

Datadog,

Inc.

Class A *

61,435

6,094,966

Global-e

Online

Ltd.

(Israel)

55,069

1,963,210

HubSpot,

Inc.

6,777

3,871,632

Marvell

Technology,

Inc.

107,774

6,635,645

Microsoft

Corp.

116,252

43,639,838

NVIDIA

Corp.

202,723

21,971,119

Oracle

Corp.

93,994

13,141,301

PTC,

Inc.

26,949

4,175,748

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

60,162

9,986,892

152,844,142

Total

Common

Stocks

(Cost

$317,091,627)

388,194,387

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

1.2%

U.S.

Government

Agency

Issues

1.2%

Federal

National

Mortgage

Association

Discount

Notes

4.361%

due

04/01/25

4,800,000

4,799,439

Total

Short-Term

Investments

(Cost

$4,800,000)

4,799,439

TOTAL

INVESTMENTS

99.9%

(Cost

$321,891,627)

392,993,826

OTHER

ASSETS

LIABILITIES,

NET

0.1%

212,808

NET

ASSETS

100.0%

393,206,634

PACIFIC

SELECT

FUND

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

101

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.5%

Basic

Materials

1.1%

spacing

Linde

PLC

41,033

19,106,606

Communications

21.5%

spacing

Alphabet,

Inc.

Class A

492,049

76,090,457

Alphabet,

Inc.

Class C

17,033

2,661,066

Amazon.com,

Inc.

508,915

96,826,168

Meta

Platforms,

Inc.

Class A

170,738

98,406,554

Netflix,

Inc.

43,153

40,241,467

Shopify,

Inc.

Class A *

(Canada)

104,497

9,967,446

Spotify

Technology

68,038

37,422,941

361,616,099

Consumer,

Cyclical

5.0%

spacing

Chipotle

Mexican

Grill,

Inc.

237,908

11,945,361

Hilton

Worldwide

Holdings,

Inc.

121,966

27,753,363

LVMH

Moet

Hennessy

Louis

Vuitton

(France)

23,362

14,467,576

O'Reilly

Automotive,

Inc.

14,375

20,593,338

Starbucks

Corp.

98,961

9,707,084

84,466,722

Consumer,

Non-Cyclical

13.1%

spacing

Abbott

Laboratories

74,711

9,910,414

Block,

Inc.

86,918

4,722,255

Boston

Scientific

Corp.

325,774

32,864,081

Danaher

Corp.

32,559

6,674,595

Eli

Lilly

Co.

22,299

18,416,967

Intuitive

Surgical,

Inc.

37,546

18,595,407

Medtronic

PLC

105,443

9,475,108

Moody's

Corp.

24,643

11,475,999

Philip

Morris

International,

Inc.

191,416

30,383,462

Thermo

Fisher

Scientific,

Inc.

39,967

19,887,579

TransUnion

217,618

18,060,118

Verisk

Analytics,

Inc.

66,703

19,852,147

Vertex

Pharmaceuticals,

Inc.

39,313

19,059,729

219,377,861

Energy

1.2%

spacing

Cheniere

Energy,

Inc.

86,850

20,097,090

Financial

11.9%

spacing

Apollo

Global

Management,

Inc.

82,639

11,316,585

ARES

Management

Corp.

Class A

93,928

13,770,784

Arthur

Gallagher

Co.

47,600

16,433,424

CBRE

Group,

Inc.

Class A *

53,784

7,033,872

CoStar

Group,

Inc.

117,550

9,313,487

Goldman

Sachs

Group,

Inc.

11,256

6,149,040

KKR

Co.,

Inc.

249,184

28,808,162

Mastercard,

Inc.

Class A

131,470

72,061,336

Visa,

Inc.

Class A

101,555

35,590,965

200,477,655

Industrial

8.4%

spacing

Amphenol

Corp.

Class A

377,807

24,780,361

Eaton

Corp.

PLC

92,072

25,027,932

Vernova,

Inc.

57,873

17,667,470

General

Electric

Co.

89,072

17,827,761

Howmet

Aerospace,

Inc.

185,778

24,100,980

Trane

Technologies

PLC

38,845

13,087,657

Value

Vulcan

Materials

Co.

76,484

17,843,717

140,335,878

Technology

35.5%

spacing

Apple,

Inc.

399,091

88,650,084

AppLovin

Corp.

Class A *

21,867

5,794,099

ASML

Holding

(Netherlands)

16,479

10,919,480

Atlassian

Corp.

Class A *

85,629

18,171,330

Autodesk,

Inc.

93,490

24,475,682

Broadcom,

Inc.

47,826

8,007,507

Cadence

Design

Systems,

Inc.

48,497

12,334,242

Crowdstrike

Holdings,

Inc.

Class A *

16,467

5,805,935

Datadog,

Inc.

Class A *

62,471

6,197,748

Fiserv,

Inc.

79,352

17,523,302

Gartner,

Inc.

21,683

9,101,222

Guidewire

Software,

Inc.

44,386

8,316,161

HubSpot,

Inc.

5,176

2,956,997

Intuit,

Inc.

1,312

805,555

KLA

Corp.

11,341

7,709,612

Marvell

Technology,

Inc.

86,002

5,295,143

Microsoft

Corp.

418,521

157,108,598

MSCI,

Inc.

14,269

8,069,119

NVIDIA

Corp.

1,045,623

113,324,621

Salesforce,

Inc.

80,405

21,577,486

ServiceNow,

Inc.

23,703

18,870,906

Synopsys,

Inc.

10,570

4,532,945

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

86,612

14,377,592

Take-Two

Interactive

Software,

Inc.

84,331

17,477,600

Veeva

Systems,

Inc.

Class A *

36,826

8,530,006

595,932,972

Utilities

0.8%

spacing

NextEra

Energy,

Inc.

45,988

3,260,089

Vistra

Corp.

90,749

10,657,563

13,917,652

Total

Common

Stocks

(Cost

$1,185,630,385)

1,655,328,535

Principal

Amount

SHORT-TERM

INVESTMENTS

1.1%

U.S.

Government

Agency

Issues

1.1%

Federal

Home

Loan

Bank

Discount

Notes

4.361%

due

04/01/25

6,896,000

6,895,193

Federal

Home

Loan

Mortgage

Corp.

Discount

Notes

4.361%

due

04/01/25

2,598,000

2,597,696

Federal

National

Mortgage

Association

Discount

Notes

4.361%

due

04/01/25

8,528,000

8,527,003

18,019,892

Total

Short-Term

Investments

(Cost

$18,022,000)

18,019,892

TOTAL

INVESTMENTS

99.6%

(Cost

$1,203,652,385)

1,673,348,427

OTHER

ASSETS

LIABILITIES,

NET

0.4%

7,423,860

NET

ASSETS

100.0%

1,680,772,287

PACIFIC

SELECT

FUND

HEDGED

EQUITY

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

103

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.8%

Basic

Materials

1.8%

spacing

Dow,

Inc.

28,624

999,550

Linde

PLC

8,075

3,760,043

LyondellBasell

Industries

Class A

12,118

853,107

Nucor

Corp.

3,253

391,466

PPG

Industries,

Inc.

‡

9,918

1,084,534

Sherwin-Williams

Co.

1,316

459,534

7,548,234

Communications

14.2%

spacing

Alphabet,

Inc.

Class A ‡

52,870

8,175,817

Alphabet,

Inc.

Class C ‡

29,612

4,626,283

Amazon.com,

Inc.

* ‡

93,180

17,728,427

Arista

Networks,

Inc.

10,652

825,317

AT&T,

Inc.

73,496

2,078,467

Booking

Holdings,

Inc.

‡

343

1,580,170

Charter

Communications,

Inc.

Class A * ‡

3,781

1,393,412

Comcast

Corp.

Class A ‡

69,956

2,581,376

DoorDash,

Inc.

Class A *

3,644

666,014

Expedia

Group,

Inc.

7,585

1,275,038

Meta

Platforms,

Inc.

Class A ‡

22,876

13,184,811

Motorola

Solutions,

Inc.

1,506

659,342

Netflix,

Inc.

1,422

1,326,058

Uber

Technologies,

Inc.

32,707

2,383,032

Walt

Disney

Co.

19,612

1,935,704

60,419,268

Consumer,

Cyclical

8.1%

spacing

Aptiv

PLC

(Jersey)

5,732

341,054

AutoZone,

Inc.

* ‡

581

2,215,225

Best

Buy

Co.,

Inc.

‡

7,348

540,886

Burlington

Stores,

Inc.

4,313

1,027,917

Carnival

Corp.

27,705

541,079

Chipotle

Mexican

Grill,

Inc.

* ‡

42,079

2,112,787

Costco

Wholesale

Corp.

‡

2,346

2,218,800

Delta

Air

Lines,

Inc.

15,647

682,209

Hilton

Worldwide

Holdings,

Inc.

8,182

1,861,814

Lennar

Corp.

Class A

4,399

504,917

Lowe's

Cos.,

Inc.

‡

17,626

4,110,912

McDonald's

Corp.

‡

14,143

4,417,849

PACCAR,

Inc.

10,019

975,550

Ross

Stores,

Inc.

16,790

2,145,594

Royal

Caribbean

Cruises

Ltd.

3,581

735,681

Tesla,

Inc.

* ‡

23,372

6,057,088

Walmart,

Inc.

13,253

1,163,481

Warner

Music

Group

Corp.

Class A

14,062

440,844

Yum!

Brands,

Inc.

‡

15,537

2,444,902

34,538,589

Consumer,

Non-Cyclical

15.9%

spacing

Abbott

Laboratories

6,241

827,869

AbbVie,

Inc.

‡

26,089

5,466,167

Altria

Group,

Inc.

‡

14,974

898,739

Baxter

International,

Inc.

7,917

270,999

Boston

Scientific

Corp.

* ‡

26,198

2,642,854

Bristol-Myers

Squibb

Co.

‡

51,916

3,166,357

Church

Dwight

Co.,

Inc.

11,398

1,254,806

Cigna

Group

5,018

1,650,922

Coca-Cola

Co.

‡

41,220

2,952,176

Corpay,

Inc.

5,871

2,047,335

Edwards

Lifesciences

Corp.

15,620

1,132,138

Value

Eli

Lilly

Co.

‡

6,109

5,045,484

Equifax,

Inc.

2,617

637,397

HCA

Healthcare,

Inc.

1,441

497,938

Humana,

Inc.

2,592

685,843

Johnson

‡

24,432

4,051,803

Kenvue,

Inc.

38,583

925,220

Keurig

Dr.

Pepper,

Inc.

46,632

1,595,747

McKesson

Corp.

1,172

788,744

Medtronic

PLC

26,236

2,357,567

Merck

Co.,

Inc.

‡

6,267

562,526

Mondelez

International,

Inc.

Class A ‡

44,920

3,047,822

Neurocrine

Biosciences,

Inc.

2,734

302,380

PepsiCo,

Inc.

‡

27,515

4,125,599

Philip

Morris

International,

Inc.

‡

11,035

1,751,586

Regeneron

Pharmaceuticals,

Inc.

* ‡

2,874

1,822,777

Sarepta

Therapeutics,

Inc.

1,329

84,817

Stryker

Corp.

‡

8,801

3,276,172

Thermo

Fisher

Scientific,

Inc.

‡

7,937

3,949,451

Toast,

Inc.

Class A *

15,706

520,968

United

Rentals,

Inc.

853

534,575

UnitedHealth

Group,

Inc.

‡

12,186

6,382,418

Vertex

Pharmaceuticals,

Inc.

* ‡

4,348

2,107,997

WEX,

Inc.

1,246

195,647

67,560,840

Energy

3.6%

spacing

Baker

Hughes

Co.

27,659

1,215,613

ConocoPhillips

‡

34,446

3,617,519

Diamondback

Energy,

Inc.

‡

7,508

1,200,379

EOG

Resources,

Inc.

‡

15,605

2,001,185

Exxon

Mobil

Corp.

‡

60,840

7,235,701

15,270,397

Financial

15.9%

spacing

Alexandria

Real

Estate

Equities,

Inc.

REIT

2,221

205,465

American

Express

Co.

6,680

1,797,254

Ameriprise

Financial,

Inc.

3,386

1,639,196

Aon

PLC

Class A

5,184

2,068,883

Arthur

Gallagher

Co.

7,952

2,745,349

Bank

America

Corp.

‡

113,037

4,717,034

Berkshire

Hathaway,

Inc.

Class B * ‡

14,324

7,628,676

Capital

One

Financial

Corp.

3,371

604,420

Charles

Schwab

Corp.

26,473

2,072,306

Chubb

Ltd.

1,466

442,717

Citigroup,

Inc.

22,524

1,598,979

CME

Group,

Inc.

8,545

2,266,903

Digital

Realty

Trust,

Inc.

REIT

8,052

1,153,771

Equinix,

Inc.

REIT

528

430,505

Equity

LifeStyle

Properties,

Inc.

REIT

8,902

593,763

Fifth

Third

Bancorp

43,916

1,721,507

Goldman

Sachs

Group,

Inc.

‡

4,044

2,209,197

KKR

Co.,

Inc.

6,354

734,586

Mastercard,

Inc.

Class A ‡

14,350

7,865,522

Progressive

Corp.

‡

13,137

3,717,902

Prologis,

Inc.

REIT

14,045

1,570,091

SBA

Communications

Corp.

REIT

6,241

1,373,082

Truist

Financial

Corp.

‡

39,337

1,618,718

U.S.

Bancorp

29,332

1,238,397

Ventas,

Inc.

REIT

31,891

2,192,825

Visa,

Inc.

Class A ‡

21,638

7,583,254

Wells

Fargo

Co.

‡

59,189

4,249,178

Welltower,

Inc.

REIT

8,868

1,358,666

67,398,146

104

PACIFIC

SELECT

FUND

HEDGED

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Industrial

7.4%

spacing

Co.

10,692

1,570,227

Carrier

Global

Corp.

27,837

1,764,866

Caterpillar,

Inc.

4,823

1,590,625

CSX

Corp.

58,492

1,721,420

Deere

Co.

‡

5,590

2,623,666

Eaton

Corp.

PLC

5,581

1,517,083

FedEx

Corp.

4,182

1,019,488

Howmet

Aerospace,

Inc.

24,287

3,150,752

Ingersoll

Rand,

Inc.

9,794

783,814

Martin

Marietta

Materials,

Inc.

1,381

660,298

Masco

Corp.

‡

15,272

1,062,015

Otis

Worldwide

Corp.

‡

22,238

2,294,962

RTX

Corp.

14,958

1,981,337

Connectivity

PLC

(Switzerland)

2,767

391,032

Textron,

Inc.

12,326

890,553

Trane

Technologies

PLC

11,041

3,719,934

TransDigm

Group,

Inc.

1,837

2,541,104

United

Parcel

Service,

Inc.

Class B ‡

17,987

1,978,390

31,261,566

Technology

29.4%

spacing

Accenture

PLC

Class A (Ireland)

2,180

680,247

Adobe,

Inc.

1,368

524,669

Advanced

Micro

Devices,

Inc.

10,782

1,107,743

Analog

Devices,

Inc.

‡

15,318

3,089,181

Apple,

Inc.

‡

129,553

28,777,608

Broadcom,

Inc.

‡

38,999

6,529,603

Cadence

Design

Systems,

Inc.

2,014

512,221

Cognizant

Technology

Solutions

Corp.

Class A

27,324

2,090,286

Fair

Isaac

Corp.

352

649,144

Fidelity

National

Information

Services,

Inc.

25,553

1,908,298

Hewlett

Packard

Enterprise

Co.

29,798

459,783

Intuit,

Inc.

‡

2,405

1,476,646

Lam

Research

Corp.

23,134

1,681,842

Leidos

Holdings,

Inc.

‡

10,770

1,453,304

Marvell

Technology,

Inc.

3,033

186,742

Micron

Technology,

Inc.

18,521

1,609,290

Microsoft

Corp.

‡

75,498

28,341,194

NVIDIA

Corp.

‡

234,377

25,401,779

NXP

Semiconductors

(China)

14,201

2,699,042

Oracle

Corp.

19,989

2,794,662

Palantir

Technologies,

Inc.

Class A *

10,432

880,461

Salesforce,

Inc.

14,176

3,804,271

Sandisk

Corp.

1,064

50,657

Seagate

Technology

Holdings

PLC

19,876

1,688,466

ServiceNow,

Inc.

* ‡

3,533

2,812,763

Texas

Instruments,

Inc.

‡

17,699

3,180,510

Western

Digital

Corp.

3,191

129,012

124,519,424

Utilities

2.5%

spacing

Dominion

Energy,

Inc.

9,807

549,879

Entergy

Corp.

3,796

324,520

NextEra

Energy,

Inc.

‡

50,374

3,571,013

NRG

Energy,

Inc.

1,914

182,710

PG&E

Corp.

98,980

1,700,476

Southern

Co.

‡

42,163

3,876,888

Value

Vistra

Corp.

3,056

358,897

10,564,383

Total

Common

Stocks

(Cost

$359,689,972)

419,080,847

TOTAL

INVESTMENTS

98.8%

(Cost

$359,689,972)

419,080,847

DERIVATIVES

0.1%

591,166

OTHER

ASSETS

LIABILITIES,

NET

1.1%

4,387,639

NET

ASSETS

100.0%

424,059,652

105

PACIFIC

SELECT

FUND

HEDGED

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

purchased

options

outstanding

were

follows:

(c)

March

31,

2025,

premiums

received,

and

value

written

options

outstanding

were

follows:

(d)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Standard

Poor's

500

Index

06/25

4,849,137

4,805,263

(

43,874

)

Options

Indices

Description

Exercise

Price

Expiration

Date

Exchange

Number

Contracts

Notional

Amount

Cost

Value

Put

S&P

500

Index

5,310.00

06/30/25

CBOE

756

401,436,000

7,471,548

7,480,620

Total

Purchased

Options

7,471,548

7,480,620

Options

Indices

Description

Exercise

Price

Expiration

Date

Exchange

Number

Contracts

Notional

Amount

Premium

Value

Call

S&P

500

Index

5,905.00

06/30/25

CBOE

756

446,418,000

5,328,288

(

5,326,020

)

Put

S&P

500

Index

4,480.00

06/30/25

CBOE

756

338,688,000

1,506,708

(

1,519,560

)

Total

Written

Options

6,834,996

(

6,845,580

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

419,080,847

–

Derivatives:

Equity

Contracts

Purchased

Options

7,480,620

–

7,480,620

–

Total

Assets

426,561,467

419,080,847

7,480,620

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

43,874

)

(

43,874

)

–

Written

Options

(

6,845,580

)

–

(

6,845,580

)

–

Total

Equity

Contracts

(

6,889,454

)

(

43,874

)

(

6,845,580

)

–

Total

Liabilities

(

6,889,454

)

(

43,874

)

(

6,845,580

)

–

Total

419,672,013

419,036,973

635,040

–

PACIFIC

SELECT

FUND

LARGE-CAP

CORE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

106

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

99.7%

Communications

10.8%

spacing

Alphabet,

Inc.

Class A

374,503

57,913,144

Amazon.com,

Inc.

574,433

109,291,623

Meta

Platforms,

Inc.

Class A

173,240

99,848,606

267,053,373

Consumer,

Cyclical

9.6%

spacing

Chipotle

Mexican

Grill,

Inc.

573,865

28,813,762

Lowe's

Cos.,

Inc.

236,261

55,103,153

Marriott

International,

Inc.

Class A

111,301

26,511,898

McDonald's

Corp.

171,435

53,551,151

Tesla,

Inc.

110,529

28,644,696

Walmart,

Inc.

490,885

43,094,794

235,719,454

Consumer,

Non-Cyclical

13.2%

spacing

AbbVie,

Inc.

247,977

51,956,141

Edwards

Lifesciences

Corp.

292,352

21,189,673

Eli

Lilly

Co.

23,464

19,379,152

Medtronic

PLC

364,272

32,733,482

Mondelez

International,

Inc.

Class A

416,728

28,274,995

Regeneron

Pharmaceuticals,

Inc.

51,213

32,480,821

Stryker

Corp.

126,178

46,969,761

UnitedHealth

Group,

Inc.

128,566

67,336,442

Vertex

Pharmaceuticals,

Inc.

50,605

24,534,316

324,854,783

Energy

5.3%

spacing

Baker

Hughes

Co.

1,622,488

71,308,347

Exxon

Mobil

Corp.

490,991

58,393,560

129,701,907

Financial

16.3%

spacing

American

Express

Co.

214,320

57,662,796

Ameriprise

Financial,

Inc.

93,757

45,388,701

Arthur

Gallagher

Co.

172,514

59,558,733

Mastercard,

Inc.

Class A

128,477

70,420,813

Morgan

Stanley

243,044

28,355,944

Prologis,

Inc.

REIT

156,901

17,539,963

Travelers

Cos.,

Inc.

92,670

24,507,508

U.S.

Bancorp

385,502

16,275,895

Wells

Fargo

Co.

1,123,300

80,641,707

400,352,060

Industrial

12.0%

spacing

Carrier

Global

Corp.

347,714

22,045,068

CSX

Corp.

908,321

26,731,887

Deere

Co.

81,823

38,403,625

Eaton

Corp.

PLC

188,434

51,222,014

Howmet

Aerospace,

Inc.

271,883

35,271,382

Northrop

Grumman

Corp.

90,043

46,102,916

Trane

Technologies

PLC

87,029

29,321,811

Vulcan

Materials

Co.

197,725

46,129,242

295,227,945

Technology

28.0%

spacing

Apple,

Inc.

813,256

180,648,555

ASML

Holding

(Netherlands)

10,512

6,965,567

Broadcom,

Inc.

358,697

60,056,639

Intuit,

Inc.

51,715

31,752,493

Value

Micron

Technology,

Inc.

150,510

13,077,814

Microsoft

Corp.

504,370

189,335,454

NVIDIA

Corp.

1,182,135

128,119,791

NXP

Semiconductors

(China)

244,989

46,562,609

Oracle

Corp.

224,235

31,350,296

687,869,218

Utilities

4.5%

spacing

Entergy

Corp.

194,952

16,666,446

NextEra

Energy,

Inc.

383,457

27,183,267

PG&E

Corp.

1,962,587

33,717,245

Southern

Co.

372,648

34,264,983

111,831,941

Total

Common

Stocks

(Cost

$2,261,940,331)

2,452,610,681

TOTAL

INVESTMENTS

99.7%

(Cost

$2,261,940,331)

2,452,610,681

OTHER

ASSETS

LIABILITIES,

NET

0.3%

7,890,496

NET

ASSETS

100.0%

2,460,501,177

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

108

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Gamida

Cell

Ltd.

Contingent

Value

Rights

* ± Ω

334,500

–

Total

Rights

(Cost

$681,407)

–

COMMON

STOCKS

98.7%

Basic

Materials

1.6%

spacing

Carpenter

Technology

Corp.

43,843

7,943,475

Codexis,

Inc.

210,363

565,876

International

Paper

Co.

204,431

10,906,394

Vale

ADR

(Brazil)

533,108

5,320,418

24,736,163

Communications

26.1%

spacing

Airbnb,

Inc.

Class A *

157,487

18,813,397

Alphabet,

Inc.

Class A

465,406

71,970,384

Amazon.com,

Inc.

849,841

161,690,749

Meituan

Class B * ~

(China)

499,204

10,045,215

MercadoLibre,

Inc.

(Brazil)

8,748

17,066,211

Meta

Platforms,

Inc.

Class A

57,879

33,359,140

PDD

Holdings,

Inc.

ADR

(China)

88,201

10,438,588

Shopify,

Inc.

Class A *

(Canada)

192,800

18,390,228

Tencent

Holdings

Ltd.

(China)

307,897

19,673,357

Trip.com

Group

Ltd.

ADR

(China)

233,032

14,816,175

Uber

Technologies,

Inc.

64,485

4,698,377

Wix.com

Ltd.

(Israel)

69,900

11,420,262

Zillow

Group,

Inc.

Class A *

25,403

1,698,445

Zillow

Group,

Inc.

Class C *

165,725

11,362,106

405,442,634

Consumer,

Cyclical

5.5%

spacing

BYD

Co.

Ltd.

Class H (China)

332,523

16,837,807

Carnival

Corp.

144,300

2,818,179

Ferguson

Enterprises,

Inc.

48,087

7,631,437

Floor

Decor

Holdings,

Inc.

Class A *

38,714

3,115,316

Games

Workshop

Group

PLC

(United

Kingdom)

18,100

3,288,798

Kura

Sushi

USA,

Inc.

Class A *

31,509

1,613,261

Live

Nation

Entertainment,

Inc.

63,774

8,327,609

Lowe's

Cos.,

Inc.

140,545

32,779,310

Savers

Value

Village,

Inc.

182,846

1,261,637

Starbucks

Corp.

71,242

6,988,128

84,661,482

Consumer,

Non-Cyclical

20.9%

spacing

10X

Genomics,

Inc.

Class A *

75,770

661,472

Aclaris

Therapeutics,

Inc.

23,579

36,076

Align

Technology,

Inc.

44,870

7,128,048

Alnylam

Pharmaceuticals,

Inc.

62,220

16,800,644

Arcellx,

Inc.

9,015

591,384

Beam

Therapeutics,

Inc.

82,882

1,618,685

Bio-Techne

Corp.

41,767

2,448,799

Biogen,

Inc.

34,934

4,780,368

BioNTech

ADR

(Germany)

64,879

5,907,882

Blueprint

Medicines

Corp.

6,126

542,212

Boston

Scientific

Corp.

500,895

50,530,288

Bruker

Corp.

69,549

2,902,975

Ceribell,

Inc.

16,613

319,136

Value

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

134,643

6,168,204

Constellation

Brands,

Inc.

Class A

64,274

11,795,564

Cytokinetics,

Inc.

30,878

1,240,987

Danaher

Corp.

31,196

6,395,180

Eli

Lilly

Co.

54,889

45,333,374

Equifax,

Inc.

108,348

26,389,239

Estee

Lauder

Cos.,

Inc.

Class A

257,726

17,009,916

Exact

Sciences

Corp.

293,311

12,697,433

Galapagos

ADR

(Belgium)

63,265

1,589,217

Gilead

Sciences,

Inc.

136,043

15,243,618

Glaukos

Corp.

36,430

3,585,441

HealthEquity,

Inc.

131,088

11,584,247

Hookipa

Pharma,

Inc.

10,359

11,188

Immunocore

Holdings

PLC

ADR

(United

Kingdom)

28,452

844,171

Janux

Therapeutics,

Inc.

14,785

399,195

Krystal

Biotech,

Inc.

5,699

1,027,530

MaxCyte,

Inc.

166,590

454,791

Moderna,

Inc.

57,296

1,624,342

Penumbra,

Inc.

18,859

5,043,085

Pulmonx

Corp.

34,192

230,112

RELX

PLC

ADR

(United

Kingdom)

99,088

4,995,026

Royalty

Pharma

PLC

Class A

573,775

17,861,616

RxSight,

Inc.

9,176

231,694

Seres

Therapeutics,

Inc.

34,600

24,223

Synlogic,

Inc.

6,323

7,840

Teva

Pharmaceutical

Industries

Ltd.

ADR

(Israel)

461,792

7,097,743

Thermo

Fisher

Scientific,

Inc.

7,885

3,923,576

Toast,

Inc.

Class A *

338,570

11,230,367

UCB

(Belgium)

47,286

8,325,390

Solutions,

Inc.

Class A

104,750

5,907,900

Vor

BioPharma,

Inc.

71,506

51,306

XOMA

Royalty

Corp.

42,612

849,257

Zevra

Therapeutics,

Inc.

103,349

774,084

324,214,825

Energy

1.8%

spacing

Cheniere

Energy,

Inc.

81,201

18,789,911

Range

Resources

Corp.

230,048

9,185,817

27,975,728

Financial

10.4%

spacing

Arthur

Gallagher

Co.

91,694

31,656,436

Capital

One

Financial

Corp.

82,479

14,788,485

Huntington

Bancshares,

Inc.

207,368

3,112,594

Intercontinental

Exchange,

Inc.

103,928

17,927,580

M&T

Bank

Corp.

17,120

3,060,200

Mastercard,

Inc.

Class A

77,876

42,685,393

Morgan

Stanley

33,936

3,959,313

Rocket

Cos.,

Inc.

Class A

249,461

3,010,994

Visa,

Inc.

Class A

117,363

41,131,037

161,332,032

Industrial

6.3%

spacing

Chemometec

(Denmark)

24,924

1,796,993

Deere

Co.

45,142

21,187,398

Eagle

Materials,

Inc.

3,108

689,758

Flex

Ltd.

156,861

5,188,962

Vernova,

Inc.

52,549

16,042,159

General

Electric

Co.

98,298

19,674,345

Ingersoll

Rand,

Inc.

96,317

7,708,249

Jabil,

Inc.

42,015

5,716,981

109

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

Loar

Holdings,

Inc.

1,545

109,154

Martin

Marietta

Materials,

Inc.

13,482

6,446,149

Simpson

Manufacturing

Co.,

Inc.

4,733

743,460

TopBuild

Corp.

16,266

4,960,317

Westinghouse

Air

Brake

Technologies

Corp.

45,591

8,267,928

98,531,853

Technology

26.1%

spacing

Appfolio,

Inc.

Class A *

3,574

785,923

Apple,

Inc.

333,345

74,045,925

Astera

Labs,

Inc.

2,801

167,136

Semiconductor

Industries

(Netherlands)

77,050

8,052,217

Docusign,

Inc.

71,124

5,789,494

Duolingo,

Inc.

8,632

2,680,581

HubSpot,

Inc.

27,721

15,836,730

KBR,

Inc.

54,467

2,713,001

Microsoft

Corp.

201,300

75,566,007

Monday.com

Ltd.

16,600

4,036,456

Nutanix,

Inc.

Class A *

43,600

3,043,716

NVIDIA

Corp.

1,359,322

147,323,318

ROBLOX

Corp.

Class A *

210,761

12,285,259

SailPoint,

Inc.

9,200

172,500

SiTime

Corp.

33,351

5,098,367

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

249,019

41,337,154

Veeva

Systems,

Inc.

Class A *

20,835

4,826,011

Zeta

Global

Holdings

Corp.

Class A *

165,775

2,247,909

406,007,704

Total

Common

Stocks

(Cost

$1,429,045,592)

1,532,902,421

TOTAL

INVESTMENTS

98.7%

(Cost

$1,429,726,999)

1,532,902,421

OTHER

ASSETS

LIABILITIES,

NET

1.3%

19,649,070

NET

ASSETS

100.0%

1,552,551,491

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Basic

Materials

24,736,163

–

Communications

405,442,634

375,724,062

29,718,572

–

Consumer,

Cyclical

84,661,482

56,903,440

27,758,042

–

Consumer,

Non-Cyclical

324,214,825

309,721,231

14,493,594

–

Energy

27,975,728

–

Financial

161,332,032

–

Industrial

98,531,853

96,734,860

1,796,993

–

Technology

406,007,704

397,955,487

8,052,217

–

Total

Common

Stocks

1,532,902,421

1,451,083,003

81,819,418

–

Total

1,532,902,421

1,451,083,003

81,819,418

–

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

110

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

51.8%

Basic

Materials

0.6%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

1,060,000

1,011,958

6.415%

due

07/15/27

662,000

673,383

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

528,000

530,283

Mosaic

Co.

4.050%

due

11/15/27

2,500,000

2,466,646

4,682,270

Communications

1.7%

AT&T,

Inc.

1.700%

due

03/25/26

3,000,000

2,918,399

2.950%

due

07/15/26

60,000

58,847

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

2,560,000

2,481,982

6.150%

due

11/10/26

500,000

510,294

Discovery

Communications

LLC

3.950%

due

03/20/28

2,000,000

1,922,402

4.900%

due

03/11/26

500,000

500,172

Rogers

Communications,

Inc.

(Canada)

2.900%

due

11/15/26

60,000

58,417

3.200%

due

03/15/27

2,500,000

2,433,109

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

2,575,000

2,526,223

13,409,845

Consumer,

Cyclical

3.1%

AutoZone,

Inc.

3.125%

due

04/21/26

60,000

59,173

5.050%

due

07/15/26

2,500,000

2,518,720

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

758,000

762,072

5.000%

due

01/15/27 ~

500,000

503,452

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

4,500,000

4,521,249

5.850%

due

05/17/27

4,700,000

4,725,913

6.950%

due

06/10/26

200,000

203,142

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

100,000

96,170

2.350%

due

02/26/27

1,000,000

954,662

5.400%

due

04/06/26

1,000,000

1,004,464

5.400%

due

05/08/27

4,580,000

4,625,431

6.000%

due

01/09/28

80,000

82,074

Hyundai

Capital

America

2.750%

due

09/27/26 ~

4,060,000

3,949,175

5.650%

due

06/26/26 ~

80,000

80,891

Ross

Stores,

Inc.

0.875%

due

04/15/26

60,000

57,815

24,144,403

Consumer,

Non-Cyclical

5.4%

BAT

Capital

Corp.

(United

Kingdom)

3.215%

due

09/06/26

2,560,000

2,512,032

3.557%

due

08/15/27

2,500,000

2,440,034

4.700%

due

04/02/27

100,000

100,183

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

2,580,000

2,506,292

Principal

Amount

Value

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

2,777,000

2,829,540

Centene

Corp.

4.250%

due

12/15/27

2,560,000

2,500,011

Cigna

Group

3.400%

due

03/01/27

2,580,000

2,530,831

Constellation

Brands,

Inc.

3.500%

due

05/09/27

2,500,000

2,446,241

CVS

Health

Corp.

1.300%

due

08/21/27

2,290,000

2,115,125

2.875%

due

06/01/26

1,580,000

1,548,539

6.250%

due

06/01/27

2,000,000

2,067,022

HCA,

Inc.

3.125%

due

03/15/27

1,860,000

1,807,022

4.500%

due

02/15/27

2,580,000

2,572,098

5.000%

due

03/01/28

800,000

806,737

5.200%

due

06/01/28

80,000

80,998

Humana,

Inc.

1.350%

due

02/03/27

2,720,000

2,562,903

3.950%

due

03/15/27

2,500,000

2,466,604

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.125%

due

07/27/27 ~

500,000

515,458

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

60,000

57,736

5.125%

due

02/01/28

4,490,000

4,538,432

Mars,

Inc.

4.450%

due

03/01/27 ~

1,053,000

1,055,316

4.600%

due

03/01/28 ~

1,786,000

1,793,516

41,852,670

Energy

4.7%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

2,560,000

2,519,638

5.000%

due

12/15/29 ~

22,000

21,997

Cenovus

Energy,

Inc.

(Canada)

4.250%

due

04/15/27

75,000

74,389

DCP

Midstream

Operating

5.625%

due

07/15/27

1,287,000

1,308,781

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

2,460,000

2,490,798

Enbridge,

Inc.

(Canada)

5.250%

due

04/05/27

2,440,000

2,471,326

5.300%

due

04/05/29

2,440,000

2,486,579

5.900%

due

11/15/26

2,500,000

2,551,010

Energy

Transfer

3.900%

due

07/15/26

2,500,000

2,479,019

6.050%

due

12/01/26

60,000

61,326

EQT

Corp.

3.125%

due

05/15/26 ~

80,000

78,606

3.900%

due

10/01/27

1,910,000

1,876,335

Hess

Corp.

4.300%

due

04/01/27

2,080,000

2,070,002

MPLX

1.750%

due

03/01/26

1,600,000

1,558,494

4.125%

due

03/01/27

1,500,000

1,487,401

Northwest

Pipeline

LLC

4.000%

due

04/01/27

2,930,000

2,898,118

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

2,600,000

2,610,722

ONEOK,

Inc.

4.000%

due

07/13/27

2,500,000

2,469,961

4.250%

due

09/24/27

2,120,000

2,101,710

111

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

2,400,000

2,399,070

Western

Midstream

Operating

4.650%

due

07/01/26

580,000

579,795

36,595,077

Financial

30.8%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

2,000,000

2,045,738

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

150,000

146,497

2.450%

due

10/29/26

2,600,000

2,513,126

4.625%

due

10/15/27

2,500,000

2,490,362

6.100%

due

01/15/27

2,400,000

2,454,696

6.450%

due

04/15/27

150,000

154,892

Ally

Financial,

Inc.

4.750%

due

06/09/27

2,480,000

2,479,183

7.100%

due

11/15/27

1,130,000

1,190,018

American

Express

Co.

5.098%

due

02/16/28

2,440,000

2,469,831

5.389%

due

07/28/27

40,000

40,433

6.338%

due

10/30/26

2,400,000

2,423,465

American

Tower

Corp.

3.375%

due

10/15/26

2,500,000

2,455,740

3.600%

due

01/15/28

40,000

38,960

Aon

North

America,

Inc.

5.125%

due

03/01/27

2,000,000

2,022,095

ARES

Capital

Corp.

2.150%

due

07/15/26

2,000,000

1,929,463

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

64,000

64,017

Arthur

Gallagher

Co.

4.600%

due

12/15/27

1,385,000

1,388,430

Athene

Global

Funding

1.608%

due

06/29/26 ~

2,000,000

1,928,897

4.950%

due

01/07/27 ~

2,100,000

2,108,268

5.516%

due

03/25/27 ~

2,120,000

2,155,689

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

100,000

97,655

4.950%

due

01/15/28 ~

3,025,000

3,013,194

6.375%

due

05/04/28 ~

2,000,000

2,070,306

Bank

America

Corp.

1.658%

due

03/11/27

1,080,000

1,050,781

3.559%

due

04/23/27

2,560,000

2,532,756

3.824%

due

01/20/28

2,580,000

2,548,171

4.948%

due

07/22/28

2,580,000

2,601,121

5.819%

due

09/15/29

2,440,000

2,529,085

5.933%

due

09/15/27

2,460,000

2,508,670

Bank

Montreal

(Canada)

4.567%

due

09/10/27

2,620,000

2,621,833

5.266%

due

12/11/26

2,500,000

2,533,980

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

2,620,000

2,608,242

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

200,000

192,337

5.501%

due

08/09/28

2,400,000

2,436,112

5.674%

due

03/12/28

2,400,000

2,443,159

5.829%

due

05/09/27

2,700,000

2,733,429

6.496%

due

09/13/27

2,400,000

2,459,109

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

60,000

57,839

7.300%

due

11/27/28

2,300,000

2,433,467

Principal

Amount

Value

BNP

Paribas

(France)

1.675%

due

06/30/27 ~

3,000,000

2,895,726

Canadian

Imperial

Bank

Commerce

(Canada)

5.926%

due

10/02/26

60,000

61,225

Capital

One

Financial

Corp.

1.878%

due

11/02/27

2,560,000

2,449,594

5.468%

due

02/01/29

2,040,000

2,074,594

7.149%

due

10/29/27

2,070,000

2,145,995

Citigroup,

Inc.

1.122%

due

01/28/27

2,680,000

2,603,364

1.462%

due

06/09/27

2,680,000

2,582,035

3.070%

due

02/24/28

2,000,000

1,944,139

Citizens

Bank

4.575%

due

08/09/28

1,250,000

1,246,837

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

2,560,000

2,515,773

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

2,060,000

2,091,171

Crown

Castle,

Inc.

3.650%

due

09/01/27

2,500,000

2,436,249

4.000%

due

03/01/27

2,560,000

2,525,758

Danske

Bank

(Denmark)

1.549%

due

09/10/27 ~

1,000,000

958,608

4.298%

due

04/01/28 ~

2,000,000

1,986,016

5.427%

due

03/01/28 ~

1,200,000

1,220,308

Deutsche

Bank

(Germany)

2.552%

due

01/07/28

2,500,000

2,405,349

5.371%

due

09/09/27

2,500,000

2,556,215

5.706%

due

02/08/28

2,150,000

2,183,336

7.146%

due

07/13/27

150,000

154,229

Equitable

Financial

Life

Global

Funding

1.300%

due

07/12/26 ~

60,000

57,648

1.400%

due

08/27/27 ~

60,000

55,743

4.875%

due

11/19/27 ~

2,500,000

2,514,798

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

1,282,000

1,296,862

Goldman

Sachs

Bank

USA

5.283%

due

03/18/27

2,060,000

2,073,434

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

2,060,000

1,976,341

2.640%

due

02/24/28

2,060,000

1,989,052

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

2,000,000

2,001,251

HSBC

Holdings

PLC

(United

Kingdom)

5.887%

due

08/14/27

2,600,000

2,641,556

7.390%

due

11/03/28

2,500,000

2,657,414

Huntington

Bancshares,

Inc.

4.000%

due

05/15/25

1,758,000

1,755,953

4.443%

due

08/04/28

130,000

129,141

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

1,981,000

1,978,535

ING

Groep

(Netherlands)

4.858%

due

03/25/29

1,716,000

1,722,722

Intesa

Sanpaolo

SpA

(Italy)

3.875%

due

07/14/27 ~

390,000

381,870

Jackson

Financial,

Inc.

5.170%

due

06/08/27

120,000

121,029

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

1,978,000

1,987,091

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

2,500,000

2,520,998

112

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.550%

due

07/02/27 ~

650,000

662,579

JPMorgan

Chase

Co.

1.040%

due

02/04/27

1,500,000

1,456,493

1.470%

due

09/22/27

80,000

76,538

1.578%

due

04/22/27

2,680,000

2,599,262

2.069%

due

06/01/29

2,770,000

2,565,176

2.182%

due

06/01/28

2,280,000

2,170,285

2.947%

due

02/24/28

4,100,000

3,983,960

5.012%

due

01/23/30

2,480,000

2,508,088

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

2,000,000

2,026,317

5.985%

due

08/07/27

2,600,000

2,643,342

Mizuho

Financial

Group,

Inc.

(Japan)

1.554%

due

07/09/27

2,800,000

2,696,540

5.414%

due

09/13/28

2,500,000

2,549,149

Morgan

Stanley

1.512%

due

07/20/27

2,690,000

2,586,374

1.593%

due

05/04/27

2,280,000

2,208,383

3.591%

due

07/22/28 §

4,580,000

4,466,801

3.772%

due

01/24/29

2,580,000

2,524,155

5.656%

due

04/18/30

2,440,000

2,516,083

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

200,000

193,001

5.583%

due

03/01/28

3,500,000

3,559,718

NatWest

Markets

PLC

(United

Kingdom)

5.416%

due

05/17/27 ~

2,500,000

2,547,460

PNC

Financial

Services

Group,

Inc.

5.102%

due

07/23/27

2,500,000

2,514,653

5.300%

due

01/21/28

2,460,000

2,494,375

6.615%

due

10/20/27

2,500,000

2,577,112

Royal

Bank

Canada

(Canada)

5.069%

due

07/23/27

2,480,000

2,495,481

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

1,835,000

1,857,475

Santander

Holdings

USA,

Inc.

3.244%

due

10/05/26

40,000

39,095

Societe

Generale

(France)

5.500%

due

04/13/29 ~

576,000

584,042

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

2,500,000

2,483,269

4.568%

due

12/17/26

2,500,000

2,504,425

5.264%

due

12/11/26

40,000

40,550

5.532%

due

07/17/26

40,000

40,534

Truist

Financial

Corp.

1.125%

due

08/03/27

1,800,000

1,669,414

1.267%

due

03/02/27

450,000

436,368

4.123%

due

06/06/28

1,000,000

993,495

4.873%

due

01/26/29

2,460,000

2,474,629

5.435%

due

01/24/30

80,000

81,673

6.047%

due

06/08/27

2,530,000

2,572,839

U.S.

Bancorp

3.100%

due

04/27/26

50,000

49,282

6.787%

due

10/26/27

2,460,000

2,542,421

UBS

(Switzerland)

5.000%

due

07/09/27

2,400,000

2,427,975

UBS

Group

(Switzerland)

1.364%

due

01/30/27 ~

200,000

194,677

1.494%

due

08/10/27 ~

2,100,000

2,012,313

6.442%

due

08/11/28 ~

2,600,000

2,697,511

VICI

Properties

due

04/01/28 #

132,000

132,355

4.750%

due

02/15/28

1,540,000

1,541,096

Principal

Amount

Value

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

540,000

534,464

Wells

Fargo

Co.

2.393%

due

06/02/28

2,080,000

1,985,521

3.196%

due

06/17/27

2,580,000

2,538,899

3.526%

due

03/24/28

1,710,000

1,675,991

4.900%

due

01/24/28

1,698,000

1,707,865

5.707%

due

04/22/28

2,480,000

2,534,470

6.303%

due

10/23/29

1,060,000

1,114,886

Western

Union

Co.

1.350%

due

03/15/26

2,660,000

2,573,311

237,531,175

Industrial

1.4%

Boeing

Co.

2.700%

due

02/01/27

2,600,000

2,508,386

3.100%

due

05/01/26

500,000

491,366

6.259%

due

05/01/27

70,000

72,038

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

2,660,000

2,558,986

4.500%

due

10/08/27

2,500,000

2,488,951

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

2,460,000

2,495,059

10,614,786

Technology

1.7%

Broadcom,

Inc.

4.150%

due

02/15/28

2,040,000

2,023,166

5.050%

due

07/12/27

2,440,000

2,471,227

Dell

International

LLC/EMC

Corp.

4.900%

due

10/01/26

2,060,000

2,068,488

6.020%

due

06/15/26

2,060,000

2,086,895

Marvell

Technology,

Inc.

1.650%

due

04/15/26

500,000

485,282

Micron

Technology,

Inc.

5.327%

due

02/06/29

1,200,000

1,218,077

6.750%

due

11/01/29

800,000

858,555

VMware

LLC

1.400%

due

08/15/26

1,540,000

1,475,175

12,686,865

Utilities

2.4%

AES

Corp.

1.375%

due

01/15/26

60,000

58,362

5.450%

due

06/01/28

2,560,000

2,605,203

CenterPoint

Energy,

Inc.

5.250%

due

08/10/26

60,000

60,564

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

60,000

59,264

Dominion

Energy,

Inc.

1.450%

due

04/15/26

2,000,000

1,936,613

2.850%

due

08/15/26

60,000

58,646

Exelon

Corp.

2.750%

due

03/15/27

1,560,000

1,510,307

FirstEnergy

Corp.

3.900%

due

07/15/27

2,500,000

2,458,899

NiSource,

Inc.

5.250%

due

03/30/28

2,060,000

2,096,291

Pacific

Gas

Electric

Co.

2.100%

due

08/01/27

2,500,000

2,345,674

5.450%

due

06/15/27

100,000

101,046

Southern

Co.

5.500%

due

03/15/29

2,440,000

2,517,126

113

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

2,519,000

2,528,794

18,336,789

Total

Corporate

Bonds

Notes

(Cost

$399,105,947)

399,853,880

MORTGAGE-BACKED

SECURITIES

4.2%

Collateralized

Mortgage

Obligations

Commercial

4.2%

Benchmark

Mortgage

Trust

3.042%

due

08/15/52

1,662,057

1,609,266

BLP

Commercial

Mortgage

Trust

5.661%

(SOFR

1.342%)

due

03/15/41 ~ §

94,883

94,822

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

1,787,668

1,781,535

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

1,234,969

1,233,617

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

2,212,776

2,218,770

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

1,010,890

1,012,782

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

1,200,000

1,201,139

Trust

5.069%

(SOFR

0.750%)

due

10/15/26 ~ §

96,963

96,458

5.463%

(SOFR

1.144%)

due

03/15/30 ~ §

1,684,000

1,677,858

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

752,000

743,749

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

247,000

245,861

5.761%

(SOFR

1.442%)

due

04/15/41 ~ §

1,199,457

1,203,263

5.810%

(SOFR

1.491%)

due

04/15/37 ~ §

87,441

87,504

Mortgage

Trust

2.622%

due

08/10/49

2,625,538

2,590,464

DBGS

Mortgage

Trust

4.302%

due

10/15/51

1,585,424

1,574,740

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

100,000

102,212

ELP

Commercial

Mortgage

Trust

5.135%

(SOFR

0.815%)

due

11/15/38 ~ §

2,146,502

2,138,098

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

402,760

402,649

Mortgage

Securities

Trust

4.106%

due

07/10/51 §

104,251

103,211

Hilton

USA

Trust

4.194%

due

11/05/38 ~ §

554,000

546,821

JPMDB

Commercial

Mortgage

Securities

Trust

3.492%

due

03/15/50

105,494

104,208

Morgan

Stanley

Capital

Trust

1.925%

due

07/15/53

2,650,000

2,435,738

4.238%

due

10/15/51 §

1,469,015

1,457,158

Principal

Amount

Value

SREIT

Trust

5.164%

(SOFR

0.845%)

due

11/15/38 ~ §

531,065

528,000

5.513%

(SOFR

1.194%)

due

11/15/38 ~ §

88,070

87,574

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

700,000

699,198

Wells

Fargo

Commercial

Mortgage

Trust

2.684%

due

10/15/49

2,554,717

2,502,080

3.063%

due

12/15/52

54,933

53,231

3.933%

due

03/15/52

3,132,206

3,093,860

5.270%

due

03/15/38 ~ §

464,000

463,405

32,089,271

Collateralized

Mortgage

Obligations

Residential

0.0%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

153,776

149,587

Total

Mortgage-Backed

Securities

(Cost

$32,177,560)

32,238,858

ASSET-BACKED

SECURITIES

12.6%

Automobile

Other

1.1%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

753,000

753,783

4.910%

due

03/15/30 ~

1,265,000

1,266,850

5.099%

(SOFR

0.750%)

due

03/15/29 ~ §

135,000

135,404

5.499%

(SOFR

1.150%)

due

06/15/28 ~ §

4,099,000

4,129,241

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

1,620,000

1,630,274

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

207,673

208,791

5.185%

due

07/25/31 ~

871,322

876,020

9,000,363

Automobile

Sequential

4.0%

ARI

Fleet

Lease

Trust

4.460%

due

01/17/34 ~

2,065,000

2,061,298

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

50,000

50,245

CarMax

Auto

Owner

Trust

4.840%

due

01/15/30

70,000

70,787

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

1,630,000

1,635,206

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

1,225,000

1,235,762

5.060%

due

03/20/31 ~

150,000

152,817

5.160%

due

09/20/30 ~

150,000

152,413

Ford

Credit

Auto

Lease

Trust

4.720%

due

06/15/28

1,715,000

1,724,401

Ford

Credit

Auto

Owner

Trust

1.370%

due

10/17/33 ~

150,000

145,298

1.530%

due

05/15/34 ~

150,000

143,187

4.450%

due

10/15/29

2,550,000

2,558,919

4.610%

due

08/15/29

30,000

30,211

Ford

Credit

Floorplan

Master

Owner

Trust

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

2,635,000

2,646,730

114

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Financial

Automobile

Leasing

Trust

4.660%

due

02/21/28

3,270,000

3,287,077

Financial

Revolving

Receivables

Trust

1.170%

due

06/12/34 ~

150,000

143,154

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

100,000

100,624

Honda

Auto

Receivables

Owner

Trust

4.570%

due

09/21/29

2,575,000

2,590,036

Hyundai

Auto

Lease

Securitization

Trust

4.830%

due

01/18/28 ~

1,075,000

1,082,663

5.410%

due

05/17/27 ~

130,000

131,198

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

50,000

50,488

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

407,000

407,920

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

250,000

250,705

4.740%

due

01/16/29

485,000

487,086

SFS

Auto

Receivables

Securitization

Trust

4.750%

due

07/22/30 ~

3,230,000

3,256,129

Toyota

Auto

Loan

Extended

Note

Trust

1.070%

due

02/27/34 ~

150,000

145,495

Toyota

Lease

Owner

Trust

4.750%

due

02/22/28 ~

2,235,000

2,250,068

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

125,000

125,851

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

2,500,000

2,495,603

World

Omni

Auto

Receivables

Trust

4.730%

due

03/15/30

1,380,000

1,395,706

30,807,077

Credit

Card

Bullet

0.8%

American

Express

Credit

Account

Master

Trust

4.650%

due

07/15/29

180,000

181,633

Credit

Card

Trust

4.790%

due

05/15/28

111,000

111,540

Capital

One

Multi-Asset

Execution

Trust

2.060%

due

08/15/28

95,000

92,178

Evergreen

Credit

Card

Trust

(Canada)

5.240%

due

05/15/29 ~

3,300,000

3,333,598

5.530%

due

05/15/29 ~

2,200,000

2,220,860

5,939,809

Other

Asset-Backed

Securities

6.7%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

72,252

72,232

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

1,522,000

1,519,593

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

4,100,000

4,104,700

ARES

XXXIV

CLO

Ltd.

(Cayman)

5.623%

(SOFR

1.320%)

due

04/17/33 ~ §

250,000

250,378

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

4,100,000

4,090,584

Barings

Equipment

Finance

LLC

4.640%

due

10/13/28 ~

3,340,000

3,347,719

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

679,000

678,986

Principal

Amount

Value

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

250,000

249,499

CCG

Receivables

Trust

4.480%

due

10/14/32 ~

165,000

165,261

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

150,000

150,005

Dext

ABS

LLC

4.590%

due

08/16/27 ~

580,000

580,399

4.770%

due

08/15/35 ~

815,000

817,083

DLLAA

LLC

4.950%

due

09/20/29 ~

1,945,000

1,971,471

Dllad

LLC

5.300%

due

07/20/29 ~

150,000

152,596

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

250,000

249,104

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

2,500,000

Flatiron

CLO

LLC

5.234%

(SOFR

0.910%)

due

10/15/34 ~ §

2,400,000

2,382,013

Green

Lakes

Park

CLO

LLC

(Cayman)

5.239%

(SOFR

0.950%)

due

01/25/38 ~ §

1,400,000

1,397,823

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

250,000

250,361

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

3,200,000

3,232,531

Kubota

Credit

Owner

Trust

4.670%

due

06/15/29 ~

3,240,000

3,267,867

5.260%

due

11/15/28 ~

150,000

152,613

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

250,000

249,069

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

2,575,000

2,574,894

Magnetite

XXVI

Ltd.

(Cayman)

5.166%

(SOFR

0.930%)

due

01/25/38 ~ §

1,630,000

1,622,674

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.099%

(SOFR

0.800%)

due

02/15/33 ~ §

671,000

668,466

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

2,382,000

2,385,841

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

335,000

336,146

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

180,000

180,595

T-Mobile

U.S.

Trust

4.740%

due

11/20/29 ~

3,200,000

3,227,016

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

250,000

249,491

Verizon

Master

Trust

4.510%

due

03/20/30

1,925,000

1,927,498

4.620%

due

11/20/30

270,000

272,149

4.710%

due

01/21/31

1,935,000

1,953,290

Voya

CLO

Ltd.

(Cayman)

5.253%

(SOFR

0.950%)

due

04/20/38 ~ §

2,400,000

2,389,562

115

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Principal

Amount

Value

5.280%

(SOFR

1.000%)

due

01/20/38 ~ §

2,100,000

2,092,741

51,712,250

Total

Asset-Backed

Securities

(Cost

$97,193,184)

97,459,499

U.S.

TREASURY

OBLIGATIONS

10.7%

U.S.

Treasury

Notes

10.7%

3.500%

due

09/30/26 ‡

41,250,000

40,981,714

4.250%

due

03/15/27 ‡

41,250,000

41,515,063

82,496,777

Total

U.S.

Treasury

Obligations

(Cost

$82,265,871)

82,496,777

SHORT-TERM

INVESTMENTS

21.1%

U.S.

Treasury

Bills

21.1%

4.311%

due

06/26/25

82,450,000

81,624,722

4.324%

due

07/22/25 ‡

82,450,000

81,376,501

163,001,223

Total

Short-Term

Investments

(Cost

$163,000,671)

163,001,223

TOTAL

INVESTMENTS

100.4%

(Cost

$773,743,233)

775,050,237

DERIVATIVES

(1.8%)

(

13,961,049

)

OTHER

ASSETS

LIABILITIES,

NET

1.4%

10,590,894

NET

ASSETS

100.0%

771,680,082

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Standard

Poor's

500

Index

06/25

138

39,348,399

39,007,425

(

340,974

)

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

1,235

254,229,526

255,857,267

(

1,627,741

)

CBOT

Year

U.S.

Treasury

Notes

06/25

221

23,498,135

23,902,531

(

404,396

)

(

2,032,137

)

Total

Futures

Contracts

(

2,373,111

)

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

S&P

500

Total

Return

Index

SOFR

0.960%

BRC

07/15/25

24,452,355

(

313,684

)

–

(

313,684

)

S&P

500

Total

Return

Index

SOFR

1.100%

JPM

09/16/25

372,407,991

(

4,797,668

)

–

(

4,797,668

)

S&P

500

Total

Return

Index

SOFR

1.080%

BRC

11/17/25

347,943,141

(

4,479,785

)

–

(

4,479,785

)

Russell

1000

Growth

Total

Return

Index

SOFR

0.780%

JPM

01/15/26

76,017,662

(

1,990,297

)

–

(

1,990,297

)

(

11,581,434

)

–

(

11,581,434

)

116

PACIFIC

SELECT

FUND

LARGE-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Return

Swaps

Short

Pay

Receive

Payment

Frequency

Receive

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russell

1000

Value

Total

Return

Index

SOFR

0.720%

GSC

01/15/26

78,467,752

(

6,504

)

–

(

6,504

)

Total

Return

Swaps

(

11,587,938

)

–

(

11,587,938

)

Total

Swap

Agreements

(

11,587,938

)

–

(

11,587,938

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

399,853,880

–

399,853,880

–

Mortgage-Backed

Securities

32,238,858

–

32,238,858

–

Asset-Backed

Securities

97,459,499

–

97,459,499

–

U.S.

Treasury

Obligations

82,496,777

–

82,496,777

–

Short-Term

Investments

163,001,223

–

163,001,223

–

Total

Assets

775,050,237

–

775,050,237

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

340,974

)

(

340,974

)

–

Swaps

(

11,587,938

)

–

(

11,587,938

)

–

Total

Equity

Contracts

(

11,928,912

)

(

340,974

)

(

11,587,938

)

–

Interest

Rate

Contracts

Futures

(

2,032,137

)

(

2,032,137

)

–

Total

Liabilities

Derivatives

(

13,961,049

)

(

2,373,111

)

(

11,587,938

)

–

Total

Liabilities

(

13,961,049

)

(

2,373,111

)

(

11,587,938

)

–

Total

761,089,188

(

2,373,111

)

763,462,299

–

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

117

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

97.8%

Basic

Materials

5.2%

spacing

Air

Products

Chemicals,

Inc.

95,623

28,201,135

Sherwin-Williams

Co.

45,238

15,796,657

43,997,792

Communications

6.5%

spacing

Alphabet,

Inc.

Class A

51,549

7,971,537

Comcast

Corp.

Class A

369,145

13,621,451

Meta

Platforms,

Inc.

Class A

17,964

10,353,731

Motorola

Solutions,

Inc.

36,926

16,166,572

Walt

Disney

Co.

66,208

6,534,730

54,648,021

Consumer,

Cyclical

4.1%

spacing

Home

Depot,

Inc.

38,754

14,202,953

O'Reilly

Automotive,

Inc.

9,438

13,520,690

Starbucks

Corp.

66,118

6,485,515

34,209,158

Consumer,

Non-Cyclical

19.5%

spacing

Becton

Dickinson

Co.

94,561

21,660,143

CVS

Health

Corp.

243,521

16,498,548

Haleon

PLC

ADR

1,361,238

14,007,139

Johnson

102,656

17,024,471

McKesson

Corp.

32,584

21,928,706

Merck

Co.,

Inc.

79,439

7,130,445

Novo

Nordisk

ADR

(Denmark)

101,578

7,053,576

PepsiCo,

Inc.

112,919

16,931,075

Thermo

Fisher

Scientific,

Inc.

33,584

16,711,398

UnitedHealth

Group,

Inc.

49,272

25,806,210

164,751,711

Energy

8.1%

spacing

Chevron

Corp.

113,090

18,918,826

ConocoPhillips

178,497

18,745,755

Enterprise

Products

Partners

745,443

25,449,424

Venture

Global,

Inc.

Class A *

554,232

5,708,590

68,822,595

Financial

26.5%

spacing

American

Express

Co.

64,802

17,434,978

American

Tower

Corp.

REIT

52,898

11,510,605

Bank

America

Corp.

430,293

17,956,127

Berkshire

Hathaway,

Inc.

Class B *

38,544

20,527,764

Capital

One

Financial

Corp.

85,144

15,266,319

Charles

Schwab

Corp.

239,959

18,783,990

JPMorgan

Chase

Co.

172,828

42,394,708

Marsh

McLennan

Cos.,

Inc.

65,197

15,910,024

Progressive

Corp.

54,463

15,413,574

Travelers

Cos.,

Inc.

75,546

19,978,895

U.S.

Bancorp

245,012

10,344,407

Visa,

Inc.

Class A

53,179

18,637,112

224,158,503

Industrial

13.8%

spacing

Deere

Co.

31,178

14,633,394

Illinois

Tool

Works,

Inc.

33,312

8,261,709

Martin

Marietta

Materials,

Inc.

31,314

14,972,163

Northrop

Grumman

Corp.

28,666

14,677,279

Otis

Worldwide

Corp.

102,324

10,559,837

Value

Parker-Hannifin

Corp.

23,249

14,131,904

RTX

Corp.

104,913

13,896,776

Veralto

Corp.

105,617

10,292,377

XPO,

Inc.

138,103

14,857,121

116,282,560

Technology

6.6%

spacing

Broadcom,

Inc.

70,703

11,837,803

Intel

Corp.

873,067

19,827,352

Microchip

Technology,

Inc.

356,896

17,277,335

Microsoft

Corp.

18,970

7,121,148

56,063,638

Utilities

7.5%

spacing

Edison

International

248,137

14,620,232

Sempra

455,822

32,527,458

WEC

Energy

Group,

Inc.

146,459

15,961,102

63,108,792

Total

Common

Stocks

(Cost

$698,213,934)

826,042,770

TOTAL

INVESTMENTS

97.8%

(Cost

$698,213,934)

826,042,770

OTHER

ASSETS

LIABILITIES,

NET

2.2%

18,660,169

NET

ASSETS

100.0%

844,702,939

PACIFIC

SELECT

FUND

MID-CAP

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

119

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.7%

Communications

6.5%

spacing

CDW

Corp.

68,203

10,930,213

Expedia

Group,

Inc.

88,341

14,850,122

FactSet

Research

Systems,

Inc.

30,689

13,952,447

Pinterest,

Inc.

Class A *

449,635

13,938,685

Trade

Desk,

Inc.

Class A *

231,732

12,680,375

66,351,842

Consumer,

Cyclical

16.4%

spacing

Boot

Barn

Holdings,

Inc.

97,617

10,486,994

Casey's

General

Stores,

Inc.

31,088

13,493,436

Copart,

Inc.

241,989

13,694,157

Fastenal

Co.

344,773

26,737,146

Floor

Decor

Holdings,

Inc.

Class A *

232,013

18,670,086

Holding

Class A *

(Switzerland)

361,677

15,884,854

Pool

Corp.

66,913

21,301,754

SharkNinja,

Inc.

174,773

14,577,816

Tractor

Supply

Co.

336,287

18,529,414

Vail

Resorts,

Inc.

91,817

14,692,556

168,068,213

Consumer,

Non-Cyclical

23.0%

spacing

Align

Technology,

Inc.

79,540

12,635,724

Bio-Techne

Corp.

266,068

15,599,567

Booz

Allen

Hamilton

Holding

Corp.

105,404

11,023,150

Cencora,

Inc.

73,184

20,351,739

Corpay,

Inc.

61,080

21,299,818

HealthCare

Technologies,

Inc.

215,687

17,408,098

IDEXX

Laboratories,

Inc.

66,196

27,799,010

Inspire

Medical

Systems,

Inc.

64,860

10,330,901

Insulet

Corp.

98,712

25,922,758

Ionis

Pharmaceuticals,

Inc.

225,115

6,791,720

MarketAxess

Holdings,

Inc.

89,603

19,385,609

Paylocity

Holding

Corp.

69,485

13,017,320

Repligen

Corp.

113,298

14,416,037

Rollins,

Inc.

359,218

19,408,549

235,390,000

Financial

9.6%

spacing

Blue

Owl

Capital,

Inc.

687,302

13,773,532

Brown

Brown,

Inc.

102,889

12,799,391

CoStar

Group,

Inc.

524,595

41,563,662

Kinsale

Capital

Group,

Inc.

35,235

17,149,227

LPL

Financial

Holdings,

Inc.

40,156

13,136,634

98,422,446

Industrial

19.2%

spacing

AAON,

Inc.

32,476

2,537,350

BWX

Technologies,

Inc.

98,200

9,687,430

Coherent

Corp.

249,618

16,210,193

Generac

Holdings,

Inc.

127,590

16,159,273

HEICO

Corp.

Class A

113,533

23,952,057

Howmet

Aerospace,

Inc.

162,126

21,032,606

Itron,

Inc.

71,014

7,439,427

Lincoln

Electric

Holdings,

Inc.

89,903

17,006,051

Martin

Marietta

Materials,

Inc.

33,946

16,230,601

Novanta,

Inc.

120,319

15,385,190

Old

Dominion

Freight

Line,

Inc.

101,879

16,855,881

Trex

Co.,

Inc.

238,518

13,857,896

Value

Trimble,

Inc.

312,795

20,534,992

196,888,947

Technology

24.0%

spacing

Appfolio,

Inc.

Class A *

41,164

9,051,964

AppLovin

Corp.

Class A *

76,719

20,328,233

ASGN,

Inc.

123,706

7,795,952

Bentley

Systems,

Inc.

Class B

129,981

5,113,453

Clearwater

Analytics

Holdings,

Inc.

Class A *

266,768

7,149,382

Cloudflare,

Inc.

Class A *

120,846

13,618,136

CyberArk

Software

Ltd.

32,782

11,080,316

Datadog,

Inc.

Class A *

188,411

18,692,255

HubSpot,

Inc.

33,190

18,961,115

Impinj,

Inc.

61,785

5,603,899

Lattice

Semiconductor

Corp.

206,715

10,842,202

MACOM

Technology

Solutions

Holdings,

Inc.

70,244

7,051,093

Monday.com

Ltd.

41,603

10,116,185

Monolithic

Power

Systems,

Inc.

29,177

16,922,076

Onto

Innovation,

Inc.

75,923

9,212,497

Snowflake,

Inc.

Class A *

62,494

9,134,123

Teradyne,

Inc.

145,500

12,018,300

Tyler

Technologies,

Inc.

27,720

16,116,131

Veeva

Systems,

Inc.

Class A *

96,458

22,342,567

Waystar

Holding

Corp.

236,466

8,834,370

Workiva,

Inc.

67,409

5,117,017

245,101,266

Total

Common

Stocks

(Cost

$1,046,206,654)

1,010,222,714

TOTAL

INVESTMENTS

98.7%

(Cost

$1,046,206,654)

1,010,222,714

OTHER

ASSETS

LIABILITIES,

NET

1.3%

13,025,916

NET

ASSETS

100.0%

1,023,248,630

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

121

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

54.5%

Basic

Materials

0.8%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

1,500,000

1,432,016

6.415%

due

07/15/27

955,000

971,421

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

488,000

490,110

5.338%

due

04/04/27 ~

569,000

576,306

Mosaic

Co.

4.050%

due

11/15/27

1,920,000

1,894,385

5,364,238

Communications

1.7%

AT&T,

Inc.

1.650%

due

02/01/28

1,330,000

1,230,529

1.700%

due

03/25/26

500,000

486,400

2.950%

due

07/15/26

500,000

490,392

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

66,000

59,461

4.200%

due

03/15/28

1,920,000

1,883,388

6.150%

due

11/10/26

675,000

688,897

Discovery

Communications

LLC

3.950%

due

03/20/28

2,000,000

1,922,402

4.900%

due

03/11/26

500,000

500,172

Rogers

Communications,

Inc.

(Canada)

3.200%

due

03/15/27

1,548,000

1,506,581

5.000%

due

02/15/29

1,003,000

1,004,213

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

2,217,000

2,173,578

2.625%

due

04/15/26

500,000

490,529

12,436,542

Consumer,

Cyclical

3.6%

AutoZone,

Inc.

5.050%

due

07/15/26

2,780,000

2,800,816

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

1,176,000

1,182,318

5.000%

due

01/15/27 ~

500,000

503,452

Delta

Air

Lines,

Inc.

7.000%

due

05/01/25 ~

1,480,000

1,482,035

Ford

Motor

Credit

Co.

LLC

4.950%

due

05/28/27

300,000

295,719

5.125%

due

06/16/25

618,000

617,612

5.800%

due

03/05/27

500,000

502,361

5.850%

due

05/17/27

2,200,000

2,212,129

6.950%

due

06/10/26

3,175,000

3,224,871

7.350%

due

11/04/27

1,820,000

1,886,447

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

700,000

673,193

2.350%

due

02/26/27

1,015,000

968,982

4.000%

due

10/06/26

585,000

578,143

4.350%

due

04/09/25

295,000

294,937

5.400%

due

05/08/27

2,200,000

2,221,823

5.550%

due

07/15/29

615,000

620,099

6.050%

due

10/10/25

794,000

798,973

Hyundai

Capital

America

2.750%

due

09/27/26 ~

2,000,000

1,945,407

5.650%

due

06/26/26 ~

2,000,000

2,022,271

O'Reilly

Automotive,

Inc.

5.750%

due

11/20/26

500,000

509,328

Principal

Amount

Value

Ross

Stores,

Inc.

0.875%

due

04/15/26

500,000

481,789

25,822,705

Consumer,

Non-Cyclical

5.0%

Altria

Group,

Inc.

6.200%

due

11/01/28

1,168,000

1,226,978

Amgen,

Inc.

2.600%

due

08/19/26

250,000

244,066

5.507%

due

03/02/26

1,120,000

1,120,221

BAT

Capital

Corp.

(United

Kingdom)

2.259%

due

03/25/28

404,000

377,601

3.215%

due

09/06/26

600,000

588,757

3.557%

due

08/15/27

2,065,000

2,015,468

4.700%

due

04/02/27

600,000

601,097

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

812,000

788,802

5.931%

due

02/02/29

2,091,000

2,179,925

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

2,250,000

2,292,570

Centene

Corp.

4.250%

due

12/15/27

1,800,000

1,757,821

Cigna

Group

3.400%

due

03/01/27

2,000,000

1,961,884

CVS

Health

Corp.

1.300%

due

08/21/27

2,220,000

2,050,471

2.875%

due

06/01/26

800,000

784,070

6.250%

due

06/01/27

1,530,000

1,581,272

Elevance

Health,

Inc.

5.150%

due

06/15/29

612,000

624,566

HCA,

Inc.

4.125%

due

06/15/29

847,000

822,659

4.500%

due

02/15/27

1,523,000

1,518,335

5.200%

due

06/01/28

922,000

933,499

5.250%

due

06/15/26

1,516,000

1,520,626

5.625%

due

09/01/28

696,000

712,045

Humana,

Inc.

1.350%

due

02/03/27

843,000

794,312

3.950%

due

03/15/27

775,000

764,647

5.750%

due

12/01/28

772,000

797,299

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.125%

due

07/27/27 ~

700,000

721,640

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

2,500,000

2,405,666

5.125%

due

02/01/28

1,500,000

1,516,180

Mars,

Inc.

4.450%

due

03/01/27 ~

998,000

1,000,195

4.600%

due

03/01/28 ~

1,693,000

1,700,125

35,402,797

Energy

5.3%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

2,000,000

1,968,467

5.000%

due

12/15/29 ~

492,000

491,932

Cenovus

Energy,

Inc.

(Canada)

4.250%

due

04/15/27

1,500,000

1,487,787

Cheniere

Energy

Partners

4.500%

due

10/01/29

1,036,000

1,008,076

DCP

Midstream

Operating

5.625%

due

07/15/27

2,000,000

2,033,848

122

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Diamondback

Energy,

Inc.

3.250%

due

12/01/26

1,470,000

1,441,747

5.200%

due

04/18/27

500,000

506,260

Enbridge,

Inc.

(Canada)

5.250%

due

04/05/27

2,181,000

2,209,001

5.300%

due

04/05/29

2,550,000

2,598,679

5.900%

due

11/15/26

2,340,000

2,387,745

Energy

Transfer

5.500%

due

06/01/27

1,070,000

1,086,683

6.000%

due

02/01/29 ~

600,000

610,302

6.050%

due

12/01/26

600,000

613,261

EQT

Corp.

3.900%

due

10/01/27

1,109,000

1,089,453

Hess

Corp.

4.300%

due

04/01/27

2,500,000

2,487,983

MPLX

1.750%

due

03/01/26

2,150,000

2,094,226

4.000%

due

03/15/28

295,000

289,732

4.250%

due

12/01/27

445,000

441,219

Northwest

Pipeline

LLC

4.000%

due

04/01/27

2,230,000

2,205,735

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

3,180,000

3,193,114

ONEOK,

Inc.

4.000%

due

07/13/27

700,000

691,589

4.250%

due

09/24/27

500,000

495,686

5.550%

due

11/01/26

1,385,000

1,403,774

5.650%

due

11/01/28

266,000

274,052

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

2,300,000

2,299,109

Western

Midstream

Operating

4.650%

due

07/01/26

2,500,000

2,499,118

Williams

Cos.,

Inc.

4.900%

due

03/15/29

297,000

299,028

38,207,606

Financial

32.9%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

2,000,000

2,045,738

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

500,000

488,324

2.450%

due

10/29/26

1,500,000

1,449,880

3.650%

due

07/21/27

2,000,000

1,953,810

6.100%

due

01/15/27

2,000,000

2,045,580

6.450%

due

04/15/27

2,000,000

2,065,233

Ally

Financial,

Inc.

4.750%

due

06/09/27

2,000,000

1,999,341

7.100%

due

11/15/27

3,000,000

3,159,340

American

Express

Co.

5.098%

due

02/16/28

2,000,000

2,024,451

5.389%

due

07/28/27

1,500,000

1,516,259

6.338%

due

10/30/26

500,000

504,889

American

Tower

Corp.

3.375%

due

10/15/26

500,000

491,148

3.650%

due

03/15/27

2,235,000

2,197,980

Aon

North

America,

Inc.

5.125%

due

03/01/27

1,662,000

1,680,361

5.150%

due

03/01/29

325,000

330,842

ARES

Capital

Corp.

2.150%

due

07/15/26

1,500,000

1,447,097

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

1,940,000

1,940,524

Principal

Amount

Value

Arthur

Gallagher

Co.

4.600%

due

12/15/27

1,047,000

1,049,593

Athene

Global

Funding

1.608%

due

06/29/26 ~

1,800,000

1,736,007

4.950%

due

01/07/27 ~

2,300,000

2,309,055

5.516%

due

03/25/27 ~

1,500,000

1,525,252

Avolon

Holdings

Funding

Ltd.

(Ireland)

4.950%

due

01/15/28 ~

2,744,000

2,733,290

5.500%

due

01/15/26 ~

2,700,000

2,711,719

Bank

America

Corp.

1.319%

due

06/19/26

135,000

134,040

1.658%

due

03/11/27

2,577,000

2,507,280

3.419%

due

12/20/28

955,000

925,724

3.559%

due

04/23/27

600,000

593,615

3.705%

due

04/24/28

3,021,000

2,970,261

3.824%

due

01/20/28

1,200,000

1,185,196

5.202%

due

04/25/29

1,014,000

1,030,407

5.819%

due

09/15/29

2,501,000

2,592,312

5.933%

due

09/15/27

1,867,000

1,903,938

Bank

Montreal

(Canada)

4.567%

due

09/10/27

2,000,000

2,001,399

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

2,000,000

1,991,024

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

500,000

480,843

4.837%

due

09/10/28

778,000

778,826

5.674%

due

03/12/28

2,200,000

2,239,562

5.690%

due

03/12/30

670,000

687,095

5.829%

due

05/09/27

2,235,000

2,262,672

6.496%

due

09/13/27

1,500,000

1,536,943

7.325%

due

11/02/26

1,500,000

1,521,772

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

2,000,000

1,927,963

7.300%

due

11/27/28

1,450,000

1,534,142

BNP

Paribas

(France)

1.323%

due

01/13/27 ~

500,000

486,880

1.675%

due

06/30/27 ~

500,000

482,621

Capital

One

Financial

Corp.

1.878%

due

11/02/27

3,025,000

2,894,539

4.927%

due

05/10/28

287,000

288,007

5.468%

due

02/01/29

1,603,000

1,630,184

7.149%

due

10/29/27

1,660,000

1,720,943

Citigroup,

Inc.

1.122%

due

01/28/27

500,000

485,702

1.462%

due

06/09/27

1,071,000

1,031,850

3.070%

due

02/24/28

1,351,000

1,313,266

3.200%

due

10/21/26

1,302,000

1,276,736

3.520%

due

10/27/28

1,500,000

1,458,219

4.542%

due

09/19/30

740,000

730,213

5.174%

due

02/13/30

622,000

630,219

Citizens

Bank

4.575%

due

08/09/28

2,700,000

2,693,169

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

2,000,000

1,965,448

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

1,500,000

1,522,698

Crown

Castle,

Inc.

1.050%

due

07/15/26

379,000

361,355

3.650%

due

09/01/27

314,000

305,993

3.700%

due

06/15/26

500,000

494,133

4.000%

due

03/01/27

300,000

295,987

5.000%

due

01/11/28

366,000

367,481

5.600%

due

06/01/29

340,000

347,578

123

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Danske

Bank

(Denmark)

1.549%

due

09/10/27 ~

800,000

766,887

4.298%

due

04/01/28 ~

1,900,000

1,886,715

5.427%

due

03/01/28 ~

2,300,000

2,338,924

6.259%

due

09/22/26 ~

1,500,000

1,510,651

Deutsche

Bank

(Germany)

2.129%

due

11/24/26

1,500,000

1,473,224

2.311%

due

11/16/27

500,000

480,609

5.706%

due

02/08/28

2,500,000

2,538,763

7.146%

due

07/13/27

2,000,000

2,056,388

DNB

Bank

ASA

(Norway)

1.535%

due

05/25/27 ~

1,500,000

1,450,175

Equitable

Financial

Life

Global

Funding

1.400%

due

08/27/27 ~

500,000

464,524

4.875%

due

11/19/27 ~

2,000,000

2,011,838

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

1,188,000

1,201,772

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

2,092,000

2,007,041

2.640%

due

02/24/28

500,000

482,780

3.691%

due

06/05/28

1,132,000

1,110,572

5.798%

due

08/10/26

2,597,000

2,607,639

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

1,600,000

1,601,001

HSBC

Holdings

PLC

(United

Kingdom)

4.292%

due

09/12/26

1,500,000

1,496,770

5.597%

due

05/17/28

1,500,000

1,525,036

5.887%

due

08/14/27

500,000

507,992

7.336%

due

11/03/26

1,500,000

1,522,864

7.390%

due

11/03/28

2,100,000

2,232,227

Huntington

Bancshares,

Inc.

4.443%

due

08/04/28

2,500,000

2,483,482

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

1,878,000

1,875,663

ING

Groep

(Netherlands)

4.858%

due

03/25/29

1,626,000

1,632,369

Jackson

Financial,

Inc.

5.170%

due

06/08/27

1,500,000

1,512,866

Jackson

National

Life

Global

Funding

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

1,300,000

1,310,919

5.550%

due

07/02/27 ~

2,200,000

2,242,573

JPMorgan

Chase

Co.

2.083%

due

04/22/26

1,525,000

1,522,529

2.182%

due

06/01/28

1,000,000

951,879

2.947%

due

02/24/28

2,100,000

2,040,565

4.505%

due

10/22/28

420,000

419,657

4.851%

due

07/25/28

1,290,000

1,298,454

4.979%

due

07/22/28

1,944,000

1,961,594

5.012%

due

01/23/30

500,000

505,663

5.040%

due

01/23/28

1,985,000

2,002,638

5.571%

due

04/22/28

1,704,000

1,738,244

6.070%

due

10/22/27

1,599,000

1,637,051

6.087%

due

10/23/29

645,000

675,426

Lloyds

Banking

Group

PLC

(United

Kingdom)

1.627%

due

05/11/27

1,500,000

1,451,158

5.462%

due

01/05/28

2,000,000

2,026,317

5.985%

due

08/07/27

2,000,000

2,033,340

Mizuho

Financial

Group,

Inc.

(Japan)

1.234%

due

05/22/27

1,500,000

1,443,932

1.554%

due

07/09/27

700,000

674,135

Principal

Amount

Value

2.226%

due

05/25/26

1,500,000

1,494,462

5.414%

due

09/13/28

2,500,000

2,549,149

Morgan

Stanley

1.512%

due

07/20/27

600,000

576,886

1.593%

due

05/04/27

600,000

581,153

3.591%

due

07/22/28 §

600,000

585,171

3.772%

due

01/24/29

500,000

489,177

5.042%

due

07/19/30

2,377,000

2,397,330

5.173%

due

01/16/30

545,000

552,320

5.652%

due

04/13/28

2,890,000

2,950,319

5.656%

due

04/18/30

1,667,000

1,718,980

Morgan

Stanley

Bank

4.952%

due

01/14/28

935,000

941,078

4.968%

due

07/14/28

1,449,000

1,461,817

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

2,000,000

1,930,011

3.073%

due

05/22/28

700,000

677,494

5.847%

due

03/02/27

2,000,000

2,021,327

7.472%

due

11/10/26

1,500,000

1,524,833

PNC

Financial

Services

Group,

Inc.

5.102%

due

07/23/27

1,500,000

1,508,792

5.300%

due

01/21/28

2,100,000

2,129,344

6.615%

due

10/20/27

2,200,000

2,267,859

Realty

Income

Corp.

3.250%

due

06/15/29

563,000

532,739

5.050%

due

01/13/26

455,000

455,046

Royal

Bank

Canada

(Canada)

4.875%

due

01/19/27

374,000

377,488

4.950%

due

04/25/25

1,482,000

1,482,346

4.950%

due

02/01/29

131,000

132,747

5.069%

due

07/23/27

500,000

503,121

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

1,995,000

2,019,435

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

2,000,000

1,917,553

3.244%

due

10/05/26

500,000

488,689

Societe

Generale

(France)

5.500%

due

04/13/29 ~

438,000

444,115

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

5.316%

due

07/09/29

520,000

531,897

Toronto-Dominion

Bank

(Canada)

4.568%

due

12/17/26

2,400,000

2,404,248

5.264%

due

12/11/26

500,000

506,872

5.523%

due

07/17/28

15,000

15,426

5.532%

due

07/17/26

1,500,000

1,520,028

Truist

Financial

Corp.

1.125%

due

08/03/27

500,000

463,726

1.267%

due

03/02/27

2,000,000

1,939,416

4.873%

due

01/26/29

2,000,000

2,011,893

5.435%

due

01/24/30

405,000

413,468

5.900%

due

10/28/26

1,500,000

1,509,995

6.047%

due

06/08/27

1,746,000

1,775,564

U.S.

Bancorp

5.384%

due

01/23/30

699,000

713,296

6.787%

due

10/26/27

2,000,000

2,067,009

UBS

Group

(Switzerland)

1.305%

due

02/02/27 ~

1,870,000

1,818,723

4.703%

due

08/05/27 ~

2,500,000

2,500,163

6.442%

due

08/11/28 ~

2,481,000

2,574,048

VICI

Properties

due

04/01/28 #

122,000

122,328

4.750%

due

02/15/28

1,382,000

1,382,984

124

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

1,235,000

1,222,339

4.625%

due

06/15/25 ~

2,406,000

2,407,323

Wells

Fargo

Co.

2.393%

due

06/02/28

700,000

668,204

3.196%

due

06/17/27

600,000

590,441

3.526%

due

03/24/28

1,449,000

1,420,182

3.584%

due

05/22/28

645,000

631,621

4.540%

due

08/15/26

83,000

82,968

4.900%

due

01/24/28

1,288,000

1,295,483

5.198%

due

01/23/30

1,376,000

1,399,359

5.707%

due

04/22/28

2,218,000

2,266,716

6.303%

due

10/23/29

2,210,000

2,324,433

Western

Union

Co.

1.350%

due

03/15/26

500,000

483,705

235,483,433

Industrial

1.1%

BAE

Systems

PLC

(United

Kingdom)

5.000%

due

03/26/27 ~

978,000

986,864

Boeing

Co.

2.196%

due

02/04/26

2,575,000

2,519,873

6.259%

due

05/01/27

600,000

617,470

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

600,000

577,215

4.500%

due

10/08/27

1,500,000

1,493,371

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

1,500,000

1,521,377

7,716,170

Technology

1.6%

Broadcom,

Inc.

3.459%

due

09/15/26

220,000

216,979

4.000%

due

04/15/29 ~

1,252,000

1,222,353

4.750%

due

04/15/29

98,000

98,417

5.050%

due

07/12/27

2,197,000

2,225,117

Dell

International

LLC/EMC

Corp.

due

04/01/28 #

1,864,000

1,872,940

5.250%

due

02/01/28

390,000

397,175

6.020%

due

06/15/26

500,000

506,528

Marvell

Technology,

Inc.

1.650%

due

04/15/26

800,000

776,451

Microchip

Technology,

Inc.

5.050%

due

03/15/29

463,000

466,308

Micron

Technology,

Inc.

5.327%

due

02/06/29

1,150,000

1,167,323

6.750%

due

11/01/29

750,000

804,896

VMware

LLC

1.400%

due

08/15/26

1,483,000

1,420,574

1.800%

due

08/15/28

150,000

136,786

3.900%

due

08/21/27

208,000

204,412

11,516,259

Utilities

2.5%

AES

Corp.

1.375%

due

01/15/26

2,500,000

2,431,760

Dominion

Energy,

Inc.

1.450%

due

04/15/26

600,000

580,984

2.850%

due

08/15/26

500,000

488,715

Duke

Energy

Corp.

0.900%

due

09/15/25

711,000

699,258

4.850%

due

01/05/29

1,084,000

1,091,039

Edison

International

4.950%

due

04/15/25

150,000

149,944

Principal

Amount

Value

Eversource

Energy

0.800%

due

08/15/25

245,000

241,356

2.900%

due

03/01/27

1,110,000

1,075,490

5.450%

due

03/01/28

515,000

526,372

5.950%

due

02/01/29

108,000

112,213

Exelon

Corp.

2.750%

due

03/15/27

500,000

484,073

5.150%

due

03/15/28

960,000

975,734

5.150%

due

03/15/29

589,000

599,163

FirstEnergy

Corp.

3.900%

due

07/15/27

2,140,000

2,104,817

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

265,000

261,454

Pacific

Gas

Electric

Co.

5.310%

(SOFR

0.950%)

due

09/04/25 §

1,445,000

1,445,226

San

Diego

Gas

Electric

Co.

4.950%

due

08/15/28

95,000

96,337

Sempra

3.300%

due

04/01/25

385,000

3.400%

due

02/01/28

100,000

96,655

Southern

California

Edison

Co.

4.700%

due

06/01/27

249,000

248,803

5.150%

due

06/01/29

870,000

875,920

5.650%

due

10/01/28

247,000

252,966

Southern

Co.

5.500%

due

03/15/29

1,340,000

1,382,356

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

1,223,000

1,227,755

WEC

Energy

Group,

Inc.

5.600%

due

09/12/26

7,000

7,103

17,840,493

Total

Corporate

Bonds

Notes

(Cost

$387,234,507)

389,790,243

MORTGAGE-BACKED

SECURITIES

4.6%

Collateralized

Mortgage

Obligations

Commercial

4.6%

Bank

3.229%

due

11/15/50

2,482,209

2,401,714

Benchmark

Mortgage

Trust

5.805%

due

01/10/57

420,000

432,941

BFLD

Mortgage

Trust

5.811%

(SOFR

1.492%)

due

08/15/26 ~ §

407,879

406,975

BMO

Mortgage

Trust

7.055%

due

11/15/56 §

1,000,000

1,071,044

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

755,748

753,155

5.283%

(SOFR

0.964%)

due

11/15/38 ~ §

362,637

361,777

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

935,839

934,814

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

2,334,699

2,341,023

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

2,296,858

2,301,157

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

1,195,000

1,196,135

5.960%

(SOFR

1.641%)

due

05/15/41 ~ §

769,574

770,262

125

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.010%

(SOFR

1.691%)

due

08/15/39 ~ §

900,000

901,472

Trust

5.319%

(SOFR

1.000%)

due

01/15/39 ~ §

800,000

798,567

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

602,000

595,395

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

234,000

232,921

5.761%

(SOFR

1.442%)

due

04/15/41 ~ §

195,345

195,965

COMM

Mortgage

Trust

6.160%

(SOFR

1.841%)

due

06/15/41 ~ §

740,000

739,001

CSAIL

Commercial

Mortgage

Trust

3.808%

due

11/15/48

2,683,000

2,665,364

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

750,000

766,586

ELM

Trust

5.414%

due

06/10/39 ~ §

2,040,000

2,067,563

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

121,261

121,228

Mortgage

Securities

Corp.

Trust

4.852%

due

08/10/41 ~ §

180,000

181,403

5.384%

(SOFR

1.064%)

due

10/15/36 ~ §

500,000

496,558

Morgan

Stanley

Capital

Trust

3.261%

due

07/15/52

1,085,000

1,022,001

3.587%

due

12/15/50

656,000

634,363

MTN

Commercial

Mortgage

Trust

5.717%

(SOFR

1.397%)

due

03/15/39 ~ §

475,000

473,566

OPEN

Trust

7.408%

(SOFR

3.089%)

due

11/15/40 ~ §

174,358

175,305

SREIT

Trust

5.255%

(SOFR

0.936%)

due

11/15/36 ~ §

800,000

795,411

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

528,000

527,395

UBS

Commercial

Mortgage

Trust

2.865%

due

10/15/52

433,818

418,384

3.460%

due

04/15/52

895,828

875,085

Wells

Fargo

Commercial

Mortgage

Trust

3.933%

due

03/15/52

1,847,218

1,824,604

4.175%

due

09/15/61

2,603,434

2,567,619

5.270%

due

03/15/38 ~ §

440,000

439,436

32,486,189

Collateralized

Mortgage

Obligations

Residential

0.0%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

145,690

141,721

Total

Mortgage-Backed

Securities

(Cost

$32,314,317)

32,627,910

Principal

Amount

Value

ASSET-BACKED

SECURITIES

15.1%

Automobile

Other

1.0%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

715,000

715,743

4.910%

due

03/15/30 ~

1,200,000

1,201,755

5.830%

due

06/15/30 ~

187,000

191,950

Nissan

Master

Owner

Trust

Receivables

5.019%

(SOFR

0.670%)

due

02/15/28 ~ §

3,000,000

3,006,261

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

1,230,000

1,237,801

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

162,526

163,401

5.185%

due

07/25/31 ~

677,193

680,845

7,197,756

Automobile

Sequential

7.2%

ARI

Fleet

Lease

Trust

4.460%

due

01/17/34 ~

1,900,000

1,896,594

5.300%

due

11/15/32 ~

335,436

337,014

5.540%

due

04/15/33 ~

495,648

498,998

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

1,140,000

1,145,580

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

1,230,000

1,233,929

Chesapeake

Funding

LLC

(Canada)

5.520%

due

05/15/36 ~

638,828

645,991

Enterprise

Fleet

Financing

LLC

4.980%

due

08/21/28 ~

291,000

294,971

5.060%

due

03/20/31 ~

95,000

96,784

5.160%

due

09/20/30 ~

50,000

50,804

5.230%

due

03/20/30 ~

475,263

478,468

5.420%

due

10/22/29 ~

1,661,000

1,682,301

5.500%

due

04/22/30 ~

1,930,000

1,965,468

5.510%

due

01/22/29 ~

426,565

428,171

Ford

Credit

Auto

Owner

Trust

4.450%

due

10/15/29

2,400,000

2,408,394

4.610%

due

08/15/29

635,000

639,473

5.280%

due

02/15/36 ~

1,146,000

1,174,468

5.530%

due

09/15/28

1,381,000

1,399,129

Ford

Credit

Floorplan

Master

Owner

Trust

4.060%

due

11/15/30

727,000

717,108

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

1,200,000

1,205,342

Financial

Consumer

Automobile

Receivables

Trust

4.850%

due

12/18/28

556,000

559,384

Financial

Revolving

Receivables

Trust

5.770%

due

08/11/36 ~

1,380,000

1,441,626

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

2,855,000

2,872,812

5.340%

due

06/15/28 ~

3,450,000

3,485,989

Hyundai

Auto

Receivables

Trust

5.480%

due

04/17/28

1,365,000

1,376,238

5.540%

due

10/16/28

2,410,000

2,442,516

Navistar

Financial

Dealer

Note

Master

Owner

Trust

5.590%

due

04/25/29 ~

554,000

560,048

Nissan

Auto

Receivables

Owner

Trust

5.930%

due

03/15/28

2,190,000

2,214,841

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

2,500,000

2,505,653

126

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.790%

due

01/22/29 ~

1,046,180

1,053,830

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

1,570,000

1,574,426

Toyota

Auto

Receivables

Owner

Trust

5.540%

due

08/15/28

3,662,000

3,718,249

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

2,830,000

2,849,261

5.480%

due

12/20/28

2,152,000

2,185,896

Westlake

Automobile

Receivables

Trust

6.240%

due

07/15/27 ~

1,731,000

1,747,564

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

2,400,000

2,395,779

51,283,099

Credit

Card

Bullet

0.7%

American

Express

Credit

Account

Master

Trust

4.870%

due

05/15/28

1,620,000

1,629,557

5.230%

due

09/15/28

3,243,000

3,284,105

4,913,662

Other

Asset-Backed

Securities

6.2%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

1,199,383

1,199,055

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

1,150,000

1,148,181

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

1,900,000

1,902,178

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

2,500,000

2,494,259

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

639,000

638,987

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

1,566,000

1,562,861

CCG

Receivables

Trust

4.480%

due

10/14/32 ~

155,000

155,245

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

2,700,000

2,700,084

CNH

Equipment

Trust

4.770%

due

06/15/29

610,878

614,208

5.190%

due

09/17/29

918,000

933,746

Dext

ABS

LLC

4.590%

due

08/16/27 ~

550,000

550,378

4.770%

due

08/15/35 ~

775,000

776,981

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

1,421,000

1,415,908

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

2,400,000

Flatiron

CLO

LLC

5.234%

(SOFR

0.910%)

due

10/15/34 ~ §

2,300,000

2,282,763

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

1,248,000

1,249,801

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

1,900,000

1,919,315

John

Deere

Owner

Trust

4.960%

due

11/15/28

636,000

642,716

Principal

Amount

Value

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

1,413,000

1,407,738

Madison

Park

Funding

XXIII

Ltd.

(Cayman)

5.532%

(SOFR

1.232%)

due

07/27/31 ~ §

2,532,826

2,538,086

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

1,500,000

1,499,939

Magnetite

XXVI

Ltd.

(Cayman)

5.166%

(SOFR

0.930%)

due

01/25/38 ~ §

1,230,000

1,224,472

MMAF

Equipment

Finance

LLC

4.950%

due

07/14/31 ~

202,027

204,520

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.099%

(SOFR

0.800%)

due

02/15/33 ~ §

638,000

635,590

5.402%

(SOFR

1.100%)

due

04/15/31 ~ §

1,724,250

1,723,541

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

2,000,000

2,003,225

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

255,000

255,872

PFS

Financing

Corp.

5.270%

due

05/15/28 ~

2,600,000

2,619,222

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

135,000

135,446

Regional

Management

Issuance

Trust

5.830%

due

07/15/36 ~

113,000

115,369

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

909,000

907,149

Verizon

Master

Trust

4.620%

due

11/20/30

1,755,000

1,768,964

4.830%

due

12/22/31 ~

358,000

362,821

5.000%

due

12/20/28

2,650,000

2,659,899

44,648,519

Total

Asset-Backed

Securities

(Cost

$107,313,729)

108,043,036

U.S.

TREASURY

OBLIGATIONS

10.7%

U.S.

Treasury

Notes

10.7%

3.500%

due

09/30/26 ‡

38,637,600

38,386,305

4.250%

due

03/15/27 ‡

38,035,600

38,280,008

76,666,313

Total

U.S.

Treasury

Obligations

(Cost

$76,336,784)

76,666,313

SHORT-TERM

INVESTMENTS

15.5%

U.S.

Treasury

Bills

15.5%

4.362%

due

06/26/25

56,000,000

55,439,471

5.933%

due

07/22/25 ‡

56,000,000

55,270,880

110,710,351

Total

Short-Term

Investments

(Cost

$110,709,976)

110,710,351

127

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Principal

Amount

Value

TOTAL

INVESTMENTS

100.4%

(Cost

$713,909,313)

717,837,853

DERIVATIVES

(1.9%)

(

13,525,567

)

OTHER

ASSETS

LIABILITIES,

NET

1.5%

10,584,135

NET

ASSETS

100.0%

714,896,421

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Standard

Poor's

MidCap

400

Index

06/25

16,607,190

16,456,160

(

151,030

)

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

1,034

212,847,748

214,215,720

(

1,367,972

)

CBOT

Year

U.S.

Treasury

Notes

06/25

442

46,996,270

47,805,062

(

808,792

)

(

2,176,764

)

Total

Futures

Contracts

(

2,327,794

)

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russell

Midcap

Total

Return

Index

SOFR

0.990%

BOA

04/15/25

289,552,915

(

3,277,121

)

–

(

3,277,121

)

Russell

Midcap

Total

Return

Index

SOFR

0.905%

BRC

07/15/25

289,552,915

(

3,268,234

)

–

(

3,268,234

)

Russell

Midcap

Growth

Total

Return

Index

SOFR

0.600%

JPM

07/15/25

207,310,054

(

5,855,946

)

–

(

5,855,946

)

Russell

Midcap

Value

Total

Return

Index

SOFR

0.600%

JPM

07/15/25

35,099,499

(

195,932

)

–

(

195,932

)

(

12,597,233

)

–

(

12,597,233

)

Total

Return

Swaps

Short

Pay

Receive

Payment

Frequency

Receive

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russell

Midcap

Growth

Total

Return

Index

SOFR

0.540%

BRC

07/15/25

34,493,646

973,547

–

973,547

Russell

Midcap

Value

Total

Return

Index

SOFR

0.520%

GSC

07/15/25

76,726,318

425,913

–

425,913

1,399,460

–

1,399,460

Total

Return

Swaps

(

11,197,773

)

–

(

11,197,773

)

Total

Swap

Agreements

(

11,197,773

)

–

(

11,197,773

)

128

PACIFIC

SELECT

FUND

MID-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

389,790,243

–

389,790,243

–

Mortgage-Backed

Securities

32,627,910

–

32,627,910

–

Asset-Backed

Securities

108,043,036

–

108,043,036

–

U.S.

Treasury

Obligations

76,666,313

–

76,666,313

–

Short-Term

Investments

110,710,351

–

110,710,351

–

Derivatives:

Equity

Contracts

Swaps

1,399,460

–

1,399,460

–

Total

Assets

719,237,313

–

719,237,313

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

151,030

)

(

151,030

)

–

Swaps

(

12,597,233

)

–

(

12,597,233

)

–

Total

Equity

Contracts

(

12,748,263

)

(

151,030

)

(

12,597,233

)

–

Interest

Rate

Contracts

Futures

(

2,176,764

)

(

2,176,764

)

–

Total

Liabilities

Derivatives

(

14,925,027

)

(

2,327,794

)

(

12,597,233

)

–

Total

Liabilities

(

14,925,027

)

(

2,327,794

)

(

12,597,233

)

–

Total

704,312,286

(

2,327,794

)

706,640,080

–

PACIFIC

SELECT

FUND

MID-CAP

VALUE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

129

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

97.3%

Basic

Materials

4.4%

spacing

Industries

Holdings,

Inc.

28,220

2,205,393

Commercial

Metals

Co.

27,960

1,286,440

DuPont

Nemours,

Inc.

19,566

1,461,189

Freeport-McMoRan,

Inc.

35,963

1,361,559

Mosaic

Co.

55,881

1,509,346

Reliance,

Inc.

7,926

2,288,632

10,112,559

Communications

2.7%

spacing

eBay,

Inc.

36,963

2,503,504

Gen

Digital,

Inc.

65,445

1,736,910

InterDigital,

Inc.

6,619

1,368,478

Maplebear,

Inc.

15,714

626,832

6,235,724

Consumer,

Cyclical

10.5%

spacing

AutoZone,

Inc.

1,229

4,685,907

Beacon

Roofing

Supply,

Inc.

8,074

998,754

Boyd

Gaming

Corp.

25,419

1,673,333

Churchill

Downs,

Inc.

13,407

1,489,115

Darden

Restaurants,

Inc.

5,021

1,043,163

Gentex

Corp.

45,950

1,070,635

Harley-Davidson,

Inc.

31,269

789,542

Lennar

Corp.

Class A

2,316

265,830

LKQ

Corp.

25,414

1,081,112

MSC

Industrial

Direct

Co.,

Inc.

Class A

13,734

1,066,720

NVR,

Inc.

292

2,115,362

Ralph

Lauren

Corp.

7,460

1,646,720

Resideo

Technologies,

Inc.

46,770

827,829

Ross

Stores,

Inc.

12,247

1,565,044

Somnigroup

International,

Inc.

41,304

2,473,284

Wyndham

Hotels

Resorts,

Inc.

14,540

1,316,015

24,108,365

Consumer,

Non-Cyclical

14.3%

spacing

Cencora,

Inc.

15,699

4,365,735

Coca-Cola

Consolidated,

Inc.

1,477

1,993,950

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

17,057

1,484,471

Equifax,

Inc.

7,607

1,852,761

H&R

Block,

Inc.

29,338

1,610,950

Humana,

Inc.

5,571

1,474,087

ICON

PLC

4,245

742,832

Lamb

Weston

Holdings,

Inc.

26,062

1,389,105

McKesson

Corp.

2,267

1,525,668

Molina

Healthcare,

Inc.

4,003

1,318,548

Primo

Brands

Corp.

Class A

51,303

1,820,743

Quest

Diagnostics,

Inc.

5,903

998,788

Global,

Inc.

(Canada)

25,107

2,518,232

Robert

Half,

Inc.

25,500

1,391,025

Solventum

Corp.

25,551

1,942,898

Sysco

Corp.

30,171

2,264,032

Tenet

Healthcare

Corp.

7,519

1,011,305

U.S.

Foods

Holding

Corp.

36,546

2,392,301

Valvoline,

Inc.

18,543

645,482

32,742,913

Energy

6.5%

spacing

Chord

Energy

Corp.

13,872

1,563,652

Diamondback

Energy,

Inc.

12,640

2,020,883

Value

EQT

Corp.

43,690

2,334,357

Marathon

Petroleum

Corp.

15,684

2,285,002

ONEOK,

Inc.

7,801

774,015

Phillips

8,936

1,103,417

Range

Resources

Corp.

54,429

2,173,350

Schlumberger

26,465

1,106,237

TechnipFMC

PLC

(United

Kingdom)

16,945

536,987

Weatherford

International

PLC

17,459

934,930

14,832,830

Financial

24.6%

spacing

Affiliated

Managers

Group,

Inc.

9,012

1,514,286

Ameriprise

Financial,

Inc.

8,867

4,292,603

Aon

PLC

Class A

5,033

2,008,620

BXP,

Inc.

REIT

20,327

1,365,771

Carlyle

Group,

Inc.

53,975

2,352,770

Discover

Financial

Services

6,381

1,089,237

East

West

Bancorp,

Inc.

16,122

1,447,111

EastGroup

Properties,

Inc.

REIT

9,374

1,651,230

Equitable

Holdings,

Inc.

16,065

836,826

Equity

LifeStyle

Properties,

Inc.

REIT

22,559

1,504,685

Equity

Residential

REIT

18,934

1,355,296

Essex

Property

Trust,

Inc.

REIT

5,173

1,585,887

Evercore,

Inc.

Class A

10,572

2,111,440

Extra

Space

Storage,

Inc.

REIT

9,520

1,413,625

Fifth

Third

Bancorp

81,704

3,202,797

First

American

Financial

Corp.

22,290

1,462,893

Huntington

Bancshares,

Inc.

168,567

2,530,191

Lamar

Advertising

Co.

Class A REIT

17,852

2,031,200

LPL

Financial

Holdings,

Inc.

11,906

3,894,929

Markel

Group,

Inc.

1,478

2,763,284

Regency

Centers

Corp.

REIT

30,309

2,235,592

RenaissanceRe

Holdings

Ltd.

(Bermuda)

6,620

1,588,800

Rocket

Cos.,

Inc.

Class A

106,833

1,289,474

Simon

Property

Group,

Inc.

REIT

19,008

3,156,849

SLM

Corp.

59,065

1,734,739

Synchrony

Financial

40,159

2,126,017

Travelers

Cos.,

Inc.

6,360

1,681,966

VICI

Properties,

Inc.

REIT

46,315

1,510,795

Voya

Financial,

Inc.

10,252

694,675

56,433,588

Industrial

21.1%

spacing

Allegion

PLC

20,493

2,673,517

AMETEK,

Inc.

12,101

2,083,066

Arrow

Electronics,

Inc.

9,953

1,033,420

Ball

Corp.

29,733

1,548,197

Builders

FirstSource,

Inc.

4,576

571,725

Dover

Corp.

6,511

1,143,853

Expeditors

International

Washington,

Inc.

25,135

3,022,484

Flex

Ltd.

39,606

1,310,167

Fortive

Corp.

22,422

1,640,842

Frontdoor,

Inc.

34,099

1,310,084

Generac

Holdings,

Inc.

14,461

1,831,486

Howmet

Aerospace,

Inc.

33,628

4,362,560

ITT,

Inc.

5,420

700,047

Jacobs

Solutions,

Inc.

3,933

475,460

Keysight

Technologies,

Inc.

16,272

2,437,057

L3Harris

Technologies,

Inc.

9,234

1,932,769

Landstar

System,

Inc.

6,641

997,478

Masco

Corp.

33,464

2,327,087

Masterbrand,

Inc.

53,554

699,415

Matson,

Inc.

5,358

686,735

Norfolk

Southern

Corp.

15,013

3,555,829

130

PACIFIC

SELECT

FUND

MID-CAP

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

Packaging

Corp.

America

10,570

2,093,071

Parker-Hannifin

Corp.

3,205

1,948,159

Sensata

Technologies

Holding

PLC

20,374

494,477

Connectivity

PLC

(Switzerland)

6,708

947,975

Textron,

Inc.

40,042

2,893,035

TopBuild

Corp.

2,998

914,240

UFP

Industries,

Inc.

11,258

1,205,056

Watts

Water

Technologies,

Inc.

Class A

7,057

1,439,063

48,278,354

Technology

7.9%

spacing

CACI

International,

Inc.

Class A *

2,549

935,279

Check

Point

Software

Technologies

Ltd.

(Israel)

17,984

4,098,913

Cognizant

Technology

Solutions

Corp.

Class A

13,358

1,021,887

Dell

Technologies,

Inc.

Class C

9,441

860,547

Fidelity

National

Information

Services,

Inc.

13,500

1,008,180

Lam

Research

Corp.

12,606

916,456

Leidos

Holdings,

Inc.

10,541

1,422,402

Microchip

Technology,

Inc.

28,938

1,400,889

NetApp,

Inc.

10,052

882,968

Science

Applications

International

Corp.

10,389

1,166,373

SS&C

Technologies

Holdings,

Inc.

25,920

2,165,098

Zebra

Technologies

Corp.

Class A *

7,372

2,083,032

17,962,024

Utilities

5.3%

spacing

American

Electric

Power

Co.,

Inc.

6,960

760,519

CenterPoint

Energy,

Inc.

41,904

1,518,182

DTE

Energy

Co.

21,988

3,040,281

Entergy

Corp.

24,849

2,124,341

FirstEnergy

Corp.

52,625

2,127,103

NRG

Energy,

Inc.

8,392

801,100

OGE

Energy

Corp.

37,242

1,711,642

12,083,168

Total

Common

Stocks

(Cost

$207,565,501)

222,789,525

TOTAL

INVESTMENTS

97.3%

(Cost

$207,565,501)

222,789,525

OTHER

ASSETS

LIABILITIES,

NET

2.7%

6,296,888

NET

ASSETS

100.0%

229,086,413

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

222,789,525

–

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

131

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

53.2%

Basic

Materials

0.6%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

575,000

548,940

6.415%

due

07/15/27

350,000

356,018

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

269,000

270,163

5.338%

due

04/04/27 ~

700,000

708,988

Mosaic

Co.

4.050%

due

11/15/27

600,000

591,995

2,476,104

Communications

1.5%

AT&T,

Inc.

1.700%

due

03/25/26

1,100,000

1,070,080

2.950%

due

07/15/26

575,000

563,951

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

565,000

547,781

6.150%

due

11/10/26

700,000

714,412

Discovery

Communications

LLC

3.950%

due

03/20/28

1,100,000

1,057,321

4.900%

due

03/11/26

600,000

600,206

Rogers

Communications,

Inc.

(Canada)

2.900%

due

11/15/26

75,000

73,021

3.625%

due

12/15/25

500,000

495,654

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

590,000

578,824

5,701,250

Consumer,

Cyclical

3.5%

AutoZone,

Inc.

3.125%

due

04/21/26

75,000

73,967

5.050%

due

07/15/26

1,220,000

1,229,135

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

798,000

802,287

5.000%

due

01/15/27 ~

600,000

604,143

Dollar

General

Corp.

4.625%

due

11/01/27

25,000

25,056

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

1,800,000

1,808,499

5.850%

due

05/17/27

1,500,000

1,508,270

6.950%

due

06/10/26

1,000,000

1,015,708

General

Motors

Financial

Co.,

Inc.

1.250%

due

01/08/26

500,000

486,493

1.500%

due

06/10/26

800,000

769,363

2.350%

due

02/26/27

500,000

477,331

5.000%

due

04/09/27

1,000,000

1,001,507

5.400%

due

05/08/27

800,000

807,936

6.000%

due

01/09/28

100,000

102,592

Hyundai

Capital

America

2.750%

due

09/27/26 ~

1,275,000

1,240,197

5.650%

due

06/26/26 ~

600,000

606,681

O'Reilly

Automotive,

Inc.

5.750%

due

11/20/26

500,000

509,328

Ross

Stores,

Inc.

0.875%

due

04/15/26

575,000

554,058

13,622,551

Principal

Amount

Value

Consumer,

Non-Cyclical

5.3%

Altria

Group,

Inc.

2.625%

due

09/16/26

20,000

19,457

BAT

Capital

Corp.

(United

Kingdom)

3.215%

due

09/06/26

1,475,000

1,447,362

3.557%

due

08/15/27

600,000

585,608

4.700%

due

04/02/27

920,000

921,681

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

600,000

582,859

Bayer

U.S.

Finance

LLC

(Germany)

4.250%

due

12/15/25 ~

800,000

796,524

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

1,150,000

1,171,758

Campbell's

Co.

5.300%

due

03/20/26

20,000

20,138

Centene

Corp.

4.250%

due

12/15/27

1,375,000

1,342,780

Cigna

Group

3.400%

due

03/01/27

1,300,000

1,275,225

Constellation

Brands,

Inc.

3.500%

due

05/09/27

600,000

587,098

CVS

Health

Corp.

1.300%

due

08/21/27

600,000

554,181

2.875%

due

06/01/26

1,600,000

1,568,140

6.250%

due

06/01/27

610,000

630,442

HCA,

Inc.

3.125%

due

03/15/27

1,075,000

1,044,381

4.500%

due

02/15/27

600,000

598,163

5.200%

due

06/01/28

100,000

101,247

5.250%

due

06/15/26

900,000

902,746

Humana,

Inc.

1.350%

due

02/03/27

725,000

683,126

3.950%

due

03/15/27

1,100,000

1,085,306

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.125%

due

07/27/27 ~

700,000

721,640

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

775,000

745,756

5.125%

due

02/01/28

1,720,000

1,738,553

Mars,

Inc.

4.450%

due

03/01/27 ~

540,000

541,188

4.600%

due

03/01/28 ~

916,000

919,855

20,585,214

Energy

5.3%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

1,175,000

1,156,474

5.000%

due

12/15/29 ~

25,000

24,997

Cenovus

Energy,

Inc.

(Canada)

4.250%

due

04/15/27

1,020,000

1,011,695

DCP

Midstream

Operating

5.625%

due

07/15/27

884,000

898,961

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

1,175,000

1,189,710

Enbridge,

Inc.

(Canada)

5.250%

due

04/05/27

650,000

658,345

5.300%

due

04/05/29

1,360,000

1,385,962

5.900%

due

11/15/26

1,200,000

1,224,485

Energy

Transfer

3.900%

due

07/15/26

800,000

793,286

6.000%

due

02/01/29 ~

1,000,000

1,017,170

132

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.050%

due

12/01/26

875,000

894,339

EQT

Corp.

3.125%

due

05/15/26 ~

100,000

98,257

3.900%

due

10/01/27

952,000

935,220

Hess

Corp.

4.300%

due

04/01/27

1,200,000

1,194,232

MPLX

1.750%

due

03/01/26

1,100,000

1,071,464

Northwest

Pipeline

LLC

4.000%

due

04/01/27

840,000

830,860

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

1,520,000

1,526,268

ONEOK,

Inc.

4.000%

due

07/13/27

1,300,000

1,284,380

4.250%

due

09/24/27

1,350,000

1,338,353

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

1,250,000

1,249,516

Western

Midstream

Operating

4.650%

due

07/01/26

600,000

599,788

20,383,762

Financial

31.8%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

1,100,000

1,125,156

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

750,000

732,486

2.450%

due

10/29/26

500,000

483,293

3.650%

due

07/21/27

1,200,000

1,172,286

6.100%

due

01/15/27

1,200,000

1,227,348

6.450%

due

04/15/27

1,250,000

1,290,771

Air

Lease

Corp.

1.875%

due

08/15/26

15,000

14,448

2.200%

due

01/15/27

15,000

14,379

Ally

Financial,

Inc.

4.750%

due

06/09/27

1,400,000

1,399,539

7.100%

due

11/15/27

1,050,000

1,105,769

American

Express

Co.

5.098%

due

02/16/28

1,150,000

1,164,059

5.389%

due

07/28/27

50,000

50,542

6.338%

due

10/30/26

1,100,000

1,110,755

American

Tower

Corp.

1.600%

due

04/15/26

500,000

485,067

3.375%

due

10/15/26

500,000

491,148

3.600%

due

01/15/28

650,000

633,109

Aon

North

America,

Inc.

5.125%

due

03/01/27

600,000

606,628

ARES

Capital

Corp.

2.150%

due

07/15/26

600,000

578,839

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

773,000

773,209

Arthur

Gallagher

Co.

4.600%

due

12/15/27

352,000

352,872

Athene

Global

Funding

1.608%

due

06/29/26 ~

1,215,000

1,171,805

4.860%

due

08/27/26 ~

500,000

501,662

4.950%

due

01/07/27 ~

800,000

803,149

5.516%

due

03/25/27 ~

750,000

762,626

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

115,000

112,303

3.250%

due

02/15/27 ~

500,000

484,945

4.950%

due

01/15/28 ~

1,228,000

1,223,207

6.375%

due

05/04/28 ~

530,000

548,632

Principal

Amount

Value

Bank

America

Corp.

1.658%

due

03/11/27

700,000

681,062

3.559%

due

04/23/27

1,275,000

1,261,431

3.824%

due

01/20/28

1,300,000

1,283,962

4.948%

due

07/22/28

1,300,000

1,310,642

5.819%

due

09/15/29

1,250,000

1,295,638

5.933%

due

09/15/27

1,175,000

1,198,247

Bank

Montreal

(Canada)

4.567%

due

09/10/27

1,250,000

1,250,875

5.266%

due

12/11/26

615,000

623,359

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

1,200,000

1,194,615

5.350%

due

12/07/26

20,000

20,281

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

1,200,000

1,154,022

4.837%

due

09/10/28

600,000

600,637

5.674%

due

03/12/28

1,200,000

1,221,579

5.829%

due

05/09/27

1,400,000

1,417,334

7.385%

due

11/02/28

600,000

637,514

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

575,000

554,289

7.300%

due

11/27/28

615,000

650,688

BNP

Paribas

(France)

1.323%

due

01/13/27 ~

500,000

486,880

1.675%

due

06/30/27 ~

1,000,000

965,242

Canadian

Imperial

Bank

Commerce

(Canada)

5.926%

due

10/02/26

75,000

76,531

Capital

One

Financial

Corp.

1.878%

due

11/02/27

1,375,000

1,315,699

5.468%

due

02/01/29

550,000

559,327

7.149%

due

10/29/27

1,285,000

1,332,176

Citigroup,

Inc.

1.122%

due

01/28/27

1,300,000

1,262,826

1.462%

due

06/09/27

1,300,000

1,252,480

3.070%

due

02/24/28

1,200,000

1,166,483

Citizens

Bank

4.575%

due

08/09/28

1,000,000

997,470

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

1,575,000

1,547,790

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

675,000

685,214

Crown

Castle,

Inc.

3.700%

due

06/15/26

1,100,000

1,087,092

4.000%

due

03/01/27

375,000

369,984

Danske

Bank

(Denmark)

1.549%

due

09/10/27 ~

1,000,000

958,608

4.298%

due

04/01/28 ~

1,000,000

993,008

5.427%

due

03/01/28 ~

1,100,000

1,118,616

Deutsche

Bank

(Germany)

2.129%

due

11/24/26

300,000

294,645

2.311%

due

11/16/27

600,000

576,731

2.552%

due

01/07/28

500,000

481,070

5.706%

due

02/08/28

1,350,000

1,370,932

7.146%

due

07/13/27

750,000

771,146

Equitable

Financial

Life

Global

Funding

1.300%

due

07/12/26 ~

75,000

72,061

1.400%

due

08/27/27 ~

875,000

812,916

4.875%

due

11/19/27 ~

700,000

704,143

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

651,000

658,547

Goldman

Sachs

Bank

USA

5.283%

due

03/18/27

675,000

679,402

133

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

1,175,000

1,127,282

2.640%

due

02/24/28

1,275,000

1,231,088

3.691%

due

06/05/28

700,000

686,749

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

1,150,000

1,150,719

HSBC

Holdings

PLC

(United

Kingdom)

5.597%

due

05/17/28

800,000

813,353

5.887%

due

08/14/27

1,400,000

1,422,376

7.390%

due

11/03/28

1,400,000

1,488,152

Huntington

Bancshares,

Inc.

4.000%

due

05/15/25

300,000

299,651

4.443%

due

08/04/28

660,000

655,639

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

1,011,000

1,009,742

ING

Groep

(Netherlands)

4.858%

due

03/25/29

882,000

885,455

Intesa

Sanpaolo

SpA

(Italy)

3.875%

due

07/14/27 ~

200,000

195,831

Jackson

Financial,

Inc.

5.170%

due

06/08/27

150,000

151,287

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

1,116,000

1,121,129

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

650,000

655,459

5.550%

due

07/02/27 ~

1,200,000

1,223,222

JPMorgan

Chase

Co.

1.470%

due

09/22/27

700,000

669,710

1.578%

due

04/22/27

1,300,000

1,260,836

2.069%

due

06/01/29

1,400,000

1,296,478

2.182%

due

06/01/28

1,400,000

1,332,631

2.947%

due

02/24/28

1,300,000

1,263,207

5.012%

due

01/23/30

1,300,000

1,314,724

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

1,200,000

1,215,790

5.985%

due

08/07/27

1,400,000

1,423,338

Mizuho

Financial

Group,

Inc.

(Japan)

1.554%

due

07/09/27

1,400,000

1,348,270

5.414%

due

09/13/28

1,700,000

1,733,421

Morgan

Stanley

1.512%

due

07/20/27

1,320,000

1,269,150

1.593%

due

05/04/27

1,200,000

1,162,307

3.591%

due

07/22/28 §

1,700,000

1,657,983

3.772%

due

01/24/29

1,400,000

1,369,696

5.656%

due

04/18/30

1,250,000

1,288,977

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

700,000

675,504

3.073%

due

05/22/28

1,300,000

1,258,203

5.516%

due

09/30/28

600,000

611,091

5.583%

due

03/01/28

600,000

610,237

5.847%

due

03/02/27

700,000

707,464

PNC

Financial

Services

Group,

Inc.

5.300%

due

01/21/28

1,275,000

1,292,816

6.615%

due

10/20/27

1,420,000

1,463,800

Royal

Bank

Canada

(Canada)

5.069%

due

07/23/27

1,145,000

1,152,147

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

1,078,000

1,091,203

Santander

Holdings

USA,

Inc.

3.244%

due

10/05/26

550,000

537,558

Principal

Amount

Value

Societe

Generale

(France)

5.500%

due

04/13/29 ~

200,000

202,792

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

600,000

595,985

4.568%

due

12/17/26

1,120,000

1,121,982

5.264%

due

12/11/26

550,000

557,559

5.532%

due

07/17/26

50,000

50,668

Truist

Financial

Corp.

1.125%

due

08/03/27

1,200,000

1,112,943

1.267%

due

03/02/27

612,000

593,461

4.873%

due

01/26/29

1,175,000

1,181,987

5.435%

due

01/24/30

100,000

102,091

6.047%

due

06/08/27

650,000

661,006

U.S.

Bancorp

3.100%

due

04/27/26

50,000

49,282

4.653%

due

02/01/29

615,000

615,468

6.787%

due

10/26/27

1,175,000

1,214,368

UBS

(Switzerland)

5.000%

due

07/09/27

600,000

606,994

UBS

Group

(Switzerland)

1.364%

due

01/30/27 ~

200,000

194,677

4.703%

due

08/05/27 ~

1,500,000

1,500,098

6.442%

due

08/11/28 ~

1,300,000

1,348,756

VICI

Properties

due

04/01/28 #

67,000

67,180

4.750%

due

02/15/28

1,150,000

1,150,819

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

850,000

841,286

Wells

Fargo

Co.

2.393%

due

06/02/28

1,400,000

1,336,408

3.196%

due

06/17/27

1,300,000

1,279,290

3.526%

due

03/24/28

1,020,000

999,714

4.900%

due

01/24/28

443,000

445,574

5.707%

due

04/22/28

700,000

715,375

6.303%

due

10/23/29

875,000

920,307

Western

Union

Co.

1.350%

due

03/15/26

1,075,000

1,039,966

123,002,937

Industrial

1.1%

Boeing

Co.

2.196%

due

02/04/26

600,000

587,155

5.040%

due

05/01/27

600,000

602,937

6.259%

due

05/01/27

685,000

704,944

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

1,175,000

1,130,380

4.500%

due

10/08/27

600,000

597,348

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

685,000

694,762

4,317,526

Technology

1.8%

Broadcom,

Inc.

4.150%

due

02/15/28

650,000

644,636

5.050%

due

07/12/27

550,000

557,039

Dell

International

LLC/EMC

Corp.

due

04/01/28 #

500,000

502,398

4.900%

due

10/01/26

675,000

677,782

6.020%

due

06/15/26

1,275,000

1,291,646

Marvell

Technology,

Inc.

1.650%

due

04/15/26

900,000

873,507

Micron

Technology,

Inc.

5.327%

due

02/06/29

620,000

629,340

6.750%

due

11/01/29

390,000

418,546

134

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

VMware

LLC

1.400%

due

08/15/26

1,250,000

1,197,382

6,792,276

Utilities

2.3%

AES

Corp.

1.375%

due

01/15/26

1,175,000

1,142,927

5.450%

due

06/01/28

75,000

76,324

CenterPoint

Energy,

Inc.

5.250%

due

08/10/26

75,000

75,706

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

75,000

74,080

Cleveland

Electric

Illuminating

Co.

3.500%

due

04/01/28 ~

15,000

14,446

Dominion

Energy,

Inc.

1.450%

due

04/15/26

1,200,000

1,161,968

2.850%

due

08/15/26

575,000

562,022

Enel

Finance

International

(Italy)

1.625%

due

07/12/26 ~

500,000

481,542

Exelon

Corp.

2.750%

due

03/15/27

1,075,000

1,040,756

FirstEnergy

Corp.

3.900%

due

07/15/27

1,140,000

1,121,258

FirstEnergy

Transmission

LLC

4.550%

due

01/15/30

600,000

591,972

NiSource,

Inc.

5.250%

due

03/30/28

575,000

585,130

Pacific

Gas

Electric

Co.

2.100%

due

08/01/27

700,000

656,789

5.450%

due

06/15/27

120,000

121,255

Southern

Co.

5.500%

due

03/15/29

50,000

51,580

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

1,221,000

1,225,747

8,983,502

Total

Corporate

Bonds

Notes

(Cost

$205,295,566)

205,865,122

MORTGAGE-BACKED

SECURITIES

3.8%

Collateralized

Mortgage

Obligations

Commercial

3.8%

Bank

4.285%

due

11/15/61 §

192,677

191,191

Benchmark

Mortgage

Trust

3.042%

due

08/15/52

369,346

357,615

BLP

Commercial

Mortgage

Trust

5.661%

(SOFR

1.342%)

due

03/15/41 ~ §

94,883

94,822

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

803,969

801,210

5.332%

(SOFR

1.013%)

due

02/15/39 ~ §

61,424

61,278

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

311,321

310,980

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

1,164,755

1,167,911

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

559,877

560,925

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

600,000

600,570

Principal

Amount

Value

Trust

5.069%

(SOFR

0.750%)

due

10/15/26 ~ §

96,963

96,458

5.463%

(SOFR

1.144%)

due

03/15/30 ~ §

859,000

855,867

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

239,000

236,378

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

126,000

125,419

5.761%

(SOFR

1.442%)

due

04/15/41 ~ §

696,513

698,723

5.810%

(SOFR

1.491%)

due

04/15/37 ~ §

87,441

87,504

Mortgage

Trust

3.171%

due

08/15/50

50,000

48,048

DBGS

Mortgage

Trust

4.302%

due

10/15/51

99,261

98,592

DBJPM

Mortgage

Trust

3.328%

due

06/10/50

50,000

48,165

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

100,000

102,211

ELP

Commercial

Mortgage

Trust

5.135%

(SOFR

0.815%)

due

11/15/38 ~ §

1,021,811

1,017,810

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

1,194,421

1,194,093

Mortgage

Securities

Trust

3.164%

due

05/10/50

32,335

31,354

4.106%

due

07/10/51 §

104,251

103,211

Hilton

USA

Trust

4.194%

due

11/05/38 ~ §

284,000

280,320

JPMDB

Commercial

Mortgage

Securities

Trust

3.492%

due

03/15/50

307,149

303,404

Morgan

Stanley

Capital

Trust

1.925%

due

07/15/53

650,000

597,445

3.436%

due

12/15/49

1,246,754

1,229,046

SREIT

Trust

5.164%

(SOFR

0.845%)

due

11/15/38 ~ §

196,397

195,264

5.513%

(SOFR

1.194%)

due

11/15/38 ~ §

88,070

87,574

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

174,000

173,801

Wells

Fargo

Commercial

Mortgage

Trust

2.684%

due

10/15/49

681,258

667,221

3.063%

due

12/15/52

54,933

53,231

3.212%

due

09/15/50

411,536

405,048

3.933%

due

03/15/52

1,566,103

1,546,930

5.270%

due

03/15/38 ~ §

238,000

237,695

14,667,314

Collateralized

Mortgage

Obligations

Residential

0.0%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

100,000

97,276

Total

Mortgage-Backed

Securities

(Cost

$14,748,460)

14,764,590

135

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

ASSET-BACKED

SECURITIES

12.7%

Automobile

Other

0.8%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

385,000

385,400

4.910%

due

03/15/30 ~

650,000

650,951

5.099%

(SOFR

0.750%)

due

03/15/29 ~ §

155,000

155,464

5.499%

(SOFR

1.150%)

due

06/15/28 ~ §

1,020,000

1,027,525

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

425,000

427,695

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

54,175

54,467

5.185%

due

07/25/31 ~

221,216

222,410

2,923,912

Automobile

Sequential

4.2%

ARI

Fleet

Lease

Trust

4.460%

due

01/17/34 ~

1,060,000

1,058,100

BMW

Vehicle

Owner

Trust

5.180%

due

02/26/29

40,000

40,514

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

60,000

60,294

CarMax

Auto

Owner

Trust

4.840%

due

01/15/30

20,000

20,225

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

405,000

406,293

Chase

Auto

Owner

Trust

4.940%

due

07/25/29 ~

50,000

50,450

Citizens

Auto

Receivables

Trust

5.110%

due

04/17/28 ~

30,000

30,220

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

315,000

317,767

4.980%

due

08/21/28 ~

102,000

103,392

5.060%

due

03/20/31 ~

150,000

152,817

5.160%

due

09/20/30 ~

150,000

152,413

Ford

Credit

Auto

Lease

Trust

4.720%

due

06/15/28

440,000

442,412

Ford

Credit

Auto

Owner

Trust

1.370%

due

10/17/33 ~

150,000

145,298

1.530%

due

05/15/34 ~

150,000

143,187

4.450%

due

10/15/29

1,320,000

1,324,617

4.610%

due

08/15/29

30,000

30,211

Ford

Credit

Floorplan

Master

Owner

Trust

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

755,000

758,361

Financial

Automobile

Leasing

Trust

4.660%

due

02/21/28

1,220,000

1,226,371

5.380%

due

11/20/26

19,095

19,146

Financial

Consumer

Automobile

Receivables

Trust

5.450%

due

06/16/28

25,000

25,202

Financial

Revolving

Receivables

Trust

1.170%

due

06/12/34 ~

150,000

143,154

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

100,000

100,624

Honda

Auto

Receivables

Owner

Trust

4.570%

due

09/21/29

660,000

663,854

5.670%

due

06/21/28

30,000

30,372

Hyundai

Auto

Lease

Securitization

Trust

4.830%

due

01/18/28 ~

280,000

281,996

5.410%

due

05/17/27 ~

150,000

151,383

Principal

Amount

Value

Hyundai

Auto

Receivables

Trust

5.480%

due

04/17/28

25,000

25,206

5.540%

due

10/16/28

25,000

25,337

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

10,000

10,097

5.950%

due

11/15/28

30,000

30,497

Merchants

Fleet

Funding

LLC

5.820%

due

04/20/37 ~

100,000

100,770

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

463,000

464,047

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

850,000

852,396

4.740%

due

01/16/29

125,000

125,538

SBNA

Auto

Lease

Trust

5.560%

due

11/22/27 ~

40,000

40,390

SFS

Auto

Receivables

Securitization

Trust

4.750%

due

07/22/30 ~

1,985,000

2,001,058

4.950%

due

05/21/29 ~

1,384,000

1,392,218

Toyota

Auto

Loan

Extended

Note

Trust

1.070%

due

02/27/34 ~

150,000

145,495

Toyota

Lease

Owner

Trust

4.750%

due

02/22/28 ~

1,140,000

1,147,686

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

145,000

145,987

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

1,700,000

1,697,010

World

Omni

Auto

Receivables

Trust

4.730%

due

03/15/30

360,000

364,097

16,446,502

Credit

Card

Bullet

0.5%

American

Express

Credit

Account

Master

Trust

4.650%

due

07/15/29

180,000

181,633

Credit

Card

Trust

4.790%

due

05/15/28

111,000

111,540

Capital

One

Multi-Asset

Execution

Trust

2.060%

due

08/15/28

95,000

92,178

Evergreen

Credit

Card

Trust

(Canada)

5.240%

due

05/15/29 ~

900,000

909,163

5.530%

due

05/15/29 ~

575,000

580,452

1,874,966

Other

Asset-Backed

Securities

7.2%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

72,252

72,232

Allegro

CLO

Ltd.

(Cayman)

5.261%

(SOFR

0.950%)

due

04/20/38 ~ §

1,700,000

1,692,106

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

390,000

389,383

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

800,000

800,917

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

1,020,000

1,017,658

Barings

Equipment

Finance

LLC

4.640%

due

10/13/28 ~

870,000

872,011

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

345,000

344,993

136

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

250,000

249,499

CCG

Receivables

Trust

4.480%

due

10/14/32 ~

100,000

100,158

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

100,000

100,003

Dext

ABS

LLC

4.590%

due

08/16/27 ~

300,000

300,206

4.770%

due

08/15/35 ~

420,000

421,074

DLLAA

LLC

4.950%

due

09/20/29 ~

505,000

511,873

Dllad

LLC

5.300%

due

07/20/29 ~

150,000

152,596

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

250,000

249,104

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

1,300,000

Flatiron

CLO

LLC

5.234%

(SOFR

0.910%)

due

10/15/34 ~ §

1,650,000

1,637,634

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

250,000

250,361

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

2,100,000

2,121,348

Kubota

Credit

Owner

Trust

4.670%

due

06/15/29 ~

1,980,000

1,997,030

5.260%

due

11/15/28 ~

150,000

152,613

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

250,000

249,069

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

1,250,000

1,249,949

Magnetite

XXVI

Ltd.

(Cayman)

5.166%

(SOFR

0.930%)

due

01/25/38 ~ §

950,000

945,730

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.099%

(SOFR

0.800%)

due

02/15/33 ~ §

342,000

340,708

5.377%

(SOFR

1.080%)

due

08/08/32 ~ §

638,774

638,328

5.402%

(SOFR

1.100%)

due

04/15/31 ~ §

1,120,763

1,120,302

5.450%

(SOFR

1.000%)

due

01/15/33 ~ §

250,000

250,107

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

968,000

969,561

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

85,000

85,291

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

100,000

100,330

T-Mobile

U.S.

Trust

4.740%

due

11/20/29 ~

2,100,000

2,117,729

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

250,000

249,491

Verizon

Master

Trust

4.510%

due

03/20/30

980,000

981,272

4.620%

due

11/20/30

310,000

312,467

4.710%

due

01/21/31

505,000

509,773

Principal

Amount

Value

5.610%

due

09/08/28

30,000

30,148

Volvo

Financial

Equipment

LLC

4.290%

due

10/16/28 ~

1,250,000

1,246,827

Voya

CLO

Ltd.

(Cayman)

5.253%

(SOFR

0.950%)

due

04/20/38 ~ §

1,000,000

995,651

5.280%

(SOFR

1.000%)

due

01/20/38 ~ §

500,000

498,272

5.514%

(SOFR

1.212%)

due

04/17/30 ~ §

97,194

97,101

27,720,905

Total

Asset-Backed

Securities

(Cost

$48,850,170)

48,966,285

U.S.

TREASURY

OBLIGATIONS

10.6%

U.S.

Treasury

Notes

10.6%

3.500%

due

09/30/26 ‡

20,695,600

20,560,998

4.250%

due

03/15/27 ‡

20,373,200

20,504,114

41,065,112

Total

U.S.

Treasury

Obligations

(Cost

$40,907,245)

41,065,112

SHORT-TERM

INVESTMENTS

21.6%

U.S.

Treasury

Bills

21.6%

4.311%

due

06/26/25

42,250,000

41,827,101

4.324%

due

07/22/25 ‡

42,250,000

41,699,905

83,527,006

Total

Short-Term

Investments

(Cost

$83,526,723)

83,527,006

TOTAL

INVESTMENTS

101.9%

(Cost

$393,328,164)

394,188,115

DERIVATIVES

(3.2%)

(

12,293,683

)

OTHER

ASSETS

LIABILITIES,

NET

1.3%

5,005,289

NET

ASSETS

100.0%

386,899,721

137

PACIFIC

SELECT

FUND

QQQ

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

NASDAQ

100

Index

06/25

22,345,784

21,772,240

(

573,544

)

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

609

125,406,453

126,167,672

(

761,219

)

CBOT

Year

U.S.

Treasury

Notes

06/25

10,419,988

10,599,313

(

179,325

)

(

940,544

)

Total

Futures

Contracts

(

1,514,088

)

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

NASDAQ

100

Stock

Index

SOFR

0.900%

BOA

04/15/25

2,948,068

(

84,345

)

–

(

84,345

)

NASDAQ

100

Stock

Index

SOFR

0.720%

BRC

07/15/25

189,970,606

(

5,449,363

)

–

(

5,449,363

)

NASDAQ

100

Stock

Index

SOFR

0.960%

BRC

07/15/25

24,183,742

(

695,975

)

–

(

695,975

)

NASDAQ

100

Stock

Index

SOFR

1.110%

BOA

09/16/25

65,336,850

(

1,884,116

)

–

(

1,884,116

)

NASDAQ

100

Stock

Index

SOFR

1.090%

JPM

11/17/25

92,468,660

(

2,665,796

)

–

(

2,665,796

)

(

10,779,595

)

–

(

10,779,595

)

Total

Swap

Agreements

(

10,779,595

)

–

(

10,779,595

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

205,865,122

–

205,865,122

–

Mortgage-Backed

Securities

14,764,590

–

14,764,590

–

Asset-Backed

Securities

48,966,285

–

48,966,285

–

U.S.

Treasury

Obligations

41,065,112

–

41,065,112

–

Short-Term

Investments

83,527,006

–

83,527,006

–

Total

Assets

394,188,115

–

394,188,115

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

573,544

)

(

573,544

)

–

Swaps

(

10,779,595

)

–

(

10,779,595

)

–

Total

Equity

Contracts

(

11,353,139

)

(

573,544

)

(

10,779,595

)

–

Interest

Rate

Contracts

Futures

(

940,544

)

(

940,544

)

–

Total

Liabilities

Derivatives

(

12,293,683

)

(

1,514,088

)

(

10,779,595

)

–

Total

Liabilities

(

12,293,683

)

(

1,514,088

)

(

10,779,595

)

–

Total

381,894,432

(

1,514,088

)

383,408,520

–

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

138

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Chinook

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

3,680

3,128

Contra

Aduro

Biotechnologies,

Inc.

Contingent

Value

Rights

* ± Ω

154

Icosavax,

Inc.

Contingent

Value

Rights

1,880

583

Inhibrx,

Inc.

Contingent

Value

Rights

* ± Ω

674

762

OmniAb,

Inc.

$12.50

Earn

Out

* ± Ω

660

–

OmniAb,

Inc.

$15.00

Earn

Out

* ± Ω

660

–

4,545

Total

Rights

(Cost

$2,456)

4,545

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

Pulse

Biosciences,

Inc.

Exercise

$3.27

Exp 06/27/29

198

Total

Warrants

(Cost

$0)

198

COMMON

STOCKS

97.7%

Basic

Materials

4.9%

spacing

AdvanSix,

Inc.

2,319

52,525

American

Vanguard

Corp.

2,373

10,441

Ashland,

Inc.

8,524

505,388

Avient

Corp.

221,295

8,223,322

Caledonia

Mining

Corp.

PLC

(South

Africa)

1,415

17,673

Centrus

Energy

Corp.

Class A *

370

23,018

Codexis,

Inc.

6,429

17,294

Coeur

Mining,

Inc.

55,295

327,346

Commercial

Metals

Co.

163,783

7,535,656

Compass

Minerals

International,

Inc.

3,044

28,279

Contango

ORE,

Inc.

510

5,207

Dakota

Gold

Corp.

2,266

6,005

Ecovyst,

Inc.

10,318

63,972

Elementis

PLC

(United

Kingdom)

1,289,297

2,166,470

Encore

Energy

Corp.

(Canada)

4,134

5,664

Energy

Fuels,

Inc.

16,404

61,187

Fuller

Co.

3,477

195,129

Hecla

Mining

Co.

52,852

293,857

i-80

Gold

Corp.

(Canada)

27,443

15,966

Innospec,

Inc.

306

28,993

Intrepid

Potash,

Inc.

958

28,156

Kaiser

Aluminum

Corp.

5,516

Koppers

Holdings,

Inc.

1,753

49,084

Kronos

Worldwide,

Inc.

2,063

15,431

Lifezone

Metals

Ltd.

(Isle

Man)

3,193

13,347

MAC

Copper

Ltd.

Class A *

(Australia)

3,335

31,816

Mativ

Holdings,

Inc.

4,816

30,004

Minerals

Technologies,

Inc.

2,809

178,568

Novagold

Resources,

Inc.

(Canada)

21,411

62,520

Oil-Dri

Corp.

America

649

29,802

Perimeter

Solutions,

Inc.

11,855

119,380

Piedmont

Lithium,

Inc.

1,116

7,031

Radius

Recycling,

Inc.

2,301

66,453

Rayonier

Advanced

Materials,

Inc.

5,755

33,091

Value

Rogers

Corp.

1,628

109,939

Sensient

Technologies

Corp.

168

12,504

SSR

Mining,

Inc.

(Canada)

17,901

179,547

Stepan

Co.

1,689

92,963

Sylvamo

Corp.

2,429

162,913

Tronox

Holdings

PLC

10,620

74,765

Ur-Energy,

Inc.

2,007

1,353

Valhi,

Inc.

267

4,339

20,891,914

Communications

1.9%

spacing

1-800-Flowers.com,

Inc.

Class A *

1,460

8,614

1stdibs.com,

Inc.

1,472

4,475

ADTRAN

Holdings,

Inc.

7,001

61,049

Advantage

Solutions,

Inc.

9,468

14,297

aka

Brands

Holding

Corp.

116

1,564

AMC

Networks,

Inc.

Class A *

2,852

19,622

Anterix,

Inc.

3,477

Applied

Digital

Corp.

5,477

30,781

AST

SpaceMobile,

Inc.

11,832

269,060

ATN

International,

Inc.

894

18,157

Aviat

Networks,

Inc.

1,013

19,419

BARK,

Inc.

11,546

16,049

Beyond,

Inc.

4,155

24,099

BlackSky

Technology,

Inc.

2,281

17,632

Boston

Omaha

Corp.

Class A *

1,937

28,241

Bumble,

Inc.

Class A *

6,659

28,900

Cable

One,

Inc.

16,247

4,317,965

Calix,

Inc.

1,389

49,226

Cars.com,

Inc.

5,787

65,219

Clear

Channel

Outdoor

Holdings,

Inc.

27,083

30,062

Clearfield,

Inc.

1,063

31,592

CommScope

Holding

Co.,

Inc.

19,014

100,964

Despegar.com

Corp.

(Argentina)

5,405

101,560

DigitalBridge

Group,

Inc.

10,436

92,046

EchoStar

Corp.

Class A *

10,767

275,420

Entravision

Communications

Corp.

Class A

4,708

9,887

ePlus,

Inc.

786

47,970

Eventbrite,

Inc.

Class A *

1,025

2,163

Scripps

Co.

Class A *

5,364

15,877

Extreme

Networks,

Inc.

5,300

70,119

Figs,

Inc.

Class A *

10,822

49,673

fuboTV,

Inc.

27,192

79,401

Gannett

Co.,

Inc.

12,914

37,321

Globalstar,

Inc.

663

13,830

Gogo,

Inc.

3,322

28,636

Gray

Media,

Inc.

7,676

33,160

Groupon,

Inc.

1,018

19,108

HealthStream,

Inc.

1,342

43,186

IDT

Corp.

Class B

377

19,344

iHeartMedia,

Inc.

Class A *

9,484

15,649

Lands'

End,

Inc.

1,215

12,369

Liberty

Latin

America

Ltd.

Class A *

4,815

30,479

Liberty

Latin

America

Ltd.

Class C *

9,320

57,877

LifeMD,

Inc.

1,263

6,871

LiveOne,

Inc.

2,560

1,789

Lumen

Technologies,

Inc.

89,427

350,554

Magnite,

Inc.

1,290

14,719

National

CineMedia,

Inc.

6,302

36,804

NETGEAR,

Inc.

2,505

61,272

Nextdoor

Holdings,

Inc.

15,581

23,839

Ooma,

Inc.

1,892

24,766

Opendoor

Technologies,

Inc.

54,206

55,290

Powerfleet,

Inc.

8,910

48,916

139

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Preformed

Line

Products

Co.

190

26,617

RealReal,

Inc.

2,693

14,515

Ribbon

Communications,

Inc.

8,105

31,772

RumbleON,

Inc.

Class B *

1,418

3,999

Scholastic

Corp.

2,065

38,987

Shenandoah

Telecommunications

Co.

4,217

53,008

Shutterstock,

Inc.

518

9,650

Solo

Brands,

Inc.

Class A *

1,865

313

Sphere

Entertainment

Co.

2,420

79,182

Spok

Holdings,

Inc.

1,433

23,559

Stagwell,

Inc.

6,460

39,083

Stitch

Fix,

Inc.

Class A *

9,153

29,747

TEGNA,

Inc.

14,452

263,315

Telephone

Data

Systems,

Inc.

8,738

338,510

TrueCar,

Inc.

7,576

11,970

Vacasa,

Inc.

Class A *

995

5,353

Viasat,

Inc.

10,932

113,911

Viavi

Solutions,

Inc.

19,447

217,612

WideOpenWest,

Inc.

4,380

21,681

Ziff

Davis,

Inc.

3,743

140,662

8,303,805

Consumer,

Cyclical

11.6%

spacing

A-Mark

Precious

Metals,

Inc.

1,588

40,288

Academy

Sports

Outdoors,

Inc.

4,471

203,922

Adient

PLC

7,531

96,849

Aeva

Technologies,

Inc.

2,114

14,798

Allegiant

Travel

Co.

1,375

71,019

AMC

Entertainment

Holdings,

Inc.

Class A *

35,807

102,766

American

Axle

Manufacturing

Holdings,

Inc.

10,459

42,568

American

Eagle

Outfitters,

Inc.

3,324

38,625

America's

Car-Mart,

Inc.

646

29,322

Arhaus,

Inc.

694

6,038

Arko

Corp.

6,377

25,189

Asbury

Automotive

Group,

Inc.

1,746

385,587

Aurora

Innovation,

Inc.

39,093

262,900

Bath

Body

Works,

Inc.

55,943

1,696,192

Beacon

Roofing

Supply,

Inc.

379

46,882

Beazer

Homes

USA,

Inc.

2,544

51,872

Biglari

Holdings,

Inc.

Class B *

12,343

BJ's

Restaurants,

Inc.

756

25,901

Blink

Charging

Co.

4,786

4,392

Bloomin'

Brands,

Inc.

3,313

23,754

BlueLinx

Holdings,

Inc.

744

55,785

Boyd

Gaming

Corp.

54,855

3,611,105

Brinker

International,

Inc.

398

59,322

BRP,

Inc.

4,546

153,497

Brunswick

Corp.

3,247

174,851

Caleres,

Inc.

2,083

35,890

Century

Communities,

Inc.

13,937

935,173

Champion

Homes,

Inc.

2,487

235,668

Cinemark

Holdings,

Inc.

2,061

51,298

Citi

Trends,

Inc.

596

13,192

Clarus

Corp.

2,411

9,041

Clean

Energy

Fuels

Corp.

14,979

23,217

Commercial

Vehicle

Group,

Inc.

3,138

3,609

CompX

International,

Inc.

1,471

Cooper-Standard

Holdings,

Inc.

1,486

22,766

Cracker

Barrel

Old

Country

Store,

Inc.

1,537

59,666

Crocs,

Inc.

15,067

1,600,115

Daktronics,

Inc.

3,137

38,209

Dana,

Inc.

11,554

154,015

Denny's

Corp.

1,060

3,890

Value

Designer

Brands,

Inc.

Class A

3,296

12,030

Destination

Group,

Inc.

4,463

6,516

Dine

Brands

Global,

Inc.

1,201

27,947

Douglas

Dynamics,

Inc.

323

7,503

Dr.

Martens

PLC

(United

Kingdom)

710,423

467,562

Pollo

Loco

Holdings,

Inc.

2,328

23,978

Escalade,

Inc.

812

12,424

Ethan

Allen

Interiors,

Inc.

2,002

55,455

Everi

Holdings,

Inc.

3,271

44,715

EVgo,

Inc.

9,627

25,608

EVI

Industries,

Inc.

112

1,879

Flexsteel

Industries,

Inc.

420

15,334

Foot

Locker,

Inc.

7,370

103,917

Forestar

Group,

Inc.

1,514

32,006

Fox

Factory

Holding

Corp.

3,728

87,012

Full

House

Resorts,

Inc.

2,437

10,187

Funko,

Inc.

Class A *

2,844

19,510

G-III

Apparel

Group

Ltd.

3,491

95,479

Gap,

Inc.

149,881

3,089,047

Genesco,

Inc.

701

14,882

Global

Business

Travel

Group

1,716

12,458

GMS,

Inc.

384

28,097

Golden

Entertainment,

Inc.

1,729

45,628

Goodyear

Tire

Rubber

Co.

25,218

233,014

Green

Brick

Partners,

Inc.

1,949

113,646

Group

Automotive,

Inc.

1,161

443,444

GrowGeneration

Corp.

5,780

6,242

H&E

Equipment

Services,

Inc.

230

21,802

Hamilton

Beach

Brands

Holding

Co.

Class A

723

14,048

Haverty

Furniture

Cos.,

Inc.

1,258

24,808

Hilton

Grand

Vacations,

Inc.

206,293

7,717,421

HNI

Corp.

38,261

1,696,875

Holley,

Inc.

1,857

4,772

Hooker

Furnishings

Corp.

940

9,438

Hovnanian

Enterprises,

Inc.

Class A *

417

43,664

Hudson

Technologies,

Inc.

3,335

20,577

Hyliion

Holdings

Corp.

12,337

17,272

indie

Semiconductor,

Inc.

Class A *

(China)

10,134

20,623

Interface,

Inc.

4,617

91,601

International

Game

Technology

PLC

8,759

142,421

iRobot

Corp.

2,751

7,428

Jill,

Inc.

1,445

JAKKS

Pacific,

Inc.

748

18,453

JetBlue

Airways

Corp.

27,558

132,830

Johnson

Outdoors,

Inc.

Class A

365

9,067

Home

4,880

283,626

La-Z-Boy,

Inc.

40,906

1,599,016

Landsea

Homes

Corp.

2,277

14,618

Leslie's,

Inc.

6,480

4,766

LGI

Homes,

Inc.

1,689

112,268

Life

Time

Group

Holdings,

Inc.

7,482

225,956

Lifetime

Brands,

Inc.

1,186

5,847

Lindblad

Expeditions

Holdings,

Inc.

954

8,844

Lions

Gate

Entertainment

Corp.

Class A *

6,069

53,711

Lions

Gate

Entertainment

Corp.

Class B *

10,077

79,810

Lovesac

Co.

611

11,108

Luminar

Technologies,

Inc.

361

1,946

M/I

Homes,

Inc.

16,941

1,934,323

Madison

Square

Garden

Entertainment

Corp.

3,121

102,182

Malibu

Boats,

Inc.

Class A *

1,714

52,586

Marcus

Corp.

2,121

35,399

Marine

Products

Corp.

320

2,685

140

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

MarineMax,

Inc.

1,960

42,140

MasterCraft

Boat

Holdings,

Inc.

1,442

24,831

Mattel,

Inc.

491,349

9,546,911

Meritage

Homes

Corp.

29,810

2,112,933

Methode

Electronics,

Inc.

3,137

20,014

Miller

Industries,

Inc.

927

39,277

MillerKnoll,

Inc.

6,075

116,275

Movado

Group,

Inc.

1,406

23,508

MRC

Global,

Inc.

7,491

85,997

National

Vision

Holdings,

Inc.

6,427

82,137

Skin

Enterprises,

Inc.

Class A

4,325

31,400

ODP

Corp.

2,663

38,161

OneWater

Marine,

Inc.

Class A *

1,042

16,860

OPENLANE,

Inc.

9,401

181,251

Oxford

Industries,

Inc.

407

23,879

Papa

John's

International,

Inc.

802

32,946

Connection,

Inc.

1,022

63,793

Peloton

Interactive,

Inc.

Class A *

2,306

14,574

Petco

Health

Wellness

Co.,

Inc.

7,592

23,156

Phinia,

Inc.

3,717

157,712

Portillo's,

Inc.

Class A *

994

11,819

PriceSmart,

Inc.

808

70,983

Purple

Innovation,

Inc.

5,382

4,086

RCI

Hospitality

Holdings,

Inc.

347

14,900

Red

Rock

Resorts,

Inc.

Class A

2,385

103,437

Reservoir

Media,

Inc.

1,432

10,926

Resideo

Technologies,

Inc.

12,965

229,480

REV

Group,

Inc.

1,033

32,643

Rocky

Brands,

Inc.

427

7,417

Rush

Enterprises,

Inc.

Class A

5,425

289,749

Rush

Enterprises,

Inc.

Class B

743

41,994

Sabre

Corp.

26,684

74,982

Sally

Beauty

Holdings,

Inc.

9,069

81,893

ScanSource,

Inc.

2,079

70,707

SES

Corp.

8,448

4,399

Shoe

Carnival,

Inc.

1,609

35,382

Shyft

Group,

Inc.

2,811

22,741

Signet

Jewelers

Ltd.

(NYSE)

3,702

214,938

Six

Flags

Entertainment

Corp.

2,128

75,906

SkyWest,

Inc.

3,539

309,202

Sleep

Number

Corp.

1,949

12,357

Solid

Power,

Inc.

13,413

14,084

Sonic

Automotive,

Inc.

Class A

953

54,283

Sonos,

Inc.

1,112

11,865

Standard

Motor

Products,

Inc.

1,824

45,472

Steelcase,

Inc.

Class A

8,345

91,461

Sun

Country

Airlines

Holdings,

Inc.

1,870

23,038

Superior

Group

Cos.,

Inc.

1,002

10,962

Taylor

Morrison

Home

Corp.

55,165

3,312,107

ThredUp,

Inc.

Class A *

6,027

14,525

Tile

Shop

Holdings,

Inc.

1,271

8,236

Tilly's,

Inc.

Class A *

1,073

2,361

Titan

International,

Inc.

4,450

37,335

Titan

Machinery,

Inc.

1,890

32,206

Topgolf

Callaway

Brands

Corp.

12,505

82,408

Traeger,

Inc.

2,704

4,543

Tri

Pointe

Homes,

Inc.

5,752

183,604

UniFirst

Corp.

1,332

231,768

United

Parks

Resorts,

Inc.

209

9,501

Urban

Outfitters,

Inc.

4,045

211,958

Vera

Bradley,

Inc.

1,964

4,419

Victoria's

Secret

Co.

5,343

99,273

Virco

Mfg.

Corp.

951

8,996

VSE

Corp.

1,309

157,067

Value

Wabash

National

Corp.

3,722

41,128

Webtoon

Entertainment,

Inc.

(South

Korea)

780

5,983

Weyco

Group,

Inc.

472

14,387

Winmark

Corp.

249

79,150

Winnebago

Industries,

Inc.

2,476

85,323

Xperi,

Inc.

4,046

31,235

Zumiez,

Inc.

1,355

20,176

49,308,293

Consumer,

Non-Cyclical

7.9%

spacing

2seventy

bio,

Inc.

4,259

21,039

Molecular

Therapeutics,

Inc.

1,429

4,616

89bio,

Inc.

9,894

71,929

ABM

Industries,

Inc.

5,550

262,848

Absci

Corp.

2,005

5,033

Acacia

Research

Corp.

2,592

8,294

ACCO

Brands

Corp.

8,039

33,683

Accolade,

Inc.

4,340

30,293

ACELYRIN,

Inc.

6,447

15,924

Achieve

Life

Sciences,

Inc.

1,314

3,508

Acrivon

Therapeutics,

Inc.

1,042

2,115

Acumen

Pharmaceuticals,

Inc.

4,486

4,935

AdaptHealth

Corp.

5,075

55,013

Adaptive

Biotechnologies

Corp.

10,277

76,358

ADC

Therapeutics

(Switzerland)

2,693

3,797

Addus

HomeCare

Corp.

920

90,979

Adtalem

Global

Education,

Inc.

2,733

275,049

Adverum

Biotechnologies,

Inc.

1,834

8,015

Agenus,

Inc.

2,030

3,055

Agios

Pharmaceuticals,

Inc.

4,999

146,471

Akebia

Therapeutics,

Inc.

17,528

33,654

Akero

Therapeutics,

Inc.

5,481

221,871

Aldeyra

Therapeutics,

Inc.

3,947

22,695

Alico,

Inc.

545

16,263

Alight,

Inc.

Class A *

37,253

220,910

Allogene

Therapeutics,

Inc.

11,250

16,425

Altimmune,

Inc.

2,896

14,480

Alto

Neuroscience,

Inc.

654

1,413

Alumis,

Inc.

530

3,254

American

Public

Education,

Inc.

1,296

28,927

Amneal

Pharmaceuticals,

Inc.

2,326

19,492

Anavex

Life

Sciences

Corp.

4,902

42,059

Andersons,

Inc.

2,580

110,759

AngioDynamics,

Inc.

3,426

32,170

ANI

Pharmaceuticals,

Inc.

453

30,328

Anika

Therapeutics,

Inc.

864

12,986

Annexon,

Inc.

8,655

16,704

Anteris

Technologies

Global

Corp.

690

2,512

Applied

Therapeutics,

Inc.

5,139

2,512

Aquestive

Therapeutics,

Inc.

4,738

13,740

Arbutus

Biopharma

Corp.

851

2,970

Arcturus

Therapeutics

Holdings,

Inc.

230

2,436

Ardent

Health

Partners,

Inc.

683

9,391

ArriVent

Biopharma,

Inc.

991

18,324

Artiva

Biotherapeutics,

Inc.

(South

Korea)

678

2,034

Artivion,

Inc.

841

20,672

Astria

Therapeutics,

Inc.

591

3,156

Atea

Pharmaceuticals,

Inc.

6,688

19,997

Atossa

Therapeutics,

Inc.

9,825

6,611

AtriCure,

Inc.

1,470

47,422

Aura

Biosciences,

Inc.

4,031

23,622

Aurinia

Pharmaceuticals,

Inc.

(Canada)

3,186

25,615

Avanos

Medical,

Inc.

3,931

56,331

141

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Aveanna

Healthcare

Holdings,

Inc.

1,571

8,515

B&G

Foods,

Inc.

6,720

46,166

Babcock

International

Group

PLC

(United

Kingdom)

501,145

4,716,077

Barrett

Business

Services,

Inc.

206

8,477

Beam

Therapeutics,

Inc.

8,074

157,685

Beta

Bionics,

Inc.

374

4,578

Bicara

Therapeutics,

Inc.

719

9,369

BioAge

Labs,

Inc.

422

1,587

BioLife

Solutions,

Inc.

354

8,085

Bioventus,

Inc.

Class A *

2,165

19,810

Black

Diamond

Therapeutics,

Inc.

1,778

2,756

Blade

Air

Mobility,

Inc.

5,193

14,177

Bluebird

Bio,

Inc.

1,069

5,217

BRC,

Inc.

Class A *

568

1,187

Bridgebio

Pharma,

Inc.

4,677

161,684

BrightView

Holdings,

Inc.

5,394

69,259

Brookdale

Senior

Living,

Inc.

2,189

13,703

Therapeutics,

Inc.

5,477

8,763

Cabaletta

Bio,

Inc.

3,191

4,420

Cal-Maine

Foods,

Inc.

3,422

311,060

Calavo

Growers,

Inc.

1,216

29,172

Capricor

Therapeutics,

Inc.

518

4,916

Cardiff

Oncology,

Inc.

3,272

10,274

CareDx,

Inc.

3,567

63,314

Cargo

Therapeutics,

Inc.

2,681

10,912

Caribou

Biosciences,

Inc.

7,602

6,941

Carriage

Services,

Inc.

342

13,253

Cass

Information

Systems,

Inc.

206

8,910

Castle

Biosciences,

Inc.

1,590

31,832

Celcuity,

Inc.

125

1,264

Celldex

Therapeutics,

Inc.

1,034

18,767

Central

Garden

Pet

Co.

969

35,524

Central

Garden

Pet

Co.

Class A *

3,352

109,711

Century

Therapeutics,

Inc.

6,307

3,002

Ceribell,

Inc.

316

6,070

oncology,

Inc.

1,863

45,625

Chegg,

Inc.

9,683

6,189

Cibus,

Inc.

1,736

3,246

Cimpress

PLC

(Ireland)

490

22,163

Climb

Bio,

Inc.

3,048

3,719

Cogent

Biosciences,

Inc.

571

3,420

Coherus

Biosciences,

Inc.

8,784

7,089

Community

Health

Systems,

Inc.

5,139

13,875

Compass

Therapeutics,

Inc.

9,181

17,444

CompoSecure,

Inc.

Class A

333

3,620

Concentra

Group

Holdings

Parent,

Inc.

2,994

64,970

Contineum

Therapeutics,

Inc.

Class A *

166

1,159

Corbus

Pharmaceuticals

Holdings,

Inc.

591

3,138

CoreCivic,

Inc.

9,634

195,474

CorMedix,

Inc.

484

2,981

Cross

Country

Healthcare,

Inc.

2,792

41,573

Cullinan

Therapeutics,

Inc.

513

3,883

Custom

Truck

One

Source,

Inc.

1,288

5,435

Cytek

Biosciences,

Inc.

10,548

42,297

Cytokinetics,

Inc.

9,145

367,538

Day

One

Biopharmaceuticals,

Inc.

464

3,680

Deluxe

Corp.

3,977

62,876

Denali

Therapeutics,

Inc.

4,718

64,141

Design

Therapeutics,

Inc.

2,797

10,796

Dianthus

Therapeutics,

Inc.

1,946

35,300

Disc

Medicine,

Inc.

1,795

89,104

Distribution

Solutions

Group,

Inc.

2,184

DLH

Holdings

Corp.

525

2,126

Value

DocGo,

Inc.

7,444

19,652

Dole

PLC

6,672

96,410

Dynavax

Technologies

Corp.

2,315

30,026

Edgewell

Personal

Care

Co.

4,195

130,926

Editas

Medicine,

Inc.

7,383

8,564

Elevation

Oncology,

Inc.

3,567

924

Embecta

Corp.

4,638

59,135

Emerald

Holding,

Inc.

1,025

4,028

Enanta

Pharmaceuticals,

Inc.

1,749

9,654

Enhabit,

Inc.

3,807

33,464

Enliven

Therapeutics,

Inc.

165

3,247

Ennis,

Inc.

2,117

42,531

Entrada

Therapeutics,

Inc.

2,234

20,195

Envista

Holdings

Corp.

383,074

6,611,857

Erasca,

Inc.

16,227

22,231

Esperion

Therapeutics,

Inc.

12,124

17,459

European

Wax

Center,

Inc.

Class A *

265

EyePoint

Pharmaceuticals,

Inc.

3,095

16,775

Fate

Therapeutics,

Inc.

9,212

7,278

Fennec

Pharmaceuticals,

Inc.

(Canada)

1,514

9,220

First

Advantage

Corp.

2,117

29,829

Foghorn

Therapeutics,

Inc.

890

3,249

Forrester

Research,

Inc.

1,069

9,878

Fractyl

Health,

Inc.

1,133

1,348

Fresh

Del

Monte

Produce,

Inc.

3,034

93,538

Fulcrum

Therapeutics,

Inc.

2,763

7,957

Fulgent

Genetics,

Inc.

1,788

30,217

GeneDx

Holdings

Corp.

986

87,325

Generation

Bio

Co.

6,957

2,818

GEO

Group,

Inc.

11,262

328,963

Geron

Corp.

15,883

25,254

Graham

Holdings

Co.

Class B

292

280,571

Green

Dot

Corp.

Class A *

3,581

30,224

Guardian

Pharmacy

Services,

Inc.

Class A *

415

8,823

Gyre

Therapeutics,

Inc.

551

4,254

Hackett

Group,

Inc.

168

4,909

Hain

Celestial

Group,

Inc.

7,820

32,453

Harvard

Bioscience,

Inc.

1,891

1,070

Healthcare

Services

Group,

Inc.

6,478

65,298

Heidrick

Struggles

International,

Inc.

1,798

77,008

Helen

Troy

Ltd.

2,019

107,996

Herbalife

Ltd.

2,977

25,692

Heron

Therapeutics,

Inc.

9,308

20,478

Hertz

Global

Holdings,

Inc.

10,870

42,828

Foods

Group,

Inc.

3,192

15,641

HilleVax,

Inc.

2,667

3,867

Honest

Co.,

Inc.

4,326

20,332

ICU

Medical,

Inc.

1,896

263,279

IGM

Biosciences,

Inc.

236

271

ImmunityBio,

Inc.

3,045

9,165

Information

Services

Group,

Inc.

3,780

14,780

Ingles

Markets,

Inc.

Class A

1,263

82,259

Inhibrx

Biosciences,

Inc.

362

5,064

Inmode

Ltd.

5,087

90,243

Innovage

Holding

Corp.

857

2,554

Innoviva,

Inc.

4,403

79,826

Inogen,

Inc.

2,157

15,379

Inovio

Pharmaceuticals,

Inc.

3,147

5,130

Inozyme

Pharma,

Inc.

5,479

4,986

Integer

Holdings

Corp.

892

105,265

Integra

LifeSciences

Holdings

Corp.

5,978

131,456

Intellia

Therapeutics,

Inc.

8,958

63,691

Invivyd,

Inc.

8,121

4,916

Ironwood

Pharmaceuticals,

Inc.

8,200

12,054

142

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

iTeos

Therapeutics,

Inc.

2,340

13,970

John

Wiley

Sons,

Inc.

Class A

1,655

73,747

Kelly

Services,

Inc.

Class A

2,805

36,942

KinderCare

Learning

Cos.,

Inc.

1,290

14,951

Kodiak

Sciences,

Inc.

3,032

8,505

Korn

Ferry

4,576

310,390

Korro

Bio,

Inc.

410

7,138

Kyverna

Therapeutics,

Inc.

671

1,295

Laureate

Education,

Inc.

2,457

50,246

LENZ

Therapeutics,

Inc.

1,120

28,795

Lexeo

Therapeutics,

Inc.

212

Lexicon

Pharmaceuticals,

Inc.

7,403

3,411

Lifecore

Biomedical,

Inc.

2,145

15,101

LifeStance

Health

Group,

Inc.

6,697

44,602

Ligand

Pharmaceuticals,

Inc.

1,593

167,488

Limoneira

Co.

1,427

25,286

Lincoln

Educational

Services

Corp.

2,403

38,136

LivaNova

PLC

4,535

178,135

Lyell

Immunopharma,

Inc.

14,244

7,663

MacroGenics,

Inc.

1,022

1,298

MannKind

Corp.

5,456

27,444

MarketWise,

Inc.

5,293

2,613

Marqeta,

Inc.

Class A *

5,711

23,529

Matthews

International

Corp.

Class A

2,614

58,135

MaxCyte,

Inc.

9,383

25,616

Maze

Therapeutics,

Inc.

326

3,589

MBX

Biosciences,

Inc.

404

2,982

Medifast,

Inc.

1,021

13,763

MeiraGTx

Holdings

PLC

1,321

8,956

Mersana

Therapeutics,

Inc.

6,589

2,268

Metagenomi,

Inc.

800

1,088

Metsera,

Inc.

594

16,169

MiMedx

Group,

Inc.

5,519

41,944

Mineralys

Therapeutics,

Inc.

1,946

30,902

Mission

Produce,

Inc.

3,321

34,804

Mister

Car

Wash,

Inc.

1,209

9,539

ModivCare,

Inc.

393

517

Monro,

Inc.

2,634

38,114

Monte

Rosa

Therapeutics,

Inc.

3,648

16,927

Myriad

Genetics,

Inc.

7,921

70,259

Nano-X

Imaging

Ltd.

(Israel)

256

1,279

National

HealthCare

Corp.

1,099

101,987

Natural

Grocers

Vitamin

Cottage,

Inc.

Class C

634

25,487

Nature's

Sunshine

Products,

Inc.

726

9,111

Nautilus

Biotechnology,

Inc.

SPAC

3,897

3,355

Nektar

Therapeutics

15,925

10,829

Neogen

Corp.

19,158

166,100

NeoGenomics,

Inc.

10,373

98,440

Neurogene,

Inc.

491

5,750

Nevro

Corp.

3,221

18,811

Nkarta,

Inc.

4,700

8,648

Novavax,

Inc.

3,100

19,871

Nurix

Therapeutics,

Inc.

2,071

24,603

Nuvation

Bio,

Inc.

15,907

27,996

Olaplex

Holdings,

Inc.

12,243

15,549

Olema

Pharmaceuticals,

Inc.

2,691

10,118

Omeros

Corp.

3,267

26,855

OmniAb,

Inc.

7,114

17,074

Omnicell,

Inc.

4,036

141,099

OPKO

Health,

Inc.

28,398

47,141

Option

Care

Health,

Inc.

8,043

281,103

OraSure

Technologies,

Inc.

5,938

20,011

Orchestra

BioMed

Holdings,

Inc.

1,175

5,029

Value

Organogenesis

Holdings,

Inc.

5,399

23,324

ORIC

Pharmaceuticals,

Inc.

4,222

23,559

Orthofix

Medical,

Inc.

2,964

48,343

OrthoPediatrics

Corp.

1,446

35,615

Outlook

Therapeutics,

Inc.

396

483

Owens

Minor,

Inc.

5,644

50,965

Pacific

Biosciences

California,

Inc.

24,124

28,466

Pacira

BioSciences,

Inc.

3,746

93,088

Patterson

Cos.,

Inc.

5,685

177,599

Payoneer

Global,

Inc.

5,885

43,019

Paysafe

Ltd.

2,932

46,003

Pediatrix

Medical

Group,

Inc.

7,609

110,254

PepGen,

Inc.

199

280

Perdoceo

Education

Corp.

3,671

92,436

Performant

Healthcare,

Inc.

2,009

5,947

Perspective

Therapeutics,

Inc.

919

1,957

Phathom

Pharmaceuticals,

Inc.

2,718

17,042

Phibro

Animal

Health

Corp.

Class A

1,401

29,925

Pliant

Therapeutics,

Inc.

5,203

7,024

Precigen,

Inc.

11,168

16,640

Prelude

Therapeutics,

Inc.

1,033

793

Prestige

Consumer

Healthcare,

Inc.

4,377

376,291

Primo

Brands

Corp.

Class A

15,558

552,153

PROG

Holdings,

Inc.

3,067

81,582

ProKidney

Corp.

1,604

1,405

Prothena

Corp.

PLC

(Ireland)

1,555

19,243

PTC

Therapeutics,

Inc.

1,616

82,351

Puma

Biotechnology,

Inc.

2,661

7,877

Pyxis

Oncology,

Inc.

4,347

4,260

Q32

Bio,

Inc.

806

1,330

Quad/Graphics,

Inc.

1,347

7,341

Quanex

Building

Products

Corp.

4,161

77,353

Quanterix

Corp.

2,730

17,772

Quantum-Si,

Inc.

10,846

13,015

Quipt

Home

Medical

Corp.

2,331

5,431

Rapport

Therapeutics,

Inc.

634

6,359

RAPT

Therapeutics,

Inc.

2,681

3,271

REGENXBIO,

Inc.

4,118

29,444

Regulus

Therapeutics,

Inc.

4,021

7,037

Relay

Therapeutics,

Inc.

11,148

29,208

Renovaro,

Inc.

1,802

979

Repay

Holdings

Corp.

7,912

44,070

Replimune

Group,

Inc.

6,047

58,958

Resources

Connection,

Inc.

2,866

18,744

Revolution

Medicines,

Inc.

5,248

185,569

Rigel

Pharmaceuticals,

Inc.

345

6,207

Sage

Therapeutics,

Inc.

4,827

38,375

Savara,

Inc.

1,734

4,803

Scholar

Rock

Holding

Corp.

720

23,148

Scilex

Holding

Co.

* ◊

6,965

1,731

Select

Medical

Holdings

Corp.

3,120

52,104

Seneca

Foods

Corp.

Class A *

409

36,417

Septerna,

Inc.

692

4,007

Sezzle,

Inc.

162

5,652

Shattuck

Labs,

Inc.

1,821

1,730

SI-BONE,

Inc.

675

9,470

SIGA

Technologies,

Inc.

1,131

6,198

Skye

Bioscience,

Inc.

1,364

2,169

Solid

Biosciences,

Inc.

1,869

6,915

Sonida

Senior

Living,

Inc.

192

4,472

SoundThinking,

Inc.

1,441

SpartanNash

Co.

2,869

58,126

Spyre

Therapeutics,

Inc.

3,193

51,519

Stereotaxis,

Inc.

143

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

StoneCo

Ltd.

Class A *

(Brazil)

12,273

128,621

Strategic

Education,

Inc.

1,980

166,241

Summit

Therapeutics,

Inc.

463

8,931

Supernus

Pharmaceuticals,

Inc.

4,124

135,061

Surgery

Partners,

Inc.

6,770

160,788

Surmodics,

Inc.

413

12,609

Sutro

Biopharma,

Inc.

7,506

4,883

Tactile

Systems

Technology,

Inc.

2,145

28,357

Tejon

Ranch

Co.

1,730

27,421

Teladoc

Health,

Inc.

12,880

102,525

Telomir

Pharmaceuticals,

Inc.

665

2,148

Tenaya

Therapeutics,

Inc.

5,066

2,888

Terns

Pharmaceuticals,

Inc.

5,848

16,140

Theravance

Biopharma,

Inc.

3,255

29,067

Third

Harmonic

Bio,

Inc.

1,922

6,669

Tourmaline

Bio,

Inc.

2,024

30,785

Travere

Therapeutics,

Inc.

7,433

133,199

TreeHouse

Foods,

Inc.

4,091

110,825

Trevi

Therapeutics,

Inc.

2,517

15,832

TrueBlue,

Inc.

2,706

14,369

TScan

Therapeutics,

Inc.

1,220

1,684

Turning

Point

Brands,

Inc.

231

13,731

United

Natural

Foods,

Inc.

5,210

142,702

Universal

Corp.

2,131

119,443

Upstream

Bio,

Inc.

600

3,672

UroGen

Pharma

Ltd.

612

6,769

USANA

Health

Sciences,

Inc.

962

25,945

Utah

Medical

Products,

Inc.

182

10,199

Utz

Brands,

Inc.

1,675

23,584

Vanda

Pharmaceuticals,

Inc.

4,973

22,826

Varex

Imaging

Corp.

3,441

39,916

Ventyx

Biosciences,

Inc.

5,455

6,273

Veracyte,

Inc.

6,899

204,555

Veru,

Inc.

3,542

1,736

Verve

Therapeutics,

Inc.

6,306

28,818

Village

Super

Market,

Inc.

Class A

774

29,420

Vir

Biotechnology,

Inc.

8,049

52,158

Viridian

Therapeutics,

Inc.

1,751

23,603

Voyager

Therapeutics,

Inc.

4,104

13,872

Waldencast

PLC

Class A *

1,968

5,904

WaVe

Life

Sciences

Ltd.

1,234

9,971

Weis

Markets,

Inc.

1,427

109,950

Werewolf

Therapeutics,

Inc.

2,335

2,270

Willdan

Group,

Inc.

1,129

45,973

WillScot

Holdings

Corp.

267,840

7,445,952

XBiotech,

Inc.

1,818

5,890

Xencor,

Inc.

3,202

34,069

XOMA

Royalty

Corp.

203

4,046

Zenas

Biopharma,

Inc.

528

4,171

Zentalis

Pharmaceuticals,

Inc.

5,090

8,093

Zevra

Therapeutics,

Inc.

2,236

16,748

Zimvie,

Inc.

2,424

26,179

Zymeworks,

Inc.

4,853

57,799

33,698,475

Energy

4.0%

spacing

Aemetis,

Inc.

3,012

5,241

Amplify

Energy

Corp.

3,485

13,034

Aris

Water

Solutions,

Inc.

Class A

2,233

71,545

Berry

Corp.

5,034

16,159

BKV

Corp.

(Thailand)

999

20,979

Borr

Drilling

Ltd.

(Mexico)

21,148

46,314

Bristow

Group,

Inc.

2,165

68,371

California

Resources

Corp.

6,175

271,515

Value

CNX

Resources

Corp.

12,899

406,061

Comstock

Resources,

Inc.

8,209

166,971

Core

Natural

Resources,

Inc.

4,662

359,440

Crescent

Energy

Co.

Class A

10,898

122,494

CVR

Energy,

Inc.

353

6,848

Delek

U.S.

Holdings,

Inc.

3,994

60,190

Diversified

Energy

Co.

PLC

3,950

53,404

DMC

Global,

Inc.

1,309

11,022

DNOW,

Inc.

9,288

158,639

Drilling

Tools

International

Corp.

755

1,789

Energy

Vault

Holdings,

Inc.

9,304

6,470

Evolution

Petroleum

Corp.

1,368

7,086

Excelerate

Energy,

Inc.

Class A

1,531

43,909

Expro

Group

Holdings

8,392

83,416

Flowco

Holdings,

Inc.

Class A *

1,242

31,857

Forum

Energy

Technologies,

Inc.

904

18,179

FuelCell

Energy,

Inc.

1,872

8,593

FutureFuel

Corp.

2,340

9,126

Geospace

Technologies

Corp.

1,020

7,354

Golar

LNG

Ltd.

(Cameroon)

8,724

331,425

Granite

Ridge

Resources,

Inc.

4,106

24,964

Green

Plains,

Inc.

5,626

27,286

Gulfport

Energy

Corp.

540

99,436

Hallador

Energy

Co.

2,264

27,802

Helix

Energy

Solutions

Group,

Inc.

10,271

85,352

Helmerich

Payne,

Inc.

8,744

228,393

HighPeak

Energy,

Inc.

1,157

14,648

Hunting

PLC

(United

Kingdom)

332,912

1,306,554

Infinity

Natural

Resources,

Inc.

Class A *

815

15,281

Innovex

International,

Inc.

3,121

56,053

Kinetik

Holdings,

Inc.

3,072

159,560

Kodiak

Gas

Services,

Inc.

2,890

107,797

Liberty

Energy,

Inc.

254,332

4,026,076

Magnolia

Oil

Gas

Corp.

Class A

1,245

31,449

Mammoth

Energy

Services,

Inc.

2,249

4,588

Matrix

Service

Co.

2,339

29,074

Murphy

Oil

Corp.

12,442

353,353

Nabors

Industries

Ltd.

561

23,399

NACCO

Industries,

Inc.

Class A

289

9,748

Natural

Gas

Services

Group,

Inc.

742

16,302

Noble

Corp.

PLC

4,163

98,663

Northern

Oil

Gas,

Inc.

8,228

248,732

NPK

International,

Inc.

7,519

43,685

Oil

States

International,

Inc.

5,396

27,789

Par

Pacific

Holdings,

Inc.

4,858

69,275

Patterson-UTI

Energy,

Inc.

34,461

283,269

PBF

Energy,

Inc.

Class A

8,935

170,569

Peabody

Energy

Corp.

10,894

147,614

Plug

Power,

Inc.

66,873

90,279

PrimeEnergy

Resources

Corp.

12,534

ProFrac

Holding

Corp.

Class A *

1,913

14,520

ProPetro

Holding

Corp.

7,669

56,367

Ranger

Energy

Services,

Inc.

Class A

1,411

20,022

REX

American

Resources

Corp.

1,048

39,373

Riley

Exploration

Permian,

Inc.

877

25,582

Ring

Energy,

Inc.

12,838

14,764

RPC,

Inc.

7,597

41,784

SandRidge

Energy,

Inc.

2,759

31,508

SEACOR

Marine

Holdings,

Inc.

1,953

9,882

Seadrill

Ltd.

(Norway)

4,126

103,150

Select

Water

Solutions,

Inc.

235,706

2,474,913

Sitio

Royalties

Corp.

Class A

6,820

135,513

Energy

Co.

8,500

254,575

Solaris

Energy

Infrastructure,

Inc.

2,709

58,948

144

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

SolarMax

Technology,

Inc.

1,272

1,526

Stem,

Inc.

13,223

4,632

SunCoke

Energy,

Inc.

7,450

68,540

Sunnova

Energy

International,

Inc.

9,199

3,422

Sunrun,

Inc.

19,504

114,293

Energy,

Inc.

(Norway)

9,868

12,434

Talos

Energy,

Inc.

12,830

124,708

TechnipFMC

PLC

(United

Kingdom)

6,223

197,207

TPI

Composites,

Inc.

4,864

3,920

Transocean

Ltd.

64,453

204,316

VAALCO

Energy,

Inc.

8,355

31,415

Valaris

Ltd.

1,999

78,481

Veren,

Inc.

(Canada)

333,040

2,203,218

Vital

Energy,

Inc.

2,563

54,387

Vitesse

Energy,

Inc.

2,114

51,983

Warrior

Met

Coal,

Inc.

4,578

218,462

16,900,800

Financial

37.3%

spacing

1st

Source

Corp.

1,661

99,344

Acadia

Realty

Trust

REIT

10,562

221,274

ACNB

Corp.

753

30,993

Advanced

Flower

Capital,

Inc.

REIT

1,877

10,455

Mortgage

Investment

Trust,

Inc.

REIT

2,387

17,425

Alerus

Financial

Corp.

1,875

34,612

Alexander

Baldwin,

Inc.

REIT

138,506

2,386,458

Alpine

Income

Property

Trust,

Inc.

REIT

958

16,018

AlTi

Global,

Inc.

3,203

9,737

Amalgamated

Financial

Corp.

1,701

48,904

Ambac

Financial

Group,

Inc.

4,223

36,951

Amerant

Bancorp,

Inc.

3,255

67,183

American

Assets

Trust,

Inc.

REIT

4,305

86,703

American

Coastal

Insurance

Corp.

Class C *

1,354

15,666

American

Healthcare

REIT,

Inc.

13,505

409,201

American

Realty

Investors,

Inc.

268

2,935

Ameris

Bancorp

6,027

346,974

AMERISAFE,

Inc.

994

52,235

Ames

National

Corp.

789

13,823

Angel

Oak

Mortgage

REIT,

Inc.

643

6,128

Anywhere

Real

Estate,

Inc.

8,774

29,217

Apartment

Investment

Management

Co.

Class A REIT

6,169

54,287

Apollo

Commercial

Real

Estate

Finance,

Inc.

REIT

12,065

115,462

Apple

Hospitality

REIT,

Inc.

20,555

265,365

Arbor

Realty

Trust,

Inc.

REIT

16,421

192,947

ARES

Commercial

Real

Estate

Corp.

REIT

4,618

21,381

Armada

Hoffler

Properties,

Inc.

REIT

6,341

47,621

ARMOUR

Residential

REIT,

Inc.

4,836

82,696

Arrow

Financial

Corp.

1,486

39,067

Associated

Banc-Corp.

14,851

334,593

Atlantic

Union

Bankshares

Corp.

91,843

2,859,991

Atlanticus

Holdings

Corp.

513

26,240

Axos

Financial,

Inc.

4,356

281,049

Banc

California,

Inc.

12,305

174,608

BancFirst

Corp.

1,603

176,122

Banco

Latinoamericano

Comercio

Exterior

(Panama)

2,491

91,171

Bancorp,

Inc.

219

11,572

Bank

First

Corp.

839

84,521

Bank

Hawaii

Corp.

3,486

240,429

Bank

Marin

Bancorp

1,440

31,781

Value

Bank

Butterfield

Son

Ltd.

(Bermuda)

3,972

154,590

Bank7

Corp.

391

15,147

BankUnited,

Inc.

6,841

235,604

Bankwell

Financial

Group,

Inc.

632

19,074

Banner

Corp.

3,176

202,534

Bar

Harbor

Bankshares

1,425

42,037

BayCom

Corp.

1,064

26,781

BCB

Bancorp,

Inc.

1,463

14,425

Berkshire

Hills

Bancorp,

Inc.

4,086

106,604

BGC

Group,

Inc.

Class A

24,815

227,554

Bit

Digital,

Inc.

11,224

22,672

Blackstone

Mortgage

Trust,

Inc.

Class A REIT

15,334

306,680

Blue

Foundry

Bancorp

1,451

13,349

Bowhead

Specialty

Holdings,

Inc.

1,066

43,333

Braemar

Hotels

Resorts,

Inc.

REIT

5,887

14,659

Brandywine

Realty

Trust

REIT

15,108

67,382

Bread

Financial

Holdings,

Inc.

74,947

3,753,346

Bridgewater

Bancshares,

Inc.

1,769

24,571

BrightSpire

Capital,

Inc.

REIT

11,413

63,456

Broadstone

Net

Lease,

Inc.

REIT

16,740

285,250

Brookfield

Business

Corp.

Class A (Canada)

2,348

62,504

Brookline

Bancorp,

Inc.

8,107

88,366

BRT

Apartments

Corp.

REIT

1,010

17,170

Burford

Capital

Ltd.

17,846

235,746

Burke

Herbert

Financial

Services

Corp.

1,179

66,154

Business

First

Bancshares,

Inc.

2,193

53,400

Byline

Bancorp,

Inc.

2,913

76,204

Cadence

Bank

13,054

396,319

California

BanCorp

1,956

28,029

Camden

National

Corp.

35,591

1,440,368

Cannae

Holdings,

Inc.

5,062

92,786

Capital

Bancorp,

Inc.

865

24,505

Capital

City

Bank

Group,

Inc.

1,309

47,072

Capitol

Federal

Financial,

Inc.

10,878

60,917

CareTrust

REIT,

Inc.

15,270

436,417

Carter

Bankshares,

Inc.

2,108

34,107

Cathay

General

Bancorp

5,228

224,961

CBL

Associates

Properties,

Inc.

REIT

660

17,543

Centerspace

REIT

1,455

94,211

Central

Pacific

Financial

Corp.

2,475

66,924

Chatham

Lodging

Trust

REIT

4,461

31,807

Chemung

Financial

Corp.

304

14,461

Chicago

Atlantic

Real

Estate

Finance,

Inc.

REIT

1,450

21,315

Chimera

Investment

Corp.

REIT

7,162

91,888

ChoiceOne

Financial

Services,

Inc.

770

22,153

Cipher

Mining,

Inc.

6,113

14,060

Citizens

Northern

Corp.

1,374

27,645

Citizens

Financial

Services,

Inc.

397

23,046

City

Holding

Co.

1,179

138,497

City

Office

REIT,

Inc.

3,662

19,006

Civista

Bancshares,

Inc.

1,500

29,310

Claros

Mortgage

Trust,

Inc.

REIT

7,624

28,438

Clipper

Realty,

Inc.

REIT

107

411

CNB

Financial

Corp.

1,996

44,411

CNO

Financial

Group,

Inc.

225,577

9,395,282

Coastal

Financial

Corp.

6,962

Colony

Bankcorp,

Inc.

1,555

25,113

Columbia

Banking

System,

Inc.

362,791

9,048,008

Columbia

Financial,

Inc.

2,178

32,670

Community

Financial

System,

Inc.

4,729

268,891

Community

Healthcare

Trust,

Inc.

REIT

2,220

40,315

145

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Community

Trust

Bancorp,

Inc.

1,432

72,115

Community

West

Bancshares

1,435

26,519

Compass

Diversified

Holdings

5,952

111,124

ConnectOne

Bancorp,

Inc.

3,270

79,494

Consumer

Portfolio

Services,

Inc.

964

8,358

COPT

Defense

Properties

REIT

10,014

273,082

Core

Scientific,

Inc.

3,482

25,210

CTO

Realty

Growth,

Inc.

REIT

2,465

47,599

Curbline

Properties

Corp.

REIT

8,366

202,374

Cushman

Wakefield

PLC

11,479

117,315

Customers

Bancorp,

Inc.

2,639

132,478

CVB

Financial

Corp.

11,940

220,412

Diamond

Hill

Investment

Group,

Inc.

9,142

DiamondRock

Hospitality

Co.

REIT

18,802

145,151

Dime

Community

Bancshares,

Inc.

3,606

100,535

Diversified

Healthcare

Trust

REIT

19,445

46,668

Donegal

Group,

Inc.

Class A

1,521

29,857

Douglas

Emmett,

Inc.

REIT

14,454

231,264

Dynex

Capital,

Inc.

REIT

7,113

92,611

Eagle

Bancorp,

Inc.

2,656

55,776

Easterly

Government

Properties,

Inc.

REIT

8,647

91,658

Eastern

Bankshares,

Inc.

17,253

282,949

Ellington

Financial,

Inc.

REIT

7,577

100,471

Elme

Communities

REIT

7,743

134,728

Empire

State

Realty

Trust,

Inc.

Class A REIT

12,196

95,373

Employers

Holdings,

Inc.

2,271

115,003

Enact

Holdings,

Inc.

2,806

97,508

Encore

Capital

Group,

Inc.

2,091

71,679

Enova

International,

Inc.

2,313

223,343

Enstar

Group

Ltd.

1,140

378,913

Enterprise

Bancorp,

Inc.

914

35,582

Enterprise

Financial

Services

Corp.

3,343

179,653

Equity

Bancshares,

Inc.

Class A

1,528

60,203

Esquire

Financial

Holdings,

Inc.

110

8,292

ESSA

Bancorp,

Inc.

815

15,363

Essent

Group

Ltd.

9,265

534,776

Essential

Properties

Realty

Trust,

Inc.

REIT

15,641

510,522

F&G

Annuities

Life,

Inc.

1,587

57,211

Farmers

Merchants

Bancorp,

Inc.

1,231

29,433

Farmers

National

Banc

Corp.

3,253

42,452

Farmland

Partners,

Inc.

REIT

3,946

43,998

Financial

Corp.

3,304

153,173

Federal

Agricultural

Mortgage

Corp.

Class C

110

20,626

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

4,589

74,342

Fidelity

D&D

Bancorp,

Inc.

438

18,225

Financial

Institutions,

Inc.

1,733

43,256

First

BanCorp

11,105

212,883

First

Bancorp,

Inc.

1,040

25,709

First

Bancorp/Southern

Pines

133,044

5,340,386

First

Bancshares,

Inc.

2,741

92,673

First

Bank

1,899

28,124

First

Busey

Corp.

7,491

161,806

First

Business

Financial

Services,

Inc.

718

33,854

First

Commonwealth

Financial

Corp.

199,165

3,095,024

First

Community

Bankshares,

Inc.

1,547

58,306

First

Financial

Bancorp

8,981

224,345

First

Financial

Corp.

1,057

51,772

First

Financial

Northwest,

Inc.

583

13,211

First

Foundation,

Inc.

3,957

20,537

First

Internet

Bancorp

493

13,203

First

Interstate

BancSystem,

Inc.

Class A

301,314

8,632,646

First

Merchants

Corp.

5,282

213,604

Value

First

Mid

Bancshares,

Inc.

2,063

71,999

First

Long

Island

Corp.

2,029

25,058

First

Western

Financial,

Inc.

538

10,572

Five

Star

Bancorp

1,581

43,952

Flagstar

Financial,

Inc.

22,388

260,149

Flushing

Financial

Corp.

3,248

41,250

Forge

Global

Holdings,

Inc.

11,462

6,442

Four

Corners

Property

Trust,

Inc.

REIT

8,559

245,643

Franklin

BSP

Realty

Trust,

Inc.

REIT

6,900

87,906

Franklin

Street

Properties

Corp.

REIT

9,043

16,097

FrontView

REIT,

Inc.

1,285

16,435

FRP

Holdings,

Inc.

1,061

30,313

Bancorp,

Inc.

653

24,821

FTAI

Infrastructure,

Inc.

8,830

40,000

Fulton

Financial

Corp.

16,514

298,738

FVCBankcorp,

Inc.

1,663

17,578

GCM

Grosvenor,

Inc.

Class A

896

11,854

Genworth

Financial,

Inc.

32,738

232,112

German

American

Bancorp,

Inc.

104,355

3,913,312

Getty

Realty

Corp.

REIT

4,390

136,880

Glacier

Bancorp,

Inc.

10,176

449,983

Gladstone

Commercial

Corp.

REIT

3,282

49,164

Gladstone

Land

Corp.

REIT

2,508

26,384

Global

Medical

REIT,

Inc.

5,160

45,150

Global

Net

Lease,

Inc.

REIT

17,607

141,560

GoHealth,

Inc.

Class A *

476

5,840

Granite

Point

Mortgage

Trust,

Inc.

REIT

4,537

11,796

Great

Southern

Bancorp,

Inc.

778

43,078

Greenlight

Capital

Ltd.

Class A *

2,829

38,333

Guaranty

Bancshares,

Inc.

716

28,661

Sustainable

Infrastructure

Capital,

Inc.

10,399

304,067

Hamilton

Insurance

Group

Ltd.

Class B *

(Bermuda)

3,823

79,251

Hancock

Whitney

Corp.

8,067

423,114

Hanmi

Financial

Corp.

2,366

53,614

Hanover

Insurance

Group,

Inc.

59,269

10,309,843

HarborOne

Bancorp,

Inc.

3,376

35,009

HBT

Financial,

Inc.

1,235

27,676

Heritage

Commerce

Corp.

5,401

51,418

Heritage

Financial

Corp.

2,521

61,336

Heritage

Insurance

Holdings,

Inc.

2,087

30,095

Hilltop

Holdings,

Inc.

4,158

126,611

Hingham

Institution

For

Savings

144

34,243

Hippo

Holdings,

Inc.

1,758

44,934

Home

Bancorp,

Inc.

686

30,733

Home

BancShares,

Inc.

17,020

481,155

HomeStreet,

Inc.

1,638

19,230

HomeTrust

Bancshares,

Inc.

1,380

47,306

Hope

Bancorp,

Inc.

9,168

95,989

Horace

Mann

Educators

Corp.

203,141

8,680,215

Horizon

Bancorp,

Inc.

4,014

60,531

Hudson

Pacific

Properties,

Inc.

REIT

12,319

36,341

Hut

Corp.

(Canada)

7,206

83,734

Independence

Realty

Trust,

Inc.

REIT

20,025

425,131

Independent

Bank

Corp.

(IBCP

US)

1,893

58,285

Independent

Bank

Corp.

(INDB

US)

3,283

205,680

Industrial

Logistics

Properties

Trust

REIT

5,563

19,137

Innovative

Industrial

Properties,

Inc.

REIT

2,502

135,333

International

Bancshares

Corp.

4,885

308,048

InvenTrust

Properties

Corp.

REIT

6,915

203,094

Invesco

Mortgage

Capital,

Inc.

REIT

5,586

44,074

Investar

Holding

Corp.

907

15,972

Investors

Title

Co.

120

28,930

Jackson

Financial,

Inc.

Class A

4,527

379,272

146

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

James

River

Group

Holdings

Ltd.

3,423

14,377

JBG

SMITH

Properties

REIT

7,157

115,299

John

Marshall

Bancorp,

Inc.

1,152

19,031

Kearny

Financial

Corp.

4,780

29,923

Kennedy-Wilson

Holdings,

Inc.

9,963

86,479

Kite

Realty

Group

Trust

REIT

179,902

4,024,408

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

3,701

39,971

Ladder

Capital

Corp.

REIT

10,305

117,580

Lakeland

Financial

Corp.

2,064

122,684

LCNB

Corp.

1,199

17,733

Legacy

Housing

Corp.

875

22,067

Lemonade,

Inc.

839

26,370

LendingClub

Corp.

9,979

102,983

LendingTree,

Inc.

3,469

LINKBANCORP,

Inc.

1,943

13,174

Live

Oak

Bancshares,

Inc.

431

11,490

LTC

Properties,

Inc.

REIT

3,950

140,027

LXP

Industrial

Trust

REIT

25,605

221,483

Macerich

Co.

REIT

22,231

381,706

Maiden

Holdings

Ltd.

8,511

4,854

MARA

Holdings,

Inc.

5,518

63,457

Marcus

Millichap,

Inc.

2,119

73,000

Maui

Land

Pineapple

Co.,

Inc.

1,160

MBIA,

Inc.

4,055

20,194

McGrath

RentCorp

57,152

6,366,733

Medallion

Financial

Corp.

1,819

15,843

Mercantile

Bank

Corp.

1,461

63,466

Merchants

Bancorp

1,626

60,162

Mercury

General

Corp.

2,104

117,614

Metrocity

Bankshares,

Inc.

1,625

44,801

Metropolitan

Bank

Holding

Corp.

974

54,534

MFA

Financial,

Inc.

REIT

9,132

93,694

Mid

Penn

Bancorp,

Inc.

1,671

43,296

Middlefield

Banc

Corp.

678

18,950

Midland

States

Bancorp,

Inc.

1,813

31,039

MidWestOne

Financial

Group,

Inc.

1,695

50,189

Mr.

Cooper

Group,

Inc.

3,598

430,321

MVB

Financial

Corp.

1,086

18,810

National

Bank

Holdings

Corp.

Class A

3,304

126,444

National

Bankshares,

Inc.

538

14,327

National

Health

Investors,

Inc.

REIT

3,887

287,094

Navient

Corp.

7,021

88,675

Bancorp,

Inc.

3,355

60,625

NBT

Bancorp,

Inc.

4,144

177,778

Nelnet,

Inc.

Class A

1,289

142,989

NET

Lease

Office

Properties

REIT

1,340

42,049

NETSTREIT

Corp.

REIT

5,445

86,303

New

York

Mortgage

Trust,

Inc.

REIT

7,742

50,246

Newmark

Group,

Inc.

Class A

11,861

144,348

NewtekOne,

Inc.

2,424

28,991

NexPoint

Diversified

Real

Estate

Trust

REIT

3,118

11,942

Nexpoint

Real

Estate

Finance,

Inc.

REIT

670

10,244

NexPoint

Residential

Trust,

Inc.

REIT

1,973

77,993

Holdings,

Inc.

747

10,652

Nicolet

Bankshares,

Inc.

943

102,749

NMI

Holdings,

Inc.

6,572

236,921

Northeast

Bank

653

59,776

Northeast

Community

Bancorp,

Inc.

1,207

28,292

Northfield

Bancorp,

Inc.

3,494

38,120

Northrim

BanCorp,

Inc.

507

37,123

Northwest

Bancshares,

Inc.

11,608

139,528

Norwood

Financial

Corp.

777

18,780

Oak

Valley

Bancorp

672

16,773

OceanFirst

Financial

Corp.

5,305

90,238

Value

Offerpad

Solutions,

Inc.

983

1,632

OFG

Bancorp

4,062

162,561

Old

National

Bancorp

28,324

600,186

Old

Second

Bancorp,

Inc.

4,070

67,725

One

Liberty

Properties,

Inc.

REIT

1,478

38,827

Onity

Group,

Inc.

617

19,941

Orange

County

Bancorp,

Inc.

963

22,525

Orchid

Island

Capital,

Inc.

REIT

6,569

49,399

Origin

Bancorp,

Inc.

2,627

91,078

Orion

Properties,

Inc.

REIT

5,069

10,848

Orrstown

Financial

Services,

Inc.

1,616

48,496

Outfront

Media,

Inc.

REIT

7,967

128,587

P10,

Inc.

Class A

858

Pacific

Premier

Bancorp,

Inc.

7,455

158,941

Pagseguro

Digital

Ltd.

Class A *

(Brazil)

7,968

60,796

Paramount

Group,

Inc.

REIT

16,496

70,933

Park

National

Corp.

1,298

196,517

Parke

Bancorp,

Inc.

1,044

19,669

Pathward

Financial,

Inc.

1,407

102,641

PCB

Bancorp

1,079

20,188

Peakstone

Realty

Trust

REIT

3,238

40,799

Peapack-Gladstone

Financial

Corp.

1,573

44,673

Pebblebrook

Hotel

Trust

REIT

10,650

107,884

PennyMac

Financial

Services,

Inc.

1,083

108,419

PennyMac

Mortgage

Investment

Trust

REIT

7,720

113,098

Peoples

Bancorp

North

Carolina,

Inc.

450

12,258

Peoples

Bancorp,

Inc.

90,332

2,679,247

Peoples

Financial

Services

Corp.

631

28,061

Phillips

Edison

Co.,

Inc.

REIT

9,298

339,284

Piedmont

Office

Realty

Trust,

Inc.

Class A REIT

11,119

81,947

Pioneer

Bancorp,

Inc.

989

11,581

Plumas

Bancorp

544

23,539

Plymouth

Industrial

REIT,

Inc.

3,636

59,267

Ponce

Financial

Group,

Inc.

1,638

20,753

Postal

Realty

Trust,

Inc.

Class A REIT

760

10,853

PotlatchDeltic

Corp.

REIT

6,982

315,028

PRA

Group,

Inc.

3,469

71,531

Preferred

Bank

720

60,235

Primis

Financial

Corp.

1,924

18,797

Princeton

Bancorp,

Inc.

521

15,917

ProAssurance

Corp.

3,939

91,976

Provident

Bancorp,

Inc.

1,398

16,049

Provident

Financial

Services,

Inc.

7,768

133,377

QCR

Holdings,

Inc.

1,478

105,411

Radian

Group,

Inc.

13,306

440,029

RBB

Bancorp

1,575

25,987

RE/MAX

Holdings,

Inc.

Class A *

1,657

13,869

Ready

Capital

Corp.

REIT

14,290

72,736

Red

River

Bancshares,

Inc.

422

21,796

Redwood

Trust,

Inc.

REIT

12,020

72,961

Regional

Management

Corp.

771

23,215

Renasant

Corp.

4,631

157,130

Republic

Bancorp,

Inc.

Class A

767

48,950

Resolute

Holdings

Management,

Inc.

1,160

Riot

Platforms,

Inc.

23,887

170,075

RLJ

Lodging

Trust

REIT

13,629

107,533

RMR

Group,

Inc.

Class A

1,466

24,409

Roadzen,

Inc.

3,771

3,922

S&T

Bancorp,

Inc.

3,426

126,933

Sabra

Health

Care

REIT,

Inc.

21,141

369,333

Safehold,

Inc.

REIT

4,608

86,262

Safety

Insurance

Group,

Inc.

1,324

104,437

Sandy

Spring

Bancorp,

Inc.

85,479

2,389,138

147

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Seacoast

Banking

Corp.

Florida

147,970

3,807,268

Selective

Insurance

Group,

Inc.

857

78,450

Selectquote,

Inc.

12,776

42,672

Service

Properties

Trust

REIT

14,796

38,618

ServisFirst

Bancshares,

Inc.

3,257

269,028

Seven

Hills

Realty

Trust

REIT

1,380

17,236

Shore

Bancshares,

Inc.

2,595

35,136

Sierra

Bancorp

1,283

35,770

Silvercrest

Asset

Management

Group,

Inc.

Class A

1,151

18,830

Simmons

First

National

Corp.

Class A

11,254

231,045

SiriusPoint

Ltd.

(Sweden)

7,816

135,139

SITE

Centers

Corp.

REIT

4,284

55,007

Skyward

Specialty

Insurance

Group,

Inc.

2,541

134,470

Green

Realty

Corp.

REIT

6,415

370,145

SmartFinancial,

Inc.

1,468

45,625

South

Plains

Financial,

Inc.

1,154

38,220

Southern

First

Bancshares,

Inc.

706

23,242

Southern

Missouri

Bancorp,

Inc.

885

46,038

Southern

States

Bancshares,

Inc.

807

28,850

Southside

Bancshares,

Inc.

2,564

74,253

SouthState

Corp.

100,444

9,323,212

STAG

Industrial,

Inc.

REIT

55,675

2,010,981

Star

Holdings

999

8,501

Stellar

Bancorp,

Inc.

4,362

120,653

Sterling

Bancorp,

Inc.

1,844

8,925

Stewart

Information

Services

Corp.

2,443

174,308

Stock

Yards

Bancorp,

Inc.

2,317

160,012

StoneX

Group,

Inc.

3,595

274,586

Stratus

Properties,

Inc.

448

7,952

Summit

Hotel

Properties,

Inc.

REIT

9,513

51,465

Sunrise

Realty

Trust,

Inc.

REIT

924

10,229

Sunstone

Hotel

Investors,

Inc.

REIT

17,870

168,157

SWK

Holdings

Corp.

393

6,834

Tanger,

Inc.

REIT

5,916

199,902

Terawulf,

Inc.

1,753

4,786

Terreno

Realty

Corp.

REIT

8,729

551,847

Texas

Capital

Bancshares,

Inc.

4,156

310,453

Third

Coast

Bancshares,

Inc.

1,063

35,472

Timberland

Bancorp,

Inc.

730

22,009

Tiptree,

Inc.

1,762

42,447

Tompkins

Financial

Corp.

1,169

73,624

Towne

Bank

6,336

216,628

TPG

Finance

Trust,

Inc.

REIT

5,380

43,847

Transcontinental

Realty

Investors,

Inc.

REIT

2,683

TriCo

Bancshares

92,398

3,693,148

Triumph

Financial,

Inc.

175

10,115

TrustCo

Bank

Corp.

1,692

51,572

Trustmark

Corp.

4,698

162,034

TWFG,

Inc.

270

8,346

Two

Harbors

Investment

Corp.

REIT

9,319

124,502

UMB

Financial

Corp.

6,132

619,945

UMH

Properties,

Inc.

REIT

5,370

100,419

United

Bankshares,

Inc.

11,984

415,485

United

Community

Banks,

Inc.

10,843

305,014

United

Fire

Group,

Inc.

1,907

56,180

Uniti

Group,

Inc.

REIT

21,637

109,050

Unity

Bancorp,

Inc.

715

29,100

Universal

Health

Realty

Income

Trust

REIT

141

5,775

Universal

Insurance

Holdings,

Inc.

1,826

43,276

Univest

Financial

Corp.

2,729

77,394

Urban

Edge

Properties

REIT

11,390

216,410

USCB

Financial

Holdings,

Inc.

746

13,846

Value

Valley

National

Bancorp

42,419

377,105

Velocity

Financial,

Inc.

807

15,099

Veris

Residential,

Inc.

REIT

6,888

116,545

Veritex

Holdings,

Inc.

4,153

103,700

Victory

Capital

Holdings,

Inc.

Class A

126,191

7,302,673

Virginia

National

Bankshares

Corp.

433

15,623

Virtus

Investment

Partners,

Inc.

131

22,579

WaFd,

Inc.

8,242

235,556

Walker

Dunlop,

Inc.

788

67,264

Washington

Trust

Bancorp,

Inc.

20,173

622,539

Waterstone

Financial,

Inc.

1,440

19,368

WesBanco,

Inc.

7,735

239,476

West

BanCorp,

Inc.

1,524

30,389

Westamerica

BanCorp

2,290

115,943

Whitestone

REIT

4,303

62,695

World

Acceptance

Corp.

5,568

WSFS

Financial

Corp.

140,655

7,295,775

Xenia

Hotels

Resorts,

Inc.

REIT

9,312

109,509

158,581,089

Industrial

24.0%

spacing

908

Devices,

Inc.

1,714

7,679

AAR

Corp.

2,468

138,183

AerSale

Corp.

2,915

21,833

Air

Transport

Services

Group,

Inc.

4,533

101,721

Albany

International

Corp.

Class A

2,074

143,189

Allient,

Inc.

1,193

26,222

American

Woodmark

Corp.

23,288

1,370,033

AMMO,

Inc.

8,203

11,320

Apogee

Enterprises,

Inc.

1,317

61,017

Applied

Optoelectronics,

Inc.

3,820

58,637

Archer

Aviation,

Inc.

Class A *

1,661

11,810

Arcosa,

Inc.

4,299

331,539

Ardmore

Shipping

Corp.

(Ireland)

3,712

36,340

Arq,

Inc.

2,299

9,587

Aspen

Aerogels,

Inc.

4,276

27,324

Astec

Industries,

Inc.

2,002

68,969

Astronics

Corp.

2,581

62,383

AZZ,

Inc.

425

35,534

Bel

Fuse,

Inc.

Class A

153

11,025

Bel

Fuse,

Inc.

Class B

913

68,347

Belden,

Inc.

1,684

168,821

Benchmark

Electronics,

Inc.

136,149

5,177,746

Bloom

Energy

Corp.

Class A *

1,533

30,139

Boise

Cascade

Co.

1,803

176,856

Bridger

Aerospace

Group

Holdings,

Inc.

1,163

1,314

Caesarstone

Ltd.

1,434

3,485

ChargePoint

Holdings,

Inc.

15,609

9,443

Chart

Industries,

Inc.

60,105

8,676,758

Clearwater

Paper

Corp.

1,420

36,025

Columbus

McKinnon

Corp.

2,518

42,630

Concrete

Pumping

Holdings,

Inc.

2,057

11,231

Core

Molding

Technologies,

Inc.

696

10,579

Costamare,

Inc.

(Monaco)

3,572

35,148

Covenant

Logistics

Group,

Inc.

1,216

26,995

CryoPort,

Inc.

733

4,457

CTS

Corp.

518

21,523

DHT

Holdings,

Inc.

11,836

124,278

Dorian

LPG

Ltd.

1,587

35,454

Ducommun,

Inc.

1,229

71,319

DXP

Enterprises,

Inc.

996

81,931

Eastern

Co.

466

11,799

Eastman

Kodak

Co.

5,451

34,450

EnerSys

284

26,009

148

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Enpro,

Inc.

1,658

268,248

Enviri

Corp.

7,022

46,696

ESCO

Technologies,

Inc.

1,166

185,534

FARO

Technologies,

Inc.

1,664

45,427

FLEX

LNG

Ltd.

(Norway)

1,008

23,174

Fluor

Corp.

1,330

47,641

Forward

Air

Corp.

2,209

44,379

Gates

Industrial

Corp.

PLC

239,794

4,414,608

GATX

Corp.

3,141

487,703

Genco

Shipping

Trading

Ltd.

3,796

50,715

Gencor

Industries,

Inc.

787

9,570

Gibraltar

Industries,

Inc.

1,401

82,183

Golden

Ocean

Group

Ltd.

(Norway)

10,805

86,224

GoPro,

Inc.

Class A *

11,558

7,662

GrafTech

International

Ltd.

1,555

1,360

Granite

Construction,

Inc.

720

54,288

Great

Lakes

Dredge

Dock

Corp.

5,858

50,965

Greenbrier

Cos.,

Inc.

2,732

139,933

Greif,

Inc.

Class A

2,250

123,727

Greif,

Inc.

Class B

451

26,735

Heartland

Express,

Inc.

2,229

20,551

Helios

Technologies,

Inc.

908

29,138

Hillenbrand,

Inc.

4,128

99,650

Hillman

Solutions

Corp.

14,251

125,266

Hub

Group,

Inc.

Class A

5,333

198,228

Hyster-Yale,

Inc.

419

17,405

Ichor

Holdings

Ltd.

2,003

45,288

Insteel

Industries,

Inc.

742

19,515

International

Seaways,

Inc.

3,584

118,989

Intuitive

Machines,

Inc.

3,638

27,103

Itron,

Inc.

386

40,437

JBT

Marel

Corp.

3,857

471,325

JELD-WEN

Holding,

Inc.

4,917

29,354

Kennametal,

Inc.

6,935

147,715

Kimball

Electronics,

Inc.

2,089

34,364

Knight-Swift

Transportation

Holdings,

Inc.

112,619

4,897,800

Knowles

Corp.

175,220

2,663,344

Kratos

Defense

Security

Solutions,

Inc.

7,286

216,321

L.B.

Foster

Co.

Class A *

822

16,177

Latham

Group,

Inc.

3,582

23,032

Lindsay

Corp.

462

58,452

Louisiana-Pacific

Corp.

19,490

1,792,690

LSB

Industries,

Inc.

4,801

31,639

LSI

Industries,

Inc.

697

11,849

Luxfer

Holdings

PLC

(United

Kingdom)

2,321

27,527

Manitowoc

Co.,

Inc.

3,115

26,758

Marten

Transport

Ltd.

3,773

51,766

Masterbrand,

Inc.

11,216

146,481

Materion

Corp.

103

8,405

Matson,

Inc.

2,904

372,206

Mayville

Engineering

Co.,

Inc.

1,058

14,209

Melrose

Industries

PLC

(United

Kingdom)

761,022

4,697,646

Mercury

Systems,

Inc.

4,609

198,602

Mesa

Laboratories,

Inc.

302

35,835

Metallus,

Inc.

3,661

48,911

MicroVision,

Inc.

9,438

11,703

Middleby

Corp.

25,512

3,877,314

Mirion

Technologies,

Inc.

15,889

230,390

Mistras

Group,

Inc.

1,750

18,515

Mueller

Industries,

Inc.

753

57,333

Mueller

Water

Products,

Inc.

Class A

215,267

5,472,087

NANO

Nuclear

Energy,

Inc.

1,814

47,998

National

Presto

Industries,

Inc.

454

39,911

Net

Power,

Inc.

2,123

5,583

Value

NEXTracker,

Inc.

Class A *

3,262

137,461

Industries,

Inc.

853

6,739

nLight,

Inc.

3,787

29,425

NN,

Inc.

4,233

9,567

Nordic

American

Tankers

Ltd.

17,709

43,564

Northwest

Pipe

Co.

703

29,034

NV5

Global,

Inc.

3,980

76,695

O-I

Glass,

Inc.

13,684

156,955

Olympic

Steel,

Inc.

894

28,179

Orion

Group

Holdings,

Inc.

2,775

14,513

OSI

Systems,

Inc.

16,713

Pactiv

Evergreen,

Inc.

3,168

57,056

PAMT

Corp.

475

5,766

Pangaea

Logistics

Solutions

Ltd.

3,080

14,661

Park

Aerospace

Corp.

816

10,975

Park-Ohio

Holdings

Corp.

870

18,792

Plexus

Corp.

1,671

214,105

Primoris

Services

Corp.

2,366

135,832

Proficient

Auto

Logistics,

Inc.

1,264

10,580

Proto

Labs,

Inc.

2,174

76,177

Pure

Cycle

Corp.

1,666

17,443

PureCycle

Technologies,

Inc.

8,869

61,373

QinetiQ

Group

PLC

(United

Kingdom)

1,694,230

8,494,714

Radiant

Logistics,

Inc.

2,782

17,109

Ranpak

Holdings

Corp.

3,981

21,577

Redwire

Corp.

1,520

12,601

Regal

Rexnord

Corp.

45,977

5,234,481

RXO,

Inc.

148,756

2,841,240

Ryerson

Holding

Corp.

152,278

3,496,303

Safe

Bulkers,

Inc.

(Monaco)

5,399

19,922

Sanmina

Corp.

121,533

9,258,384

Scorpio

Tankers,

Inc.

(Monaco)

3,943

148,178

Senior

PLC

(United

Kingdom)

840,264

1,615,091

SFL

Corp.

Ltd.

(Norway)

8,961

73,480

SmartRent,

Inc.

16,110

19,493

Smith

Wesson

Brands,

Inc.

3,681

34,307

Southland

Holdings,

Inc.

349

1,044

Standard

BioTools,

Inc.

20,159

21,772

Standex

International

Corp.

217

35,022

Stoneridge,

Inc.

2,323

10,663

Sturm

Ruger

Co.,

Inc.

986

38,740

Teekay

Corp.

Ltd.

(Bermuda)

4,905

32,226

Teekay

Tankers

Ltd.

Class A (Canada)

2,119

81,094

Tennant

Co.

913

72,812

Terex

Corp.

5,935

224,224

Thermon

Group

Holdings,

Inc.

2,596

72,299

Tredegar

Corp.

2,335

17,979

TriMas

Corp.

3,541

82,966

Trinity

Industries,

Inc.

632

17,734

Triumph

Group,

Inc.

6,491

164,482

TTM

Technologies,

Inc.

116,205

2,383,365

Turtle

Beach

Corp.

582

8,305

Tutor

Perini

Corp.

3,834

88,872

Twin

Disc,

Inc.

1,024

7,752

UFP

Industries,

Inc.

76,029

8,138,144

Ultralife

Corp.

675

3,631

Universal

Logistics

Holdings,

Inc.

399

10,470

Valmont

Industries,

Inc.

26,341

7,516,931

Vicor

Corp.

895

41,868

Virgin

Galactic

Holdings,

Inc.

2,296

6,957

Vishay

Intertechnology,

Inc.

10,960

174,264

Werner

Enterprises,

Inc.

4,693

137,505

Willis

Lease

Finance

Corp.

253

39,966

World

Kinect

Corp.

4,539

128,726

149

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Worthington

Enterprises,

Inc.

319

15,979

Worthington

Steel,

Inc.

2,890

73,204

Zurn

Elkay

Water

Solutions

Corp.

715

23,581

102,273,728

Technology

3.3%

spacing

Systems

Corp.

11,508

24,397

ACI

Worldwide,

Inc.

202,554

11,081,729

ACM

Research,

Inc.

Class A *

1,424

33,236

Adeia,

Inc.

1,531

20,240

Alpha

Omega

Semiconductor

Ltd.

2,116

52,604

Ambarella,

Inc.

1,621

81,585

ASGN,

Inc.

3,002

189,186

Asure

Software,

Inc.

2,187

20,886

Bandwidth,

Inc.

Class A *

273

3,576

BigBear.ai

Holdings,

Inc.

2,509

7,176

Cantaloupe,

Inc.

344

2,707

Cerence,

Inc.

3,802

30,036

CEVA,

Inc.

296

7,581

Cohu,

Inc.

4,025

59,208

Commvault

Systems,

Inc.

265

41,806

Conduent,

Inc.

14,557

39,304

Consensus

Cloud

Solutions,

Inc.

1,631

37,644

Corsair

Gaming,

Inc.

3,115

27,599

Cricut,

Inc.

Class A

785

4,043

Disco,

Inc.

1,059

4,331

D-Wave

Quantum,

Inc.

(Canada)

7,364

55,966

Daily

Journal

Corp.

13,920

Definitive

Healthcare

Corp.

4,752

13,733

Diebold

Nixdorf,

Inc.

2,260

98,807

Digi

International,

Inc.

3,209

89,306

Digimarc

Corp.

103

1,320

Digital

Turbine,

Inc.

8,779

23,835

Diodes,

Inc.

3,593

155,110

Donnelley

Financial

Solutions,

Inc.

898

39,252

E2open

Parent

Holdings,

Inc.

18,195

36,390

EverCommerce,

Inc.

562

5,665

Everspin

Technologies,

Inc.

289

1,474

Fastly,

Inc.

Class A *

2,474

15,660

Grid

Dynamics

Holdings,

Inc.

1,460

22,849

Health

Catalyst,

Inc.

4,875

22,084

Verticals,

Inc.

Class A *

1,908

47,070

IBEX

Holdings

Ltd.

800

19,480

Immersion

Corp.

2,812

21,315

Integral

Science

Holding

Corp.

5,687

45,837

Life360,

Inc.

185

7,102

Logility

Supply

Chain

Solutions,

Inc.

Class A

2,759

39,343

MaxLinear,

Inc.

388

4,214

Meridianlink,

Inc.

1,148

21,272

Navitas

Semiconductor

Corp.

9,697

19,879

NCR

Voyix

Corp.

1,461

14,245

NetScout

Systems,

Inc.

6,155

129,317

Olo,

Inc.

Class A *

4,904

29,620

ON24,

Inc.

2,387

12,412

OneSpan,

Inc.

372

5,673

Ouster,

Inc.

3,506

31,484

Outbrain,

Inc.

3,577

13,342

Pagaya

Technologies

Ltd.

Class A *

3,198

33,515

PAR

Technology

Corp.

172

10,551

Penguin

Solutions,

Inc.

4,616

80,180

Photronics,

Inc.

3,581

74,342

Pitney

Bowes,

Inc.

9,694

87,731

Planet

Labs

PBC

19,580

66,180

Playstudios,

Inc.

8,646

10,980

Value

Rackspace

Technology,

Inc.

6,453

10,906

Rekor

Systems,

Inc.

991

879

Richardson

Electronics

Ltd.

956

10,669

Rigetti

Computing,

Inc.

16,698

132,248

Rimini

Street,

Inc.

4,055

14,111

Silvaco

Group,

Inc.

340

1,550

SolarWinds

Corp.

4,902

90,344

Synaptics,

Inc.

3,233

206,007

Telos

Corp.

4,895

11,650

TTEC

Holdings,

Inc.

1,869

6,149

Unisys

Corp.

6,039

27,719

V2X,

Inc.

1,474

72,300

Veeco

Instruments,

Inc.

715

14,357

Verint

Systems,

Inc.

5,431

96,943

Vimeo,

Inc.

12,902

67,865

Vishay

Precision

Group,

Inc.

1,010

24,331

Waystar

Holding

Corp.

2,465

92,092

Xerox

Holdings

Corp.

10,364

50,058

14,119,507

Utilities

2.8%

spacing

ALLETE,

Inc.

5,155

338,683

Altus

Power,

Inc.

6,663

32,982

Ameresco,

Inc.

Class A *

1,948

23,532

American

States

Water

Co.

1,410

110,939

Avista

Corp.

7,001

293,132

Black

Hills

Corp.

46,821

2,839,694

Brookfield

Infrastructure

Corp.

Class A (Canada)

10,645

385,243

California

Water

Service

Group

3,828

185,505

Chesapeake

Utilities

Corp.

1,961

251,851

Consolidated

Water

Co.

Ltd.

885

21,674

Genie

Energy

Ltd.

Class B

607

9,135

Hawaiian

Electric

Industries,

Inc.

15,341

167,984

IDACORP,

Inc.

26,611

3,092,730

MGE

Energy,

Inc.

1,840

171,046

Middlesex

Water

Co.

1,345

86,214

New

Jersey

Resources

Corp.

8,868

435,064

Northwest

Natural

Holding

Co.

3,508

149,862

Northwestern

Energy

Group,

Inc.

5,458

315,854

ONE

Gas,

Inc.

5,008

378,555

Ormat

Technologies,

Inc.

5,091

360,290

Otter

Tail

Corp.

2,028

162,990

Portland

General

Electric

Co.

9,303

414,914

RGC

Resources,

Inc.

617

12,877

SJW

Group

2,920

159,695

Southwest

Gas

Holdings,

Inc.

5,425

389,515

Spire,

Inc.

5,063

396,180

TXNM

Energy,

Inc.

7,975

426,503

Unitil

Corp.

1,332

76,843

York

Water

Co.

855

29,651

11,719,137

Total

Common

Stocks

(Cost

$442,565,426)

415,796,748

150

PACIFIC

SELECT

FUND

SMALL-CAP

EQUITY

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$3,962

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

March

31,

2025,

restricted

securities

were

follows:

(c)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(d)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Principal

Amount

Value

SHORT-TERM

INVESTMENTS

1.4%

U.S.

Government

Agency

Issues

1.4%

Federal

Home

Loan

Bank

Discount

Notes

4.361%

due

04/01/25

6,195,000

6,194,276

Total

Short-Term

Investments

(Cost

$6,195,000)

6,194,276

TOTAL

INVESTMENTS

99.1%

(Cost

$448,762,882)

421,995,767

DERIVATIVES

(0.0%)

(

42,071

)

OTHER

ASSETS

LIABILITIES,

NET

0.9%

3,709,725

NET

ASSETS

100.0%

425,663,421

Issuer

and

Acquisition

Date

Cost

Value

Net

Assets

Scilex

Holding

Co.

Acq

03/05/21

$72,993

$1,731

0.0%

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

2000

Index

06/25

123

1,288,738

1,246,667

(

42,071

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

4,545

–

583

3,962

Warrants

198

–

198

–

Common

Stocks

Basic

Materials

20,891,914

18,725,444

2,166,470

–

Communications

8,303,805

–

Consumer,

Cyclical

49,308,293

–

Consumer,

Non-Cyclical

33,698,475

28,980,667

4,717,808

–

Energy

16,900,800

15,594,246

1,306,554

–

Financial

158,581,089

–

Industrial

102,273,728

89,081,368

13,192,360

–

Technology

14,119,507

–

Utilities

11,719,137

–

Total

Common

Stocks

415,796,748

394,413,556

21,383,192

–

Short-Term

Investments

6,194,276

–

6,194,276

–

Total

Assets

421,995,767

394,413,556

27,578,249

3,962

Liabilities

Derivatives:

Equity

Contracts

Futures

(

42,071

)

(

42,071

)

–

Total

Liabilities

(

42,071

)

(

42,071

)

–

Total

421,953,696

394,371,485

27,578,249

3,962

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

151

See

Supplemental

Notes

Schedules

Investments

Value

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

Optinose,

Inc.

Exercise

$2.57

Exp 11/23/27

73,697

–

Total

Warrants

(Cost

$737)

–

COMMON

STOCKS

95.9%

Basic

Materials

0.5%

spacing

Axalta

Coating

Systems

Ltd.

53,658

1,779,836

Communications

2.0%

spacing

DigitalBridge

Group,

Inc.

268,803

2,370,842

Holdings,

Inc.

46,948

3,756,310

Vivid

Seats,

Inc.

Class A *

231,672

685,749

6,812,901

Consumer,

Cyclical

7.5%

spacing

Brunswick

Corp.

56,624

3,049,202

Columbia

Sportswear

Co.

24,091

1,823,448

Genius

Sports

Ltd.

(United

Kingdom)

582,588

5,831,706

Lear

Corp.

24,216

2,136,336

Ollie's

Bargain

Outlet

Holdings,

Inc.

38,040

4,426,334

Skechers

USA,

Inc.

Class A *

24,783

1,407,179

Visteon

Corp.

43,116

3,346,664

Wingstop,

Inc.

18,902

4,263,913

26,284,782

Consumer,

Non-Cyclical

28.7%

spacing

Absci

Corp.

299,435

751,582

Adaptive

Biotechnologies

Corp.

275,064

2,043,726

Align

Technology,

Inc.

13,221

2,100,288

Amicus

Therapeutics,

Inc.

381,478

3,112,861

Annexon,

Inc.

122,337

236,110

Ascendis

Pharma

ADR

(Denmark)

20,097

3,132,318

Bio-Techne

Corp.

74,483

4,366,938

BioLife

Solutions,

Inc.

86,767

1,981,758

Blueprint

Medicines

Corp.

32,754

2,899,057

Ceribell,

Inc.

50,409

968,357

Certara,

Inc.

219,366

2,171,723

oncology,

Inc.

31,325

767,149

Chefs'

Warehouse,

Inc.

53,234

2,899,124

Collegium

Pharmaceutical,

Inc.

85,614

2,555,578

Cytokinetics,

Inc.

34,440

1,384,144

elf

Beauty,

Inc.

31,004

1,946,741

Fractyl

Health,

Inc.

117,014

139,247

Globus

Medical,

Inc.

Class A *

73,320

5,367,024

Guardant

Health,

Inc.

57,045

2,430,117

Harmony

Biosciences

Holdings,

Inc.

91,206

3,027,127

HealthEquity,

Inc.

42,412

3,747,949

Immunocore

Holdings

PLC

ADR

(United

Kingdom)

55,709

1,652,886

Kymera

Therapeutics,

Inc.

46,571

1,274,648

Lantheus

Holdings,

Inc.

34,584

3,375,398

Legend

Biotech

Corp.

ADR

38,002

1,289,408

Ligand

Pharmaceuticals,

Inc.

33,459

3,517,879

Metsera,

Inc.

62,191

1,692,839

Natera,

Inc.

10,014

1,416,080

Neurocrine

Biosciences,

Inc.

17,280

1,911,168

Penumbra,

Inc.

8,487

2,269,509

Value

PROCEPT

BioRobotics

Corp.

31,561

1,838,744

Qiagen

125,846

5,052,717

Global,

Inc.

(Canada)

68,618

6,882,385

Remitly

Global,

Inc.

101,971

2,120,997

SpringWorks

Therapeutics,

Inc.

42,918

1,893,971

TriNet

Group,

Inc.

38,788

3,073,561

U.S.

Foods

Holding

Corp.

96,857

6,340,259

UFP

Technologies,

Inc.

15,466

3,119,647

Solutions,

Inc.

Class A

31,713

1,788,613

Ultragenyx

Pharmaceutical,

Inc.

58,192

2,107,132

100,646,759

Energy

5.4%

spacing

Antero

Resources

Corp.

81,991

3,315,716

Matador

Resources

Co.

69,050

3,527,765

Permian

Resources

Corp.

244,452

3,385,660

TechnipFMC

PLC

(United

Kingdom)

166,914

5,289,505

Viper

Energy,

Inc.

78,921

3,563,283

19,081,929

Financial

9.5%

spacing

GCM

Grosvenor,

Inc.

Class A

282,536

3,737,951

Hamilton

Lane,

Inc.

Class A

18,435

2,740,732

Hut

Corp.

(Canada)

72,976

847,981

Independence

Realty

Trust,

Inc.

REIT

240,708

5,110,231

P10,

Inc.

Class A

221,269

2,599,911

PJT

Partners,

Inc.

Class A

20,593

2,839,363

STAG

Industrial,

Inc.

REIT

74,558

2,693,035

StepStone

Group,

Inc.

Class A

95,174

4,970,938

Terreno

Realty

Corp.

REIT

62,038

3,922,042

WisdomTree,

Inc.

447,057

3,987,748

33,449,932

Industrial

19.6%

spacing

Advanced

Energy

Industries,

Inc.

40,069

3,818,976

Albany

International

Corp.

Class A

33,672

2,324,715

AptarGroup,

Inc.

25,834

3,833,249

AZEK

Co.,

Inc.

35,699

1,745,324

Bloom

Energy

Corp.

Class A *

85,042

1,671,926

Crane

Co.

47,229

7,234,538

Flowserve

Corp.

121,471

5,932,644

Gerresheimer

(Germany)

30,937

2,356,126

GFL

Environmental,

Inc.

78,291

3,782,238

Jacobs

Solutions,

Inc.

14,850

1,795,216

Karman

Holdings,

Inc.

63,012

2,105,861

Knife

River

Corp.

48,588

4,383,123

Knight-Swift

Transportation

Holdings,

Inc.

98,828

4,298,030

Littelfuse,

Inc.

16,918

3,328,447

Modine

Manufacturing

Co.

40,506

3,108,835

nVent

Electric

PLC

90,781

4,758,740

Saia,

Inc.

5,411

1,890,766

Standardaero,

Inc.

94,951

2,529,495

TopBuild

Corp.

18,302

5,581,195

XPO,

Inc.

21,277

2,288,980

68,768,424

Technology

22.7%

spacing

ACV

Auctions,

Inc.

Class A *

264,095

3,721,099

Alkami

Technology,

Inc.

185,611

4,872,289

Allegro

MicroSystems,

Inc.

(Japan)

73,852

1,855,901

CACI

International,

Inc.

Class A *

17,276

6,338,910

CCC

Intelligent

Solutions

Holdings,

Inc.

445,727

4,024,915

Corsair

Gaming,

Inc.

133,975

1,187,018

152

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Definitive

Healthcare

Corp.

378,714

1,094,483

Elastic

32,876

2,929,252

ExlService

Holdings,

Inc.

75,193

3,549,862

Five9,

Inc.

39,436

1,070,687

FormFactor,

Inc.

132,625

3,751,961

Guidewire

Software,

Inc.

18,956

3,551,596

JFrog

Ltd.

(Israel)

156,125

4,996,000

KBR,

Inc.

31,779

1,582,912

Kinaxis,

Inc.

(Canada)

25,700

2,833,510

nCino,

Inc.

147,434

4,050,012

Onestream,

Inc.

179,522

3,830,999

Onto

Innovation,

Inc.

30,911

3,750,741

Outset

Medical,

Inc.

108,577

1,200,858

Pegasystems,

Inc.

49,497

3,441,031

QXO,

Inc.

146,872

1,988,647

QXO,

Inc.

96,268

1,303,469

Schrodinger,

Inc.

253,338

5,000,892

SentinelOne,

Inc.

Class A *

309,199

5,621,238

ServiceTitan,

Inc.

Class A *

6,183

588,065

Tempus

AI,

Inc.

32,984

1,591,148

79,727,495

Total

Common

Stocks

(Cost

$362,964,099)

336,552,058

Principal

Amount

SHORT-TERM

INVESTMENTS

2.5%

U.S.

Government

Agency

Issues

2.5%

Federal

Home

Loan

Bank

Discount

Notes

4.361%

due

04/01/25

3,364,000

3,363,607

Federal

Home

Loan

Mortgage

Corp.

Discount

Notes

4.361%

due

04/01/25

1,268,000

1,267,852

Federal

National

Mortgage

Association

Discount

Notes

4.361%

due

04/01/25

4,160,000

4,159,513

8,790,972

Total

Short-Term

Investments

(Cost

$8,792,000)

8,790,972

TOTAL

INVESTMENTS

98.4%

(Cost

$371,756,836)

345,343,030

OTHER

ASSETS

LIABILITIES,

NET

1.6%

5,515,277

NET

ASSETS

100.0%

350,858,307

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

154

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Chinook

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

15,650

13,302

Contra

Aduro

Biotechnologies,

Inc.

Contingent

Value

Rights

* ± Ω

3,861

1,815

Icosavax,

Inc.

Contingent

Value

Rights

7,606

2,358

Inhibrx,

Inc.

Contingent

Value

Rights

* ± Ω

9,969

11,265

OmniAb,

Inc.

$12.50

Earn

Out

* ± Ω

1,693

–

OmniAb,

Inc.

$15.00

Earn

Out

* ± Ω

1,693

–

28,740

Utilities

0.0%

Gtx,

Inc.

Contingent

Value

Rights

* ± Ω

216

221

Total

Rights

(Cost

$15,384)

28,961

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

Pulse

Biosciences,

Inc.

Exercise

$3.27

Exp 06/27/29

420

1,069

Total

Warrants

(Cost

$0)

1,069

COMMON

STOCKS

98.6%

Basic

Materials

3.1%

spacing

AdvanSix,

Inc.

6,719

152,185

American

Vanguard

Corp.

7,396

32,542

Avient

Corp.

23,157

860,514

Balchem

Corp.

8,281

1,374,646

Cabot

Corp.

13,608

1,131,369

Caledonia

Mining

Corp.

PLC

(South

Africa)

3,114

38,894

Carpenter

Technology

Corp.

12,390

2,244,820

Centrus

Energy

Corp.

Class A *

3,697

229,990

Century

Aluminum

Co.

13,894

257,873

Codexis,

Inc.

19,484

52,412

Coeur

Mining,

Inc.

159,802

946,028

Commercial

Metals

Co.

29,147

1,341,053

Compass

Minerals

International,

Inc.

8,785

81,613

Constellium

33,965

342,707

Contango

ORE,

Inc.

2,984

30,467

Critical

Metals

Corp.

(Austria)

1,875

2,606

Dakota

Gold

Corp.

20,054

53,143

Ecovyst,

Inc.

30,361

188,238

Encore

Energy

Corp.

(Canada)

47,246

64,727

Energy

Fuels,

Inc.

48,235

179,917

Hawkins,

Inc.

4,902

519,220

Fuller

Co.

14,008

786,129

Hecla

Mining

Co.

153,561

853,799

i-80

Gold

Corp.

(Canada)

88,640

51,571

Ingevity

Corp.

9,530

377,293

Innospec,

Inc.

6,337

600,431

Intrepid

Potash,

Inc.

3,035

89,199

Ivanhoe

Electric,

Inc.

21,563

125,281

Kaiser

Aluminum

Corp.

4,210

255,210

Koppers

Holdings,

Inc.

5,314

148,792

Kronos

Worldwide,

Inc.

6,400

47,872

Value

Lifezone

Metals

Ltd.

(Isle

Man)

7,484

31,283

Lightwave

Logic,

Inc.

29,805

30,550

MAC

Copper

Ltd.

Class A *

(Australia)

13,411

127,941

Mativ

Holdings,

Inc.

13,107

81,657

Minerals

Technologies,

Inc.

8,055

512,056

Northern

Technologies

International

Corp.

2,175

22,642

Novagold

Resources,

Inc.

(Canada)

62,659

182,964

Oil-Dri

Corp.

America

2,506

115,076

Orion

(Germany)

15,068

194,829

Perimeter

Solutions,

Inc.

35,087

353,326

Perpetua

Resources

Corp.

10,095

107,916

Piedmont

Lithium,

Inc.

4,848

30,542

Quaker

Chemical

Corp.

3,639

449,817

Radius

Recycling,

Inc.

6,687

193,121

Rayonier

Advanced

Materials,

Inc.

15,751

90,568

Rogers

Corp.

4,929

332,855

Sensient

Technologies

Corp.

10,712

797,294

SSR

Mining,

Inc.

(Canada)

52,944

531,028

Stepan

Co.

5,564

306,243

Sylvamo

Corp.

8,937

599,405

Tronox

Holdings

PLC

30,972

218,043

U.S.

Lime

Minerals,

Inc.

2,777

245,431

Ur-Energy,

Inc.

83,341

56,180

Uranium

Energy

Corp.

105,780

505,628

Valhi,

Inc.

693

11,261

19,588,197

Communications

4.0%

spacing

1-800-Flowers.com,

Inc.

Class A *

7,662

45,206

1stdibs.com,

Inc.

7,194

21,870

A10

Networks,

Inc.

18,778

306,832

ADTRAN

Holdings,

Inc.

19,302

168,313

Advantage

Solutions,

Inc.

25,717

38,833

AMC

Networks,

Inc.

Class A *

8,481

58,349

Anterix,

Inc.

2,446

89,524

Applied

Digital

Corp.

50,072

281,405

AST

SpaceMobile,

Inc.

34,113

775,730

ATN

International,

Inc.

2,298

46,672

AudioEye,

Inc.

2,114

23,465

Aviat

Networks,

Inc.

3,324

63,721

Backblaze,

Inc.

Class A *

12,060

58,250

BARK,

Inc.

34,573

48,056

Beyond,

Inc.

12,877

74,687

BlackSky

Technology,

Inc.

6,199

47,918

Boston

Omaha

Corp.

Class A *

6,200

90,396

Bumble,

Inc.

Class A *

20,698

89,829

Cable

One,

Inc.

1,479

393,074

Calix,

Inc.

15,398

545,705

Cardlytics,

Inc.

11,501

20,932

Cargurus,

Inc.

22,490

655,134

Cars.com,

Inc.

17,228

194,160

Clear

Channel

Outdoor

Holdings,

Inc.

88,958

98,743

Clearfield,

Inc.

2,834

84,226

Cogent

Communications

Holdings,

Inc.

11,276

691,332

CommScope

Holding

Co.,

Inc.

55,545

294,944

Couchbase,

Inc.

10,185

160,414

Credo

Technology

Group

Holding

Ltd.

36,594

1,469,615

Despegar.com

Corp.

(Argentina)

18,315

344,139

DigitalBridge

Group,

Inc.

41,618

367,071

EchoStar

Corp.

Class A *

31,058

794,464

Entravision

Communications

Corp.

Class A

16,640

34,944

ePlus,

Inc.

6,695

408,596

Eventbrite,

Inc.

Class A *

19,516

41,179

EverQuote,

Inc.

Class A *

6,567

171,990

155

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Scripps

Co.

Class A *

16,290

48,218

Extreme

Networks,

Inc.

33,012

436,749

Figs,

Inc.

Class A *

32,359

148,528

fuboTV,

Inc.

82,403

240,617

Gambling.com

Group

Ltd.

(Malta)

4,536

57,244

Gannett

Co.,

Inc.

35,898

103,745

Getty

Images

Holdings,

Inc.

28,228

48,834

Globalstar,

Inc.

12,717

265,277

Gogo,

Inc.

16,716

144,092

Gray

Media,

Inc.

20,431

88,262

Grindr,

Inc.

(Singapore)

5,983

107,096

Groupon,

Inc.

6,328

118,777

Harmonic,

Inc.

29,021

278,311

HealthStream,

Inc.

5,899

189,830

Hims

Hers

Health,

Inc.

49,812

1,471,945

IDT

Corp.

Class B

3,828

196,415

iHeartMedia,

Inc.

Class A *

26,169

43,179

InterDigital,

Inc.

6,562

1,356,693

Lands'

End,

Inc.

4,088

41,616

Liberty

Latin

America

Ltd.

Class A *

9,569

60,572

Liberty

Latin

America

Ltd.

Class C *

32,796

203,663

LifeMD,

Inc.

10,237

55,689

Liquidity

Services,

Inc.

5,512

170,927

LiveOne,

Inc.

19,941

13,939

Lumen

Technologies,

Inc.

259,094

1,015,648

Magnite,

Inc.

33,202

378,835

MediaAlpha,

Inc.

Class A *

6,963

64,338

National

CineMedia,

Inc.

18,246

106,557

Nerdy,

Inc.

14,659

20,816

NETGEAR,

Inc.

7,244

177,188

Nextdoor

Holdings,

Inc.

43,116

65,967

Ooma,

Inc.

6,486

84,902

Open

Lending

Corp.

25,791

71,183

Opendoor

Technologies,

Inc.

162,577

165,828

OptimizeRx

Corp.

4,522

39,160

Powerfleet,

Inc.

27,262

149,668

Preformed

Line

Products

Co.

605

84,754

Holdings,

Inc.

15,218

1,217,592

QuinStreet,

Inc.

13,862

247,298

RealReal,

Inc.

25,181

135,726

Revolve

Group,

Inc.

10,084

216,705

Ribbon

Communications,

Inc.

24,452

95,852

RumbleON,

Inc.

Class B *

5,561

15,682

Scholastic

Corp.

5,875

110,920

Shenandoah

Telecommunications

Co.

12,574

158,055

Shutterstock,

Inc.

6,364

118,561

Sinclair,

Inc.

7,874

125,433

Solo

Brands,

Inc.

Class A *

5,125

860

Sphere

Entertainment

Co.

6,996

228,909

Spok

Holdings,

Inc.

4,133

67,946

Sprinklr,

Inc.

Class A *

29,766

248,546

Stagwell,

Inc.

22,943

138,805

Stitch

Fix,

Inc.

Class A *

23,460

76,245

TechTarget,

Inc.

6,722

99,553

TEGNA,

Inc.

42,253

769,850

Telephone

Data

Systems,

Inc.

25,273

979,076

Thryv

Holdings,

Inc.

9,059

116,046

Townsquare

Media,

Inc.

Class A

2,510

20,431

TrueCar,

Inc.

24,636

38,925

Tucows,

Inc.

Class A *

1,538

25,961

Upwork,

Inc.

32,629

425,808

Vacasa,

Inc.

Class A *

3,437

18,491

Value

Line,

Inc.

334

12,916

Viasat,

Inc.

32,468

338,317

Value

Viavi

Solutions,

Inc.

57,514

643,582

Vivid

Seats,

Inc.

Class A *

21,086

62,415

WideOpenWest,

Inc.

10,884

53,876

Yelp,

Inc.

16,249

601,700

Ziff

Davis,

Inc.

10,846

407,593

25,232,455

Consumer,

Cyclical

10.4%

spacing

A-Mark

Precious

Metals,

Inc.

4,289

108,812

Abercrombie

Fitch

Co.

Class A *

12,863

982,347

Academy

Sports

Outdoors,

Inc.

17,386

792,975

Accel

Entertainment,

Inc.

13,457

133,493

Acushnet

Holdings

Corp.

7,141

490,301

Adient

PLC

21,267

273,494

Aeva

Technologies,

Inc.

6,007

42,049

Allegiant

Travel

Co.

4,071

210,267

AMC

Entertainment

Holdings,

Inc.

Class A *

103,916

298,239

American

Axle

Manufacturing

Holdings,

Inc.

29,740

121,042

American

Eagle

Outfitters,

Inc.

45,282

526,177

America's

Car-Mart,

Inc.

1,874

85,061

Arhaus,

Inc.

13,116

114,109

Arko

Corp.

21,793

86,082

Asbury

Automotive

Group,

Inc.

5,081

1,122,088

Atlanta

Braves

Holdings,

Inc.

Class A *

2,808

123,187

Atlanta

Braves

Holdings,

Inc.

Class C *

13,070

522,931

Aurora

Innovation,

Inc.

247,077

1,661,593

Beacon

Roofing

Supply,

Inc.

16,057

1,986,251

Beazer

Homes

USA,

Inc.

7,752

158,063

Biglari

Holdings,

Inc.

Class B *

148

32,048

BJ's

Restaurants,

Inc.

4,949

169,553

Blink

Charging

Co.

28,899

26,521

Bloomin'

Brands,

Inc.

20,566

147,458

Blue

Bird

Corp.

8,448

273,462

BlueLinx

Holdings,

Inc.

2,208

165,556

Boot

Barn

Holdings,

Inc.

7,530

808,948

Brinker

International,

Inc.

11,389

1,697,530

Buckle,

Inc.

8,115

310,967

Build-A-Bear

Workshop,

Inc.

3,148

117,011

Caleres,

Inc.

8,951

154,226

Camping

World

Holdings,

Inc.

Class A

14,691

237,407

Cavco

Industries,

Inc.

2,078

1,079,791

Century

Communities,

Inc.

7,384

495,466

Champion

Homes,

Inc.

13,766

1,304,466

Cheesecake

Factory,

Inc.

12,468

606,693

Cinemark

Holdings,

Inc.

28,345

705,507

Citi

Trends,

Inc.

1,465

32,428

Clarus

Corp.

6,816

25,560

Clean

Energy

Fuels

Corp.

41,361

64,110

Commercial

Vehicle

Group,

Inc.

8,348

9,600

CompX

International,

Inc.

849

17,591

Cooper-Standard

Holdings,

Inc.

4,782

73,260

Cracker

Barrel

Old

Country

Store,

Inc.

5,748

223,137

Daktronics,

Inc.

10,368

126,282

Dana,

Inc.

34,092

454,446

Dave

Buster's

Entertainment,

Inc.

8,453

148,519

Denny's

Corp.

14,657

53,791

Designer

Brands,

Inc.

Class A

10,451

38,146

Destination

Group,

Inc.

15,629

22,818

Dine

Brands

Global,

Inc.

3,458

80,468

Dorman

Products,

Inc.

6,628

798,939

Douglas

Dynamics,

Inc.

5,570

129,391

Dream

Finders

Homes,

Inc.

Class A *

7,322

165,184

Pollo

Loco

Holdings,

Inc.

6,422

66,147

156

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Escalade,

Inc.

2,759

42,213

Ethan

Allen

Interiors,

Inc.

5,543

153,541

Everi

Holdings,

Inc.

20,623

281,916

EVgo,

Inc.

35,441

94,273

EVI

Industries,

Inc.

2,052

34,433

First

Watch

Restaurant

Group,

Inc.

9,745

162,254

FirstCash

Holdings,

Inc.

9,913

1,192,732

Flexsteel

Industries,

Inc.

1,336

48,777

Foot

Locker,

Inc.

21,870

308,367

Forestar

Group,

Inc.

4,624

97,751

Fox

Factory

Holding

Corp.

10,991

256,530

Frontier

Group

Holdings,

Inc.

10,591

45,965

Full

House

Resorts,

Inc.

9,322

38,966

Funko,

Inc.

Class A *

7,520

51,587

G-III

Apparel

Group

Ltd.

9,980

272,953

Genesco,

Inc.

2,882

61,185

Gentherm,

Inc.

8,044

215,097

Global

Business

Travel

Group

32,856

238,535

Global

Industrial

Co.

3,431

76,854

GMS,

Inc.

9,910

725,115

Golden

Entertainment,

Inc.

5,107

134,774

Goodyear

Tire

Rubber

Co.

73,849

682,365

Green

Brick

Partners,

Inc.

8,051

469,454

Group

Automotive,

Inc.

3,368

1,286,408

GrowGeneration

Corp.

17,333

18,720

H&E

Equipment

Services,

Inc.

8,248

781,828

Hamilton

Beach

Brands

Holding

Co.

Class A

2,222

43,173

Hanesbrands,

Inc.

90,273

520,875

Haverty

Furniture

Cos.,

Inc.

4,176

82,351

Hilton

Grand

Vacations,

Inc.

17,814

666,422

HNI

Corp.

12,483

553,621

Holley,

Inc.

13,491

34,672

Hooker

Furnishings

Corp.

3,258

32,710

Hovnanian

Enterprises,

Inc.

Class A *

1,282

134,238

Hudson

Technologies,

Inc.

13,006

80,247

Hyliion

Holdings

Corp.

34,034

47,648

IMAX

Corp.

11,322

298,335

indie

Semiconductor,

Inc.

Class A *

(China)

42,761

87,019

Installed

Building

Products,

Inc.

6,131

1,051,221

Interface,

Inc.

15,088

299,346

International

Game

Technology

PLC

29,659

482,255

iRobot

Corp.

7,380

19,926

Jill,

Inc.

1,218

23,788

Jack

the

Box,

Inc.

5,071

137,880

JAKKS

Pacific,

Inc.

2,233

55,088

JetBlue

Airways

Corp.

79,333

382,385

Johnson

Outdoors,

Inc.

Class A

1,483

36,838

Home

16,607

965,199

Kontoor

Brands,

Inc.

14,208

911,159

Kura

Sushi

USA,

Inc.

Class A *

1,550

79,360

La-Z-Boy,

Inc.

10,619

415,097

Landsea

Homes

Corp.

8,134

52,220

LCI

Industries

6,410

560,426

Leslie's,

Inc.

44,669

32,854

LGI

Homes,

Inc.

5,427

360,733

Life

Time

Group

Holdings,

Inc.

21,338

644,408

Lifetime

Brands,

Inc.

3,680

18,142

Lindblad

Expeditions

Holdings,

Inc.

9,512

88,176

Lions

Gate

Entertainment

Corp.

Class A *

17,407

154,052

Lions

Gate

Entertainment

Corp.

Class B *

30,664

242,859

Livewire

Group,

Inc.

5,256

10,512

Lovesac

Co.

3,042

55,304

Luminar

Technologies,

Inc.

6,767

36,474

Value

M/I

Homes,

Inc.

6,705

765,577

Madison

Square

Garden

Entertainment

Corp.

10,234

335,061

Malibu

Boats,

Inc.

Class A *

5,217

160,058

Marcus

Corp.

6,225

103,895

Marine

Products

Corp.

2,063

17,309

MarineMax,

Inc.

5,673

121,969

MasterCraft

Boat

Holdings,

Inc.

4,460

76,801

Meritage

Homes

Corp.

18,251

1,293,631

Methode

Electronics,

Inc.

9,201

58,702

Miller

Industries,

Inc.

2,767

117,238

MillerKnoll,

Inc.

17,342

331,926

Monarch

Casino

Resort,

Inc.

3,350

260,462

Movado

Group,

Inc.

3,536

59,122

MRC

Global,

Inc.

22,085

253,536

National

Vision

Holdings,

Inc.

20,139

257,376

Skin

Enterprises,

Inc.

Class A

11,361

82,481

ODP

Corp.

8,063

115,543

ONE

Group

Hospitality,

Inc.

5,568

16,648

OneSpaWorld

Holdings

Ltd.

(Bahamas)

26,424

443,659

OneWater

Marine,

Inc.

Class A *

2,729

44,155

OPENLANE,

Inc.

27,199

524,397

Oxford

Industries,

Inc.

3,837

225,117

Papa

John's

International,

Inc.

8,668

356,081

Patrick

Industries,

Inc.

8,456

715,039

Connection,

Inc.

2,848

177,772

Peloton

Interactive,

Inc.

Class A *

91,632

579,114

Petco

Health

Wellness

Co.,

Inc.

20,560

62,708

Phinia,

Inc.

10,600

449,758

Portillo's,

Inc.

Class A *

13,858

164,772

Potbelly

Corp.

7,899

75,119

PriceSmart,

Inc.

6,370

559,604

Purple

Innovation,

Inc.

16,412

12,460

Pursuit

Attractions

Hospitality,

Inc.

5,257

186,045

RCI

Hospitality

Holdings,

Inc.

2,125

91,247

Red

Rock

Resorts,

Inc.

Class A

12,322

534,405

Reservoir

Media,

Inc.

5,058

38,593

Resideo

Technologies,

Inc.

37,434

662,582

REV

Group,

Inc.

13,496

426,474

Rocky

Brands,

Inc.

1,966

34,149

Rush

Enterprises,

Inc.

Class A

15,507

828,229

Rush

Enterprises,

Inc.

Class B

2,458

138,926

Rush

Street

Interactive,

Inc.

19,959

213,960

Sabre

Corp.

98,602

277,072

Sally

Beauty

Holdings,

Inc.

27,063

244,379

Savers

Value

Village,

Inc.

5,417

37,377

ScanSource,

Inc.

6,074

206,577

SES

Corp.

33,991

17,699

Shake

Shack,

Inc.

Class A *

9,786

862,832

Shoe

Carnival,

Inc.

4,498

98,911

Shyft

Group,

Inc.

9,084

73,490

Signet

Jewelers

Ltd.

(NYSE)

10,893

632,448

Six

Flags

Entertainment

Corp.

23,956

854,510

SkyWest,

Inc.

10,242

894,844

Sleep

Number

Corp.

6,003

38,059

Solid

Power,

Inc.

43,183

45,342

Sonic

Automotive,

Inc.

Class A

3,848

219,182

Sonos,

Inc.

30,269

322,970

Standard

Motor

Products,

Inc.

5,018

125,099

Steelcase,

Inc.

Class A

24,500

268,520

Steven

Madden

Ltd.

18,071

481,411

Sun

Country

Airlines

Holdings,

Inc.

9,741

120,009

Super

Group

SGHC

Ltd.

(Guernsey)

39,389

253,665

Superior

Group

Cos.,

Inc.

3,914

42,819

157

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Sweetgreen,

Inc.

Class A *

25,890

647,768

Taylor

Morrison

Home

Corp.

26,616

1,598,025

ThredUp,

Inc.

Class A *

18,820

45,356

Tile

Shop

Holdings,

Inc.

5,134

33,268

Tilly's,

Inc.

Class A *

6,305

13,871

Titan

International,

Inc.

12,086

101,402

Titan

Machinery,

Inc.

4,850

82,644

Topgolf

Callaway

Brands

Corp.

36,893

243,125

Torrid

Holdings,

Inc.

3,599

19,722

Traeger,

Inc.

9,951

16,718

Tri

Pointe

Homes,

Inc.

23,487

749,705

UniFirst

Corp.

3,867

672,858

United

Parks

Resorts,

Inc.

7,939

360,907

Urban

Outfitters,

Inc.

16,447

861,823

Vera

Bradley,

Inc.

3,163

7,117

Victoria's

Secret

Co.

20,113

373,700

Virco

Mfg.

Corp.

3,128

29,591

Visteon

Corp.

7,107

551,645

VSE

Corp.

4,535

544,155

Wabash

National

Corp.

11,160

123,318

Warby

Parker,

Inc.

Class A *

22,864

416,811

Webtoon

Entertainment,

Inc.

(South

Korea)

4,452

34,147

Weyco

Group,

Inc.

1,756

53,523

Wheels

Experience,

Inc.

27,366

27,640

Winmark

Corp.

748

237,767

Winnebago

Industries,

Inc.

7,356

253,488

Wolverine

World

Wide,

Inc.

19,901

276,823

XPEL,

Inc.

* ~

6,585

193,467

Xperi,

Inc.

11,779

90,934

Xponential

Fitness,

Inc.

Class A *

6,180

51,479

Zumiez,

Inc.

4,250

63,282

65,035,588

Consumer,

Non-Cyclical

23.3%

spacing

2seventy

bio,

Inc.

13,604

67,204

Molecular

Therapeutics,

Inc.

11,625

37,549

89bio,

Inc.

28,743

208,962

ABM

Industries,

Inc.

16,174

766,001

Absci

Corp.

18,793

47,170

Acacia

Research

Corp.

9,931

31,779

ACADIA

Pharmaceuticals,

Inc.

31,160

517,568

ACCO

Brands

Corp.

22,859

95,779

Accolade,

Inc.

20,208

141,052

Accuray,

Inc.

25,115

44,956

ACELYRIN,

Inc.

20,465

50,549

Achieve

Life

Sciences,

Inc.

10,036

26,796

Acrivon

Therapeutics,

Inc.

3,469

7,042

Actinium

Pharmaceuticals,

Inc.

9,719

15,648

Acumen

Pharmaceuticals,

Inc.

12,397

13,637

AdaptHealth

Corp.

26,752

289,992

Adaptive

Biotechnologies

Corp.

28,465

211,495

ADC

Therapeutics

(Switzerland)

20,730

29,229

Addus

HomeCare

Corp.

4,541

449,059

ADMA

Biologics,

Inc.

59,169

1,173,913

Adtalem

Global

Education,

Inc.

9,611

967,251

Adverum

Biotechnologies,

Inc.

6,213

27,151

Aerovate

Therapeutics,

Inc.

3,673

9,219

Agenus,

Inc.

6,155

9,263

agilon

health,

Inc.

79,774

345,421

Agios

Pharmaceuticals,

Inc.

14,818

434,167

AirSculpt

Technologies,

Inc.

2,943

6,872

Akebia

Therapeutics,

Inc.

54,193

104,051

Akero

Therapeutics,

Inc.

19,212

777,702

Value

Akoya

Biosciences,

Inc.

5,564

7,734

Alarm.com

Holdings,

Inc.

12,283

683,549

Aldeyra

Therapeutics,

Inc.

12,512

71,944

Alector,

Inc.

18,776

23,094

Alico,

Inc.

1,535

45,804

Alight,

Inc.

Class A *

107,428

637,048

Alkermes

PLC

41,602

1,373,698

Allogene

Therapeutics,

Inc.

36,599

53,435

Alphatec

Holdings,

Inc.

26,807

271,823

Alta

Equipment

Group,

Inc.

5,874

27,549

Altimmune,

Inc.

18,488

92,440

Alto

Neuroscience,

Inc.

5,925

12,798

Alumis,

Inc.

3,753

23,043

ALX

Oncology

Holdings,

Inc.

10,780

6,716

American

Public

Education,

Inc.

3,688

82,316

Amicus

Therapeutics,

Inc.

75,742

618,055

AMN

Healthcare

Services,

Inc.

9,923

242,717

Amneal

Pharmaceuticals,

Inc.

41,971

351,717

Amphastar

Pharmaceuticals,

Inc.

10,067

291,842

AnaptysBio,

Inc.

5,073

94,307

Anavex

Life

Sciences

Corp.

19,493

167,250

Andersons,

Inc.

8,688

372,976

AngioDynamics,

Inc.

10,544

99,008

ANI

Pharmaceuticals,

Inc.

4,846

324,440

Anika

Therapeutics,

Inc.

3,621

54,424

Annexon,

Inc.

23,967

46,256

Anteris

Technologies

Global

Corp.

3,275

11,921

Apogee

Therapeutics,

Inc.

9,919

370,574

Applied

Therapeutics,

Inc.

28,498

13,933

Aquestive

Therapeutics,

Inc.

17,021

49,361

Arbutus

Biopharma

Corp.

39,983

139,541

Arcellx,

Inc.

11,283

740,165

Arcturus

Therapeutics

Holdings,

Inc.

5,288

56,000

Arcus

Biosciences,

Inc.

14,012

109,994

Arcutis

Biotherapeutics,

Inc.

27,788

434,604

Ardelyx,

Inc.

60,626

297,674

Ardent

Health

Partners,

Inc.

5,949

81,799

Arlo

Technologies,

Inc.

24,839

245,161

ArriVent

Biopharma,

Inc.

7,207

133,257

Arrowhead

Pharmaceuticals,

Inc.

31,134

396,647

ARS

Pharmaceuticals,

Inc.

12,829

161,389

Artiva

Biotherapeutics,

Inc.

(South

Korea)

3,820

11,460

Artivion,

Inc.

10,446

256,763

Arvinas,

Inc.

16,742

117,529

Astrana

Health,

Inc.

11,294

350,227

Astria

Therapeutics,

Inc.

11,693

62,441

Atea

Pharmaceuticals,

Inc.

21,675

64,808

Atossa

Therapeutics,

Inc.

37,388

25,158

AtriCure,

Inc.

12,370

399,056

Aura

Biosciences,

Inc.

10,831

63,470

Aurinia

Pharmaceuticals,

Inc.

(Canada)

34,747

279,366

Avadel

Pharmaceuticals

PLC

24,119

188,852

Avanos

Medical,

Inc.

11,711

167,819

Aveanna

Healthcare

Holdings,

Inc.

14,251

77,240

Avidity

Biosciences,

Inc.

29,263

863,844

Avita

Medical,

Inc.

6,534

53,187

Axogen,

Inc.

10,725

198,413

Axsome

Therapeutics,

Inc.

9,494

1,107,285

B&G

Foods,

Inc.

18,757

128,861

Barrett

Business

Services,

Inc.

6,528

268,627

Beam

Therapeutics,

Inc.

23,796

464,736

Beauty

Health

Co.

23,615

31,644

Beta

Bionics,

Inc.

3,285

40,208

Beyond

Meat,

Inc.

16,288

49,678

158

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Bicara

Therapeutics,

Inc.

4,531

59,039

BioAge

Labs,

Inc.

1,761

6,621

BioCryst

Pharmaceuticals,

Inc.

53,733

402,998

Biohaven

Ltd.

22,248

534,842

BioLife

Solutions,

Inc.

9,422

215,198

Biomea

Fusion,

Inc.

7,208

15,353

Biote

Corp.

Class A *

5,896

19,634

Bioventus,

Inc.

Class A *

9,149

83,713

Black

Diamond

Therapeutics,

Inc.

11,141

17,269

Blade

Air

Mobility,

Inc.

15,595

42,574

Bluebird

Bio,

Inc.

2,805

13,688

Blueprint

Medicines

Corp.

16,449

1,455,901

BRC,

Inc.

Class A *

15,395

32,176

Bridgebio

Pharma,

Inc.

36,364

1,257,103

BrightSpring

Health

Services,

Inc.

13,950

252,355

BrightView

Holdings,

Inc.

15,581

200,060

Brink's

Co.

11,392

981,535

Brookdale

Senior

Living,

Inc.

50,142

313,889

Therapeutics,

Inc.

17,637

28,219

Cabaletta

Bio,

Inc.

12,860

17,811

Cadiz,

Inc.

11,057

32,397

Cal-Maine

Foods,

Inc.

10,610

964,449

Calavo

Growers,

Inc.

4,098

98,311

CAMP4

Therapeutics

Corp.

3,773

15,092

Candel

Therapeutics,

Inc.

5,972

33,742

Capricor

Therapeutics,

Inc.

9,342

88,656

Cardiff

Oncology,

Inc.

16,697

52,429

CareDx,

Inc.

13,219

234,637

Cargo

Therapeutics,

Inc.

8,695

35,389

Caribou

Biosciences,

Inc.

23,654

21,598

Carriage

Services,

Inc.

3,508

135,935

Cartesian

Therapeutics,

Inc.

2,120

27,942

Cass

Information

Systems,

Inc.

3,619

156,522

Cassava

Sciences,

Inc.

11,465

17,198

Castle

Biosciences,

Inc.

6,783

135,796

Catalyst

Pharmaceuticals,

Inc.

29,091

705,457

CBIZ,

Inc.

12,342

936,264

Celcuity,

Inc.

8,604

86,986

Celldex

Therapeutics,

Inc.

16,845

305,737

Central

Garden

Pet

Co.

2,480

90,917

Central

Garden

Pet

Co.

Class A *

13,170

431,054

Century

Therapeutics,

Inc.

14,516

6,910

Ceribell,

Inc.

2,705

51,963

Cerus

Corp.

46,095

64,072

CervoMed,

Inc.

1,606

14,695

oncology,

Inc.

13,872

339,725

Chefs'

Warehouse,

Inc.

9,158

498,745

Chegg,

Inc.

25,576

16,348

Cibus,

Inc.

4,434

8,292

Cimpress

PLC

(Ireland)

4,270

193,132

Climb

Bio,

Inc.

8,096

9,877

Cogent

Biosciences,

Inc.

23,845

142,832

Coherus

Biosciences,

Inc.

26,989

21,780

Collegium

Pharmaceutical,

Inc.

8,469

252,800

Community

Health

Systems,

Inc.

28,518

76,999

Compass

Therapeutics,

Inc.

23,956

45,516

CompoSecure,

Inc.

Class A

6,575

71,470

Concentra

Group

Holdings

Parent,

Inc.

28,678

622,313

CONMED

Corp.

7,749

467,962

Contineum

Therapeutics,

Inc.

Class A *

1,954

13,639

Corbus

Pharmaceuticals

Holdings,

Inc.

3,024

16,057

Corcept

Therapeutics,

Inc.

20,819

2,377,946

CoreCivic,

Inc.

27,955

567,207

CorMedix,

Inc.

16,568

102,059

Value

CorVel

Corp.

6,753

756,133

Coursera,

Inc.

35,802

238,441

CPI

Card

Group,

Inc.

1,100

32,087

CRA

International,

Inc.

1,751

303,273

Crinetics

Pharmaceuticals,

Inc.

23,595

791,376

Cross

Country

Healthcare,

Inc.

8,026

119,507

Cullinan

Therapeutics,

Inc.

13,414

101,544

Custom

Truck

One

Source,

Inc.

11,837

49,952

CVRx,

Inc.

3,019

36,922

Cytek

Biosciences,

Inc.

31,619

126,792

Cytokinetics,

Inc.

29,426

1,182,631

Day

One

Biopharmaceuticals,

Inc.

13,169

104,430

Deluxe

Corp.

11,751

185,783

Denali

Therapeutics,

Inc.

31,356

426,285

Design

Therapeutics,

Inc.

7,542

29,112

Dianthus

Therapeutics,

Inc.

6,180

112,105

Disc

Medicine,

Inc.

5,877

291,734

Distribution

Solutions

Group,

Inc.

2,532

70,896

DLH

Holdings

Corp.

2,201

8,914

DocGo,

Inc.

24,785

65,432

Dole

PLC

20,112

290,618

Driven

Brands

Holdings,

Inc.

15,705

269,184

Dynavax

Technologies

Corp.

34,226

443,911

Dyne

Therapeutics,

Inc.

21,146

221,187

Edgewell

Personal

Care

Co.

12,194

380,575

Edgewise

Therapeutics,

Inc.

19,029

418,638

Editas

Medicine,

Inc.

26,690

30,960

Elevation

Oncology,

Inc.

15,031

3,895

Embecta

Corp.

15,185

193,609

Emerald

Holding,

Inc.

3,581

14,073

Enanta

Pharmaceuticals,

Inc.

5,538

30,570

Enhabit,

Inc.

12,538

110,209

Enliven

Therapeutics,

Inc.

9,169

180,446

Ennis,

Inc.

6,192

124,397

Ensign

Group,

Inc.

14,308

1,851,455

Entrada

Therapeutics,

Inc.

6,143

55,533

Erasca,

Inc.

43,583

59,709

Esperion

Therapeutics,

Inc.

49,009

70,573

European

Wax

Center,

Inc.

Class A *

6,839

27,014

EVERTEC,

Inc.

16,335

600,638

Evolus,

Inc.

14,450

173,834

EyePoint

Pharmaceuticals,

Inc.

15,880

86,070

Fate

Therapeutics,

Inc.

30,002

23,705

Fennec

Pharmaceuticals,

Inc.

(Canada)

4,399

26,790

Fibrobiologics,

Inc.

7,325

6,593

First

Advantage

Corp.

15,635

220,297

FiscalNote

Holdings,

Inc.

17,475

14,122

Flywire

Corp.

30,693

291,583

Foghorn

Therapeutics,

Inc.

6,597

24,079

Forafric

Global

PLC

(Gibraltar)

571

4,911

Forrester

Research,

Inc.

3,244

29,975

Fractyl

Health,

Inc.

8,786

10,455

Franklin

Covey

Co.

3,006

83,026

Fresh

Del

Monte

Produce,

Inc.

9,003

277,562

Fulcrum

Therapeutics,

Inc.

14,056

40,481

Fulgent

Genetics,

Inc.

4,892

82,675

GeneDx

Holdings

Corp.

3,287

291,113

Generation

Bio

Co.

13,156

5,328

GEO

Group,

Inc.

32,630

953,122

Geron

Corp.

152,237

242,057

Glaukos

Corp.

12,665

1,246,489

Graham

Holdings

Co.

Class B

828

795,592

Green

Dot

Corp.

Class A *

13,260

111,914

Greenwich

Lifesciences,

Inc.

1,743

16,628

159

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Guardant

Health,

Inc.

30,811

1,312,549

Guardian

Pharmacy

Services,

Inc.

Class A *

2,152

45,752

Gyre

Therapeutics,

Inc.

2,174

16,783

Hackett

Group,

Inc.

6,475

189,200

Haemonetics

Corp.

12,895

819,477

Hain

Celestial

Group,

Inc.

22,708

94,238

Halozyme

Therapeutics,

Inc.

32,186

2,053,789

Harmony

Biosciences

Holdings,

Inc.

10,009

332,199

Harrow,

Inc.

8,020

213,332

Harvard

Bioscience,

Inc.

9,903

5,605

Healthcare

Services

Group,

Inc.

19,310

194,645

HealthEquity,

Inc.

22,114

1,954,214

Heidrick

Struggles

International,

Inc.

5,381

230,468

Helen

Troy

Ltd.

5,966

319,121

Herbalife

Ltd.

25,261

218,002

Herc

Holdings,

Inc.

7,223

969,832

Heron

Therapeutics,

Inc.

27,788

61,134

Hertz

Global

Holdings,

Inc.

32,031

126,202

Foods

Group,

Inc.

10,129

49,632

HilleVax,

Inc.

9,296

13,479

HireQuest,

Inc.

1,321

15,720

Honest

Co.,

Inc.

20,933

98,385

Humacyte,

Inc.

21,004

35,812

Huron

Consulting

Group,

Inc.

4,535

650,546

ICF

International,

Inc.

4,893

415,758

ICU

Medical,

Inc.

5,577

774,422

Ideaya

Biosciences,

Inc.

22,596

370,122

IGM

Biosciences,

Inc.

4,889

5,622

ImmunityBio,

Inc.

36,116

108,709

Immunome,

Inc.

18,089

121,739

Immunovant,

Inc.

15,081

257,734

Information

Services

Group,

Inc.

9,851

38,517

InfuSystem

Holdings,

Inc.

3,934

21,165

Ingles

Markets,

Inc.

Class A

3,825

249,122

Inhibrx

Biosciences,

Inc.

2,308

32,289

Inmode

Ltd.

16,789

297,837

Inmune

Bio,

Inc.

3,634

28,382

Innovage

Holding

Corp.

5,223

15,565

Innoviva,

Inc.

14,610

264,879

Inogen,

Inc.

6,640

47,343

Inovio

Pharmaceuticals,

Inc.

7,663

12,491

Inozyme

Pharma,

Inc.

14,023

12,761

Insmed,

Inc.

44,432

3,389,717

Insperity,

Inc.

9,293

829,214

Integer

Holdings

Corp.

8,612

1,016,302

Integra

LifeSciences

Holdings

Corp.

17,747

390,257

Intellia

Therapeutics,

Inc.

24,934

177,281

Interparfums,

Inc.

4,771

543,274

Invivyd,

Inc.

23,254

14,076

Iovance

Biotherapeutics,

Inc.

70,744

235,578

iRadimed

Corp.

2,073

108,791

iRhythm

Technologies,

Inc.

8,146

852,723

Ironwood

Pharmaceuticals,

Inc.

36,462

53,599

Ispire

Technology,

Inc.

5,028

13,726

iTeos

Therapeutics,

Inc.

5,425

32,387

J&J

Snack

Foods

Corp.

3,865

509,098

Janux

Therapeutics,

Inc.

8,138

219,726

Jasper

Therapeutics,

Inc.

2,399

10,316

John

Sanfilippo

Son,

Inc.

2,307

163,474

John

Wiley

Sons,

Inc.

Class A

10,049

447,783

Joint

Corp.

1,944

24,281

KalVista

Pharmaceuticals,

Inc.

10,599

122,312

Kelly

Services,

Inc.

Class A

8,102

106,703

Keros

Therapeutics,

Inc.

7,695

78,412

Value

Kforce,

Inc.

4,861

237,654

KinderCare

Learning

Cos.,

Inc.

7,293

84,526

Kiniksa

Pharmaceuticals

International

PLC

9,755

216,659

Kodiak

Sciences,

Inc.

9,520

26,704

Korn

Ferry

13,178

893,864

Korro

Bio,

Inc.

1,808

31,477

Krispy

Kreme,

Inc.

21,998

108,230

Krystal

Biotech,

Inc.

6,357

1,146,167

Kura

Oncology,

Inc.

18,470

121,902

Kymera

Therapeutics,

Inc.

12,155

332,682

Kyverna

Therapeutics,

Inc.

5,009

9,667

Lancaster

Colony

Corp.

5,016

877,800

Lantheus

Holdings,

Inc.

17,774

1,734,742

Larimar

Therapeutics,

Inc.

12,506

26,888

Laureate

Education,

Inc.

33,618

687,488

Legalzoom.com,

Inc.

32,559

280,333

LeMaitre

Vascular,

Inc.

5,210

437,119

LENZ

Therapeutics,

Inc.

3,158

81,192

Lexeo

Therapeutics,

Inc.

6,843

23,745

Lexicon

Pharmaceuticals,

Inc.

37,485

17,273

Lifecore

Biomedical,

Inc.

6,103

42,965

LifeStance

Health

Group,

Inc.

36,295

241,725

Lifeway

Foods,

Inc.

808

19,756

Ligand

Pharmaceuticals,

Inc.

4,658

489,742

Limoneira

Co.

4,181

74,087

Lincoln

Educational

Services

Corp.

6,858

108,836

Lineage

Cell

Therapeutics,

Inc.

55,615

25,116

Liquidia

Corp.

16,995

250,676

LivaNova

PLC

14,142

555,498

LiveRamp

Holdings,

Inc.

16,583

433,480

Lyell

Immunopharma,

Inc.

48,670

26,184

MacroGenics,

Inc.

17,528

22,261

Madrigal

Pharmaceuticals,

Inc.

4,652

1,540,882

Mama's

Creations,

Inc.

9,408

61,246

MannKind

Corp.

69,225

348,202

Maravai

LifeSciences

Holdings,

Inc.

Class A *

28,705

63,438

MarketWise,

Inc.

8,455

4,173

Marqeta,

Inc.

Class A *

121,883

502,158

Matthews

International

Corp.

Class A

7,785

173,138

MaxCyte,

Inc.

24,643

67,275

Maze

Therapeutics,

Inc.

2,134

23,495

MBX

Biosciences,

Inc.

2,566

18,937

Medifast,

Inc.

3,048

41,087

MediWound

Ltd.

(Israel)

2,297

35,649

MeiraGTx

Holdings

PLC

12,793

86,737

Merit

Medical

Systems,

Inc.

14,783

1,562,711

Mersana

Therapeutics,

Inc.

33,292

11,459

Metagenomi,

Inc.

6,466

8,794

Metsera,

Inc.

3,952

107,573

MGP

Ingredients,

Inc.

3,686

108,295

MiMedx

Group,

Inc.

30,988

235,509

Mind

Medicine

MindMed,

Inc.

18,425

107,786

Mineralys

Therapeutics,

Inc.

6,785

107,746

Mirum

Pharmaceuticals,

Inc.

10,254

461,943

Mission

Produce,

Inc.

11,189

117,261

Mister

Car

Wash,

Inc.

24,139

190,457

ModivCare,

Inc.

2,447

3,218

Moneylion,

Inc.

2,244

194,128

Monro,

Inc.

7,748

112,114

Monte

Rosa

Therapeutics,

Inc.

9,993

46,368

Myriad

Genetics,

Inc.

23,291

206,591

Nano-X

Imaging

Ltd.

(Israel)

13,961

69,735

Nathan's

Famous,

Inc.

756

72,859

160

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

National

Beverage

Corp.

6,087

252,854

National

HealthCare

Corp.

3,317

307,818

National

Research

Corp.

3,989

51,059

Natural

Grocers

Vitamin

Cottage,

Inc.

Class C

2,380

95,676

Nature's

Sunshine

Products,

Inc.

3,163

39,696

Nautilus

Biotechnology,

Inc.

SPAC

13,513

11,635

Nektar

Therapeutics

53,044

36,070

Neogen

Corp.

55,439

480,656

NeoGenomics,

Inc.

33,308

316,093

Neumora

Therapeutics,

Inc.

21,807

Neurogene,

Inc.

3,044

35,645

NeuroPace,

Inc.

3,938

48,398

Nevro

Corp.

7,878

46,008

Niagen

Bioscience,

Inc.

11,927

82,296

Nkarta,

Inc.

15,785

29,044

Novavax,

Inc.

39,582

253,721

Novocure

Ltd.

27,205

484,793

Nurix

Therapeutics,

Inc.

19,487

231,506

Nuvalent,

Inc.

Class A *

9,065

642,890

Nuvation

Bio,

Inc.

46,957

82,644

Ocugen,

Inc.

76,214

53,830

Ocular

Therapeutix,

Inc.

40,784

298,947

Olaplex

Holdings,

Inc.

41,466

52,662

Olema

Pharmaceuticals,

Inc.

9,656

36,307

Omeros

Corp.

14,135

116,190

OmniAb,

Inc.

25,109

60,262

Omnicell,

Inc.

11,502

402,110

OPKO

Health,

Inc.

83,247

138,190

Option

Care

Health,

Inc.

44,064

1,540,037

OraSure

Technologies,

Inc.

20,519

69,149

Orchestra

BioMed

Holdings,

Inc.

7,508

32,134

Organogenesis

Holdings,

Inc.

17,100

73,872

ORIC

Pharmaceuticals,

Inc.

15,900

88,722

Orthofix

Medical,

Inc.

8,329

135,846

OrthoPediatrics

Corp.

4,047

99,678

Oscar

Health,

Inc.

Class A *

52,657

690,333

Outlook

Therapeutics,

Inc.

5,927

7,231

Ovid

therapeutics,

Inc.

14,981

4,673

Owens

Minor,

Inc.

19,798

178,776

Pacific

Biosciences

California,

Inc.

70,790

83,532

Pacira

BioSciences,

Inc.

12,004

298,299

PACS

Group,

Inc.

10,052

112,984

Paragon

28,

Inc.

12,773

166,815

Patterson

Cos.,

Inc.

20,019

625,394

Payoneer

Global,

Inc.

70,218

513,294

Paysafe

Ltd.

7,847

123,119

Pediatrix

Medical

Group,

Inc.

22,173

321,287

Pennant

Group,

Inc.

8,281

208,267

PepGen,

Inc.

4,759

6,686

Perdoceo

Education

Corp.

17,186

432,743

Performant

Healthcare,

Inc.

16,160

47,834

Perspective

Therapeutics,

Inc.

15,790

33,633

Phathom

Pharmaceuticals,

Inc.

10,631

66,656

Phibro

Animal

Health

Corp.

Class A

5,264

112,439

Pliant

Therapeutics,

Inc.

14,750

19,912

Praxis

Precision

Medicines,

Inc.

4,513

170,907

Precigen,

Inc.

34,261

51,049

Prelude

Therapeutics,

Inc.

1,928

1,481

Prestige

Consumer

Healthcare,

Inc.

12,759

1,096,891

Prime

Medicine,

Inc.

17,031

33,892

Primo

Brands

Corp.

Class A

51,573

1,830,326

Priority

Technology

Holdings,

Inc.

6,911

47,098

PROCEPT

BioRobotics

Corp.

11,587

675,059

Value

PROG

Holdings,

Inc.

10,435

277,571

Progyny,

Inc.

19,029

425,108

ProKidney

Corp.

31,863

27,918

Protagonist

Therapeutics,

Inc.

15,289

739,376

Prothena

Corp.

PLC

(Ireland)

10,522

130,210

PTC

Therapeutics,

Inc.

19,506

994,026

Pulmonx

Corp.

10,089

67,899

Pulse

Biosciences,

Inc.

5,237

84,263

Puma

Biotechnology,

Inc.

12,338

36,520

Pyxis

Oncology,

Inc.

14,305

14,017

Q32

Bio,

Inc.

1,821

3,005

Quad/Graphics,

Inc.

7,133

38,875

Quanex

Building

Products

Corp.

11,551

214,733

Quanterix

Corp.

8,390

54,619

Quantum-Si,

Inc.

34,092

40,910

Quipt

Home

Medical

Corp.

8,631

20,110

RadNet,

Inc.

16,970

843,748

Rapport

Therapeutics,

Inc.

4,463

44,764

RAPT

Therapeutics,

Inc.

8,381

10,225

Recursion

Pharmaceuticals,

Inc.

Class A *

64,956

343,617

REGENXBIO,

Inc.

11,282

80,666

Regulus

Therapeutics,

Inc.

18,343

32,100

Relay

Therapeutics,

Inc.

29,656

77,699

Remitly

Global,

Inc.

38,591

802,693

Renovaro,

Inc.

27,088

14,714

Repay

Holdings

Corp.

23,929

133,285

Replimune

Group,

Inc.

17,578

171,386

Resources

Connection,

Inc.

9,146

59,815

Revolution

Medicines,

Inc.

43,853

1,550,642

Rhythm

Pharmaceuticals,

Inc.

14,110

747,407

Rigel

Pharmaceuticals,

Inc.

4,675

84,103

Rocket

Pharmaceuticals,

Inc.

19,540

130,332

RxSight,

Inc.

9,397

237,274

Sage

Therapeutics,

Inc.

14,920

118,614

Sana

Biotechnology,

Inc.

30,724

51,616

Sanara

Medtech,

Inc.

878

27,104

Savara,

Inc.

30,706

85,056

Scholar

Rock

Holding

Corp.

20,715

665,987

Scilex

Holding

Co.

* ◊

18,410

4,575

scPharmaceuticals,

Inc.

7,529

19,801

Select

Medical

Holdings

Corp.

28,514

476,184

Semler

Scientific,

Inc.

1,722

62,336

Seneca

Foods

Corp.

Class A *

1,253

111,567

Septerna,

Inc.

4,488

25,986

Sera

Prognostics,

Inc.

Class A *

8,072

29,705

Sezzle,

Inc.

3,714

129,581

Shattuck

Labs,

Inc.

11,744

11,158

SI-BONE,

Inc.

10,908

153,039

SIGA

Technologies,

Inc.

13,106

71,821

Simply

Good

Foods

Co.

23,701

817,447

Skye

Bioscience,

Inc.

4,964

7,893

Soleno

Therapeutics,

Inc.

6,569

469,355

Solid

Biosciences,

Inc.

6,774

25,064

Sonida

Senior

Living,

Inc.

992

23,104

SoundThinking,

Inc.

2,313

39,205

SpartanNash

Co.

8,697

176,201

Spire

Global,

Inc.

5,130

41,502

SpringWorks

Therapeutics,

Inc.

17,762

783,837

Sprouts

Farmers

Market,

Inc.

25,946

3,960,397

Spyre

Therapeutics,

Inc.

10,232

165,093

STAAR

Surgical

Co.

12,928

227,921

Stereotaxis,

Inc.

16,233

28,570

Stoke

Therapeutics,

Inc.

8,684

57,749

StoneCo

Ltd.

Class A *

(Brazil)

74,489

780,645

161

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Strategic

Education,

Inc.

5,803

487,220

Stride,

Inc.

10,972

1,387,958

Summit

Therapeutics,

Inc.

24,078

464,465

SunOpta,

Inc.

(Canada)

23,974

116,514

Supernus

Pharmaceuticals,

Inc.

13,123

429,778

Surgery

Partners,

Inc.

20,086

477,042

Surmodics,

Inc.

3,700

112,961

Sutro

Biopharma,

Inc.

24,356

15,846

Syndax

Pharmaceuticals,

Inc.

21,131

259,594

Tactile

Systems

Technology,

Inc.

6,465

85,467

Tandem

Diabetes

Care,

Inc.

16,959

324,934

Tango

Therapeutics,

Inc.

13,530

18,536

Target

Hospitality

Corp.

8,030

52,837

Tarsus

Pharmaceuticals,

Inc.

9,647

495,566

Taysha

Gene

Therapies,

Inc.

47,466

65,978

Tejon

Ranch

Co.

5,981

94,799

Teladoc

Health,

Inc.

44,616

355,143

Telomir

Pharmaceuticals,

Inc.

4,464

14,419

Tenaya

Therapeutics,

Inc.

13,410

7,645

Terns

Pharmaceuticals,

Inc.

17,230

47,555

Tevogen

Bio

Holdings,

Inc.

7,780

8,402

Therapeutics,

Inc.

35,910

1,415,931

Theravance

Biopharma,

Inc.

9,104

81,299

Third

Harmonic

Bio,

Inc.

5,379

18,665

Tourmaline

Bio,

Inc.

5,912

89,922

Transcat,

Inc.

2,284

170,044

TransMedics

Group,

Inc.

8,416

566,228

Travere

Therapeutics,

Inc.

21,674

388,398

Treace

Medical

Concepts,

Inc.

13,365

112,132

TreeHouse

Foods,

Inc.

11,968

324,213

Trevi

Therapeutics,

Inc.

18,930

119,070

TriNet

Group,

Inc.

8,137

644,776

TrueBlue,

Inc.

7,218

38,328

TScan

Therapeutics,

Inc.

11,225

15,490

Turning

Point

Brands,

Inc.

4,537

269,679

Twist

Bioscience

Corp.

15,056

591,099

Tyra

Biosciences,

Inc.

4,539

42,213

U.S.

Physical

Therapy,

Inc.

3,905

282,566

Udemy,

Inc.

24,572

190,679

UFP

Technologies,

Inc.

1,826

368,322

United

Natural

Foods,

Inc.

15,410

422,080

Universal

Corp.

6,354

356,142

Universal

Technical

Institute,

Inc.

11,927

306,285

Upbound

Group,

Inc.

14,079

337,333

Upstream

Bio,

Inc.

4,071

24,915

UroGen

Pharma

Ltd.

10,339

114,349

USANA

Health

Sciences,

Inc.

2,847

76,784

Utah

Medical

Products,

Inc.

633

35,473

Utz

Brands,

Inc.

16,906

238,036

Vanda

Pharmaceuticals,

Inc.

13,207

60,620

Varex

Imaging

Corp.

9,617

111,557

Vaxcyte,

Inc.

32,039

1,209,793

Ventyx

Biosciences,

Inc.

12,364

14,219

Vera

Therapeutics,

Inc.

11,534

277,047

Veracyte,

Inc.

20,215

599,375

Verastem,

Inc.

9,058

54,620

Vericel

Corp.

12,684

565,960

Verra

Mobility

Corp.

42,881

965,251

Verrica

Pharmaceuticals,

Inc.

5,294

2,341

Veru,

Inc.

38,792

19,012

Verve

Therapeutics,

Inc.

18,314

83,695

Viemed

Healthcare,

Inc.

8,103

58,990

Village

Super

Market,

Inc.

Class A

2,310

87,803

Vir

Biotechnology,

Inc.

23,174

150,168

Value

Viridian

Therapeutics,

Inc.

18,737

252,575

Vita

Coco

Co.,

Inc.

10,307

315,910

Vital

Farms,

Inc.

8,521

259,635

Voyager

Therapeutics,

Inc.

10,557

35,683

Waldencast

PLC

Class A *

4,122

12,366

WaVe

Life

Sciences

Ltd.

25,767

208,197

WD-40

Co.

3,494

852,536

Weis

Markets,

Inc.

4,344

334,705

Werewolf

Therapeutics,

Inc.

9,216

8,960

Westrock

Coffee

Co.

9,330

67,363

Willdan

Group,

Inc.

3,500

142,520

Kellogg

Co.

17,112

341,042

Pharmaceuticals,

Inc.

56,085

13,258

XBiotech,

Inc.

5,339

17,298

Xencor,

Inc.

17,253

183,572

Xeris

Biopharma

Holdings,

Inc.

34,928

191,755

XOMA

Royalty

Corp.

1,796

35,794

Y-mAbs

Therapeutics,

Inc.

10,128

44,867

Zenas

Biopharma,

Inc.

3,215

25,399

Zentalis

Pharmaceuticals,

Inc.

15,891

25,267

Zevra

Therapeutics,

Inc.

13,714

102,718

Zimvie,

Inc.

6,622

71,518

ZipRecruiter,

Inc.

Class A *

16,470

97,008

Zura

Bio

Ltd.

(United

Kingdom)

12,573

16,219

Zymeworks,

Inc.

14,263

169,872

Zynex,

Inc.

4,390

9,658

146,243,780

Energy

4.8%

spacing

Aemetis,

Inc.

10,866

18,907

Alpha

Metallurgical

Resources,

Inc.

2,785

348,821

Amplify

Energy

Corp.

9,791

36,618

Archrock,

Inc.

42,856

1,124,541

Aris

Water

Solutions,

Inc.

Class A

7,085

227,003

Array

Technologies,

Inc.

40,072

195,151

ASP

Isotopes,

Inc.

13,368

62,696

Atlas

Energy

Solutions,

Inc.

19,030

339,495

Berry

Corp.

22,531

72,325

BKV

Corp.

(Thailand)

3,272

68,712

Borr

Drilling

Ltd.

(Mexico)

61,186

133,997

Bristow

Group,

Inc.

6,449

203,659

California

Resources

Corp.

18,179

799,331

ChampionX

Corp.

48,755

1,452,899

CNX

Resources

Corp.

37,749

1,188,339

Comstock

Resources,

Inc.

24,289

494,038

Core

Laboratories,

Inc.

12,199

182,863

Core

Natural

Resources,

Inc.

13,457

1,037,535

Crescent

Energy

Co.

Class A

41,895

470,900

CVR

Energy,

Inc.

9,013

174,852

Delek

U.S.

Holdings,

Inc.

16,612

250,343

Diversified

Energy

Co.

PLC

12,422

167,945

DMC

Global,

Inc.

5,294

44,576

DNOW,

Inc.

27,724

473,526

Drilling

Tools

International

Corp.

4,069

9,644

Empire

Petroleum

Corp.

3,413

21,434

Energy

Vault

Holdings,

Inc.

27,544

19,154

Evolution

Petroleum

Corp.

7,880

40,818

Excelerate

Energy,

Inc.

Class A

4,575

131,211

Expro

Group

Holdings

24,631

244,832

Flowco

Holdings,

Inc.

Class A *

4,626

118,657

Fluence

Energy,

Inc.

15,905

77,139

Forum

Energy

Technologies,

Inc.

2,626

52,809

FuelCell

Energy,

Inc.

4,237

19,448

FutureFuel

Corp.

7,097

27,678

162

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Geospace

Technologies

Corp.

3,609

26,021

Golar

LNG

Ltd.

(Cameroon)

25,476

967,833

Granite

Ridge

Resources,

Inc.

14,859

90,343

Green

Plains,

Inc.

16,719

81,087

Gulfport

Energy

Corp.

3,334

613,923

Hallador

Energy

Co.

6,705

82,337

Helix

Energy

Solutions

Group,

Inc.

37,587

312,348

Helmerich

Payne,

Inc.

25,158

657,127

HighPeak

Energy,

Inc.

4,432

56,109

Infinity

Natural

Resources,

Inc.

Class A *

2,902

54,413

Innovex

International,

Inc.

9,335

167,657

Kinetik

Holdings,

Inc.

9,928

515,660

Kodiak

Gas

Services,

Inc.

11,567

431,449

Kosmos

Energy

Ltd.

(Ghana)

122,057

278,290

Liberty

Energy,

Inc.

40,818

646,149

Magnolia

Oil

Gas

Corp.

Class A

44,604

1,126,697

Mammoth

Energy

Services,

Inc.

5,587

11,397

Matrix

Service

Co.

6,211

77,203

Montauk

Renewables,

Inc.

18,769

39,227

Murphy

Oil

Corp.

35,692

1,013,653

Nabors

Industries

Ltd.

2,372

98,936

NACCO

Industries,

Inc.

Class A

1,080

36,428

Natural

Gas

Services

Group,

Inc.

3,012

66,174

NextDecade

Corp.

30,199

234,948

Noble

Corp.

PLC

34,160

809,592

Northern

Oil

Gas,

Inc.

25,285

764,366

NPK

International,

Inc.

21,427

124,491

Oceaneering

International,

Inc.

26,457

577,027

Oil

States

International,

Inc.

17,196

88,559

Par

Pacific

Holdings,

Inc.

13,562

193,394

Patterson-UTI

Energy,

Inc.

101,530

834,577

PBF

Energy,

Inc.

Class A

25,892

494,278

Peabody

Energy

Corp.

31,498

426,798

Plug

Power,

Inc.

217,067

293,040

Prairie

Operating

Co.

2,006

10,732

PrimeEnergy

Resources

Corp.

145

33,044

ProFrac

Holding

Corp.

Class A *

5,047

38,307

ProPetro

Holding

Corp.

22,903

168,337

Ramaco

Resources,

Inc.

Class A

6,094

50,154

Ramaco

Resources,

Inc.

Class B

1,470

10,452

Ranger

Energy

Services,

Inc.

Class A

4,423

62,762

REX

American

Resources

Corp.

4,047

152,046

Riley

Exploration

Permian,

Inc.

2,713

79,138

Ring

Energy,

Inc.

43,769

50,334

RPC,

Inc.

22,984

126,412

Sable

Offshore

Corp.

13,243

335,975

SandRidge

Energy,

Inc.

7,715

88,105

SEACOR

Marine

Holdings,

Inc.

7,771

39,321

Seadrill

Ltd.

(Norway)

16,635

415,875

Select

Water

Solutions,

Inc.

24,244

254,562

Shoals

Technologies

Group,

Inc.

Class A *

40,893

135,765

Sitio

Royalties

Corp.

Class A

20,773

412,760

Energy

Co.

29,733

890,503

Solaris

Energy

Infrastructure,

Inc.

7,870

171,251

SolarMax

Technology,

Inc.

5,006

6,007

Stem,

Inc.

37,641

13,186

SunCoke

Energy,

Inc.

22,071

203,053

Sunnova

Energy

International,

Inc.

27,194

10,116

Sunrun,

Inc.

57,976

339,739

Energy,

Inc.

(Norway)

33,198

41,830

Talos

Energy,

Inc.

35,933

349,269

TETRA

Technologies,

Inc.

29,491

99,090

Tidewater,

Inc.

12,748

538,858

TPI

Composites,

Inc.

11,346

9,145

Value

Transocean

Ltd.

189,468

600,614

VAALCO

Energy,

Inc.

25,070

94,263

Valaris

Ltd.

15,758

618,659

Verde

Clean

Fuels,

Inc.

1,130

3,786

Vital

Energy,

Inc.

7,470

158,513

Vitesse

Energy,

Inc.

6,309

155,138

W&T

Offshore,

Inc.

26,922

41,729

Warrior

Met

Coal,

Inc.

13,241

631,861

30,064,118

Financial

25.6%

spacing

1st

Source

Corp.

4,937

295,282

Acadia

Realty

Trust

REIT

30,613

641,342

Acadian

Asset

Management,

Inc.

7,284

188,364

ACNB

Corp.

2,271

93,474

Advanced

Flower

Capital,

Inc.

REIT

3,968

22,102

Mortgage

Investment

Trust,

Inc.

REIT

8,637

63,050

Alerus

Financial

Corp.

5,311

98,041

Alexander

Baldwin,

Inc.

REIT

19,156

330,058

Alexander's,

Inc.

REIT

556

116,293

Alpine

Income

Property

Trust,

Inc.

REIT

3,888

65,007

AlTi

Global,

Inc.

9,827

29,874

Amalgamated

Financial

Corp.

4,437

127,564

Ambac

Financial

Group,

Inc.

12,019

105,166

Amerant

Bancorp,

Inc.

9,333

192,633

American

Assets

Trust,

Inc.

REIT

12,690

255,577

American

Coastal

Insurance

Corp.

Class C *

5,723

66,215

American

Healthcare

REIT,

Inc.

39,576

1,199,153

American

Realty

Investors,

Inc.

308

3,373

Ameris

Bancorp

16,727

962,973

AMERISAFE,

Inc.

4,886

256,759

Ames

National

Corp.

1,759

30,818

Angel

Oak

Mortgage

REIT,

Inc.

3,681

35,080

Anywhere

Real

Estate,

Inc.

28,052

93,413

Apartment

Investment

Management

Co.

Class A REIT

37,057

326,102

Apollo

Commercial

Real

Estate

Finance,

Inc.

REIT

34,061

325,964

Apple

Hospitality

REIT,

Inc.

58,973

761,341

Arbor

Realty

Trust,

Inc.

REIT

44,628

524,379

ARES

Commercial

Real

Estate

Corp.

REIT

13,799

63,889

Armada

Hoffler

Properties,

Inc.

REIT

19,944

149,779

ARMOUR

Residential

REIT,

Inc.

13,963

238,767

Arrow

Financial

Corp.

4,358

114,572

Artisan

Partners

Asset

Management,

Inc.

Class A

15,907

621,964

Associated

Banc-Corp.

42,618

960,184

Atlantic

Union

Bankshares

Corp.

22,304

694,547

Atlanticus

Holdings

Corp.

1,496

76,520

Axos

Financial,

Inc.

13,957

900,506

Riley

Financial,

Inc.

5,893

22,806

Baldwin

Insurance

Group,

Inc.

17,260

771,349

Banc

California,

Inc.

35,454

503,092

BancFirst

Corp.

5,062

556,162

Banco

Latinoamericano

Comercio

Exterior

(Panama)

7,219

264,215

Bancorp,

Inc.

12,000

634,080

Bank

First

Corp.

2,567

258,600

Bank

Hawaii

Corp.

9,895

682,458

Bank

Marin

Bancorp

4,032

88,986

Bank

Butterfield

Son

Ltd.

(Bermuda)

11,321

440,613

Bank7

Corp.

841

32,580

163

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

BankUnited,

Inc.

18,949

652,604

Bankwell

Financial

Group,

Inc.

1,898

57,282

Banner

Corp.

9,102

580,435

Bar

Harbor

Bankshares

3,763

111,009

BayCom

Corp.

2,583

65,014

BCB

Bancorp,

Inc.

4,808

47,407

Berkshire

Hills

Bancorp,

Inc.

11,394

297,269

BGC

Group,

Inc.

Class A

91,233

836,607

Bit

Digital,

Inc.

30,097

60,796

Blackstone

Mortgage

Trust,

Inc.

Class A REIT

45,012

900,240

Blue

Foundry

Bancorp

5,245

48,254

Bowhead

Specialty

Holdings,

Inc.

4,043

164,348

Braemar

Hotels

Resorts,

Inc.

REIT

18,208

45,338

Brandywine

Realty

Trust

REIT

44,269

197,440

Bread

Financial

Holdings,

Inc.

8,017

401,491

Bridgewater

Bancshares,

Inc.

4,482

62,255

BrightSpire

Capital,

Inc.

REIT

33,662

187,161

Broadstone

Net

Lease,

Inc.

REIT

48,916

833,529

Brookfield

Business

Corp.

Class A (Canada)

7,067

188,124

Brookline

Bancorp,

Inc.

23,322

254,210

BRT

Apartments

Corp.

REIT

2,492

42,364

Burford

Capital

Ltd.

51,221

676,629

Burke

Herbert

Financial

Services

Corp.

3,558

199,639

Business

First

Bancshares,

Inc.

6,146

149,655

Byline

Bancorp,

Inc.

8,054

210,693

Cadence

Bank

46,120

1,400,203

California

BanCorp

5,481

78,543

Camden

National

Corp.

4,206

170,217

Cannae

Holdings,

Inc.

14,812

271,504

Capital

Bancorp,

Inc.

2,541

71,987

Capital

City

Bank

Group,

Inc.

3,804

136,792

Capitol

Federal

Financial,

Inc.

31,851

178,366

CareTrust

REIT,

Inc.

48,519

1,386,673

Carter

Bankshares,

Inc.

5,755

93,116

Cathay

General

Bancorp

17,720

762,492

CBL

Associates

Properties,

Inc.

REIT

5,722

152,091

Centerspace

REIT

4,080

264,180

Central

Pacific

Financial

Corp.

6,796

183,764

Chatham

Lodging

Trust

REIT

12,606

89,881

Chemung

Financial

Corp.

781

37,152

Chicago

Atlantic

Real

Estate

Finance,

Inc.

REIT

4,482

65,885

Chimera

Investment

Corp.

REIT

21,202

272,022

ChoiceOne

Financial

Services,

Inc.

1,897

54,577

Cipher

Mining,

Inc.

52,533

120,826

Citizens

Northern

Corp.

4,459

89,715

Citizens

Financial

Services,

Inc.

1,202

69,776

City

Holding

Co.

3,674

431,585

City

Office

REIT,

Inc.

12,675

65,783

Civista

Bancshares,

Inc.

4,343

84,862

Claros

Mortgage

Trust,

Inc.

REIT

22,842

85,201

Cleanspark,

Inc.

71,165

478,229

Clipper

Realty,

Inc.

REIT

4,893

18,789

CNB

Financial

Corp.

5,143

114,432

CNO

Financial

Group,

Inc.

26,716

1,112,721

Coastal

Financial

Corp.

3,228

291,843

Cohen

Steers,

Inc.

6,962

558,701

Colony

Bankcorp,

Inc.

4,665

75,340

Columbia

Financial,

Inc.

7,024

105,360

Community

Financial

System,

Inc.

13,245

753,111

Community

Healthcare

Trust,

Inc.

REIT

6,627

120,346

Community

Trust

Bancorp,

Inc.

3,963

199,577

Community

West

Bancshares

4,330

80,018

Value

Compass

Diversified

Holdings

17,646

329,451

Compass,

Inc.

Class A *

95,163

830,773

ConnectOne

Bancorp,

Inc.

9,465

230,094

Consumer

Portfolio

Services,

Inc.

2,941

25,498

COPT

Defense

Properties

REIT

29,089

793,257

Core

Scientific,

Inc.

45,342

328,276

Crawford

Co.

Class A

4,680

53,446

CTO

Realty

Growth,

Inc.

REIT

7,907

152,684

Curbline

Properties

Corp.

REIT

24,928

603,008

Cushman

Wakefield

PLC

43,347

443,006

Customers

Bancorp,

Inc.

7,804

391,761

CVB

Financial

Corp.

33,202

612,909

Dave,

Inc.

2,072

171,272

Diamond

Hill

Investment

Group,

Inc.

690

98,560

DiamondRock

Hospitality

Co.

REIT

55,581

429,085

Dime

Community

Bancshares,

Inc.

10,242

285,547

Diversified

Healthcare

Trust

REIT

53,918

129,403

Donegal

Group,

Inc.

Class A

3,866

75,890

Douglas

Emmett,

Inc.

REIT

32,119

513,904

Dynex

Capital,

Inc.

REIT

22,129

288,120

Eagle

Bancorp,

Inc.

7,495

157,395

Easterly

Government

Properties,

Inc.

REIT

25,379

269,017

Eastern

Bankshares,

Inc.

49,958

819,311

Ellington

Financial,

Inc.

REIT

23,039

305,497

Elme

Communities

REIT

23,059

401,227

Empire

State

Realty

Trust,

Inc.

Class A REIT

35,767

279,698

Employers

Holdings,

Inc.

6,308

319,437

Enact

Holdings,

Inc.

7,460

259,235

Encore

Capital

Group,

Inc.

6,145

210,651

Enova

International,

Inc.

6,416

619,529

Enstar

Group

Ltd.

3,240

1,076,911

Enterprise

Bancorp,

Inc.

2,793

108,731

Enterprise

Financial

Services

Corp.

9,806

526,974

Equity

Bancshares,

Inc.

Class A

4,215

166,071

Esquire

Financial

Holdings,

Inc.

1,949

146,916

ESSA

Bancorp,

Inc.

1,983

37,380

Essent

Group

Ltd.

26,963

1,556,304

Essential

Properties

Realty

Trust,

Inc.

REIT

44,909

1,465,830

eXp

World

Holdings,

Inc.

21,519

210,456

F&G

Annuities

Life,

Inc.

4,833

174,230

Farmers

Merchants

Bancorp,

Inc.

3,158

75,508

Farmers

National

Banc

Corp.

9,016

117,659

Farmland

Partners,

Inc.

REIT

11,924

132,953

Financial

Corp.

9,489

439,910

Federal

Agricultural

Mortgage

Corp.

Class C

2,407

451,337

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

12,656

205,027

Fidelity

D&D

Bancorp,

Inc.

1,217

50,639

Financial

Institutions,

Inc.

4,816

120,207

First

BanCorp

41,437

794,347

First

Bancorp,

Inc.

2,555

63,160

First

Bancorp/Southern

Pines

10,513

421,992

First

Bancshares,

Inc.

7,904

267,234

First

Bank

5,270

78,049

First

Busey

Corp.

21,379

461,786

First

Business

Financial

Services,

Inc.

2,259

106,512

First

Commonwealth

Financial

Corp.

26,762

415,881

First

Community

Bankshares,

Inc.

4,241

159,843

First

Financial

Bancorp

23,257

580,960

First

Financial

Bankshares,

Inc.

33,220

1,193,262

First

Financial

Corp.

2,822

138,222

First

Financial

Northwest,

Inc.

2,017

45,705

First

Foundation,

Inc.

17,190

89,216

164

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

First

Internet

Bancorp

1,971

52,783

First

Interstate

BancSystem,

Inc.

Class A

20,319

582,139

First

Merchants

Corp.

14,912

603,041

First

Mid

Bancshares,

Inc.

6,165

215,159

First

Long

Island

Corp.

5,244

64,763

First

Western

Financial,

Inc.

2,110

41,462

Five

Star

Bancorp

4,664

129,659

Flagstar

Financial,

Inc.

65,778

764,340

Flushing

Financial

Corp.

8,008

101,702

Forge

Global

Holdings,

Inc.

31,675

17,801

Four

Corners

Property

Trust,

Inc.

REIT

25,076

719,681

Franklin

BSP

Realty

Trust,

Inc.

REIT

20,629

262,813

Franklin

Street

Properties

Corp.

REIT

29,272

52,104

FrontView

REIT,

Inc.

3,025

38,690

FRP

Holdings,

Inc.

3,726

106,452

Bancorp,

Inc.

1,884

71,611

FTAI

Aviation

Ltd.

26,190

2,907,876

FTAI

Infrastructure,

Inc.

25,842

117,064

Fulton

Financial

Corp.

46,547

842,035

FVCBankcorp,

Inc.

3,783

39,986

GCM

Grosvenor,

Inc.

Class A

10,183

134,721

Genworth

Financial,

Inc.

107,579

762,735

German

American

Bancorp,

Inc.

7,547

283,013

Getty

Realty

Corp.

REIT

12,973

404,498

Glacier

Bancorp,

Inc.

29,524

1,305,551

Gladstone

Commercial

Corp.

REIT

10,566

158,279

Gladstone

Land

Corp.

REIT

9,528

100,235

Global

Medical

REIT,

Inc.

15,525

135,844

Global

Net

Lease,

Inc.

REIT

52,431

421,545

GoHealth,

Inc.

Class A *

1,146

14,061

Goosehead

Insurance,

Inc.

Class A

5,861

691,950

Granite

Point

Mortgage

Trust,

Inc.

REIT

15,191

39,497

Great

Southern

Bancorp,

Inc.

2,416

133,774

Greene

County

Bancorp,

Inc.

1,909

46,026

Greenlight

Capital

Ltd.

Class A *

7,418

100,514

Guaranty

Bancshares,

Inc.

2,295

91,869

Sustainable

Infrastructure

Capital,

Inc.

30,332

886,908

Hamilton

Insurance

Group

Ltd.

Class B *

(Bermuda)

10,391

215,405

Hamilton

Lane,

Inc.

Class A

10,218

1,519,110

Hancock

Whitney

Corp.

22,382

1,173,936

Hanmi

Financial

Corp.

7,807

176,907

HarborOne

Bancorp,

Inc.

9,969

103,379

HBT

Financial,

Inc.

3,530

79,107

HCI

Group,

Inc.

2,177

324,874

Heritage

Commerce

Corp.

16,032

152,625

Heritage

Financial

Corp.

8,789

213,836

Heritage

Insurance

Holdings,

Inc.

6,573

94,783

Hilltop

Holdings,

Inc.

12,105

368,597

Hingham

Institution

For

Savings

444

105,583

Hippo

Holdings,

Inc.

5,152

131,685

Home

Bancorp,

Inc.

1,743

78,086

Home

BancShares,

Inc.

47,775

1,350,599

HomeStreet,

Inc.

3,902

45,809

HomeTrust

Bancshares,

Inc.

3,873

132,766

Hope

Bancorp,

Inc.

30,413

318,424

Horace

Mann

Educators

Corp.

10,803

461,612

Horizon

Bancorp,

Inc.

11,502

173,450

Hudson

Pacific

Properties,

Inc.

REIT

34,827

102,740

Hut

Corp.

(Canada)

21,318

247,715

Independence

Realty

Trust,

Inc.

REIT

58,564

1,243,314

Independent

Bank

Corp.

(IBCP

US)

5,232

161,093

Independent

Bank

Corp.

(INDB

US)

10,762

674,240

Industrial

Logistics

Properties

Trust

REIT

19,087

65,659

Value

Innovative

Industrial

Properties,

Inc.

REIT

7,412

400,915

International

Bancshares

Corp.

13,834

872,372

International

Money

Express,

Inc.

8,262

104,266

InvenTrust

Properties

Corp.

REIT

19,944

585,755

Invesco

Mortgage

Capital,

Inc.

REIT

15,404

121,538

Investar

Holding

Corp.

2,084

36,699

Investors

Title

Co.

373

89,923

Jackson

Financial,

Inc.

Class A

18,792

1,574,394

James

River

Group

Holdings

Ltd.

8,073

33,907

JBG

SMITH

Properties

REIT

20,212

325,615

John

Marshall

Bancorp,

Inc.

3,207

52,980

Kearny

Financial

Corp.

14,009

87,696

Kennedy-Wilson

Holdings,

Inc.

29,772

258,421

Kingsway

Financial

Services,

Inc.

(Canada)

3,503

27,744

Kite

Realty

Group

Trust

REIT

55,631

1,244,465

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

14,555

157,194

Ladder

Capital

Corp.

REIT

30,485

347,834

Lakeland

Financial

Corp.

6,129

364,308

LCNB

Corp.

3,268

48,334

Legacy

Housing

Corp.

2,386

60,175

Lemonade,

Inc.

13,493

424,085

LendingClub

Corp.

28,856

297,794

LendingTree,

Inc.

2,454

123,363

LINKBANCORP,

Inc.

5,909

40,063

Live

Oak

Bancshares,

Inc.

9,081

242,099

LTC

Properties,

Inc.

REIT

11,488

407,250

LXP

Industrial

Trust

REIT

76,488

661,621

Macerich

Co.

REIT

64,436

1,106,366

Maiden

Holdings

Ltd.

26,244

14,967

MARA

Holdings,

Inc.

87,921

1,011,092

Marcus

Millichap,

Inc.

6,167

212,453

Maui

Land

Pineapple

Co.,

Inc.

2,581

45,348

MBIA,

Inc.

12,241

60,960

McGrath

RentCorp

6,293

701,040

Medallion

Financial

Corp.

3,923

34,169

Mercantile

Bank

Corp.

4,031

175,107

Merchants

Bancorp

4,601

170,237

Mercury

General

Corp.

6,756

377,660

Metrocity

Bankshares,

Inc.

4,796

132,226

Metropolitan

Bank

Holding

Corp.

2,628

147,142

MFA

Financial,

Inc.

REIT

26,953

276,538

Mid

Penn

Bancorp,

Inc.

4,332

112,242

Middlefield

Banc

Corp.

1,903

53,189

Midland

States

Bancorp,

Inc.

5,116

87,586

MidWestOne

Financial

Group,

Inc.

4,916

145,563

Moelis

Co.

Class A

17,577

1,025,794

Mr.

Cooper

Group,

Inc.

16,333

1,953,427

MVB

Financial

Corp.

3,422

59,269

National

Bank

Holdings

Corp.

Class A

9,672

370,147

National

Bankshares,

Inc.

1,297

34,539

National

Health

Investors,

Inc.

REIT

11,310

835,357

Navient

Corp.

19,362

244,542

Bancorp,

Inc.

9,956

179,905

NBT

Bancorp,

Inc.

12,145

521,021

Nelnet,

Inc.

Class A

3,608

400,235

NerdWallet,

Inc.

Class A *

8,133

73,604

NET

Lease

Office

Properties

REIT

3,732

117,110

NETSTREIT

Corp.

REIT

20,166

319,631

New

York

Mortgage

Trust,

Inc.

REIT

22,811

148,043

Newmark

Group,

Inc.

Class A

33,468

407,306

NewtekOne,

Inc.

6,627

79,259

NexPoint

Diversified

Real

Estate

Trust

REIT

10,460

40,062

Nexpoint

Real

Estate

Finance,

Inc.

REIT

1,780

27,216

165

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

NexPoint

Residential

Trust,

Inc.

REIT

6,042

238,840

Holdings,

Inc.

2,437

34,752

Nicolet

Bankshares,

Inc.

3,500

381,360

NMI

Holdings,

Inc.

20,338

733,185

Northeast

Bank

1,709

156,442

Northeast

Community

Bancorp,

Inc.

3,646

85,462

Northfield

Bancorp,

Inc.

9,371

102,238

Northrim

BanCorp,

Inc.

1,500

109,830

Northwest

Bancshares,

Inc.

33,122

398,126

Norwood

Financial

Corp.

2,376

57,428

Oak

Valley

Bancorp

2,000

49,920

OceanFirst

Financial

Corp.

15,210

258,722

Offerpad

Solutions,

Inc.

5,063

8,405

OFG

Bancorp

11,645

466,033

Old

National

Bancorp

81,346

1,723,722

Old

Second

Bancorp,

Inc.

10,934

181,942

One

Liberty

Properties,

Inc.

REIT

4,711

123,758

Onity

Group,

Inc.

1,643

53,102

OppFi,

Inc.

4,841

45,021

Orange

County

Bancorp,

Inc.

2,580

60,346

Orchid

Island

Capital,

Inc.

REIT

19,872

149,437

Origin

Bancorp,

Inc.

7,662

265,642

Orion

Properties,

Inc.

REIT

15,190

32,507

Orrstown

Financial

Services,

Inc.

4,602

138,106

Outfront

Media,

Inc.

REIT

37,849

610,883

P10,

Inc.

Class A

10,152

119,286

Pacific

Premier

Bancorp,

Inc.

25,200

537,264

Pagseguro

Digital

Ltd.

Class A *

(Brazil)

47,528

362,639

Palomar

Holdings,

Inc.

6,768

927,757

Paramount

Group,

Inc.

REIT

48,327

207,806

Park

National

Corp.

3,676

556,546

Parke

Bancorp,

Inc.

3,261

61,437

Pathward

Financial,

Inc.

6,282

458,272

Patria

Investments

Ltd.

Class A (Cayman)

15,227

171,913

Paysign,

Inc.

5,354

11,350

PCB

Bancorp

2,547

47,654

Peakstone

Realty

Trust

REIT

9,543

120,242

Peapack-Gladstone

Financial

Corp.

4,263

121,069

Pebblebrook

Hotel

Trust

REIT

31,431

318,396

PennyMac

Financial

Services,

Inc.

6,986

699,368

PennyMac

Mortgage

Investment

Trust

REIT

22,014

322,505

Peoples

Bancorp

North

Carolina,

Inc.

1,450

39,498

Peoples

Bancorp,

Inc.

9,090

269,609

Peoples

Financial

Services

Corp.

2,413

107,306

Perella

Weinberg

Partners

13,786

253,662

Phillips

Edison

Co.,

Inc.

REIT

31,670

1,155,638

Piedmont

Office

Realty

Trust,

Inc.

Class A REIT

32,910

242,547

Pioneer

Bancorp,

Inc.

3,302

38,666

Piper

Sandler

Cos.

4,500

1,114,470

PJT

Partners,

Inc.

Class A

6,050

834,174

Plumas

Bancorp

1,631

70,573

Plymouth

Industrial

REIT,

Inc.

10,082

164,337

Ponce

Financial

Group,

Inc.

4,094

51,871

Postal

Realty

Trust,

Inc.

Class A REIT

5,903

84,295

PotlatchDeltic

Corp.

REIT

20,284

915,214

PRA

Group,

Inc.

9,919

204,530

Preferred

Bank

2,429

203,210

Primis

Financial

Corp.

4,573

44,678

Princeton

Bancorp,

Inc.

1,225

37,424

ProAssurance

Corp.

13,737

320,759

Provident

Bancorp,

Inc.

4,472

51,339

Provident

Financial

Services,

Inc.

33,201

570,061

QCR

Holdings,

Inc.

4,159

296,620

Value

Radian

Group,

Inc.

38,389

1,269,524

RBB

Bancorp

4,258

70,257

RE/MAX

Holdings,

Inc.

Class A *

4,817

40,318

Ready

Capital

Corp.

REIT

43,620

222,026

Real

Brokerage,

Inc.

(Canada)

23,953

97,249

Red

River

Bancshares,

Inc.

1,177

60,792

Redfin

Corp.

30,762

283,318

Redwood

Trust,

Inc.

REIT

34,627

210,186

Regional

Management

Corp.

2,236

67,326

Renasant

Corp.

16,447

558,047

Republic

Bancorp,

Inc.

Class A

2,182

139,255

Resolute

Holdings

Management,

Inc.

547

17,143

Riot

Platforms,

Inc.

80,183

570,903

RLJ

Lodging

Trust

REIT

40,320

318,125

RMR

Group,

Inc.

Class A

4,523

75,308

Roadzen,

Inc.

10,730

11,159

Root,

Inc.

Class A *

2,264

302,108

Ryman

Hospitality

Properties,

Inc.

REIT

15,223

1,391,991

S&T

Bancorp,

Inc.

10,109

374,538

Sabra

Health

Care

REIT,

Inc.

61,164

1,068,535

Safehold,

Inc.

REIT

13,522

253,132

Safety

Insurance

Group,

Inc.

3,804

300,060

Sandy

Spring

Bancorp,

Inc.

11,724

327,686

Saul

Centers,

Inc.

REIT

2,706

97,605

Seacoast

Banking

Corp.

Florida

21,966

565,185

Selective

Insurance

Group,

Inc.

15,683

1,435,622

Selectquote,

Inc.

33,389

111,519

Service

Properties

Trust

REIT

42,751

111,580

ServisFirst

Bancshares,

Inc.

12,918

1,067,027

Seven

Hills

Realty

Trust

REIT

3,790

47,337

Shore

Bancshares,

Inc.

7,498

101,523

Sierra

Bancorp

3,280

91,446

Silvercrest

Asset

Management

Group,

Inc.

Class A

2,703

44,221

Simmons

First

National

Corp.

Class A

31,262

641,809

SiriusPoint

Ltd.

(Sweden)

17,210

297,561

SITE

Centers

Corp.

REIT

11,840

152,026

Sky

Harbour

Group

Corp.

3,083

40,110

Skyward

Specialty

Insurance

Group,

Inc.

9,824

519,886

Green

Realty

Corp.

REIT

18,486

1,066,642

SmartFinancial,

Inc.

4,175

129,759

South

Plains

Financial,

Inc.

3,186

105,520

Southern

First

Bancshares,

Inc.

2,115

69,626

Southern

Missouri

Bancorp,

Inc.

2,549

132,599

Southern

States

Bancshares,

Inc.

2,252

80,509

Southside

Bancshares,

Inc.

7,344

212,682

SouthState

Corp.

25,245

2,343,241

St.

Joe

Co.

9,442

443,302

Star

Holdings

3,395

28,891

Stellar

Bancorp,

Inc.

12,687

350,922

StepStone

Group,

Inc.

Class A

17,191

897,886

Sterling

Bancorp,

Inc.

5,290

25,604

Stewart

Information

Services

Corp.

7,070

504,445

Stock

Yards

Bancorp,

Inc.

6,803

469,815

StoneX

Group,

Inc.

10,744

820,627

Stratus

Properties,

Inc.

1,416

25,134

Strawberry

Fields

REIT,

Inc.

2,052

24,439

Summit

Hotel

Properties,

Inc.

REIT

29,249

158,237

Sunrise

Realty

Trust,

Inc.

REIT

3,065

33,930

Sunstone

Hotel

Investors,

Inc.

REIT

52,079

490,063

SWK

Holdings

Corp.

1,531

26,624

Tanger,

Inc.

REIT

27,460

927,873

Terawulf,

Inc.

69,620

190,063

Terreno

Realty

Corp.

REIT

25,466

1,609,961

166

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Texas

Capital

Bancshares,

Inc.

12,029

898,566

Third

Coast

Bancshares,

Inc.

2,852

95,171

Timberland

Bancorp,

Inc.

2,149

64,792

Tiptree,

Inc.

6,823

164,366

Tompkins

Financial

Corp.

3,380

212,872

Towne

Bank

18,154

620,685

TPG

Finance

Trust,

Inc.

REIT

15,141

123,399

Transcontinental

Realty

Investors,

Inc.

REIT

349

9,755

TriCo

Bancshares

8,394

335,508

Triumph

Financial,

Inc.

5,799

335,182

Trupanion,

Inc.

8,624

321,416

TrustCo

Bank

Corp.

4,712

143,622

Trustmark

Corp.

15,275

526,835

Two

Harbors

Investment

Corp.

REIT

26,988

360,560

UMB

Financial

Corp.

17,643

1,783,707

UMH

Properties,

Inc.

REIT

18,474

345,464

United

Bankshares,

Inc.

33,991

1,178,468

United

Community

Banks,

Inc.

29,823

838,921

United

Fire

Group,

Inc.

5,537

163,120

Uniti

Group,

Inc.

REIT

62,943

317,233

Unity

Bancorp,

Inc.

1,760

71,632

Universal

Health

Realty

Income

Trust

REIT

3,316

135,823

Universal

Insurance

Holdings,

Inc.

5,670

134,379

Univest

Financial

Corp.

7,171

203,370

Upstart

Holdings,

Inc.

20,633

949,737

Urban

Edge

Properties

REIT

32,698

621,262

USCB

Financial

Holdings,

Inc.

2,558

47,476

Valley

National

Bancorp

122,241

1,086,722

Velocity

Financial,

Inc.

2,465

46,120

Veris

Residential,

Inc.

REIT

20,535

347,452

Veritex

Holdings,

Inc.

13,833

345,410

Victory

Capital

Holdings,

Inc.

Class A

10,575

611,975

Virginia

National

Bankshares

Corp.

961

34,673

Virtus

Investment

Partners,

Inc.

1,782

307,146

WaFd,

Inc.

19,304

551,708

Walker

Dunlop,

Inc.

8,172

697,562

Washington

Trust

Bancorp,

Inc.

4,943

152,541

Waterstone

Financial,

Inc.

3,967

53,356

WesBanco,

Inc.

22,496

696,476

West

BanCorp,

Inc.

3,900

77,766

Westamerica

BanCorp

6,766

342,563

Whitestone

REIT

12,884

187,720

WisdomTree,

Inc.

34,341

306,322

World

Acceptance

Corp.

914

115,667

WSFS

Financial

Corp.

14,907

773,226

Xenia

Hotels

Resorts,

Inc.

REIT

26,999

317,508

160,391,614

Industrial

15.3%

spacing

374Water,

Inc.

14,856

5,051

908

Devices,

Inc.

6,002

26,889

AAR

Corp.

9,053

506,877

Advanced

Energy

Industries,

Inc.

9,551

910,306

AeroVironment,

Inc.

7,275

867,107

AerSale

Corp.

7,789

58,340

Air

Transport

Services

Group,

Inc.

13,451

301,840

Alamo

Group,

Inc.

2,688

479,028

Albany

International

Corp.

Class A

7,856

542,378

Allient,

Inc.

3,463

76,117

American

Superconductor

Corp.

9,174

166,416

American

Woodmark

Corp.

3,767

221,613

AMMO,

Inc.

24,273

33,497

Amprius

Technologies,

Inc.

1,179

3,160

Value

Apogee

Enterprises,

Inc.

5,791

268,297

Applied

Industrial

Technologies,

Inc.

9,930

2,237,626

Applied

Optoelectronics,

Inc.

11,511

176,694

ArcBest

Corp.

5,930

418,539

Archer

Aviation,

Inc.

Class A *

83,166

591,310

Arcosa,

Inc.

12,461

960,992

Ardagh

Metal

Packaging

36,264

109,517

Ardmore

Shipping

Corp.

(Ireland)

9,989

97,792

Argan,

Inc.

3,267

428,532

Arq,

Inc.

7,288

30,391

Aspen

Aerogels,

Inc.

15,191

97,071

Astec

Industries,

Inc.

5,979

205,977

Astronics

Corp.

7,613

184,006

Atkore,

Inc.

8,875

532,411

Atmus

Filtration

Technologies,

Inc.

21,489

789,291

AZZ,

Inc.

7,620

637,108

Badger

Meter,

Inc.

7,608

1,447,422

Bel

Fuse,

Inc.

Class A

476

34,301

Bel

Fuse,

Inc.

Class B

2,710

202,871

Belden,

Inc.

10,402

1,042,801

Benchmark

Electronics,

Inc.

9,270

352,538

Bloom

Energy

Corp.

Class A *

52,099

1,024,266

Boise

Cascade

Co.

9,883

969,423

Bowman

Consulting

Group

Ltd.

3,087

67,389

Byrna

Technologies,

Inc.

4,107

69,162

Cactus,

Inc.

Class A

17,094

783,418

Cadre

Holdings,

Inc.

6,790

201,052

Caesarstone

Ltd.

5,706

13,866

Casella

Waste

Systems,

Inc.

Class A *

16,001

1,784,272

CECO

Environmental

Corp.

7,673

174,944

Centuri

Holdings,

Inc.

4,082

66,904

ChargePoint

Holdings,

Inc.

96,083

58,130

Chart

Industries,

Inc.

11,051

1,595,322

Clearwater

Paper

Corp.

3,900

98,943

Columbus

McKinnon

Corp.

7,417

125,570

Concrete

Pumping

Holdings,

Inc.

7,352

40,142

Construction

Partners,

Inc.

Class A *

11,904

855,541

Core

Molding

Technologies,

Inc.

2,036

30,947

Costamare,

Inc.

(Monaco)

11,326

111,448

Covenant

Logistics

Group,

Inc.

3,924

87,113

CryoPort,

Inc.

12,136

73,787

CSW

Industrials,

Inc.

4,330

1,262,282

CTS

Corp.

7,849

326,126

DHT

Holdings,

Inc.

35,055

368,078

Dorian

LPG

Ltd.

9,522

212,721

Ducommun,

Inc.

3,576

207,515

DXP

Enterprises,

Inc.

3,203

263,479

Dycom

Industries,

Inc.

7,321

1,115,281

Eastern

Co.

1,479

37,448

Eastman

Kodak

Co.

16,540

104,533

Energizer

Holdings,

Inc.

18,310

547,835

Energy

Recovery,

Inc.

14,709

233,726

Enerpac

Tool

Group

Corp.

13,692

614,223

EnerSys

10,245

938,237

Enovix

Corp.

42,537

312,222

Enpro,

Inc.

5,376

869,783

Enviri

Corp.

20,777

138,167

ESCO

Technologies,

Inc.

6,697

1,065,627

Eve

Holding,

Inc.

12,135

40,288

Evolv

Technologies

Holdings,

Inc.

33,946

105,912

Exponent,

Inc.

12,952

1,049,889

Fabrinet

(Thailand)

9,404

1,857,384

FARO

Technologies,

Inc.

4,769

130,194

Federal

Signal

Corp.

15,522

1,141,643

167

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

FLEX

LNG

Ltd.

(Norway)

7,506

172,563

Fluor

Corp.

44,178

1,582,456

Forward

Air

Corp.

6,484

130,264

Franklin

Electric

Co.,

Inc.

11,425

1,072,579

Frontdoor,

Inc.

20,041

769,975

GATX

Corp.

9,225

1,432,366

Genco

Shipping

Trading

Ltd.

10,786

144,101

Gencor

Industries,

Inc.

3,054

37,137

Gibraltar

Industries,

Inc.

7,944

465,995

Golden

Ocean

Group

Ltd.

(Norway)

31,985

255,240

GoPro,

Inc.

Class A *

36,282

24,051

Gorman-Rupp

Co.

5,410

189,891

GrafTech

International

Ltd.

66,534

58,177

Graham

Corp.

2,464

71,012

Granite

Construction,

Inc.

11,319

853,453

Great

Lakes

Dredge

Dock

Corp.

16,743

145,664

Greenbrier

Cos.,

Inc.

8,090

414,370

Greif,

Inc.

Class A

6,524

358,755

Greif,

Inc.

Class B

1,362

80,739

Griffon

Corp.

10,116

723,294

Heartland

Express,

Inc.

11,316

104,334

Helios

Technologies,

Inc.

8,694

278,990

Hillenbrand,

Inc.

18,362

443,259

Hillman

Solutions

Corp.

51,313

451,041

Himalaya

Shipping

Ltd.

(Bermuda)

8,294

45,451

Hub

Group,

Inc.

Class A

15,453

574,388

Hyster-Yale,

Inc.

3,014

125,202

Ichor

Holdings

Ltd.

8,702

196,752

IES

Holdings,

Inc.

2,167

357,793

Insteel

Industries,

Inc.

4,538

119,349

International

Seaways,

Inc.

10,609

352,219

Intuitive

Machines,

Inc.

10,850

80,833

Itron,

Inc.

11,681

1,223,702

Janus

International

Group,

Inc.

34,720

249,984

JBT

Marel

Corp.

12,159

1,485,830

JELD-WEN

Holding,

Inc.

22,395

133,698

Joby

Aviation,

Inc.

112,362

676,419

Kadant,

Inc.

2,992

1,008,035

Karat

Packaging,

Inc.

2,095

55,685

Kennametal,

Inc.

19,737

420,398

Kimball

Electronics,

Inc.

5,998

98,667

Knife

River

Corp.

14,658

1,322,298

Knowles

Corp.

22,282

338,686

Kratos

Defense

Security

Solutions,

Inc.

38,248

1,135,583

L.B.

Foster

Co.

Class A *

1,888

37,156

LanzaTech

Global,

Inc.

32,609

7,895

Latham

Group,

Inc.

9,475

60,924

Leonardo

DRS,

Inc.

18,994

624,523

Limbach

Holdings,

Inc.

2,713

202,037

Lindsay

Corp.

2,811

355,648

LSB

Industries,

Inc.

13,777

90,790

LSI

Industries,

Inc.

7,491

127,347

Luxfer

Holdings

PLC

(United

Kingdom)

7,115

84,384

Manitowoc

Co.,

Inc.

9,869

84,775

Marten

Transport

Ltd.

15,158

207,968

Masterbrand,

Inc.

33,134

432,730

Materion

Corp.

5,390

439,824

Matson,

Inc.

8,473

1,085,984

Mayville

Engineering

Co.,

Inc.

2,749

36,919

Mercury

Systems,

Inc.

13,293

572,795

Mesa

Laboratories,

Inc.

1,256

149,037

Metallus,

Inc.

10,764

143,807

MicroVision,

Inc.

57,622

71,451

Mirion

Technologies,

Inc.

53,607

777,302

Value

Mistras

Group,

Inc.

5,187

54,878

Modine

Manufacturing

Co.

13,232

1,015,556

Montrose

Environmental

Group,

Inc.

8,258

117,759

Moog,

Inc.

Class A

7,217

1,251,067

Mueller

Industries,

Inc.

28,804

2,193,137

Mueller

Water

Products,

Inc.

Class A

39,801

1,011,741

Myers

Industries,

Inc.

9,354

111,593

MYR

Group,

Inc.

4,146

468,871

NANO

Nuclear

Energy,

Inc.

6,330

167,492

Napco

Security

Technologies,

Inc.

8,649

199,100

National

Presto

Industries,

Inc.

1,277

112,261

Net

Power,

Inc.

6,017

15,825

NEXTracker,

Inc.

Class A *

37,094

1,563,141

Industries,

Inc.

2,103

16,614

nLight,

Inc.

11,861

92,160

NN,

Inc.

13,771

31,122

Nordic

American

Tankers

Ltd.

49,947

122,870

Northwest

Pipe

Co.

2,663

109,982

Novanta,

Inc.

9,108

1,164,640

NuScale

Power

Corp.

23,331

330,367

NV5

Global,

Inc.

14,717

283,597

NVE

Corp.

1,055

67,246

O-I

Glass,

Inc.

40,474

464,237

Olympic

Steel,

Inc.

2,848

89,769

Omega

Flex,

Inc.

916

31,858

Orion

Group

Holdings,

Inc.

9,174

47,980

OSI

Systems,

Inc.

4,108

798,349

Pactiv

Evergreen,

Inc.

10,519

189,447

PAMT

Corp.

2,014

24,450

Pangaea

Logistics

Solutions

Ltd.

8,909

42,407

Park

Aerospace

Corp.

5,378

72,334

Park-Ohio

Holdings

Corp.

2,241

48,406

Perma-Fix

Environmental

Services,

Inc.

3,742

27,204

Plexus

Corp.

6,932

888,197

Powell

Industries,

Inc.

2,455

418,160

Primoris

Services

Corp.

13,808

792,717

Proficient

Auto

Logistics,

Inc.

4,276

35,790

Proto

Labs,

Inc.

6,170

216,197

Pure

Cycle

Corp.

5,726

59,951

PureCycle

Technologies,

Inc.

32,775

226,803

Quest

Resource

Holding

Corp.

4,497

11,692

Radiant

Logistics,

Inc.

8,070

49,631

Ranpak

Holdings

Corp.

12,728

68,986

Redwire

Corp.

5,396

44,733

Rocket

Lab

USA,

Inc.

90,993

1,626,955

RXO,

Inc.

41,246

787,799

Ryerson

Holding

Corp.

6,658

152,868

Safe

Bulkers,

Inc.

(Monaco)

13,588

50,140

Sanmina

Corp.

13,863

1,056,083

Scorpio

Tankers,

Inc.

(Monaco)

11,379

427,623

SFL

Corp.

Ltd.

(Norway)

33,140

271,748

Sight

Sciences,

Inc.

10,444

25,066

SmartRent,

Inc.

45,179

54,667

Smith

Wesson

Brands,

Inc.

10,484

97,711

Smith-Midland

Corp.

1,297

40,298

Southland

Holdings,

Inc.

2,263

6,766

SPX

Technologies,

Inc.

11,587

1,492,174

Standard

BioTools,

Inc.

76,552

82,676

Standex

International

Corp.

2,947

475,616

Sterling

Infrastructure,

Inc.

7,615

862,094

Stoneridge,

Inc.

8,527

39,139

Sturm

Ruger

Co.,

Inc.

4,047

159,007

Taylor

Devices,

Inc.

649

20,943

Tecnoglass,

Inc.

5,644

403,828

168

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Teekay

Corp.

Ltd.

(Bermuda)

13,900

91,323

Teekay

Tankers

Ltd.

Class A (Canada)

6,298

241,024

Tennant

Co.

4,909

391,493

Terex

Corp.

16,997

642,147

Thermon

Group

Holdings,

Inc.

8,507

236,920

Tredegar

Corp.

7,911

60,915

TriMas

Corp.

10,553

247,257

Trinity

Industries,

Inc.

20,771

582,834

Triumph

Group,

Inc.

19,242

487,592

TTM

Technologies,

Inc.

25,875

530,696

Turtle

Beach

Corp.

4,515

64,429

Tutor

Perini

Corp.

11,408

264,437

Twin

Disc,

Inc.

3,148

23,830

UFP

Industries,

Inc.

15,453

1,654,089

Ultralife

Corp.

2,862

15,398

Universal

Logistics

Holdings,

Inc.

1,899

49,830

Vicor

Corp.

5,941

277,920

Virgin

Galactic

Holdings,

Inc.

5,212

15,792

VirTra,

Inc.

3,218

13,097

Vishay

Intertechnology,

Inc.

32,126

510,803

Watts

Water

Technologies,

Inc.

Class A

7,033

1,434,169

Werner

Enterprises,

Inc.

16,173

473,869

Willis

Lease

Finance

Corp.

761

120,215

World

Kinect

Corp.

14,405

408,526

Worthington

Enterprises,

Inc.

8,240

412,742

Worthington

Steel,

Inc.

8,540

216,318

Xometry,

Inc.

Class A *

11,052

275,416

Zurn

Elkay

Water

Solutions

Corp.

36,647

1,208,618

96,307,529

Technology

9.0%

spacing

Systems

Corp.

31,110

65,953

8x8,

Inc.

32,719

65,438

ACI

Worldwide,

Inc.

27,314

1,494,349

ACM

Research,

Inc.

Class A *

13,387

312,453

ACV

Auctions,

Inc.

Class A *

37,390

526,825

Adeia,

Inc.

28,810

380,868

Aehr

Test

Systems

7,518

54,806

Agilysys,

Inc.

5,928

430,017

Airship

Holdings,

Inc.

4,331

16,718

Alignment

Healthcare,

Inc.

26,185

487,565

Alkami

Technology,

Inc.

15,662

411,128

Alpha

Omega

Semiconductor

Ltd.

6,192

153,933

Ambarella,

Inc.

9,946

500,582

Amplitude,

Inc.

Class A *

19,519

198,899

Appian

Corp.

Class A *

10,543

303,744

Arteris,

Inc.

8,223

56,821

Asana,

Inc.

Class A *

21,033

306,451

ASGN,

Inc.

11,129

701,350

Asure

Software,

Inc.

7,039

67,222

AvePoint,

Inc.

33,420

482,585

AvidXchange

Holdings,

Inc.

45,680

387,366

Axcelis

Technologies,

Inc.

8,539

424,132

Bandwidth,

Inc.

Class A *

6,845

89,669

BigBear.ai

Holdings,

Inc.

25,077

71,720

BigCommerce

Holdings,

Inc.

18,263

105,195

Blackbaud,

Inc.

10,074

625,092

BlackLine,

Inc.

15,129

732,546

Blend

Labs,

Inc.

Class A *

60,598

203,003

Box,

Inc.

Class A *

36,084

1,113,552

Braze,

Inc.

Class A *

17,116

617,545

C3.ai,

Inc.

Class A *

29,010

610,661

Cantaloupe,

Inc.

14,420

113,485

Cerence,

Inc.

11,241

88,804

Value

CEVA,

Inc.

5,742

147,053

Clear

Secure,

Inc.

Class A

23,050

597,225

Clearwater

Analytics

Holdings,

Inc.

Class A *

48,170

1,290,956

Climb

Global

Solutions,

Inc.

1,077

119,289

Cohu,

Inc.

12,035

177,035

Commvault

Systems,

Inc.

11,222

1,770,383

Conduent,

Inc.

41,733

112,679

Consensus

Cloud

Solutions,

Inc.

4,281

98,805

Corsair

Gaming,

Inc.

11,410

101,093

Cricut,

Inc.

Class A

12,594

64,859

Disco,

Inc.

7,172

29,333

CSG

Systems

International,

Inc.

7,577

458,181

D-Wave

Quantum,

Inc.

(Canada)

47,088

357,869

Daily

Journal

Corp.

365

145,160

Definitive

Healthcare

Corp.

15,307

44,237

Diebold

Nixdorf,

Inc.

6,733

294,367

Digi

International,

Inc.

9,401

261,630

Digimarc

Corp.

3,901

50,011

Digital

Turbine,

Inc.

26,705

72,504

DigitalOcean

Holdings,

Inc.

17,172

573,373

Diodes,

Inc.

11,600

500,772

Domo,

Inc.

Class B *

8,871

68,839

Donnelley

Financial

Solutions,

Inc.

7,209

315,105

E2open

Parent

Holdings,

Inc.

52,540

105,080

eGain

Corp.

5,873

28,484

Enfusion,

Inc.

Class A *

12,680

141,382

EverCommerce,

Inc.

6,233

62,829

Everspin

Technologies,

Inc.

5,712

29,131

Evolent

Health,

Inc.

Class A *

30,176

285,767

ExlService

Holdings,

Inc.

40,781

1,925,271

Fastly,

Inc.

Class A *

33,757

213,682

FormFactor,

Inc.

19,858

561,783

Freshworks,

Inc.

Class A *

52,723

743,922

GCT

Semiconductor

Holding,

Inc.

4,039

6,624

GigaCloud

Technology,

Inc.

Class A *

(Hong

Kong)

6,028

85,598

Golden

Matrix

Group,

Inc.

8,558

16,859

Grid

Dynamics

Holdings,

Inc.

16,287

254,892

Health

Catalyst,

Inc.

16,301

73,844

Verticals,

Inc.

Class A *

6,300

155,421

IBEX

Holdings

Ltd.

2,665

64,893

Ibotta,

Inc.

Class A *

3,997

168,673

Immersion

Corp.

9,223

69,910

Impinj,

Inc.

5,816

527,511

Innodata,

Inc.

7,154

256,829

Insight

Enterprises,

Inc.

6,978

1,046,630

Inspired

Entertainment,

Inc.

5,923

50,582

Intapp,

Inc.

13,643

796,478

Integral

Science

Holding

Corp.

18,927

152,552

IonQ,

Inc.

52,689

1,162,846

Jamf

Holding

Corp.

21,320

259,038

Kaltura,

Inc.

21,908

41,187

Kulicke

Soffa

Industries,

Inc.

(Singapore)

13,183

434,775

Life360,

Inc.

2,685

103,077

Logility

Supply

Chain

Solutions,

Inc.

Class A

7,634

108,861

Maximus,

Inc.

14,703

1,002,598

MaxLinear,

Inc.

20,891

226,876

Meridianlink,

Inc.

8,195

151,853

Mitek

Systems,

Inc.

11,530

95,122

N-able,

Inc.

17,817

126,323

Navitas

Semiconductor

Corp.

30,463

62,449

NCR

Atleos

Corp.

18,387

485,049

NCR

Voyix

Corp.

38,236

372,801

169

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

NetScout

Systems,

Inc.

18,299

384,462

NextNav,

Inc.

21,236

258,442

Olo,

Inc.

Class A *

27,454

165,822

ON24,

Inc.

5,600

29,120

OneSpan,

Inc.

9,612

146,583

Ouster,

Inc.

12,434

111,657

Outbrain,

Inc.

11,464

42,761

Pagaya

Technologies

Ltd.

Class A *

8,970

94,006

PagerDuty,

Inc.

22,474

410,600

PAR

Technology

Corp.

8,685

532,738

PDF

Solutions,

Inc.

8,091

154,619

Penguin

Solutions,

Inc.

13,691

237,813

Photronics,

Inc.

15,432

320,368

Phreesia,

Inc.

14,450

369,342

Pitney

Bowes,

Inc.

36,855

333,538

Planet

Labs

PBC

55,785

188,553

PlayAGS,

Inc.

9,224

111,703

Playstudios,

Inc.

22,189

28,180

Porch

Group,

Inc.

19,222

140,128

Power

Integrations,

Inc.

14,458

730,129

Privia

Health

Group,

Inc.

26,659

598,495

Progress

Software

Corp.

11,166

575,161

PROS

Holdings,

Inc.

11,885

226,172

PubMatic,

Inc.

Class A *

10,931

99,909

Qualys,

Inc.

9,476

1,193,313

QuickLogic

Corp.

3,999

20,435

Rackspace

Technology,

Inc.

14,201

24,000

Rambus,

Inc.

27,366

1,416,875

Rapid7,

Inc.

16,168

428,614

Red

Violet,

Inc.

2,951

110,928

Rekor

Systems,

Inc.

21,303

18,889

ReposiTrak,

Inc.

3,386

68,634

Richardson

Electronics

Ltd.

3,114

34,752

Rigetti

Computing,

Inc.

48,749

386,092

Rimini

Street,

Inc.

11,582

40,305

Sapiens

International

Corp.

(Israel)

8,068

218,562

Schrodinger,

Inc.

14,506

286,348

SEMrush

Holdings,

Inc.

Class A *

10,408

97,107

Semtech

Corp.

19,083

656,455

Silicon

Laboratories,

Inc.

8,255

929,265

Silvaco

Group,

Inc.

1,766

8,053

Simulations

Plus,

Inc.

3,956

97,001

SiTime

Corp.

4,822

737,139

SkyWater

Technology,

Inc.

6,435

45,624

SolarWinds

Corp.

13,716

252,786

SoundHound

AI,

Inc.

Class A *

83,570

678,588

Sprout

Social,

Inc.

Class A *

12,910

283,891

SPS

Commerce,

Inc.

9,758

1,295,179

Synaptics,

Inc.

10,213

650,772

System1,

Inc.

16,936

6,458

Talkspace,

Inc.

29,939

76,644

Telos

Corp.

10,745

25,573

Tenable

Holdings,

Inc.

30,709

1,074,201

TTEC

Holdings,

Inc.

5,453

17,940

Ultra

Clean

Holdings,

Inc.

11,677

250,005

Unisys

Corp.

16,111

73,949

V2X,

Inc.

4,252

208,561

Varonis

Systems,

Inc.

28,163

1,139,193

Veeco

Instruments,

Inc.

14,557

292,305

Verint

Systems,

Inc.

16,103

287,439

Vertex,

Inc.

Class A *

14,373

503,199

Viant

Technology,

Inc.

Class A *

4,212

52,271

Vimeo,

Inc.

38,043

200,106

Vishay

Precision

Group,

Inc.

3,263

78,606

Value

Waystar

Holding

Corp.

20,308

758,707

Weave

Communications,

Inc.

10,234

113,495

Technology,

Inc.

24,471

27,652

WNS

Holdings

Ltd.

(India)

11,012

677,128

Workiva,

Inc.

13,176

1,000,190

Xerox

Holdings

Corp.

30,574

147,672

Yext,

Inc.

26,912

165,778

Zeta

Global

Holdings

Corp.

Class A *

45,750

620,370

56,376,067

Utilities

3.1%

spacing

ALLETE,

Inc.

15,079

990,690

Altus

Power,

Inc.

18,796

93,040

Ameresco,

Inc.

Class A *

8,427

101,798

American

States

Water

Co.

9,634

758,003

Avista

Corp.

20,305

850,170

Black

Hills

Corp.

18,638

1,130,395

Brookfield

Infrastructure

Corp.

Class A (Canada)

30,933

1,119,465

California

Water

Service

Group

15,032

728,451

Chesapeake

Utilities

Corp.

5,796

744,380

Consolidated

Water

Co.

Ltd.

3,900

95,511

Genie

Energy

Ltd.

Class B

2,609

39,266

Global

Water

Resources,

Inc.

2,358

24,311

Hawaiian

Electric

Industries,

Inc.

45,167

494,579

MGE

Energy,

Inc.

9,344

868,618

Middlesex

Water

Co.

4,557

292,104

New

Jersey

Resources

Corp.

25,732

1,262,412

Northwest

Natural

Holding

Co.

10,421

445,185

Northwestern

Energy

Group,

Inc.

15,823

915,677

ONE

Gas,

Inc.

14,563

1,100,817

Ormat

Technologies,

Inc.

14,833

1,049,732

Otter

Tail

Corp.

10,728

862,209

Portland

General

Electric

Co.

26,850

1,197,510

RGC

Resources,

Inc.

2,124

44,328

SJW

Group

8,378

458,193

Southwest

Gas

Holdings,

Inc.

15,741

1,130,204

Spire,

Inc.

14,734

1,152,936

TXNM

Energy,

Inc.

23,192

1,240,308

Unitil

Corp.

4,071

234,856

York

Water

Co.

3,296

114,305

19,539,453

Total

Common

Stocks

(Cost

$568,662,200)

618,778,801

TOTAL

INVESTMENTS

98.6%

(Cost

$568,677,584)

618,808,831

DERIVATIVES

(0.0%)

(

156,379

)

OTHER

ASSETS

LIABILITIES,

NET

1.4%

8,862,554

NET

ASSETS

100.0%

627,515,006

170

PACIFIC

SELECT

FUND

SMALL-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$26,603

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

March

31,

2025,

restricted

securities

were

follows:

(c)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(d)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Issuer

and

Acquisition

Date

Cost

Value

Net

Assets

Scilex

Holding

Co.

Acq

03/05/21

$192,937

$4,575

0.0%

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

2000

Index

06/25

8,264,779

8,108,400

(

156,379

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

Consumer,

Non-Cyclical

28,740

–

2,358

26,382

Utilities

221

–

221

Total

Rights

28,961

–

2,358

26,603

Warrants

1,069

–

1,069

–

Common

Stocks

Basic

Materials

19,588,197

–

Communications

25,232,455

–

Consumer,

Cyclical

65,035,588

–

Consumer,

Non-Cyclical

146,243,780

146,239,205

4,575

–

Energy

30,064,118

–

Financial

160,391,614

–

Industrial

96,307,529

–

Technology

56,376,067

–

Utilities

19,539,453

–

Total

Common

Stocks

618,778,801

618,774,226

4,575

–

Total

Assets

618,808,831

618,774,226

8,002

26,603

Liabilities

Derivatives:

Equity

Contracts

Futures

(

156,379

)

(

156,379

)

–

Total

Liabilities

(

156,379

)

(

156,379

)

–

Total

618,652,452

618,617,847

8,002

26,603

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

171

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

53.8%

Basic

Materials

0.8%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

360,000

343,684

6.415%

due

07/15/27

26,000

26,447

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

61,000

61,264

Mosaic

Co.

4.050%

due

11/15/27

310,000

305,864

737,259

Communications

1.9%

AT&T,

Inc.

1.700%

due

03/25/26

300,000

291,840

2.950%

due

07/15/26

60,000

58,847

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

360,000

349,029

Discovery

Communications

LLC

3.950%

due

03/20/28

310,000

297,972

Rogers

Communications,

Inc.

(Canada)

2.900%

due

11/15/26

60,000

58,417

3.625%

due

12/15/25

300,000

297,392

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

375,000

367,897

1,721,394

Consumer,

Cyclical

3.4%

AutoZone,

Inc.

3.125%

due

04/21/26

60,000

59,173

5.050%

due

07/15/26

300,000

302,246

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

150,000

150,806

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

400,000

401,889

5.850%

due

05/17/27

500,000

502,757

6.950%

due

06/10/26

200,000

203,141

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

300,000

288,511

2.350%

due

02/26/27

300,000

286,399

4.350%

due

01/17/27

300,000

297,359

5.400%

due

05/08/27

80,000

80,793

6.000%

due

01/09/28

80,000

82,074

Hyundai

Capital

America

2.750%

due

09/27/26 ~

260,000

252,903

5.650%

due

06/26/26 ~

80,000

80,891

Ross

Stores,

Inc.

0.875%

due

04/15/26

60,000

57,815

3,046,757

Consumer,

Non-Cyclical

4.7%

BAT

Capital

Corp.

(United

Kingdom)

3.215%

due

09/06/26

360,000

353,254

4.700%

due

04/02/27

100,000

100,183

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

380,000

369,144

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

250,000

254,730

Centene

Corp.

4.250%

due

12/15/27

360,000

351,564

Principal

Amount

Value

Cigna

Group

3.400%

due

03/01/27

380,000

372,758

CVS

Health

Corp.

1.300%

due

08/21/27

330,000

304,800

2.875%

due

06/01/26

80,000

78,407

6.250%

due

06/01/27

300,000

310,053

HCA,

Inc.

3.125%

due

03/15/27

260,000

252,595

4.500%

due

02/15/27

280,000

279,142

5.200%

due

06/01/28

80,000

80,998

Humana,

Inc.

1.350%

due

02/03/27

20,000

18,845

3.950%

due

03/15/27

300,000

295,992

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

60,000

57,736

5.125%

due

02/01/28

380,000

384,099

Mars,

Inc.

4.450%

due

03/01/27 ~

120,000

120,264

4.600%

due

03/01/28 ~

204,000

204,859

4,189,423

Energy

4.8%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

260,000

255,901

5.000%

due

12/15/29 ~

21,000

20,997

DCP

Midstream

Operating

5.625%

due

07/15/27

174,000

176,945

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

360,000

364,507

Enbridge,

Inc.

(Canada)

5.300%

due

04/05/29

340,000

346,491

5.900%

due

11/15/26

300,000

306,121

Energy

Transfer

6.050%

due

12/01/26

60,000

61,326

EQT

Corp.

3.125%

due

05/15/26 ~

80,000

78,605

3.900%

due

10/01/27

269,000

264,259

Hess

Corp.

4.300%

due

04/01/27

380,000

378,173

MPLX

1.750%

due

03/01/26

400,000

389,623

Northwest

Pipeline

LLC

4.000%

due

04/01/27

80,000

79,129

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

300,000

301,237

ONEOK,

Inc.

4.000%

due

07/13/27

300,000

296,396

4.250%

due

09/24/27

320,000

317,239

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

300,000

299,884

Western

Midstream

Operating

4.650%

due

07/01/26

80,000

79,972

Williams

Cos.,

Inc.

5.400%

due

03/02/26

300,000

302,157

4,318,962

Financial

32.3%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

300,000

306,861

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

150,000

146,497

172

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.650%

due

07/21/27

400,000

390,762

4.625%

due

10/15/27

500,000

498,072

6.450%

due

04/15/27

150,000

154,893

Ally

Financial,

Inc.

4.750%

due

06/09/27

380,000

379,875

7.100%

due

11/15/27

130,000

136,905

American

Express

Co.

5.098%

due

02/16/28

340,000

344,157

5.389%

due

07/28/27

40,000

40,433

6.338%

due

10/30/26

300,000

302,933

American

Tower

Corp.

3.600%

due

01/15/28

340,000

331,165

Aon

North

America,

Inc.

5.125%

due

03/01/27

300,000

303,314

ARES

Capital

Corp.

2.150%

due

07/15/26

320,000

308,714

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

60,000

60,016

Arthur

Gallagher

Co.

4.600%

due

12/15/27

166,000

166,411

Athene

Global

Funding

1.608%

due

06/29/26 ~

300,000

289,335

5.516%

due

03/25/27 ~

420,000

427,070

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

100,000

97,655

4.950%

due

01/15/28 ~

274,000

272,931

6.375%

due

05/04/28 ~

300,000

310,546

Bank

America

Corp.

1.658%

due

03/11/27

380,000

369,719

3.559%

due

04/23/27

60,000

59,361

3.824%

due

01/20/28

380,000

375,312

4.948%

due

07/22/28

80,000

80,655

5.819%

due

09/15/29

240,000

248,763

5.933%

due

09/15/27

560,000

571,079

Bank

Montreal

(Canada)

4.567%

due

09/10/27

420,000

420,294

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

420,000

418,115

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

200,000

192,337

5.501%

due

08/09/28

300,000

304,514

5.829%

due

05/09/27

700,000

708,667

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

60,000

57,839

7.300%

due

11/27/28

270,000

285,668

BNP

Paribas

(France)

1.675%

due

06/30/27 ~

300,000

289,573

Canadian

Imperial

Bank

Commerce

(Canada)

5.926%

due

10/02/26

60,000

61,225

Capital

One

Financial

Corp.

1.878%

due

11/02/27

260,000

248,787

5.468%

due

02/01/29

240,000

244,070

7.149%

due

10/29/27

270,000

279,912

Citigroup,

Inc.

1.122%

due

01/28/27

380,000

369,134

1.462%

due

06/09/27

480,000

462,454

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

260,000

255,508

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

360,000

365,447

Crown

Castle,

Inc.

1.050%

due

07/15/26

300,000

286,033

Principal

Amount

Value

4.000%

due

03/01/27

60,000

59,198

Danske

Bank

(Denmark)

4.298%

due

04/01/28 ~

230,000

228,392

5.427%

due

03/01/28 ~

500,000

508,462

Deutsche

Bank

(Germany)

2.552%

due

01/07/28

300,000

288,642

5.706%

due

02/08/28

450,000

456,977

7.146%

due

07/13/27

150,000

154,229

Equitable

Financial

Life

Global

Funding

1.300%

due

07/12/26 ~

60,000

57,648

1.400%

due

08/27/27 ~

60,000

55,743

4.875%

due

11/19/27 ~

300,000

301,776

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

151,000

152,751

Goldman

Sachs

Bank

USA

5.283%

due

03/18/27

360,000

362,348

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

260,000

249,441

2.640%

due

02/24/28

60,000

57,934

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

250,000

250,156

HSBC

Holdings

PLC

(United

Kingdom)

5.887%

due

08/14/27

200,000

203,196

7.390%

due

11/03/28

500,000

531,483

Huntington

Bancshares,

Inc.

4.443%

due

08/04/28

130,000

129,141

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

250,000

249,689

ING

Groep

(Netherlands)

4.858%

due

03/25/29

200,000

200,783

Jackson

Financial,

Inc.

5.170%

due

06/08/27

120,000

121,029

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

237,000

238,089

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

300,000

302,520

JPMorgan

Chase

Co.

1.470%

due

09/22/27

80,000

76,538

1.578%

due

04/22/27

380,000

368,552

2.069%

due

06/01/29

370,000

342,641

2.182%

due

06/01/28

380,000

361,714

5.012%

due

01/23/30

380,000

384,304

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

200,000

202,632

5.985%

due

08/07/27

500,000

508,335

Mizuho

Financial

Group,

Inc.

(Japan)

1.554%

due

07/09/27

400,000

385,220

5.414%

due

09/13/28

300,000

305,898

Morgan

Stanley

1.512%

due

07/20/27

390,000

374,976

1.593%

due

05/04/27

280,000

271,205

3.591%

due

07/22/28 §

280,000

273,079

3.772%

due

01/24/29

380,000

371,775

5.656%

due

04/18/30

340,000

350,602

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

200,000

193,001

5.516%

due

09/30/28

300,000

305,545

NatWest

Markets

PLC

(United

Kingdom)

5.416%

due

05/17/27 ~

300,000

305,695

PNC

Financial

Services

Group,

Inc.

5.300%

due

01/21/28

460,000

466,428

173

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.615%

due

10/20/27

400,000

412,338

Royal

Bank

Canada

(Canada)

5.069%

due

07/23/27

380,000

382,372

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

220,000

222,695

Santander

Holdings

USA,

Inc.

3.244%

due

10/05/26

40,000

39,095

Societe

Generale

(France)

5.500%

due

04/13/29 ~

200,000

202,792

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

300,000

297,992

4.568%

due

12/17/26

109,000

109,193

5.264%

due

12/11/26

40,000

40,550

5.532%

due

07/17/26

40,000

40,534

Truist

Financial

Corp.

1.125%

due

08/03/27

300,000

278,236

1.267%

due

03/02/27

54,000

52,364

4.873%

due

01/26/29

60,000

60,357

5.435%

due

01/24/30

80,000

81,672

6.047%

due

06/08/27

430,000

437,281

U.S.

Bancorp

3.100%

due

04/27/26

50,000

49,282

6.787%

due

10/26/27

360,000

372,062

UBS

(Switzerland)

5.000%

due

07/09/27

300,000

303,497

UBS

Group

(Switzerland)

1.364%

due

01/30/27 ~

200,000

194,677

1.494%

due

08/10/27 ~

250,000

239,561

VICI

Properties

due

04/01/28 #

15,000

15,040

4.750%

due

02/15/28

340,000

340,242

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

40,000

39,590

Wells

Fargo

Co.

2.393%

due

06/02/28

380,000

362,739

3.196%

due

06/17/27

380,000

373,946

4.900%

due

01/24/28

203,000

204,180

5.707%

due

04/22/28

80,000

81,757

6.303%

due

10/23/29

360,000

378,641

Western

Union

Co.

1.350%

due

03/15/26

60,000

58,045

28,901,508

Industrial

1.6%

Boeing

Co.

2.196%

due

02/04/26

300,000

293,578

6.259%

due

05/01/27

70,000

72,038

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

360,000

346,329

4.500%

due

10/08/27

300,000

298,674

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

360,000

365,130

1,375,749

Technology

1.7%

Broadcom,

Inc.

4.150%

due

02/15/28

40,000

39,670

5.050%

due

07/12/27

340,000

344,351

Dell

International

LLC/EMC

Corp.

due

04/01/28 #

150,000

150,720

4.900%

due

10/01/26

60,000

60,247

6.020%

due

06/15/26

360,000

364,700

Micron

Technology,

Inc.

5.327%

due

02/06/29

140,000

142,109

Principal

Amount

Value

6.750%

due

11/01/29

90,000

96,587

VMware

LLC

1.400%

due

08/15/26

340,000

325,688

1,524,072

Utilities

2.6%

AES

Corp.

1.375%

due

01/15/26

60,000

58,362

5.450%

due

06/01/28

360,000

366,357

CenterPoint

Energy,

Inc.

5.250%

due

08/10/26

60,000

60,565

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

60,000

59,264

Dominion

Energy,

Inc.

2.850%

due

08/15/26

60,000

58,646

Exelon

Corp.

2.750%

due

03/15/27

360,000

348,532

FirstEnergy

Corp.

3.900%

due

07/15/27

300,000

295,068

NiSource,

Inc.

5.250%

due

03/30/28

360,000

366,342

Pacific

Gas

Electric

Co.

2.100%

due

08/01/27

300,000

281,481

5.450%

due

06/15/27

100,000

101,046

Southern

Co.

5.500%

due

03/15/29

40,000

41,264

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

318,000

319,236

2,356,163

Total

Corporate

Bonds

Notes

(Cost

$48,046,114)

48,171,287

MORTGAGE-BACKED

SECURITIES

4.5%

Collateralized

Mortgage

Obligations

Commercial

4.4%

Benchmark

Mortgage

Trust

3.042%

due

08/15/52

184,673

178,807

BLP

Commercial

Mortgage

Trust

5.661%

(SOFR

1.342%)

due

03/15/41 ~ §

94,883

94,822

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

205,157

204,453

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

143,470

143,313

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

289,676

290,460

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

100,117

100,305

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

135,000

135,128

Trust

5.069%

(SOFR

0.750%)

due

10/15/26 ~ §

96,963

96,458

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

101,000

99,892

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

29,000

28,866

5.810%

(SOFR

1.491%)

due

04/15/37 ~ §

87,441

87,504

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

100,000

102,211

174

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

ELP

Commercial

Mortgage

Trust

5.135%

(SOFR

0.815%)

due

11/15/38 ~ §

346,597

345,240

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

129,923

129,887

Mortgage

Securities

Trust

4.106%

due

07/10/51 §

104,251

103,211

JPMDB

Commercial

Mortgage

Securities

Trust

3.492%

due

03/15/50

105,494

104,208

Morgan

Stanley

Capital

Trust

1.925%

due

07/15/53

300,000

275,744

SREIT

Trust

5.164%

(SOFR

0.845%)

due

11/15/38 ~ §

176,141

175,124

5.513%

(SOFR

1.194%)

due

11/15/38 ~ §

88,070

87,574

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

100,000

99,885

Wells

Fargo

Commercial

Mortgage

Trust

2.684%

due

10/15/49

306,566

300,250

3.063%

due

12/15/52

54,933

53,231

3.615%

due

12/15/49

334,632

331,166

3.933%

due

03/15/52

274,068

270,713

5.270%

due

03/15/38 ~ §

100,000

99,872

3,938,324

Collateralized

Mortgage

Obligations

Residential

0.1%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

100,000

97,276

Total

Mortgage-Backed

Securities

(Cost

$4,029,763)

4,035,600

ASSET-BACKED

SECURITIES

15.1%

Automobile

Other

1.3%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

100,000

100,104

4.910%

due

03/15/30 ~

145,000

145,212

5.099%

(SOFR

0.750%)

due

03/15/29 ~ §

125,000

125,374

5.499%

(SOFR

1.150%)

due

06/15/28 ~ §

494,000

497,645

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

195,000

196,236

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

22,573

22,695

5.185%

due

07/25/31 ~

103,836

104,396

1,191,662

Automobile

Sequential

5.3%

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

45,000

45,220

CarMax

Auto

Owner

Trust

4.840%

due

01/15/30

10,000

10,112

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

195,000

195,623

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

145,000

146,274

5.060%

due

03/20/31 ~

150,000

152,817

Principal

Amount

Value

5.160%

due

09/20/30 ~

150,000

152,413

Ford

Credit

Auto

Lease

Trust

4.720%

due

06/15/28

200,000

201,096

Ford

Credit

Auto

Owner

Trust

1.370%

due

10/17/33 ~

150,000

145,298

1.530%

due

05/15/34 ~

150,000

143,187

4.450%

due

10/15/29

290,000

291,014

4.610%

due

08/15/29

25,000

25,176

Ford

Credit

Floorplan

Master

Owner

Trust

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

425,000

426,892

Financial

Automobile

Leasing

Trust

4.660%

due

02/21/28

380,000

381,985

Financial

Revolving

Receivables

Trust

1.170%

due

06/12/34 ~

150,000

143,154

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

100,000

100,624

Honda

Auto

Receivables

Owner

Trust

4.570%

due

09/21/29

300,000

301,752

Hyundai

Auto

Lease

Securitization

Trust

4.830%

due

01/18/28 ~

130,000

130,927

5.410%

due

05/17/27 ~

125,000

126,152

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

5,000

5,049

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

388,000

388,877

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

190,000

190,536

4.740%

due

01/16/29

60,000

60,258

SFS

Auto

Receivables

Securitization

Trust

4.750%

due

07/22/30 ~

280,000

282,265

Toyota

Auto

Loan

Extended

Note

Trust

1.070%

due

02/27/34 ~

150,000

145,495

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

120,000

120,817

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

290,000

289,490

World

Omni

Auto

Receivables

Trust

4.730%

due

03/15/30

165,000

166,878

4,769,381

Credit

Card

Bullet

1.2%

American

Express

Credit

Account

Master

Trust

4.650%

due

07/15/29

180,000

181,633

Credit

Card

Trust

4.790%

due

05/15/28

111,000

111,540

Capital

One

Multi-Asset

Execution

Trust

2.060%

due

08/15/28

95,000

92,178

Evergreen

Credit

Card

Trust

(Canada)

5.240%

due

05/15/29 ~

400,000

404,073

5.530%

due

05/15/29 ~

260,000

262,465

1,051,889

Other

Asset-Backed

Securities

7.3%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

72,252

72,232

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

250,000

249,605

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

300,000

300,344

175

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Principal

Amount

Value

ARES

XXXIV

CLO

Ltd.

(Cayman)

5.623%

(SOFR

1.320%)

due

04/17/33 ~ §

250,000

250,378

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

500,000

498,852

Barings

Equipment

Finance

LLC

4.640%

due

10/13/28 ~

400,000

400,924

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

250,000

249,499

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

150,000

150,005

Dext

ABS

LLC

4.590%

due

08/16/27 ~

100,000

100,069

4.770%

due

08/15/35 ~

100,000

100,255

DLLAA

LLC

4.950%

due

09/20/29 ~

235,000

238,198

Dllad

LLC

5.300%

due

07/20/29 ~

150,000

152,596

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

250,000

249,104

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

290,000

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

250,000

250,361

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

300,000

303,050

Kubota

Credit

Owner

Trust

4.670%

due

06/15/29 ~

280,000

282,408

5.260%

due

11/15/28 ~

150,000

152,613

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

250,000

249,069

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

300,000

299,988

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

04/15/31 ~ §

258,638

258,531

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

263,000

263,424

Principal

Amount

Value

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

50,000

50,171

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

100,000

100,330

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

250,000

249,491

Verizon

Master

Trust

4.620%

due

11/20/30

250,000

251,989

4.710%

due

01/21/31

230,000

232,174

Voya

CLO

Ltd.

(Cayman)

5.280%

(SOFR

1.000%)

due

01/20/38 ~ §

250,000

249,136

6,494,796

Total

Asset-Backed

Securities

(Cost

$13,463,959)

13,507,728

U.S.

TREASURY

OBLIGATIONS

11.1%

U.S.

Treasury

Notes

11.1%

3.500%

due

09/30/26 ‡

4,950,000

4,917,806

4.250%

due

03/15/27 ‡

4,950,000

4,981,807

9,899,613

Total

U.S.

Treasury

Obligations

(Cost

$9,869,064)

9,899,613

SHORT-TERM

INVESTMENTS

17.0%

U.S.

Treasury

Bills

17.0%

4.311%

due

06/26/25

7,700,000

7,622,928

4.324%

due

07/22/25 ‡

7,700,000

7,599,746

15,222,674

Total

Short-Term

Investments

(Cost

$15,222,622)

15,222,674

TOTAL

INVESTMENTS

101.5%

(Cost

$90,631,522)

90,836,902

DERIVATIVES

(2.9%)

(

2,601,323

)

OTHER

ASSETS

LIABILITIES,

NET

1.4%

1,273,609

NET

ASSETS

100.0%

89,509,188

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

2000

Index

06/25

8,173,134

8,007,045

(

166,089

)

Short

Futures

Outstanding

CBOT

Year

U.S.

Treasury

Notes

06/25

149

30,669,933

30,868,610

(

198,677

)

CBOT

Year

U.S.

Treasury

Notes

06/25

3,189,792

3,244,687

(

54,895

)

(

253,572

)

Total

Futures

Contracts

(

419,661

)

176

PACIFIC

SELECT

FUND

SMALL-CAP

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russell

2000

Total

Return

Index

SOFR

0.680%

BOA

07/15/25

23,225,333

(

661,636

)

–

(

661,636

)

Russell

2000

Growth

Total

Return

Index

SOFR

0.580%

CIT

07/15/25

4,515,922

(

162,164

)

–

(

162,164

)

Russell

2000

Value

Total

Return

Index

SOFR

0.540%

CIT

07/15/25

17,825,209

(

369,120

)

–

(

369,120

)

Russell

2000

Total

Return

Index

SOFR

0.970%

BOA

09/16/25

18,089,069

(

517,356

)

–

(

517,356

)

Russell

2000

Total

Return

Index

SOFR

0.890%

JPM

11/17/25

41,314,402

(

1,180,326

)

–

(

1,180,326

)

(

2,890,602

)

–

(

2,890,602

)

Total

Return

Swaps

Short

Pay

Receive

Payment

Frequency

Receive

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Russell

2000

Growth

Total

Return

Index

SOFR

0.490%

BOA

07/15/25

17,170,430

615,978

–

615,978

Russell

2000

Value

Total

Return

Index

SOFR

0.490%

BRC

07/15/25

4,493,473

92,962

–

92,962

708,940

–

708,940

Total

Return

Swaps

(

2,181,662

)

–

(

2,181,662

)

Total

Swap

Agreements

(

2,181,662

)

–

(

2,181,662

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

48,171,287

–

48,171,287

–

Mortgage-Backed

Securities

4,035,600

–

4,035,600

–

Asset-Backed

Securities

13,507,728

–

13,507,728

–

U.S.

Treasury

Obligations

9,899,613

–

9,899,613

–

Short-Term

Investments

15,222,674

–

15,222,674

–

Derivatives:

Equity

Contracts

Swaps

708,940

–

708,940

–

Total

Assets

91,545,842

–

91,545,842

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

166,089

)

(

166,089

)

–

Swaps

(

2,890,602

)

–

(

2,890,602

)

–

Total

Equity

Contracts

(

3,056,691

)

(

166,089

)

(

2,890,602

)

–

Interest

Rate

Contracts

Futures

(

253,572

)

(

253,572

)

–

Total

Liabilities

Derivatives

(

3,310,263

)

(

419,661

)

(

2,890,602

)

–

Total

Liabilities

(

3,310,263

)

(

419,661

)

(

2,890,602

)

–

Total

88,235,579

(

419,661

)

88,655,240

–

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

177

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

99.8%

Basic

Materials

4.3%

spacing

AdvanSix,

Inc.

16,799

380,497

Ashland,

Inc.

11,076

656,696

Cabot

Corp.

36,676

3,049,243

Caledonia

Mining

Corp.

PLC

(South

Africa)

1,425

17,798

Chemours

Co.

17,200

232,716

Cleveland-Cliffs,

Inc.

138,710

1,140,196

Commercial

Metals

Co.

63,610

2,926,696

Compass

Minerals

International,

Inc.

24,178

224,614

Hawkins,

Inc.

765

81,029

Intrepid

Potash,

Inc.

2,307

67,803

Kaiser

Aluminum

Corp.

12,864

779,816

Mativ

Holdings,

Inc.

42,369

263,959

Mercer

International,

Inc.

(Germany)

25,232

155,177

Minerals

Technologies,

Inc.

11,009

699,842

NewMarket

Corp.

3,519

1,993,337

Oil-Dri

Corp.

America

7,306

335,491

Orion

(Germany)

33,177

428,979

Rayonier

Advanced

Materials,

Inc.

54,205

311,679

Stepan

Co.

13,344

734,454

Sylvamo

Corp.

22,125

1,483,924

Tronox

Holdings

PLC

38,626

271,927

U.S.

Lime

Minerals,

Inc.

3,780

334,076

16,569,949

Communications

3.5%

spacing

AMC

Networks,

Inc.

Class A *

8,726

60,035

ATN

International,

Inc.

2,646

53,740

Aviat

Networks,

Inc.

2,729

52,315

Cable

One,

Inc.

3,507

932,055

Cars.com,

Inc.

40,135

452,321

EchoStar

Corp.

Class A *

103,141

2,638,347

ePlus,

Inc.

17,530

1,069,856

Frontier

Communications

Parent,

Inc.

41,946

1,504,184

InterDigital,

Inc.

2,285

472,424

Iridium

Communications,

Inc.

51,814

1,415,558

Lands'

End,

Inc.

5,026

51,165

Liberty

Global

Ltd.

Class A *

(Belgium)

26,051

299,847

Liberty

Global

Ltd.

Class C *

(Belgium)

21,866

261,736

NETGEAR,

Inc.

16,212

396,546

Preformed

Line

Products

Co.

921

129,023

Scholastic

Corp.

12,172

229,807

Telephone

Data

Systems,

Inc.

62,253

2,411,681

U.S.

Cellular

Corp.

11,170

772,405

Viasat,

Inc.

24,745

257,843

WideOpenWest,

Inc.

3,961

19,607

13,480,495

Consumer,

Cyclical

20.1%

spacing

Abercrombie

Fitch

Co.

Class A *

4,297

328,162

Academy

Sports

Outdoors,

Inc.

49,110

2,239,907

Alaska

Air

Group,

Inc.

87,450

4,304,289

Allegiant

Travel

Co.

13,661

705,591

American

Axle

Manufacturing

Holdings,

Inc.

77,723

316,333

American

Eagle

Outfitters,

Inc.

118,199

1,373,472

Arhaus,

Inc.

19,026

165,526

BJ's

Restaurants,

Inc.

16,024

548,982

BlueLinx

Holdings,

Inc.

3,939

295,346

Buckle,

Inc.

19,152

733,905

Build-A-Bear

Workshop,

Inc.

10,899

405,116

Value

Caleres,

Inc.

23,311

401,648

Carter's,

Inc.

25,612

1,047,531

Cheesecake

Factory,

Inc.

34,685

1,687,772

Clarus

Corp.

5,690

21,337

Columbia

Sportswear

Co.

22,362

1,692,580

Commercial

Vehicle

Group,

Inc.

7,358

8,462

Cracker

Barrel

Old

Country

Store,

Inc.

17,498

679,272

Crocs,

Inc.

20,137

2,138,549

Daktronics,

Inc.

33,745

411,014

Dana,

Inc.

111,016

1,479,843

Destination

Group,

Inc.

11,514

16,810

Ethan

Allen

Interiors,

Inc.

16,837

466,385

Five

Below,

Inc.

41,605

3,117,255

Flexsteel

Industries,

Inc.

2,986

109,019

Foot

Locker,

Inc.

32,121

452,906

Forestar

Group,

Inc.

12,107

255,942

Funko,

Inc.

Class A *

14,017

96,157

G-III

Apparel

Group

Ltd.

35,699

976,368

Genesco,

Inc.

8,819

187,227

Gentherm,

Inc.

9,913

265,074

Global

Industrial

Co.

466

10,438

Goodyear

Tire

Rubber

Co.

236,358

2,183,948

Guess?,

Inc.

16,732

185,223

H&E

Equipment

Services,

Inc.

21,071

1,997,320

Hamilton

Beach

Brands

Holding

Co.

Class A

3,135

60,913

Harley-Davidson,

Inc.

84,478

2,133,069

Haverty

Furniture

Cos.,

Inc.

5,136

101,282

Hooker

Furnishings

Corp.

3,967

39,829

Hovnanian

Enterprises,

Inc.

Class A *

708

74,135

Hudson

Technologies,

Inc.

9,260

57,134

Interface,

Inc.

49,083

973,807

JAKKS

Pacific,

Inc.

612

15,098

JetBlue

Airways

Corp.

208,458

1,004,767

Kewaunee

Scientific

Corp.

1,623

63,914

Kohl's

Corp.

71,516

585,001

La-Z-Boy,

Inc.

25,865

1,011,063

Landsea

Homes

Corp.

1,404

9,014

LCI

Industries

15,576

1,361,810

Lear

Corp.

39,545

3,488,660

Lifetime

Brands,

Inc.

6,122

30,181

Lovesac

Co.

9,158

166,492

Macy's,

Inc.

221,142

2,777,543

Malibu

Boats,

Inc.

Class A *

12,005

368,313

Marcus

Corp.

18,859

314,757

MasterCraft

Boat

Holdings,

Inc.

7,293

125,585

Methode

Electronics,

Inc.

5,991

38,223

Monarch

Casino

Resort,

Inc.

8,432

655,588

Motorcar

Parts

America,

Inc.

4,371

41,524

Movado

Group,

Inc.

8,690

145,297

MRC

Global,

Inc.

55,140

633,007

Nordstrom,

Inc.

70,769

1,730,302

Skin

Enterprises,

Inc.

Class A

22,510

163,423

ODP

Corp.

13,021

186,591

ONE

Group

Hospitality,

Inc.

7,539

22,542

Oxford

Industries,

Inc.

10,222

599,725

Connection,

Inc.

7,418

463,031

Phinia,

Inc.

33,916

1,439,056

Playa

Hotels

Resorts

73,498

979,728

Polaris,

Inc.

16,349

669,328

Potbelly

Corp.

12,166

115,699

PriceSmart,

Inc.

15,936

1,399,978

PVH

Corp.

37,899

2,449,791

RCI

Hospitality

Holdings,

Inc.

5,957

255,794

178

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

REV

Group,

Inc.

33,410

1,055,756

Rocky

Brands,

Inc.

1,734

30,120

ScanSource,

Inc.

16,776

570,552

Shoe

Carnival,

Inc.

12,865

282,901

Signet

Jewelers

Ltd.

(NYSE)

29,740

1,726,704

SkyWest,

Inc.

33,413

2,919,294

Standard

Motor

Products,

Inc.

12,986

323,741

Steelcase,

Inc.

Class A

58,385

639,900

Strattec

Security

Corp.

874

34,488

Sun

Country

Airlines

Holdings,

Inc.

38,502

474,345

Super

Group

SGHC

Ltd.

(Guernsey)

89,259

574,828

Superior

Group

Cos.,

Inc.

5,735

62,741

Thor

Industries,

Inc.

34,369

2,605,514

Tile

Shop

Holdings,

Inc.

9,703

62,875

Titan

International,

Inc.

15,899

133,393

Tri

Pointe

Homes,

Inc.

34,379

1,097,378

Under

Armour,

Inc.

Class A *

143,221

895,131

Under

Armour,

Inc.

Class C *

93,364

555,516

Universal

Electronics,

Inc.

3,090

18,911

Urban

Outfitters,

Inc.

53,834

2,820,902

Vera

Bradley,

Inc.

5,609

12,620

Virco

Mfg.

Corp.

6,537

61,840

Visteon

Corp.

15,624

1,212,735

YETI

Holdings,

Inc.

48,204

1,595,552

77,823,440

Consumer,

Non-Cyclical

11.4%

spacing

ACADIA

Pharmaceuticals,

Inc.

82,520

1,370,657

ACCO

Brands

Corp.

66,886

280,252

Acme

United

Corp.

1,232

48,800

Alight,

Inc.

Class A *

292,248

1,733,031

Alkermes

PLC

90,111

2,975,465

Alta

Equipment

Group,

Inc.

8,638

40,512

American

Public

Education,

Inc.

9,796

218,647

Andersons,

Inc.

25,361

1,088,748

B&G

Foods,

Inc.

35,513

243,974

Bioventus,

Inc.

Class A *

15,245

139,492

Brookdale

Senior

Living,

Inc.

29,984

187,700

Cal-Maine

Foods,

Inc.

32,549

2,958,704

Calavo

Growers,

Inc.

7,995

191,800

Catalyst

Pharmaceuticals,

Inc.

24,644

597,617

Central

Garden

Pet

Co.

5,338

195,691

Central

Garden

Pet

Co.

Class A *

35,927

1,175,891

Clarivate

PLC

115,767

454,964

Cross

Country

Healthcare,

Inc.

7,965

118,599

Darling

Ingredients,

Inc.

47,568

1,486,024

DocGo,

Inc.

34,176

90,225

Dole

PLC

51,516

744,406

Emergent

BioSolutions,

Inc.

55,144

268,000

Ennis,

Inc.

10,980

220,588

Fresh

Del

Monte

Produce,

Inc.

21,666

667,963

Graham

Holdings

Co.

Class B

522

501,569

Green

Dot

Corp.

Class A *

37,035

312,575

Harmony

Biosciences

Holdings,

Inc.

30,399

1,008,943

Heidrick

Struggles

International,

Inc.

7,157

306,534

Herc

Holdings,

Inc.

19,342

2,597,050

Ingles

Markets,

Inc.

Class A

9,502

618,865

Innoviva,

Inc.

35,904

650,940

Integra

LifeSciences

Holdings

Corp.

48,517

1,066,889

Joint

Corp.

3,721

46,475

Kelly

Services,

Inc.

Class A

19,645

258,725

Lantheus

Holdings,

Inc.

13,455

1,313,208

Lifeway

Foods,

Inc.

2,518

61,565

Lincoln

Educational

Services

Corp.

12,384

196,534

Value

Medifast,

Inc.

1,999

26,947

Moneylion,

Inc.

1,685

145,769

Natural

Grocers

Vitamin

Cottage,

Inc.

Class C

9,792

393,638

Nature's

Sunshine

Products,

Inc.

4,719

59,223

OraSure

Technologies,

Inc.

27,692

93,322

Oscar

Health,

Inc.

Class A *

43,380

568,712

Pacira

BioSciences,

Inc.

33,045

821,168

Patterson

Cos.,

Inc.

27,182

849,166

Payoneer

Global,

Inc.

178,975

1,308,307

Perdoceo

Education

Corp.

41,073

1,034,218

Phibro

Animal

Health

Corp.

Class A

12,487

266,722

Premier,

Inc.

Class A

58,975

1,137,038

Puma

Biotechnology,

Inc.

15,714

46,513

Quanex

Building

Products

Corp.

5,896

109,607

QuidelOrtho

Corp.

47,693

1,667,824

Seaboard

Corp.

106

285,895

Seneca

Foods

Corp.

Class A *

1,847

164,457

SIGA

Technologies,

Inc.

18,483

101,287

SpartanNash

Co.

25,018

506,865

Stride,

Inc.

19,134

2,420,451

Supernus

Pharmaceuticals,

Inc.

33,385

1,093,359

Target

Hospitality

Corp.

16,369

107,708

TrueBlue,

Inc.

5,446

28,918

United

Natural

Foods,

Inc.

58,485

1,601,904

Universal

Technical

Institute,

Inc.

36,937

948,542

USANA

Health

Sciences,

Inc.

5,719

154,241

Vanda

Pharmaceuticals,

Inc.

10,924

50,141

Village

Super

Market,

Inc.

Class A

5,567

211,602

Vita

Coco

Co.,

Inc.

145

4,444

Weis

Markets,

Inc.

10,655

820,968

Kellogg

Co.

41,878

834,629

XBiotech,

Inc.

7,474

24,216

Zimvie,

Inc.

11,132

120,226

44,445,649

Energy

14.4%

spacing

Alpha

Metallurgical

Resources,

Inc.

4,090

512,273

Amplify

Energy

Corp.

29,324

109,672

Archrock,

Inc.

131,547

3,451,793

Aris

Water

Solutions,

Inc.

Class A

8,399

269,104

Atlas

Energy

Solutions,

Inc.

17,569

313,431

Berry

Corp.

40,224

129,119

Bristow

Group,

Inc.

14,339

452,826

California

Resources

Corp.

65,232

2,868,251

ChampionX

Corp.

62,597

1,865,391

Civeo

Corp.

6,972

160,356

Civitas

Resources,

Inc.

78,434

2,736,562

CNX

Resources

Corp.

91,575

2,882,781

Comstock

Resources,

Inc.

53,915

1,096,631

Core

Natural

Resources,

Inc.

31,223

2,407,293

Crescent

Energy

Co.

Class A

140,859

1,583,255

CVR

Energy,

Inc.

15,650

303,610

DMC

Global,

Inc.

806

6,787

DNOW,

Inc.

68,042

1,162,157

Evolution

Petroleum

Corp.

8,487

43,963

Forum

Energy

Technologies,

Inc.

3,497

70,325

FutureFuel

Corp.

7,673

29,925

Gran

Tierra

Energy,

Inc.

(Colombia)

28,874

142,349

Granite

Ridge

Resources,

Inc.

40,056

243,540

Green

Plains,

Inc.

7,984

38,722

Helix

Energy

Solutions

Group,

Inc.

103,418

859,404

Helmerich

Payne,

Inc.

56,754

1,482,414

HighPeak

Energy,

Inc.

14,932

189,039

179

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Kimbell

Royalty

Partners

47,194

660,716

Kodiak

Gas

Services,

Inc.

35,027

1,306,507

Kosmos

Energy

Ltd.

(Ghana)

300,854

685,947

Liberty

Energy,

Inc.

93,768

1,484,347

Magnolia

Oil

Gas

Corp.

Class A

124,369

3,141,561

Matrix

Service

Co.

11,870

147,544

Montauk

Renewables,

Inc.

15,232

31,835

Murphy

Oil

Corp.

63,442

1,801,753

Nabors

Industries

Ltd.

5,017

209,259

Natural

Gas

Services

Group,

Inc.

4,355

95,679

Noble

Corp.

PLC

32,849

778,521

Northern

Oil

Gas,

Inc.

70,258

2,123,899

NOV,

Inc.

75,476

1,148,745

NPK

International,

Inc.

55,791

324,146

Oceaneering

International,

Inc.

60,096

1,310,694

Oil

States

International,

Inc.

16,993

87,514

Par

Pacific

Holdings,

Inc.

9,803

139,791

Patterson-UTI

Energy,

Inc.

303,810

2,497,318

PBF

Energy,

Inc.

Class A

49,192

939,075

Peabody

Energy

Corp.

78,224

1,059,935

ProFrac

Holding

Corp.

Class A *

9,747

73,980

ProPetro

Holding

Corp.

60,428

444,146

Ramaco

Resources,

Inc.

Class A

16,089

132,412

Ramaco

Resources,

Inc.

Class B

1,355

9,634

Ranger

Energy

Services,

Inc.

Class A

6,957

98,720

REX

American

Resources

Corp.

8,212

308,525

Riley

Exploration

Permian,

Inc.

10,752

313,636

RPC,

Inc.

48,913

269,022

SandRidge

Energy,

Inc.

18,910

215,952

Seadrill

Ltd.

(Norway)

11,122

278,050

Select

Water

Solutions,

Inc.

70,606

741,363

Energy

Co.

82,966

2,484,832

Solaris

Energy

Infrastructure,

Inc.

4,646

101,097

SunCoke

Energy,

Inc.

69,066

635,407

Talos

Energy,

Inc.

90,699

881,594

TETRA

Technologies,

Inc.

64,612

217,096

Transocean

Ltd.

122,671

388,867

VAALCO

Energy,

Inc.

88,686

333,459

Vital

Energy,

Inc.

21,951

465,800

Vitesse

Energy,

Inc.

16,923

416,137

Warrior

Met

Coal,

Inc.

38,411

1,832,973

56,028,461

Financial

28.8%

spacing

1st

Source

Corp.

3,479

208,079

ACNB

Corp.

1,198

49,310

Air

Lease

Corp.

82,502

3,985,672

Amalgamated

Financial

Corp.

8,693

249,924

Ambac

Financial

Group,

Inc.

16,062

140,542

American

Coastal

Insurance

Corp.

Class C *

10,120

117,088

AMERISAFE,

Inc.

4,704

247,195

Arrow

Financial

Corp.

3,792

99,692

Assured

Guaranty

Ltd.

24,350

2,145,235

Atlanticus

Holdings

Corp.

4,014

205,316

Axis

Capital

Holdings

Ltd.

25,742

2,580,378

Axos

Financial,

Inc.

29,033

1,873,209

BancFirst

Corp.

4,312

473,759

Bancorp,

Inc.

22,787

1,204,065

Bank

First

Corp.

2,453

247,115

Bank

Hawaii

Corp.

10,629

733,082

Bank

Marin

Bancorp

2,673

58,993

Bank

Butterfield

Son

Ltd.

(Bermuda)

24,430

950,816

Value

Bank

OZK

53,145

2,309,150

Bank7

Corp.

1,056

40,909

BankUnited,

Inc.

27,906

961,083

Banner

Corp.

14,797

943,605

Bar

Harbor

Bankshares

3,835

113,133

BCB

Bancorp,

Inc.

2,533

24,975

Berkshire

Hills

Bancorp,

Inc.

10,853

283,155

Bread

Financial

Holdings,

Inc.

27,752

1,389,820

Bridgewater

Bancshares,

Inc.

5,242

72,811

Brighthouse

Financial,

Inc.

40,791

2,365,470

Brookline

Bancorp,

Inc.

22,094

240,825

Burke

Herbert

Financial

Services

Corp.

1,771

99,371

Business

First

Bancshares,

Inc.

6,403

155,913

Byline

Bancorp,

Inc.

12,386

324,018

C&F

Financial

Corp.

970

65,368

Camden

National

Corp.

3,610

146,097

Capital

Bancorp,

Inc.

1,185

33,571

Capital

City

Bank

Group,

Inc.

4,138

148,802

Carter

Bankshares,

Inc.

5,580

90,284

Cathay

General

Bancorp

31,077

1,337,243

Central

Pacific

Financial

Corp.

12,546

339,244

ChoiceOne

Financial

Services,

Inc.

2,390

68,760

City

Holding

Co.

3,784

444,506

CNB

Financial

Corp.

7,883

175,397

CNO

Financial

Group,

Inc.

55,825

2,325,111

Coastal

Financial

Corp.

2,052

185,521

Colony

Bankcorp,

Inc.

3,701

59,771

Columbia

Banking

System,

Inc.

97,352

2,427,959

Community

Trust

Bancorp,

Inc.

7,010

353,024

Community

West

Bancshares

3,409

62,998

ConnectOne

Bancorp,

Inc.

15,200

369,512

Customers

Bancorp,

Inc.

14,672

736,534

Diamond

Hill

Investment

Group,

Inc.

1,401

200,119

Dime

Community

Bancshares,

Inc.

14,727

410,589

Eagle

Bancorp,

Inc.

7,458

156,618

Employers

Holdings,

Inc.

12,170

616,289

Enact

Holdings,

Inc.

11,883

412,934

Enstar

Group

Ltd.

3,055

1,015,421

Enterprise

Bancorp,

Inc.

5,870

228,519

Enterprise

Financial

Services

Corp.

16,009

860,324

Esquire

Financial

Holdings,

Inc.

4,285

323,003

Evans

Bancorp,

Inc.

2,709

105,570

EZCORP,

Inc.

Class A *

14,145

208,214

F&G

Annuities

Life,

Inc.

7,127

256,928

Farmers

National

Banc

Corp.

7,770

101,399

Federal

Agricultural

Mortgage

Corp.

Class C

5,339

1,001,116

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

40,864

661,997

Finance

America

Cos.,

Inc.

Class A *

6,432

136,744

Financial

Institutions,

Inc.

6,788

169,428

First

BanCorp

67,515

1,294,263

First

Bancshares,

Inc.

12,248

414,105

First

Bank

3,326

49,258

First

Busey

Corp.

30,267

653,767

First

Business

Financial

Services,

Inc.

3,554

167,571

First

Commonwealth

Financial

Corp.

44,859

697,109

First

Financial

Bancorp

23,834

595,373

First

Financial

Corp.

4,843

237,210

First

Internet

Bancorp

2,323

62,210

First

Interstate

BancSystem,

Inc.

Class A

22,322

639,525

First

Merchants

Corp.

12,443

503,195

First

Mid

Bancshares,

Inc.

9,158

319,614

First

Long

Island

Corp.

5,069

62,602

First

United

Corp.

2,599

78,022

180

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Five

Star

Bancorp

6,654

184,981

Flushing

Financial

Corp.

5,525

70,167

FNB

Corp.

91,016

1,224,165

Bancorp,

Inc.

1,455

55,305

Fulton

Financial

Corp.

54,438

984,783

Genworth

Financial,

Inc.

106,397

754,355

German

American

Bancorp,

Inc.

7,373

276,488

Great

Southern

Bancorp,

Inc.

3,986

220,705

Greenlight

Capital

Ltd.

Class A *

10,186

138,020

Guaranty

Bancshares,

Inc.

1,073

42,952

Hancock

Whitney

Corp.

31,621

1,658,521

Hanmi

Financial

Corp.

13,791

312,504

Hanover

Insurance

Group,

Inc.

12,981

2,258,045

HarborOne

Bancorp,

Inc.

8,959

92,905

HBT

Financial,

Inc.

2,735

61,291

HCI

Group,

Inc.

5,658

844,343

Heritage

Commerce

Corp.

25,761

245,245

Heritage

Financial

Corp.

8,431

205,126

Heritage

Insurance

Holdings,

Inc.

17,613

253,979

Hingham

Institution

For

Savings

410

97,498

Home

Bancorp,

Inc.

1,206

54,029

HomeTrust

Bancshares,

Inc.

6,873

235,606

Hope

Bancorp,

Inc.

48,294

505,638

Horace

Mann

Educators

Corp.

16,969

725,085

Howard

Hughes

Holdings,

Inc.

18,314

1,356,701

Independent

Bank

Corp.

(IBCP

US)

10,952

337,212

Independent

Bank

Corp.

(INDB

US)

10,218

640,158

International

Bancshares

Corp.

23,338

1,471,694

International

Money

Express,

Inc.

13,628

171,985

Investors

Title

Co.

571

137,657

Jackson

Financial,

Inc.

Class A

27,072

2,268,092

James

River

Group

Holdings

Ltd.

5,984

25,133

Kearny

Financial

Corp.

9,146

57,254

Kingstone

Cos.,

Inc.

6,755

112,471

Legacy

Housing

Corp.

1,659

41,840

LendingClub

Corp.

28,585

294,997

MARA

Holdings,

Inc.

182,365

2,097,197

Medallion

Financial

Corp.

5,800

50,518

Mercantile

Bank

Corp.

7,614

330,752

Merchants

Bancorp

9,284

343,508

Mercury

General

Corp.

9,394

525,125

Metrocity

Bankshares,

Inc.

8,031

221,415

Metropolitan

Bank

Holding

Corp.

4,767

266,904

MGIC

Investment

Corp.

77,055

1,909,423

Mid

Penn

Bancorp,

Inc.

2,052

53,167

Midland

States

Bancorp,

Inc.

9,588

164,147

National

Bank

Holdings

Corp.

Class A

13,993

535,512

Navient

Corp.

31,904

402,948

Nelnet,

Inc.

Class A

2,859

317,149

NMI

Holdings,

Inc.

34,954

1,260,092

Northeast

Bank

3,299

301,990

Northfield

Bancorp,

Inc.

9,490

103,536

Northrim

BanCorp,

Inc.

2,149

157,350

Northwest

Bancshares,

Inc.

47,030

565,301

OceanFirst

Financial

Corp.

24,155

410,877

OFG

Bancorp

25,296

1,012,346

Old

National

Bancorp

83,082

1,760,508

Old

Second

Bancorp,

Inc.

21,004

349,507

Onity

Group,

Inc.

3,541

114,445

Oppenheimer

Holdings,

Inc.

Class A

4,774

284,674

Orange

County

Bancorp,

Inc.

1,530

35,787

Origin

Bancorp,

Inc.

12,256

424,916

Orrstown

Financial

Services,

Inc.

5,282

158,513

Palomar

Holdings,

Inc.

14,646

2,007,674

Value

Pathward

Financial,

Inc.

12,237

892,689

Paysign,

Inc.

8,668

18,376

Peapack-Gladstone

Financial

Corp.

2,958

84,007

PennyMac

Financial

Services,

Inc.

6,861

686,855

Peoples

Bancorp

North

Carolina,

Inc.

1,523

41,487

Peoples

Bancorp,

Inc.

15,506

459,908

Preferred

Bank

7,164

599,340

ProAssurance

Corp.

6,630

154,810

Provident

Financial

Services,

Inc.

29,837

512,301

QCR

Holdings,

Inc.

7,356

524,630

Radian

Group,

Inc.

74,485

2,463,219

RBB

Bancorp

5,413

89,315

Regional

Management

Corp.

2,835

85,362

Republic

Bancorp,

Inc.

Class A

3,173

202,501

S&T

Bancorp,

Inc.

16,226

601,173

Sandy

Spring

Bancorp,

Inc.

18,301

511,513

Seaport

Entertainment

Group,

Inc.

391

8,395

Shore

Bancshares,

Inc.

15,974

216,288

Simmons

First

National

Corp.

Class A

29,935

614,566

SiriusPoint

Ltd.

(Sweden)

46,337

801,167

SLM

Corp.

109,373

3,212,285

SmartFinancial,

Inc.

2,997

93,147

South

Plains

Financial,

Inc.

5,686

188,320

Southern

Missouri

Bancorp,

Inc.

4,057

211,045

Southside

Bancshares,

Inc.

5,000

144,800

Stellar

Bancorp,

Inc.

19,619

542,662

Stock

Yards

Bancorp,

Inc.

12,518

864,493

StoneX

Group,

Inc.

24,634

1,881,545

Synovus

Financial

Corp.

37,275

1,742,234

Texas

Capital

Bancshares,

Inc.

3,044

227,387

Third

Coast

Bancshares,

Inc.

6,078

202,823

Towne

Bank

11,411

390,142

TriCo

Bancshares

12,471

498,466

TrustCo

Bank

Corp.

6,784

206,776

Trustmark

Corp.

16,215

559,255

UMB

Financial

Corp.

18,882

1,908,970

United

Fire

Group,

Inc.

9,652

284,348

Unity

Bancorp,

Inc.

4,380

178,266

Universal

Insurance

Holdings,

Inc.

12,111

287,031

Univest

Financial

Corp.

10,436

295,965

Valley

National

Bancorp

117,388

1,043,579

Velocity

Financial,

Inc.

4,538

84,906

Veritex

Holdings,

Inc.

13,478

336,546

Virtus

Investment

Partners,

Inc.

3,439

592,746

WaFd,

Inc.

32,279

922,534

Walker

Dunlop,

Inc.

8,550

729,828

Washington

Trust

Bancorp,

Inc.

7,037

217,162

Waterstone

Financial,

Inc.

3,999

53,787

WesBanco,

Inc.

13,057

404,245

West

BanCorp,

Inc.

1,584

31,585

Westamerica

BanCorp

14,024

710,035

Wintrust

Financial

Corp.

1,771

199,167

World

Acceptance

Corp.

1,335

168,944

WSFS

Financial

Corp.

22,691

1,176,982

111,644,565

Industrial

15.5%

spacing

Air

Transport

Services

Group,

Inc.

47,574

1,067,561

Alamo

Group,

Inc.

6,885

1,226,976

Albany

International

Corp.

Class A

17,136

1,183,069

Apogee

Enterprises,

Inc.

15,181

703,336

ArcBest

Corp.

9,756

688,578

Ardmore

Shipping

Corp.

(Ireland)

31,186

305,311

Argan,

Inc.

10,476

1,374,137

181

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Astec

Industries,

Inc.

15,248

525,294

Atkore,

Inc.

21,282

1,276,707

Avnet,

Inc.

57,449

2,762,722

Bel

Fuse,

Inc.

Class A

572

41,218

Bel

Fuse,

Inc.

Class B

7,030

526,266

Benchmark

Electronics,

Inc.

28,088

1,068,187

Boise

Cascade

Co.

24,727

2,425,471

Clearwater

Paper

Corp.

13,820

350,613

Core

Molding

Technologies,

Inc.

3,911

59,447

Costamare,

Inc.

(Monaco)

27,328

268,908

Covenant

Logistics

Group,

Inc.

9,012

200,066

DHT

Holdings,

Inc.

81,352

854,196

Dorian

LPG

Ltd.

28,235

630,770

Eastern

Co.

1,898

48,057

Eastman

Kodak

Co.

20,462

129,320

Energy

Services

America

Corp.

4,529

42,799

EnerSys

3,638

333,168

Eve

Holding,

Inc.

15,079

50,062

Everus

Construction

Group,

Inc.

17,731

657,643

GATX

Corp.

24,266

3,767,782

Genco

Shipping

Trading

Ltd.

28,282

377,848

Graham

Corp.

8,183

235,834

Granite

Construction,

Inc.

30,720

2,316,288

Great

Lakes

Dredge

Dock

Corp.

52,427

456,115

Greenbrier

Cos.,

Inc.

27,576

1,412,443

Heartland

Express,

Inc.

24,466

225,577

Hub

Group,

Inc.

Class A

20,012

743,846

Hyster-Yale,

Inc.

5,422

225,230

IES

Holdings,

Inc.

3,137

517,950

Insteel

Industries,

Inc.

8,747

230,046

International

Seaways,

Inc.

33,200

1,102,240

JELD-WEN

Holding,

Inc.

35,226

210,299

Karat

Packaging,

Inc.

2,484

66,025

Kennametal,

Inc.

51,793

1,103,191

Kimball

Electronics,

Inc.

11,718

192,761

Knife

River

Corp.

20,250

1,826,752

L.B.

Foster

Co.

Class A *

2,890

56,875

Latham

Group,

Inc.

14,437

92,830

Limbach

Holdings,

Inc.

3,494

260,198

Lindsay

Corp.

3,861

488,494

LSB

Industries,

Inc.

22,138

145,889

LSI

Industries,

Inc.

1,648

28,016

Luxfer

Holdings

PLC

(United

Kingdom)

13,490

159,991

Marten

Transport

Ltd.

37,154

509,753

Matson,

Inc.

22,133

2,836,787

Metallus,

Inc.

29,397

392,744

Mueller

Water

Products,

Inc.

Class A

102,080

2,594,874

MYR

Group,

Inc.

467

52,813

NN,

Inc.

19,073

43,105

Nordic

American

Tankers

Ltd.

18,236

44,861

Northwest

Pipe

Co.

3,310

136,703

Olympic

Steel,

Inc.

4,083

128,696

Orion

Group

Holdings,

Inc.

14,326

74,925

Pangaea

Logistics

Solutions

Ltd.

10,318

49,114

Park-Ohio

Holdings

Corp.

1,684

36,374

Plexus

Corp.

18,150

2,325,559

Primoris

Services

Corp.

4,845

278,151

Ryder

System,

Inc.

15,791

2,270,904

Ryerson

Holding

Corp.

11,708

268,816

Safe

Bulkers,

Inc.

(Monaco)

17,243

63,627

Schneider

National,

Inc.

Class B

25,317

578,493

Scorpio

Tankers,

Inc.

(Monaco)

32,965

1,238,825

SFL

Corp.

Ltd.

(Norway)

81,078

664,840

Sterling

Infrastructure,

Inc.

10,241

1,159,384

Value

Stoneridge,

Inc.

4,459

20,467

Taylor

Devices,

Inc.

449

14,489

Teekay

Corp.

Ltd.

(Bermuda)

41,704

273,995

Teekay

Tankers

Ltd.

Class A (Canada)

18,044

690,544

Tennant

Co.

7,048

562,078

Terex

Corp.

29,964

1,132,040

Tredegar

Corp.

20,905

160,968

Trinity

Industries,

Inc.

59,213

1,661,517

TTM

Technologies,

Inc.

43,371

889,539

Tutor

Perini

Corp.

20,466

474,402

Universal

Logistics

Holdings,

Inc.

4,358

114,354

Vishay

Intertechnology,

Inc.

58,380

928,242

Werner

Enterprises,

Inc.

45,311

1,327,612

Willis

Lease

Finance

Corp.

290

45,811

World

Kinect

Corp.

859

24,361

Worthington

Enterprises,

Inc.

15,160

759,364

Worthington

Steel,

Inc.

16,629

421,213

60,292,746

Technology

1.6%

spacing

Amkor

Technology,

Inc.

34,185

617,381

Climb

Global

Solutions,

Inc.

101

11,187

Conduent,

Inc.

80,949

218,562

Cricut,

Inc.

Class A

34,819

179,318

CSP,

Inc.

2,783

42,691

Diebold

Nixdorf,

Inc.

3,448

150,747

Diodes,

Inc.

316

13,642

DXC

Technology

Co.

133,385

2,274,214

IBEX

Holdings

Ltd.

10,662

259,620

Insight

Enterprises,

Inc.

5,552

832,744

inTEST

Corp.

1,016

7,102

IPG

Photonics

Corp.

3,090

195,103

Nutex

Health,

Inc.

1,862

87,570

Penguin

Solutions,

Inc.

5,269

91,522

Photronics,

Inc.

42,397

880,162

Playstudios,

Inc.

17,191

21,833

PubMatic,

Inc.

Class A *

5,131

46,897

Vishay

Precision

Group,

Inc.

6,849

164,992

6,095,287

Utilities

0.2%

spacing

Altus

Power,

Inc.

27,477

136,011

Ameresco,

Inc.

Class A *

15,298

184,800

MDU

Resources

Group,

Inc.

24,071

407,041

727,852

Total

Common

Stocks

(Cost

$405,203,189)

387,108,444

TOTAL

INVESTMENTS

99.8%

(Cost

$405,203,189)

387,108,444

OTHER

ASSETS

LIABILITIES,

NET

0.2%

756,102

NET

ASSETS

100.0%

387,864,546

PACIFIC

SELECT

FUND

VALUE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

183

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

99.4%

Basic

Materials

3.5%

spacing

DuPont

Nemours,

Inc.

128,768

9,616,394

Eastman

Chemical

Co.

69,362

6,111,486

Freeport-McMoRan,

Inc.

381,657

14,449,534

PPG

Industries,

Inc.

66,896

7,315,078

37,492,492

Communications

4.6%

spacing

Charter

Communications,

Inc.

Class A *

26,697

9,838,646

Cisco

Systems,

Inc.

174,762

10,784,563

Comcast

Corp.

Class A

177,166

6,537,425

T-Mobile

U.S.,

Inc.

84,965

22,661,015

49,821,649

Consumer,

Cyclical

11.4%

spacing

BJ's

Wholesale

Club

Holdings,

Inc.

80,088

9,138,041

General

Motors

Co.

420,506

19,776,397

Hilton

Worldwide

Holdings,

Inc.

56,799

12,924,612

Lululemon

Athletica,

Inc.

16,000

4,528,960

PulteGroup,

Inc.

204,917

21,065,468

Southwest

Airlines

Co.

541,363

18,178,969

Target

Corp.

76,700

8,004,412

Walmart,

Inc.

349,462

30,679,269

124,296,128

Consumer,

Non-Cyclical

27.6%

spacing

AbbVie,

Inc.

148,523

31,118,539

AstraZeneca

PLC

ADR

(United

Kingdom)

214,374

15,756,489

Cigna

Group

46,334

15,243,886

Coca-Cola

Co.

418,077

29,942,675

Corteva,

Inc.

278,696

17,538,339

McKesson

Corp.

38,650

26,011,063

Merck

Co.,

Inc.

67,000

6,013,920

Philip

Morris

International,

Inc.

205,256

32,580,285

Procter

Gamble

Co.

141,319

24,083,584

Regeneron

Pharmaceuticals,

Inc.

32,339

20,510,364

Sanofi

165,801

18,357,790

Thermo

Fisher

Scientific,

Inc.

48,594

24,180,374

United

Rentals,

Inc.

16,527

10,357,471

UnitedHealth

Group,

Inc.

54,889

28,748,114

300,442,893

Energy

6.7%

spacing

ConocoPhillips

127,708

13,411,894

Exxon

Mobil

Corp.

280,038

33,304,920

Shell

PLC

413,277

15,123,696

Valero

Energy

Corp.

80,711

10,659,502

72,500,012

Financial

22.0%

spacing

Allstate

Corp.

88,579

18,342,054

American

International

Group,

Inc.

177,570

15,437,936

American

Tower

Corp.

REIT

24,950

5,429,120

Apollo

Global

Management,

Inc.

109,795

15,035,327

Bank

America

Corp.

679,592

28,359,374

Capital

One

Financial

Corp.

133,645

23,962,549

Charles

Schwab

Corp.

241,412

18,897,731

Citigroup,

Inc.

477,235

33,878,913

CME

Group,

Inc.

68,218

18,097,553

Gaming

Leisure

Properties,

Inc.

REIT

143,735

7,316,112

Goldman

Sachs

Group,

Inc.

21,718

11,864,326

Value

JPMorgan

Chase

Co.

49,692

12,189,448

PNC

Financial

Services

Group,

Inc.

92,511

16,260,658

State

Street

Corp.

59,950

5,367,323

Vornado

Realty

Trust

REIT

240,968

8,913,406

239,351,830

Industrial

11.7%

spacing

Ball

Corp.

99,573

5,184,766

CRH

PLC

166,554

14,651,755

FedEx

Corp.

72,488

17,671,125

Honeywell

International,

Inc.

73,423

15,547,320

Ingersoll

Rand,

Inc.

161,159

12,897,555

Johnson

Controls

International

PLC

179,132

14,350,265

Northrop

Grumman

Corp.

31,446

16,100,666

Otis

Worldwide

Corp.

111,736

11,531,155

RTX

Corp.

147,099

19,484,734

127,419,341

Technology

7.6%

spacing

Accenture

PLC

Class A (Ireland)

59,197

18,471,832

Microsoft

Corp.

68,711

25,793,422

Oracle

Corp.

73,680

10,301,201

QUALCOMM,

Inc.

116,099

17,833,968

Seagate

Technology

Holdings

PLC

116,334

9,882,573

82,282,996

Utilities

4.3%

spacing

NextEra

Energy,

Inc.

231,799

16,432,231

NRG

Energy,

Inc.

187,192

17,869,348

PPL

Corp.

359,034

12,964,718

47,266,297

Total

Common

Stocks

(Cost

$1,077,675,356)

1,080,873,638

TOTAL

INVESTMENTS

99.4%

(Cost

$1,077,675,356)

1,080,873,638

DERIVATIVES

(0.0%)

(

251,709

)

OTHER

ASSETS

LIABILITIES,

NET

0.6%

7,189,246

NET

ASSETS

100.0%

1,087,811,175

184

PACIFIC

SELECT

FUND

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

forward

foreign

currency

contracts

outstanding

were

follows:

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Currency

Purchased

Currency

Sold

Settlement

Month

Counterparty

Unrealized

Appreciation

Unrealized

Depreciation

EUR

3,782,300

USD

4,034,895

06/25

SSB

72,576

–

USD

1,823,840

EUR

1,691,000

06/25

MSC

–

(

12,538

)

USD

3,592,494

EUR

3,336,300

06/25

SSB

–

(

30,633

)

USD

12,608,858

EUR

11,709,400

06/25

TDB

–

(

107,221

)

USD

3,653,697

GBP

2,845,100

06/25

MSC

–

(

21,193

)

USD

4,004,478

GBP

3,099,200

06/25

MSC

1,378

–

USD

20,568,345

GBP

16,043,300

06/25

TDB

–

(

154,078

)

Total

Forward

Foreign

Currency

Contracts

73,954

(

325,663

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Basic

Materials

37,492,492

–

Communications

49,821,649

–

Consumer,

Cyclical

124,296,128

–

Consumer,

Non-Cyclical

300,442,893

282,085,103

18,357,790

–

Energy

72,500,012

57,376,316

15,123,696

–

Financial

239,351,830

–

Industrial

127,419,341

–

Technology

82,282,996

–

Utilities

47,266,297

–

Total

Common

Stocks

1,080,873,638

1,047,392,152

33,481,486

–

Derivatives:

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

73,954

–

73,954

–

Total

Assets

1,080,947,592

1,047,392,152

33,555,440

–

Liabilities

Derivatives:

Foreign

Currency

Contracts

Forward

Foreign

Currency

Contracts

(

325,663

)

–

(

325,663

)

–

Total

Liabilities

(

325,663

)

–

(

325,663

)

–

Total

1,080,621,929

1,047,392,152

33,229,777

–

PACIFIC

SELECT

FUND

VALUE

ADVANTAGE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

185

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

97.7%

Basic

Materials

1.2%

spacing

Axalta

Coating

Systems

Ltd.

192,693

6,391,627

International

Paper

Co.

71,167

3,796,759

10,188,386

Communications

4.5%

spacing

Amazon.com,

Inc.

15,695

2,986,131

Booking

Holdings,

Inc.

1,027

4,731,297

Cisco

Systems,

Inc.

65,426

4,037,438

Expedia

Group,

Inc.

28,078

4,719,912

IAC,

Inc.

91,078

4,184,123

Sirius

Holdings,

Inc.

124,755

2,812,601

Verizon

Communications,

Inc.

152,877

6,934,501

Walt

Disney

Co.

61,470

6,067,089

36,473,092

Consumer,

Cyclical

6.3%

spacing

AutoZone,

Inc.

1,435

5,471,339

Bath

Body

Works,

Inc.

119,806

3,632,518

Best

Buy

Co.,

Inc.

54,696

4,026,173

Columbia

Sportswear

Co.

13,747

1,040,510

Dick's

Sporting

Goods,

Inc.

25,066

5,052,303

Gentex

Corp.

140,822

3,281,153

Kontoor

Brands,

Inc.

37,727

2,419,432

Lowe's

Cos.,

Inc.

34,952

8,151,855

McDonald's

Corp.

28,019

8,752,295

Murphy

USA,

Inc.

8,496

3,991,506

Southwest

Airlines

Co.

110,073

3,696,251

Ulta

Beauty,

Inc.

5,479

2,008,273

51,523,608

Consumer,

Non-Cyclical

24.5%

spacing

AbbVie,

Inc.

86,286

18,078,643

Align

Technology,

Inc.

28,413

4,513,689

Block,

Inc.

50,049

2,719,162

Bristol-Myers

Squibb

Co.

279,300

17,034,507

Cardinal

Health,

Inc.

20,546

2,830,622

Cencora,

Inc.

37,561

10,445,339

Cigna

Group

28,290

9,307,410

Constellation

Brands,

Inc.

Class A

26,280

4,822,906

Corpay,

Inc.

18,952

6,608,942

CVS

Health

Corp.

83,999

5,690,932

HCA

Healthcare,

Inc.

24,527

8,475,305

Henry

Schein,

Inc.

141,469

9,689,212

Humana,

Inc.

10,147

2,684,896

Johnson

64,229

10,651,737

Keurig

Dr.

Pepper,

Inc.

243,427

8,330,072

Labcorp

Holdings,

Inc.

30,233

7,036,428

Medtronic

PLC

70,454

6,330,996

Merck

Co.,

Inc.

63,096

5,663,497

Oscar

Health,

Inc.

Class A *

174,207

2,283,854

PepsiCo,

Inc.

34,141

5,119,102

Philip

Morris

International,

Inc.

73,763

11,708,401

Post

Holdings,

Inc.

50,444

5,869,664

Procter

Gamble

Co.

41,953

7,149,630

Regeneron

Pharmaceuticals,

Inc.

10,936

6,935,939

TransUnion

33,947

2,817,262

UnitedHealth

Group,

Inc.

17,389

9,107,489

Vertex

Pharmaceuticals,

Inc.

6,887

3,338,955

WillScot

Holdings

Corp.

210,320

5,846,896

201,091,487

Value

Energy

6.6%

spacing

Chevron

Corp.

88,235

14,760,833

ConocoPhillips

136,623

14,348,147

Coterra

Energy,

Inc.

113,783

3,288,329

EOG

Resources,

Inc.

76,128

9,762,655

Kinder

Morgan,

Inc.

203,767

5,813,472

Williams

Cos.,

Inc.

106,877

6,386,970

54,360,406

Financial

34.7%

spacing

American

Express

Co.

23,574

6,342,585

American

Homes

Rent

Class A REIT

202,888

7,671,195

Ameriprise

Financial,

Inc.

7,379

3,572,248

Apple

Hospitality

REIT,

Inc.

104,354

1,347,210

Arch

Capital

Group

Ltd.

47,294

4,548,737

Bank

America

Corp.

320,243

13,363,740

Berkshire

Hathaway,

Inc.

Class B *

47,547

25,322,581

Capital

One

Financial

Corp.

71,705

12,856,707

CBRE

Group,

Inc.

Class A *

16,360

2,139,561

Charles

Schwab

Corp.

74,741

5,850,725

Chubb

Ltd.

23,573

7,118,810

Columbia

Banking

System,

Inc.

137,714

3,434,587

Digital

Realty

Trust,

Inc.

REIT

30,619

4,387,397

Discover

Financial

Services

9,367

1,598,947

EastGroup

Properties,

Inc.

REIT

14,740

2,596,451

Federal

Realty

Investment

Trust

REIT

48,604

4,754,443

Fifth

Third

Bancorp

73,411

2,877,711

First

Citizens

BancShares,

Inc.

Class A

5,886

10,913,350

Host

Hotels

Resorts,

Inc.

REIT

304,483

4,326,703

Kinsale

Capital

Group,

Inc.

6,942

3,378,741

Lamar

Advertising

Co.

Class A REIT

40,561

4,615,031

Loews

Corp.

101,867

9,362,596

M&T

Bank

Corp.

80,593

14,405,999

MGIC

Investment

Corp.

262,690

6,509,458

Mid-America

Apartment

Communities,

Inc.

REIT

47,816

8,013,005

Morgan

Stanley

46,974

5,480,457

Northern

Trust

Corp.

91,982

9,074,024

PNC

Financial

Services

Group,

Inc.

36,620

6,436,697

Progressive

Corp.

7,035

1,990,975

Public

Storage

REIT

19,667

5,886,136

Raymond

James

Financial,

Inc.

15,518

2,155,605

Rayonier,

Inc.

REIT

97,362

2,714,453

Regency

Centers

Corp.

REIT

100,877

7,440,688

Regions

Financial

Corp.

371,273

8,067,762

SBA

Communications

Corp.

REIT

21,402

4,708,654

State

Street

Corp.

103,630

9,277,994

Travelers

Cos.,

Inc.

49,387

13,060,886

W.R.

Berkley

Corp.

74,822

5,324,334

Wells

Fargo

Co.

380,073

27,285,441

Weyerhaeuser

Co.

REIT

146,499

4,289,491

284,502,115

Industrial

12.4%

spacing

Carlisle

Cos.,

Inc.

18,428

6,274,734

Dover

Corp.

44,013

7,732,204

Eaton

Corp.

PLC

10,913

2,966,481

FedEx

Corp.

32,387

7,895,303

Fortune

Brands

Innovations,

Inc.

76,121

4,634,246

General

Dynamics

Corp.

22,720

6,193,018

Graphic

Packaging

Holding

Co.

242,265

6,289,199

Jabil,

Inc.

15,042

2,046,765

Hunt

Transport

Services,

Inc.

25,073

3,709,550

186

PACIFIC

SELECT

FUND

VALUE

ADVANTAGE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

Martin

Marietta

Materials,

Inc.

11,877

5,678,750

Middleby

Corp.

14,004

2,128,328

Mohawk

Industries,

Inc.

51,566

5,887,806

Northrop

Grumman

Corp.

6,361

3,256,896

Packaging

Corp.

America

21,815

4,319,806

RTX

Corp.

65,920

8,731,763

Silgan

Holdings,

Inc.

80,166

4,098,086

Smurfit

WestRock

PLC

124,831

5,624,885

SYNNEX

Corp.

76,970

8,001,801

Union

Pacific

Corp.

25,457

6,013,962

101,483,583

Technology

3.9%

spacing

Analog

Devices,

Inc.

18,453

3,721,416

Cognizant

Technology

Solutions

Corp.

Class A

68,606

5,248,359

Hewlett

Packard

Enterprise

Co.

405,874

6,262,636

Microchip

Technology,

Inc.

85,939

4,160,307

Texas

Instruments,

Inc.

45,511

8,178,327

Western

Digital

Corp.

100,328

4,056,261

31,627,306

Utilities

3.6%

spacing

Edison

International

104,615

6,163,916

Entergy

Corp.

34,597

2,957,698

NextEra

Energy,

Inc.

111,741

7,921,319

PG&E

Corp.

294,927

5,066,846

Public

Service

Enterprise

Group,

Inc.

33,364

2,745,857

Xcel

Energy,

Inc.

66,563

4,711,995

29,567,631

Total

Common

Stocks

(Cost

$711,098,791)

800,817,614

TOTAL

INVESTMENTS

97.7%

(Cost

$711,098,791)

800,817,614

OTHER

ASSETS

LIABILITIES,

NET

2.3%

18,704,458

NET

ASSETS

100.0%

819,522,072

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

800,817,614

–

PACIFIC

SELECT

FUND

EMERGING

MARKETS

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

187

See

Supplemental

Notes

Schedules

Investments

Value

PREFERRED

STOCKS

1.2%

Brazil

1.2%

spacing

Itau

Unibanco

Holding

1,051,027

5,785,168

Total

Preferred

Stocks

(Cost

$5,693,303)

5,785,168

COMMON

STOCKS

95.8%

Brazil

4.8%

spacing

Brasil

Bolsa

Balcao

54,400

115,731

Banco

BTG

Pactual

463,100

2,734,882

Localiza

Rent

Car

654,084

3,850,149

MercadoLibre,

Inc.

3,110

6,067,206

Holdings

Ltd.

Class A *

222,758

2,281,042

Raia

Drogasil

760,000

2,537,129

Vale

ADR

26,274

262,215

WEG

616,075

4,888,482

22,736,836

Chile

1.1%

spacing

Antofagasta

PLC

130,872

2,849,284

Banco

Chile

17,906,844

2,368,154

5,217,438

China

27.3%

spacing

Airtac

International

Group

119,000

3,022,193

Alibaba

Group

Holding

Ltd.

ADR

55,249

7,305,575

BYD

Co.

Ltd.

Class H

50,500

2,557,144

Contemporary

Amperex

Technology

Co.

Ltd.

Class A

185,048

6,476,721

World

Group

Ltd.

64,600

239,341

World

Group

Ltd.

ADR

670,463

24,813,836

Meituan

Class B * ~

1,067,400

21,478,720

NetEase,

Inc.

ADR

51,907

5,342,268

New

Horizon

Health

Ltd.

* ~ ± Ω

813,000

147,734

PDD

Holdings,

Inc.

ADR

50,161

5,936,554

Tencent

Holdings

Ltd.

623,725

39,853,472

Trip.com

Group

Ltd.

ADR

4,915

312,496

WuXi

AppTec

Co.

Ltd.

Class H ~

409,600

3,657,841

Wuxi

Biologics

Cayman,

Inc.

* ~

1,337,500

4,677,823

Yum

China

Holdings,

Inc.

22,993

1,197,016

ZTO

Express

Cayman,

Inc.

ADR

125,438

2,488,690

129,507,424

Denmark

0.5%

spacing

Zealand

Pharma

30,255

2,271,983

France

1.6%

spacing

Kering

10,422

2,168,195

TotalEnergies

86,052

5,544,582

7,712,777

Germany

0.3%

spacing

BioNTech

ADR

16,654

1,516,513

Hong

Kong

1.9%

spacing

AIA

Group

Ltd.

762,400

5,771,267

Hong

Kong

Exchanges

Clearing

Ltd.

67,800

3,016,029

8,787,296

Value

India

16.8%

spacing

Bajaj

Finance

Ltd.

10,355

1,078,875

Bajaj

Finserv

Ltd.

54,023

1,263,344

Cholamandalam

Investment

Finance

Co.

Ltd.

54,624

967,183

DLF

Ltd.

61,322

484,717

Havells

India

Ltd.

118,375

2,110,299

HCL

Technologies

Ltd.

124,163

2,300,159

HDFC

Bank

Ltd.

689,968

14,707,500

ICICI

Bank

Ltd.

208,485

3,276,971

Infosys

Ltd.

183,682

3,365,706

Kotak

Mahindra

Bank

Ltd.

984,079

24,912,624

Macrotech

Developers

Ltd.

337,670

4,711,169

Mahindra

Ltd.

77,513

2,405,942

Oberoi

Realty

Ltd.

376,227

7,165,210

Tata

Consultancy

Services

Ltd.

255,233

10,736,773

79,486,472

Indonesia

1.8%

spacing

Bank

Central

Asia

Tbk.

17,004,300

8,728,053

Italy

2.2%

spacing

Ermenegildo

Zegna

148,644

1,099,966

Moncler

SpA

37,182

2,290,301

PRADA

SpA

1,004,300

6,987,047

10,377,314

Japan

2.6%

spacing

Chugai

Pharmaceutical

Co.

Ltd.

107,600

4,929,322

Daiichi

Sankyo

Co.

Ltd.

315,100

7,503,750

12,433,072

Luxembourg

0.6%

spacing

Zabka

Group

525,081

2,804,436

Mexico

5.1%

spacing

America

Movil

SAB

ADR

30,716

436,782

Fomento

Economico

Mexicano

SAB

1,052,601

10,278,348

Grupo

Aeroportuario

del

Sureste

SAB

Class B

39,181

1,072,607

Grupo

Mexico

SAB

2,487,139

12,435,391

24,223,128

Netherlands

1.4%

spacing

Argenx

ADR

9,328

5,520,917

ASML

Holding

1,724

1,142,374

6,663,291

Peru

0.9%

spacing

Credicorp

Ltd.

22,660

4,218,386

Philippines

2.1%

spacing

Investments

Corp.

581,054

8,015,299

Prime

Holdings,

Inc.

4,546,400

1,910,532

9,925,831

Poland

0.8%

spacing

Allegro.eu

* ~

454,991

3,691,026

188

PACIFIC

SELECT

FUND

EMERGING

MARKETS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$147,734

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

Value

Portugal

2.6%

spacing

Galp

Energia

SGPS

691,499

12,115,057

Russia

0.0%

spacing

Novatek

PJSC

GDR

(OTC)

* ~ ± Ω

258,603

–

Polyus

PJSC

GDR

* ~ ± Ω

41,905

–

Sberbank

Russia

PJSC

* ± Ω

156,504

–

South

Africa

1.8%

spacing

Capitec

Bank

Holdings

Ltd.

4,722

803,121

FirstRand

Ltd.

1,925,770

7,567,926

8,371,047

South

Korea

5.0%

spacing

NAVER

Corp.

23,233

3,036,174

Samsung

Biologics

Co.

Ltd.

* ~

11,708

8,125,475

Samsung

Electronics

Co.

Ltd.

141,055

5,592,191

Hynix,

Inc.

52,208

6,959,638

23,713,478

Switzerland

0.4%

spacing

Cie

Financiere

Richemont

Class A

9,916

1,730,994

Taiwan

11.3%

spacing

Delta

Electronics,

Inc.

44,000

486,651

MediaTek,

Inc.

111,000

4,784,149

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,619,376

45,606,458

Voltronic

Power

Technology

Corp.

59,000

2,758,974

53,636,232

Turkey

0.1%

spacing

Akbank

TAS

380,591

524,037

United

Arab

Emirates

0.3%

spacing

Americana

Restaurants

International

PLC

Foreign

Co.

2,406,687

1,433,511

United

Kingdom

1.6%

spacing

AstraZeneca

PLC

51,228

7,522,558

United

States

0.9%

spacing

Applied

Materials,

Inc.

8,172

1,185,921

Legend

Biotech

Corp.

ADR

89,142

3,024,588

4,210,509

Total

Common

Stocks

(Cost

$479,938,705)

453,558,699

TOTAL

INVESTMENTS

97.0%

(Cost

$485,632,008)

459,343,867

OTHER

ASSETS

LIABILITIES,

NET

3.0%

14,091,370

NET

ASSETS

100.0%

473,435,237

189

PACIFIC

SELECT

FUND

EMERGING

MARKETS

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Preferred

Stocks

5,785,168

–

Common

Stocks

Brazil

22,736,836

–

Chile

5,217,438

–

5,217,438

–

China

129,507,424

47,396,435

81,963,255

147,734

Denmark

2,271,983

–

2,271,983

–

France

7,712,777

–

7,712,777

–

Germany

1,516,513

–

Hong

Kong

8,787,296

–

8,787,296

–

India

79,486,472

–

79,486,472

–

Indonesia

8,728,053

–

Italy

10,377,314

1,099,966

9,277,348

–

Japan

12,433,072

–

12,433,072

–

Luxembourg

2,804,436

–

Mexico

24,223,128

–

Netherlands

6,663,291

–

Peru

4,218,386

–

Philippines

9,925,831

–

9,925,831

–

Poland

3,691,026

–

3,691,026

–

Portugal

12,115,057

–

12,115,057

–

South

Africa

8,371,047

–

8,371,047

–

South

Korea

23,713,478

–

23,713,478

–

Switzerland

1,730,994

–

1,730,994

–

Taiwan

53,636,232

–

53,636,232

–

Turkey

524,037

–

United

Arab

Emirates

1,433,511

–

1,433,511

–

United

Kingdom

7,522,558

–

7,522,558

–

United

States

4,210,509

–

Total

Common

Stocks

453,558,699

124,121,590

329,289,375

147,734

Total

459,343,867

129,906,758

329,289,375

147,734

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

190

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

52.1%

Basic

Materials

0.5%

Celanese

U.S.

Holdings

LLC

1.400%

due

08/05/26

60,000

57,281

6.415%

due

07/15/27

344,000

349,915

Glencore

Funding

LLC

(Australia)

due

04/01/28 # ~

160,000

160,692

Mosaic

Co.

4.050%

due

11/15/27

600,000

591,995

1,159,883

Communications

1.3%

AT&T,

Inc.

1.700%

due

03/25/26

600,000

583,680

2.950%

due

07/15/26

60,000

58,847

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

760,000

736,838

6.150%

due

11/10/26

200,000

204,118

Discovery

Communications

LLC

3.950%

due

03/20/28

600,000

576,721

Rogers

Communications,

Inc.

(Canada)

2.900%

due

11/15/26

60,000

58,417

3.625%

due

12/15/25

800,000

793,046

T-Mobile

USA,

Inc.

2.625%

due

04/15/26

75,000

73,579

3,085,246

Consumer,

Cyclical

3.1%

AutoZone,

Inc.

3.125%

due

04/21/26

60,000

59,173

5.050%

due

07/15/26

800,000

805,990

Daimler

Truck

Finance

North

America

LLC

(Germany)

4.950%

due

01/13/28 ~

227,000

228,219

5.000%

due

01/15/27 ~

200,000

201,381

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

800,000

803,777

5.850%

due

05/17/27

1,400,000

1,407,719

6.950%

due

06/10/26

400,000

406,283

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

100,000

96,170

4.350%

due

01/17/27

500,000

495,598

5.400%

due

04/06/26

1,200,000

1,205,358

5.400%

due

05/08/27

580,000

585,753

6.000%

due

01/09/28

80,000

82,074

Hyundai

Capital

America

2.750%

due

09/27/26 ~

560,000

544,714

5.650%

due

06/26/26 ~

80,000

80,891

Ross

Stores,

Inc.

0.875%

due

04/15/26

60,000

57,815

7,060,915

Consumer,

Non-Cyclical

4.8%

BAT

Capital

Corp.

(United

Kingdom)

3.215%

due

09/06/26

860,000

843,885

4.700%

due

04/02/27

100,000

100,183

BAT

International

Finance

PLC

(United

Kingdom)

1.668%

due

03/25/26

780,000

757,716

Bayer

U.S.

Finance

LLC

(Germany)

6.125%

due

11/21/26 ~

1,000,000

1,018,920

Principal

Amount

Value

Centene

Corp.

4.250%

due

12/15/27

860,000

839,848

Cigna

Group

3.400%

due

03/01/27

880,000

863,229

CVS

Health

Corp.

1.300%

due

08/21/27

800,000

738,908

2.875%

due

06/01/26

580,000

568,451

6.250%

due

06/01/27

620,000

640,777

HCA,

Inc.

3.125%

due

03/15/27

60,000

58,291

4.500%

due

02/15/27

780,000

777,611

5.000%

due

03/01/28

304,000

306,560

5.200%

due

06/01/28

80,000

80,998

Humana,

Inc.

1.350%

due

02/03/27

820,000

772,640

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.125%

due

07/27/27 ~

200,000

206,183

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

2.500%

due

01/15/27

860,000

827,549

5.125%

due

02/01/28

780,000

788,413

Mars,

Inc.

4.450%

due

03/01/27 ~

325,000

325,715

4.600%

due

03/01/28 ~

551,000

553,319

11,069,196

Energy

4.9%

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

560,000

551,171

5.000%

due

12/15/29 ~

20,000

19,997

DCP

Midstream

Operating

5.625%

due

07/15/27

502,000

510,496

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

760,000

769,515

Enbridge,

Inc.

(Canada)

5.250%

due

04/05/27

40,000

40,514

5.300%

due

04/05/29

840,000

856,035

5.900%

due

11/15/26

870,000

887,751

Energy

Transfer

3.900%

due

07/15/26

700,000

694,126

6.050%

due

12/01/26

60,000

61,326

EQT

Corp.

3.125%

due

05/15/26 ~

80,000

78,606

3.900%

due

10/01/27

642,000

630,684

Hess

Corp.

4.300%

due

04/01/27

830,000

826,010

MPLX

1.750%

due

03/01/26

600,000

584,435

4.125%

due

03/01/27

500,000

495,801

Northwest

Pipeline

LLC

4.000%

due

04/01/27

340,000

336,300

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

1,100,000

1,104,536

ONEOK,

Inc.

4.000%

due

07/13/27

700,000

691,589

4.250%

due

09/24/27

720,000

713,788

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

700,000

699,729

Western

Midstream

Operating

4.650%

due

07/01/26

280,000

279,901

191

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Williams

Cos.,

Inc.

5.400%

due

03/02/26

600,000

604,315

11,436,625

Financial

31.5%

ABN

AMRO

Bank

(Netherlands)

6.339%

due

09/18/27 ~

600,000

613,722

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

1.750%

due

01/30/26

650,000

634,821

3.650%

due

07/21/27

700,000

683,834

4.625%

due

10/15/27

700,000

697,301

6.100%

due

01/15/27

700,000

715,953

6.450%

due

04/15/27

150,000

154,892

Ally

Financial,

Inc.

4.750%

due

06/09/27

780,000

779,743

7.100%

due

11/15/27

430,000

452,839

American

Express

Co.

5.098%

due

02/16/28

840,000

850,270

5.389%

due

07/28/27

40,000

40,433

6.338%

due

10/30/26

700,000

706,844

American

Tower

Corp.

3.375%

due

10/15/26

800,000

785,837

3.600%

due

01/15/28

840,000

818,172

Aon

North

America,

Inc.

5.125%

due

03/01/27

600,000

606,628

ARES

Capital

Corp.

2.150%

due

07/15/26

600,000

578,839

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

60,000

60,016

Arthur

Gallagher

Co.

4.600%

due

12/15/27

419,000

420,038

Athene

Global

Funding

1.608%

due

06/29/26 ~

600,000

578,669

4.950%

due

01/07/27 ~

625,000

627,461

5.516%

due

03/25/27 ~

720,000

732,121

Avolon

Holdings

Funding

Ltd.

(Ireland)

2.125%

due

02/21/26 ~

100,000

97,655

4.950%

due

01/15/28 ~

622,000

619,573

6.375%

due

05/04/28 ~

700,000

724,607

Bank

America

Corp.

1.658%

due

03/11/27

780,000

758,898

3.559%

due

04/23/27

560,000

554,040

3.824%

due

01/20/28

780,000

770,377

4.948%

due

07/22/28

580,000

584,748

5.819%

due

09/15/29

740,000

767,018

5.933%

due

09/15/27

760,000

775,036

Bank

Montreal

(Canada)

4.567%

due

09/10/27

620,000

620,434

5.266%

due

12/11/26

500,000

506,796

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

870,000

866,096

Barclays

PLC

(United

Kingdom)

2.279%

due

11/24/27

200,000

192,337

4.837%

due

09/10/28

500,000

500,531

5.501%

due

08/09/28

500,000

507,524

5.829%

due

05/09/27

1,000,000

1,012,381

6.496%

due

09/13/27

700,000

717,240

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

60,000

57,839

7.300%

due

11/27/28

719,000

760,723

BNP

Paribas

(France)

1.675%

due

06/30/27 ~

700,000

675,669

Principal

Amount

Value

Canadian

Imperial

Bank

Commerce

(Canada)

5.926%

due

10/02/26

60,000

61,225

Capital

One

Financial

Corp.

1.878%

due

11/02/27

860,000

822,910

5.468%

due

02/01/29

40,000

40,678

7.149%

due

10/29/27

770,000

798,269

Citigroup,

Inc.

1.122%

due

01/28/27

780,000

757,696

1.462%

due

06/09/27

880,000

847,832

3.070%

due

02/24/28

600,000

583,242

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

560,000

550,325

Corebridge

Global

Funding

5.750%

due

07/02/26 ~

760,000

771,500

Crown

Castle,

Inc.

3.650%

due

09/01/27

800,000

779,600

3.700%

due

06/15/26

700,000

691,786

4.000%

due

03/01/27

60,000

59,197

Danske

Bank

(Denmark)

1.549%

due

09/10/27 ~

500,000

479,304

4.298%

due

04/01/28 ~

600,000

595,805

5.427%

due

03/01/28 ~

900,000

915,231

Deutsche

Bank

(Germany)

2.311%

due

11/16/27

700,000

672,853

2.552%

due

01/07/28

800,000

769,712

5.706%

due

02/08/28

850,000

863,180

7.146%

due

07/13/27

150,000

154,229

Equitable

Financial

Life

Global

Funding

1.300%

due

07/12/26 ~

60,000

57,648

1.400%

due

08/27/27 ~

60,000

55,743

4.875%

due

11/19/27 ~

800,000

804,735

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30 ~

393,000

397,556

Goldman

Sachs

Bank

USA

5.283%

due

03/18/27

60,000

60,391

Goldman

Sachs

Group,

Inc.

1.948%

due

10/21/27

860,000

825,074

2.640%

due

02/24/28

860,000

830,381

HPS

Corporate

Lending

Fund

5.450%

due

01/14/28 ~

625,000

625,391

HSBC

Holdings

PLC

(United

Kingdom)

4.292%

due

09/12/26

500,000

498,923

5.887%

due

08/14/27

900,000

914,385

7.390%

due

11/03/28

700,000

744,076

Huntington

Bancshares,

Inc.

4.000%

due

05/15/25

400,000

399,534

4.443%

due

08/04/28

130,000

129,141

Huntington

National

Bank

5.093%

(SOFR

0.720%)

due

04/12/28 §

577,000

576,282

ING

Groep

(Netherlands)

4.858%

due

03/25/29

534,000

536,092

Intesa

Sanpaolo

SpA

(Italy)

3.875%

due

07/14/27 ~

200,000

195,831

Jackson

Financial,

Inc.

5.170%

due

06/08/27

120,000

121,029

Jackson

National

Life

Global

Funding

4.900%

due

01/13/27 ~

593,000

595,725

5.324%

(SOFR

0.970%)

due

01/14/28 ~ §

750,000

756,300

JPMorgan

Chase

Co.

1.470%

due

09/22/27

80,000

76,538

192

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

1.578%

due

04/22/27

880,000

853,489

2.069%

due

06/01/29

570,000

527,852

2.182%

due

06/01/28

880,000

837,654

2.947%

due

02/24/28

1,400,000

1,360,377

5.012%

due

01/23/30

780,000

788,834

Lloyds

Banking

Group

PLC

(United

Kingdom)

5.462%

due

01/05/28

600,000

607,895

5.985%

due

08/07/27

900,000

915,003

Mizuho

Financial

Group,

Inc.

(Japan)

1.554%

due

07/09/27

1,000,000

963,050

5.414%

due

09/13/28

800,000

815,728

Morgan

Stanley

1.512%

due

07/20/27

890,000

855,715

1.593%

due

05/04/27

880,000

852,358

3.591%

due

07/22/28 §

880,000

858,250

3.772%

due

01/24/29

880,000

860,952

5.656%

due

04/18/30

740,000

763,074

NatWest

Group

PLC

(United

Kingdom)

1.642%

due

06/14/27

200,000

193,001

3.073%

due

05/22/28

600,000

580,709

5.516%

due

09/30/28

700,000

712,939

5.583%

due

03/01/28

700,000

711,944

PNC

Financial

Services

Group,

Inc.

5.102%

due

07/23/27

500,000

502,930

5.300%

due

01/21/28

760,000

770,620

6.615%

due

10/20/27

800,000

824,676

Royal

Bank

Canada

(Canada)

5.069%

due

07/23/27

780,000

784,869

Sammons

Financial

Group

Global

Funding

5.050%

due

01/10/28 ~

550,000

556,736

Santander

Holdings

USA,

Inc.

3.244%

due

10/05/26

40,000

39,095

Societe

Generale

(France)

5.500%

due

04/13/29 ~

200,000

202,792

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

700,000

695,315

4.568%

due

12/17/26

760,000

761,345

5.264%

due

12/11/26

40,000

40,550

5.532%

due

07/17/26

40,000

40,534

Truist

Financial

Corp.

1.267%

due

03/02/27

137,000

132,850

4.123%

due

06/06/28

700,000

695,446

4.873%

due

01/26/29

760,000

764,519

5.435%

due

01/24/30

80,000

81,673

6.047%

due

06/08/27

830,000

844,054

U.S.

Bancorp

3.100%

due

04/27/26

50,000

49,282

6.787%

due

10/26/27

760,000

785,464

UBS

(Switzerland)

5.000%

due

07/09/27

700,000

708,159

UBS

Group

(Switzerland)

1.364%

due

01/30/27 ~

200,000

194,677

1.494%

due

08/10/27 ~

350,000

335,386

6.442%

due

08/11/28 ~

800,000

830,003

VICI

Properties

due

04/01/28 #

40,000

40,107

4.750%

due

02/15/28

740,000

740,527

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.250%

due

12/01/26 ~

40,000

39,590

Wells

Fargo

Co.

2.393%

due

06/02/28

680,000

649,113

3.196%

due

06/17/27

780,000

767,574

Principal

Amount

Value

3.526%

due

03/24/28

700,000

686,079

4.900%

due

01/24/28

509,000

511,957

5.707%

due

04/22/28

80,000

81,757

6.303%

due

10/23/29

760,000

799,352

Western

Union

Co.

1.350%

due

03/15/26

60,000

58,045

73,097,204

Industrial

1.8%

Boeing

Co.

2.700%

due

02/01/27

800,000

771,811

3.100%

due

05/01/26

300,000

294,819

5.040%

due

05/01/27

800,000

803,916

6.259%

due

05/01/27

70,000

72,038

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

860,000

827,342

4.500%

due

10/08/27

700,000

696,906

Ingersoll

Rand,

Inc.

5.197%

due

06/15/27

760,000

770,831

4,237,663

Technology

2.0%

Broadcom,

Inc.

4.150%

due

02/15/28

640,000

634,719

5.050%

due

07/12/27

740,000

749,470

Dell

International

LLC/EMC

Corp.

4.900%

due

10/01/26

760,000

763,132

6.020%

due

06/15/26

760,000

769,922

Marvell

Technology,

Inc.

1.650%

due

04/15/26

200,000

194,113

Micron

Technology,

Inc.

5.327%

due

02/06/29

370,000

375,574

6.750%

due

11/01/29

240,000

257,566

VMware

LLC

1.400%

due

08/15/26

840,000

804,641

4,549,137

Utilities

2.2%

AES

Corp.

1.375%

due

01/15/26

60,000

58,362

5.450%

due

06/01/28

760,000

773,420

CenterPoint

Energy,

Inc.

5.250%

due

08/10/26

60,000

60,564

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

60,000

59,264

Dominion

Energy,

Inc.

1.450%

due

04/15/26

600,000

580,984

2.850%

due

08/15/26

60,000

58,646

Exelon

Corp.

2.750%

due

03/15/27

860,000

832,605

FirstEnergy

Corp.

3.900%

due

07/15/27

800,000

786,848

NiSource,

Inc.

5.250%

due

03/30/28

560,000

569,866

Pacific

Gas

Electric

Co.

5.450%

due

06/15/27

800,000

808,366

Southern

Co.

5.500%

due

03/15/29

40,000

41,264

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26 ~

518,000

520,014

5,150,203

Total

Corporate

Bonds

Notes

(Cost

$120,588,671)

120,846,072

193

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

MORTGAGE-BACKED

SECURITIES

4.2%

Collateralized

Mortgage

Obligations

Commercial

4.2%

Benchmark

Mortgage

Trust

3.042%

due

08/15/52

461,683

447,018

BLP

Commercial

Mortgage

Trust

5.661%

(SOFR

1.342%)

due

03/15/41 ~ §

94,883

94,822

Commercial

Mortgage

Trust

5.104%

(SOFR

0.784%)

due

06/15/38 ~ §

621,607

619,474

5.612%

(SOFR

1.293%)

due

12/15/39 ~ §

366,646

366,245

5.711%

(SOFR

1.392%)

due

03/15/41 ~ §

757,480

759,532

5.761%

(SOFR

1.442%)

due

02/15/39 ~ §

380,056

380,767

5.763%

(SOFR

1.443%)

due

04/15/40 ~ §

405,000

405,385

Trust

5.069%

(SOFR

0.750%)

due

10/15/26 ~ §

96,963

96,458

5.463%

(SOFR

1.144%)

due

03/15/30 ~ §

492,000

490,205

5.469%

(SOFR

1.150%)

due

02/15/35 ~ §

227,000

224,509

5.713%

(SOFR

1.393%)

due

03/15/30 ~ §

72,000

71,668

5.761%

(SOFR

1.442%)

due

04/15/41 ~ §

349,102

350,210

5.810%

(SOFR

1.491%)

due

04/15/37 ~ §

87,441

87,504

Mortgage

Trust

2.622%

due

08/10/49

762,253

752,070

DTP

Commercial

Mortgage

Trust

5.454%

due

01/15/41 ~ §

100,000

102,211

ELP

Commercial

Mortgage

Trust

5.135%

(SOFR

0.815%)

due

11/15/38 ~ §

722,159

719,332

Extended

Stay

America

Trust

5.513%

(SOFR

1.194%)

due

07/15/38 ~ §

181,025

180,976

Mortgage

Securities

Trust

4.106%

due

07/10/51 §

104,251

103,211

Hilton

USA

Trust

4.194%

due

11/05/38 ~ §

171,000

168,784

JPMDB

Commercial

Mortgage

Securities

Trust

3.492%

due

03/15/50

105,494

104,208

Morgan

Stanley

Capital

Trust

1.925%

due

07/15/53

800,000

735,317

SREIT

Trust

5.164%

(SOFR

0.845%)

due

11/15/38 ~ §

214,892

213,652

5.513%

(SOFR

1.194%)

due

11/15/38 ~ §

88,070

87,574

TCO

Commercial

Mortgage

Trust

5.562%

(SOFR

1.243%)

due

12/15/39 ~ §

213,000

212,756

Wells

Fargo

Commercial

Mortgage

Trust

2.684%

due

10/15/49

766,415

750,624

3.063%

due

12/15/52

54,933

53,231

Principal

Amount

Value

3.933%

due

03/15/52

939,662

928,158

5.270%

due

03/15/38 ~ §

143,000

142,817

9,648,718

Collateralized

Mortgage

Obligations

Residential

0.0%

Cascade

Funding

Mortgage

Trust

3.000%

due

03/25/35 ~ §

100,000

97,276

Total

Mortgage-Backed

Securities

(Cost

$9,728,873)

9,745,994

ASSET-BACKED

SECURITIES

14.0%

Automobile

Other

1.2%

GMF

Floorplan

Owner

Revolving

Trust

4.790%

due

03/15/29 ~

235,000

235,244

4.910%

due

03/15/30 ~

395,000

395,578

5.099%

(SOFR

0.750%)

due

03/15/29 ~ §

130,000

130,389

5.499%

(SOFR

1.150%)

due

06/15/28 ~ §

1,247,000

1,256,200

Santander

Drive

Auto

Receivables

Trust

4.880%

due

03/17/31

485,000

488,076

Securitized

Term

Auto

Receivables

Trust

(Canada)

5.038%

due

07/25/31 ~

63,205

63,545

5.185%

due

07/25/31 ~

261,848

263,260

2,832,292

Automobile

Sequential

4.7%

ARI

Fleet

Lease

Trust

4.460%

due

01/17/34 ~

635,000

633,862

Capital

One

Prime

Auto

Receivables

Trust

4.620%

due

07/16/29

50,000

50,245

CarMax

Auto

Owner

Trust

4.840%

due

01/15/30

20,000

20,225

Carvana

Auto

Receivables

Trust

4.640%

due

01/10/30

495,000

496,581

Enterprise

Fleet

Financing

LLC

4.820%

due

02/20/29 ~

365,000

368,207

5.060%

due

03/20/31 ~

150,000

152,817

5.160%

due

09/20/30 ~

150,000

152,413

Ford

Credit

Auto

Lease

Trust

4.720%

due

06/15/28

520,000

522,850

Ford

Credit

Auto

Owner

Trust

1.370%

due

10/17/33 ~

150,000

145,298

1.530%

due

05/15/34 ~

150,000

143,187

4.450%

due

10/15/29

790,000

792,763

4.610%

due

08/15/29

25,000

25,176

Ford

Credit

Floorplan

Master

Owner

Trust

5.099%

(SOFR

0.750%)

due

04/15/29 ~ §

930,000

934,140

Financial

Automobile

Leasing

Trust

4.660%

due

02/21/28

980,000

985,118

Financial

Revolving

Receivables

Trust

1.170%

due

06/12/34 ~

150,000

143,154

GMF

Floorplan

Owner

Revolving

Trust

4.730%

due

11/15/29 ~

100,000

100,624

Honda

Auto

Receivables

Owner

Trust

4.570%

due

09/21/29

770,000

774,496

Hyundai

Auto

Lease

Securitization

Trust

4.830%

due

01/18/28 ~

320,000

322,281

5.410%

due

05/17/27 ~

125,000

126,153

194

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

15,000

15,146

Porsche

Financial

Auto

Securitization

Trust

4.440%

due

01/22/30 ~

364,000

364,823

Santander

Drive

Auto

Receivables

Trust

4.670%

due

08/15/29

515,000

516,452

4.740%

due

01/16/29

145,000

145,623

SFS

Auto

Receivables

Securitization

Trust

4.750%

due

07/22/30 ~

940,000

947,604

Toyota

Auto

Loan

Extended

Note

Trust

1.070%

due

02/27/34 ~

150,000

145,495

Toyota

Lease

Owner

Trust

4.750%

due

02/22/28 ~

650,000

654,382

Volkswagen

Auto

Loan

Enhanced

Trust

4.630%

due

07/20/29

120,000

120,817

Wheels

Fleet

Lease

Funding

LLC

4.570%

due

01/18/40 ~

770,000

768,646

World

Omni

Auto

Receivables

Trust

4.730%

due

03/15/30

415,000

419,723

10,988,301

Credit

Card

Bullet

0.9%

American

Express

Credit

Account

Master

Trust

4.650%

due

07/15/29

180,000

181,633

Credit

Card

Trust

4.790%

due

05/15/28

111,000

111,540

Capital

One

Multi-Asset

Execution

Trust

2.060%

due

08/15/28

95,000

92,178

Evergreen

Credit

Card

Trust

(Canada)

5.240%

due

05/15/29 ~

1,000,000

1,010,181

5.530%

due

05/15/29 ~

650,000

656,163

2,051,695

Other

Asset-Backed

Securities

7.2%

Affirm

Asset

Securitization

Trust

5.220%

due

12/17/29 ~

72,252

72,232

ARES

LII

CLO

Ltd.

(Cayman)

5.181%

(SOFR

0.880%)

due

04/22/31 ~ §

455,000

454,280

ARES

XLV

CLO

Ltd.

(Cayman)

5.552%

(SOFR

1.250%)

due

10/15/30 ~ §

1,000,000

1,001,146

ARES

XXXIV

CLO

Ltd.

(Cayman)

5.623%

(SOFR

1.320%)

due

04/17/33 ~ §

250,000

250,378

Barings

CLO

Ltd.

(Cayman)

5.490%

(SOFR

1.140%)

due

01/20/36 ~ §

1,250,000

1,247,130

Barings

Equipment

Finance

LLC

4.640%

due

10/13/28 ~

1,000,000

1,002,311

Bowling

Green

Park

CLO

LLC

5.309%

(SOFR

1.000%)

due

04/18/35 ~ §

250,000

249,995

Buckhorn

Park

CLO

Ltd.

(Cayman)

5.363%

(SOFR

1.070%)

due

07/18/34 ~ §

250,000

249,499

CCG

Receivables

Trust

4.480%

due

10/14/32 ~

100,000

100,158

Cedar

Funding

CLO

Ltd.

(Cayman)

5.605%

(SOFR

1.312%)

due

04/20/34 ~ §

150,000

150,005

Dext

ABS

LLC

4.590%

due

08/16/27 ~

180,000

180,124

4.770%

due

08/15/35 ~

255,000

255,652

Principal

Amount

Value

DLLAA

LLC

4.950%

due

09/20/29 ~

580,000

587,894

Dllad

LLC

5.300%

due

07/20/29 ~

150,000

152,596

Dryden

CLO

Ltd.

(Cayman)

5.402%

(SOFR

1.100%)

due

07/15/35 ~ §

250,000

249,104

Flatiron

CLO

Ltd.

(Cayman)

due

11/16/34 # ~ §

770,000

Flatiron

CLO

LLC

5.234%

(SOFR

0.910%)

due

10/15/34 ~ §

710,000

704,679

Hartwick

Park

CLO

Ltd.

(Jersey)

5.453%

(SOFR

1.160%)

due

01/20/37 ~ §

250,000

250,361

HPEFS

Equipment

Trust

5.360%

due

10/20/31 ~

810,000

818,234

Kubota

Credit

Owner

Trust

4.670%

due

06/15/29 ~

940,000

948,085

5.260%

due

11/15/28 ~

150,000

152,613

Madison

Park

Funding

XLV

Ltd.

(Cayman)

5.382%

(SOFR

1.080%)

due

07/15/34 ~ §

250,000

249,069

Madison

Park

Funding

XXVII

Ltd.

(Cayman)

5.217%

(SOFR

0.900%)

due

04/20/38 ~ §

725,000

724,970

Magnetite

XXVI

Ltd.

(Cayman)

5.166%

(SOFR

0.930%)

due

01/25/38 ~ §

490,000

487,798

Palmer

Square

Loan

Funding

Ltd.

(Cayman)

5.099%

(SOFR

0.800%)

due

02/15/33 ~ §

250,000

249,056

5.402%

(SOFR

1.100%)

due

04/15/31 ~ §

775,913

775,593

5.702%

(SOFR

1.400%)

due

04/15/31 ~ §

900,000

901,452

PEAC

Solutions

Receivables

LLC

4.940%

due

10/20/28 ~

100,000

100,342

Post

Road

Equipment

Finance

LLC

4.900%

due

05/15/31 ~

100,000

100,330

T-Mobile

U.S.

Trust

4.740%

due

11/20/29 ~

950,000

958,021

Valley

Stream

Park

CLO

Ltd.

(Jersey)

5.483%

(SOFR

1.190%)

due

01/20/37 ~ §

250,000

249,491

Verizon

Master

Trust

4.510%

due

03/20/30

590,000

590,766

4.620%

due

11/20/30

250,000

251,989

4.710%

due

01/21/31

580,000

585,482

Voya

CLO

Ltd.

(Cayman)

5.280%

(SOFR

1.000%)

due

01/20/38 ~ §

650,000

647,753

16,718,588

Total

Asset-Backed

Securities

(Cost

$32,496,147)

32,590,876

U.S.

TREASURY

OBLIGATIONS

10.6%

U.S.

Treasury

Notes

10.6%

3.500%

due

09/30/26 ‡

12,350,000

12,269,677

195

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

March

31,

2025,

swap

agreements

outstanding

were

follows:

Principal

Amount

Value

4.250%

due

03/15/27 ‡

12,350,000

12,429,358

24,699,035

Total

U.S.

Treasury

Obligations

(Cost

$24,627,642)

24,699,035

SHORT-TERM

INVESTMENTS

21.4%

U.S.

Treasury

Bills

21.4%

4.311%

due

06/26/25

25,100,000

24,848,763

4.324%

due

07/22/25 ‡

25,100,000

24,773,198

49,621,961

Total

Short-Term

Investments

(Cost

$49,621,793)

49,621,961

TOTAL

INVESTMENTS

102.3%

(Cost

$237,063,126)

237,503,938

DERIVATIVES

(3.8%)

(

8,913,412

)

OTHER

ASSETS

LIABILITIES,

NET

1.5%

3,495,488

NET

ASSETS

100.0%

232,086,014

Short

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CBOT

Year

U.S.

Treasury

Notes

06/25

368

75,757,206

76,239,251

(

482,045

)

CBOT

Year

U.S.

Treasury

Notes

06/25

7,336,522

7,462,781

(

126,259

)

ICE

U.S.

MSCI

EAFE

Index

06/25

156

19,332,452

18,847,140

485,312

Total

Futures

Contracts

(

122,992

)

Total

Return

Swaps

Long

Receive

Pay

Payment

Frequency

Pay

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

MSCI

Daily

Total

Return

Net

EAFE

SOFR

0.275%

GSC

07/15/25

26,606,802

(

995,948

)

–

(

995,948

)

MSCI

Daily

Total

Return

Net

EAFE

SOFR

0.540%

GSC

09/16/25

102,244,989

(

3,837,777

)

–

(

3,837,777

)

MSCI

Daily

Total

Return

Net

EAFE

SOFR

0.460%

JPM

11/17/25

128,842,836

(

4,832,122

)

–

(

4,832,122

)

MSCI

Daily

Total

Return

Net

Value

EAFE

SOFR

0.345%

GSC

01/15/26

39,773,174

(

1,032,138

)

–

(

1,032,138

)

(

10,697,985

)

–

(

10,697,985

)

Total

Return

Swaps

Short

Pay

Receive

Payment

Frequency

Receive

Rate

Counterparty

Expiration

Date

Notional

Amount

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

MSCI

Daily

Trust

Net

Growth

EAFE

SOFR

0.390%

CIT

01/15/26

38,540,727

1,907,565

–

1,907,565

Total

Return

Swaps

(

8,790,420

)

–

(

8,790,420

)

Total

Swap

Agreements

(

8,790,420

)

–

(

8,790,420

)

196

PACIFIC

SELECT

FUND

INTERNATIONAL

EQUITY

PLUS

BOND

ALPHA

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(c)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Corporate

Bonds

Notes

120,846,072

–

120,846,072

–

Mortgage-Backed

Securities

9,745,994

–

9,745,994

–

Asset-Backed

Securities

32,590,876

–

32,590,876

–

U.S.

Treasury

Obligations

24,699,035

–

24,699,035

–

Short-Term

Investments

49,621,961

–

49,621,961

–

Derivatives:

Equity

Contracts

Futures

485,312

–

Swaps

1,907,565

–

1,907,565

–

Total

Equity

Contracts

2,392,877

485,312

1,907,565

–

Total

Assets

239,896,815

485,312

239,411,503

–

Liabilities

Derivatives:

Equity

Contracts

Swaps

(

10,697,985

)

–

(

10,697,985

)

–

Interest

Rate

Contracts

Futures

(

608,304

)

(

608,304

)

–

Total

Liabilities

Derivatives

(

11,306,289

)

(

608,304

)

(

10,697,985

)

–

Total

Liabilities

(

11,306,289

)

(

608,304

)

(

10,697,985

)

–

Total

228,590,526

(

122,992

)

228,713,518

–

PACIFIC

SELECT

FUND

INTERNATIONAL

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

197

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.5%

Australia

1.5%

spacing

Brambles

Ltd.

686,891

8,677,644

Belgium

0.7%

spacing

UCB

23,002

4,049,838

Canada

5.3%

spacing

Dollarama,

Inc.

56,879

6,082,166

Loblaw

Cos.

Ltd.

64,089

8,981,055

Shopify,

Inc.

Class A *

69,992

6,676,187

Thomson

Reuters

Corp.

49,490

8,540,253

30,279,661

China

2.6%

spacing

BYD

Co.

Ltd.

Class H

80,920

4,097,507

Lenovo

Group

Ltd.

4,398,423

5,977,285

Zai

Lab

Ltd.

235,621

860,585

Zai

Lab

Ltd.

ADR

118,258

4,273,844

15,209,221

Denmark

3.3%

spacing

Novo

Nordisk

Class B

246,292

16,841,027

Zealand

Pharma

28,866

2,167,677

19,008,704

France

12.6%

spacing

Airbus

55,476

9,768,525

Bureau

Veritas

137,506

4,171,941

Danone

182,803

13,981,726

Hermes

International

SCA

2,839

7,469,744

L'Oreal

26,030

9,675,160

LVMH

Moet

Hennessy

Louis

Vuitton

15,648

9,690,464

Publicis

Groupe

68,923

6,502,788

Safran

42,381

11,158,209

72,418,557

Germany

7.9%

spacing

Deutsche

Boerse

21,366

6,304,243

Deutsche

Telekom

393,320

14,521,361

SAP

84,641

22,679,522

Siemens

Energy

35,756

2,119,686

45,624,812

India

1.4%

spacing

HDFC

Bank

Ltd.

380,724

8,115,591

Israel

1.9%

spacing

Check

Point

Software

Technologies

Ltd.

47,482

10,822,097

Italy

4.5%

spacing

Ferrari

20,329

8,681,708

Intesa

Sanpaolo

SpA

2,238,238

11,535,128

UniCredit

SpA

102,477

5,752,248

25,969,084

Japan

13.9%

spacing

Fujikura

Ltd.

110,436

4,089,983

Hoya

Corp.

52,248

5,896,625

Keyence

Corp.

10,408

4,092,528

Value

Mitsubishi

Heavy

Industries

Ltd.

426,100

7,317,664

Mitsubishi

UFJ

Financial

Group,

Inc.

586,036

7,989,905

MonotaRO

Co.

Ltd.

141,002

2,634,020

Nomura

Research

Institute

Ltd.

158,819

5,169,932

Sony

Group

Corp.

704,028

17,814,013

Terumo

Corp.

353,118

6,644,276

Tokio

Marine

Holdings,

Inc.

205,318

7,987,447

Tokyo

Electron

Ltd.

73,708

10,107,765

79,744,158

Netherlands

4.6%

spacing

Adyen

* ~

2,837

4,348,540

Argenx

19,178

11,316,855

ASML

Holding

16,389

10,845,799

26,511,194

New

Zealand

0.5%

spacing

Xero

Ltd.

30,158

2,947,749

Singapore

2.5%

spacing

Sea

Ltd.

ADR

111,476

14,546,503

Spain

3.7%

spacing

Banco

Bilbao

Vizcaya

Argentaria

747,153

10,196,822

Industria

Diseno

Textil

222,306

11,069,030

21,265,852

Sweden

2.6%

spacing

Atlas

Copco

Class A

531,659

8,492,417

EQT

203,765

6,213,411

14,705,828

Switzerland

4.2%

spacing

ABB

Ltd.

180,577

9,317,399

Galderma

Group

9,677

1,023,485

Givaudan

1,599

6,864,476

Sika

11,788

2,871,370

Straumann

Holding

35,325

4,276,584

24,353,314

Taiwan

1.3%

spacing

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

264,468

7,448,208

United

Kingdom

16.4%

spacing

Group

PLC

123,689

5,815,931

AstraZeneca

PLC

78,464

11,522,018

Compass

Group

PLC

417,327

13,803,622

Lloyds

Banking

Group

PLC

12,486,920

11,711,681

London

Stock

Exchange

Group

PLC

107,189

15,920,475

Marks

Spencer

Group

PLC

648,626

2,994,607

NatWest

Group

PLC

1,237,821

7,308,568

RELX

PLC

304,522

15,296,329

Unilever

PLC

173,106

10,328,719

94,701,950

United

States

7.1%

spacing

CRH

PLC

91,303

8,031,925

Linde

PLC

18,816

8,761,482

Schneider

Electric

45,043

10,397,963

Spotify

Technology

12,399

6,819,822

198

PACIFIC

SELECT

FUND

INTERNATIONAL

GROWTH

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

Trane

Technologies

PLC

20,585

6,935,498

40,946,690

Total

Common

Stocks

(Cost

$531,439,686)

567,346,655

TOTAL

INVESTMENTS

98.5%

(Cost

$531,439,686)

567,346,655

OTHER

ASSETS

LIABILITIES,

NET

1.5%

8,574,726

NET

ASSETS

100.0%

575,921,381

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Australia

8,677,644

–

8,677,644

–

Belgium

4,049,838

–

4,049,838

–

Canada

30,279,661

–

China

15,209,221

4,273,844

10,935,377

–

Denmark

19,008,704

–

19,008,704

–

France

72,418,557

–

72,418,557

–

Germany

45,624,812

–

45,624,812

–

India

8,115,591

–

8,115,591

–

Israel

10,822,097

–

Italy

25,969,084

–

25,969,084

–

Japan

79,744,158

–

79,744,158

–

Netherlands

26,511,194

–

26,511,194

–

New

Zealand

2,947,749

–

2,947,749

–

Singapore

14,546,503

–

Spain

21,265,852

–

21,265,852

–

Sweden

14,705,828

–

14,705,828

–

Switzerland

24,353,314

7,887,961

16,465,353

–

Taiwan

7,448,208

–

7,448,208

–

United

Kingdom

94,701,950

–

94,701,950

–

United

States

40,946,690

30,548,727

10,397,963

–

Total

Common

Stocks

567,346,655

98,358,793

468,987,862

–

Total

567,346,655

98,358,793

468,987,862

–

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

199

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.0%

Australia

0.7%

spacing

Rio

Tinto

PLC

132,877

7,973,973

Belgium

0.7%

spacing

KBC

Group

94,575

8,619,900

Canada

3.5%

spacing

Canadian

National

Railway

Co.

115,058

11,213,553

Intact

Financial

Corp.

42,367

8,655,934

Suncor

Energy,

Inc.

267,649

10,363,366

Toronto-Dominion

Bank

178,341

10,686,456

40,919,309

China

2.4%

spacing

NetEase,

Inc.

537,800

11,047,815

Tencent

Holdings

Ltd.

264,723

16,914,715

27,962,530

Denmark

2.5%

spacing

Carlsberg

Class B

122,880

15,553,869

Novo

Nordisk

Class B

213,377

14,590,356

30,144,225

France

14.7%

spacing

Air

Liquide

173,367

32,930,207

Capgemini

136,362

20,489,485

Cie

Saint-Gobain

189,505

18,877,872

Cie

Generale

des

Etablissements

Michelin

SCA

280,029

9,842,054

Dassault

Systemes

196,656

7,487,223

Edenred

317,160

10,306,575

Engie

923,773

18,000,469

EssilorLuxottica

63,464

18,288,323

Legrand

95,679

10,132,738

LVMH

Moet

Hennessy

Louis

Vuitton

29,545

18,296,573

Pernod

Ricard

95,255

9,410,489

174,062,008

Germany

9.2%

spacing

Beiersdorf

143,511

18,539,306

Deutsche

Boerse

108,289

31,951,707

Merck

KGaA

117,338

16,146,865

MTU

Aero

Engines

21,078

7,324,025

SAP

127,818

34,248,782

108,210,685

Hong

Kong

2.0%

spacing

AIA

Group

Ltd.

2,097,607

15,878,606

Prudential

PLC

708,145

7,641,603

23,520,209

India

1.4%

spacing

HDFC

Bank

Ltd.

536,536

11,436,912

Tata

Consultancy

Services

Ltd.

129,860

5,462,762

16,899,674

Ireland

1.2%

spacing

AIB

Group

PLC

2,120,398

13,696,097

Value

Israel

1.2%

spacing

Check

Point

Software

Technologies

Ltd.

63,364

14,441,923

Italy

4.1%

spacing

Eni

SpA

803,546

12,428,055

Intesa

Sanpaolo

SpA

3,985,297

20,538,884

Ryanair

Holdings

PLC

ADR

368,213

15,601,185

48,568,124

Japan

17.4%

spacing

Daikin

Industries

Ltd.

118,800

12,892,010

Denso

Corp.

998,500

12,387,961

FUJIFILM

Holdings

Corp.

465,300

8,914,667

Hitachi

Ltd.

1,231,700

28,919,580

Hoya

Corp.

46,500

5,247,915

Kose

Corp.

112,700

4,676,904

Kyocera

Corp.

642,900

7,261,575

Mitsubishi

Electric

Corp.

859,100

15,843,752

Olympus

Corp.

721,800

9,448,883

Seven

Holdings

Co.

Ltd.

905,000

13,105,210

Shin-Etsu

Chemical

Co.

Ltd.

437,100

12,472,713

SMC

Corp.

18,900

6,763,247

Sompo

Holdings,

Inc.

277,800

8,459,337

Sony

Group

Corp.

974,500

24,657,763

Sumitomo

Mitsui

Financial

Group,

Inc.

553,000

14,220,179

Terumo

Corp.

583,200

10,973,503

ZOZO,

Inc.

912,300

8,737,825

204,983,024

Netherlands

1.7%

spacing

ING

Groep

1,039,638

20,367,857

Portugal

0.7%

spacing

Galp

Energia

SGPS

457,207

8,010,263

Singapore

1.4%

spacing

DBS

Group

Holdings

Ltd.

477,985

16,414,633

South

Korea

0.4%

spacing

Samsung

Electronics

Co.

Ltd.

130,084

5,157,240

Spain

1.6%

spacing

Amadeus

Group

240,925

18,450,754

Switzerland

7.4%

spacing

Cie

Financiere

Richemont

Class A

139,536

24,358,212

Julius

Baer

Group

Ltd.

122,797

8,511,798

Sika

27,744

6,758,000

Sonova

Holding

25,134

7,338,634

UBS

Group

(XVTX)

612,764

18,820,797

Zurich

Insurance

Group

30,653

21,396,038

87,183,479

Taiwan

1.7%

spacing

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

119,119

19,773,754

United

Kingdom

9.3%

spacing

Compass

Group

PLC

886,344

29,316,956

Diageo

PLC

347,146

9,071,836

London

Stock

Exchange

Group

PLC

122,621

18,212,545

201

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Australia

7,973,973

–

7,973,973

–

Belgium

8,619,900

–

8,619,900

–

Canada

40,919,309

–

China

27,962,530

–

27,962,530

–

Denmark

30,144,225

–

30,144,225

–

France

174,062,008

–

174,062,008

–

Germany

108,210,685

–

108,210,685

–

Hong

Kong

23,520,209

–

23,520,209

–

India

16,899,674

–

16,899,674

–

Ireland

13,696,097

–

13,696,097

–

Israel

14,441,923

–

Italy

48,568,124

15,601,185

32,966,939

–

Japan

204,983,024

–

204,983,024

–

Netherlands

20,367,857

–

20,367,857

–

Portugal

8,010,263

–

8,010,263

–

Singapore

16,414,633

–

16,414,633

–

South

Korea

5,157,240

–

5,157,240

–

Spain

18,450,754

–

18,450,754

–

Switzerland

87,183,479

–

87,183,479

–

Taiwan

19,773,754

–

United

Kingdom

109,470,329

–

109,470,329

–

United

States

151,312,818

13,155,261

138,157,557

–

Total

Common

Stocks

1,156,142,808

103,891,432

1,052,251,376

–

Short-Term

Investments

7,107,169

–

7,107,169

–

Total

1,163,249,977

103,891,432

1,059,358,545

–

PACIFIC

SELECT

FUND

INTERNATIONAL

SMALL-CAP

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

202

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

92.5%

Australia

4.1%

spacing

Amotiv

Ltd.

540,681

3,027,790

AUB

Group

Ltd.

148,987

2,888,184

Deterra

Royalties

Ltd.

800,343

1,810,250

Imdex

Ltd.

2,580,913

4,804,694

Inghams

Group

Ltd.

1,480,646

2,910,445

Nanosonics

Ltd.

212,270

607,054

nib

holdings

Ltd.

459,014

1,979,855

Servcorp

Ltd.

120,860

411,581

18,439,853

Austria

3.0%

spacing

Eurotelesites

156,243

875,138

Mayr

Melnhof

Karton

33,889

2,900,216

Strabag

40,925

2,925,070

Telekom

Austria

344,114

3,214,860

Wienerberger

114,211

3,807,228

13,722,512

Belgium

1.4%

spacing

Econocom

Group

207,564

403,990

Fagron

291,436

5,973,921

6,377,911

Brazil

1.0%

spacing

Afya

Ltd.

Class A *

84,550

1,515,981

Atacadao

734,080

932,643

Hypera

487,972

1,656,374

LOG

Commercial

Properties

Participacoes

159,695

510,167

4,615,165

Canada

2.9%

spacing

CCL

Industries,

Inc.

Class B

84,010

4,103,445

ECN

Capital

Corp.

89,330

160,155

North

West

Co.,

Inc.

129,640

4,580,034

Open

Text

Corp.

106,230

2,681,125

Parkland

Corp.

27,070

677,573

Quebecor,

Inc.

Class A

38,900

1,020,448

13,222,780

Cayman

0.0%

spacing

Patria

Investments

Ltd.

Class A

14,890

168,108

China

4.2%

spacing

Best

Pacific

International

Holdings

Ltd.

1,531,826

592,537

Consun

Pharmaceutical

Group

Ltd.

1,667,000

1,976,759

Far

East

Horizon

Ltd.

5,003,287

4,095,758

Horizon

Construction

Development

Ltd.

478,030

70,647

Precision

Tsugami

China

Corp.

Ltd.

852,572

2,604,881

Qingdao

Port

International

Co.

Ltd.

Class H ~

6,014,772

4,977,881

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.

Class A

926,045

3,224,210

Yangzijiang

Shipbuilding

Holdings

Ltd.

884,400

1,552,146

19,094,819

Denmark

1.1%

spacing

Spar

Nord

Bank

162,444

4,908,883

Value

Finland

1.2%

spacing

Huhtamaki

OYJ

109,615

3,902,621

Nanoform

Finland

PLC

221,203

291,808

Tokmanni

Group

Corp.

104,897

1,439,197

5,633,626

France

3.2%

spacing

Altarea

SCA

REIT

25,650

2,779,081

Antin

Infrastructure

Partners

81,567

928,171

ARGAN

REIT

38,989

2,591,773

IPSOS

48,195

2,184,591

Thermador

Groupe

33,262

2,389,743

Vallourec

SACA

189,587

3,569,486

14,442,845

Germany

2.2%

spacing

JOST

Werke

16,240

921,106

Norma

Group

29,480

406,976

Rheinmetall

2,576

3,686,056

Stabilus

48,459

1,273,156

Takkt

19,559

172,816

Talanx

34,576

3,636,572

10,096,682

Greece

2.2%

spacing

Athens

International

Airport

214,898

2,115,829

Metlen

Energy

Metals

121,629

5,360,292

OPAP

124,596

2,475,208

9,951,329

Hong

Kong

1.8%

spacing

ASMPT

Ltd.

408,456

2,878,775

Sino

Land

Co.

Ltd.

2,508,204

2,510,799

Group

Ltd.

2,957,770

2,715,835

8,105,409

Hungary

0.3%

spacing

Richter

Gedeon

Nyrt

51,196

1,410,156

Indonesia

0.8%

spacing

Bank

Syariah

Indonesia

Tbk.

8,558,000

1,199,328

Selamat

Sempurna

Tbk.

20,535,500

2,105,467

Sumber

Alfaria

Trijaya

Tbk.

1,104,000

136,649

3,441,444

Ireland

1.9%

spacing

AerCap

Holdings

24,717

2,525,336

Dalata

Hotel

Group

PLC

459,384

2,583,547

Irish

Residential

Properties

REIT

PLC

◊

2,855,786

2,905,771

Mincon

Group

PLC

991,784

461,139

8,475,793

Italy

2.8%

spacing

Banca

Generali

SpA

49,875

2,810,011

Banca

Mediolanum

SpA

118,700

1,918,999

Pirelli

SpA

317,992

1,892,830

Recordati

Industria

Chimica

Farmaceutica

SpA

73,285

4,152,903

Sesa

SpA

23,000

1,703,067

12,477,810

203

PACIFIC

SELECT

FUND

INTERNATIONAL

SMALL-CAP

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Japan

22.6%

spacing

Amano

Corp.

89,550

2,393,313

One

Corp.

159,710

2,479,216

ASKUL

Corp.

273,150

2,784,270

BayCurrent,

Inc.

78,070

3,383,091

Capcom

Co.

Ltd.

140,650

3,471,459

Daiichikosho

Co.

Ltd.

127,550

1,470,243

Daiwa

Industries

Ltd.

45,560

520,472

Dentsu

Soken,

Inc.

46,500

1,894,279

Dexerials

Corp.

225,350

2,791,386

Ebara

Corp.

246,900

3,757,960

Fuji

Electric

Co.

Ltd.

55,010

2,351,664

Funai

Soken

Holdings,

Inc.

107,310

1,655,890

Hokuhoku

Financial

Group,

Inc.

202,410

3,511,020

Inaba

Denki

Sangyo

Co.

Ltd.

143,640

3,660,448

Isuzu

Motors

Ltd.

230,110

3,128,941

Kamigumi

Co.

Ltd.

161,130

3,771,008

Kawasaki

Heavy

Industries

Ltd.

65,200

3,935,475

Kuraray

Co.

Ltd.

271,230

3,342,222

Kyoto

Financial

Group,

Inc.

165,900

2,547,446

Maruwa

Co.

Ltd.

12,240

2,532,378

MEITEC

Group

Holdings,

Inc.

161,660

3,155,945

Mitani

Corp.

115,540

1,534,555

Nishimoto

Co.

Ltd.

141,997

1,821,632

NOF

Corp.

264,060

3,588,635

NSD

Co.

Ltd.

169,700

3,801,436

PALTAC

Corp.

121,850

3,246,170

Persol

Holdings

Co.

Ltd.

1,302,580

2,170,364

Prestige

International,

Inc.

100,070

443,097

Renesas

Electronics

Corp.

226,980

3,044,403

Roland

Corp.

36,840

928,895

Foods,

Inc.

64,100

1,064,637

San-Ai

Obbli

Co.

Ltd.

238,550

2,750,206

Ship

Healthcare

Holdings,

Inc.

261,450

3,499,189

Starts

Corp.,

Inc.

53,800

1,414,264

SUMCO

Corp.

213,340

1,445,651

TechnoPro

Holdings,

Inc.

144,110

3,191,317

TIS,

Inc.

99,940

2,765,628

TKC

Corp.

65,480

1,688,020

Tsuruha

Holdings,

Inc.

65,960

4,095,878

WingArc1st,

Inc.

55,250

1,273,343

102,305,446

Mexico

0.7%

spacing

Bolsa

Mexicana

Valores

SAB

463,199

769,113

Gruma

SAB

Class B

64,836

1,170,720

Grupo

Comercial

Chedraui

217,370

1,226,606

3,166,439

Netherlands

1.0%

spacing

Acomo

40,832

944,845

Arcadis

72,811

3,717,137

4,661,982

Norway

1.9%

spacing

Europris

ASA

571,285

4,567,024

SpareBank

SMN

231,296

4,025,481

8,592,505

Peru

0.2%

spacing

Intercorp

Financial

Services,

Inc.

29,585

980,151

Value

Philippines

1.7%

spacing

Century

Pacific

Food,

Inc.

6,785,555

4,333,981

Robinsons

Land

Corp.

15,692,659

3,224,222

7,558,203

Singapore

1.3%

spacing

Hour

Glass

Ltd.

1,226,082

1,423,608

HRnetgroup

Ltd.

1,747,365

916,051

Mapletree

Industrial

Trust

REIT

2,210,609

3,447,755

5,787,414

South

Africa

0.6%

spacing

Pepkor

Holdings

Ltd.

1,935,135

2,694,519

South

Korea

0.4%

spacing

Soulbrain

Co.

Ltd.

4,450

576,665

Vitzrocell

Co.

Ltd.

65,700

1,054,789

1,631,454

Spain

4.1%

spacing

CIE

Automotive

137,709

3,362,685

Grupo

Catalana

Occidente

110,891

5,881,409

Logista

Integral

134,031

4,259,717

Prosegur

Cia

Seguridad

1,247,923

2,834,657

Viscofan

29,840

2,061,796

18,400,264

Sweden

2.2%

spacing

Alligo

Class B

131,203

1,758,789

Beijer

Alma

95,049

1,844,884

Granges

333,367

3,792,997

Hexpol

295,446

2,583,612

9,980,282

Taiwan

3.3%

spacing

International

Games

System

Co.

Ltd.

141,660

3,335,255

Sporton

International,

Inc.

402,619

2,362,127

Test

Research,

Inc.

583,947

1,952,580

Tripod

Technology

Corp.

669,799

4,015,374

Yageo

Corp.

216,952

3,195,378

14,860,714

Thailand

0.4%

spacing

Star

Petroleum

Refining

PCL

11,147,047

1,782,774

United

Kingdom

13.6%

spacing

Ashtead

Technology

Holdings

PLC

803,391

5,489,855

Bodycote

PLC

327,419

2,366,565

Brothers

Group

PLC

367,000

1,327,927

ConvaTec

Group

PLC

859,416

2,870,924

DCC

PLC

34,112

2,279,767

Direct

Line

Insurance

Group

PLC

622,753

2,266,010

Grainger

PLC

1,379,561

3,621,203

Harbour

Energy

PLC

714,448

1,942,843

Hiscox

Ltd.

322,018

4,891,767

Informa

PLC

295,883

2,966,788

Intermediate

Capital

Group

PLC

102,020

2,598,374

JET2

PLC

183,294

2,933,579

Lancashire

Holdings

Ltd.

332,789

2,484,706

LSL

Property

Services

PLC

245,404

859,071

the

Beach

Group

PLC

391,439

1,130,108

204

PACIFIC

SELECT

FUND

INTERNATIONAL

SMALL-CAP

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

restricted

securities

were

follows:

Value

Pets

Home

Group

PLC

130,820

365,687

Premier

Foods

PLC

1,930,576

4,588,629

Rathbones

Group

PLC

134,776

2,705,464

Sabre

Insurance

Group

PLC

2,328,586

3,886,271

Savills

PLC

257,993

3,182,655

Subsea

142,167

2,273,114

Tate

Lyle

PLC

400,419

2,676,722

Vistry

Group

PLC

281,557

2,078,256

61,786,285

United

States

4.4%

spacing

Antero

Resources

Corp.

117,691

4,759,424

Core

Natural

Resources,

Inc.

20,700

1,595,970

GCC

SAB

303,660

2,788,131

Impro

Precision

Industries

Ltd.

5,463,081

2,155,339

Liberty

Latin

America

Ltd.

Class A *

43,000

272,190

Ovintiv,

Inc.

67,500

2,889,000

RHI

Magnesita

93,932

3,705,353

Smurfit

WestRock

PLC

40,780

1,837,547

20,002,954

Total

Common

Stocks

(Cost

$419,928,680)

418,776,511

EXCHANGE-TRADED

FUNDS

4.6%

iShares

MSCI

India

339,430

17,473,856

Vanguard

FTSE

All

World

ex-U.S.

Small-Cap

ETF

30,000

3,468,000

Total

Exchange-Traded

Funds

(Cost

$21,855,932)

20,941,856

TOTAL

INVESTMENTS

97.1%

(Cost

$441,784,612)

439,718,367

OTHER

ASSETS

LIABILITIES,

NET

2.9%

12,922,105

NET

ASSETS

100.0%

452,640,472

Issuer

and

Acquisition

Date

Cost

Value

Net

Assets

Irish

Residential

Properties

REIT

PLC

Acq

10/20/21

$2,797,070

$2,905,771

0.6%

205

PACIFIC

SELECT

FUND

INTERNATIONAL

SMALL-CAP

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

Australia

18,439,853

411,581

18,028,272

–

Austria

13,722,512

7,015,068

6,707,444

–

Belgium

6,377,911

403,990

5,973,921

–

Brazil

4,615,165

–

Canada

13,222,780

–

Cayman

168,108

–

China

19,094,819

9,736,823

9,357,996

–

Denmark

4,908,883

–

Finland

5,633,626

291,808

5,341,818

–

France

14,442,845

2,779,081

11,663,764

–

Germany

10,096,682

–

10,096,682

–

Greece

9,951,329

–

9,951,329

–

Hong

Kong

8,105,409

–

8,105,409

–

Hungary

1,410,156

–

Indonesia

3,441,444

–

3,441,444

–

Ireland

8,475,793

5,892,246

2,583,547

–

Italy

12,477,810

–

12,477,810

–

Japan

102,305,446

–

102,305,446

–

Mexico

3,166,439

–

Netherlands

4,661,982

944,845

3,717,137

–

Norway

8,592,505

–

8,592,505

–

Peru

980,151

–

Philippines

7,558,203

4,333,981

3,224,222

–

Singapore

5,787,414

1,423,608

4,363,806

–

South

Africa

2,694,519

–

South

Korea

1,631,454

–

1,631,454

–

Spain

18,400,264

7,943,205

10,457,059

–

Sweden

9,980,282

–

9,980,282

–

Taiwan

14,860,714

–

14,860,714

–

Thailand

1,782,774

–

1,782,774

–

United

Kingdom

61,786,285

35,194,514

26,591,771

–

United

States

20,002,954

16,297,601

3,705,353

–

Total

Common

Stocks

418,776,511

123,834,552

294,941,959

–

Exchange-Traded

Funds

20,941,856

–

Total

439,718,367

144,776,408

294,941,959

–

PACIFIC

SELECT

FUND

INTERNATIONAL

VALUE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

206

See

Supplemental

Notes

Schedules

Investments

Value

PREFERRED

STOCKS

1.7%

Brazil

0.2%

spacing

Raizen

8,838,041

2,865,245

Germany

1.5%

spacing

Henkel

Co.

KGaA

55,719

4,433,400

Volkswagen

125,631

12,819,155

17,252,555

Total

Preferred

Stocks

(Cost

$23,480,903)

20,117,800

COMMON

STOCKS

95.9%

Austria

2.1%

spacing

ams-OSRAM

164,937

1,453,031

Erste

Group

Bank

203,260

14,059,709

Mondi

PLC

558,571

8,332,323

23,845,063

Belgium

1.1%

spacing

Ageas

170,834

10,240,354

Proximus

SADP

308,620

2,280,398

12,520,752

Brazil

3.9%

spacing

Ambev

4,073,971

9,637,973

Atacadao

2,192,207

2,785,182

Banco

Bradesco

ADR

5,429,019

12,106,712

Lojas

Renner

2,154,884

4,618,323

Natura

Co.

Holding

1,658,665

2,903,743

Telefonica

Brasil

1,081,476

9,443,691

Ultrapar

Participacoes

1,249,043

3,745,082

45,240,706

Canada

0.8%

spacing

Barrick

Gold

Corp.

474,728

9,217,123

China

1.4%

spacing

Alibaba

Group

Holding

Ltd.

304,513

5,038,462

Baidu,

Inc.

Class A *

600,266

6,928,357

China

Mengniu

Dairy

Co.

Ltd.

1,852,350

4,575,163

16,541,982

Finland

1.0%

spacing

Nokia

OYJ

(OMXH)

2,142,217

11,282,607

France

12.7%

spacing

AXA

414,402

17,705,630

BNP

Paribas

217,129

18,147,494

Carrefour

631,767

9,035,468

Cie

Saint-Gobain

114,542

11,410,301

Engie

875,304

17,056,011

Orange

1,170,248

15,159,547

Renault

160,305

8,120,489

Societe

Generale

565,408

25,507,751

TotalEnergies

328,272

21,151,526

Valeo

400,610

3,761,107

147,055,324

Value

Germany

5.5%

spacing

BASF

219,245

10,990,491

Continental

90,209

6,361,519

Daimler

Truck

Holding

287,856

11,660,920

Evonik

Industries

414,596

8,988,021

Fresenius

Co.

KGaA

301,531

12,873,452

Heidelberg

Materials

44,586

7,685,624

Mercedes-Benz

Group

78,164

4,617,277

63,177,304

Hong

Kong

2.8%

spacing

ASMPT

Ltd.

359,705

2,535,181

Asset

Holdings

Ltd.

1,540,558

6,233,022

Prudential

PLC

1,503,181

16,220,848

Group

Ltd.

8,436,805

7,746,704

32,735,755

India

0.3%

spacing

Canara

Bank

3,401,761

3,519,799

Indonesia

0.3%

spacing

Bank

Negara

Indonesia

Persero

Tbk.

14,801,566

3,754,187

Ireland

1.7%

spacing

AIB

Group

PLC

1,386,298

8,954,391

Bank

Ireland

Group

PLC

902,593

10,664,419

19,618,810

Italy

5.1%

spacing

BPER

Banca

SpA

1,510,109

11,853,889

Eni

SpA

1,132,688

17,518,734

UniCredit

SpA

516,916

29,015,573

58,388,196

Ivory

Coast

0.3%

spacing

Endeavour

Mining

PLC

161,885

3,890,055

Japan

19.1%

spacing

Alfresa

Holdings

Corp.

244,520

3,461,188

Alps

Alpine

Co.

Ltd.

206,866

2,116,664

Amada

Co.

Ltd.

286,970

2,794,971

Chiba

Bank

Ltd.

790,590

7,483,440

Dai-ichi

Life

Holdings,

Inc.

412,820

3,152,097

Dentsu

Group,

Inc.

380,060

8,393,469

Eisai

Co.

Ltd.

48,424

1,347,991

Hakuhodo

Holdings,

Inc.

441,230

3,201,591

Hino

Motors

Ltd.

603,578

1,703,372

Honda

Motor

Co.

Ltd.

819,728

7,418,188

Horiba

Ltd.

54,100

3,631,547

Isuzu

Motors

Ltd.

89,401

1,215,638

Japan

Airlines

Co.

Ltd.

243,267

4,167,002

Japan

Post

Insurance

Co.

Ltd.

433,290

8,830,434

JGC

Holdings

Corp.

404,870

3,192,323

Kirin

Holdings

Co.

Ltd.

208,217

2,885,088

Koito

Manufacturing

Co.

Ltd.

574,320

7,083,726

Kubota

Corp.

916,220

11,322,097

Makita

Corp.

19,388

642,392

Mitsubishi

Estate

Co.

Ltd.

683,227

11,167,980

Mitsubishi

Gas

Chemical

Co.,

Inc.

222,520

3,476,576

Nikon

Corp.

295,862

2,938,273

Nippon

Television

Holdings,

Inc.

265,127

5,445,387

207

PACIFIC

SELECT

FUND

INTERNATIONAL

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Nissan

Motor

Co.

Ltd.

2,060,598

5,284,763

Ono

Pharmaceutical

Co.

Ltd.

312,620

3,363,366

Persol

Holdings

Co.

Ltd.

3,038,970

5,063,544

Resona

Holdings,

Inc.

985,835

8,608,119

Rinnai

Corp.

196,850

4,547,279

Rohm

Co.

Ltd.

714,095

6,899,313

Sega

Sammy

Holdings,

Inc.

221,860

4,283,841

Stanley

Electric

Co.

Ltd.

239,316

4,514,054

Subaru

Corp.

412,608

7,389,458

Sumitomo

Heavy

Industries

Ltd.

173,601

3,556,143

Sumitomo

Mitsui

Trust

Group,

Inc.

553,884

13,941,965

Sumitomo

Rubber

Industries

Ltd.

321,083

4,059,752

T&D

Holdings,

Inc.

802,906

17,184,623

Taiheiyo

Cement

Corp.

103,671

2,714,387

Takeda

Pharmaceutical

Co.

Ltd.

244,578

7,248,991

THK

Co.

Ltd.

133,199

3,265,035

Tsuruha

Holdings,

Inc.

83,276

5,171,140

Yamato

Holdings

Co.

Ltd.

452,377

5,928,318

220,095,525

Luxembourg

0.2%

spacing

RTL

Group

66,856

2,534,902

Mexico

1.2%

spacing

America

Movil

SAB

ADR

592,707

8,428,293

Fresnillo

PLC

431,751

5,249,322

13,677,615

Netherlands

5.4%

spacing

ABN

AMRO

Bank

647,061

13,634,463

ING

Groep

749,590

14,685,440

Koninklijke

Philips

516,816

13,157,157

Group

232,659

12,946,479

Randstad

183,849

7,641,913

62,065,452

Norway

0.1%

spacing

Norsk

Hydro

ASA

174,874

1,010,945

Pakistan

0.2%

spacing

VEON

Ltd.

ADR

53,990

2,354,504

Russia

0.0%

spacing

Gazprom

PJSC

* ± Ω

340,336

–

Gazprom

PJSC

ADR

* ± Ω

143,066

–

LUKOIL

PJSC

ADR

* ± Ω

24,064

–

Mobile

TeleSystems

PJSC

ADR

* ± Ω

327,186

–

Sberbank

Russia

PJSC

* ± Ω

927,996

–

South

Africa

1.6%

spacing

Anglo

American

PLC

209,207

5,863,728

MTN

Group

Ltd.

1,232,460

8,283,395

Old

Mutual

Ltd.

6,322,163

4,103,285

18,250,408

South

Korea

4.1%

spacing

Coway

Co.

Ltd.

75,365

4,151,734

Hankook

Tire

Technology

Co.

Ltd.

83,293

2,242,697

Hyundai

Mobis

Co.

Ltd.

48,886

8,699,483

Financial

Group,

Inc.

162,672

8,817,426

Corp.

ADR

611,070

10,822,050

Value

Shinhan

Financial

Group

Co.

Ltd.

379,056

12,130,873

46,864,263

Sweden

1.6%

spacing

SKF

Class B *

412,059

8,347,723

Telefonaktiebolaget

Ericsson

Class B

1,242,264

9,665,747

18,013,470

Switzerland

2.2%

spacing

Adecco

Group

206,478

6,208,930

Swatch

Group

45,556

7,855,976

UBS

Group

(XVTX)

373,502

11,471,962

25,536,868

Taiwan

0.1%

spacing

Catcher

Technology

Co.

Ltd.

207,515

1,322,253

Thailand

1.3%

spacing

Kasikornbank

PCL

3,046,301

14,501,919

United

Kingdom

11.6%

spacing

Babcock

International

Group

PLC

299,071

2,814,439

British

American

Tobacco

PLC

654,099

26,833,979

British

Land

Co.

PLC

REIT

1,057,394

5,062,709

Group

PLC

5,211,122

11,177,636

Burberry

Group

PLC

435,685

4,388,588

Hutchison

Holdings

Ltd.

1,258,691

7,095,160

easyJet

PLC

1,427,056

8,205,736

Sainsbury

PLC

1,115,560

3,400,316

Kingfisher

PLC

2,032,813

6,696,096

Land

Securities

Group

PLC

REIT

887,279

6,324,029

Reckitt

Benckiser

Group

PLC

203,871

13,785,847

Standard

Chartered

PLC

1,556,783

23,101,660

Tate

Lyle

PLC

700,954

4,685,739

WPP

PLC

1,368,740

10,401,085

133,973,019

United

States

8.2%

spacing

PLC

3,394,887

19,050,237

GSK

PLC

1,211,045

23,143,296

Novartis

181,270

20,133,622

Shell

PLC

884,694

32,203,116

94,530,271

Total

Common

Stocks

(Cost

$980,990,649)

1,105,519,077

EXCHANGE-TRADED

FUNDS

0.4%

iShares

Core

MSCI

EAFE

60,482

4,575,463

Total

Exchange-Traded

Funds

(Cost

$4,700,302)

4,575,463

TOTAL

INVESTMENTS

98.0%

(Cost

$1,009,171,854)

1,130,212,340

OTHER

ASSETS

LIABILITIES,

NET

2.0%

22,963,349

NET

ASSETS

100.0%

1,153,175,689

208

PACIFIC

SELECT

FUND

INTERNATIONAL

VALUE

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Preferred

Stocks

Brazil

2,865,245

–

Germany

17,252,555

–

17,252,555

–

Total

Preferred

Stocks

20,117,800

2,865,245

17,252,555

–

Common

Stocks

Austria

23,845,063

–

23,845,063

–

Belgium

12,520,752

–

12,520,752

–

Brazil

45,240,706

–

Canada

9,217,123

–

China

16,541,982

–

16,541,982

–

Finland

11,282,607

–

11,282,607

–

France

147,055,324

–

147,055,324

–

Germany

63,177,304

–

63,177,304

–

Hong

Kong

32,735,755

–

32,735,755

–

India

3,519,799

–

3,519,799

–

Indonesia

3,754,187

–

3,754,187

–

Ireland

19,618,810

–

19,618,810

–

Italy

58,388,196

–

58,388,196

–

Ivory

Coast

3,890,055

–

Japan

220,095,525

–

220,095,525

–

Luxembourg

2,534,902

–

2,534,902

–

Mexico

13,677,615

8,428,293

5,249,322

–

Netherlands

62,065,452

–

62,065,452

–

Norway

1,010,945

–

1,010,945

–

Pakistan

2,354,504

–

South

Africa

18,250,408

12,386,680

5,863,728

–

South

Korea

46,864,263

10,822,050

36,042,213

–

Sweden

18,013,470

–

18,013,470

–

Switzerland

25,536,868

–

25,536,868

–

Taiwan

1,322,253

–

1,322,253

–

Thailand

14,501,919

–

14,501,919

–

United

Kingdom

133,973,019

4,685,739

129,287,280

–

United

States

94,530,271

–

94,530,271

–

Total

Common

Stocks

1,105,519,077

97,025,150

1,008,493,927

–

Exchange-Traded

Funds

4,575,463

–

Total

1,130,212,340

104,465,858

1,025,746,482

–

PACIFIC

SELECT

FUND

HEALTH

SCIENCES

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

209

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Contra

Abiomed,

Inc.

Contingent

Value

Rights

* ± Ω

11,083

23,829

Frequency

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

19,740

–

Mirati

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

10,819

8,006

31,835

Total

Rights

(Cost

$18,878)

31,835

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

CareMax,

Inc.

Exercise

$11.50

Exp 06/08/26

3,646

–

Nuvation

Bio,

Inc.

Exercise

$11.50

Exp 07/07/27

3,472

760

Total

Warrants

(Cost

$16,587)

760

COMMON

STOCKS

97.7%

Consumer,

Non-Cyclical

97.3%

spacing

Molecular

Therapeutics,

Inc.

7,946

25,666

Abbott

Laboratories

131,638

17,461,781

AbbVie,

Inc.

124,986

26,187,067

Immune

(Switzerland)

17,650

33,005

Agilent

Technologies,

Inc.

10,661

1,247,124

Alcon

22,500

2,135,925

Align

Technology,

Inc.

5,775

917,416

Alkermes

PLC

8,985

296,685

Allogene

Therapeutics,

Inc.

76,069

111,061

Alnylam

Pharmaceuticals,

Inc.

19,003

5,131,190

Amgen,

Inc.

37,158

11,576,575

Arcellx,

Inc.

10,964

719,238

Argenx

ADR

(Netherlands)

11,437

6,769,160

Ascendis

Pharma

ADR

(Denmark)

6,665

1,038,807

AstraZeneca

PLC

(United

Kingdom)

17,075

2,507,372

Autolus

Therapeutics

PLC

ADR

(United

Kingdom)

45,871

71,100

Avidity

Biosciences,

Inc.

12,580

371,362

Beam

Therapeutics,

Inc.

9,933

193,991

Becton

Dickinson

Co.

29,457

6,747,420

Bio-Techne

Corp.

11,750

688,902

Biogen,

Inc.

13,418

1,836,119

Biohaven

Ltd.

12,136

291,749

BioMarin

Pharmaceutical,

Inc.

15,082

1,066,147

BioNTech

ADR

(Germany)

5,395

491,269

Blueprint

Medicines

Corp.

19,002

1,681,867

Boston

Scientific

Corp.

204,121

20,591,726

Bridgebio

Pharma,

Inc.

11,938

412,697

Bristol-Myers

Squibb

Co.

117,705

7,178,828

Cencora,

Inc.

27,281

7,586,573

oncology,

Inc.

3,745

91,715

Cigna

Group

11,790

3,878,910

Cooper

Cos.,

Inc.

16,806

1,417,586

Daiichi

Sankyo

Co.

Ltd.

(Japan)

39,700

945,411

Danaher

Corp.

44,083

9,037,015

Value

Denali

Therapeutics,

Inc.

24,986

339,685

Dexcom,

Inc.

18,607

1,270,672

Disc

Medicine,

Inc.

5,218

259,022

Dyne

Therapeutics,

Inc.

17,321

181,178

Edgewise

Therapeutics,

Inc.

5,860

128,920

Edwards

Lifesciences

Corp.

92,479

6,702,878

Elevance

Health,

Inc.

18,765

8,162,024

Eli

Lilly

Co.

36,829

30,417,439

Exact

Sciences

Corp.

22,175

959,956

HealthCare

Technologies,

Inc.

46,782

3,775,775

Gilead

Sciences,

Inc.

100,138

11,220,463

Glaukos

Corp.

10,099

993,944

Guardant

Health,

Inc.

17,358

739,451

HCA

Healthcare,

Inc.

4,314

1,490,703

Hologic,

Inc.

8,195

506,205

Humana,

Inc.

13,300

3,519,180

IDEXX

Laboratories,

Inc.

4,685

1,967,466

Immatics

(Germany)

15,428

69,580

Incyte

Corp.

8,514

515,523

Insmed,

Inc.

34,807

2,655,426

Inspire

Medical

Systems,

Inc.

3,089

492,016

Intuitive

Surgical,

Inc.

21,750

10,772,122

Ionis

Pharmaceuticals,

Inc.

9,714

293,071

IQVIA

Holdings,

Inc.

4,761

839,364

Johnson

68,803

11,410,289

Labcorp

Holdings,

Inc.

4,763

1,108,541

Legend

Biotech

Corp.

ADR

7,513

254,916

McKesson

Corp.

10,276

6,915,645

Medtronic

PLC

88,058

7,912,892

Merck

Co.,

Inc.

59,330

5,325,461

Merus

(Netherlands)

20,464

861,330

Metsera,

Inc.

8,003

217,842

Moderna,

Inc.

21,570

611,509

MoonLake

Immunotherapeutics

4,138

161,672

Natera,

Inc.

8,037

1,136,512

Neurocrine

Biosciences,

Inc.

15,916

1,760,310

Neurogene,

Inc.

11,405

133,553

Novocure

Ltd.

33,138

590,519

Nurix

Therapeutics,

Inc.

31,816

377,974

Nuvalent,

Inc.

Class A *

19,939

1,414,074

Nyxoah

(Belgium)

21,110

147,348

Orchestra

BioMed

Holdings,

Inc.

12,971

55,516

Penumbra,

Inc.

8,716

2,330,746

Pfizer,

Inc.

156,886

3,975,491

Protagonist

Therapeutics,

Inc.

14,098

681,779

PTC

Therapeutics,

Inc.

14,726

750,437

Quest

Diagnostics,

Inc.

8,307

1,405,544

Regeneron

Pharmaceuticals,

Inc.

7,664

4,860,739

REGENXBIO,

Inc.

13,330

95,309

Repligen

Corp.

8,887

1,130,782

Rhythm

Pharmaceuticals,

Inc.

35,661

1,888,963

Roche

Holding

9,922

3,265,604

Roivant

Sciences

Ltd.

40,919

412,873

Sagimet

Biosciences,

Inc.

Class A *

15,638

50,980

Sanofi

32,505

3,599,013

Scholar

Rock

Holding

Corp.

12,180

391,587

STERIS

PLC

6,740

1,527,621

Stoke

Therapeutics,

Inc.

49,875

331,669

Structure

Therapeutics,

Inc.

ADR

10,057

174,087

Stryker

Corp.

34,771

12,943,505

Teva

Pharmaceutical

Industries

Ltd.

ADR

(Israel)

161,205

2,477,721

Thermo

Fisher

Scientific,

Inc.

27,035

13,452,616

TScan

Therapeutics,

Inc.

35,028

48,339

210

PACIFIC

SELECT

FUND

HEALTH

SCIENCES

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$31,835

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

UCB

(Belgium)

6,001

1,056,564

UnitedHealth

Group,

Inc.

38,010

19,907,737

Vaxcyte,

Inc.

5,436

205,263

Vertex

Pharmaceuticals,

Inc.

20,047

9,719,187

Viking

Therapeutics,

Inc.

6,433

155,357

Vir

Biotechnology,

Inc.

14,060

91,109

Voyager

Therapeutics,

Inc.

23,048

77,902

Waters

Corp.

13,764

5,072,997

WaVe

Life

Sciences

Ltd.

13,505

109,120

West

Pharmaceutical

Services,

Inc.

7,287

1,631,414

Xenon

Pharmaceuticals,

Inc.

(Canada)

25,286

848,345

Zealand

Pharma

(Denmark)

4,885

366,836

Zoetis,

Inc.

22,368

3,682,891

368,126,552

Diversified

0.1%

spacing

Helix

Acquisition

Corp.

(Cayman)

42,155

476,351

Industrial

0.3%

spacing

Mettler-Toledo

International,

Inc.

834

984,879

Total

Common

Stocks

(Cost

$330,849,816)

369,587,782

TOTAL

INVESTMENTS

97.7%

(Cost

$330,885,281)

369,620,377

OTHER

ASSETS

LIABILITIES,

NET

2.3%

8,682,200

NET

ASSETS

100.0%

378,302,577

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

31,835

–

31,835

Warrants

760

–

Common

Stocks

Consumer,

Non-Cyclical

368,126,552

356,385,752

11,740,800

–

Diversified

476,351

–

Industrial

984,879

–

Total

Common

Stocks

369,587,782

357,846,982

11,740,800

–

Total

369,620,377

357,847,742

11,740,800

31,835

PACIFIC

SELECT

FUND

REAL

ESTATE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

211

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

COMMON

STOCKS

96.9%

Consumer,

Cyclical

0.4%

spacing

Marriott

Vacations

Worldwide

Corp.

20,229

1,299,511

Financial

96.5%

spacing

American

Healthcare

REIT,

Inc.

179,396

5,435,699

American

Homes

Rent

Class A REIT

233,093

8,813,246

American

Tower

Corp.

REIT

29,758

6,475,341

Americold

Realty

Trust,

Inc.

REIT

260,235

5,584,643

AvalonBay

Communities,

Inc.

REIT

72,656

15,593,431

Broadstone

Net

Lease,

Inc.

REIT

200,030

3,408,511

Cousins

Properties,

Inc.

REIT

188,147

5,550,337

Digital

Realty

Trust,

Inc.

REIT

59,594

8,539,224

EastGroup

Properties,

Inc.

REIT

15,029

2,647,358

Equinix,

Inc.

REIT

30,305

24,709,182

Equity

LifeStyle

Properties,

Inc.

REIT

73,960

4,933,132

Equity

Residential

REIT

116,322

8,326,329

Essex

Property

Trust,

Inc.

REIT

25,247

7,739,973

Extra

Space

Storage,

Inc.

REIT

104,494

15,516,314

Gaming

Leisure

Properties,

Inc.

REIT

123,373

6,279,686

Healthpeak

Properties,

Inc.

REIT

325,853

6,588,748

InvenTrust

Properties

Corp.

REIT

96,217

2,825,893

Invitation

Homes,

Inc.

REIT

307,752

10,725,157

Iron

Mountain,

Inc.

REIT

8,307

714,734

Kilroy

Realty

Corp.

REIT

82,547

2,704,240

National

Health

Investors,

Inc.

REIT

38,704

2,858,677

NETSTREIT

Corp.

REIT

182,939

2,899,583

Prologis,

Inc.

REIT

174,240

19,478,290

Regency

Centers

Corp.

REIT

155,078

11,438,553

Rexford

Industrial

Realty,

Inc.

REIT

129,313

5,062,604

Ryman

Hospitality

Properties,

Inc.

REIT

54,156

4,952,025

Sabra

Health

Care

REIT,

Inc.

330,288

5,770,131

Simon

Property

Group,

Inc.

REIT

60,312

10,016,617

Sunstone

Hotel

Investors,

Inc.

REIT

145,659

1,370,651

Terreno

Realty

Corp.

REIT

7,097

448,672

Ventas,

Inc.

REIT

259,754

17,860,685

VICI

Properties,

Inc.

REIT

368,929

12,034,464

Vornado

Realty

Trust

REIT

95,334

3,526,405

Welltower,

Inc.

REIT

180,319

27,626,674

278,455,209

Total

Common

Stocks

(Cost

$261,784,277)

279,754,720

TOTAL

INVESTMENTS

96.9%

(Cost

$261,784,277)

279,754,720

OTHER

ASSETS

LIABILITIES,

NET

3.1%

8,812,838

NET

ASSETS

100.0%

288,567,558

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

279,754,720

–

PACIFIC

SELECT

FUND

TECHNOLOGY

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

212

See

Supplemental

Notes

Schedules

Investments

Value

WARRANTS

0.0%

Technology

0.0%

Constellation

Software,

Inc.

Exercise

$1.00

Exp 03/31/40

1,808

–

Total

Warrants

(Cost

$0)

–

COMMON

STOCKS

95.4%

Basic

Materials

0.0%

spacing

Chem

Ltd.

(South

Korea)

560

94,172

Communications

9.4%

spacing

Airbnb,

Inc.

Class A *

8,900

1,063,194

Cisco

Systems,

Inc.

273,700

16,890,027

Maplebear,

Inc.

1,800

71,802

Netflix,

Inc.

3,600

3,357,108

Shopify,

Inc.

Class A *

(Canada)

56,900

5,427,407

Uber

Technologies,

Inc.

77,100

5,617,506

32,427,044

Industrial

1.0%

spacing

Amphenol

Corp.

Class A

53,303

3,496,144

Technology

85.0%

spacing

Apple,

Inc.

259,300

57,598,309

ASML

Holding

(Netherlands)

5,100

3,375,043

Astera

Labs,

Inc.

25,300

1,509,651

Broadcom,

Inc.

4,800

803,664

Coreweave,

Inc.

Class A *

19,700

730,476

Crowdstrike

Holdings,

Inc.

Class A *

4,600

1,621,868

Datadog,

Inc.

Class A *

64,300

6,379,203

GLOBALFOUNDRIES,

Inc.

255,803

9,441,689

HubSpot,

Inc.

7,900

4,513,191

Manhattan

Associates,

Inc.

17,800

3,080,112

Marvell

Technology,

Inc.

191,404

11,784,744

Micron

Technology,

Inc.

70,521

6,127,570

Microsoft

Corp.

88,900

33,372,171

Monday.com

Ltd.

3,000

729,480

Monolithic

Power

Systems,

Inc.

12,800

7,423,744

NVIDIA

Corp.

665,700

72,148,566

NXP

Semiconductors

(China)

40,821

7,758,439

Okta,

Inc.

96,200

10,122,164

Semiconductor

Corp.

234,700

9,549,943

Palantir

Technologies,

Inc.

Class A *

28,000

2,363,200

Salesforce,

Inc.

29,500

7,916,620

Sandisk

Corp.

30,566

1,455,247

Seagate

Technology

Holdings

PLC

23,200

1,970,840

ServiceNow,

Inc.

12,800

10,190,592

Snowflake,

Inc.

Class A *

19,370

2,831,119

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

54,100

8,980,600

Teradyne,

Inc.

35,100

2,899,260

Western

Digital

Corp.

100,300

4,055,129

Zscaler,

Inc.

7,800

1,547,676

292,280,310

Total

Common

Stocks

(Cost

$333,032,307)

328,297,670

Value

TOTAL

INVESTMENTS

95.4%

(Cost

$333,032,307)

328,297,670

OTHER

ASSETS

LIABILITIES,

NET

4.6%

15,723,936

NET

ASSETS

100.0%

344,021,606

PACIFIC

SELECT

FUND

ESG

DIVERSIFIED

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

214

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

MUTUAL

FUNDS

100.1%

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Class K

15,814

142,643

Calvert

Green

Bond

Fund

Class R6

300,451

4,239,369

Calvert

High

Yield

Bond

Fund

Class R6

72,082

1,747,998

Calvert

Small

Cap

Fund

Class R6

58,090

2,054,648

Calvert

U.S.

Mid

Cap

Core

Responsible

Index

Fund

Class R6

29,190

1,159,700

DFA

Social

Fixed

Income

Portfolio

Class Institutional

398,083

3,650,424

DFA

U.S.

Sustainability

Core

Portfolio

Class Institutional

187,738

8,085,875

Fidelity

International

Sustainability

Index

Fund

Class Institutional

304,479

3,851,665

Fidelity

U.S.

Sustainability

Index

Fund

Class Institutional

165,929

4,022,109

Total

Mutual

Funds

(Cost

$28,851,867)

28,954,431

TOTAL

INVESTMENTS

100.1%

(Cost

$28,851,867)

28,954,431

OTHER

ASSETS

LIABILITIES,

NET

(0.1%)

(

36,058

)

NET

ASSETS

100.0%

28,918,373

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Mutual

Funds

28,954,431

–

PACIFIC

SELECT

FUND

ESG

DIVERSIFIED

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

215

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

MUTUAL

FUNDS

100.1%

BlackRock

Advantage

ESG

Emerging

Markets

Equity

Fund

Class K

36,613

330,253

Calvert

Green

Bond

Fund

Class R6

103,937

1,466,557

Calvert

High

Yield

Bond

Fund

Class R6

64,887

1,573,506

Calvert

Small

Cap

Fund

Class R6

54,416

1,924,709

Calvert

U.S.

Mid

Cap

Core

Responsible

Index

Fund

Class R6

28,151

1,118,442

DFA

Social

Fixed

Income

Portfolio

Class Institutional

110,590

1,014,115

DFA

U.S.

Sustainability

Core

Portfolio

Class Institutional

164,244

7,074,002

Fidelity

International

Sustainability

Index

Fund

Class Institutional

330,687

4,183,185

Fidelity

U.S.

Sustainability

Index

Fund

Class Institutional

148,597

3,601,984

Total

Mutual

Funds

(Cost

$22,021,415)

22,286,753

TOTAL

INVESTMENTS

100.1%

(Cost

$22,021,415)

22,286,753

OTHER

ASSETS

LIABILITIES,

NET

(0.1%)

(

31,661

)

NET

ASSETS

100.0%

22,255,092

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Mutual

Funds

22,286,753

–

PACIFIC

SELECT

FUND

PSF

AVANTIS

BALANCED

ALLOCATION

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

216

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

EXCHANGE-TRADED

FUNDS

83.5%

Avantis

Core

Fixed

Income

ETF

996,823

41,258,504

Avantis

Emerging

Markets

Equity

ETF

49,429

2,974,143

Avantis

International

Equity

ETF

628,541

41,653,412

Avantis

Real

Estate

ETF

70,442

3,029,711

Avantis

Short-Term

Fixed

Income

ETF

262,207

12,255,555

Avantis

U.S.

Large

Cap

Equity

ETF

994,927

63,874,313

Avantis

U.S.

Large

Cap

Value

ETF

419,347

27,345,618

Avantis

U.S.

Small

Cap

Value

ETF

155,377

13,544,213

Vanguard

Russell

1000

Growth

ETF

492,747

45,721,994

Total

Exchange-Traded

Funds

(Cost

$242,882,036)

251,657,463

MUTUAL

FUNDS

16.5%

American

Century

Diversified

Bond

Fund

Class I

4,541,539

41,691,327

American

Century

Small

Cap

Growth

Fund

Class I

391,175

8,085,582

Total

Mutual

Funds

(Cost

$50,101,593)

49,776,909

TOTAL

INVESTMENTS

100.0%

(Cost

$292,983,629)

301,434,372

OTHER

ASSETS

LIABILITIES,

NET

0.0%

35,301

NET

ASSETS

100.0%

301,469,673

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Exchange-Traded

Funds

251,657,463

–

Mutual

Funds

49,776,909

–

Total

301,434,372

–

PACIFIC

SELECT

FUND

PACIFIC

DYNAMIX

CONSERVATIVE

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

217

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

1-3

Year

Corporate

Bond

Portfolio

Class P *

1,147,021

14,109,204

Aggregate

Bond

Index

Portfolio

Class P *

15,274,116

202,282,347

High

Yield

Bond

Market

Portfolio

Class P *

1,671,928

34,999,444

Large-Cap

Growth

Index

Portfolio

Class P *

714,521

70,981,898

Large-Cap

Value

Index

Portfolio

Class P *

1,227,369

63,706,436

Mid-Cap

Index

Portfolio

Class P *

948,537

14,000,552

Small-Cap

Growth

Index

Portfolio

Class P *

54,397

2,279,862

Small-Cap

Value

Index

Portfolio

Class P *

394,690

13,896,754

International

Large-Cap

Index

Portfolio

Class P *

1,758,666

50,515,907

Total

Affiliated

Mutual

Funds

(Cost

$423,016,370)

466,772,404

TOTAL

INVESTMENTS

100.0%

(Cost

$423,016,370)

466,772,404

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

208,827

)

NET

ASSETS

100.0%

466,563,577

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

466,772,404

–

PACIFIC

SELECT

FUND

PACIFIC

DYNAMIX

MODERATE

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

218

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

1-3

Year

Corporate

Bond

Portfolio

Class P *

4,989,162

61,370,366

Aggregate

Bond

Index

Portfolio

Class P *

45,424,925

601,583,772

High

Yield

Bond

Market

Portfolio

Class P *

6,981,485

146,147,520

Large-Cap

Growth

Index

Portfolio

Class P *

5,413,922

537,829,643

Large-Cap

Value

Index

Portfolio

Class P *

9,490,924

492,625,381

Mid-Cap

Index

Portfolio

Class P *

9,076,905

133,976,448

Small-Cap

Growth

Index

Portfolio

Class P *

567,872

23,800,432

Small-Cap

Value

Index

Portfolio

Class P *

2,746,840

96,714,234

International

Large-Cap

Index

Portfolio

Class P *

11,683,140

335,586,352

Total

Affiliated

Mutual

Funds

(Cost

$1,974,325,134)

2,429,634,148

TOTAL

INVESTMENTS

100.0%

(Cost

$1,974,325,134)

2,429,634,148

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

949,480

)

NET

ASSETS

100.0%

2,428,684,668

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

2,429,634,148

–

PACIFIC

SELECT

FUND

PACIFIC

DYNAMIX

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

219

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

1-3

Year

Corporate

Bond

Portfolio

Class P *

817,391

10,054,512

Aggregate

Bond

Index

Portfolio

Class P *

16,706,673

221,254,370

High

Yield

Bond

Market

Portfolio

Class P *

6,195,484

129,693,702

Large-Cap

Growth

Index

Portfolio

Class P *

5,223,026

518,865,629

Large-Cap

Value

Index

Portfolio

Class P *

8,552,046

443,893,033

Mid-Cap

Index

Portfolio

Class P *

8,787,216

129,700,595

Small-Cap

Growth

Index

Portfolio

Class P *

930,320

38,991,245

Small-Cap

Value

Index

Portfolio

Class P *

2,531,333

89,126,411

Emerging

Markets

Index

Portfolio

Class P *

1,521,108

29,458,029

International

Large-Cap

Index

Portfolio

Class P *

12,988,007

373,067,305

Total

Affiliated

Mutual

Funds

(Cost

$1,648,857,562)

1,984,104,831

TOTAL

INVESTMENTS

100.0%

(Cost

$1,648,857,562)

1,984,104,831

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

784,905

)

NET

ASSETS

100.0%

1,983,319,926

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

1,984,104,831

–

PACIFIC

SELECT

FUND

PACIFIC

DYNAMIX

AGGRESSIVE

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

220

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.4%

High

Yield

Bond

Market

Portfolio

Class P *

15,013

314,284

Large-Cap

Growth

Index

Portfolio

Class P *

25,727

2,555,755

Large-Cap

Value

Index

Portfolio

Class P *

41,973

2,178,624

Mid-Cap

Index

Portfolio

Class P *

51,701

763,116

Small-Cap

Growth

Index

Portfolio

Class P *

6,280

263,210

Small-Cap

Value

Index

Portfolio

Class P *

13,920

490,122

Emerging

Markets

Index

Portfolio

Class P *

11,411

220,995

International

Large-Cap

Index

Portfolio

Class P *

73,856

2,121,444

Total

Affiliated

Mutual

Funds

(Cost

$9,093,279)

8,907,550

TOTAL

INVESTMENTS

100.4%

(Cost

$9,093,279)

8,907,550

OTHER

ASSETS

LIABILITIES,

NET

(0.4%)

(

32,589

)

NET

ASSETS

100.0%

8,874,961

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

8,907,550

–

PACIFIC

SELECT

FUND

PORTFOLIO

OPTIMIZATION

CONSERVATIVE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

221

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

Bond

Plus

Portfolio

Class P *

7,257,306

73,961,663

Core

Income

Portfolio

Class P *

2,545,132

32,595,563

Diversified

Bond

Portfolio

Class P *

11,944,493

171,458,307

Floating

Rate

Income

Portfolio

Class P *

1,113,200

19,052,545

High

Yield

Bond

Portfolio

Class P *

4,400,564

52,049,121

Inflation

Managed

Portfolio

Class P *

1,295,073

19,238,165

Intermediate

Bond

Portfolio

Class P *

5,847,587

56,842,822

Managed

Bond

Portfolio

Class P *

8,862,202

142,078,613

Short

Duration

Bond

Portfolio

Class P *

6,747,977

81,066,074

Emerging

Markets

Debt

Portfolio

Class P *

1,359,412

18,981,244

Equity

Index

Portfolio

Class P *

4,939

754,612

Focused

Growth

Portfolio

Class P *

11,917

818,499

Growth

Portfolio

Class P *

195,089

15,493,516

Large-Cap

Core

Portfolio

Class P *

473,505

43,196,897

Large-Cap

Growth

Portfolio

Class P *

762,318

23,962,844

Large-Cap

Plus

Bond

Alpha

Portfolio

Class P *

1,896,650

18,553,687

Large-Cap

Value

Portfolio

Class P *

245,277

10,895,429

Mid-Cap

Growth

Portfolio

Class P *

608,260

16,806,442

Mid-Cap

Plus

Bond

Alpha

Portfolio

Class P *

512,551

22,619,377

Mid-Cap

Value

Portfolio

Class P *

59,710

2,871,988

QQQ

Plus

Bond

Alpha

Portfolio

Class P *

812,389

7,727,588

Small-Cap

Equity

Portfolio

Class P *

259,226

10,374,309

Small-Cap

Growth

Portfolio

Class P *

100,451

3,164,488

Small-Cap

Index

Portfolio

Class P *

16,791

559,288

Small-Cap

Plus

Bond

Alpha

Portfolio

Class P *

262,427

2,432,744

Small-Cap

Value

Portfolio

Class P *

214,069

7,004,381

Value

Portfolio

Class P *

902,175

23,799,161

Value

Advantage

Portfolio

Class P *

630,649

19,539,380

International

Equity

Plus

Bond

Alpha

Portfolio

Class P *

337,234

3,519,960

International

Growth

Portfolio

Class P *

464,492

4,653,093

International

Large-Cap

Portfolio

Class P *

346,490

5,772,251

International

Small-Cap

Portfolio

Class P *

752,517

14,041,527

International

Value

Portfolio

Class P *

1,030,437

23,382,028

Total

Affiliated

Mutual

Funds

(Cost

$902,858,400)

949,267,606

TOTAL

INVESTMENTS

100.0%

(Cost

$902,858,400)

949,267,606

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

364,720

)

NET

ASSETS

100.0%

948,902,886

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

949,267,606

–

PACIFIC

SELECT

FUND

PORTFOLIO

OPTIMIZATION

MODERATE-CONSERVATIVE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

222

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

Bond

Plus

Portfolio

Class P *

8,995,444

91,675,610

Core

Income

Portfolio

Class P *

3,152,774

40,377,636

Diversified

Bond

Portfolio

Class P *

14,757,649

211,840,022

Floating

Rate

Income

Portfolio

Class P *

1,228,151

21,019,938

High

Yield

Bond

Portfolio

Class P *

5,296,247

62,643,113

Inflation

Managed

Portfolio

Class P *

1,428,832

21,225,143

Intermediate

Bond

Portfolio

Class P *

7,228,492

70,266,230

Managed

Bond

Portfolio

Class P *

10,952,698

175,593,409

Short

Duration

Bond

Portfolio

Class P *

4,087,334

49,102,732

Emerging

Markets

Debt

Portfolio

Class P *

499,924

6,980,352

Equity

Index

Portfolio

Class P *

11,807

1,803,827

Focused

Growth

Portfolio

Class P *

31,163

2,140,329

Growth

Portfolio

Class P *

537,859

42,715,539

Large-Cap

Core

Portfolio

Class P *

1,114,443

101,668,390

Large-Cap

Growth

Portfolio

Class P *

2,095,483

65,869,841

Large-Cap

Plus

Bond

Alpha

Portfolio

Class P *

4,476,168

43,787,413

Large-Cap

Value

Portfolio

Class P *

519,060

23,057,123

Mid-Cap

Growth

Portfolio

Class P *

1,332,180

36,808,606

Mid-Cap

Plus

Bond

Alpha

Portfolio

Class P *

201,735

8,902,749

Mid-Cap

Value

Portfolio

Class P *

52,701

2,534,899

QQQ

Plus

Bond

Alpha

Portfolio

Class P *

2,239,197

21,299,643

Small-Cap

Equity

Portfolio

Class P *

412,522

16,509,229

Small-Cap

Index

Portfolio

Class P *

279,921

9,323,869

Small-Cap

Plus

Bond

Alpha

Portfolio

Class P *

461,819

4,281,141

Small-Cap

Value

Portfolio

Class P *

340,431

11,138,965

Value

Portfolio

Class P *

1,905,737

50,272,900

Value

Advantage

Portfolio

Class P *

1,346,087

41,705,805

International

Equity

Plus

Bond

Alpha

Portfolio

Class P *

1,218,163

12,714,867

International

Growth

Portfolio

Class P *

2,582,696

25,872,404

International

Large-Cap

Portfolio

Class P *

1,890,724

31,497,972

International

Small-Cap

Portfolio

Class P *

1,475,913

27,539,652

International

Value

Portfolio

Class P *

2,358,511

53,517,848

Real

Estate

Portfolio

Class P *

183,189

7,133,069

Total

Affiliated

Mutual

Funds

(Cost

$1,305,868,314)

1,392,820,265

TOTAL

INVESTMENTS

100.0%

(Cost

$1,305,868,314)

1,392,820,265

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

522,941

)

NET

ASSETS

100.0%

1,392,297,324

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

1,392,820,265

–

PACIFIC

SELECT

FUND

PORTFOLIO

OPTIMIZATION

MODERATE

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

223

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

Bond

Plus

Portfolio

Class P *

23,519,414

239,694,297

Core

Income

Portfolio

Class P *

8,229,512

105,395,529

Diversified

Bond

Portfolio

Class P *

38,591,343

553,962,948

Floating

Rate

Income

Portfolio

Class P *

5,629,630

96,351,765

High

Yield

Bond

Portfolio

Class P *

21,579,652

255,240,461

Inflation

Managed

Portfolio

Class P *

2,183,179

32,430,896

Intermediate

Bond

Portfolio

Class P *

18,952,829

184,235,376

Managed

Bond

Portfolio

Class P *

28,694,587

460,030,966

Short

Duration

Bond

Portfolio

Class P *

13,382,618

160,770,592

Emerging

Markets

Debt

Portfolio

Class P *

2,291,568

31,996,788

Equity

Index

Portfolio

Class P *

79,101

12,084,507

Focused

Growth

Portfolio

Class P *

214,264

14,716,126

Growth

Portfolio

Class P *

3,568,148

283,374,424

Large-Cap

Core

Portfolio

Class P *

7,662,548

699,038,498

Large-Cap

Growth

Portfolio

Class P *

13,911,649

437,301,568

Large-Cap

Plus

Bond

Alpha

Portfolio

Class P *

30,789,333

301,191,851

Large-Cap

Value

Portfolio

Class P *

3,496,380

155,312,319

Mid-Cap

Growth

Portfolio

Class P *

9,797,567

270,710,208

Mid-Cap

Plus

Bond

Alpha

Portfolio

Class P *

2,021,493

89,210,404

Mid-Cap

Value

Portfolio

Class P *

402,621

19,365,769

QQQ

Plus

Bond

Alpha

Portfolio

Class P *

14,823,543

141,004,179

Small-Cap

Equity

Portfolio

Class P *

3,003,205

120,189,075

Small-Cap

Growth

Portfolio

Class P *

2,350,636

74,051,552

Small-Cap

Index

Portfolio

Class P *

245,298

8,170,597

Small-Cap

Plus

Bond

Alpha

Portfolio

Class P *

3,548,597

32,896,111

Small-Cap

Value

Portfolio

Class P *

2,477,229

81,055,422

Value

Portfolio

Class P *

12,896,507

340,206,917

Value

Advantage

Portfolio

Class P *

9,026,025

279,653,233

Emerging

Markets

Portfolio

Class P *

1,638,047

31,453,084

International

Equity

Plus

Bond

Alpha

Portfolio

Class P *

7,560,255

78,911,945

International

Growth

Portfolio

Class P *

17,663,853

176,949,339

International

Large-Cap

Portfolio

Class P *

11,718,879

195,227,260

International

Small-Cap

Portfolio

Class P *

6,765,284

126,236,173

International

Value

Portfolio

Class P *

12,005,950

272,431,522

Total

Affiliated

Mutual

Funds

(Cost

$5,787,373,412)

6,360,851,701

TOTAL

INVESTMENTS

100.0%

(Cost

$5,787,373,412)

6,360,851,701

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

2,264,933

)

NET

ASSETS

100.0%

6,358,586,768

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

6,360,851,701

–

PACIFIC

SELECT

FUND

PORTFOLIO

OPTIMIZATION

GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

224

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

Bond

Plus

Portfolio

Class P *

10,634,553

108,380,325

Core

Income

Portfolio

Class P *

3,735,252

47,837,449

Diversified

Bond

Portfolio

Class P *

17,421,891

250,084,113

Floating

Rate

Income

Portfolio

Class P *

5,304,483

90,786,824

High

Yield

Bond

Portfolio

Class P *

17,791,630

210,436,375

Inflation

Managed

Portfolio

Class P *

2,057,082

30,557,739

Intermediate

Bond

Portfolio

Class P *

8,554,428

83,155,298

Managed

Bond

Portfolio

Class P *

12,970,317

207,939,819

Short

Duration

Bond

Portfolio

Class P *

2,521,935

30,296,985

Emerging

Markets

Debt

Portfolio

Class P *

2,159,215

30,148,754

Equity

Index

Portfolio

Class P *

82,378

12,585,153

Focused

Growth

Portfolio

Class P *

243,950

16,755,045

Growth

Portfolio

Class P *

4,089,412

324,772,073

Large-Cap

Core

Portfolio

Class P *

8,083,260

737,419,217

Large-Cap

Growth

Portfolio

Class P *

15,969,209

501,979,299

Large-Cap

Plus

Bond

Alpha

Portfolio

Class P *

32,452,000

317,456,631

Large-Cap

Value

Portfolio

Class P *

3,581,507

159,093,752

Mid-Cap

Growth

Portfolio

Class P *

9,231,752

255,076,536

Mid-Cap

Plus

Bond

Alpha

Portfolio

Class P *

3,265,894

144,127,007

Mid-Cap

Value

Portfolio

Class P *

379,368

18,247,302

QQQ

Plus

Bond

Alpha

Portfolio

Class P *

17,026,026

161,954,592

Small-Cap

Equity

Portfolio

Class P *

3,219,043

128,826,960

Small-Cap

Growth

Portfolio

Class P *

3,022,004

95,201,498

Small-Cap

Index

Portfolio

Class P *

266,690

8,883,155

Small-Cap

Plus

Bond

Alpha

Portfolio

Class P *

4,051,730

37,560,245

Small-Cap

Value

Portfolio

Class P *

2,646,611

86,597,631

Value

Portfolio

Class P *

13,114,613

345,960,497

Value

Advantage

Portfolio

Class P *

9,310,019

288,452,222

Emerging

Markets

Portfolio

Class P *

4,630,319

88,909,417

International

Equity

Plus

Bond

Alpha

Portfolio

Class P *

9,613,056

100,338,541

International

Growth

Portfolio

Class P *

26,913,156

269,605,124

International

Large-Cap

Portfolio

Class P *

14,876,579

247,832,053

International

Small-Cap

Portfolio

Class P *

7,968,189

148,681,652

International

Value

Portfolio

Class P *

14,559,649

330,378,460

Real

Estate

Portfolio

Class P *

1,582,423

61,616,792

Total

Affiliated

Mutual

Funds

(Cost

$5,432,004,459)

5,977,934,535

TOTAL

INVESTMENTS

100.0%

(Cost

$5,432,004,459)

5,977,934,535

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

2,131,990

)

NET

ASSETS

100.0%

5,975,802,545

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

5,977,934,535

–

PACIFIC

SELECT

FUND

PORTFOLIO

OPTIMIZATION

AGGRESSIVE-GROWTH

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

225

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

AFFILIATED

MUTUAL

FUNDS

100.0%

Bond

Plus

Portfolio

Class P *

349,128

3,558,085

Core

Income

Portfolio

Class P *

120,208

1,539,505

Diversified

Bond

Portfolio

Class P *

64,348

923,693

Floating

Rate

Income

Portfolio

Class P *

899,067

15,387,634

High

Yield

Bond

Portfolio

Class P *

2,584,750

30,571,985

Intermediate

Bond

Portfolio

Class P *

63,499

617,262

Managed

Bond

Portfolio

Class P *

57,683

924,772

Equity

Index

Portfolio

Class P *

22,938

3,504,358

Focused

Growth

Portfolio

Class P *

68,438

4,700,489

Growth

Portfolio

Class P *

1,141,585

90,662,150

Large-Cap

Core

Portfolio

Class P *

2,251,276

205,379,248

Large-Cap

Growth

Portfolio

Class P *

4,449,835

139,877,013

Large-Cap

Plus

Bond

Alpha

Portfolio

Class P *

9,040,071

88,433,086

Large-Cap

Value

Portfolio

Class P *

990,490

43,998,433

Mid-Cap

Growth

Portfolio

Class P *

2,729,145

75,407,246

Mid-Cap

Plus

Bond

Alpha

Portfolio

Class P *

1,382,958

61,031,237

Mid-Cap

Value

Portfolio

Class P *

160,749

7,731,909

QQQ

Plus

Bond

Alpha

Portfolio

Class P *

4,737,835

45,067,126

Small-Cap

Equity

Portfolio

Class P *

1,023,956

40,978,983

Small-Cap

Growth

Portfolio

Class P *

959,194

30,217,273

Small-Cap

Index

Portfolio

Class P *

85,884

2,860,687

Small-Cap

Plus

Bond

Alpha

Portfolio

Class P *

1,274,537

11,815,185

Small-Cap

Value

Portfolio

Class P *

845,758

27,673,377

Value

Portfolio

Class P *

3,625,691

95,644,890

Value

Advantage

Portfolio

Class P *

2,576,685

79,833,396

Emerging

Markets

Portfolio

Class P *

2,354,419

45,208,557

International

Equity

Plus

Bond

Alpha

Portfolio

Class P *

3,074,570

32,091,549

International

Growth

Portfolio

Class P *

8,703,017

87,183,310

International

Large-Cap

Portfolio

Class P *

4,757,105

79,249,617

International

Small-Cap

Portfolio

Class P *

2,836,158

52,921,021

International

Value

Portfolio

Class P *

4,527,195

102,728,288

Real

Estate

Portfolio

Class P *

201,154

7,832,571

Total

Affiliated

Mutual

Funds

(Cost

$1,386,036,497)

1,515,553,935

TOTAL

INVESTMENTS

100.0%

(Cost

$1,386,036,497)

1,515,553,935

OTHER

ASSETS

LIABILITIES,

NET

(0.0%)

(

562,655

)

NET

ASSETS

100.0%

1,514,991,280

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Affiliated

Mutual

Funds

1,515,553,935

–

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

226

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

99.0%

Basic

Materials

0.9%

Albemarle

Corp.

4.650%

due

06/01/27

100,000

99,202

ArcelorMittal

(Luxembourg)

6.550%

due

11/29/27

50,000

52,072

BHP

Billiton

Finance

USA

Ltd.

(Australia)

4.750%

due

02/28/28

50,000

50,542

5.250%

due

09/08/26

100,000

101,278

Nutrien

Ltd.

(Canada)

4.500%

due

03/12/27

145,000

145,157

5.200%

due

06/21/27

110,000

111,311

Sherwin-Williams

Co.

3.450%

due

06/01/27

200,000

195,754

755,316

Communications

6.0%

Alibaba

Group

Holding

Ltd.

(China)

3.400%

due

12/06/27

200,000

194,790

Alphabet,

Inc.

0.800%

due

08/15/27

100,000

92,909

1.998%

due

08/15/26

100,000

97,197

Amazon.com,

Inc.

1.200%

due

06/03/27

600,000

564,289

3.150%

due

08/22/27

200,000

195,627

AT&T,

Inc.

1.650%

due

02/01/28

150,000

138,781

4.250%

due

03/01/27

600,000

597,719

Baidu,

Inc.

(China)

1.720%

due

04/09/26

150,000

145,960

3.625%

due

07/06/27

50,000

49,236

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.750%

due

02/15/28

50,000

48,476

6.150%

due

11/10/26

150,000

153,088

Cisco

Systems,

Inc.

2.500%

due

09/20/26

300,000

293,150

Comcast

Corp.

3.300%

due

02/01/27

400,000

393,193

Discovery

Communications

LLC

3.950%

due

03/20/28

100,000

96,120

eBay,

Inc.

3.600%

due

06/05/27

200,000

196,298

Expedia

Group,

Inc.

3.800%

due

02/15/28

100,000

97,546

Meta

Platforms,

Inc.

3.500%

due

08/15/27

125,000

123,245

Netflix,

Inc.

4.375%

due

11/15/26

150,000

150,305

Paramount

Global

2.900%

due

01/15/27

100,000

96,790

Rogers

Communications,

Inc.

(Canada)

3.200%

due

03/15/27

150,000

145,987

T-Mobile

USA,

Inc.

2.050%

due

02/15/28

200,000

186,839

4.950%

due

03/15/28

200,000

202,345

TCI

Communications,

Inc.

7.125%

due

02/15/28

100,000

107,442

Telefonica

Emisiones

(Spain)

4.103%

due

03/08/27

150,000

148,811

TWDC

Enterprises

Corp.

1.850%

due

07/30/26

300,000

290,804

Principal

Amount

Value

Verizon

Communications,

Inc.

4.125%

due

03/16/27

325,000

323,438

5,130,385

Consumer,

Cyclical

8.1%

American

Airlines

Pass-Through

Trust

Class AA

3.600%

due

03/22/29

28,681

27,815

American

Honda

Finance

Corp.

1.300%

due

09/09/26

100,000

95,689

4.450%

due

10/22/27

170,000

169,973

4.550%

due

03/03/28

200,000

199,956

4.900%

due

07/09/27

70,000

70,642

AutoZone,

Inc.

4.500%

due

02/01/28

50,000

50,026

Costco

Wholesale

Corp.

1.375%

due

06/20/27

100,000

94,267

Darden

Restaurants,

Inc.

4.350%

due

10/15/27

75,000

74,468

Dollar

General

Corp.

4.625%

due

11/01/27

100,000

100,226

Ford

Motor

Credit

Co.

LLC

2.900%

due

02/16/28

50,000

46,298

4.542%

due

08/01/26

1,000,000

987,464

General

Motors

Financial

Co.,

Inc.

1.500%

due

06/10/26

50,000

48,085

2.700%

due

08/20/27

800,000

761,266

4.000%

due

10/06/26

50,000

49,414

Hasbro,

Inc.

3.500%

due

09/15/27

50,000

48,606

3.550%

due

11/19/26

50,000

49,100

Home

Depot,

Inc.

4.875%

due

06/25/27

85,000

86,212

5.150%

due

06/25/26

300,000

303,355

Hyatt

Hotels

Corp.

5.050%

due

03/30/28

70,000

70,333

Las

Vegas

Sands

Corp.

5.900%

due

06/01/27

175,000

177,870

Leggett

Platt,

Inc.

3.500%

due

11/15/27

100,000

96,030

Lowe's

Cos.,

Inc.

3.100%

due

05/03/27

250,000

243,194

Marriott

International,

Inc.

3.125%

due

06/15/26

150,000

147,502

5.450%

due

09/15/26

85,000

85,963

McDonald's

Corp.

3.500%

due

07/01/27

175,000

171,834

NIKE,

Inc.

2.375%

due

11/01/26

200,000

194,657

O'Reilly

Automotive,

Inc.

3.600%

due

09/01/27

100,000

97,957

PACCAR

Financial

Corp.

4.450%

due

08/06/27

165,000

166,031

5.200%

due

11/09/26

150,000

152,443

Southwest

Airlines

Co.

5.125%

due

06/15/27

125,000

125,864

Starbucks

Corp.

4.850%

due

02/08/27

100,000

100,783

Target

Corp.

2.500%

due

04/15/26

200,000

196,428

TJX

Cos.,

Inc.

2.250%

due

09/15/26

100,000

97,261

Toll

Brothers

Finance

Corp.

4.350%

due

02/15/28

50,000

49,320

227

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Toyota

Motor

Credit

Corp.

1.125%

due

06/18/26

250,000

240,772

5.000%

due

03/19/27

700,000

709,389

United

Airlines

Pass-Through

Trust

Class A

5.875%

due

04/15/29

21,311

21,722

Walmart,

Inc.

3.050%

due

07/08/26

350,000

345,797

Warnermedia

Holdings,

Inc.

3.755%

due

03/15/27

200,000

195,135

6,949,147

Consumer,

Non-Cyclical

13.1%

Abbott

Laboratories

3.750%

due

11/30/26

100,000

99,463

AbbVie,

Inc.

4.800%

due

03/15/27

210,000

212,145

Agilent

Technologies,

Inc.

4.200%

due

09/09/27

100,000

99,436

Altria

Group,

Inc.

4.875%

due

02/04/28

120,000

120,872

Amgen,

Inc.

2.200%

due

02/21/27

150,000

144,083

2.600%

due

08/19/26

200,000

195,253

Astrazeneca

Finance

LLC

(United

Kingdom)

4.800%

due

02/26/27

250,000

252,711

BAT

Capital

Corp.

(United

Kingdom)

3.557%

due

08/15/27

400,000

390,405

Baxter

International,

Inc.

1.915%

due

02/01/27

100,000

95,415

2.600%

due

08/15/26

100,000

97,301

Becton

Dickinson

Co.

3.700%

due

06/06/27

200,000

196,529

Bio-Rad

Laboratories,

Inc.

3.300%

due

03/15/27

125,000

121,969

Bristol-Myers

Squibb

Co.

3.250%

due

02/27/27

350,000

344,537

3.900%

due

02/20/28

100,000

99,100

Bunge

Ltd.

Finance

Corp.

3.250%

due

08/15/26

150,000

147,466

Cardinal

Health,

Inc.

4.700%

due

11/15/26

200,000

200,898

Centene

Corp.

4.250%

due

12/15/27

100,000

97,657

Cigna

Group

3.400%

due

03/01/27

250,000

245,236

Coca-Cola

Co.

1.450%

due

06/01/27

175,000

165,589

CommonSpirit

Health

6.073%

due

11/01/27

50,000

51,650

Conagra

Brands,

Inc.

1.375%

due

11/01/27

50,000

46,005

Conopco,

Inc.

7.250%

due

12/15/26

200,000

209,499

Constellation

Brands,

Inc.

4.350%

due

05/09/27

150,000

149,416

CVS

Health

Corp.

1.300%

due

08/21/27

150,000

138,545

2.875%

due

06/01/26

200,000

196,017

4.300%

due

03/25/28

200,000

197,635

Diageo

Capital

PLC

(United

Kingdom)

5.300%

due

10/24/27

150,000

153,349

Elevance

Health,

Inc.

4.500%

due

10/30/26

15,000

15,007

Principal

Amount

Value

Eli

Lilly

Co.

4.150%

due

08/14/27

70,000

70,050

4.550%

due

02/12/28

135,000

136,361

Flowers

Foods,

Inc.

3.500%

due

10/01/26

150,000

147,271

HealthCare

Technologies,

Inc.

5.650%

due

11/15/27

100,000

102,701

General

Mills,

Inc.

4.700%

due

01/30/27

225,000

225,784

Gilead

Sciences,

Inc.

1.200%

due

10/01/27

200,000

185,437

Global

Payments,

Inc.

2.150%

due

01/15/27

150,000

143,703

GXO

Logistics,

Inc.

1.650%

due

07/15/26

75,000

72,078

Haleon

U.S.

Capital

LLC

3.375%

due

03/24/27

200,000

196,064

HCA,

Inc.

3.125%

due

03/15/27

250,000

242,879

4.500%

due

02/15/27

50,000

49,847

Hershey

Co.

4.550%

due

02/24/28

40,000

40,382

Humana,

Inc.

1.350%

due

02/03/27

150,000

141,337

Illumina,

Inc.

4.650%

due

09/09/26

55,000

54,967

Johnson

0.950%

due

09/01/27

50,000

46,487

2.950%

due

03/03/27

150,000

147,133

Kaiser

Foundation

Hospitals

3.150%

due

05/01/27

150,000

146,592

Kellanova

3.250%

due

04/01/26

150,000

148,365

Keurig

Dr.

Pepper,

Inc.

2.550%

due

09/15/26

200,000

194,890

Kraft

Heinz

Foods

Co.

3.875%

due

05/15/27

250,000

246,863

Kroger

Co.

2.650%

due

10/15/26

75,000

72,945

Laboratory

Corp.

America

Holdings

3.600%

due

09/01/27

50,000

48,993

McKesson

Corp.

3.950%

due

02/16/28

100,000

98,762

Merck

Co.,

Inc.

1.700%

due

06/10/27

50,000

47,469

Molson

Coors

Beverage

Co.

3.000%

due

07/15/26

200,000

196,233

Novartis

Capital

Corp.

3.100%

due

05/17/27

100,000

97,958

PayPal

Holdings,

Inc.

2.650%

due

10/01/26

100,000

97,765

4.450%

due

03/06/28

100,000

100,405

Pepsico

Singapore

Financing

Pte.

Ltd.

4.650%

due

02/16/27

100,000

100,748

PepsiCo,

Inc.

3.600%

due

02/18/28

150,000

147,908

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.450%

due

05/19/26

380,000

380,672

Philip

Morris

International,

Inc.

3.125%

due

08/17/27

50,000

48,745

4.375%

due

11/01/27

125,000

124,973

4.750%

due

02/12/27

100,000

100,761

4.875%

due

02/15/28

50,000

50,669

228

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Procter

Gamble

Co.

1.900%

due

02/01/27

350,000

337,297

Royalty

Pharma

PLC

1.750%

due

09/02/27

100,000

93,364

S&P

Global,

Inc.

2.450%

due

03/01/27

200,000

193,717

Shire

Acquisitions

Investments

Ireland

DAC

3.200%

due

09/23/26

150,000

147,280

Stryker

Corp.

4.700%

due

02/10/28

120,000

120,805

Sysco

Corp.

3.250%

due

07/15/27

100,000

97,369

Thermo

Fisher

Scientific,

Inc.

4.800%

due

11/21/27

150,000

151,942

Tyson

Foods,

Inc.

3.550%

due

06/02/27

150,000

147,061

Unilever

Capital

Corp.

(United

Kingdom)

4.250%

due

08/12/27

250,000

250,458

UnitedHealth

Group,

Inc.

2.950%

due

10/15/27

500,000

483,977

Utah

Acquisition

Sub,

Inc.

3.950%

due

06/15/26

241,000

237,832

11,198,487

Energy

4.9%

Boardwalk

Pipelines

5.950%

due

06/01/26

150,000

151,612

Capital

Markets

America,

Inc.

5.017%

due

11/17/27

350,000

355,752

Chevron

Corp.

2.954%

due

05/16/26

100,000

98,615

Chevron

USA,

Inc.

1.018%

due

08/12/27

200,000

186,214

4.475%

due

02/26/28

200,000

201,446

Continental

Resources,

Inc.

4.375%

due

01/15/28

100,000

98,036

Coterra

Energy,

Inc.

3.900%

due

05/15/27

100,000

98,467

Diamondback

Energy,

Inc.

5.200%

due

04/18/27

150,000

151,878

Enbridge,

Inc.

(Canada)

4.250%

due

12/01/26

150,000

149,276

5.900%

due

11/15/26

150,000

153,061

Energy

Transfer

4.400%

due

03/15/27

350,000

349,005

5.550%

due

02/15/28

50,000

51,194

Enterprise

Products

Operating

LLC

3.950%

due

02/15/27

250,000

248,740

5.375%

due

02/15/78

50,000

49,033

EQT

Corp.

3.900%

due

10/01/27

50,000

49,119

Exxon

Mobil

Corp.

2.275%

due

08/16/26

300,000

292,667

MPLX

4.000%

due

03/15/28

100,000

98,214

Occidental

Petroleum

Corp.

5.000%

due

08/01/27

90,000

90,371

ONEOK,

Inc.

4.000%

due

07/13/27

150,000

148,198

Patterson-UTI

Energy,

Inc.

3.950%

due

02/01/28

50,000

48,649

Phillips

Co.

3.550%

due

10/01/26

150,000

147,974

Principal

Amount

Value

Sabine

Pass

Liquefaction

LLC

5.000%

due

03/15/27

250,000

251,230

Shell

International

Finance

2.500%

due

09/12/26

100,000

97,733

2.875%

due

05/10/26

50,000

49,277

South

Bow

USA

Infrastructure

Holdings

LLC

(Canada)

4.911%

due

09/01/27 ~

50,000

50,035

Targa

Resources

Corp.

5.200%

due

07/01/27

150,000

151,806

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

03/15/27

150,000

156,182

Valero

Energy

Corp.

3.400%

due

09/15/26

100,000

98,412

Williams

Cos.,

Inc.

3.750%

due

06/15/27

100,000

98,324

4,170,520

Financial

46.1%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

6.450%

due

04/15/27

500,000

516,308

Air

Lease

Corp.

2.200%

due

01/15/27

300,000

287,584

5.300%

due

06/25/26

85,000

85,664

Ally

Financial,

Inc.

4.750%

due

06/09/27

150,000

149,951

American

Express

Co.

5.043%

due

07/26/28

250,000

253,186

5.098%

due

02/16/28

80,000

80,978

5.645%

due

04/23/27

300,000

303,462

American

Homes

Rent

4.250%

due

02/15/28

50,000

49,494

American

Tower

Corp.

3.375%

due

10/15/26

300,000

294,688

5.500%

due

03/15/28

50,000

51,195

Ameriprise

Financial,

Inc.

2.875%

due

09/15/26

100,000

98,038

Aon

North

America,

Inc.

5.125%

due

03/01/27

95,000

96,049

ARES

Capital

Corp.

2.150%

due

07/15/26

150,000

144,710

2.875%

due

06/15/27

50,000

47,830

Australia

New

Zealand

Banking

Group

Ltd.

(Australia)

4.900%

due

07/16/27

250,000

253,350

AvalonBay

Communities,

Inc.

2.950%

due

05/11/26

100,000

98,315

Banco

Santander

(Spain)

5.294%

due

08/18/27

400,000

405,241

5.365%

due

07/15/28

200,000

202,935

Bank

America

Corp.

2.551%

due

02/04/28

1,000,000

964,995

3.419%

due

12/20/28

350,000

339,270

3.824%

due

01/20/28

500,000

493,832

3.970%

due

03/05/29

150,000

147,387

4.979%

due

01/24/29

350,000

353,594

5.933%

due

09/15/27

150,000

152,968

6.204%

due

11/10/28

150,000

155,925

Bank

America

5.526%

due

08/18/26

150,000

152,433

Bank

Montreal

(Canada)

4.567%

due

09/10/27

250,000

250,175

5.203%

due

02/01/28

100,000

101,848

229

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.266%

due

12/11/26

50,000

50,680

5.370%

due

06/04/27

250,000

254,613

Bank

New

York

Mellon

Corp.

3.992%

due

06/13/28

500,000

496,133

4.947%

due

04/26/27

150,000

150,800

Bank

Nova

Scotia

(Canada)

4.404%

due

09/08/28

550,000

547,532

Barclays

PLC

(United

Kingdom)

5.200%

due

05/12/26

700,000

702,408

5.674%

due

03/12/28

225,000

229,046

Berkshire

Hathaway

Finance

Corp.

2.300%

due

03/15/27

250,000

241,792

BlackRock

Funding,

Inc.

4.600%

due

07/26/27

55,000

55,455

Blackstone

Private

Credit

Fund

3.250%

due

03/15/27

125,000

120,497

4.950%

due

09/26/27 ~

110,000

108,980

Blackstone

Secured

Lending

Fund

2.125%

due

02/15/27

175,000

165,695

Blue

Owl

Capital

Corp.

3.400%

due

07/15/26

200,000

195,407

Blue

Owl

Credit

Income

Corp.

3.125%

due

09/23/26

200,000

193,544

Brookfield

Finance,

Inc.

(Canada)

3.900%

due

01/25/28

100,000

98,243

Canadian

Imperial

Bank

Commerce

(Canada)

4.508%

due

09/11/27

140,000

139,873

4.857%

due

03/30/29

150,000

150,576

4.862%

due

01/13/28

100,000

100,472

5.237%

due

06/28/27

200,000

203,010

Capital

One

Financial

Corp.

1.878%

due

11/02/27

275,000

263,140

3.650%

due

05/11/27

150,000

146,902

5.468%

due

02/01/29

100,000

101,696

7.149%

due

10/29/27

50,000

51,836

Cboe

Global

Markets,

Inc.

3.650%

due

01/12/27

100,000

98,952

Charles

Schwab

Corp.

2.450%

due

03/03/27

350,000

337,804

Citibank

5.488%

due

12/04/26

185,000

188,152

Citigroup,

Inc.

3.887%

due

01/10/28

1,300,000

1,284,472

4.658%

due

05/24/28

150,000

150,209

4.786%

due

03/04/29

250,000

250,584

Citizens

Bank

4.575%

due

08/09/28

50,000

49,873

CNA

Financial

Corp.

3.450%

due

08/15/27

100,000

97,515

Cooperatieve

Rabobank

(Netherlands)

3.750%

due

07/21/26

50,000

49,367

4.883%

due

01/21/28

200,000

203,037

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

200,000

204,441

Crown

Castle,

Inc.

1.050%

due

07/15/26

50,000

47,672

3.650%

due

09/01/27

50,000

48,725

4.000%

due

03/01/27

200,000

197,325

5.000%

due

01/11/28

100,000

100,404

Deutsche

Bank

(Germany)

5.371%

due

09/09/27

200,000

204,497

5.373%

due

01/10/29

165,000

166,849

Principal

Amount

Value

6.720%

due

01/18/29

200,000

209,404

EPR

Properties

4.750%

due

12/15/26

100,000

99,582

Equinix,

Inc.

1.450%

due

05/15/26

200,000

193,333

ERP

Operating

3.250%

due

08/01/27

100,000

97,335

F&G

Annuities

Life,

Inc.

7.400%

due

01/13/28

50,000

52,170

Fifth

Third

Bank

2.250%

due

02/01/27

150,000

144,386

KKR

Capital

Corp.

3.250%

due

07/15/27

200,000

191,477

GLP

Capital

LP/GLP

Financing

II,

Inc.

5.375%

due

04/15/26

150,000

150,569

Goldman

Sachs

Group,

Inc.

3.615%

due

03/15/28

400,000

392,723

4.482%

due

08/23/28

150,000

149,660

Golub

Capital

BDC,

Inc.

2.050%

due

02/15/27

100,000

94,252

Hanover

Insurance

Group,

Inc.

4.500%

due

04/15/26

100,000

99,754

Healthpeak

LLC

3.250%

due

07/15/26

200,000

196,766

Highwoods

Realty

3.875%

due

03/01/27

75,000

73,576

HSBC

Holdings

PLC

(United

Kingdom)

4.041%

due

03/13/28

500,000

493,912

4.755%

due

06/09/28

200,000

199,993

4.899%

due

03/03/29

200,000

200,506

5.597%

due

05/17/28

215,000

218,588

5.887%

due

08/14/27

250,000

253,996

6.161%

due

03/09/29

100,000

103,659

ING

Groep

(Netherlands)

4.017%

due

03/28/28

150,000

148,362

4.858%

due

03/25/29

200,000

200,783

Intercontinental

Exchange,

Inc.

3.100%

due

09/15/27

300,000

290,802

Jefferies

Financial

Group,

Inc.

4.850%

due

01/15/27

150,000

150,069

JPMorgan

Chase

Co.

3.509%

due

01/23/29

750,000

729,119

3.540%

due

05/01/28

250,000

245,032

3.782%

due

02/01/28

1,700,000

1,677,736

4.505%

due

10/22/28

80,000

79,935

4.851%

due

07/25/28

150,000

150,983

4.979%

due

07/22/28

45,000

45,407

5.040%

due

01/23/28

50,000

50,444

5.571%

due

04/22/28

120,000

122,412

KeyBank

3.400%

due

05/20/26

250,000

246,231

Kimco

Realty

LLC

2.800%

due

10/01/26

150,000

146,253

Kite

Realty

Group

4.000%

due

10/01/26

75,000

74,222

Lloyds

Banking

Group

PLC

(United

Kingdom)

3.574%

due

11/07/28

50,000

48,575

5.462%

due

01/05/28

550,000

557,237

M&T

Bank

Corp.

4.833%

due

01/16/29

45,000

45,029

Main

Street

Capital

Corp.

6.500%

due

06/04/27

25,000

25,517

230

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Manufacturers

Traders

Trust

Co.

4.700%

due

01/27/28

100,000

100,166

Manulife

Financial

Corp.

(Canada)

4.061%

due

02/24/32

150,000

147,536

Marsh

McLennan

Cos.,

Inc.

4.550%

due

11/08/27

50,000

50,248

Mastercard,

Inc.

2.950%

due

11/21/26

100,000

98,150

4.550%

due

03/15/28

85,000

85,644

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

1.538%

due

07/20/27

550,000

529,278

4.080%

due

04/19/28

250,000

247,808

Mizuho

Financial

Group,

Inc.

(Japan)

5.414%

due

09/13/28

400,000

407,864

Morgan

Stanley

5.123%

due

02/01/29

150,000

152,084

5.652%

due

04/13/28

155,000

158,235

Morgan

Stanley

Bank

4.447%

due

10/15/27

1,500,000

1,498,480

4.952%

due

01/14/28

515,000

518,348

5.016%

due

01/12/29

250,000

253,050

Nasdaq,

Inc.

3.850%

due

06/30/26

100,000

99,226

National

Australia

Bank

Ltd.

(Australia)

5.087%

due

06/11/27

500,000

508,342

National

Bank

Canada

(Canada)

4.950%

due

02/01/28

250,000

251,736

NatWest

Group

PLC

(United

Kingdom)

3.073%

due

05/22/28

450,000

435,532

New

Mountain

Finance

Corp.

6.200%

due

10/15/27

50,000

50,449

NNN

REIT,

Inc.

3.500%

due

10/15/27

100,000

97,231

Nomura

Holdings,

Inc.

(Japan)

1.653%

due

07/14/26

200,000

192,534

Omega

Healthcare

Investors,

Inc.

4.500%

due

04/01/27

150,000

149,325

ORIX

Corp.

(Japan)

5.000%

due

09/13/27

50,000

50,564

PNC

Financial

Services

Group,

Inc.

5.300%

due

01/21/28

75,000

76,048

6.615%

due

10/20/27

500,000

515,422

Principal

Financial

Group,

Inc.

3.100%

due

11/15/26

100,000

97,768

Prologis

3.250%

due

10/01/26

150,000

147,597

Prudential

Financial,

Inc.

4.500%

due

09/15/47

50,000

48,829

Realty

Income

Corp.

3.000%

due

01/15/27

250,000

243,764

Regency

Centers

3.600%

due

02/01/27

100,000

98,418

Reinsurance

Group

America,

Inc.

3.950%

due

09/15/26

100,000

99,269

Royal

Bank

Canada

(Canada)

4.715%

due

03/27/28

210,000

210,628

4.875%

due

01/19/27

165,000

166,539

5.069%

due

07/23/27

350,000

352,185

6.000%

due

11/01/27

50,000

51,923

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

150,000

143,816

5.473%

due

03/20/29

155,000

155,929

Principal

Amount

Value

6.124%

due

05/31/27

50,000

50,641

Santander

U.K.

Group

Holdings

PLC

(United

Kingdom)

2.469%

due

01/11/28

250,000

240,335

6.534%

due

01/10/29

100,000

104,005

Simon

Property

Group

3.250%

due

11/30/26

250,000

245,452

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

2.174%

due

01/14/27

700,000

673,821

3.010%

due

10/19/26

150,000

146,769

5.520%

due

01/13/28

100,000

102,680

Synchrony

Financial

3.700%

due

08/04/26

100,000

98,269

Toronto-Dominion

Bank

(Canada)

4.108%

due

06/08/27

350,000

347,658

4.568%

due

12/17/26

100,000

100,177

5.264%

due

12/11/26

130,000

131,786

5.532%

due

07/17/26

300,000

304,006

Truist

Financial

Corp.

1.125%

due

08/03/27

300,000

278,236

4.873%

due

01/26/29

150,000

150,892

U.S.

Bancorp

4.548%

due

07/22/28

400,000

400,114

4.653%

due

02/01/29

100,000

100,076

U.S.

Bank

4.507%

due

10/22/27

100,000

99,901

UBS

(Switzerland)

1.250%

due

08/07/26

300,000

287,761

5.000%

due

07/09/27

250,000

252,914

7.500%

due

02/15/28

100,000

107,709

VICI

Properties

due

04/01/28 #

65,000

65,175

Visa,

Inc.

2.750%

due

09/15/27

100,000

96,862

Voya

Financial,

Inc.

4.700%

due

01/23/48

100,000

94,715

Wachovia

Corp.

7.574%

due

08/01/26

500,000

519,352

Wells

Fargo

Co.

3.196%

due

06/17/27

300,000

295,220

4.808%

due

07/25/28

800,000

802,691

4.900%

due

01/24/28

185,000

186,075

5.707%

due

04/22/28

190,000

194,173

Wells

Fargo

Bank

5.254%

due

12/11/26

200,000

202,874

Welltower

LLC

2.700%

due

02/15/27

100,000

96,882

Westpac

Banking

Corp.

(Australia)

3.400%

due

01/25/28

100,000

97,802

4.322%

due

11/23/31

500,000

495,888

39,490,278

Industrial

5.9%

Co.

2.875%

due

10/15/27

50,000

48,146

Amcor

Flexibles

North

America,

Inc.

4.800%

due

03/17/28 ~

60,000

60,345

Amphenol

Corp.

5.050%

due

04/05/27

90,000

91,319

Avnet,

Inc.

6.250%

due

03/15/28

50,000

51,744

Berry

Global,

Inc.

1.650%

due

01/15/27

100,000

94,898

231

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Boeing

Co.

2.250%

due

06/15/26

250,000

242,302

3.250%

due

03/01/28

50,000

47,731

5.040%

due

05/01/27

150,000

150,734

Caterpillar

Financial

Services

Corp.

4.400%

due

10/15/27

50,000

50,200

4.400%

due

03/03/28

200,000

200,577

5.000%

due

05/14/27

350,000

355,620

CNH

Industrial

Capital

LLC

4.750%

due

03/21/28

125,000

125,242

CSX

Corp.

2.600%

due

11/01/26

150,000

146,095

Eaton

Corp.

3.103%

due

09/15/27

50,000

48,615

Emerson

Electric

Co.

1.800%

due

10/15/27

50,000

47,072

Flex

Ltd.

6.000%

due

01/15/28

100,000

102,802

GATX

Corp.

5.400%

due

03/15/27

80,000

81,058

General

Dynamics

Corp.

2.125%

due

08/15/26

50,000

48,570

2.625%

due

11/15/27

150,000

144,114

Honeywell

International,

Inc.

1.100%

due

03/01/27

250,000

235,595

4.650%

due

07/30/27

100,000

100,699

Jabil,

Inc.

4.250%

due

05/15/27

150,000

148,980

John

Deere

Capital

Corp.

1.050%

due

06/17/26

150,000

144,469

4.200%

due

07/15/27

525,000

525,469

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

200,000

202,912

Martin

Marietta

Materials,

Inc.

3.500%

due

12/15/27

100,000

97,381

Masco

Corp.

1.500%

due

02/15/28

100,000

91,759

Otis

Worldwide

Corp.

2.293%

due

04/05/27

100,000

95,897

Owens

Corning

5.500%

due

06/15/27

70,000

71,371

Parker-Hannifin

Corp.

4.250%

due

09/15/27

200,000

199,597

RTX

Corp.

2.650%

due

11/01/26

50,000

48,714

3.500%

due

03/15/27

250,000

245,704

Ryder

System,

Inc.

5.300%

due

03/15/27

110,000

111,465

Sonoco

Products

Co.

4.450%

due

09/01/26

75,000

74,782

Tyco

Electronics

Group

(Switzerland)

3.125%

due

08/15/27

50,000

48,627

Vontier

Corp.

1.800%

due

04/01/26

100,000

97,095

Waste

Management,

Inc.

4.950%

due

07/03/27

115,000

116,806

Westinghouse

Air

Brake

Technologies

Corp.

3.450%

due

11/15/26

150,000

147,482

Xylem,

Inc.

3.250%

due

11/01/26

100,000

98,231

5,040,219

Principal

Amount

Value

Technology

7.9%

Accenture

Capital,

Inc.

3.900%

due

10/04/27

150,000

149,041

Adobe,

Inc.

4.750%

due

01/17/28

200,000

202,953

Analog

Devices,

Inc.

3.500%

due

12/05/26

150,000

148,126

Apple,

Inc.

2.050%

due

09/11/26

900,000

874,441

2.450%

due

08/04/26

100,000

97,790

2.900%

due

09/12/27

50,000

48,625

Broadcom

Corp./Broadcom

Cayman

Finance

Ltd.

3.875%

due

01/15/27

300,000

296,774

Broadcom,

Inc.

5.050%

due

07/12/27

125,000

126,600

Broadridge

Financial

Solutions,

Inc.

3.400%

due

06/27/26

100,000

98,640

Dell

International

LLC/EMC

Corp.

due

04/01/28 #

110,000

110,528

4.900%

due

10/01/26

250,000

251,030

Fiserv,

Inc.

3.200%

due

07/01/26

200,000

196,843

5.150%

due

03/15/27

115,000

116,164

Hewlett

Packard

Enterprise

Co.

4.400%

due

09/25/27

75,000

74,788

4.450%

due

09/25/26

200,000

199,589

HP,

Inc.

1.450%

due

06/17/26

200,000

192,489

Intel

Corp.

3.150%

due

05/11/27

150,000

145,432

3.750%

due

03/25/27

150,000

147,614

3.750%

due

08/05/27

100,000

97,943

International

Business

Machines

Corp.

3.300%

due

05/15/26

450,000

445,288

6.220%

due

08/01/27

100,000

104,124

Intuit,

Inc.

5.250%

due

09/15/26

150,000

151,788

Microsoft

Corp.

2.400%

due

08/08/26

100,000

97,820

3.300%

due

02/06/27

500,000

493,743

NVIDIA

Corp.

3.200%

due

09/16/26

150,000

148,130

Oracle

Corp.

2.650%

due

07/15/26

200,000

195,292

2.800%

due

04/01/27

400,000

387,449

QUALCOMM,

Inc.

3.250%

due

05/20/27

200,000

196,236

Roper

Technologies,

Inc.

1.400%

due

09/15/27

200,000

185,699

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

50,000

48,145

Texas

Instruments,

Inc.

1.125%

due

09/15/26

200,000

191,621

TSMC

Arizona

Corp.

(Taiwan)

1.750%

due

10/25/26

200,000

192,033

VMware

LLC

3.900%

due

08/21/27

350,000

343,963

6,756,741

Utilities

6.1%

Algonquin

Power

Utilities

Corp.

(Canada)

5.365%

due

06/15/26

50,000

50,304

232

PACIFIC

SELECT

FUND

1-3

YEAR

CORPORATE

BOND

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Ameren

Corp.

5.700%

due

12/01/26

200,000

203,606

American

Electric

Power

Co.,

Inc.

5.750%

due

11/01/27

300,000

308,818

CenterPoint

Energy

Houston

Electric

LLC

3.000%

due

02/01/27

50,000

48,856

CenterPoint

Energy

Resources

Corp.

5.250%

due

03/01/28

50,000

50,979

Cleco

Corporate

Holdings

LLC

3.743%

due

05/01/26

11,000

10,865

CMS

Energy

Corp.

3.000%

due

05/15/26

125,000

122,772

Dominion

Energy,

Inc.

1.450%

due

04/15/26

150,000

145,246

DTE

Energy

Co.

4.950%

due

07/01/27

175,000

176,361

Duke

Energy

Corp.

4.850%

due

01/05/27

310,000

312,123

Duke

Energy

Progress

LLC

4.350%

due

03/06/27

50,000

50,186

Edison

International

4.125%

due

03/15/28

50,000

48,099

5.750%

due

06/15/27

100,000

101,004

Emera

U.S.

Finance

(Canada)

3.550%

due

06/15/26

150,000

147,885

Entergy

Louisiana

LLC

2.400%

due

10/01/26

150,000

145,951

Evergy

Kansas

Central,

Inc.

2.550%

due

07/01/26

100,000

97,822

4.700%

due

03/13/28

60,000

60,227

Eversource

Energy

2.900%

due

03/01/27

200,000

193,782

5.000%

due

01/01/27

85,000

85,602

Exelon

Corp.

2.750%

due

03/15/27

250,000

242,036

FirstEnergy

Corp.

3.900%

due

07/15/27

200,000

196,712

Fortis,

Inc.

(Canada)

3.055%

due

10/04/26

150,000

146,594

National

Fuel

Gas

Co.

3.950%

due

09/15/27

50,000

49,121

National

Rural

Utilities

Cooperative

Finance

Corp.

4.750%

due

02/07/28

110,000

111,109

4.800%

due

02/05/27

150,000

151,439

NextEra

Energy

Capital

Holdings,

Inc.

3.550%

due

05/01/27

350,000

343,391

4.900%

due

02/28/28

100,000

100,960

Pacific

Gas

Electric

Co.

2.100%

due

08/01/27

200,000

187,654

Public

Service

Enterprise

Group,

Inc.

5.850%

due

11/15/27

200,000

206,645

Southern

California

Edison

Co.

5.300%

due

03/01/28

50,000

50,612

Southern

California

Gas

Co.

2.600%

due

06/15/26

350,000

342,517

Southern

Co.

3.250%

due

07/01/26

350,000

344,566

Virginia

Electric

Power

Co.

2.950%

due

11/15/26

100,000

97,847

WEC

Energy

Group,

Inc.

1.375%

due

10/15/27

150,000

138,764

5.600%

due

09/12/26

40,000

40,590

Principal

Amount

Value

Xcel

Energy,

Inc.

3.350%

due

12/01/26

25,000

24,514

4.750%

due

03/21/28

80,000

80,321

5,215,880

Total

Corporate

Bonds

Notes

(Cost

$84,334,310)

84,706,973

TOTAL

INVESTMENTS

99.0%

(Cost

$84,334,310)

84,706,973

OTHER

ASSETS

LIABILITIES,

NET

1.0%

828,368

NET

ASSETS

100.0%

85,535,341

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

234

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

CORPORATE

BONDS

NOTES

25.7%

Basic

Materials

0.6%

Air

Products

Chemicals,

Inc.

4.800%

due

03/03/33

100,000

100,030

4.850%

due

02/08/34

100,000

99,452

Albemarle

Corp.

5.050%

due

06/01/32

100,000

95,680

5.450%

due

12/01/44

50,000

45,199

ArcelorMittal

(Luxembourg)

6.550%

due

11/29/27

200,000

208,289

BHP

Billiton

Finance

USA

Ltd.

(Australia)

5.000%

due

09/30/43

500,000

468,154

Dow

Chemical

Co.

3.600%

due

11/15/50

250,000

170,649

4.250%

due

10/01/34

141,000

128,680

4.800%

due

05/15/49

65,000

54,049

DuPont

Nemours,

Inc.

4.725%

due

11/15/28

150,000

150,633

5.319%

due

11/15/38

39,000

40,241

5.419%

due

11/15/48

75,000

75,664

Eastman

Chemical

Co.

4.650%

due

10/15/44

50,000

42,553

4.800%

due

09/01/42

100,000

88,125

Ecolab,

Inc.

1.650%

due

02/01/27

100,000

95,503

2.125%

due

02/01/32

100,000

84,830

2.700%

due

12/15/51

100,000

60,965

Freeport-McMoRan,

Inc.

4.625%

due

08/01/30

100,000

97,776

5.450%

due

03/15/43

100,000

93,851

Georgia-Pacific

LLC

8.875%

due

05/15/31

100,000

121,680

Huntsman

International

LLC

4.500%

due

05/01/29

45,000

43,181

5.700%

due

10/15/34

40,000

37,860

International

Paper

Co.

4.350%

due

08/15/48

54,000

43,689

6.000%

due

11/15/41

200,000

203,362

Kinross

Gold

Corp.

(Canada)

6.250%

due

07/15/33

100,000

105,425

Linde,

Inc.

1.100%

due

08/10/30

50,000

42,356

2.000%

due

08/10/50

30,000

16,013

LYB

International

Finance

III

LLC

2.250%

due

10/01/30

25,000

21,799

3.375%

due

10/01/40

30,000

22,161

3.625%

due

04/01/51

40,000

26,839

3.800%

due

10/01/60

30,000

19,675

4.200%

due

05/01/50

300,000

224,267

LyondellBasell

Industries

4.625%

due

02/26/55

75,000

59,366

Mosaic

Co.

5.450%

due

11/15/33

163,000

164,053

NewMarket

Corp.

2.700%

due

03/18/31

100,000

87,767

Newmont

Corp.

2.250%

due

10/01/30

65,000

57,592

2.600%

due

07/15/32

100,000

86,612

5.875%

due

04/01/35

100,000

104,813

Nucor

Corp.

2.979%

due

12/15/55

25,000

15,218

5.100%

due

06/01/35

250,000

246,615

Principal

Amount

Value

Nutrien

Ltd.

(Canada)

2.950%

due

05/13/30

50,000

45,781

4.200%

due

04/01/29

55,000

53,944

4.500%

due

03/12/27

115,000

115,124

5.250%

due

01/15/45

139,000

129,071

PPG

Industries,

Inc.

2.800%

due

08/15/29

50,000

46,486

Rio

Tinto

Finance

USA

Ltd.

(Australia)

2.750%

due

11/02/51

50,000

30,550

7.125%

due

07/15/28

50,000

54,040

Rio

Tinto

Finance

USA

PLC

(Australia)

4.750%

due

03/22/42

200,000

181,949

4.875%

due

03/14/30

45,000

45,472

5.250%

due

03/14/35

35,000

35,282

5.750%

due

03/14/55

45,000

45,107

RPM

International,

Inc.

5.250%

due

06/01/45

50,000

47,818

Sherwin-Williams

Co.

3.450%

due

06/01/27

60,000

58,726

4.000%

due

12/15/42

50,000

40,493

4.500%

due

06/01/47

29,000

24,674

4.550%

due

03/01/28

100,000

100,176

Southern

Copper

Corp.

(Mexico)

5.250%

due

11/08/42

150,000

138,807

7.500%

due

07/27/35

50,000

56,890

Steel

Dynamics,

Inc.

1.650%

due

10/15/27

10,000

9,304

3.250%

due

01/15/31

40,000

36,658

3.250%

due

10/15/50

20,000

13,187

5.250%

due

05/15/35

45,000

44,589

Suzano

Austria

GmbH

(Brazil)

2.500%

due

09/15/28

40,000

36,419

3.125%

due

01/15/32

40,000

34,091

3.750%

due

01/15/31

125,000

112,911

Suzano

International

Finance

(Brazil)

5.500%

due

01/17/27

50,000

50,540

Vale

Overseas

Ltd.

(Brazil)

6.875%

due

11/21/36

150,000

162,254

Westlake

Corp.

4.375%

due

11/15/47

100,000

79,307

5,780,316

Communications

2.1%

Alibaba

Group

Holding

Ltd.

(China)

2.700%

due

02/09/41

350,000

244,892

5.250%

due

05/26/35 ~

200,000

201,245

Alphabet,

Inc.

0.800%

due

08/15/27

150,000

139,363

1.900%

due

08/15/40

150,000

100,538

2.250%

due

08/15/60

150,000

83,347

Amazon.com,

Inc.

1.000%

due

05/12/26

100,000

96,676

1.500%

due

06/03/30

85,000

73,853

1.650%

due

05/12/28

100,000

92,785

2.100%

due

05/12/31

100,000

87,203

2.500%

due

06/03/50

40,000

24,218

2.875%

due

05/12/41

100,000

74,765

3.100%

due

05/12/51

100,000

67,991

3.250%

due

05/12/61

100,000

66,086

3.300%

due

04/13/27

150,000

147,509

3.600%

due

04/13/32

200,000

188,526

3.875%

due

08/22/37

195,000

175,414

3.950%

due

04/13/52

150,000

119,634

4.050%

due

08/22/47

70,000

58,268

235

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

4.100%

due

04/13/62

100,000

79,305

4.250%

due

08/22/57

100,000

82,415

4.550%

due

12/01/27

100,000

101,078

4.700%

due

12/01/32

100,000

100,893

America

Movil

SAB

(Mexico)

2.875%

due

05/07/30

200,000

182,872

6.375%

due

03/01/35

125,000

135,009

AT&T,

Inc.

1.650%

due

02/01/28

300,000

277,563

2.250%

due

02/01/32

165,000

139,215

2.750%

due

06/01/31

100,000

88,912

3.500%

due

06/01/41

200,000

154,398

3.500%

due

09/15/53

247,000

168,557

3.550%

due

09/15/55

433,000

293,677

3.650%

due

09/15/59

221,000

149,170

3.800%

due

12/01/57

200,000

140,515

3.850%

due

06/01/60

45,000

31,378

4.250%

due

03/01/27

100,000

99,620

4.350%

due

03/01/29

150,000

148,534

4.350%

due

06/15/45

177,000

146,870

4.500%

due

05/15/35

90,000

84,630

4.550%

due

03/09/49

100,000

84,049

4.850%

due

03/01/39

70,000

65,727

5.350%

due

09/01/40

161,000

156,821

5.400%

due

02/15/34

150,000

152,463

Baidu,

Inc.

(China)

1.625%

due

02/23/27

200,000

190,287

Bell

Telephone

Co.

Canada

Bell

Canada

(Canada)

2.150%

due

02/15/32

40,000

33,403

4.464%

due

04/01/48

65,000

52,933

5.200%

due

02/15/34

100,000

100,010

Booking

Holdings,

Inc.

3.600%

due

06/01/26

50,000

49,570

4.625%

due

04/13/30

200,000

200,494

British

Telecommunications

PLC

(United

Kingdom)

5.125%

due

12/04/28

200,000

203,006

9.625%

due

12/15/30

50,000

61,066

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.500%

due

06/01/41

60,000

41,601

3.750%

due

02/15/28

100,000

96,952

3.900%

due

06/01/52

175,000

113,238

4.200%

due

03/15/28

200,000

196,186

4.400%

due

12/01/61

100,000

66,455

5.125%

due

07/01/49

100,000

79,427

5.375%

due

05/01/47

50,000

41,462

6.150%

due

11/10/26

120,000

122,471

6.384%

due

10/23/35

70,000

70,971

6.484%

due

10/23/45

165,000

156,969

6.834%

due

10/23/55

50,000

48,690

Cisco

Systems,

Inc.

4.800%

due

02/26/27

125,000

126,541

4.850%

due

02/26/29

100,000

101,807

5.050%

due

02/26/34

200,000

202,763

Comcast

Corp.

1.950%

due

01/15/31

140,000

120,194

2.350%

due

01/15/27

40,000

38,666

2.450%

due

08/15/52

100,000

54,879

2.800%

due

01/15/51

55,000

33,181

2.887%

due

11/01/51

350,000

213,623

Principal

Amount

Value

2.987%

due

11/01/63

101,000

57,475

3.300%

due

02/01/27

100,000

98,298

3.400%

due

07/15/46

55,000

39,391

3.750%

due

04/01/40

155,000

127,215

3.999%

due

11/01/49

211,000

162,030

4.000%

due

08/15/47

100,000

78,112

4.049%

due

11/01/52

97,000

73,765

4.150%

due

10/15/28

95,000

93,991

4.250%

due

10/15/30

420,000

412,305

4.400%

due

08/15/35

77,000

72,341

4.600%

due

10/15/38

85,000

78,317

4.800%

due

05/15/33

200,000

197,025

4.950%

due

10/15/58

80,000

69,635

5.300%

due

06/01/34

150,000

152,564

5.350%

due

11/15/27

65,000

66,681

5.500%

due

05/15/64

200,000

187,985

5.650%

due

06/01/54

85,000

83,298

Corning,

Inc.

4.375%

due

11/15/57

100,000

79,619

4.700%

due

03/15/37

50,000

47,308

5.350%

due

11/15/48

100,000

95,316

Deutsche

Telekom

International

Finance

(Germany)

8.750%

due

06/15/30

185,000

217,175

Discovery

Communications

LLC

3.950%

due

03/20/28

60,000

57,672

eBay,

Inc.

2.700%

due

03/11/30

100,000

91,090

3.600%

due

06/05/27

50,000

49,075

Expedia

Group,

Inc.

3.800%

due

02/15/28

250,000

243,864

Fox

Corp.

5.576%

due

01/25/49

200,000

187,470

Interpublic

Group

Cos.,

Inc.

2.400%

due

03/01/31

100,000

87,459

3.375%

due

03/01/41

70,000

52,335

JD.com,

Inc.

(China)

4.125%

due

01/14/50

200,000

162,351

Juniper

Networks,

Inc.

3.750%

due

08/15/29

100,000

96,200

Meta

Platforms,

Inc.

3.500%

due

08/15/27

200,000

197,192

4.600%

due

05/15/28

200,000

202,447

4.750%

due

08/15/34

135,000

134,092

4.950%

due

05/15/33

100,000

101,272

5.400%

due

08/15/54

85,000

83,344

5.750%

due

05/15/63

100,000

101,649

Motorola

Solutions,

Inc.

2.750%

due

05/24/31

100,000

88,631

4.600%

due

02/23/28

100,000

100,359

Netflix,

Inc.

4.900%

due

08/15/34

40,000

40,044

5.875%

due

11/15/28

250,000

261,546

Omnicom

Group,

Inc.

2.600%

due

08/01/31

100,000

87,529

5.300%

due

11/01/34

100,000

99,935

Omnicom

Group,

Inc./Omnicom

Capital,

Inc.

3.600%

due

04/15/26

50,000

49,517

Orange

(France)

5.375%

due

01/13/42

150,000

146,000

9.000%

due

03/01/31

50,000

60,441

Paramount

Global

2.900%

due

01/15/27

27,000

26,133

236

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.375%

due

02/15/28

55,000

52,844

4.375%

due

03/15/43

70,000

51,884

5.900%

due

10/15/40

50,000

44,724

6.875%

due

04/30/36

100,000

102,655

7.875%

due

07/30/30

100,000

109,895

Rogers

Communications,

Inc.

(Canada)

3.200%

due

03/15/27

65,000

63,261

3.800%

due

03/15/32

65,000

59,031

4.300%

due

02/15/48

85,000

66,790

4.350%

due

05/01/49

75,000

58,741

4.500%

due

03/15/43

25,000

21,105

4.550%

due

03/15/52

100,000

79,798

5.000%

due

03/15/44

100,000

88,520

T-Mobile

USA,

Inc.

2.250%

due

11/15/31

50,000

42,498

2.400%

due

03/15/29

25,000

22,973

2.700%

due

03/15/32

55,000

47,594

3.000%

due

02/15/41

20,000

14,519

3.300%

due

02/15/51

50,000

33,404

3.400%

due

10/15/52

150,000

101,456

3.750%

due

04/15/27

500,000

492,826

3.875%

due

04/15/30

300,000

287,686

4.500%

due

04/15/50

200,000

166,449

4.800%

due

07/15/28

200,000

201,574

4.950%

due

03/15/28

60,000

60,704

5.050%

due

07/15/33

160,000

158,978

5.150%

due

04/15/34

50,000

50,088

5.200%

due

01/15/33

130,000

131,079

5.300%

due

05/15/35

105,000

105,606

5.650%

due

01/15/53

65,000

63,456

5.800%

due

09/15/62

95,000

93,327

Telefonica

Emisiones

(Spain)

7.045%

due

06/20/36

150,000

166,394

Telefonica

Europe

(Spain)

8.250%

due

09/15/30

250,000

287,458

TELUS

Corp.

(Canada)

3.400%

due

05/13/32

50,000

44,753

4.600%

due

11/16/48

100,000

82,154

Time

Warner

Cable

LLC

5.875%

due

11/15/40

150,000

137,651

6.550%

due

05/01/37

100,000

99,256

6.750%

due

06/15/39

50,000

50,006

7.300%

due

07/01/38

150,000

157,578

VeriSign,

Inc.

2.700%

due

06/15/31

80,000

70,408

Verizon

Communications,

Inc.

due

04/02/35 #

120,000

120,350

1.500%

due

09/18/30

90,000

76,368

1.750%

due

01/20/31

100,000

84,587

2.100%

due

03/22/28

60,000

56,094

2.355%

due

03/15/32

500,000

423,256

2.550%

due

03/21/31

140,000

123,404

2.650%

due

11/20/40

450,000

316,220

2.850%

due

09/03/41

45,000

31,694

2.875%

due

11/20/50

100,000

62,326

2.987%

due

10/30/56

383,000

230,263

3.000%

due

11/20/60

90,000

53,162

3.400%

due

03/22/41

280,000

215,701

3.550%

due

03/22/51

55,000

39,298

3.700%

due

03/22/61

45,000

31,019

4.000%

due

03/22/50

250,000

192,567

4.272%

due

01/15/36

57,000

52,321

5.500%

due

02/23/54

90,000

87,543

Principal

Amount

Value

Vodafone

Group

PLC

(United

Kingdom)

5.125%

due

06/19/59

100,000

86,669

5.750%

due

06/28/54

300,000

286,522

6.150%

due

02/27/37

150,000

159,008

7.875%

due

02/15/30

5,000

5,724

Walt

Disney

Co.

2.000%

due

09/01/29

35,000

31,630

2.650%

due

01/13/31

310,000

280,133

2.750%

due

09/01/49

45,000

28,313

3.600%

due

01/13/51

200,000

147,562

4.700%

due

03/23/50

250,000

223,495

5.400%

due

10/01/43

100,000

99,137

6.400%

due

12/15/35

39,000

43,478

6.650%

due

11/15/37

150,000

170,379

Weibo

Corp.

(China)

3.375%

due

07/08/30

200,000

184,687

21,132,355

Consumer,

Cyclical

1.5%

American

Airlines

Pass-Through

Trust

Class AA

3.200%

due

12/15/29

94,425

90,060

American

Honda

Finance

Corp.

2.000%

due

03/24/28

45,000

41,879

2.250%

due

01/12/29

150,000

137,531

4.900%

due

03/12/27

100,000

100,810

4.900%

due

03/13/29

100,000

100,891

Aptiv

Swiss

Holdings

Ltd.

3.100%

due

12/01/51

200,000

117,219

4.400%

due

10/01/46

100,000

75,872

AutoZone,

Inc.

1.650%

due

01/15/31

85,000

71,526

3.750%

due

06/01/27

100,000

98,571

4.750%

due

02/01/33

65,000

63,497

Best

Buy

Co.,

Inc.

4.450%

due

10/01/28

50,000

49,921

BorgWarner,

Inc.

2.650%

due

07/01/27

25,000

23,966

Brunswick

Corp.

5.850%

due

03/18/29

70,000

71,651

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

25,000

23,551

5.850%

due

08/01/34

65,000

65,178

Costco

Wholesale

Corp.

1.375%

due

06/20/27

200,000

188,535

Cummins,

Inc.

1.500%

due

09/01/30

100,000

85,723

2.600%

due

09/01/50

100,000

60,183

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

130,000

128,111

Delta

Air

Lines

Pass-Through

Trust

Class AA

2.000%

due

12/10/29

36,546

34,164

Dollar

General

Corp.

3.875%

due

04/15/27

50,000

49,342

5.200%

due

07/05/28

140,000

142,046

Dollar

Tree,

Inc.

2.650%

due

12/01/31

100,000

86,235

4.200%

due

05/15/28

45,000

44,189

Horton,

Inc.

1.300%

due

10/15/26

85,000

80,952

Ford

Motor

Credit

Co.

LLC

5.303%

due

09/06/29

200,000

194,008

5.800%

due

03/05/27

200,000

200,944

237

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.800%

due

03/08/29

250,000

247,677

6.050%

due

03/05/31

200,000

197,344

6.054%

due

11/05/31

275,000

269,607

6.500%

due

02/07/35

200,000

196,402

6.532%

due

03/19/32

200,000

200,005

6.798%

due

11/07/28

200,000

205,785

General

Motors

Co.

4.200%

due

10/01/27

50,000

49,202

5.400%

due

04/01/48

50,000

42,716

6.250%

due

10/02/43

100,000

96,291

6.750%

due

04/01/46

25,000

25,362

General

Motors

Financial

Co.,

Inc.

2.700%

due

06/10/31

100,000

85,345

4.000%

due

10/06/26

50,000

49,414

4.300%

due

04/06/29

100,000

96,456

4.900%

due

10/06/29

100,000

98,415

5.000%

due

04/09/27

60,000

60,090

5.050%

due

04/04/28

85,000

85,115

5.350%

due

01/07/30

350,000

349,566

5.400%

due

04/06/26

75,000

75,335

5.550%

due

07/15/29

45,000

45,373

5.600%

due

06/18/31

65,000

65,045

5.900%

due

01/07/35

350,000

346,844

5.950%

due

04/04/34

45,000

44,805

Hasbro,

Inc.

3.500%

due

09/15/27

30,000

29,164

3.900%

due

11/19/29

100,000

95,172

Home

Depot,

Inc.

1.375%

due

03/15/31

300,000

249,776

2.125%

due

09/15/26

100,000

97,143

2.375%

due

03/15/51

200,000

114,659

2.700%

due

04/15/30

300,000

275,473

3.000%

due

04/01/26

25,000

24,711

3.250%

due

04/15/32

65,000

59,316

3.500%

due

09/15/56

55,000

38,534

3.900%

due

12/06/28

40,000

39,463

4.200%

due

04/01/43

300,000

256,994

4.500%

due

12/06/48

100,000

86,203

4.750%

due

06/25/29

70,000

70,880

4.875%

due

06/25/27

50,000

50,713

4.950%

due

06/25/34

55,000

55,205

5.300%

due

06/25/54

30,000

28,998

5.875%

due

12/16/36

75,000

80,235

Hyatt

Hotels

Corp.

5.750%

due

01/30/27

95,000

96,676

JetBlue

Pass-Through

Trust

Class A

4.000%

due

05/15/34

11,074

10,401

Lear

Corp.

2.600%

due

01/15/32

100,000

84,475

3.550%

due

01/15/52

100,000

65,288

LKQ

Corp.

5.750%

due

06/15/28

300,000

306,793

Lowe's

Cos.,

Inc.

1.300%

due

04/15/28

20,000

18,228

1.700%

due

09/15/28

25,000

22,766

1.700%

due

10/15/30

20,000

17,069

2.625%

due

04/01/31

100,000

88,677

2.800%

due

09/15/41

50,000

34,632

3.000%

due

10/15/50

15,000

9,388

3.500%

due

04/01/51

50,000

34,463

3.650%

due

04/05/29

35,000

33,762

3.750%

due

04/01/32

200,000

185,637

4.250%

due

04/01/52

50,000

39,143

Principal

Amount

Value

4.450%

due

04/01/62

250,000

194,650

4.500%

due

04/15/30

250,000

248,127

Marriott

International,

Inc.

2.750%

due

10/15/33

150,000

124,635

3.125%

due

06/15/26

200,000

196,670

3.500%

due

10/15/32

40,000

35,684

McDonald's

Corp.

3.500%

due

03/01/27

50,000

49,212

3.600%

due

07/01/30

100,000

95,447

3.700%

due

02/15/42

200,000

159,022

3.800%

due

04/01/28

25,000

24,611

4.200%

due

04/01/50

150,000

120,694

4.450%

due

09/01/48

10,000

8,424

4.600%

due

05/15/30

200,000

200,109

4.875%

due

07/15/40

10,000

9,404

4.950%

due

03/03/35

200,000

199,141

Mercedes-Benz

Finance

North

America

LLC

(Germany)

8.500%

due

01/18/31

50,000

58,924

NIKE,

Inc.

3.375%

due

11/01/46

200,000

146,497

3.625%

due

05/01/43

25,000

19,928

O'Reilly

Automotive,

Inc.

4.350%

due

06/01/28

100,000

99,675

4.700%

due

06/15/32

50,000

48,999

5.750%

due

11/20/26

100,000

101,865

PACCAR

Financial

Corp.

1.100%

due

05/11/26

70,000

67,598

2.000%

due

02/04/27

70,000

67,306

4.000%

due

09/26/29

100,000

98,447

Ross

Stores,

Inc.

0.875%

due

04/15/26

100,000

96,358

1.875%

due

04/15/31

100,000

84,623

Sands

China

Ltd.

(Macau)

2.300%

due

03/08/27

350,000

331,794

Starbucks

Corp.

2.450%

due

06/15/26

50,000

48,869

3.500%

due

03/01/28

100,000

97,615

3.550%

due

08/15/29

100,000

96,143

3.750%

due

12/01/47

35,000

26,083

4.300%

due

06/15/45

35,000

28,738

4.450%

due

08/15/49

100,000

82,372

4.800%

due

02/15/33

70,000

69,618

5.000%

due

02/15/34

100,000

99,642

Tapestry,

Inc.

4.125%

due

07/15/27

23,000

22,702

Target

Corp.

1.950%

due

01/15/27

250,000

240,706

3.375%

due

04/15/29

100,000

96,426

4.800%

due

01/15/53

35,000

31,512

Toyota

Motor

Corp.

(Japan)

5.118%

due

07/13/28

250,000

255,884

Toyota

Motor

Credit

Corp.

1.150%

due

08/13/27

120,000

111,593

1.900%

due

04/06/28

100,000

92,978

2.150%

due

02/13/30

100,000

89,300

3.050%

due

03/22/27

200,000

195,236

3.200%

due

01/11/27

100,000

98,112

4.550%

due

08/09/29

45,000

45,023

4.700%

due

01/12/33

300,000

297,236

United

Airlines

Pass-Through

Trust

Class A

4.000%

due

10/11/27

51,552

50,963

5.875%

due

04/15/29

38,359

39,100

238

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

United

Airlines

Pass-Through

Trust

Class AA

2.875%

due

04/07/30

96,755

91,062

3.100%

due

01/07/30

30,213

28,732

Walmart,

Inc.

1.050%

due

09/17/26

150,000

143,691

1.800%

due

09/22/31

300,000

257,330

2.500%

due

09/22/41

250,000

175,524

2.650%

due

09/22/51

200,000

125,260

3.050%

due

07/08/26

65,000

64,219

3.250%

due

07/08/29

80,000

77,305

4.500%

due

04/15/53

200,000

176,997

Warnermedia

Holdings,

Inc.

4.279%

due

03/15/32

300,000

264,412

5.050%

due

03/15/42

300,000

240,070

5.141%

due

03/15/52

400,000

291,826

Whirlpool

Corp.

2.400%

due

05/15/31

5,000

4,203

4.600%

due

05/15/50

50,000

37,484

4.700%

due

05/14/32

30,000

27,970

4.750%

due

02/26/29

60,000

59,150

Grainger,

Inc.

3.750%

due

05/15/46

50,000

39,534

4.450%

due

09/15/34

145,000

139,199

4.600%

due

06/15/45

20,000

17,876

15,424,325

Consumer,

Non-Cyclical

4.3%

Abbott

Laboratories

3.750%

due

11/30/26

227,000

225,780

4.750%

due

11/30/36

100,000

98,483

4.900%

due

11/30/46

100,000

94,695

6.150%

due

11/30/37

25,000

27,748

AbbVie,

Inc.

2.950%

due

11/21/26

455,000

445,515

3.200%

due

05/14/26

100,000

98,752

3.200%

due

11/21/29

175,000

165,369

4.050%

due

11/21/39

70,000

61,419

4.250%

due

11/21/49

300,000

248,735

4.300%

due

05/14/36

50,000

46,754

4.400%

due

11/06/42

125,000

110,433

4.500%

due

05/14/35

160,000

153,622

4.625%

due

10/01/42

100,000

90,965

4.700%

due

05/14/45

50,000

45,187

4.800%

due

03/15/27

95,000

95,970

4.950%

due

03/15/31

40,000

40,649

5.050%

due

03/15/34

100,000

100,744

5.350%

due

03/15/44

15,000

14,844

5.400%

due

03/15/54

65,000

63,889

5.500%

due

03/15/64

35,000

34,463

Adventist

Health

System

3.630%

due

03/01/49

15,000

10,211

Advocate

Health

Hospitals

Corp.

3.387%

due

10/15/49

50,000

36,217

Agilent

Technologies,

Inc.

2.300%

due

03/12/31

100,000

86,936

4.750%

due

09/09/34

100,000

96,975

Altria

Group,

Inc.

3.400%

due

05/06/30

50,000

46,725

3.400%

due

02/04/41

250,000

183,491

4.450%

due

05/06/50

75,000

58,862

4.500%

due

05/02/43

100,000

82,836

4.800%

due

02/14/29

300,000

300,696

5.800%

due

02/14/39

65,000

65,345

Principal

Amount

Value

5.950%

due

02/14/49

75,000

74,113

Amgen,

Inc.

2.200%

due

02/21/27

35,000

33,619

2.300%

due

02/25/31

200,000

174,717

2.450%

due

02/21/30

50,000

45,146

2.770%

due

09/01/53

311,000

185,115

3.200%

due

11/02/27

50,000

48,561

3.350%

due

02/22/32

145,000

132,339

3.375%

due

02/21/50

250,000

175,119

4.200%

due

03/01/33

200,000

189,668

4.400%

due

05/01/45

100,000

84,641

5.150%

due

11/15/41

174,000

164,275

5.250%

due

03/02/30

100,000

102,307

5.600%

due

03/02/43

45,000

44,630

5.650%

due

03/02/53

230,000

225,788

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Belgium)

4.900%

due

02/01/46

450,000

415,312

Anheuser-Busch

InBev

Worldwide,

Inc.

(Belgium)

3.500%

due

06/01/30

350,000

333,602

4.000%

due

04/13/28

80,000

79,517

4.375%

due

04/15/38

35,000

32,261

4.439%

due

10/06/48

200,000

170,993

4.750%

due

01/23/29

55,000

55,568

4.900%

due

01/23/31

65,000

66,149

5.450%

due

01/23/39

65,000

66,049

5.550%

due

01/23/49

100,000

100,218

5.800%

due

01/23/59

145,000

150,075

Archer-Daniels-Midland

Co.

2.700%

due

09/15/51

250,000

152,929

2.900%

due

03/01/32

45,000

39,948

Ascension

Health

3.945%

due

11/15/46

70,000

56,944

Astrazeneca

Finance

LLC

(United

Kingdom)

1.200%

due

05/28/26

35,000

33,826

2.250%

due

05/28/31

20,000

17,511

4.875%

due

03/03/28

150,000

152,531

AstraZeneca

PLC

(United

Kingdom)

1.375%

due

08/06/30

300,000

255,793

3.000%

due

05/28/51

15,000

10,030

3.125%

due

06/12/27

100,000

97,843

4.000%

due

09/18/42

25,000

21,157

4.375%

due

11/16/45

25,000

21,784

6.450%

due

09/15/37

100,000

111,880

Automatic

Data

Processing,

Inc.

1.250%

due

09/01/30

40,000

33,959

1.700%

due

05/15/28

40,000

37,114

Avery

Dennison

Corp.

2.650%

due

04/30/30

30,000

27,225

5.750%

due

03/15/33

100,000

102,371

Banner

Health

1.897%

due

01/01/31

40,000

34,504

2.913%

due

01/01/51

50,000

32,720

BAT

Capital

Corp.

(United

Kingdom)

2.726%

due

03/25/31

250,000

221,516

3.215%

due

09/06/26

50,000

49,063

3.462%

due

09/06/29

50,000

47,326

3.557%

due

08/15/27

100,000

97,601

4.390%

due

08/15/37

70,000

61,496

4.700%

due

04/02/27

200,000

200,366

4.758%

due

09/06/49

50,000

40,721

5.625%

due

08/15/35

100,000

100,444

239

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Baxalta,

Inc.

5.250%

due

06/23/45

9,000

8,526

Baxter

International,

Inc.

1.915%

due

02/01/27

100,000

95,415

2.539%

due

02/01/32

100,000

85,810

3.950%

due

04/01/30

150,000

144,441

Baylor

Scott

White

Holdings

2.839%

due

11/15/50

200,000

129,116

Becton

Dickinson

Co.

2.823%

due

05/20/30

70,000

63,906

3.794%

due

05/20/50

350,000

262,707

4.669%

due

06/06/47

50,000

43,260

Biogen,

Inc.

2.250%

due

05/01/30

55,000

48,528

3.150%

due

05/01/50

190,000

119,453

Boston

Scientific

Corp.

4.550%

due

03/01/39

50,000

46,802

4.700%

due

03/01/49

70,000

62,937

Bristol-Myers

Squibb

Co.

1.125%

due

11/13/27

50,000

46,298

2.350%

due

11/13/40

20,000

13,668

2.550%

due

11/13/50

30,000

17,685

2.950%

due

03/15/32

50,000

44,681

3.200%

due

06/15/26

50,000

49,422

3.250%

due

08/01/42

100,000

75,086

3.400%

due

07/26/29

118,000

113,264

3.700%

due

03/15/52

70,000

51,687

3.900%

due

02/20/28

100,000

99,100

3.900%

due

03/15/62

250,000

181,133

4.125%

due

06/15/39

35,000

30,958

4.250%

due

10/26/49

365,000

298,829

4.350%

due

11/15/47

50,000

41,923

4.900%

due

02/22/27

85,000

86,088

4.900%

due

02/22/29

115,000

117,019

5.200%

due

02/22/34

95,000

96,691

5.500%

due

02/22/44

20,000

19,919

5.550%

due

02/22/54

70,000

69,034

5.650%

due

02/22/64

105,000

102,957

Brown-Forman

Corp.

4.500%

due

07/15/45

40,000

34,336

Bunge

Ltd.

Finance

Corp.

2.750%

due

05/14/31

100,000

88,658

3.250%

due

08/15/26

20,000

19,662

3.750%

due

09/25/27

30,000

29,503

California

Institute

Technology

3.650%

due

09/01/19

20,000

12,958

Campbell's

Co.

4.150%

due

03/15/28

100,000

98,997

4.750%

due

03/23/35

165,000

158,160

4.800%

due

03/15/48

20,000

17,527

Cardinal

Health,

Inc.

3.410%

due

06/15/27

100,000

97,822

4.368%

due

06/15/47

50,000

41,129

4.900%

due

09/15/45

50,000

44,671

5.350%

due

11/15/34

150,000

150,613

Cencora,

Inc.

3.450%

due

12/15/27

50,000

48,675

5.125%

due

02/15/34

145,000

144,780

Centene

Corp.

2.500%

due

03/01/31

100,000

84,403

3.000%

due

10/15/30

200,000

175,116

4.625%

due

12/15/29

200,000

191,765

Principal

Amount

Value

Children's

Hospital

Philadelphia

2.704%

due

07/01/50

250,000

159,686

Church

Dwight

Co.,

Inc.

2.300%

due

12/15/31

40,000

34,376

5.000%

due

06/15/52

100,000

91,000

Cigna

Group

2.375%

due

03/15/31

60,000

52,376

2.400%

due

03/15/30

120,000

107,605

3.050%

due

10/15/27

30,000

29,034

3.200%

due

03/15/40

85,000

64,467

3.400%

due

03/15/50

65,000

43,914

3.400%

due

03/15/51

40,000

26,805

3.875%

due

10/15/47

50,000

37,326

4.375%

due

10/15/28

80,000

79,414

4.800%

due

08/15/38

60,000

56,095

4.900%

due

12/15/48

555,000

483,719

Cintas

Corp.

No.

3.700%

due

04/01/27

50,000

49,341

Coca-Cola

Co.

1.500%

due

03/05/28

60,000

55,836

2.000%

due

03/05/31

65,000

56,858

2.125%

due

09/06/29

100,000

91,522

2.250%

due

01/05/32

100,000

87,284

2.875%

due

05/05/41

100,000

74,321

3.000%

due

03/05/51

415,000

276,978

4.650%

due

08/14/34

140,000

139,283

Colgate-Palmolive

Co.

3.100%

due

08/15/27

50,000

48,974

3.700%

due

08/01/47

100,000

77,961

CommonSpirit

Health

4.350%

due

11/01/42

150,000

126,014

6.073%

due

11/01/27

80,000

82,640

Conagra

Brands,

Inc.

4.850%

due

11/01/28

45,000

45,116

5.300%

due

10/01/26

120,000

121,215

5.300%

due

11/01/38

50,000

47,607

5.400%

due

11/01/48

40,000

36,444

Constellation

Brands,

Inc.

2.250%

due

08/01/31

160,000

135,656

3.500%

due

05/09/27

15,000

14,677

4.350%

due

05/09/27

150,000

149,416

4.650%

due

11/15/28

30,000

29,983

4.800%

due

01/15/29

50,000

50,137

5.250%

due

11/15/48

30,000

27,487

CVS

Health

Corp.

1.300%

due

08/21/27

335,000

309,418

1.750%

due

08/21/30

200,000

169,549

2.875%

due

06/01/26

100,000

98,009

3.000%

due

08/15/26

35,000

34,224

3.250%

due

08/15/29

65,000

60,715

3.750%

due

04/01/30

100,000

94,405

4.125%

due

04/01/40

300,000

244,163

4.300%

due

03/25/28

72,000

71,148

4.780%

due

03/25/38

95,000

85,285

5.125%

due

07/20/45

105,000

91,610

5.300%

due

06/01/33

80,000

79,248

5.300%

due

12/05/43

200,000

180,189

5.875%

due

06/01/53

200,000

188,937

Danaher

Corp.

2.600%

due

10/01/50

125,000

75,802

2.800%

due

12/10/51

100,000

62,821

4.375%

due

09/15/45

30,000

26,033

240

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Diageo

Capital

PLC

(United

Kingdom)

2.000%

due

04/29/30

350,000

309,135

3.875%

due

04/29/43

100,000

80,366

Dignity

Health

5.267%

due

11/01/64

100,000

90,340

Elevance

Health,

Inc.

2.550%

due

03/15/31

100,000

88,418

3.600%

due

03/15/51

30,000

21,281

3.650%

due

12/01/27

30,000

29,425

4.375%

due

12/01/47

30,000

24,628

4.625%

due

05/15/42

100,000

88,271

4.650%

due

01/15/43

50,000

44,076

4.750%

due

02/15/33

100,000

97,841

5.125%

due

02/15/53

100,000

89,782

5.200%

due

02/15/35

95,000

95,355

5.500%

due

10/15/32

200,000

206,850

Eli

Lilly

Co.

2.250%

due

05/15/50

200,000

114,893

3.375%

due

03/15/29

27,000

26,128

4.150%

due

08/14/27

70,000

70,050

4.600%

due

08/14/34

70,000

68,829

4.700%

due

02/27/33

125,000

125,145

4.950%

due

02/27/63

250,000

227,786

5.050%

due

08/14/54

50,000

47,280

5.100%

due

02/12/35

250,000

255,030

Equifax,

Inc.

2.350%

due

09/15/31

150,000

128,601

Estee

Lauder

Cos.,

Inc.

1.950%

due

03/15/31

45,000

38,393

2.375%

due

12/01/29

10,000

9,053

3.125%

due

12/01/49

15,000

9,691

3.150%

due

03/15/27

50,000

48,859

4.150%

due

03/15/47

30,000

23,694

Flowers

Foods,

Inc.

2.400%

due

03/15/31

45,000

38,821

HealthCare

Technologies,

Inc.

4.800%

due

08/14/29

95,000

95,320

5.857%

due

03/15/30

200,000

208,861

General

Mills,

Inc.

2.250%

due

10/14/31

50,000

42,745

3.000%

due

02/01/51

60,000

38,515

3.200%

due

02/10/27

100,000

97,801

4.200%

due

04/17/28

50,000

49,520

4.950%

due

03/29/33

70,000

69,303

5.250%

due

01/30/35

100,000

100,073

George

Washington

University

4.300%

due

09/15/44

50,000

43,280

Georgetown

University

2.943%

due

04/01/50

25,000

16,214

Gilead

Sciences,

Inc.

1.200%

due

10/01/27

45,000

41,723

1.650%

due

10/01/30

40,000

34,223

2.600%

due

10/01/40

200,000

142,807

2.800%

due

10/01/50

100,000

62,807

2.950%

due

03/01/27

100,000

97,460

4.150%

due

03/01/47

75,000

61,714

4.600%

due

09/01/35

45,000

43,444

4.750%

due

03/01/46

50,000

45,009

5.100%

due

06/15/35

50,000

50,216

5.250%

due

10/15/33

155,000

158,687

GlaxoSmithKline

Capital

PLC

(United

Kingdom)

3.375%

due

06/01/29

250,000

240,655

Principal

Amount

Value

GlaxoSmithKline

Capital,

Inc.

(United

Kingdom)

6.375%

due

05/15/38

100,000

110,364

Global

Payments,

Inc.

2.900%

due

05/15/30

300,000

272,107

5.400%

due

08/15/32

200,000

202,419

Hackensack

Meridian

Health,

Inc.

4.500%

due

07/01/57

100,000

84,702

Haleon

U.S.

Capital

LLC

3.625%

due

03/24/32

250,000

230,260

HCA,

Inc.

3.125%

due

03/15/27

45,000

43,718

4.125%

due

06/15/29

35,000

33,994

4.500%

due

02/15/27

60,000

59,816

4.625%

due

03/15/52

25,000

19,918

5.125%

due

06/15/39

50,000

46,448

5.200%

due

06/01/28

165,000

167,058

5.250%

due

06/15/26

75,000

75,229

5.250%

due

06/15/49

100,000

88,073

5.500%

due

06/15/47

75,000

69,126

5.900%

due

06/01/53

200,000

191,278

6.000%

due

04/01/54

100,000

96,825

Hershey

Co.

2.300%

due

08/15/26

50,000

48,783

4.250%

due

05/04/28

140,000

140,340

Hormel

Foods

Corp.

1.700%

due

06/03/28

35,000

32,330

3.050%

due

06/03/51

25,000

16,492

Humana,

Inc.

3.700%

due

03/23/29

85,000

81,471

4.625%

due

12/01/42

100,000

83,487

5.375%

due

04/15/31

110,000

110,902

5.750%

due

12/01/28

200,000

206,554

Illumina,

Inc.

4.650%

due

09/09/26

55,000

54,967

Ingredion,

Inc.

3.200%

due

10/01/26

100,000

98,001

J.M.

Smucker

Co.

2.375%

due

03/15/30

65,000

58,408

6.200%

due

11/15/33

100,000

106,535

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

5.750%

due

04/01/33

364,000

370,019

JBS

USA

LUX

SARL/JBS

USA

Food

Co./

JBS

USA

Foods

Group

5.950%

due

04/20/35 ~

100,000

102,880

Johns

Hopkins

Health

System

Corp.

3.837%

due

05/15/46

50,000

39,807

Johns

Hopkins

University

4.705%

due

07/01/32

30,000

30,121

Johnson

1.300%

due

09/01/30

70,000

60,011

2.100%

due

09/01/40

65,000

44,845

2.250%

due

09/01/50

100,000

58,639

3.400%

due

01/15/38

50,000

42,785

3.500%

due

01/15/48

65,000

50,190

3.550%

due

03/01/36

25,000

22,425

3.625%

due

03/03/37

132,000

117,680

3.700%

due

03/01/46

25,000

20,223

3.750%

due

03/03/47

50,000

40,275

4.850%

due

05/15/41

50,000

49,216

4.950%

due

06/01/34

105,000

107,664

5.950%

due

08/15/37

100,000

110,238

241

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Kaiser

Foundation

Hospitals

2.810%

due

06/01/41

65,000

46,643

3.002%

due

06/01/51

70,000

45,513

3.150%

due

05/01/27

225,000

219,887

4.150%

due

05/01/47

20,000

16,661

Kellanova

3.400%

due

11/15/27

100,000

97,516

4.300%

due

05/15/28

100,000

99,666

Kenvue,

Inc.

5.050%

due

03/22/28

200,000

204,358

5.050%

due

03/22/53

200,000

187,359

Keurig

Dr.

Pepper,

Inc.

2.550%

due

09/15/26

50,000

48,723

3.430%

due

06/15/27

35,000

34,224

4.420%

due

12/15/46

250,000

210,190

5.300%

due

03/15/34

100,000

101,924

Kimberly-Clark

Corp.

1.050%

due

09/15/27

25,000

23,184

2.000%

due

11/02/31

100,000

86,493

3.950%

due

11/01/28

10,000

9,903

6.625%

due

08/01/37

100,000

115,171

Kraft

Heinz

Foods

Co.

3.875%

due

05/15/27

250,000

246,863

5.200%

due

03/15/32

125,000

126,431

5.400%

due

03/15/35

200,000

201,686

Kroger

Co.

3.950%

due

01/15/50

100,000

76,042

4.650%

due

01/15/48

100,000

84,916

5.000%

due

09/15/34

45,000

43,993

5.150%

due

08/01/43

25,000

23,247

5.500%

due

09/15/54

35,000

33,038

5.650%

due

09/15/64

35,000

33,079

Laboratory

Corp.

America

Holdings

1.550%

due

06/01/26

70,000

67,631

2.700%

due

06/01/31

100,000

88,380

3.600%

due

09/01/27

100,000

97,986

4.700%

due

02/01/45

50,000

43,424

Leland

Stanford

Junior

University

3.647%

due

05/01/48

125,000

97,994

Mass

General

Brigham,

Inc.

3.342%

due

07/01/60

30,000

19,981

Massachusetts

Institute

Technology

3.067%

due

04/01/52

100,000

68,513

5.600%

due

07/01/11

100,000

101,880

Mayo

Clinic

3.196%

due

11/15/61

100,000

65,177

McCormick

Co.,

Inc.

3.400%

due

08/15/27

50,000

48,895

4.700%

due

10/15/34

65,000

62,215

McKesson

Corp.

1.300%

due

08/15/26

165,000

158,502

Mead

Johnson

Nutrition

Co.

(United

Kingdom)

4.600%

due

06/01/44

200,000

175,781

Medtronic

Global

Holdings

SCA

4.500%

due

03/30/33

200,000

195,485

Medtronic,

Inc.

4.625%

due

03/15/45

65,000

58,385

Memorial

Sloan-Kettering

Cancer

Center

2.955%

due

01/01/50

55,000

36,376

Merck

Co.,

Inc.

1.700%

due

06/10/27

50,000

47,469

2.150%

due

12/10/31

50,000

43,040

Principal

Amount

Value

3.600%

due

09/15/42

300,000

238,356

4.050%

due

05/17/28

250,000

249,305

4.150%

due

05/18/43

100,000

85,348

4.500%

due

05/17/33

120,000

118,056

5.000%

due

05/17/53

100,000

92,445

Molson

Coors

Beverage

Co.

4.200%

due

07/15/46

40,000

32,260

5.000%

due

05/01/42

100,000

92,052

Mondelez

International,

Inc.

1.500%

due

02/04/31

40,000

33,558

2.625%

due

09/04/50

25,000

14,869

Moody's

Corp.

2.000%

due

08/19/31

100,000

85,133

2.750%

due

08/19/41

100,000

69,836

4.875%

due

12/17/48

50,000

44,698

Mount

Sinai

Hospital

3.981%

due

07/01/48

50,000

36,948

New

York

Presbyterian

Hospital

3.954%

due

08/01/19

35,000

24,587

Northwell

Healthcare,

Inc.

3.809%

due

11/01/49

100,000

75,037

Northwestern

University

3.662%

due

12/01/57

25,000

18,671

4.940%

due

12/01/35

20,000

19,956

Novartis

Capital

Corp.

3.100%

due

05/17/27

30,000

29,387

4.000%

due

11/20/45

100,000

83,731

4.200%

due

09/18/34

125,000

119,401

4.700%

due

09/18/54

95,000

85,603

NYU

Langone

Hospitals

4.368%

due

07/01/47

25,000

21,504

OhioHealth

Corp.

2.297%

due

11/15/31

100,000

86,990

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

55,000

49,221

3.250%

due

06/01/50

65,000

43,808

4.400%

due

06/01/32

100,000

97,451

5.050%

due

06/01/52

100,000

91,224

PepsiCo,

Inc.

1.625%

due

05/01/30

60,000

52,421

1.950%

due

10/21/31

75,000

63,963

2.375%

due

10/06/26

55,000

53,598

2.750%

due

03/19/30

500,000

462,475

3.450%

due

10/06/46

60,000

45,057

4.200%

due

07/18/52

55,000

45,555

5.000%

due

02/07/35

100,000

100,943

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.450%

due

05/19/26

195,000

195,345

4.450%

due

05/19/28

250,000

250,650

4.750%

due

05/19/33

265,000

262,207

5.110%

due

05/19/43

300,000

286,269

5.300%

due

05/19/53

180,000

171,033

5.340%

due

05/19/63

200,000

186,362

Pfizer,

Inc.

1.750%

due

08/18/31

100,000

84,763

2.550%

due

05/28/40

25,000

17,779

2.700%

due

05/28/50

25,000

15,462

3.000%

due

12/15/26

100,000

98,019

3.600%

due

09/15/28

100,000

98,224

3.900%

due

03/15/39

25,000

21,588

4.100%

due

09/15/38

50,000

44,637

4.200%

due

09/15/48

35,000

28,748

242

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Philip

Morris

International,

Inc.

0.875%

due

05/01/26

100,000

96,365

1.750%

due

11/01/30

100,000

85,977

4.250%

due

11/10/44

30,000

25,156

4.500%

due

03/20/42

200,000

175,700

4.875%

due

02/15/28

100,000

101,338

4.900%

due

11/01/34

100,000

98,296

5.125%

due

02/15/30

100,000

101,993

5.375%

due

02/15/33

100,000

102,023

6.375%

due

05/16/38

100,000

109,844

Pilgrim's

Pride

Corp.

6.250%

due

07/01/33

200,000

207,277

President

Fellows

Harvard

College

4.875%

due

10/15/40

100,000

98,744

Procter

Gamble

Co.

1.200%

due

10/29/30

50,000

42,436

3.950%

due

01/26/28

100,000

100,082

Providence

St.

Joseph

Health

Obligated

Group

2.700%

due

10/01/51

75,000

43,701

3.930%

due

10/01/48

35,000

26,711

Quanta

Services,

Inc.

2.350%

due

01/15/32

25,000

21,011

3.050%

due

10/01/41

30,000

21,029

Quest

Diagnostics,

Inc.

2.800%

due

06/30/31

70,000

62,213

2.950%

due

06/30/30

55,000

50,583

RELX

Capital,

Inc.

(United

Kingdom)

4.000%

due

03/18/29

100,000

98,022

Revvity,

Inc.

2.550%

due

03/15/31

85,000

73,904

3.300%

due

09/15/29

30,000

28,103

Reynolds

American,

Inc.

(United

Kingdom)

6.150%

due

09/15/43

300,000

299,840

Royalty

Pharma

PLC

2.150%

due

09/02/31

55,000

46,109

3.350%

due

09/02/51

60,000

38,036

5.400%

due

09/02/34

150,000

148,336

S&P

Global,

Inc.

2.450%

due

03/01/27

250,000

242,147

2.700%

due

03/01/29

200,000

187,541

Smith

Nephew

PLC

(United

Kingdom)

2.032%

due

10/14/30

250,000

215,968

Solventum

Corp.

5.450%

due

02/25/27

250,000

253,676

Stanford

Health

Care

3.027%

due

08/15/51

30,000

19,994

Stryker

Corp.

4.100%

due

04/01/43

100,000

83,601

4.250%

due

09/11/29

250,000

247,045

5.200%

due

02/10/35

45,000

45,452

Sutter

Health

2.294%

due

08/15/30

55,000

48,847

3.361%

due

08/15/50

55,000

38,581

5.547%

due

08/15/53

100,000

101,021

Sysco

Corp.

2.450%

due

12/14/31

105,000

90,772

3.150%

due

12/14/51

125,000

80,233

3.250%

due

07/15/27

50,000

48,685

4.450%

due

03/15/48

50,000

40,927

4.500%

due

04/01/46

25,000

20,926

4.850%

due

10/01/45

15,000

13,288

5.400%

due

03/23/35

145,000

146,096

Principal

Amount

Value

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

3.175%

due

07/09/50

250,000

164,412

5.000%

due

11/26/28

100,000

101,338

5.300%

due

07/05/34

200,000

202,462

Thermo

Fisher

Scientific,

Inc.

1.750%

due

10/15/28

20,000

18,327

2.000%

due

10/15/31

35,000

29,949

2.800%

due

10/15/41

320,000

229,200

5.200%

due

01/31/34

75,000

76,278

5.300%

due

02/01/44

100,000

98,044

Toledo

Hospital

5.750%

due

11/15/38

50,000

50,097

Finance

LLC

(Canada)

5.650%

due

11/23/43

150,000

149,469

5.850%

due

04/15/40

25,000

26,170

Trustees

Princeton

University

5.700%

due

03/01/39

50,000

53,633

Tyson

Foods,

Inc.

3.550%

due

06/02/27

350,000

343,143

4.350%

due

03/01/29

20,000

19,711

5.100%

due

09/28/48

10,000

9,032

Unilever

Capital

Corp.

(United

Kingdom)

1.750%

due

08/12/31

140,000

119,172

4.875%

due

09/08/28

200,000

204,265

5.900%

due

11/15/32

50,000

54,050

UnitedHealth

Group,

Inc.

1.150%

due

05/15/26

50,000

48,292

2.300%

due

05/15/31

50,000

43,772

2.875%

due

08/15/29

75,000

70,442

2.900%

due

05/15/50

300,000

189,289

3.050%

due

05/15/41

50,000

36,843

3.250%

due

05/15/51

50,000

33,452

3.500%

due

08/15/39

60,000

48,858

3.700%

due

08/15/49

65,000

47,820

3.850%

due

06/15/28

100,000

98,638

3.875%

due

12/15/28

25,000

24,550

3.875%

due

08/15/59

100,000

71,726

4.200%

due

05/15/32

65,000

62,513

4.250%

due

06/15/48

50,000

40,612

4.450%

due

12/15/48

25,000

20,890

4.500%

due

04/15/33

150,000

145,108

4.750%

due

07/15/45

50,000

44,723

4.800%

due

01/15/30

150,000

151,729

5.050%

due

04/15/53

150,000

135,932

5.150%

due

07/15/34

90,000

90,641

5.250%

due

02/15/28

70,000

71,797

5.350%

due

02/15/33

100,000

102,562

5.375%

due

04/15/54

145,000

137,856

5.625%

due

07/15/54

90,000

88,407

5.875%

due

02/15/53

280,000

284,195

6.875%

due

02/15/38

250,000

287,521

Universal

Health

Services,

Inc.

4.625%

due

10/15/29

105,000

102,296

University

Chicago

2.761%

due

04/01/45

10,000

7,716

University

Notre

Dame

Lac

3.394%

due

02/15/48

50,000

37,757

University

Southern

California

2.805%

due

10/01/50

50,000

32,469

3.028%

due

10/01/39

50,000

40,047

Utah

Acquisition

Sub,

Inc.

3.950%

due

06/15/26

61,000

60,198

243

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Verisk

Analytics,

Inc.

5.750%

due

04/01/33

115,000

119,630

Viatris,

Inc.

3.850%

due

06/22/40

400,000

290,984

Wyeth

LLC

5.950%

due

04/01/37

50,000

53,012

6.500%

due

02/01/34

100,000

110,676

Yale

University

2.402%

due

04/15/50

150,000

90,297

Zimmer

Biomet

Holdings,

Inc.

2.600%

due

11/24/31

100,000

87,457

5.050%

due

02/19/30

85,000

85,921

Zoetis,

Inc.

5.600%

due

11/16/32

135,000

140,870

44,175,192

Energy

1.7%

Baker

Hughes

Holdings

LLC

5.125%

due

09/15/40

50,000

48,623

Baker

Hughes

Holdings

LLC/Baker

Hughes

Co-Obligor,

Inc.

3.337%

due

12/15/27

100,000

97,740

4.080%

due

12/15/47

50,000

39,498

Boardwalk

Pipelines

5.625%

due

08/01/34

150,000

151,207

Capital

Markets

America,

Inc.

1.749%

due

08/10/30

130,000

112,318

2.772%

due

11/10/50

130,000

79,900

3.000%

due

02/24/50

150,000

97,061

3.001%

due

03/17/52

50,000

31,716

3.119%

due

05/04/26

25,000

24,664

3.588%

due

04/14/27

100,000

98,599

4.234%

due

11/06/28

400,000

396,730

4.970%

due

10/17/29

150,000

152,742

5.227%

due

11/17/34

100,000

100,553

Canadian

Natural

Resources

Ltd.

(Canada)

3.850%

due

06/01/27

50,000

49,212

4.950%

due

06/01/47

25,000

21,503

6.750%

due

02/01/39

90,000

97,494

Cenovus

Energy,

Inc.

(Canada)

2.650%

due

01/15/32

65,000

54,988

3.750%

due

02/15/52

225,000

154,652

Cheniere

Corpus

Christi

Holdings

LLC

3.700%

due

11/15/29

60,000

57,320

5.125%

due

06/30/27

300,000

302,586

Cheniere

Energy

Partners

5.950%

due

06/30/33

125,000

128,439

Chevron

Corp.

2.236%

due

05/11/30

25,000

22,457

2.954%

due

05/16/26

100,000

98,615

Chevron

USA,

Inc.

3.850%

due

01/15/28

50,000

49,745

4.980%

due

04/15/35

300,000

300,799

ConocoPhillips

Co.

4.025%

due

03/15/62

200,000

146,183

5.050%

due

09/15/33

145,000

145,578

5.650%

due

01/15/65

115,000

111,094

6.950%

due

04/15/29

100,000

109,028

Coterra

Energy,

Inc.

5.600%

due

03/15/34

100,000

100,660

Devon

Energy

Corp.

5.000%

due

06/15/45

105,000

89,153

5.200%

due

09/15/34

200,000

192,996

Principal

Amount

Value

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

100,000

94,628

4.250%

due

03/15/52

60,000

45,584

6.250%

due

03/15/33

300,000

317,368

Eastern

Energy

Gas

Holdings

LLC

5.650%

due

10/15/54

65,000

62,808

Enbridge

Energy

Partners

7.500%

due

04/15/38

50,000

57,531

Enbridge,

Inc.

(Canada)

1.600%

due

10/04/26

55,000

52,637

2.500%

due

08/01/33

400,000

327,445

3.400%

due

08/01/51

70,000

47,153

3.700%

due

07/15/27

100,000

98,191

4.500%

due

06/10/44

150,000

125,786

6.000%

due

11/15/28

100,000

104,103

Energy

Transfer

3.900%

due

07/15/26

100,000

99,161

4.200%

due

04/15/27

100,000

99,175

4.400%

due

03/15/27

200,000

199,431

5.250%

due

04/15/29

25,000

25,302

5.300%

due

04/15/47

100,000

88,505

5.600%

due

09/01/34

250,000

250,563

5.750%

due

02/15/33

350,000

358,325

5.950%

due

10/01/43

100,000

97,520

6.125%

due

12/15/45

200,000

196,832

6.500%

due

02/01/42

100,000

103,483

Enterprise

Products

Operating

LLC

3.125%

due

07/31/29

100,000

94,753

4.150%

due

10/16/28

50,000

49,530

4.200%

due

01/31/50

450,000

357,601

4.250%

due

02/15/48

25,000

20,278

4.800%

due

02/01/49

50,000

43,867

4.950%

due

02/15/35

55,000

54,259

5.350%

due

01/31/33

100,000

102,528

6.125%

due

10/15/39

115,000

122,347

6.875%

due

03/01/33

150,000

167,921

EOG

Resources,

Inc.

5.650%

due

12/01/54

210,000

207,707

EQT

Corp.

5.750%

due

02/01/34

250,000

254,996

Equinor

ASA

(Norway)

2.375%

due

05/22/30

125,000

112,796

3.950%

due

05/15/43

300,000

251,757

Expand

Energy

Corp.

5.700%

due

01/15/35

105,000

105,480

Exxon

Mobil

Corp.

2.440%

due

08/16/29

50,000

46,620

2.610%

due

10/15/30

250,000

227,084

2.995%

due

08/16/39

50,000

38,973

3.452%

due

04/15/51

200,000

143,186

4.114%

due

03/01/46

65,000

53,548

4.327%

due

03/19/50

300,000

250,645

Halliburton

Co.

4.850%

due

11/15/35

50,000

47,982

7.450%

due

09/15/39

25,000

29,468

Hess

Corp.

4.300%

due

04/01/27

50,000

49,759

5.600%

due

02/15/41

50,000

50,172

5.800%

due

04/01/47

50,000

50,565

7.125%

due

03/15/33

50,000

56,592

Sinclair

Corp.

6.250%

due

01/15/35

200,000

201,110

244

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Kinder

Morgan,

Inc.

2.000%

due

02/15/31

210,000

179,664

3.250%

due

08/01/50

220,000

141,546

4.800%

due

02/01/33

100,000

96,844

5.100%

due

08/01/29

45,000

45,490

5.300%

due

12/01/34

70,000

69,130

5.550%

due

06/01/45

350,000

328,288

Marathon

Petroleum

Corp.

3.800%

due

04/01/28

30,000

29,317

4.500%

due

04/01/48

25,000

19,760

5.125%

due

12/15/26

50,000

50,385

6.500%

due

03/01/41

100,000

103,716

MPLX

2.650%

due

08/15/30

45,000

40,086

4.250%

due

12/01/27

250,000

247,876

4.500%

due

04/15/38

30,000

26,355

4.700%

due

04/15/48

45,000

36,853

4.900%

due

04/15/58

15,000

12,292

4.950%

due

03/14/52

200,000

168,185

5.650%

due

03/01/53

75,000

69,409

NOV,

Inc.

3.950%

due

12/01/42

100,000

74,400

Occidental

Petroleum

Corp.

5.550%

due

10/01/34

115,000

112,435

6.600%

due

03/15/46

300,000

302,681

6.625%

due

09/01/30

300,000

315,352

ONEOK,

Inc.

3.100%

due

03/15/30

25,000

23,025

4.000%

due

07/13/27

130,000

128,438

4.200%

due

10/03/47

50,000

38,310

4.250%

due

09/24/27

75,000

74,353

4.250%

due

09/15/46

70,000

54,094

4.350%

due

03/15/29

100,000

98,437

4.500%

due

03/15/50

25,000

19,782

4.550%

due

07/15/28

50,000

49,828

4.950%

due

07/13/47

50,000

42,602

5.050%

due

11/01/34

100,000

96,584

5.200%

due

07/15/48

225,000

197,908

5.700%

due

11/01/54

100,000

93,663

5.850%

due

11/01/64

100,000

94,088

Ovintiv,

Inc.

6.250%

due

07/15/33

115,000

118,830

Phillips

3.300%

due

03/15/52

100,000

63,974

Phillips

Co.

3.550%

due

10/01/26

50,000

49,325

4.900%

due

10/01/46

25,000

21,515

4.950%

due

12/01/27

250,000

253,134

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.500%

due

12/15/26

150,000

149,942

4.700%

due

06/15/44

50,000

41,941

Sabine

Pass

Liquefaction

LLC

4.500%

due

05/15/30

205,000

201,300

Shell

Finance

U.S.,

Inc.

2.750%

due

04/06/30

85,000

78,216

3.250%

due

04/06/50

100,000

69,084

3.750%

due

09/12/46

50,000

38,562

4.000%

due

05/10/46

100,000

80,164

4.125%

due

05/11/35

263,000

246,331

Shell

International

Finance

2.500%

due

09/12/26

50,000

48,866

2.875%

due

05/10/26

100,000

98,555

Principal

Amount

Value

2.875%

due

11/26/41

200,000

144,495

3.625%

due

08/21/42

100,000

78,720

Spectra

Energy

Partners

3.375%

due

10/15/26

20,000

19,646

Suncor

Energy,

Inc.

(Canada)

4.000%

due

11/15/47

70,000

52,465

6.800%

due

05/15/38

109,000

117,856

Targa

Resources

Corp.

5.200%

due

07/01/27

85,000

86,023

6.125%

due

03/15/33

70,000

73,099

6.150%

due

03/01/29

200,000

209,198

6.250%

due

07/01/52

200,000

202,189

PipeLines

3.900%

due

05/25/27

20,000

19,671

TotalEnergies

Capital

International

(France)

2.829%

due

01/10/30

50,000

46,720

3.127%

due

05/29/50

100,000

66,556

3.461%

due

07/12/49

50,000

35,776

TotalEnergies

Capital

(France)

3.883%

due

10/11/28

25,000

24,689

TransCanada

PipeLines

Ltd.

(Canada)

4.100%

due

04/15/30

200,000

192,590

4.250%

due

05/15/28

50,000

49,392

7.625%

due

01/15/39

50,000

58,208

Transcontinental

Gas

Pipe

Line

Co.

LLC

3.250%

due

05/15/30

25,000

23,154

4.000%

due

03/15/28

50,000

49,126

4.450%

due

08/01/42

150,000

127,966

Valero

Energy

Corp.

2.800%

due

12/01/31

100,000

87,621

6.625%

due

06/15/37

150,000

161,001

Western

Midstream

Operating

4.050%

due

02/01/30

200,000

190,965

6.150%

due

04/01/33

40,000

41,316

Williams

Cos.,

Inc.

2.600%

due

03/15/31

350,000

307,689

3.750%

due

06/15/27

50,000

49,162

5.100%

due

09/15/45

100,000

90,370

5.300%

due

08/15/52

250,000

229,360

5.750%

due

06/24/44

35,000

34,470

6.300%

due

04/15/40

20,000

21,098

17,638,414

Financial

9.6%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

2.450%

due

10/29/26

150,000

144,988

3.300%

due

01/30/32

150,000

132,959

3.875%

due

01/23/28

150,000

146,567

5.100%

due

01/19/29

150,000

151,375

5.750%

due

06/06/28

150,000

154,332

6.450%

due

04/15/27

350,000

361,416

African

Development

Bank

(Multi-National)

0.875%

due

07/22/26

116,000

111,357

3.500%

due

09/18/29

200,000

195,682

Agree

5.625%

due

06/15/34

60,000

60,746

Air

Lease

Corp.

2.100%

due

09/01/28

300,000

275,378

3.000%

due

02/01/30

100,000

91,741

Alexandria

Real

Estate

Equities,

Inc.

2.750%

due

12/15/29

50,000

45,697

2.950%

due

03/15/34

40,000

33,443

245

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.375%

due

08/15/31

60,000

54,749

3.550%

due

03/15/52

70,000

47,884

3.950%

due

01/15/27

25,000

24,742

4.000%

due

02/01/50

100,000

74,498

4.500%

due

07/30/29

20,000

19,730

4.750%

due

04/15/35

20,000

19,060

5.150%

due

04/15/53

150,000

133,402

Allstate

Corp.

3.280%

due

12/15/26

350,000

343,017

Ally

Financial,

Inc.

6.184%

due

07/26/35

250,000

248,577

6.992%

due

06/13/29

125,000

130,422

American

Express

Co.

3.300%

due

05/03/27

415,000

406,461

4.050%

due

12/03/42

125,000

105,846

5.043%

due

07/26/28

75,000

75,956

5.282%

due

07/27/29

250,000

255,139

5.442%

due

01/30/36

50,000

50,567

5.850%

due

11/05/27

60,000

62,163

6.489%

due

10/30/31

65,000

70,271

American

Financial

Group,

Inc.

4.500%

due

06/15/47

50,000

41,553

American

Homes

Rent

3.625%

due

04/15/32

70,000

63,583

5.250%

due

03/15/35

60,000

58,903

American

International

Group,

Inc.

4.375%

due

06/30/50

100,000

83,025

5.125%

due

03/27/33

165,000

165,331

American

Tower

Corp.

2.300%

due

09/15/31

350,000

299,509

2.900%

due

01/15/30

50,000

46,017

3.100%

due

06/15/50

50,000

32,700

3.375%

due

10/15/26

100,000

98,230

3.600%

due

01/15/28

100,000

97,401

5.250%

due

07/15/28

150,000

152,718

5.900%

due

11/15/33

65,000

68,149

Ameriprise

Financial,

Inc.

5.150%

due

05/15/33

60,000

60,546

5.200%

due

04/15/35

150,000

149,708

Aon

Corp./Aon

Global

Holdings

PLC

2.050%

due

08/23/31

100,000

85,012

2.900%

due

08/23/51

100,000

61,441

Aon

North

America,

Inc.

5.150%

due

03/01/29

200,000

203,595

5.450%

due

03/01/34

150,000

152,786

5.750%

due

03/01/54

150,000

148,044

Apollo

Debt

Solutions

BDC

6.550%

due

03/15/32 ~

100,000

101,376

6.900%

due

04/13/29

65,000

67,467

Arch

Capital

Group

U.S.,

Inc.

5.144%

due

11/01/43

200,000

186,300

ARES

Capital

Corp.

2.150%

due

07/15/26

350,000

337,656

Ares

Strategic

Income

Fund

5.700%

due

03/15/28 ~

100,000

100,027

Arthur

Gallagher

Co.

5.150%

due

02/15/35

140,000

138,860

5.500%

due

03/02/33

265,000

270,024

Asian

Development

Bank

(Multi-National)

1.000%

due

04/14/26

200,000

193,794

1.250%

due

06/09/28

50,000

45,986

1.750%

due

08/14/26

250,000

242,551

2.625%

due

01/12/27

200,000

195,346

Principal

Amount

Value

2.750%

due

01/19/28

100,000

96,862

3.125%

due

09/26/28

200,000

194,698

3.750%

due

04/25/28

345,000

342,914

3.875%

due

09/28/32

120,000

117,647

3.875%

due

06/14/33

250,000

243,757

4.000%

due

01/12/33

85,000

83,927

4.125%

due

01/12/27

180,000

180,405

4.375%

due

01/14/28

170,000

171,859

4.375%

due

03/06/29

180,000

182,457

4.375%

due

03/22/35

195,000

195,234

Asian

Infrastructure

Investment

Bank

(Multi-National)

4.000%

due

01/18/28

100,000

100,110

4.125%

due

01/18/29

205,000

205,876

4.500%

due

01/16/30

145,000

147,737

Assurant,

Inc.

4.900%

due

03/27/28

100,000

100,559

Assured

Guaranty

U.S.

Holdings,

Inc.

3.150%

due

06/15/31

70,000

63,721

Athene

Holding

Ltd.

3.450%

due

05/15/52

100,000

64,249

3.500%

due

01/15/31

20,000

18,529

6.650%

due

02/01/33

100,000

106,556

Australia

New

Zealand

Banking

Group

Ltd.

(Australia)

4.750%

due

01/18/27

250,000

252,041

AvalonBay

Communities,

Inc.

2.050%

due

01/15/32

200,000

169,417

2.450%

due

01/15/31

105,000

93,036

3.350%

due

05/15/27

25,000

24,454

4.150%

due

07/01/47

50,000

40,620

AXA

(France)

8.600%

due

12/15/30

75,000

88,617

Bain

Capital

Specialty

Finance,

Inc.

5.950%

due

03/15/30

100,000

98,324

Banco

Bilbao

Vizcaya

Argentaria

(Spain)

6.138%

due

09/14/28

200,000

206,373

Banco

Santander

(Spain)

1.722%

due

09/14/27

200,000

191,514

2.749%

due

12/03/30

200,000

173,907

5.294%

due

08/18/27

200,000

202,621

6.033%

due

01/17/35

200,000

207,180

6.607%

due

11/07/28

200,000

212,600

Bank

America

Corp.

1.922%

due

10/24/31

100,000

85,601

2.299%

due

07/21/32

100,000

85,445

2.482%

due

09/21/36

200,000

166,853

2.496%

due

02/13/31

100,000

89,802

2.572%

due

10/20/32

100,000

86,310

2.592%

due

04/29/31

500,000

449,251

2.651%

due

03/11/32

100,000

88,272

2.676%

due

06/19/41

350,000

248,438

2.831%

due

10/24/51

25,000

15,610

2.884%

due

10/22/30

50,000

46,110

2.972%

due

07/21/52

100,000

64,195

3.248%

due

10/21/27

150,000

146,165

3.311%

due

04/22/42

200,000

152,152

3.419%

due

12/20/28

169,000

163,819

3.483%

due

03/13/52

100,000

71,077

3.500%

due

04/19/26

150,000

148,641

3.593%

due

07/21/28

100,000

97,877

3.824%

due

01/20/28

300,000

296,299

3.946%

due

01/23/49

100,000

78,000

246

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.970%

due

03/05/29

100,000

98,258

4.078%

due

04/23/40

200,000

173,100

4.183%

due

11/25/27

100,000

99,123

4.750%

due

04/21/45

85,000

75,886

4.979%

due

01/24/29

200,000

202,054

5.015%

due

07/22/33

250,000

249,034

5.162%

due

01/24/31

150,000

152,104

5.202%

due

04/25/29

200,000

203,236

5.288%

due

04/25/34

200,000

201,002

5.511%

due

01/24/36

75,000

76,358

5.518%

due

10/25/35

250,000

245,395

5.819%

due

09/15/29

200,000

207,302

5.872%

due

09/15/34

200,000

208,780

6.110%

due

01/29/37

250,000

259,796

6.204%

due

11/10/28

65,000

67,567

7.750%

due

05/14/38

200,000

237,344

Bank

Montreal

(Canada)

4.567%

due

09/10/27

100,000

100,070

4.640%

due

09/10/30

200,000

198,974

5.004%

due

01/27/29

235,000

237,474

Bank

New

York

Mellon

Corp.

2.800%

due

05/04/26

50,000

49,222

3.000%

due

10/30/28

55,000

52,365

4.706%

due

02/01/34

130,000

127,274

5.225%

due

11/20/35

200,000

202,772

5.802%

due

10/25/28

500,000

516,530

Bank

Nova

Scotia

(Canada)

1.300%

due

09/15/26

50,000

47,802

2.450%

due

02/02/32

100,000

85,777

4.588%

due

05/04/37

40,000

36,965

4.932%

due

02/14/29

200,000

201,258

5.650%

due

02/01/34

150,000

155,416

Barclays

PLC

(United

Kingdom)

2.645%

due

06/24/31

200,000

177,660

2.894%

due

11/24/32

200,000

173,460

3.330%

due

11/24/42

200,000

146,234

4.942%

due

09/10/30

200,000

199,429

4.950%

due

01/10/47

200,000

180,427

5.690%

due

03/12/30

200,000

205,103

6.490%

due

09/13/29

200,000

210,337

7.385%

due

11/02/28

200,000

212,505

Berkshire

Hathaway

Finance

Corp.

1.450%

due

10/15/30

80,000

68,994

2.850%

due

10/15/50

90,000

57,811

3.850%

due

03/15/52

200,000

154,142

4.300%

due

05/15/43

200,000

177,227

5.750%

due

01/15/40

25,000

26,898

BGC

Group,

Inc.

6.600%

due

06/10/29

75,000

77,088

BlackRock

Funding,

Inc.

5.000%

due

03/14/34

120,000

121,268

Blackrock,

Inc.

1.900%

due

01/28/31

15,000

12,986

2.100%

due

02/25/32

100,000

84,998

2.400%

due

04/30/30

45,000

40,772

3.200%

due

03/15/27

56,000

55,096

3.250%

due

04/30/29

60,000

57,719

4.750%

due

05/25/33

115,000

115,096

Blackstone

Private

Credit

Fund

2.625%

due

12/15/26

100,000

95,811

3.250%

due

03/15/27

150,000

144,597

5.600%

due

11/22/29 ~

100,000

99,202

Principal

Amount

Value

Blackstone

Secured

Lending

Fund

2.750%

due

09/16/26

100,000

96,611

5.350%

due

04/13/28

200,000

199,993

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

100,000

91,813

Blue

Owl

Credit

Income

Corp.

6.600%

due

09/15/29 ~

25,000

25,416

7.950%

due

06/13/28

100,000

105,942

Boston

Properties

2.450%

due

10/01/33

50,000

39,187

3.250%

due

01/30/31

150,000

134,436

5.750%

due

01/15/35

225,000

222,829

Brighthouse

Financial,

Inc.

3.700%

due

06/22/27

100,000

97,920

4.700%

due

06/22/47

50,000

39,020

Brixmor

Operating

Partnership

2.500%

due

08/16/31

50,000

42,980

4.050%

due

07/01/30

10,000

9,585

4.125%

due

06/15/26

50,000

49,633

5.200%

due

04/01/32

65,000

64,931

5.500%

due

02/15/34

70,000

70,216

Brookfield

Capital

Finance

LLC

(Canada)

6.087%

due

06/14/33

250,000

262,747

Brookfield

Finance,

Inc.

(Canada)

3.500%

due

03/30/51

50,000

34,466

4.700%

due

09/20/47

50,000

42,534

4.850%

due

03/29/29

100,000

100,346

Brown

Brown,

Inc.

4.200%

due

03/17/32

35,000

32,858

4.500%

due

03/15/29

50,000

49,631

Camden

Property

Trust

3.150%

due

07/01/29

30,000

28,346

4.100%

due

10/15/28

20,000

19,647

4.900%

due

01/15/34

100,000

98,381

Canadian

Imperial

Bank

Commerce

(Canada)

1.250%

due

06/22/26

100,000

96,304

3.600%

due

04/07/32

45,000

41,193

5.001%

due

04/28/28

100,000

101,227

5.237%

due

06/28/27

150,000

152,257

5.260%

due

04/08/29

65,000

66,215

Capital

One

Financial

Corp.

1.878%

due

11/02/27

100,000

95,687

2.618%

due

11/02/32

100,000

85,275

3.750%

due

03/09/27

50,000

49,212

4.927%

due

05/10/28

100,000

100,351

5.468%

due

02/01/29

65,000

66,102

5.700%

due

02/01/30

500,000

510,874

6.312%

due

06/08/29

65,000

67,604

Charles

Schwab

Corp.

1.150%

due

05/13/26

75,000

72,432

1.950%

due

12/01/31

100,000

83,755

2.300%

due

05/13/31

150,000

130,955

2.450%

due

03/03/27

250,000

241,288

3.200%

due

03/02/27

100,000

97,977

6.136%

due

08/24/34

100,000

106,486

Chubb

INA

Holdings

LLC

1.375%

due

09/15/30

250,000

212,776

2.850%

due

12/15/51

25,000

16,070

3.050%

due

12/15/61

10,000

6,172

4.150%

due

03/13/43

25,000

21,104

5.000%

due

03/15/34

95,000

95,144

247

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Citibank

4.929%

due

08/06/26

250,000

251,701

5.803%

due

09/29/28

250,000

260,408

Citigroup,

Inc.

1.462%

due

06/09/27

100,000

96,345

2.520%

due

11/03/32

70,000

59,807

2.561%

due

05/01/32

55,000

47,794

2.666%

due

01/29/31

150,000

135,387

2.904%

due

11/03/42

50,000

35,180

2.976%

due

11/05/30

100,000

92,119

3.057%

due

01/25/33

135,000

118,391

3.400%

due

05/01/26

100,000

98,861

3.520%

due

10/27/28

100,000

97,215

3.668%

due

07/24/28

100,000

97,843

3.878%

due

01/24/39

100,000

84,501

3.887%

due

01/10/28

100,000

98,806

4.125%

due

07/25/28

100,000

98,421

4.300%

due

11/20/26

100,000

99,613

4.542%

due

09/19/30

100,000

98,677

4.750%

due

05/18/46

50,000

42,439

5.174%

due

02/13/30

400,000

405,285

5.300%

due

05/06/44

400,000

374,226

5.411%

due

09/19/39

50,000

47,850

5.449%

due

06/11/35

150,000

150,921

5.612%

due

03/04/56

250,000

244,370

5.827%

due

02/13/35

250,000

249,015

6.020%

due

01/24/36

130,000

131,291

6.125%

due

08/25/36

100,000

102,968

6.174%

due

05/25/34

115,000

117,919

6.270%

due

11/17/33

235,000

249,493

Citizens

Financial

Group,

Inc.

5.841%

due

01/23/30

125,000

128,430

6.645%

due

04/25/35

190,000

202,279

CME

Group,

Inc.

3.750%

due

06/15/28

100,000

98,759

4.150%

due

06/15/48

50,000

42,274

CNA

Financial

Corp.

3.450%

due

08/15/27

100,000

97,515

Cooperatieve

Rabobank

(Netherlands)

4.800%

due

01/09/29

250,000

253,398

5.250%

due

05/24/41

200,000

196,894

COPT

Defense

Properties

2.900%

due

12/01/33

65,000

52,701

Corebridge

Financial,

Inc.

3.650%

due

04/05/27

150,000

147,409

Corp.

Andina

Fomento

(Multi-National)

2.250%

due

02/08/27

200,000

192,596

4.125%

due

01/07/28

85,000

84,813

5.000%

due

01/22/30

80,000

81,967

Council

Europe

Development

Bank

(Multi-National)

3.625%

due

01/26/28

250,000

247,677

Cousins

Properties

5.375%

due

02/15/32

50,000

49,826

Crown

Castle,

Inc.

2.100%

due

04/01/31

200,000

168,266

2.900%

due

04/01/41

250,000

175,586

3.650%

due

09/01/27

35,000

34,108

3.700%

due

06/15/26

35,000

34,589

3.800%

due

02/15/28

50,000

48,671

4.000%

due

03/01/27

40,000

39,465

4.300%

due

02/15/29

60,000

58,680

4.750%

due

05/15/47

25,000

21,363

Principal

Amount

Value

5.000%

due

01/11/28

35,000

35,142

CubeSmart

2.000%

due

02/15/31

15,000

12,699

3.125%

due

09/01/26

50,000

48,989

Deutsche

Bank

(Germany)

2.552%

due

01/07/28

150,000

144,321

3.547%

due

09/18/31

200,000

183,983

5.403%

due

09/11/35

155,000

151,184

7.146%

due

07/13/27

150,000

154,229

Digital

Realty

Trust

3.700%

due

08/15/27

50,000

49,113

4.450%

due

07/15/28

100,000

99,360

Discover

Bank

3.450%

due

07/27/26

250,000

245,860

DOC

Dr.

LLC

2.625%

due

11/01/31

50,000

43,296

Enstar

Group

Ltd.

4.950%

due

06/01/29

25,000

24,876

EPR

Properties

3.600%

due

11/15/31

30,000

26,790

Equinix

Europe

Financing

Corp.

LLC

5.500%

due

06/15/34

55,000

56,076

Equinix,

Inc.

2.000%

due

05/15/28

35,000

32,419

2.500%

due

05/15/31

100,000

87,347

3.400%

due

02/15/52

10,000

6,791

ERP

Operating

2.850%

due

11/01/26

70,000

68,338

3.500%

due

03/01/28

100,000

97,360

4.500%

due

06/01/45

75,000

64,389

Essex

Portfolio

2.550%

due

06/15/31

65,000

57,013

2.650%

due

03/15/32

30,000

25,685

3.375%

due

04/15/26

50,000

49,440

4.000%

due

03/01/29

25,000

24,343

5.375%

due

04/01/35

85,000

85,227

European

Bank

for

Reconstruction

Development

(Multi-National)

4.125%

due

01/25/29

130,000

130,505

4.375%

due

03/09/28

120,000

121,355

European

Investment

Bank

(Multi-National)

0.625%

due

10/21/27

250,000

230,112

0.750%

due

10/26/26

83,000

78,935

1.250%

due

02/14/31

300,000

256,325

1.375%

due

03/15/27

350,000

333,077

1.625%

due

10/09/29

195,000

175,980

3.625%

due

07/15/30

160,000

156,713

3.750%

due

02/14/33

325,000

316,243

3.875%

due

03/15/28

400,000

399,210

3.875%

due

06/15/28

185,000

184,615

4.000%

due

02/15/29

135,000

135,052

4.375%

due

03/19/27

130,000

130,972

4.375%

due

10/10/31

175,000

177,589

4.500%

due

10/16/28

100,000

101,721

4.500%

due

03/14/30

295,000

300,928

4.625%

due

02/12/35

145,000

148,471

Extra

Space

Storage

3.900%

due

04/01/29

220,000

212,459

4.000%

due

06/15/29

100,000

96,739

F&G

Annuities

Life,

Inc.

6.250%

due

10/04/34

65,000

63,006

6.500%

due

06/04/29

25,000

25,465

248

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Fairfax

Financial

Holdings

Ltd.

(Canada)

5.625%

due

08/16/32

150,000

153,291

6.100%

due

03/15/55 ~

100,000

98,500

Federal

Realty

4.500%

due

12/01/44

50,000

42,374

Fidelity

National

Financial,

Inc.

4.500%

due

08/15/28

50,000

49,641

Fifth

Third

Bancorp

1.707%

due

11/01/27

155,000

147,856

2.550%

due

05/05/27

60,000

57,643

6.339%

due

07/27/29

245,000

256,179

8.250%

due

03/01/38

25,000

30,040

First

American

Financial

Corp.

5.450%

due

09/30/34

100,000

97,927

First

Citizens

BancShares,

Inc.

5.231%

due

03/12/31

200,000

200,248

First

Horizon

Corp.

5.514%

due

03/07/31

65,000

65,349

KKR

Capital

Corp.

2.625%

due

01/15/27

100,000

95,484

3.250%

due

07/15/27

50,000

47,869

Globe

Life,

Inc.

4.550%

due

09/15/28

50,000

49,935

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.250%

due

01/15/32

50,000

43,323

4.000%

due

01/15/31

50,000

46,656

5.375%

due

04/15/26

50,000

50,190

5.750%

due

06/01/28

25,000

25,458

Goldman

Sachs

Bank

USA

5.414%

due

05/21/27

100,000

100,960

Goldman

Sachs

Group,

Inc.

1.542%

due

09/10/27

100,000

95,691

1.948%

due

10/21/27

250,000

239,847

2.383%

due

07/21/32

70,000

59,972

2.615%

due

04/22/32

70,000

61,139

2.640%

due

02/24/28

250,000

241,390

2.908%

due

07/21/42

60,000

42,420

3.210%

due

04/22/42

60,000

44,281

3.436%

due

02/24/43

450,000

340,837

3.500%

due

11/16/26

100,000

98,477

3.615%

due

03/15/28

200,000

196,362

3.800%

due

03/15/30

250,000

239,156

3.814%

due

04/23/29

150,000

146,477

3.850%

due

01/26/27

160,000

158,506

4.017%

due

10/31/38

100,000

85,941

4.223%

due

05/01/29

200,000

197,288

4.750%

due

10/21/45

100,000

88,411

5.016%

due

10/23/35

160,000

155,635

5.049%

due

07/23/30

140,000

141,191

5.330%

due

07/23/35

120,000

119,459

5.536%

due

01/28/36

130,000

131,865

5.561%

due

11/19/45

300,000

292,494

5.727%

due

04/25/30

120,000

123,823

5.734%

due

01/28/56

145,000

144,532

6.561%

due

10/24/34

200,000

218,383

6.750%

due

10/01/37

200,000

216,445

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

60,000

57,815

Hartford

Insurance

Group,

Inc.

2.900%

due

09/15/51

100,000

63,230

Healthcare

Realty

Holdings

2.000%

due

03/15/31

25,000

21,054

3.100%

due

02/15/30

50,000

45,907

Principal

Amount

Value

Healthpeak

LLC

2.875%

due

01/15/31

200,000

179,146

3.000%

due

01/15/30

100,000

92,152

Hercules

Capital,

Inc.

3.375%

due

01/20/27

35,000

33,755

Highwoods

Realty

4.125%

due

03/15/28

20,000

19,394

4.200%

due

04/15/29

50,000

47,954

Host

Hotels

Resorts

3.375%

due

12/15/29

25,000

23,243

3.500%

due

09/15/30

100,000

91,685

5.700%

due

07/01/34

35,000

35,037

HSBC

Holdings

PLC

(United

Kingdom)

2.357%

due

08/18/31

250,000

217,877

2.804%

due

05/24/32

200,000

175,001

2.848%

due

06/04/31

200,000

179,718

4.762%

due

03/29/33

300,000

286,566

5.450%

due

03/03/36

200,000

199,339

5.546%

due

03/04/30

200,000

204,415

5.597%

due

05/17/28

215,000

218,588

5.733%

due

05/17/32

200,000

206,072

5.874%

due

11/18/35

250,000

249,197

5.887%

due

08/14/27

250,000

253,996

6.254%

due

03/09/34

200,000

211,507

6.332%

due

03/09/44

200,000

213,272

6.800%

due

06/01/38

150,000

160,254

Huntington

Bancshares,

Inc.

5.023%

due

05/17/33

70,000

68,513

5.272%

due

01/15/31

60,000

60,652

5.709%

due

02/02/35

200,000

202,215

ING

Groep

(Netherlands)

4.252%

due

03/28/33

200,000

189,275

4.550%

due

10/02/28

200,000

199,127

6.083%

due

09/11/27

200,000

204,083

Inter-American

Development

Bank

(Multi-National)

0.875%

due

04/20/26

250,000

241,836

1.125%

due

07/20/28

300,000

273,798

1.125%

due

01/13/31

150,000

127,191

2.000%

due

06/02/26

150,000

146,476

2.000%

due

07/23/26

100,000

97,419

3.200%

due

08/07/42

100,000

81,523

3.625%

due

09/17/31

400,000

387,880

4.000%

due

01/12/28

100,000

100,099

4.125%

due

02/15/29

160,000

160,751

4.375%

due

02/01/27

100,000

100,656

4.500%

due

02/15/30

140,000

142,746

4.500%

due

09/13/33

200,000

202,924

Inter-American

Investment

Corp.

(Multi-National)

4.125%

due

02/15/28

150,000

150,349

Intercontinental

Exchange,

Inc.

1.850%

due

09/15/32

65,000

52,905

2.650%

due

09/15/40

65,000

46,556

3.000%

due

09/15/60

65,000

39,297

3.100%

due

09/15/27

100,000

96,934

5.200%

due

06/15/62

350,000

324,624

5.250%

due

06/15/31

55,000

56,420

International

Bank

for

Reconstruction

Development

(Multi-National)

0.750%

due

11/24/27

195,000

179,408

0.875%

due

05/14/30

350,000

299,240

1.125%

due

09/13/28

160,000

145,390

249

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

1.375%

due

04/20/28

250,000

231,558

1.625%

due

11/03/31

190,000

162,187

1.750%

due

10/23/29

100,000

90,532

2.500%

due

03/29/32

200,000

179,816

3.125%

due

06/15/27

200,000

196,415

3.500%

due

07/12/28

260,000

256,252

3.625%

due

09/21/29

250,000

245,818

3.875%

due

10/16/29

165,000

163,877

3.875%

due

02/14/30

200,000

198,396

3.875%

due

08/28/34

185,000

178,633

4.000%

due

08/27/26

81,000

80,984

4.000%

due

07/25/30

180,000

179,438

4.000%

due

01/10/31

500,000

496,875

4.125%

due

03/20/30

155,000

155,421

4.625%

due

01/15/32

155,000

158,865

International

Finance

Corp.

(Multi-National)

0.750%

due

10/08/26

100,000

95,257

4.250%

due

07/02/29

200,000

201,751

4.375%

due

01/15/27

65,000

65,418

Invesco

Finance

PLC

5.375%

due

11/30/43

200,000

188,875

Jackson

Financial,

Inc.

5.170%

due

06/08/27

55,000

55,472

Jefferies

Financial

Group,

Inc.

2.625%

due

10/15/31

100,000

84,596

2.750%

due

10/15/32

40,000

33,090

5.875%

due

07/21/28

200,000

205,412

JPMorgan

Chase

Co.

1.470%

due

09/22/27

75,000

71,755

1.578%

due

04/22/27

65,000

63,042

1.764%

due

11/19/31

100,000

84,965

2.069%

due

06/01/29

140,000

129,648

2.182%

due

06/01/28

150,000

142,782

2.525%

due

11/19/41

100,000

69,207

2.545%

due

11/08/32

375,000

324,438

2.580%

due

04/22/32

75,000

65,922

2.739%

due

10/15/30

75,000

68,845

2.947%

due

02/24/28

60,000

58,302

2.956%

due

05/13/31

65,000

59,130

2.963%

due

01/25/33

100,000

88,308

3.109%

due

04/22/51

250,000

166,649

3.200%

due

06/15/26

100,000

98,820

3.328%

due

04/22/52

70,000

48,670

3.509%

due

01/23/29

185,000

179,849

3.540%

due

05/01/28

100,000

98,013

3.702%

due

05/06/30

150,000

144,380

3.882%

due

07/24/38

150,000

130,615

3.964%

due

11/15/48

100,000

78,996

4.032%

due

07/24/48

150,000

120,052

4.452%

due

12/05/29

150,000

148,996

4.505%

due

10/22/28

100,000

99,918

4.603%

due

10/22/30

190,000

188,792

4.851%

due

07/25/28

500,000

503,277

4.912%

due

07/25/33

500,000

496,175

4.946%

due

10/22/35

95,000

93,003

4.979%

due

07/22/28

45,000

45,407

4.995%

due

07/22/30

100,000

100,924

5.012%

due

01/23/30

100,000

101,133

5.040%

due

01/23/28

200,000

201,777

5.140%

due

01/24/31

50,000

50,790

5.294%

due

07/22/35

40,000

40,178

5.336%

due

01/23/35

95,000

96,045

5.350%

due

06/01/34

105,000

106,754

Principal

Amount

Value

5.500%

due

10/15/40

100,000

101,126

5.502%

due

01/24/36

100,000

102,193

5.534%

due

11/29/45

165,000

163,459

5.581%

due

04/22/30

110,000

113,481

5.600%

due

07/15/41

100,000

102,150

5.717%

due

09/14/33

190,000

195,307

6.254%

due

10/23/34

100,000

107,436

6.400%

due

05/15/38

300,000

330,880

JPMorgan

Chase

Bank

5.110%

due

12/08/26

350,000

354,645

KeyBank

5.850%

due

11/15/27

250,000

256,883

KeyCorp

5.121%

due

04/04/31

100,000

100,479

Kilroy

Realty

6.250%

due

01/15/36

35,000

34,725

Kimco

Realty

LLC

2.250%

due

12/01/31

70,000

59,558

3.700%

due

10/01/49

25,000

18,336

4.125%

due

12/01/46

50,000

39,663

4.850%

due

03/01/35

45,000

43,340

Kite

Realty

Group

4.950%

due

12/15/31

70,000

68,886

Kite

Realty

Group

Trust

4.750%

due

09/15/30

25,000

24,697

Kreditanstalt

fuer

Wiederaufbau

(Germany)

1.750%

due

09/14/29

100,000

90,914

3.000%

due

05/20/27

200,000

196,038

3.500%

due

08/27/27

110,000

108,928

3.625%

due

04/01/26

155,000

154,286

3.750%

due

02/15/28

440,000

437,814

3.875%

due

05/15/28

130,000

129,818

3.875%

due

06/15/28

200,000

199,641

4.250%

due

06/29/37

200,000

116,948

4.375%

due

03/01/27

130,000

130,942

4.375%

due

02/28/34

260,000

261,887

4.750%

due

10/29/30

200,000

206,886

Landwirtschaftliche

Rentenbank

(Germany)

0.875%

due

09/03/30

200,000

169,298

1.750%

due

07/27/26

100,000

97,073

5.000%

due

10/24/33

250,000

262,396

Lazard

Group

LLC

3.625%

due

03/01/27

50,000

49,064

4.375%

due

03/11/29

50,000

49,253

Lincoln

National

Corp.

3.625%

due

12/12/26

150,000

147,908

3.800%

due

03/01/28

35,000

34,210

4.350%

due

03/01/48

25,000

19,801

Lloyds

Banking

Group

PLC

(United

Kingdom)

3.750%

due

03/18/28

200,000

196,592

5.462%

due

01/05/28

200,000

202,632

5.679%

due

01/05/35

200,000

202,392

5.721%

due

06/05/30

200,000

206,120

LPL

Holdings,

Inc.

6.000%

due

05/20/34

100,000

102,124

LXP

Industrial

Trust

2.375%

due

10/01/31

70,000

58,422

M&T

Bank

Corp.

4.553%

due

08/16/28

65,000

64,546

4.833%

due

01/16/29

60,000

60,038

Main

Street

Capital

Corp.

3.000%

due

07/14/26

100,000

96,973

250

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Manulife

Financial

Corp.

(Canada)

3.703%

due

03/16/32

100,000

92,715

5.375%

due

03/04/46

50,000

48,841

Markel

Group,

Inc.

3.450%

due

05/07/52

70,000

47,461

3.500%

due

11/01/27

50,000

48,798

5.000%

due

05/20/49

30,000

26,503

Marsh

McLennan

Cos.,

Inc.

2.375%

due

12/15/31

45,000

38,760

4.200%

due

03/01/48

100,000

82,723

4.375%

due

03/15/29

70,000

69,783

5.350%

due

11/15/44

100,000

97,792

5.400%

due

09/15/33

100,000

103,000

5.400%

due

03/15/55

55,000

53,142

5.750%

due

11/01/32

100,000

105,559

Mastercard,

Inc.

1.900%

due

03/15/31

100,000

86,818

2.000%

due

11/18/31

200,000

170,793

2.950%

due

11/21/26

50,000

49,075

2.950%

due

06/01/29

50,000

47,486

2.950%

due

03/15/51

45,000

29,804

3.650%

due

06/01/49

50,000

38,517

3.800%

due

11/21/46

50,000

39,945

3.950%

due

02/26/48

15,000

12,254

MetLife,

Inc.

5.300%

due

12/15/34

70,000

71,175

5.700%

due

06/15/35

100,000

104,694

5.875%

due

02/06/41

200,000

207,982

6.375%

due

06/15/34

100,000

109,803

Mid-America

Apartments

3.600%

due

06/01/27

100,000

98,293

3.950%

due

03/15/29

25,000

24,378

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

1.640%

due

10/13/27

200,000

191,399

2.048%

due

07/17/30

200,000

174,136

3.677%

due

02/22/27

100,000

98,828

3.961%

due

03/02/28

50,000

49,333

4.050%

due

09/11/28

150,000

148,053

5.197%

due

01/16/31

200,000

203,152

5.258%

due

04/17/30

200,000

203,885

5.426%

due

04/17/35

200,000

202,476

5.475%

due

02/22/31

200,000

205,746

Mizuho

Financial

Group,

Inc.

(Japan)

2.201%

due

07/10/31

200,000

174,890

3.261%

due

05/22/30

200,000

188,411

5.098%

due

05/13/31

200,000

201,973

5.754%

due

05/27/34

250,000

258,805

5.778%

due

07/06/29

200,000

206,499

Morgan

Stanley

1.512%

due

07/20/27

100,000

96,148

1.593%

due

05/04/27

145,000

140,445

1.794%

due

02/13/32

65,000

54,482

2.239%

due

07/21/32

100,000

85,175

2.475%

due

01/21/28

170,000

163,996

2.484%

due

09/16/36

100,000

82,934

2.802%

due

01/25/52

400,000

247,906

2.943%

due

01/21/33

135,000

118,451

3.125%

due

07/27/26

70,000

68,806

3.217%

due

04/22/42

55,000

41,225

3.591%

due

07/22/28 §

100,000

97,528

3.622%

due

04/01/31

200,000

188,905

4.300%

due

01/27/45

100,000

84,231

Principal

Amount

Value

4.350%

due

09/08/26

90,000

89,658

4.431%

due

01/23/30

95,000

93,822

4.457%

due

04/22/39

150,000

137,783

4.654%

due

10/18/30

120,000

119,066

5.042%

due

07/19/30

45,000

45,385

5.123%

due

02/01/29

250,000

253,473

5.164%

due

04/20/29

155,000

157,130

5.173%

due

01/16/30

120,000

121,612

5.230%

due

01/15/31

100,000

101,648

5.250%

due

04/21/34

180,000

180,163

5.320%

due

07/19/35

65,000

65,033

5.449%

due

07/20/29

145,000

148,326

5.587%

due

01/18/36

95,000

97,057

5.597%

due

03/24/51

100,000

98,656

5.656%

due

04/18/30

165,000

170,145

5.942%

due

02/07/39

235,000

237,331

5.948%

due

01/19/38

300,000

303,370

6.342%

due

10/18/33

325,000

348,789

6.407%

due

11/01/29

145,000

153,069

7.250%

due

04/01/32

100,000

113,712

Morgan

Stanley

Bank

4.447%

due

10/15/27

250,000

249,747

5.504%

due

05/26/28

250,000

254,651

Nasdaq,

Inc.

1.650%

due

01/15/31

150,000

126,992

2.500%

due

12/21/40

150,000

102,578

National

Australia

Bank

Ltd.

(Australia)

4.787%

due

01/10/29

250,000

253,457

National

Bank

Canada

(Canada)

5.600%

due

07/02/27

250,000

253,094

NatWest

Group

PLC

(United

Kingdom)

3.032%

due

11/28/35

350,000

309,409

3.073%

due

05/22/28

200,000

193,570

NNN

REIT,

Inc.

4.300%

due

10/15/28

35,000

34,521

5.600%

due

10/15/33

125,000

126,789

Nomura

Holdings,

Inc.

(Japan)

1.653%

due

07/14/26

100,000

96,267

2.329%

due

01/22/27

300,000

288,045

Nordic

Investment

Bank

(Multi-National)

4.250%

due

02/28/29

200,000

201,584

Northern

Trust

Corp.

1.950%

due

05/01/30

75,000

66,144

3.375%

due

05/08/32

63,000

60,878

3.650%

due

08/03/28

50,000

48,950

4.000%

due

05/10/27

35,000

34,846

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

50,000

47,529

Oesterreichische

Kontrollbank

(Austria)

4.125%

due

01/18/29

50,000

50,144

4.250%

due

03/01/28

35,000

35,271

4.500%

due

01/24/30

85,000

86,581

4.750%

due

05/21/27

250,000

253,673

Old

Republic

International

Corp.

3.850%

due

06/11/51

55,000

39,207

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

50,000

49,898

ORIX

Corp.

(Japan)

3.700%

due

07/18/27

50,000

49,116

4.000%

due

04/13/32

100,000

93,970

Piedmont

Operating

Partnership

2.750%

due

04/01/32

35,000

28,286

251

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

PNC

Bank

4.050%

due

07/26/28

350,000

343,120

PNC

Financial

Services

Group,

Inc.

4.812%

due

10/21/32

65,000

64,320

5.068%

due

01/24/34

40,000

39,612

5.582%

due

06/12/29

120,000

123,415

5.676%

due

01/22/35

250,000

255,992

5.939%

due

08/18/34

200,000

208,310

Principal

Financial

Group,

Inc.

3.700%

due

05/15/29

25,000

24,200

4.625%

due

09/15/42

100,000

90,300

5.375%

due

03/15/33

30,000

30,538

Progressive

Corp.

2.500%

due

03/15/27

40,000

38,694

3.000%

due

03/15/32

50,000

44,732

3.700%

due

03/15/52

175,000

130,027

4.000%

due

03/01/29

25,000

24,654

4.125%

due

04/15/47

100,000

81,898

Prologis

1.250%

due

10/15/30

55,000

46,106

1.625%

due

03/15/31

100,000

83,713

1.750%

due

02/01/31

20,000

16,974

2.125%

due

04/15/27

25,000

23,921

2.125%

due

10/15/50

40,000

21,364

2.250%

due

04/15/30

30,000

26,806

2.250%

due

01/15/32

50,000

42,597

2.875%

due

11/15/29

40,000

37,194

3.000%

due

04/15/50

25,000

16,202

3.375%

due

12/15/27

60,000

58,493

4.375%

due

02/01/29

15,000

14,946

4.875%

due

06/15/28

200,000

202,269

Prudential

Financial,

Inc.

2.100%

due

03/10/30

15,000

13,433

3.000%

due

03/10/40

25,000

18,792

3.700%

due

10/01/50

175,000

158,123

3.700%

due

03/13/51

150,000

110,518

3.935%

due

12/07/49

132,000

100,695

4.350%

due

02/25/50

50,000

41,342

6.625%

due

06/21/40

50,000

56,059

Public

Storage

Operating

Co.

1.500%

due

11/09/26

50,000

47,835

2.300%

due

05/01/31

250,000

216,991

3.094%

due

09/15/27

30,000

29,107

Radian

Group,

Inc.

6.200%

due

05/15/29

30,000

30,958

Raymond

James

Financial,

Inc.

4.950%

due

07/15/46

100,000

90,608

Realty

Income

Corp.

1.800%

due

03/15/33

50,000

39,186

2.200%

due

06/15/28

35,000

32,571

2.850%

due

12/15/32

30,000

25,855

3.000%

due

01/15/27

50,000

48,753

3.400%

due

01/15/30

50,000

47,166

4.850%

due

03/15/30

65,000

65,250

4.875%

due

06/01/26

25,000

25,084

4.900%

due

07/15/33

200,000

196,367

5.375%

due

09/01/54

40,000

38,321

Regency

Centers

3.600%

due

02/01/27

30,000

29,525

3.700%

due

06/15/30

35,000

33,249

4.400%

due

02/01/47

35,000

29,225

Regions

Financial

Corp.

1.800%

due

08/12/28

300,000

272,920

Principal

Amount

Value

Reinsurance

Group

America,

Inc.

3.950%

due

09/15/26

60,000

59,562

6.000%

due

09/15/33

50,000

51,963

RenaissanceRe

Finance,

Inc.

(Bermuda)

3.450%

due

07/01/27

30,000

29,330

Royal

Bank

Canada

(Canada)

1.150%

due

07/14/26

50,000

48,088

2.050%

due

01/21/27

100,000

96,206

3.625%

due

05/04/27

150,000

147,879

4.900%

due

01/12/28

150,000

151,778

4.950%

due

02/01/29

200,000

202,668

4.965%

due

01/24/29

165,000

166,284

4.970%

due

05/02/31

200,000

201,041

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

70,000

67,114

4.400%

due

07/13/27

145,000

143,895

6.124%

due

05/31/27

125,000

126,604

6.565%

due

06/12/29

100,000

103,695

Santander

U.K.

Group

Holdings

PLC

(United

Kingdom)

2.896%

due

03/15/32

200,000

176,088

4.858%

due

09/11/30

200,000

198,168

Simon

Property

Group

2.450%

due

09/13/29

100,000

91,246

2.650%

due

07/15/30

100,000

90,514

3.250%

due

11/30/26

50,000

49,090

3.250%

due

09/13/49

100,000

67,404

3.375%

due

06/15/27

100,000

97,911

4.250%

due

11/30/46

50,000

41,163

Sixth

Street

Lending

Partners

5.750%

due

01/15/30

100,000

99,086

Store

Capital

LLC

4.500%

due

03/15/28

150,000

147,590

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

1.710%

due

01/12/31

200,000

168,690

1.902%

due

09/17/28

250,000

228,798

2.296%

due

01/12/41

200,000

135,060

3.010%

due

10/19/26

200,000

195,691

3.364%

due

07/12/27

150,000

146,895

5.766%

due

01/13/33

200,000

208,309

5.800%

due

07/13/28

250,000

259,264

Sun

Communities

Operating

2.300%

due

11/01/28

65,000

60,005

5.700%

due

01/15/33

100,000

102,094

Synchrony

Financial

3.700%

due

08/04/26

50,000

49,135

3.950%

due

12/01/27

100,000

97,531

5.935%

due

08/02/30

35,000

35,507

Synovus

Financial

Corp.

6.168%

due

11/01/30

35,000

35,457

Tanger

Properties

3.875%

due

07/15/27

50,000

49,097

Toronto-Dominion

Bank

(Canada)

1.200%

due

06/03/26

100,000

96,381

4.568%

due

12/17/26

100,000

100,177

4.693%

due

09/15/27

200,000

201,338

4.980%

due

04/05/27

100,000

101,068

4.994%

due

04/05/29

100,000

101,278

5.146%

due

09/10/34

185,000

183,681

Travelers

Cos.,

Inc.

3.050%

due

06/08/51

50,000

32,953

5.450%

due

05/25/53

100,000

98,304

252

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.250%

due

06/15/37

125,000

135,817

Travelers

Property

Casualty

Corp.

6.375%

due

03/15/33

100,000

110,638

Truist

Financial

Corp.

1.125%

due

08/03/27

100,000

92,745

1.887%

due

06/07/29

125,000

114,546

1.950%

due

06/05/30

135,000

117,458

4.873%

due

01/26/29

40,000

40,238

4.916%

due

07/28/33

100,000

95,492

5.435%

due

01/24/30

110,000

112,300

5.867%

due

06/08/34

200,000

205,826

7.161%

due

10/30/29

55,000

59,236

U.S.

Bancorp

1.375%

due

07/22/30

150,000

126,725

2.491%

due

11/03/36

200,000

166,191

4.548%

due

07/22/28

100,000

100,029

4.839%

due

02/01/34

200,000

194,404

5.046%

due

02/12/31

60,000

60,507

5.775%

due

06/12/29

250,000

257,872

5.850%

due

10/21/33

30,000

31,103

UBS

(Switzerland)

5.000%

due

07/09/27

300,000

303,497

UDR,

Inc.

2.100%

due

06/15/33

100,000

79,204

3.100%

due

11/01/34

50,000

41,524

3.200%

due

01/15/30

50,000

46,653

4.400%

due

01/26/29

25,000

24,782

Unum

Group

4.000%

due

06/15/29

70,000

68,011

4.125%

due

06/15/51

100,000

75,147

Ventas

Realty

3.000%

due

01/15/30

50,000

45,943

3.250%

due

10/15/26

100,000

98,077

4.000%

due

03/01/28

50,000

49,167

5.000%

due

01/15/35

150,000

145,163

VICI

Properties

5.125%

due

11/15/31

215,000

212,208

Visa,

Inc.

1.100%

due

02/15/31

200,000

167,072

1.900%

due

04/15/27

250,000

239,257

3.650%

due

09/15/47

25,000

19,493

4.150%

due

12/14/35

30,000

28,387

4.300%

due

12/14/45

100,000

87,257

Voya

Financial,

Inc.

3.650%

due

06/15/26

50,000

49,441

4.800%

due

06/15/46

30,000

26,021

5.000%

due

09/20/34

30,000

28,899

W.R.

Berkley

Corp.

4.000%

due

05/12/50

115,000

88,901

Wachovia

Corp.

5.500%

due

08/01/35

200,000

200,756

Wells

Fargo

Co.

3.000%

due

04/22/26

150,000

147,752

3.000%

due

10/23/26

150,000

146,726

3.068%

due

04/30/41

500,000

372,914

3.196%

due

06/17/27

260,000

255,858

4.150%

due

01/24/29

200,000

197,247

4.478%

due

04/04/31

200,000

196,651

4.808%

due

07/25/28

65,000

65,219

4.897%

due

07/25/33

65,000

64,084

4.900%

due

01/24/28

105,000

105,610

5.013%

due

04/04/51

250,000

225,205

5.198%

due

01/23/30

140,000

142,377

Principal

Amount

Value

5.211%

due

12/03/35

55,000

54,641

5.244%

due

01/24/31

85,000

86,443

5.499%

due

01/23/35

140,000

141,953

5.557%

due

07/25/34

160,000

162,866

5.574%

due

07/25/29

365,000

374,997

5.606%

due

01/15/44

100,000

95,834

5.707%

due

04/22/28

350,000

357,687

6.491%

due

10/23/34

180,000

194,246

Wells

Fargo

Bank

5.450%

due

08/07/26

250,000

253,474

6.600%

due

01/15/38

100,000

109,978

Welltower

LLC

2.050%

due

01/15/29

60,000

54,555

2.750%

due

01/15/32

50,000

43,608

2.800%

due

06/01/31

100,000

88,947

4.125%

due

03/15/29

100,000

98,010

Westpac

Banking

Corp.

(Australia)

1.953%

due

11/20/28

100,000

91,978

2.150%

due

06/03/31

100,000

87,190

2.700%

due

08/19/26

150,000

146,923

3.400%

due

01/25/28

100,000

97,802

4.043%

due

08/26/27

100,000

99,814

4.110%

due

07/24/34

65,000

62,133

4.421%

due

07/24/39

45,000

40,593

5.457%

due

11/18/27

100,000

103,018

5.535%

due

11/17/28

250,000

259,892

Weyerhaeuser

Co.

4.000%

due

11/15/29

100,000

97,145

7.375%

due

03/15/32

100,000

112,362

Willis

North

America,

Inc.

2.950%

due

09/15/29

75,000

69,281

3.875%

due

09/15/49

35,000

25,726

4.650%

due

06/15/27

100,000

100,090

5.900%

due

03/05/54

50,000

49,322

Group

Ltd.

(Bermuda)

5.250%

due

12/15/43

50,000

47,700

98,768,075

Industrial

1.9%

Co.

2.875%

due

10/15/27

100,000

96,292

3.250%

due

08/26/49

200,000

137,688

4.000%

due

09/14/48

250,000

198,876

Allegion

U.S.

Holding

Co.,

Inc.

3.550%

due

10/01/27

50,000

48,662

5.600%

due

05/29/34

100,000

101,261

Amcor

Finance

USA,

Inc.

5.625%

due

05/26/33

65,000

66,705

Amcor

Flexibles

North

America,

Inc.

2.690%

due

05/25/31

65,000

57,237

5.100%

due

03/17/30 ~

55,000

55,469

Amphenol

Corp.

2.200%

due

09/15/31

60,000

51,508

4.350%

due

06/01/29

50,000

49,700

Arrow

Electronics,

Inc.

3.875%

due

01/12/28

25,000

24,395

5.150%

due

08/21/29

65,000

65,349

5.875%

due

04/10/34

65,000

65,833

Avnet,

Inc.

4.625%

due

04/15/26

25,000

24,969

6.250%

due

03/15/28

100,000

103,487

Boeing

Co.

2.950%

due

02/01/30

100,000

91,137

3.200%

due

03/01/29

200,000

187,864

253

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.250%

due

02/01/28

50,000

47,963

3.250%

due

03/01/28

25,000

23,866

3.550%

due

03/01/38

15,000

11,751

3.625%

due

02/01/31

30,000

27,832

3.625%

due

03/01/48

10,000

6,869

3.750%

due

02/01/50

100,000

70,160

3.825%

due

03/01/59

50,000

33,122

3.850%

due

11/01/48

35,000

24,770

5.150%

due

05/01/30

150,000

151,011

5.705%

due

05/01/40

200,000

194,538

5.805%

due

05/01/50

400,000

381,179

5.875%

due

02/15/40

50,000

49,540

5.930%

due

05/01/60

150,000

141,253

6.528%

due

05/01/34

65,000

69,684

7.008%

due

05/01/64

100,000

108,457

Burlington

Northern

Santa

LLC

3.050%

due

02/15/51

200,000

133,078

3.550%

due

02/15/50

150,000

110,210

4.125%

due

06/15/47

50,000

41,032

4.450%

due

01/15/53

300,000

254,228

4.700%

due

09/01/45

50,000

45,037

5.200%

due

04/15/54

60,000

57,169

5.750%

due

05/01/40

100,000

104,112

Canadian

National

Railway

Co.

(Canada)

3.850%

due

08/05/32

100,000

93,429

4.375%

due

09/18/34

90,000

85,480

6.200%

due

06/01/36

50,000

54,244

Canadian

Pacific

Railway

Co.

(Canada)

2.450%

due

12/02/31

200,000

172,556

3.100%

due

12/02/51

200,000

130,330

4.000%

due

06/01/28

35,000

34,419

4.800%

due

09/15/35

20,000

19,389

4.950%

due

08/15/45

100,000

92,625

6.125%

due

09/15/15

30,000

30,449

Carlisle

Cos.,

Inc.

2.200%

due

03/01/32

100,000

83,322

3.750%

due

12/01/27

50,000

48,913

Carrier

Global

Corp.

2.493%

due

02/15/27

35,000

33,812

2.722%

due

02/15/30

50,000

45,748

3.377%

due

04/05/40

15,000

11,809

3.577%

due

04/05/50

150,000

109,336

5.900%

due

03/15/34

65,000

68,407

Caterpillar

Financial

Services

Corp.

4.400%

due

03/03/28

250,000

250,721

4.850%

due

02/27/29

200,000

203,244

Caterpillar,

Inc.

3.250%

due

09/19/49

100,000

70,338

3.803%

due

08/15/42

100,000

82,433

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

100,000

96,203

CNH

Industrial

3.850%

due

11/15/27

35,000

34,397

CRH

America

Finance,

Inc.

5.500%

due

01/09/35

250,000

253,303

CSX

Corp.

3.250%

due

06/01/27

250,000

244,422

4.100%

due

11/15/32

100,000

95,558

4.500%

due

03/15/49

65,000

55,888

4.650%

due

03/01/68

45,000

37,455

5.050%

due

06/15/35

200,000

199,269

5.500%

due

04/15/41

75,000

75,072

Principal

Amount

Value

Deere

Co.

2.875%

due

09/07/49

15,000

9,970

3.900%

due

06/09/42

100,000

84,612

5.450%

due

01/16/35

100,000

103,594

Dover

Corp.

5.375%

due

03/01/41

50,000

48,955

Eagle

Materials,

Inc.

2.500%

due

07/01/31

50,000

43,690

Eaton

Corp.

4.000%

due

11/02/32

100,000

94,936

4.150%

due

03/15/33

55,000

52,545

Emerson

Electric

Co.

0.875%

due

10/15/26

35,000

33,285

2.200%

due

12/21/31

100,000

86,296

5.000%

due

03/15/35

165,000

166,184

FedEx

Corp.

3.100%

due

08/05/29 ~

50,000

46,847

4.400%

due

01/15/47 ~

50,000

39,463

4.750%

due

11/15/45 ~

50,000

41,801

5.250%

due

05/15/50 ~

350,000

313,009

Flex

Ltd.

4.875%

due

06/15/29

25,000

24,874

Fortive

Corp.

4.300%

due

06/15/46

125,000

102,243

Fortune

Brands

Innovations,

Inc.

5.875%

due

06/01/33

125,000

129,932

GATX

Corp.

4.550%

due

11/07/28

25,000

25,004

5.450%

due

09/15/33

100,000

101,133

6.050%

due

03/15/34

75,000

78,818

Capital

International

Funding

Co.

Unlimited

Co.

4.418%

due

11/15/35

350,000

331,965

General

Dynamics

Corp.

2.250%

due

06/01/31

5,000

4,378

2.850%

due

06/01/41

10,000

7,228

3.750%

due

05/15/28

180,000

176,995

4.250%

due

04/01/50

200,000

166,110

Hexcel

Corp.

5.875%

due

02/26/35

55,000

56,067

Honeywell

International,

Inc.

2.500%

due

11/01/26

100,000

97,281

2.700%

due

08/15/29

60,000

55,971

4.500%

due

01/15/34

350,000

338,420

4.875%

due

09/01/29

100,000

101,897

5.000%

due

03/01/35

100,000

99,663

Howmet

Aerospace,

Inc.

4.850%

due

10/15/31

50,000

49,879

Huntington

Ingalls

Industries,

Inc.

2.043%

due

08/16/28

50,000

45,678

IDEX

Corp.

2.625%

due

06/15/31

100,000

87,256

3.000%

due

05/01/30

15,000

13,695

Illinois

Tool

Works,

Inc.

4.875%

due

09/15/41

100,000

95,249

Ingersoll

Rand,

Inc.

5.450%

due

06/15/34

105,000

106,609

Jabil,

Inc.

1.700%

due

04/15/26

65,000

63,141

3.950%

due

01/12/28

55,000

53,850

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

200,000

208,735

254

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

John

Deere

Capital

Corp.

1.750%

due

03/09/27

50,000

47,768

2.000%

due

06/17/31

100,000

86,300

2.350%

due

03/08/27

50,000

48,285

2.650%

due

06/10/26

100,000

98,250

2.800%

due

09/08/27

50,000

48,397

3.900%

due

06/07/32

20,000

18,988

4.150%

due

09/15/27

100,000

99,854

4.400%

due

09/08/31

100,000

99,046

4.850%

due

03/05/27

100,000

101,250

4.950%

due

07/14/28

210,000

214,299

5.150%

due

09/08/26

100,000

101,379

Johnson

Controls

International

PLC

4.500%

due

02/15/47

40,000

33,777

Johnson

Controls

International

PLC/Tyco

Fire

Security

Finance

SCA

1.750%

due

09/15/30

15,000

12,933

4.900%

due

12/01/32

140,000

138,744

Kennametal,

Inc.

4.625%

due

06/15/28

50,000

49,892

Keysight

Technologies,

Inc.

4.950%

due

10/15/34

65,000

63,681

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

30,000

27,675

3.850%

due

12/15/26

25,000

24,707

4.400%

due

06/15/28

100,000

99,300

5.400%

due

07/31/33

250,000

253,270

Lennox

International,

Inc.

5.500%

due

09/15/28

100,000

102,645

Lockheed

Martin

Corp.

3.600%

due

03/01/35

25,000

22,338

3.800%

due

03/01/45

20,000

15,878

3.900%

due

06/15/32

45,000

42,546

4.150%

due

06/15/53

385,000

308,166

4.450%

due

05/15/28

70,000

70,340

4.500%

due

05/15/36

20,000

19,123

4.700%

due

05/15/46

44,000

39,461

6.150%

due

09/01/36

100,000

109,495

Martin

Marietta

Materials,

Inc.

2.500%

due

03/15/30

65,000

58,514

3.450%

due

06/01/27

21,000

20,525

Masco

Corp.

2.000%

due

02/15/31

100,000

85,020

3.500%

due

11/15/27

100,000

97,462

Mohawk

Industries,

Inc.

3.625%

due

05/15/30

50,000

46,915

Norfolk

Southern

Corp.

2.300%

due

05/15/31

250,000

218,520

3.155%

due

05/15/55

20,000

12,826

3.800%

due

08/01/28

30,000

29,421

3.942%

due

11/01/47

63,000

49,295

4.550%

due

06/01/53

145,000

123,028

4.650%

due

01/15/46

50,000

43,788

4.837%

due

10/01/41

50,000

46,110

5.050%

due

08/01/30

70,000

71,494

Northrop

Grumman

Corp.

3.250%

due

01/15/28

100,000

96,835

3.850%

due

04/15/45

100,000

79,245

4.700%

due

03/15/33

210,000

207,283

nVent

Finance

SARL

(United

Kingdom)

2.750%

due

11/15/31

50,000

43,002

Oshkosh

Corp.

3.100%

due

03/01/30

15,000

13,823

Principal

Amount

Value

Otis

Worldwide

Corp.

2.293%

due

04/05/27

20,000

19,180

3.112%

due

02/15/40

50,000

38,052

3.362%

due

02/15/50

30,000

20,752

5.250%

due

08/16/28

135,000

138,013

Owens

Corning

3.875%

due

06/01/30

150,000

143,233

5.700%

due

06/15/34

45,000

46,275

Packaging

Corp.

America

3.400%

due

12/15/27

35,000

34,015

Parker-Hannifin

Corp.

4.000%

due

06/14/49

20,000

15,906

6.250%

due

05/15/38

100,000

109,986

Precision

Castparts

Corp.

4.375%

due

06/15/45

50,000

43,615

Republic

Services,

Inc.

3.375%

due

11/15/27

120,000

117,136

3.950%

due

05/15/28

100,000

98,667

5.000%

due

11/15/29

100,000

101,592

5.200%

due

11/15/34

100,000

101,113

RTX

Corp.

2.250%

due

07/01/30

100,000

88,875

3.125%

due

07/01/50

100,000

66,072

3.750%

due

11/01/46

50,000

38,183

4.125%

due

11/16/28

60,000

59,177

4.350%

due

04/15/47

200,000

166,499

4.450%

due

11/16/38

20,000

18,260

4.500%

due

06/01/42

300,000

264,031

4.625%

due

11/16/48

35,000

30,110

5.375%

due

02/27/53

100,000

95,527

Ryder

System,

Inc.

1.750%

due

09/01/26

65,000

62,416

4.300%

due

06/15/27

75,000

74,521

5.250%

due

06/01/28

200,000

203,566

Snap-on,

Inc.

3.100%

due

05/01/50

35,000

23,559

Sonoco

Products

Co.

4.600%

due

09/01/29

125,000

123,252

Stanley

Black

Decker,

Inc.

2.750%

due

11/15/50

50,000

28,733

4.250%

due

11/15/28

100,000

99,133

SYNNEX

Corp.

6.100%

due

04/12/34

50,000

51,459

Teledyne

Technologies,

Inc.

2.750%

due

04/01/31

200,000

178,312

Textron,

Inc.

3.650%

due

03/15/27

100,000

98,180

Trane

Technologies

Financing

Ltd.

3.800%

due

03/21/29

100,000

97,441

5.250%

due

03/03/33

45,000

45,852

Trimble,

Inc.

4.900%

due

06/15/28

50,000

50,146

Tyco

Electronics

Group

(Switzerland)

2.500%

due

02/04/32

45,000

38,822

Union

Pacific

Corp.

2.375%

due

05/20/31

40,000

35,396

2.891%

due

04/06/36

125,000

102,281

2.973%

due

09/16/62

25,000

14,611

3.000%

due

04/15/27

100,000

97,530

3.200%

due

05/20/41

370,000

281,702

3.350%

due

08/15/46

50,000

36,426

3.550%

due

05/20/61

100,000

68,107

3.600%

due

09/15/37

20,000

17,195

255

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

3.799%

due

04/06/71

30,000

20,747

4.950%

due

05/15/53

200,000

184,244

United

Parcel

Service,

Inc.

3.400%

due

11/15/46

200,000

145,732

4.875%

due

03/03/33

260,000

260,991

6.200%

due

01/15/38

50,000

54,194

Vulcan

Materials

Co.

4.500%

due

06/15/47

100,000

84,638

5.350%

due

12/01/34

200,000

201,909

Waste

Connections,

Inc.

3.500%

due

05/01/29

100,000

96,317

4.200%

due

01/15/33

70,000

66,547

Waste

Management,

Inc.

2.950%

due

06/01/41

35,000

26,080

3.150%

due

11/15/27

100,000

97,250

4.625%

due

02/15/33

200,000

198,247

4.950%

due

03/15/35

65,000

64,711

5.350%

due

10/15/54

50,000

48,837

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

100,000

100,183

WRKCo,

Inc.

4.000%

due

03/15/28

100,000

98,082

4.200%

due

06/01/32

50,000

47,425

Xylem,

Inc.

3.250%

due

11/01/26

30,000

29,469

4.375%

due

11/01/46

25,000

20,902

19,383,429

Technology

1.7%

Adobe,

Inc.

4.800%

due

04/04/29

100,000

101,646

4.850%

due

04/04/27

45,000

45,618

4.950%

due

01/17/30

100,000

102,413

4.950%

due

04/04/34

100,000

100,833

Analog

Devices,

Inc.

2.100%

due

10/01/31

60,000

51,582

2.800%

due

10/01/41

50,000

36,220

2.950%

due

10/01/51

55,000

35,805

3.450%

due

06/15/27

100,000

98,267

3.500%

due

12/05/26

100,000

98,751

Apple,

Inc.

1.400%

due

08/05/28

100,000

91,521

1.650%

due

05/11/30

160,000

140,640

1.650%

due

02/08/31

200,000

172,840

1.700%

due

08/05/31

100,000

85,580

2.050%

due

09/11/26

100,000

97,160

2.200%

due

09/11/29

100,000

91,927

2.650%

due

05/11/50

100,000

63,048

2.650%

due

02/08/51

150,000

93,989

2.700%

due

08/05/51

100,000

63,087

2.850%

due

08/05/61

100,000

60,897

2.950%

due

09/11/49

65,000

43,998

3.000%

due

11/13/27

100,000

97,373

3.350%

due

02/09/27

200,000

197,454

3.750%

due

09/12/47

75,000

59,664

3.750%

due

11/13/47

50,000

39,662

3.850%

due

08/04/46

35,000

28,530

3.950%

due

08/08/52

500,000

402,873

4.250%

due

02/09/47

100,000

86,964

4.300%

due

05/10/33

250,000

248,363

4.500%

due

02/23/36

50,000

49,730

Applied

Materials,

Inc.

1.750%

due

06/01/30

30,000

26,215

4.350%

due

04/01/47

45,000

38,666

Principal

Amount

Value

4.800%

due

06/15/29

65,000

66,069

5.100%

due

10/01/35

35,000

35,712

Autodesk,

Inc.

2.400%

due

12/15/31

80,000

68,557

2.850%

due

01/15/30

55,000

50,571

Broadcom,

Inc.

2.450%

due

02/15/31 ~

200,000

176,018

3.419%

due

04/15/33 ~

250,000

222,674

3.459%

due

09/15/26

26,000

25,643

3.500%

due

02/15/41 ~

315,000

246,814

3.750%

due

02/15/51 ~

140,000

104,816

4.110%

due

09/15/28

211,000

208,061

4.150%

due

04/15/32 ~

40,000

37,955

4.300%

due

11/15/32

200,000

190,978

4.350%

due

02/15/30

50,000

49,283

4.750%

due

04/15/29

150,000

150,638

4.800%

due

10/15/34

80,000

78,124

5.000%

due

04/15/30

200,000

202,593

5.050%

due

07/12/29

90,000

91,273

Broadridge

Financial

Solutions,

Inc.

3.400%

due

06/27/26

50,000

49,320

CDW

LLC/CDW

Finance

Corp.

3.569%

due

12/01/31

250,000

226,135

CGI,

Inc.

(Canada)

4.950%

due

03/14/30 ~

100,000

100,038

Dell

International

LLC/EMC

Corp.

due

04/01/35 #

100,000

100,084

3.375%

due

12/15/41

500,000

369,633

4.900%

due

10/01/26

100,000

100,412

5.300%

due

10/01/29

100,000

101,853

8.100%

due

07/15/36

27,000

32,239

8.350%

due

07/15/46

13,000

16,351

Electronic

Arts,

Inc.

1.850%

due

02/15/31

30,000

25,515

2.950%

due

02/15/51

20,000

12,696

Fidelity

National

Information

Services,

Inc.

1.650%

due

03/01/28

20,000

18,423

3.100%

due

03/01/41

10,000

7,317

Fiserv,

Inc.

2.250%

due

06/01/27

100,000

95,403

2.650%

due

06/01/30

100,000

90,062

3.200%

due

07/01/26

25,000

24,605

3.500%

due

07/01/29

245,000

233,056

4.400%

due

07/01/49

40,000

32,995

5.450%

due

03/15/34

100,000

101,427

5.625%

due

08/21/33

100,000

103,001

Genpact

Luxembourg

SARL/Genpact

USA,

Inc.

6.000%

due

06/04/29

50,000

51,813

Hewlett

Packard

Enterprise

Co.

4.400%

due

09/25/27

45,000

44,873

5.000%

due

10/15/34

70,000

68,223

6.200%

due

10/15/35

50,000

52,943

6.350%

due

10/15/45

50,000

51,372

HP,

Inc.

2.650%

due

06/17/31

100,000

87,080

4.000%

due

04/15/29

100,000

97,029

4.200%

due

04/15/32

100,000

94,473

4.750%

due

01/15/28

100,000

100,690

6.000%

due

09/15/41

55,000

55,398

Intel

Corp.

1.600%

due

08/12/28

25,000

22,577

2.000%

due

08/12/31

50,000

41,792

256

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

2.450%

due

11/15/29

150,000

134,551

2.600%

due

05/19/26

100,000

97,836

2.800%

due

08/12/41

40,000

26,556

3.050%

due

08/12/51

20,000

11,770

3.200%

due

08/12/61

25,000

14,157

3.250%

due

11/15/49

250,000

157,016

4.150%

due

08/05/32

100,000

92,759

4.875%

due

02/10/28

75,000

75,409

4.900%

due

08/05/52

100,000

82,024

5.200%

due

02/10/33

315,000

311,120

5.625%

due

02/10/43

50,000

47,237

5.700%

due

02/10/53

35,000

32,196

5.900%

due

02/10/63

250,000

234,536

International

Business

Machines

Corp.

2.850%

due

05/15/40

100,000

73,118

3.500%

due

05/15/29

170,000

163,336

4.150%

due

05/15/39

100,000

88,082

5.100%

due

02/06/53

200,000

183,763

5.200%

due

02/10/35

250,000

250,625

5.600%

due

11/30/39

26,000

26,537

Intuit,

Inc.

1.650%

due

07/15/30

15,000

13,001

5.200%

due

09/15/33

150,000

153,223

KLA

Corp.

4.650%

due

07/15/32

60,000

59,603

4.950%

due

07/15/52

100,000

91,689

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

70,000

72,622

Lam

Research

Corp.

4.000%

due

03/15/29

55,000

54,185

4.875%

due

03/15/49

25,000

22,819

Leidos,

Inc.

2.300%

due

02/15/31

55,000

47,313

5.500%

due

03/15/35

65,000

64,833

5.750%

due

03/15/33

45,000

46,165

Microchip

Technology,

Inc.

5.050%

due

02/15/30

150,000

149,832

Micron

Technology,

Inc.

2.703%

due

04/15/32

20,000

17,089

3.366%

due

11/01/41

15,000

11,090

3.477%

due

11/01/51

25,000

17,013

5.875%

due

09/15/33

100,000

104,060

6.750%

due

11/01/29

250,000

268,299

Microsoft

Corp.

1.350%

due

09/15/30

35,000

30,251

2.400%

due

08/08/26

250,000

244,550

2.500%

due

09/15/50

100,000

62,183

2.675%

due

06/01/60

166,000

99,287

2.921%

due

03/17/52

278,000

186,606

3.300%

due

02/06/27

300,000

296,246

3.400%

due

09/15/26

50,000

49,526

3.450%

due

08/08/36

72,000

64,298

3.700%

due

08/08/46

200,000

162,815

NetApp,

Inc.

5.700%

due

03/17/35

100,000

99,890

NVIDIA

Corp.

2.000%

due

06/15/31

100,000

87,235

3.500%

due

04/01/50

200,000

151,911

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.

(China)

2.500%

due

05/11/31

100,000

86,652

3.250%

due

05/11/41

60,000

44,023

4.300%

due

06/18/29

150,000

147,029

Principal

Amount

Value

4.400%

due

06/01/27

40,000

39,899

5.000%

due

01/15/33

50,000

49,249

Oracle

Corp.

2.300%

due

03/25/28

70,000

65,763

2.875%

due

03/25/31

75,000

67,168

3.250%

due

11/15/27

350,000

339,355

3.650%

due

03/25/41

80,000

62,117

3.850%

due

07/15/36

50,000

43,359

3.900%

due

05/15/35

105,000

93,508

3.950%

due

03/25/51

120,000

88,205

4.000%

due

07/15/46

250,000

191,329

4.100%

due

03/25/61

95,000

67,957

4.300%

due

07/08/34

100,000

93,047

4.375%

due

05/15/55

200,000

156,005

4.800%

due

08/03/28

125,000

126,046

5.375%

due

09/27/54

200,000

182,516

5.500%

due

08/03/35

130,000

131,091

5.550%

due

02/06/53

500,000

467,709

6.125%

due

07/08/39

100,000

104,343

6.250%

due

11/09/32

200,000

213,374

6.500%

due

04/15/38

100,000

108,000

QUALCOMM,

Inc.

3.250%

due

05/20/27

50,000

49,059

4.250%

due

05/20/32

20,000

19,513

4.300%

due

05/20/47

30,000

25,287

4.500%

due

05/20/52

45,000

38,450

4.800%

due

05/20/45

150,000

137,512

Roper

Technologies,

Inc.

1.750%

due

02/15/31

200,000

168,165

3.800%

due

12/15/26

30,000

29,657

4.200%

due

09/15/28

95,000

93,935

Salesforce,

Inc.

1.500%

due

07/15/28

65,000

59,536

1.950%

due

07/15/31

80,000

68,917

2.700%

due

07/15/41

60,000

42,844

2.900%

due

07/15/51

100,000

64,591

3.050%

due

07/15/61

50,000

30,875

ServiceNow,

Inc.

1.400%

due

09/01/30

65,000

54,876

Texas

Instruments,

Inc.

4.150%

due

05/15/48

100,000

82,923

4.900%

due

03/14/33

60,000

60,749

5.050%

due

05/18/63

200,000

183,484

TSMC

Arizona

Corp.

(Taiwan)

3.125%

due

10/25/41

200,000

156,704

3.875%

due

04/22/27

200,000

198,004

VMware

LLC

1.400%

due

08/15/26

200,000

191,581

3.900%

due

08/21/27

30,000

29,483

Western

Digital

Corp.

2.850%

due

02/01/29

30,000

27,116

3.100%

due

02/01/32

55,000

46,207

17,223,397

Utilities

2.3%

AEP

Texas,

Inc.

3.450%

due

05/15/51

35,000

23,670

4.700%

due

05/15/32

100,000

97,397

5.400%

due

06/01/33

145,000

145,956

AEP

Transmission

Co.

LLC

4.250%

due

09/15/48

35,000

28,645

AES

Corp.

2.450%

due

01/15/31

100,000

85,524

5.800%

due

03/15/32

100,000

101,092

257

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Alabama

Power

Co.

3.125%

due

07/15/51

100,000

66,072

4.150%

due

08/15/44

90,000

74,767

4.300%

due

07/15/48

15,000

12,422

Ameren

Illinois

Co.

3.800%

due

05/15/28

50,000

49,215

3.850%

due

09/01/32

50,000

46,800

4.150%

due

03/15/46

50,000

41,399

5.550%

due

07/01/54

100,000

99,009

American

Electric

Power

Co.,

Inc.

5.950%

due

11/01/32

100,000

104,981

American

Water

Capital

Corp.

2.300%

due

06/01/31

50,000

43,287

2.950%

due

09/01/27

35,000

33,827

3.250%

due

06/01/51

50,000

33,602

3.450%

due

06/01/29

100,000

95,863

3.750%

due

09/01/47

50,000

37,862

4.300%

due

12/01/42

100,000

86,361

4.450%

due

06/01/32

75,000

72,728

Appalachian

Power

Co.

3.700%

due

05/01/50

150,000

106,645

7.000%

due

04/01/38

150,000

166,592

Arizona

Public

Service

Co.

2.200%

due

12/15/31

65,000

54,714

2.950%

due

09/15/27

50,000

48,135

4.500%

due

04/01/42

100,000

85,786

5.700%

due

08/15/34

55,000

56,106

Atmos

Energy

Corp.

2.625%

due

09/15/29

150,000

138,708

3.000%

due

06/15/27

30,000

29,162

4.150%

due

01/15/43

64,000

54,073

4.300%

due

10/01/48

50,000

41,467

5.000%

due

12/15/54

35,000

31,675

Baltimore

Gas

Electric

Co.

2.900%

due

06/15/50

30,000

18,781

3.200%

due

09/15/49

70,000

46,745

3.750%

due

08/15/47

50,000

38,009

Berkshire

Hathaway

Energy

Co.

3.250%

due

04/15/28

30,000

29,068

3.800%

due

07/15/48

25,000

18,934

4.250%

due

10/15/50

200,000

159,380

4.450%

due

01/15/49

50,000

41,582

6.125%

due

04/01/36

99,000

105,472

Black

Hills

Corp.

3.150%

due

01/15/27

50,000

48,675

4.350%

due

05/01/33

30,000

28,090

5.950%

due

03/15/28

100,000

103,647

CenterPoint

Energy

Houston

Electric

LLC

2.350%

due

04/01/31

55,000

48,100

2.400%

due

09/01/26

50,000

48,677

3.000%

due

02/01/27

50,000

48,856

3.350%

due

04/01/51

85,000

59,387

5.050%

due

03/01/35

50,000

49,663

CenterPoint

Energy

Resources

Corp.

4.000%

due

04/01/28

100,000

98,334

5.250%

due

03/01/28

200,000

203,917

5.400%

due

07/01/34

50,000

50,532

Commonwealth

Edison

Co.

3.150%

due

03/15/32

35,000

31,240

3.700%

due

08/15/28

20,000

19,606

3.750%

due

08/15/47

50,000

37,793

3.800%

due

10/01/42

100,000

79,634

4.900%

due

02/01/33

45,000

44,729

Principal

Amount

Value

5.300%

due

06/01/34

55,000

55,920

5.650%

due

06/01/54

65,000

64,424

Connecticut

Light

Power

Co.

4.150%

due

06/01/45

25,000

20,664

4.900%

due

07/01/33

100,000

99,015

4.950%

due

01/15/30

250,000

253,583

4.950%

due

08/15/34

65,000

64,466

Consolidated

Edison

Co.

New

York,

Inc.

2.400%

due

06/15/31

50,000

44,018

3.600%

due

06/15/61

50,000

33,998

3.950%

due

03/01/43

100,000

80,904

4.000%

due

12/01/28

100,000

98,757

4.125%

due

05/15/49

50,000

39,503

4.300%

due

12/01/56

50,000

39,579

4.500%

due

12/01/45

100,000

86,109

5.375%

due

05/15/34

80,000

81,843

5.700%

due

05/15/54

100,000

99,769

6.150%

due

11/15/52

70,000

73,754

Constellation

Energy

Generation

LLC

5.600%

due

03/01/28

155,000

159,240

6.500%

due

10/01/53

55,000

57,727

Consumers

Energy

Co.

3.250%

due

08/15/46

50,000

36,358

3.600%

due

08/15/32

65,000

60,017

3.800%

due

11/15/28

100,000

97,939

4.350%

due

04/15/49

100,000

84,788

4.600%

due

05/30/29

85,000

85,197

Dominion

Energy

South

Carolina,

Inc.

4.600%

due

06/15/43

100,000

89,004

5.300%

due

05/15/33

50,000

50,968

5.450%

due

02/01/41

50,000

49,406

Dominion

Energy,

Inc.

1.450%

due

04/15/26

40,000

38,732

2.250%

due

08/15/31

45,000

38,313

2.850%

due

08/15/26

30,000

29,323

3.300%

due

04/15/41

30,000

22,123

4.250%

due

06/01/28

50,000

49,659

4.700%

due

12/01/44

100,000

85,834

DTE

Electric

Co.

2.250%

due

03/01/30

50,000

44,854

2.950%

due

03/01/50

50,000

32,654

3.000%

due

03/01/32

150,000

133,979

3.650%

due

03/01/52

55,000

40,653

DTE

Energy

Co.

5.850%

due

06/01/34

200,000

206,880

Duke

Energy

Carolinas

LLC

3.750%

due

06/01/45

200,000

154,938

5.350%

due

01/15/53

100,000

95,599

6.050%

due

04/15/38

110,000

117,491

6.100%

due

06/01/37

25,000

26,382

Duke

Energy

Corp.

2.450%

due

06/01/30

160,000

142,728

2.550%

due

06/15/31

100,000

87,370

3.150%

due

08/15/27

50,000

48,509

3.300%

due

06/15/41

100,000

74,108

3.500%

due

06/15/51

100,000

68,132

3.950%

due

08/15/47

50,000

37,602

4.200%

due

06/15/49

65,000

50,127

4.500%

due

08/15/32

180,000

173,702

5.450%

due

06/15/34

90,000

91,274

Duke

Energy

Florida

LLC

2.500%

due

12/01/29

50,000

45,769

5.950%

due

11/15/52

40,000

40,870

258

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Duke

Energy

Indiana

LLC

2.750%

due

04/01/50

60,000

36,633

3.250%

due

10/01/49

50,000

33,920

3.750%

due

05/15/46

50,000

38,029

4.900%

due

07/15/43

100,000

91,607

5.250%

due

03/01/34

40,000

40,426

Duke

Energy

Ohio,

Inc.

2.125%

due

06/01/30

35,000

30,998

5.550%

due

03/15/54

155,000

150,267

Duke

Energy

Progress

LLC

3.700%

due

09/01/28

100,000

97,849

5.100%

due

03/15/34

100,000

100,760

Edison

International

5.250%

due

03/15/32

90,000

86,133

5.750%

due

06/15/27

10,000

10,101

Paso

Electric

Co.

5.000%

due

12/01/44

50,000

43,993

Emera

U.S.

Finance

(Canada)

3.550%

due

06/15/26

35,000

34,506

4.750%

due

06/15/46

200,000

165,048

Enel

Chile

(Chile)

4.875%

due

06/12/28

50,000

49,836

Entergy

Arkansas

LLC

3.500%

due

04/01/26

50,000

49,602

4.200%

due

04/01/49

50,000

40,199

Entergy

Corp.

2.800%

due

06/15/30

100,000

90,561

2.950%

due

09/01/26

30,000

29,334

Entergy

Louisiana

LLC

2.350%

due

06/15/32

100,000

84,207

3.100%

due

06/15/41

400,000

292,107

3.250%

due

04/01/28

50,000

48,369

4.200%

due

09/01/48

50,000

40,035

4.950%

due

01/15/45

40,000

35,872

5.800%

due

03/15/55

105,000

104,588

Essential

Utilities,

Inc.

2.400%

due

05/01/31

100,000

87,528

5.300%

due

05/01/52

25,000

22,847

Evergy

Kansas

Central,

Inc.

3.100%

due

04/01/27

50,000

48,786

4.100%

due

04/01/43

100,000

82,717

4.700%

due

03/13/28

25,000

25,095

5.700%

due

03/15/53

65,000

64,739

Eversource

Energy

2.900%

due

03/01/27

100,000

96,891

3.300%

due

01/15/28

100,000

96,634

3.375%

due

03/01/32

100,000

89,662

4.250%

due

04/01/29

25,000

24,562

4.750%

due

05/15/26

100,000

100,066

Exelon

Corp.

4.050%

due

04/15/30

300,000

290,752

4.450%

due

04/15/46

100,000

82,860

4.950%

due

06/15/35

35,000

33,746

5.100%

due

06/15/45

35,000

31,719

Florida

Power

Light

Co.

2.875%

due

12/04/51

300,000

190,416

3.700%

due

12/01/47

200,000

152,345

4.950%

due

06/01/35

100,000

99,183

5.100%

due

04/01/33

65,000

65,784

5.690%

due

03/01/40

35,000

36,389

5.950%

due

02/01/38

125,000

133,483

Georgia

Power

Co.

4.300%

due

03/15/42

100,000

85,863

Principal

Amount

Value

4.700%

due

05/15/32

100,000

98,880

4.850%

due

03/15/31

155,000

155,954

5.125%

due

05/15/52

100,000

92,812

5.200%

due

03/15/35

250,000

251,783

Idaho

Power

Co.

5.800%

due

04/01/54

200,000

201,178

Indiana

Michigan

Power

Co.

3.250%

due

05/01/51

60,000

40,039

4.250%

due

08/15/48

25,000

20,041

Interstate

Power

Light

Co.

3.500%

due

09/30/49

25,000

17,687

ITC

Holdings

Corp.

3.350%

due

11/15/27

50,000

48,433

Kentucky

Utilities

Co.

4.375%

due

10/01/45

40,000

33,476

Louisville

Gas

Electric

Co.

4.250%

due

04/01/49

35,000

27,923

MidAmerican

Energy

Co.

3.650%

due

08/01/48

100,000

74,854

5.350%

due

01/15/34

75,000

77,037

6.750%

due

12/30/31

100,000

111,876

Mississippi

Power

Co.

3.950%

due

03/30/28

25,000

24,711

National

Fuel

Gas

Co.

3.950%

due

09/15/27

50,000

49,121

National

Rural

Utilities

Cooperative

Finance

Corp.

1.350%

due

03/15/31

100,000

82,365

4.023%

due

11/01/32

100,000

94,362

4.850%

due

02/07/29

250,000

252,758

8.000%

due

03/01/32

50,000

59,013

Nevada

Power

Co.

5.900%

due

05/01/53

250,000

250,483

NextEra

Energy

Capital

Holdings,

Inc.

2.250%

due

06/01/30

80,000

70,800

4.800%

due

12/01/77

100,000

95,579

4.900%

due

03/15/29

500,000

504,359

5.050%

due

02/28/33

200,000

198,897

5.650%

due

05/01/79

100,000

98,157

NiSource,

Inc.

3.490%

due

05/15/27

50,000

48,981

3.950%

due

03/30/48

50,000

38,548

4.800%

due

02/15/44

100,000

88,641

5.250%

due

02/15/43

100,000

93,342

Northern

States

Power

Co.

2.600%

due

06/01/51

50,000

29,901

4.500%

due

06/01/52

75,000

63,438

Oglethorpe

Power

Corp.

5.050%

due

10/01/48

100,000

88,546

5.900%

due

02/01/55 ~

30,000

30,025

Ohio

Edison

Co.

6.875%

due

07/15/36

150,000

169,068

Ohio

Power

Co.

1.625%

due

01/15/31

65,000

54,374

Oklahoma

Gas

Electric

Co.

3.850%

due

08/15/47

50,000

38,225

5.400%

due

01/15/33

70,000

71,377

Oncor

Electric

Delivery

Co.

LLC

3.700%

due

11/15/28

100,000

97,519

3.800%

due

09/30/47

50,000

38,102

4.150%

due

06/01/32

40,000

38,059

4.300%

due

05/15/28

100,000

99,735

5.300%

due

06/01/42

100,000

96,796

259

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.550%

due

06/15/54

105,000

102,655

Pacific

Gas

Electric

Co.

2.500%

due

02/01/31

100,000

85,990

3.300%

due

08/01/40

250,000

184,028

3.500%

due

08/01/50

45,000

29,945

4.400%

due

03/01/32

100,000

93,661

4.950%

due

07/01/50

200,000

167,139

5.900%

due

10/01/54

25,000

23,703

6.150%

due

01/15/33

45,000

46,370

6.400%

due

06/15/33

200,000

209,135

6.700%

due

04/01/53

105,000

109,371

6.750%

due

01/15/53

100,000

104,521

PacifiCorp

2.900%

due

06/15/52

80,000

48,129

3.500%

due

06/15/29

35,000

33,506

4.125%

due

01/15/49

70,000

54,139

5.350%

due

12/01/53

300,000

275,711

PECO

Energy

Co.

2.800%

due

06/15/50

45,000

28,454

3.000%

due

09/15/49

55,000

36,367

3.900%

due

03/01/48

60,000

46,864

PG&E

Wildfire

Recovery

Funding

LLC

4.451%

due

12/01/49

450,000

395,979

4.722%

due

06/01/39

50,000

48,689

Piedmont

Natural

Gas

Co.,

Inc.

4.650%

due

08/01/43

35,000

30,672

Potomac

Electric

Power

Co.

5.200%

due

03/15/34

100,000

100,572

PPL

Electric

Utilities

Corp.

3.000%

due

10/01/49

70,000

46,689

4.150%

due

10/01/45

25,000

20,862

4.150%

due

06/15/48

100,000

82,195

4.750%

due

07/15/43

50,000

45,624

5.250%

due

05/15/53

100,000

95,759

Progress

Energy,

Inc.

7.750%

due

03/01/31

100,000

114,170

Public

Service

Co.

Colorado

2.700%

due

01/15/51

100,000

59,506

3.700%

due

06/15/28

50,000

48,962

3.800%

due

06/15/47

50,000

37,973

5.250%

due

04/01/53

115,000

106,423

Public

Service

Co.

New

Hampshire

2.200%

due

06/15/31

30,000

26,018

Public

Service

Co.

Oklahoma

2.200%

due

08/15/31

100,000

84,909

Public

Service

Electric

Gas

Co.

2.050%

due

08/01/50

100,000

53,265

3.000%

due

03/01/51

100,000

65,493

3.100%

due

03/15/32

100,000

89,790

3.200%

due

08/01/49

60,000

41,300

4.050%

due

05/01/48

25,000

20,214

Public

Service

Enterprise

Group,

Inc.

2.450%

due

11/15/31

100,000

86,107

5.200%

due

04/01/29

55,000

56,064

5.450%

due

04/01/34

55,000

55,587

6.125%

due

10/15/33

100,000

105,487

Puget

Energy,

Inc.

4.224%

due

03/15/32

70,000

65,207

Puget

Sound

Energy,

Inc.

2.893%

due

09/15/51

55,000

34,303

5.330%

due

06/15/34

115,000

116,636

5.795%

due

03/15/40

25,000

25,674

Principal

Amount

Value

San

Diego

Gas

Electric

Co.

1.700%

due

10/01/30

95,000

80,851

3.750%

due

06/01/47

50,000

37,364

4.100%

due

06/15/49

100,000

78,075

4.150%

due

05/15/48

25,000

19,731

5.400%

due

04/15/35

130,000

131,013

Sempra

3.400%

due

02/01/28

65,000

62,825

3.800%

due

02/01/38

100,000

82,321

Sierra

Pacific

Power

Co.

5.900%

due

03/15/54

50,000

50,585

Southern

California

Edison

Co.

2.250%

due

06/01/30

120,000

104,821

2.850%

due

08/01/29

75,000

68,954

2.950%

due

02/01/51

120,000

72,879

3.650%

due

03/01/28

50,000

48,430

3.650%

due

02/01/50

70,000

48,598

3.900%

due

03/15/43

50,000

37,986

4.125%

due

03/01/48

10,000

7,536

4.500%

due

09/01/40

50,000

42,742

5.300%

due

03/01/28

200,000

202,449

5.750%

due

04/15/54

350,000

329,346

Southern

California

Gas

Co.

2.600%

due

06/15/26

50,000

48,931

5.200%

due

06/01/33

200,000

199,656

Southern

Co.

4.250%

due

07/01/36

30,000

27,252

5.700%

due

10/15/32

65,000

67,591

Southern

Co.

Gas

Capital

Corp.

4.950%

due

09/15/34

250,000

243,512

Southwest

Gas

Corp.

3.800%

due

09/29/46

50,000

37,388

4.050%

due

03/15/32

60,000

56,127

Southwestern

Electric

Power

Co.

3.250%

due

11/01/51

200,000

130,146

3.900%

due

04/01/45

50,000

38,310

4.100%

due

09/15/28

50,000

49,179

6.200%

due

03/15/40

50,000

53,152

Southwestern

Public

Service

Co.

3.750%

due

06/15/49

100,000

73,443

Spire

Missouri,

Inc.

4.800%

due

02/15/33

60,000

59,428

System

Energy

Resources,

Inc.

5.300%

due

12/15/34

35,000

34,617

Tampa

Electric

Co.

4.300%

due

06/15/48

50,000

40,716

4.450%

due

06/15/49

50,000

41,628

Tucson

Electric

Power

Co.

4.850%

due

12/01/48

100,000

87,985

Union

Electric

Co.

2.625%

due

03/15/51

200,000

119,536

3.900%

due

04/01/52

30,000

22,913

5.250%

due

01/15/54

155,000

145,241

8.450%

due

03/15/39

100,000

128,556

Virginia

Electric

Power

Co.

2.300%

due

11/15/31

100,000

86,239

2.400%

due

03/30/32

50,000

42,748

2.950%

due

11/15/26

50,000

48,924

3.750%

due

05/15/27

80,000

78,968

3.800%

due

09/15/47

50,000

37,888

4.000%

due

11/15/46

20,000

15,713

5.000%

due

04/01/33

200,000

198,287

8.875%

due

11/15/38

25,000

33,014

260

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Washington

Gas

Light

Co.

3.650%

due

09/15/49

25,000

18,486

WEC

Energy

Group,

Inc.

2.200%

due

12/15/28

100,000

91,828

4.750%

due

01/15/28

50,000

50,309

Wisconsin

Electric

Power

Co.

4.300%

due

10/15/48

10,000

8,373

Wisconsin

Power

Light

Co.

3.050%

due

10/15/27

100,000

96,671

4.950%

due

04/01/33

90,000

89,404

Xcel

Energy,

Inc.

4.000%

due

06/15/28

50,000

49,044

4.600%

due

06/01/32

35,000

33,758

5.450%

due

08/15/33

200,000

200,976

23,853,510

Total

Corporate

Bonds

Notes

(Cost

$285,422,328)

263,379,013

MORTGAGE-BACKED

SECURITIES

26.4%

Collateralized

Mortgage

Obligations

Commercial

1.6%

Bank

1.844%

due

03/15/63

131,250

112,489

1.997%

due

11/15/53

250,000

211,092

2.470%

due

09/15/64

500,000

432,603

2.649%

due

01/15/63

200,000

179,791

2.920%

due

12/15/52

200,000

183,406

3.175%

due

09/15/60

200,000

193,376

3.625%

due

05/15/50

500,000

488,074

BBCMS

Mortgage

Trust

2.299%

due

02/15/54

300,000

262,494

2.639%

due

02/15/53

200,000

180,650

3.662%

due

04/15/55 §

300,000

275,075

Benchmark

Mortgage

Trust

1.850%

due

09/15/53

250,000

213,834

1.925%

due

07/15/53

197,917

169,546

2.576%

due

11/15/54

350,000

303,379

2.577%

due

04/15/54

200,000

173,635

2.732%

due

02/15/53

200,000

181,506

4.121%

due

07/15/51 §

200,000

195,558

5.754%

due

07/15/56

181,000

189,407

Mortgage

Trust

3.456%

due

11/13/50

175,000

168,407

COMM

Mortgage

Trust

4.228%

due

05/10/51

400,000

388,938

CSAIL

Commercial

Mortgage

Trust

3.458%

due

11/15/50 §

600,000

572,573

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

1.350%

due

05/25/30

575,000

497,603

1.406%

due

08/25/30

250,000

215,097

1.477%

due

04/25/30

107,143

93,688

1.517%

due

03/25/30

222,222

195,264

1.547%

due

10/25/30

200,000

172,249

1.558%

due

04/25/30

140,000

122,739

1.621%

due

12/25/30

186,667

161,063

1.872%

due

01/25/30

166,667

149,201

2.020%

due

03/25/31

250,000

219,719

2.361%

due

10/25/36

250,000

198,385

2.524%

due

10/25/29

200,000

185,511

2.673%

due

09/25/29

200,000

186,952

Principal

Amount

Value

2.862%

due

05/25/26

480,025

472,543

3.303%

due

11/25/27 §

609,000

595,293

3.422%

due

02/25/29

196,721

190,839

3.800%

due

10/25/32 §

350,000

334,163

3.926%

due

06/25/28

100,000

98,976

3.990%

due

08/25/33 §

42,000

40,280

4.050%

due

07/25/33

318,182

307,480

4.200%

due

05/25/33

484,691

473,632

4.430%

due

02/25/33 §

70,370

69,904

5.355%

due

01/25/29 §

350,000

361,760

Federal

National

Mortgage

Association-ACES

1.270%

due

07/25/30

200,000

171,366

1.462%

due

02/25/31 §

245,000

207,832

1.668%

due

10/25/31 §

250,000

210,133

1.690%

due

11/25/32 §

500,000

414,057

1.821%

due

02/25/30

45,410

40,598

2.906%

due

01/25/28 §

440,303

426,221

2.980%

due

08/25/29

427,120

404,944

2.989%

due

12/25/27 §

121,257

117,689

3.061%

due

05/25/27 §

144,026

140,749

3.627%

due

08/25/30 §

300,000

289,993

4.182%

due

07/25/28 §

334,322

332,542

Mortgage

Securities

Trust

3.734%

due

11/10/48

400,000

395,870

JPMDB

Commercial

Mortgage

Securities

Trust

2.180%

due

05/13/53

300,000

246,919

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

3.720%

due

12/15/49

570,000

558,448

Morgan

Stanley

Capital

Trust

2.728%

due

05/15/54

250,000

220,267

3.596%

due

12/15/49

400,000

388,507

Wells

Fargo

Commercial

Mortgage

Trust

2.626%

due

04/15/54

250,000

216,702

2.652%

due

08/15/49

350,000

338,264

3.453%

due

07/15/50

500,000

484,595

4.184%

due

06/15/51

200,000

196,296

16,220,166

Federal

Home

Loan

Mortgage

Corp.

6.4%

1.500%

due

02/01/37

05/01/51

3,824,049

3,087,783

2.000%

due

09/01/35

02/01/52

13,902,847

11,568,908

2.500%

due

08/01/28

04/01/52

16,990,600

14,388,675

3.000%

due

09/01/26

08/01/52

8,686,902

7,773,071

3.500%

due

03/01/26

05/01/50

5,761,638

5,333,371

4.000%

due

04/01/25

01/01/53

4,095,226

3,868,354

4.500%

due

08/01/25

05/01/53

4,365,786

4,222,710

5.000%

due

12/01/31

12/01/53

6,214,872

6,123,190

5.500%

due

04/01/34

11/01/54

3,855,942

3,861,671

6.000%

due

04/01/36

06/01/54

3,214,889

3,282,493

6.500%

due

08/01/37

12/01/53

1,751,611

1,824,024

65,334,250

Federal

National

Mortgage

Association

12.1%

1.500%

due

12/01/35

11/01/51

9,083,968

7,462,712

2.000%

due

11/01/35

03/01/52

47,374,326

38,682,610

2.500%

due

10/01/27

04/01/52

23,000,699

19,620,042

3.000%

due

02/01/27

04/01/52

15,460,379

13,775,332

3.500%

due

10/01/25

02/01/53

11,861,541

10,944,692

4.000%

due

06/01/25

08/01/52

8,165,840

7,734,173

4.500%

due

06/01/25

03/01/53

4,767,599

4,620,494

5.000%

due

04/01/34

06/01/53

3,235,422

3,199,519

261

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

5.500%

due

11/01/33

02/01/55

7,968,159

7,987,150

6.000%

due

09/01/34

08/01/54

6,444,022

6,562,778

6.500%

due

09/01/36

06/01/54

4,043,440

4,181,939

7.246%

(RFUCC

1.695%)

due

06/01/38 §

688

697

7.440%

(RFUCC

1.690%)

due

08/01/39 §

1,789

1,840

124,773,978

Government

National

Mortgage

Association

5.9%

due

04/20/55 #

575,000

583,652

due

04/20/55 #

1,100,000

1,102,433

due

04/20/55 #

600,000

590,219

due

04/20/55 #

575,000

588,687

2.000%

due

10/20/50

03/20/52

11,497,124

9,413,724

2.500%

due

01/20/43

04/20/52

12,160,844

10,402,761

3.000%

due

08/20/42

08/20/52

9,060,955

8,095,110

3.500%

due

10/15/41

10/20/52

8,466,180

7,829,945

4.000%

due

06/15/39

11/20/52

5,602,533

5,297,720

4.500%

due

02/15/39

03/20/53

4,453,163

4,309,431

5.000%

due

05/15/36

07/20/54

4,352,351

4,299,812

5.500%

due

04/15/37

12/20/54

4,039,504

4,062,555

6.000%

due

01/15/38

09/20/54

2,230,721

2,269,748

6.500%

due

10/15/38

06/20/54

1,523,533

1,562,951

60,408,748

Uniform

Mortgage-Backed

Securities

0.4%

due

04/01/55 #

475,000

489,856

due

04/01/55 #

2,050,000

2,082,386

due

04/01/55 #

1,650,000

1,648,065

4,220,307

Total

Mortgage-Backed

Securities

(Cost

$300,449,679)

270,957,449

ASSET-BACKED

SECURITIES

0.4%

Automobile

Other

0.1%

Santander

Drive

Auto

Receivables

Trust

3.760%

due

07/16/29

300,000

297,290

World

Omni

Auto

Receivables

Trust

0.840%

due

09/15/27

272,000

267,876

565,166

Automobile

Sequential

0.1%

CarMax

Auto

Owner

Trust

4.600%

due

10/15/29

97,000

97,457

4.840%

due

01/15/30

75,000

75,843

Financial

Consumer

Automobile

Receivables

Trust

4.620%

due

12/17/29

133,000

133,902

Honda

Auto

Receivables

Owner

Trust

4.330%

due

05/15/29

117,000

116,968

Hyundai

Auto

Receivables

Trust

4.990%

due

02/15/29

300,000

302,882

Mercedes-Benz

Auto

Lease

Trust

5.320%

due

01/18/28

71,000

71,881

Mercedes-Benz

Auto

Receivables

Trust

4.780%

due

12/17/29

75,000

75,732

Nissan

Auto

Lease

Trust

4.750%

due

03/15/28

90,000

90,776

965,441

Principal

Amount

Value

Credit

Card

Bullet

0.1%

American

Express

Credit

Account

Master

Trust

4.560%

due

12/17/29

300,000

302,546

Credit

Card

Trust

4.930%

due

05/15/29

350,000

354,814

Citibank

Credit

Card

Issuance

Trust

6.150%

due

06/15/39

250,000

276,189

Discover

Card

Execution

Note

Trust

1.030%

due

09/15/28

272,000

259,555

Card

Issuance

Trust

4.290%

due

10/15/29

99,000

99,058

1,292,162

Credit

Card

Other

0.0%

Capital

One

Multi-Asset

Execution

Trust

4.420%

due

05/15/28

237,000

237,176

Other

Asset-Backed

Securities

0.1%

CNH

Equipment

Trust

4.770%

due

06/15/29

300,000

301,635

John

Deere

Owner

Trust

4.960%

due

11/15/28

37,000

37,391

Verizon

Master

Trust

5.160%

due

06/20/29

125,000

126,137

5.340%

due

04/22/30

300,000

306,348

771,511

Total

Asset-Backed

Securities

(Cost

$3,850,881)

3,831,456

U.S.

GOVERNMENT

AGENCY

ISSUES

0.7%

Federal

Farm

Credit

Banks

Funding

Corp.

4.500%

due

08/14/26

300,000

302,035

Federal

Home

Loan

Banks

1.250%

due

12/21/26

300,000

286,337

3.250%

due

11/16/28

1,000,000

978,204

3.625%

due

09/04/26

250,000

248,826

4.750%

due

04/09/27

1,470,000

1,494,030

5.500%

due

07/15/36

100,000

108,817

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

475,000

536,574

Federal

National

Mortgage

Association

0.750%

due

10/08/27

300,000

277,552

0.875%

due

08/05/30

500,000

424,433

5.625%

due

07/15/37

100,000

110,324

6.625%

due

11/15/30

500,000

563,871

7.125%

due

01/15/30

525,000

595,045

Tennessee

Valley

Authority

3.500%

due

12/15/42

100,000

83,072

3.875%

due

03/15/28

318,000

317,575

4.250%

due

09/15/65

200,000

164,128

5.250%

due

09/15/39

25,000

26,203

5.375%

due

04/01/56

50,000

51,134

7.125%

due

05/01/30

50,000

57,025

Total

U.S.

Government

Agency

Issues

(Cost

$6,905,081)

6,625,185

262

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

43.6%

U.S.

Treasury

Bonds

9.1%

1.125%

due

05/15/40

1,750,000

1,108,140

1.125%

due

08/15/40

1,700,000

1,066,020

1.250%

due

05/15/50

1,850,000

919,146

1.375%

due

11/15/40

3,000,000

1,950,937

1.375%

due

08/15/50

3,600,000

1,835,578

1.625%

due

11/15/50

3,100,000

1,688,289

1.750%

due

08/15/41

2,750,000

1,864,844

1.875%

due

02/15/41

4,100,000

2,878,168

1.875%

due

02/15/51

3,100,000

1,798,303

1.875%

due

11/15/51

5,400,000

3,107,637

2.000%

due

02/15/50

2,250,000

1,362,129

2.000%

due

08/15/51

4,200,000

2,502,609

2.250%

due

05/15/41

4,200,000

3,114,563

2.250%

due

08/15/46

2,150,000

1,446,631

2.250%

due

08/15/49

1,350,000

871,172

2.250%

due

02/15/52

2,700,000

1,703,953

2.375%

due

02/15/42

3,250,000

2,413,315

2.375%

due

11/15/49

1,950,000

1,290,542

2.375%

due

05/15/51

3,500,000

2,289,766

2.500%

due

02/15/46

1,600,000

1,138,312

2.500%

due

05/15/46

1,000,000

708,945

2.750%

due

08/15/42

450,000

351,492

2.750%

due

11/15/42

1,850,000

1,439,604

2.750%

due

11/15/47

2,500,000

1,824,414

2.875%

due

08/15/45

1,000,000

766,191

2.875%

due

05/15/49

1,275,000

940,113

2.875%

due

05/15/52

2,750,000

1,997,510

3.000%

due

05/15/42

1,075,000

875,915

3.000%

due

05/15/45

1,500,000

1,177,002

3.000%

due

02/15/47

500,000

385,273

3.000%

due

05/15/47

700,000

538,016

3.000%

due

02/15/48

2,000,000

1,525,078

3.000%

due

08/15/48

1,500,000

1,139,473

3.000%

due

02/15/49

2,000,000

1,512,930

3.000%

due

08/15/52

3,000,000

2,234,707

3.125%

due

11/15/41

975,000

815,344

3.125%

due

02/15/43

1,000,000

821,113

3.125%

due

08/15/44

600,000

484,125

3.125%

due

05/15/48

2,700,000

2,102,467

3.250%

due

05/15/42

2,000,000

1,690,742

3.375%

due

08/15/42

1,250,000

1,072,070

3.625%

due

08/15/43

1,525,000

1,341,047

3.625%

due

02/15/44

500,000

437,656

3.625%

due

02/15/53

3,350,000

2,822,440

3.625%

due

05/15/53

3,500,000

2,949,229

3.750%

due

08/15/41

1,300,000

1,185,438

3.750%

due

11/15/43

1,000,000

893,125

3.875%

due

02/15/43

750,000

686,704

3.875%

due

05/15/43

2,500,000

2,282,764

4.000%

due

11/15/52

2,200,000

1,984,641

4.125%

due

08/15/53

1,000,000

921,777

4.250%

due

11/15/40

750,000

731,572

4.250%

due

02/15/54

4,000,000

3,770,000

4.375%

due

05/15/40

1,025,000

1,017,793

4.375%

due

05/15/41

775,000

764,344

4.375%

due

08/15/43

1,000,000

974,844

4.500%

due

02/15/36

1,750,000

1,803,115

4.500%

due

05/15/38

500,000

509,941

4.500%

due

08/15/39

700,000

707,273

4.500%

due

02/15/44

1,750,000

1,729,629

4.625%

due

05/15/54

750,000

752,651

Principal

Amount

Value

4.625%

due

02/15/55

250,000

251,719

4.750%

due

02/15/41

1,350,000

1,392,188

4.750%

due

11/15/43

750,000

766,436

4.750%

due

11/15/53

750,000

766,816

5.375%

due

02/15/31

1,100,000

1,177,730

93,373,450

U.S.

Treasury

Notes

34.5%

0.500%

due

06/30/27

1,000,000

927,832

0.500%

due

08/31/27

2,500,000

2,306,396

0.500%

due

10/31/27

2,000,000

1,835,039

0.625%

due

07/31/26

3,250,000

3,109,971

0.625%

due

12/31/27

3,000,000

2,746,934

0.625%

due

05/15/30

2,350,000

1,988,596

0.625%

due

08/15/30

3,400,000

2,852,547

0.750%

due

04/30/26

1,500,000

1,448,274

0.750%

due

05/31/26

3,000,000

2,889,258

0.750%

due

08/31/26

3,000,000

2,868,691

0.750%

due

01/31/28

2,500,000

2,291,846

0.875%

due

06/30/26

4,500,000

4,330,547

0.875%

due

09/30/26

2,950,000

2,819,267

0.875%

due

11/15/30

4,250,000

3,587,515

1.000%

due

07/31/28

2,000,000

1,820,508

1.125%

due

10/31/26

5,000,000

4,785,645

1.125%

due

02/28/27

750,000

711,870

1.125%

due

02/29/28

2,750,000

2,543,428

1.125%

due

08/31/28

2,750,000

2,508,193

1.125%

due

02/15/31

3,500,000

2,979,854

1.250%

due

11/30/26

5,000,000

4,786,133

1.250%

due

12/31/26

3,500,000

3,343,115

1.250%

due

03/31/28

4,000,000

3,704,922

1.250%

due

04/30/28

2,500,000

2,310,254

1.250%

due

05/31/28

3,000,000

2,766,094

1.250%

due

06/30/28

1,500,000

1,380,029

1.250%

due

09/30/28

3,000,000

2,741,426

1.250%

due

08/15/31

5,500,000

4,640,840

1.375%

due

10/31/28

4,000,000

3,664,531

1.375%

due

12/31/28

2,400,000

2,189,953

1.375%

due

11/15/31

5,500,000

4,645,781

1.500%

due

08/15/26

3,200,000

3,095,187

1.500%

due

01/31/27

3,500,000

3,351,523

1.500%

due

11/30/28

2,500,000

2,296,191

1.625%

due

05/15/26

1,300,000

1,266,103

1.625%

due

10/31/26

3,000,000

2,894,473

1.625%

due

08/15/29

2,000,000

1,818,516

1.625%

due

05/15/31

6,000,000

5,222,930

1.750%

due

12/31/26

2,500,000

2,408,936

1.750%

due

01/31/29

1,500,000

1,385,508

1.875%

due

07/31/26

1,000,000

972,988

1.875%

due

02/28/27

3,000,000

2,888,320

1.875%

due

02/28/29

2,000,000

1,853,203

1.875%

due

02/15/32

3,500,000

3,039,805

2.000%

due

11/15/26

1,000,000

969,824

2.125%

due

05/31/26

3,000,000

2,935,840

2.250%

due

08/15/27

4,200,000

4,045,535

2.250%

due

11/15/27

2,300,000

2,206,697

2.375%

due

05/15/27

2,750,000

2,664,976

2.375%

due

03/31/29

2,675,000

2,523,121

2.375%

due

05/15/29

1,000,000

941,621

2.500%

due

03/31/27

2,500,000

2,433,838

2.625%

due

05/31/27

2,500,000

2,434,277

2.625%

due

02/15/29

2,750,000

2,623,564

2.625%

due

07/31/29

2,000,000

1,896,797

2.750%

due

04/30/27

2,000,000

1,954,570

263

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

2.750%

due

07/31/27

1,500,000

1,462,148

2.750%

due

02/15/28

3,500,000

3,393,291

2.750%

due

05/31/29

2,000,000

1,910,469

2.750%

due

08/15/32

3,000,000

2,743,594

2.875%

due

05/15/28

2,500,000

2,425,439

2.875%

due

08/15/28

1,750,000

1,693,774

2.875%

due

04/30/29

2,000,000

1,921,719

2.875%

due

05/15/32

3,500,000

3,238,594

3.125%

due

08/31/27

2,500,000

2,456,006

3.125%

due

11/15/28

3,000,000

2,921,133

3.125%

due

08/31/29

1,500,000

1,451,250

3.250%

due

06/30/27

3,000,000

2,960,039

3.250%

due

06/30/29

1,750,000

1,703,721

3.375%

due

05/15/33

4,250,000

4,026,128

3.500%

due

09/30/26

5,000,000

4,967,480

3.500%

due

01/31/28

2,100,000

2,078,303

3.500%

due

04/30/28

2,500,000

2,471,484

3.500%

due

09/30/29

2,500,000

2,455,078

3.500%

due

01/31/30

1,500,000

1,470,527

3.500%

due

04/30/30

1,750,000

1,712,642

3.500%

due

02/15/33

4,750,000

4,550,537

3.625%

due

03/31/28

3,250,000

3,226,768

3.625%

due

05/31/28

3,500,000

3,471,904

3.625%

due

08/31/29

3,500,000

3,456,729

3.625%

due

03/31/30

2,000,000

1,969,570

3.750%

due

08/31/26

2,500,000

2,492,676

3.750%

due

12/31/28

2,750,000

2,734,263

3.875%

due

11/30/27

2,500,000

2,499,268

3.875%

due

12/31/27

1,500,000

1,499,795

3.875%

due

09/30/29

1,500,000

1,495,986

3.875%

due

08/15/33

2,000,000

1,960,625

3.875%

due

08/15/34

1,000,000

974,922

4.000%

due

06/30/28

2,750,000

2,759,614

4.000%

due

01/31/29

3,000,000

3,008,730

4.000%

due

07/31/29

3,000,000

3,008,379

4.000%

due

10/31/29

1,500,000

1,503,516

4.000%

due

02/28/30

2,000,000

2,004,844

4.000%

due

07/31/30

1,750,000

1,751,675

4.000%

due

01/31/31

1,500,000

1,498,418

4.000%

due

02/15/34

5,750,000

5,672,959

4.125%

due

06/15/26

2,500,000

2,504,004

4.125%

due

02/28/27

3,000,000

3,011,602

4.125%

due

09/30/27

1,000,000

1,005,937

4.125%

due

10/31/27

3,000,000

3,017,402

4.125%

due

11/15/27

1,500,000

1,508,789

4.125%

due

07/31/28

2,000,000

2,014,375

4.125%

due

10/31/29

1,500,000

1,511,279

4.125%

due

11/30/29

3,000,000

3,023,730

4.125%

due

08/31/30

1,750,000

1,761,484

4.125%

due

07/31/31

2,000,000

2,008,359

4.125%

due

11/30/31

1,750,000

1,755,811

4.125%

due

02/29/32

500,000

501,406

4.125%

due

11/15/32

3,450,000

3,455,795

4.250%

due

11/30/26

1,500,000

1,507,412

4.250%

due

12/31/26

2,500,000

2,513,135

4.250%

due

03/15/27

3,000,000

3,019,277

4.250%

due

01/15/28

1,000,000

1,009,492

4.250%

due

02/15/28

3,000,000

3,029,883

4.250%

due

02/28/29

5,000,000

5,059,473

4.250%

due

06/30/29

2,000,000

2,024,727

4.250%

due

01/31/30

3,000,000

3,038,906

4.250%

due

02/28/31

2,000,000

2,023,594

4.250%

due

06/30/31

2,000,000

2,022,500

Principal

Amount

Value

4.250%

due

11/15/34

1,000,000

1,003,125

4.375%

due

07/31/26

3,000,000

3,015,410

4.375%

due

08/15/26

3,500,000

3,518,525

4.375%

due

07/15/27

2,500,000

2,526,221

4.375%

due

08/31/28

2,500,000

2,537,061

4.375%

due

11/30/28

2,500,000

2,539,307

4.375%

due

12/31/29

2,500,000

2,545,801

4.375%

due

11/30/30

1,750,000

1,782,197

4.375%

due

01/31/32

2,000,000

2,035,625

4.375%

due

05/15/34

4,500,000

4,561,787

4.500%

due

07/15/26

2,000,000

2,012,773

4.500%

due

05/31/29

2,000,000

2,043,711

4.500%

due

12/31/31

1,000,000

1,025,273

4.500%

due

11/15/33

2,500,000

2,560,303

4.625%

due

06/30/26

3,000,000

3,022,676

4.625%

due

09/30/28

2,500,000

2,558,496

4.625%

due

04/30/29

3,000,000

3,078,691

4.625%

due

04/30/31

1,500,000

1,547,285

4.625%

due

05/31/31

3,000,000

3,094,453

4.625%

due

02/15/35

1,500,000

1,549,805

4.875%

due

10/31/28

2,000,000

2,064,023

4.875%

due

10/31/30

2,000,000

2,086,641

353,691,190

Total

U.S.

Treasury

Obligations

(Cost

$483,336,700)

447,064,640

FOREIGN

GOVERNMENT

BONDS

NOTES

1.7%

Canada

Government

(Canada)

3.750%

due

04/26/28

300,000

298,552

4.000%

due

03/18/30

145,000

144,848

Chile

Government

(Chile)

2.550%

due

07/27/33

250,000

207,550

3.500%

due

01/31/34

200,000

176,660

3.860%

due

06/21/47

300,000

229,653

4.950%

due

01/05/36

200,000

194,350

Export

Development

Canada

(Canada)

3.000%

due

05/25/27

200,000

195,797

3.750%

due

09/07/27

100,000

99,476

3.875%

due

02/14/28

100,000

99,749

4.375%

due

06/29/26

200,000

200,644

Export-Import

Bank

Korea

(South

Korea)

1.625%

due

01/18/27

400,000

382,099

5.000%

due

01/11/28

150,000

152,831

5.125%

due

01/11/33

200,000

205,056

Indonesia

Government

(Indonesia)

2.850%

due

02/14/30

200,000

182,986

3.550%

due

03/31/32

200,000

182,330

4.200%

due

10/15/50

300,000

240,521

4.550%

due

01/11/28

200,000

199,720

5.600%

due

01/15/35

200,000

204,524

Israel

Government

(Israel)

2.750%

due

07/03/30

200,000

176,749

5.375%

due

03/12/29

200,000

201,779

5.500%

due

03/12/34

200,000

199,200

5.625%

due

02/19/35

200,000

198,926

Japan

Bank

for

International

Cooperation

(Japan)

1.250%

due

01/21/31

200,000

168,941

1.875%

due

07/21/26

200,000

194,189

1.875%

due

04/15/31

200,000

174,254

3.250%

due

07/20/28

200,000

194,489

264

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Japan

International

Cooperation

Agency

(Japan)

3.375%

due

06/12/28

200,000

195,008

Korea

Development

Bank

(South

Korea)

2.000%

due

09/12/26

200,000

193,644

4.500%

due

02/15/29

250,000

251,282

4.875%

due

02/03/30

200,000

203,764

Korea

International

(South

Korea)

1.750%

due

10/15/31

200,000

171,860

2.750%

due

01/19/27

200,000

195,245

Mexico

Government

(Mexico)

2.659%

due

05/24/31

200,000

168,761

3.500%

due

02/12/34

200,000

164,442

4.150%

due

03/28/27

200,000

197,851

4.280%

due

08/14/41

200,000

152,042

4.500%

due

01/31/50

200,000

144,105

4.600%

due

01/23/46

250,000

187,062

4.600%

due

02/10/48

200,000

147,050

4.750%

due

04/27/32

350,000

326,448

4.750%

due

03/08/44

264,000

205,260

6.400%

due

05/07/54

500,000

457,480

6.750%

due

09/27/34

225,000

235,721

Panama

Government

(Panama)

3.870%

due

07/23/60

200,000

107,800

4.500%

due

05/15/47

350,000

231,263

6.400%

due

02/14/35

265,000

249,285

6.700%

due

01/26/36

100,000

95,985

8.000%

due

03/01/38

200,000

206,500

8.875%

due

09/30/27

100,000

108,025

Peruvian

Government

(Peru)

2.780%

due

12/01/60

200,000

109,170

2.783%

due

01/23/31

300,000

263,745

3.300%

due

03/11/41

250,000

183,750

5.375%

due

02/08/35

70,000

68,807

8.750%

due

11/21/33

200,000

243,220

Philippine

Government

(Philippines)

1.648%

due

06/10/31

200,000

166,713

2.950%

due

05/05/45

200,000

136,184

3.000%

due

02/01/28

200,000

192,011

4.750%

due

03/05/35

100,000

97,168

5.900%

due

02/04/50

200,000

206,023

6.375%

due

10/23/34

250,000

273,366

7.750%

due

01/14/31

200,000

230,508

Province

Alberta

Canada

(Canada)

1.300%

due

07/22/30

250,000

215,114

4.500%

due

01/24/34

150,000

149,032

Province

British

Columbia

(Canada)

1.300%

due

01/29/31

500,000

423,034

4.200%

due

07/06/33

100,000

97,555

4.900%

due

04/24/29

200,000

205,312

Province

Manitoba

Canada

(Canada)

1.500%

due

10/25/28

155,000

141,761

Province

New

Brunswick

Canada

(Canada)

3.625%

due

02/24/28

50,000

49,202

Province

Ontario

(Canada)

1.050%

due

04/14/26

200,000

193,713

1.050%

due

05/21/27

200,000

187,575

2.000%

due

10/02/29

100,000

91,053

2.125%

due

01/21/32

150,000

130,100

2.300%

due

06/15/26

250,000

244,560

Province

Quebec

(Canada)

1.350%

due

05/28/30

50,000

43,360

Principal

Amount

Value

1.900%

due

04/21/31

200,000

174,464

3.625%

due

04/13/28

200,000

197,312

4.250%

due

09/05/34

100,000

97,060

4.500%

due

04/03/29

200,000

202,403

7.500%

due

09/15/29

75,000

84,927

Republic

Italy

Government

(Italy)

2.875%

due

10/17/29

200,000

185,611

3.875%

due

05/06/51

200,000

140,605

4.000%

due

10/17/49

200,000

147,436

Republic

Poland

Government

(Poland)

4.875%

due

02/12/30

100,000

101,019

5.125%

due

09/18/34

250,000

248,053

5.500%

due

11/16/27

250,000

256,852

5.500%

due

03/18/54

145,000

136,235

State

Israel

(Israel)

3.375%

due

01/15/50

500,000

325,458

Svensk

Exportkredit

(Sweden)

3.750%

due

09/13/27

200,000

198,713

4.250%

due

02/01/29

200,000

201,139

Uruguay

Government

(Uruguay)

4.125%

due

11/20/45

143,467

122,090

4.375%

due

10/27/27

200,000

200,152

5.100%

due

06/18/50

200,000

185,750

5.750%

due

10/28/34

200,000

208,500

Total

Foreign

Government

Bonds

Notes

(Cost

$19,323,614)

17,457,571

MUNICIPAL

BONDS

0.5%

American

Municipal

Power,

Inc.

6.449%

due

02/15/44

25,000

26,659

Bay

Area

Toll

Authority

6.263%

due

04/01/49

25,000

26,737

7.043%

due

04/01/50

50,000

58,352

California

State

University

2.975%

due

11/01/51

50,000

33,741

5.183%

due

11/01/53

200,000

191,169

Central

Puget

Sound

Regional

Transit

Authority

5.491%

due

11/01/39

25,000

25,455

Chicago

O'Hare

International

Airport

4.472%

due

01/01/49

50,000

44,230

Chicago

Transit

Authority

Sales

Transfer

Tax

Receipts

Revenue

6.899%

due

12/01/40

89,163

98,757

City

Atlanta

Water

Wastewater

Revenue

2.257%

due

11/01/35

100,000

82,919

City

Houston

3.961%

due

03/01/47

50,000

42,688

City

New

York

5.517%

due

10/01/37

40,000

40,746

Commonwealth

Massachusetts

4.910%

due

05/01/29

100,000

100,138

5.456%

due

12/01/39

25,000

25,463

County

Clark

Department

Aviation

6.820%

due

07/01/45

125,000

141,322

Dallas

Area

Rapid

Transit

2.613%

due

12/01/48

200,000

134,957

Dallas

Fort

Worth

International

Airport

4.507%

due

11/01/51

100,000

87,193

265

PACIFIC

SELECT

FUND

AGGREGATE

BOND

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Dallas

Independent

School

District

Class C

6.450%

due

02/15/35

50,000

50,366

Empire

State

Development

Corp.

5.770%

due

03/15/39

15,000

15,329

Golden

State

Tobacco

Securitization

Corp.

4.214%

due

06/01/50

150,000

113,366

Grand

Parkway

Transportation

Corp.

3.236%

due

10/01/52

250,000

172,545

JobsOhio

Beverage

System

2.833%

due

01/01/38

10,000

8,154

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

5.198%

due

12/01/39

300,000

302,414

Massachusetts

School

Building

Authority

2.950%

due

05/15/43

50,000

38,474

3.395%

due

10/15/40

20,000

16,923

Metropolitan

Transportation

Authority

6.668%

due

11/15/39

55,000

60,136

Municipal

Electric

Authority

Georgia

6.637%

due

04/01/57

25,000

27,400

6.655%

due

04/01/57

94,000

103,228

New

Jersey

Economic

Development

Authority

7.425%

due

02/15/29

125,000

131,953

New

Jersey

Turnpike

Authority

Class A

7.102%

due

01/01/41

100,000

114,652

New

York

City

Municipal

Water

Finance

Authority

5.952%

due

06/15/42

50,000

52,530

6.011%

due

06/15/42

10,000

10,566

Pennsylvania

Turnpike

Commission

5.511%

due

12/01/45

75,000

73,965

Permanent

University

Fund

University

Texas

System

3.376%

due

07/01/47

185,000

143,460

Port

Authority

New

York

New

Jersey

3.175%

due

07/15/60

250,000

165,543

4.031%

due

09/01/48

50,000

41,693

4.229%

due

10/15/57

30,000

25,023

4.458%

due

10/01/62

100,000

85,091

5.647%

due

11/01/40

150,000

158,043

Regents

the

University

California

Medical

Center

Pooled

Revenue

4.132%

due

05/15/32

100,000

96,906

Rutgers

The

State

University

New

Jersey

3.915%

due

05/01/19

15,000

10,121

Sales

Tax

Securitization

Corp.

4.787%

due

01/01/48

50,000

46,245

San

Diego

County

Regional

Transportation

Commission

5.911%

due

04/01/48

50,000

51,634

State

Board

Administration

Finance

Corp.

2.154%

due

07/01/30

100,000

88,600

State

California

1.700%

due

02/01/28

200,000

187,115

3.500%

due

04/01/28

100,000

98,201

5.125%

due

03/01/38

200,000

200,520

7.300%

due

10/01/39

100,000

116,262

7.500%

due

04/01/34

50,000

57,895

7.600%

due

11/01/40

270,000

329,298

7.625%

due

03/01/40

40,000

48,166

Principal

Amount

Value

State

Connecticut

5.090%

due

10/01/30

50,000

50,337

State

Illinois

6.725%

due

04/01/35

338,462

355,059

State

Texas

5.517%

due

04/01/39

100,000

102,493

State

Wisconsin

3.154%

due

05/01/27

250,000

245,104

Texas

Department

Transportation

State

Highway

Fund

5.178%

due

04/01/30

25,000

25,407

University

California

4.767%

due

05/15/15

75,000

63,188

4.858%

due

05/15/12

100,000

86,166

University

Michigan

3.599%

due

04/01/47

80,000

66,219

4.454%

due

04/01/22

100,000

80,865

Total

Municipal

Bonds

(Cost

$6,052,786)

5,477,181

TOTAL

INVESTMENTS

99.0%

(Cost

$1,105,341,069)

1,014,792,495

OTHER

ASSETS

LIABILITIES,

NET

1.0%

10,346,007

NET

ASSETS

100.0%

1,025,138,502

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

267

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

0.0%

Energy

0.0%

spacing

Patterson-UTI

Energy,

Inc.

306

2,515

Financial

0.0%

spacing

Stearns

Holdings

LLC

Class B * ± Ω

3,570

–

Total

Common

Stocks

(Cost

$44,991)

2,515

Principal

Amount

CORPORATE

BONDS

NOTES

98.4%

Basic

Materials

5.3%

Ahlstrom

Holding

OYJ

(Finland)

4.875%

due

02/04/28 ~

300,000

283,625

Alcoa

Nederland

Holding

7.125%

due

03/15/31 ~

2,000

2,060

Algoma

Steel,

Inc.

(Canada)

9.125%

due

04/15/29 ~

395,000

367,895

Alumina

Pty.

Ltd.

6.125%

due

03/15/30 ~

200,000

199,656

Arsenal

AIC

Parent

LLC

8.000%

due

10/01/30 ~

96,000

98,003

11.500%

due

10/01/31 ~

184,000

200,317

ASP

Unifrax

Holdings,

Inc.

7.100%

Cash

1.250%

PIK

due

09/30/29 ~

97,777

48,400

ATI,

Inc.

5.125%

due

10/01/31

154,000

144,846

5.875%

due

12/01/27

200,000

198,777

Avient

Corp.

6.250%

due

11/01/31 ~

224,000

222,082

Axalta

Coating

Systems

LLC

3.375%

due

02/15/29 ~

300,000

274,602

Baffinland

Iron

Mines

Corp./Baffinland

Iron

Mines

(Canada)

8.750%

due

07/15/26 ~

145,000

136,454

Capstone

Copper

Corp.

(Canada)

6.750%

due

03/31/33 ~

228,000

227,303

Carpenter

Technology

Corp.

6.375%

due

07/15/28

125,000

124,726

Celanese

U.S.

Holdings

LLC

6.415%

due

07/15/27

486,000

494,357

6.500%

due

04/15/30

251,000

249,395

6.580%

due

07/15/29

265,000

273,770

6.600%

due

11/15/28

188,000

194,077

6.629%

due

07/15/32

250,000

256,908

6.750%

due

04/15/33

347,000

337,181

6.800%

due

11/15/30

195,000

202,250

6.950%

due

11/15/33

250,000

261,490

Cerdia

Finanz

GmbH

(Germany)

9.375%

due

10/03/31 ~

107,000

109,740

Chemours

Co.

4.625%

due

11/15/29 ~

70,000

59,843

5.750%

due

11/15/28 ~

620,000

572,685

8.000%

due

01/15/33 ~

210,000

196,612

Cleveland-Cliffs,

Inc.

4.625%

due

03/01/29 ~

120,000

111,636

4.875%

due

03/01/31 ~

150,000

130,708

6.250%

due

10/01/40

100,000

81,683

6.875%

due

11/01/29 ~

278,000

272,320

Principal

Amount

Value

7.000%

due

03/15/32 ~

18,000

17,295

7.375%

due

05/01/33 ~

283,000

271,847

7.500%

due

09/15/31 ~

527,000

515,008

Coeur

Mining,

Inc.

5.125%

due

02/15/29 ~

140,000

133,407

Commercial

Metals

Co.

3.875%

due

02/15/31

175,000

156,968

4.125%

due

01/15/30

95,000

89,003

Compass

Minerals

International,

Inc.

6.750%

due

12/01/27 ~

135,000

129,748

Consolidated

Energy

Finance

(Switzerland)

5.625%

due

10/15/28 ~

250,000

215,274

6.500%

due

05/15/26 ~

395,000

382,825

12.000%

due

02/15/31 ~

50,000

49,943

Constellium

6.375%

due

08/15/32 ~

175,000

171,057

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.

6.125%

due

06/15/28 ~

25,000

24,196

Domtar

Corp.

6.750%

due

10/01/28 ~

350,000

317,763

FMG

Resources

August

2006

Pty.

Ltd.

(Australia)

4.375%

due

04/01/31 ~

284,000

256,762

4.500%

due

09/15/27 ~

300,000

291,193

5.875%

due

04/15/30 ~

100,000

98,838

6.125%

due

04/15/32 ~

234,000

231,003

GPD

Cos.,

Inc.

10.125%

due

04/01/26 ~

300,000

275,771

Fuller

Co.

4.250%

due

10/15/28

100,000

94,925

Herens

Holdco

SARL

(Luxembourg)

4.750%

due

05/15/28 ~

200,000

180,169

Hudbay

Minerals,

Inc.

(Canada)

6.125%

due

04/01/29 ~

350,000

348,517

Illuminate

Buyer

LLC/Illuminate

Holdings

IV,

Inc.

9.000%

due

07/01/28 ~

175,000

174,140

Infrabuild

Australia

Pty.

Ltd.

(Australia)

14.500%

due

11/15/28 ~

136,000

139,570

Innophos

Holdings,

Inc.

9.375%

due

02/15/28 ~

125,000

126,341

11.500%

due

06/15/29 ~

125,000

127,950

Aluminum

Continuous

Cast

Co.

10.250%

due

04/01/30 ~

149,000

148,557

Kaiser

Aluminum

Corp.

4.500%

due

06/01/31 ~

56,000

49,615

4.625%

due

03/01/28 ~

114,000

108,398

Magnera

Corp.

4.750%

due

11/15/29 ~

97,000

86,117

7.250%

due

11/15/31 ~

131,000

127,568

Mativ

Holdings,

Inc.

8.000%

due

10/01/29 ~

38,000

32,799

Mercer

International,

Inc.

(Germany)

5.125%

due

02/01/29

300,000

257,502

12.875%

due

10/01/28 ~

1,000

1,059

Methanex

Corp.

(Canada)

5.125%

due

10/15/27

125,000

122,662

5.650%

due

12/01/44

50,000

41,226

Methanex

U.S.

Operations,

Inc.

6.250%

due

03/15/32 ~

76,000

74,098

268

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Mineral

Resources

Ltd.

(Australia)

8.000%

due

11/01/27 ~

175,000

173,087

8.125%

due

05/01/27 ~

61,000

60,485

8.500%

due

05/01/30 ~

210,000

203,393

9.250%

due

10/01/28 ~

399,000

399,456

Minerals

Technologies,

Inc.

5.000%

due

07/01/28 ~

36,000

34,709

New

Gold,

Inc.

(Canada)

6.875%

due

04/01/32 ~

50,000

50,534

Novelis

Corp.

3.250%

due

11/15/26 ~

109,000

105,473

Novelis,

Inc.

6.875%

due

01/30/30 ~

506,000

513,569

Olin

Corp.

5.000%

due

02/01/30

52,000

49,023

6.625%

due

04/01/33 ~

45,000

43,779

Olympus

Water

U.S.

Holding

Corp.

4.250%

due

10/01/28 ~

400,000

370,012

7.250%

due

06/15/31 ~

260,000

255,475

9.750%

due

11/15/28 ~

50,000

51,973

Perenti

Finance

Pty.

Ltd.

(Australia)

7.500%

due

04/26/29 ~

405,000

418,011

Rain

Carbon,

Inc.

12.250%

due

09/01/29 ~

45,000

47,860

SCIH

Salt

Holdings,

Inc.

4.875%

due

05/01/28 ~

221,000

210,405

6.625%

due

05/01/29 ~

105,000

100,992

Invictus

Intermediate

SARL

5.000%

due

10/30/29 ~

165,000

154,919

SNF

Group

SACA

(France)

3.375%

due

03/15/30 ~

205,000

181,214

Taseko

Mines

Ltd.

(Canada)

8.250%

due

05/01/30 ~

81,000

82,800

TMS

International

Corp.

6.250%

due

04/15/29 ~

155,000

144,477

Tronox,

Inc.

4.625%

due

03/15/29 ~

250,000

214,030

Vibrantz

Technologies,

Inc.

9.000%

due

02/15/30 ~

302,000

246,468

Grace

Holdings

LLC

5.625%

due

08/15/29 ~

390,000

336,192

16,650,851

Communications

15.1%

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL

5.000%

due

05/01/28 ~

200,000

183,879

9.000%

due

08/01/29 ~

150,000

145,771

Advantage

Sales

Marketing,

Inc.

6.500%

due

11/15/28 ~

23,000

20,167

Altice

Financing

(Luxembourg)

5.750%

due

08/15/29 ~

800,000

586,323

Altice

France

Holding

(Luxembourg)

10.500%

due

05/15/27 ~

205,000

60,195

Altice

France

(France)

5.125%

due

01/15/29 ~

350,000

275,180

5.125%

due

07/15/29 ~

500,000

392,377

5.500%

due

10/15/29 ~

640,000

508,032

8.125%

due

02/01/27 ~

350,000

313,244

AMC

Networks,

Inc.

4.250%

due

02/15/29

148,000

111,244

10.250%

due

01/15/29 ~

442,000

458,489

ANGI

Group

LLC

3.875%

due

08/15/28 ~

100,000

90,855

Principal

Amount

Value

Arches

Buyer,

Inc.

4.250%

due

06/01/28 ~

400,000

364,662

Bell

Telephone

Co.

Canada

Bell

Canada

(Canada)

6.875%

due

09/15/55

196,000

196,878

7.000%

due

09/15/55

246,000

246,415

Belo

Corp.

7.750%

due

06/01/27

110,000

114,433

Block

Communications,

Inc.

4.875%

due

03/01/28 ~

300,000

283,973

British

Telecommunications

PLC

(United

Kingdom)

4.250%

due

11/23/81 ~

250,000

243,042

Cable

One,

Inc.

4.000%

due

11/15/30 ~

255,000

202,568

Cablevision

Lightpath

LLC

3.875%

due

09/15/27 ~

200,000

190,121

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31 ~

485,000

430,192

4.250%

due

01/15/34 ~

600,000

493,947

4.500%

due

08/15/30 ~

300,000

273,353

4.500%

due

05/01/32

1,079,000

937,433

4.750%

due

03/01/30 ~

350,000

324,934

4.750%

due

02/01/32 ~

625,000

555,681

5.000%

due

02/01/28 ~

525,000

509,949

5.125%

due

05/01/27 ~

400,000

394,287

5.375%

due

06/01/29 ~

284,000

275,042

6.375%

due

09/01/29 ~

381,000

380,161

7.375%

due

03/01/31 ~

200,000

203,320

Ciena

Corp.

4.000%

due

01/31/30 ~

80,000

73,136

Clear

Channel

Outdoor

Holdings,

Inc.

5.125%

due

08/15/27 ~

600,000

580,466

7.500%

due

06/01/29 ~

225,000

186,097

7.875%

due

04/01/30 ~

230,000

225,721

9.000%

due

09/15/28 ~

240,000

246,732

CMG

Media

Corp.

8.875%

due

06/18/29 ~

250,000

216,250

Cogent

Communications

Group

LLC

7.000%

due

06/15/27 ~

380,000

383,174

Cogent

Communications

Group,

Inc./Cogent

Communications

Finance,

Inc.

7.000%

due

06/15/27 ~

50,000

50,383

CommScope

LLC

4.750%

due

09/01/29 ~

301,000

267,980

7.125%

due

07/01/28 ~

119,000

105,417

8.250%

due

03/01/27 ~

250,000

237,048

9.500%

due

12/15/31 ~

216,000

222,679

Connect

Finco

SARL/Connect

U.S.

Finco

LLC

(United

Kingdom)

9.000%

due

09/15/29 ~

110,000

100,428

Consolidated

Communications,

Inc.

5.000%

due

10/01/28 ~

150,000

140,799

6.500%

due

10/01/28 ~

266,000

257,145

CSC

Holdings

LLC

3.375%

due

02/15/31 ~

400,000

286,904

4.125%

due

12/01/30 ~

200,000

145,085

4.500%

due

11/15/31 ~

350,000

254,243

4.625%

due

12/01/30 ~

866,000

422,545

5.000%

due

11/15/31 ~

50,000

23,692

5.375%

due

02/01/28 ~

350,000

298,944

5.500%

due

04/15/27 ~

500,000

463,369

269

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

7.500%

due

04/01/28 ~

200,000

141,646

11.250%

due

05/15/28 ~

200,000

193,580

11.750%

due

01/31/29 ~

400,000

388,187

Cumulus

Media

New

Holdings,

Inc.

8.000%

due

07/01/29 ~

88,000

30,360

Directv

Financing

LLC

8.875%

due

02/01/30 ~

350,000

334,507

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

5.875%

due

08/15/27 ~

740,000

717,786

10.000%

due

02/15/31 ~

466,000

447,849

DISH

DBS

Corp.

5.125%

due

06/01/29

350,000

228,806

5.250%

due

12/01/26 ~

575,000

528,897

5.750%

due

12/01/28 ~

600,000

507,134

7.375%

due

07/01/28

385,000

276,424

7.750%

due

07/01/26

218,000

188,570

DISH

Network

Corp.

11.750%

due

11/15/27 ~

870,000

916,720

EchoStar

Corp.

6.750%

due

11/30/30

599,000

544,263

10.750%

due

11/30/29

1,327,000

1,395,543

Embarq

LLC

7.995%

due

06/01/36

150,000

58,937

Fibercop

SpA

(Italy)

6.375%

due

11/15/33 ~

300,000

286,713

7.200%

due

07/18/36 ~

374,000

362,017

7.721%

due

06/04/38 ~

101,000

101,512

Frontier

Communications

Holdings

LLC

5.000%

due

05/01/28 ~

475,000

469,047

5.875%

due

10/15/27 ~

160,000

159,955

6.750%

due

05/01/29 ~

305,000

306,773

8.625%

due

03/15/31 ~

150,000

159,917

8.750%

due

05/15/30 ~

170,000

179,217

Frontier

North,

Inc.

6.730%

due

02/15/28

350,000

356,781

GCI

LLC

4.750%

due

10/15/28 ~

200,000

184,661

Gen

Digital,

Inc.

6.250%

due

04/01/33 ~

192,000

191,607

7.125%

due

09/30/30 ~

74,000

75,612

Getty

Images,

Inc.

9.750%

due

03/01/27 ~

100,000

100,259

Gray

Media,

Inc.

5.375%

due

11/15/31 ~

350,000

218,936

10.500%

due

07/15/29 ~

293,000

305,534

GrubHub

Holdings,

Inc.

5.500%

due

07/01/27 ~

50,000

45,997

Hughes

Satellite

Systems

Corp.

5.250%

due

08/01/26

400,000

373,885

6.625%

due

08/01/26

253,000

209,038

iHeartCommunications,

Inc.

7.750%

due

08/15/30 ~

169,990

126,473

9.125%

due

05/01/29 ~

190,000

152,028

10.875%

due

05/01/30 ~

130,000

64,580

Iliad

Holding

SASU

(France)

7.000%

due

04/15/32 ~

295,000

295,759

8.500%

due

04/15/31 ~

575,000

603,624

Intelsat

Jackson

Holdings

(Luxembourg)

6.500%

due

03/15/30 ~

365,000

347,677

ION

Trading

Technologies

SARL

(Luxembourg)

5.750%

due

05/15/28 ~

400,000

372,736

Principal

Amount

Value

Lamar

Media

Corp.

3.625%

due

01/15/31

120,000

107,351

4.875%

due

01/15/29

80,000

77,862

LCPR

Senior

Secured

Financing

DAC

5.125%

due

07/15/29 ~

144,000

105,773

6.750%

due

10/15/27 ~

300,000

251,194

Level

Financing,

Inc.

3.625%

due

01/15/29 ~

100,000

74,750

4.875%

due

06/15/29 ~

300,000

255,109

10.000%

due

10/15/32 ~

312,620

311,971

10.500%

due

05/15/30 ~

278,000

299,265

11.000%

due

11/15/29 ~

400,000

446,316

Lumen

Technologies,

Inc.

10.000%

due

10/15/32 ~

651,000

650,714

Match

Group

Holdings

LLC

3.625%

due

10/01/31 ~

125,000

107,843

4.125%

due

08/01/30 ~

150,000

134,583

4.625%

due

06/01/28 ~

485,000

465,829

McGraw-Hill

Education,

Inc.

5.750%

due

08/01/28 ~

350,000

342,090

7.375%

due

09/01/31 ~

125,000

125,816

Midcontinent

Communications

8.000%

due

08/15/32 ~

88,000

89,088

Millennium

Escrow

Corp.

6.625%

due

08/01/26 ~

150,000

106,508

Neptune

Bidco

U.S.,

Inc.

9.290%

due

04/15/29 ~

725,000

629,634

Newfold

Digital

Holdings

Group,

Inc.

11.750%

due

10/15/28 ~

349,000

251,280

Nexstar

Media,

Inc.

4.750%

due

11/01/28 ~

130,000

121,863

5.625%

due

07/15/27 ~

238,000

234,658

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.

4.250%

due

01/15/29 ~

190,000

176,358

4.625%

due

03/15/30 ~

200,000

183,066

7.375%

due

02/15/31 ~

50,000

52,120

Paramount

Global

6.250%

due

02/28/57

142,000

135,870

6.375%

due

03/30/62

450,000

439,365

Qwest

Corp.

7.250%

due

09/15/25

35,000

35,147

Radiate

Holdco

LLC/Radiate

Finance,

Inc.

6.500%

due

09/15/28 ~

83,000

55,295

Rakuten

Group,

Inc.

(Japan)

6.250%

due

04/22/31 ~

300,000

271,251

9.750%

due

04/15/29 ~

600,000

652,553

11.250%

due

02/15/27 ~

365,000

396,195

Rogers

Communications,

Inc.

(Canada)

5.250%

due

03/15/82 ~

100,000

97,936

7.000%

due

04/15/55

100,000

100,411

7.125%

due

04/15/55

308,000

307,072

Scripps

Escrow

II,

Inc.

3.875%

due

01/15/29 ~

375,000

294,976

Scripps

Escrow,

Inc.

5.875%

due

07/15/27 ~

150,000

125,267

Sinclair

Television

Group,

Inc.

4.375%

due

12/31/32 ~

450,000

280,399

8.125%

due

02/15/33 ~

179,000

176,750

Sirius

Radio

LLC

3.125%

due

09/01/26 ~

146,000

141,586

3.875%

due

09/01/31 ~

105,000

90,089

4.000%

due

07/15/28 ~

405,000

378,213

270

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

4.125%

due

07/01/30 ~

90,000

80,027

5.000%

due

08/01/27 ~

526,000

514,354

5.500%

due

07/01/29 ~

185,000

178,803

Snap,

Inc.

6.875%

due

03/01/33 ~

422,000

422,350

Stagwell

Global

LLC

5.625%

due

08/15/29 ~

250,000

238,332

Sunrise

FinCo

(Netherlands)

4.875%

due

07/15/31 ~

365,000

332,260

TEGNA,

Inc.

4.625%

due

03/15/28

300,000

284,925

4.750%

due

03/15/26 ~

141,000

139,383

5.000%

due

09/15/29

224,000

208,138

Telecom

Italia

Capital

(Italy)

7.200%

due

07/18/36

126,000

126,907

7.721%

due

06/04/38

449,000

465,988

Telenet

Finance

Luxembourg

Notes

SARL

(Belgium)

5.500%

due

03/01/28 ~

400,000

389,000

Telesat

Canada/Telesat

LLC

(Canada)

6.500%

due

10/15/27 ~

134,000

58,346

Univision

Communications,

Inc.

4.500%

due

05/01/29 ~

577,000

510,569

6.625%

due

06/01/27 ~

155,000

153,845

7.375%

due

06/30/30 ~

141,000

134,856

8.500%

due

07/31/31 ~

384,000

375,592

Urban

One,

Inc.

7.375%

due

02/01/28 ~

100,000

51,611

Viasat,

Inc.

5.625%

due

04/15/27 ~

65,000

62,442

7.500%

due

05/30/31 ~

186,000

140,686

Viavi

Solutions,

Inc.

3.750%

due

10/01/29 ~

350,000

320,399

Virgin

Media

Secured

Finance

PLC

(United

Kingdom)

4.500%

due

08/15/30 ~

450,000

396,410

5.500%

due

05/15/29 ~

223,000

211,436

Vmed

U.K.

Financing

PLC

(United

Kingdom)

4.750%

due

07/15/31 ~

750,000

652,755

7.750%

due

04/15/32 ~

265,000

265,970

Vodafone

Group

PLC

(United

Kingdom)

4.125%

due

06/04/81

650,000

577,968

5.125%

due

06/04/81

100,000

75,931

7.000%

due

04/04/79

200,000

206,300

Secured

Financing

(Netherlands)

5.000%

due

01/15/32 ~

500,000

435,042

Wayfair

LLC

7.250%

due

10/31/29 ~

116,000

111,372

7.750%

due

09/15/30 ~

175,000

169,390

Windstream

Services

LLC/Windstream

Escrow

Finance

Corp.

8.250%

due

10/01/31 ~

408,000

415,779

Zayo

Group

Holdings,

Inc.

4.000%

due

03/01/27 ~

450,000

410,327

Ziff

Davis,

Inc.

4.625%

due

10/15/30 ~

465,000

422,356

47,023,196

Consumer,

Cyclical

20.5%

Acushnet

Co.

7.375%

due

10/15/28 ~

21,000

21,756

Adams

Homes,

Inc.

9.250%

due

10/15/28 ~

400,000

405,418

Principal

Amount

Value

Adient

Global

Holdings

Ltd.

7.000%

due

04/15/28 ~

463,000

464,342

7.500%

due

02/15/33 ~

85,000

79,665

8.250%

due

04/15/31 ~

181,000

175,591

Advance

Auto

Parts,

Inc.

1.750%

due

10/01/27

5,000

4,507

3.900%

due

04/15/30

96,000

85,613

Affinity

Interactive

6.875%

due

12/15/27 ~

200,000

152,561

Air

Canada

(Canada)

3.875%

due

08/15/26 ~

205,000

200,619

Allegiant

Travel

Co.

7.250%

due

08/15/27 ~

65,000

63,059

Allen

Media

LLC/Allen

Media

Co-Issuer,

Inc.

10.500%

due

02/15/28 ~

100,000

34,625

Allison

Transmission,

Inc.

3.750%

due

01/30/31 ~

300,000

266,969

AMC

Entertainment

Holdings,

Inc.

7.500%

due

02/15/29 ~

165,000

123,394

10.000%

Cash

12.000%

PIK

due

06/15/26 ~

200,000

199,203

Amer

Sports

Co.

(Finland)

6.750%

due

02/16/31 ~

39,000

39,957

American

Airlines,

Inc.

7.250%

due

02/15/28 ~

400,000

398,243

8.500%

due

05/15/29 ~

460,000

467,278

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.

5.500%

due

04/20/26 ~

97,917

97,723

5.750%

due

04/20/29 ~

780,000

763,910

American

Axle

Manufacturing,

Inc.

6.875%

due

07/01/28

150,000

143,128

American

Builders

Contractors

Supply

Co.,

Inc.

4.000%

due

01/15/28 ~

234,000

223,963

Aptiv

Swiss

Holdings

Ltd.

6.875%

due

12/15/54

250,000

245,350

Arko

Corp.

5.125%

due

11/15/29 ~

185,000

150,217

Asbury

Automotive

Group,

Inc.

4.500%

due

03/01/28

150,000

144,551

4.625%

due

11/15/29 ~

200,000

187,614

4.750%

due

03/01/30

218,000

204,142

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.

6.625%

due

01/15/28 ~

550,000

547,820

Aston

Martin

Capital

Holdings

Ltd.

(Jersey)

10.000%

due

03/31/29 ~

200,000

181,027

Home

Group,

Inc.

4.875%

due

07/15/28 ~

290,000

79,753

Avianca

Midco

PLC

9.000%

due

12/01/28 ~

350,000

332,716

9.625%

due

02/14/30 ~

200,000

183,930

Banijay

Entertainment

SAS

(France)

8.125%

due

05/01/29 ~

200,000

205,896

Bath

Body

Works,

Inc.

6.694%

due

01/15/27

160,000

163,455

6.750%

due

07/01/36

40,000

39,920

6.875%

due

11/01/35

300,000

304,221

7.600%

due

07/15/37

115,000

117,392

BCPE

Empire

Holdings,

Inc.

7.625%

due

05/01/27 ~

190,000

187,091

271

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

BCPE

Ulysses

Intermediate,

Inc.

7.750%

Cash

8.500%

PIK

due

04/01/27 ~

165,000

155,322

Beacon

Roofing

Supply,

Inc.

4.500%

due

11/15/26 ~

150,000

149,792

6.500%

due

08/01/30 ~

65,000

68,436

Beazer

Homes

USA,

Inc.

7.250%

due

10/15/29

139,000

136,844

7.500%

due

03/15/31 ~

375,000

363,774

Bloomin'

Brands,

Inc./OSI

Restaurant

Partners

LLC

5.125%

due

04/15/29 ~

100,000

86,431

BlueLinx

Holdings,

Inc.

6.000%

due

11/15/29 ~

100,000

94,275

Boyd

Gaming

Corp.

4.750%

due

12/01/27

122,000

119,592

4.750%

due

06/15/31 ~

285,000

263,076

Brinker

International,

Inc.

8.250%

due

07/15/30 ~

50,000

52,549

Brookfield

Residential

Properties,

Inc./

Brookfield

Residential

U.S.

LLC

(Canada)

4.875%

due

02/15/30 ~

425,000

372,146

5.000%

due

06/15/29 ~

100,000

90,298

Caesars

Entertainment,

Inc.

4.625%

due

10/15/29 ~

326,000

299,898

6.000%

due

10/15/32 ~

170,000

158,903

6.500%

due

02/15/32 ~

200,000

199,499

7.000%

due

02/15/30 ~

155,000

157,220

Carnival

Corp.

4.000%

due

08/01/28 ~

325,000

311,139

5.750%

due

03/01/27 ~

714,000

714,895

5.750%

due

03/15/30 ~

160,000

159,477

6.000%

due

05/01/29 ~

300,000

298,086

6.125%

due

02/15/33 ~

459,000

452,661

Carvana

Co.

9.000%

Cash

12.000%

PIK

due

12/01/28 ~

492,803

508,039

9.000%

Cash

13.000%

PIK

due

06/01/30 ~

259,057

274,496

9.000%

Cash

14.000%

PIK

due

06/01/31 ~

473,000

525,984

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corp.

9.500%

due

10/15/29 ~

348,000

317,985

CEC

Entertainment

LLC

6.750%

due

05/01/26 ~

223,000

220,114

Champ

Acquisition

Corp.

8.375%

due

12/01/31 ~

2,000

2,071

Churchill

Downs,

Inc.

5.500%

due

04/01/27 ~

230,000

228,329

6.750%

due

05/01/31 ~

310,000

312,830

Cinemark

USA,

Inc.

7.000%

due

08/01/32 ~

17,000

17,177

Clarios

Global

LP/Clarios

U.S.

Finance

Co.

6.750%

due

05/15/28 ~

47,000

47,697

6.750%

due

02/15/30 ~

247,000

249,569

8.500%

due

05/15/27 ~

396,000

396,835

Cooper-Standard

Automotive,

Inc.

5.625%

due

05/15/27 ~

328,804

279,234

Cougar

Subsidiary

LLC

8.000%

due

05/15/32 ~

249,000

257,006

Crocs,

Inc.

4.125%

due

08/15/31 ~

452,000

399,160

Principal

Amount

Value

Dana,

Inc.

4.250%

due

09/01/30

100,000

92,364

Dornoch

Debt

Merger

Sub,

Inc.

6.625%

due

10/15/29 ~

150,000

114,250

Dream

Finders

Homes,

Inc.

8.250%

due

08/15/28 ~

388,000

401,339

Global

Finance

PLC

(United

Kingdom)

12.000%

due

11/30/28 ~

234,000

259,344

Empire

Communities

Corp.

(Canada)

9.750%

due

05/01/29 ~

58,000

58,733

Empire

Resorts,

Inc.

7.750%

due

11/01/26 ~

300,000

288,481

Evergreen

Acqco

LP/TVI,

Inc.

9.750%

due

04/26/28 ~

179,000

186,468

Ferrellgas

LP/Ferrellgas

Finance

Corp.

5.375%

due

04/01/26 ~

240,000

237,759

5.875%

due

04/01/29 ~

100,000

90,633

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

6.750%

due

01/15/30 ~

215,000

186,112

FirstCash,

Inc.

4.625%

due

09/01/28 ~

55,000

52,565

5.625%

due

01/01/30 ~

75,000

72,782

6.875%

due

03/01/32 ~

67,000

67,918

Foot

Locker,

Inc.

4.000%

due

10/01/29 ~

350,000

290,216

Forestar

Group,

Inc.

5.000%

due

03/01/28 ~

5,000

4,896

6.500%

due

03/15/33 ~

105,000

102,896

Forvia

(France)

due

06/15/30 # ~

50,000

49,418

Full

House

Resorts,

Inc.

8.250%

due

02/15/28 ~

100,000

98,917

Gap,

Inc.

3.625%

due

10/01/29 ~

5,000

4,516

Garrett

Motion

Holdings,

Inc./Garrett

SARL

7.750%

due

05/31/32 ~

160,000

158,371

Gates

Corp.

6.875%

due

07/01/29 ~

56,000

57,040

Genting

New

York

LLC/GENNY

Capital,

Inc.

7.250%

due

10/01/29 ~

317,000

323,314

Global

Auto

Holdings

Ltd./AAG

U.K.

Ltd.

(United

Kingdom)

8.375%

due

01/15/29 ~

100,000

90,320

8.750%

due

01/15/32 ~

100,000

84,336

11.500%

due

08/15/29 ~

300,000

293,493

Goodyear

Tire

Rubber

Co.

5.000%

due

05/31/26

450,000

446,788

5.250%

due

04/30/31

203,000

183,335

5.250%

due

07/15/31

65,000

58,877

5.625%

due

04/30/33

400,000

357,889

GPS

Hospitality

Holding

Co.

LLC/GPS

Finco,

Inc.

7.000%

due

08/15/28 ~

199,000

112,248

Great

Canadian

Gaming

Corp.

(Canada)

8.750%

due

11/15/29 ~

444,000

446,536

Group

Automotive,

Inc.

4.000%

due

08/15/28 ~

100,000

94,189

6.375%

due

01/15/30 ~

23,000

23,107

Guitar

Center,

Inc.

8.500%

due

01/15/26 ~

6,000

4,871

272

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Hilton

Domestic

Operating

Co.,

Inc.

3.625%

due

02/15/32 ~

300,000

263,171

4.000%

due

05/01/31 ~

325,000

294,547

5.875%

due

04/01/29 ~

725,000

727,811

5.875%

due

03/15/33 ~

75,000

74,332

6.125%

due

04/01/32 ~

554,000

556,496

Hilton

Grand

Vacations

Borrower

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

6.625%

due

01/15/32 ~

537,000

532,566

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.

4.875%

due

04/01/27

75,000

74,428

IHO

Verwaltungs

GmbH

(Germany)

6.375%

Cash

7.125%

PIK

due

05/15/29 ~

250,000

241,766

7.750%

due

11/15/30 ~

250,000

246,578

International

Game

Technology

PLC

4.125%

due

04/15/26 ~

200,000

197,645

Jacobs

Entertainment,

Inc.

6.750%

due

02/15/29 ~

160,000

153,917

Jaguar

Land

Rover

Automotive

PLC

(United

Kingdom)

4.500%

due

10/01/27 ~

200,000

192,802

Poindexter

Co.,

Inc.

8.750%

due

12/15/31 ~

367,000

377,617

JetBlue

Airways

Corp./JetBlue

Loyalty

9.875%

due

09/20/31 ~

559,000

552,259

Hovnanian

Enterprises,

Inc.

11.750%

due

09/30/29 ~

450,000

481,888

Home

6.875%

due

06/15/27

80,000

81,575

7.250%

due

07/15/30

185,000

190,086

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/

Taco

Bell

America

LLC

4.750%

due

06/01/27 ~

168,000

165,843

Kohl's

Corp.

4.625%

due

05/01/31

138,000

96,541

5.550%

due

07/17/45

185,000

101,898

Landsea

Homes

Corp.

8.875%

due

04/01/29 ~

400,000

381,398

Las

Vegas

Sands

Corp.

2.900%

due

06/25/25

150,000

149,216

LBM

Acquisition

LLC

6.250%

due

01/15/29 ~

350,000

298,473

LCM

Investments

Holdings

LLC

4.875%

due

05/01/29 ~

100,000

93,933

8.250%

due

08/01/31 ~

287,000

298,181

LGI

Homes,

Inc.

4.000%

due

07/15/29 ~

25,000

22,128

7.000%

due

11/15/32 ~

430,000

407,393

8.750%

due

12/15/28 ~

337,000

351,425

Liberty

Interactive

LLC

8.250%

due

02/01/30

100,000

39,445

Life

Time,

Inc.

6.000%

due

11/15/31 ~

85,000

84,330

Light

Wonder

International,

Inc.

7.250%

due

11/15/29 ~

156,000

158,261

7.500%

due

09/01/31 ~

138,000

141,477

Lindblad

Expeditions

LLC

6.750%

due

02/15/27 ~

20,000

19,952

Lions

Gate

Capital

Holdings

Inc.

5.500%

due

04/15/29 ~

290,000

269,785

Principal

Amount

Value

Lions

Gate

Capital

Holdings

LLC

5.500%

due

04/15/29 ~

92,000

74,999

Lithia

Motors,

Inc.

3.875%

due

06/01/29 ~

260,000

238,294

4.375%

due

01/15/31 ~

150,000

136,017

4.625%

due

12/15/27 ~

30,000

29,086

Live

Nation

Entertainment,

Inc.

3.750%

due

01/15/28 ~

60,000

57,241

4.750%

due

10/15/27 ~

505,000

492,815

M/I

Homes,

Inc.

4.950%

due

02/01/28

188,000

182,627

Macy's

Retail

Holdings

LLC

4.300%

due

02/15/43

100,000

64,064

5.875%

due

04/01/29 ~

10,000

9,713

6.700%

due

07/15/34 ~

450,000

383,424

MajorDrive

Holdings

LLC

6.375%

due

06/01/29 ~

200,000

153,573

Marriott

Ownership

Resorts,

Inc.

4.500%

due

06/15/29 ~

135,000

123,955

Mattamy

Group

Corp.

(Canada)

4.625%

due

03/01/30 ~

5,000

4,608

5.250%

due

12/15/27 ~

300,000

291,758

Melco

Resorts

Finance

Ltd.

(Hong

Kong)

5.250%

due

04/26/26 ~

500,000

491,826

5.375%

due

12/04/29 ~

200,000

184,308

5.750%

due

07/21/28 ~

250,000

240,610

7.625%

due

04/17/32 ~

285,000

284,065

MGM

China

Holdings

Ltd.

(Macau)

4.750%

due

02/01/27 ~

200,000

196,120

MGM

Resorts

International

4.625%

due

09/01/26

150,000

148,386

5.500%

due

04/15/27

490,000

486,272

6.125%

due

09/15/29

122,000

120,883

6.500%

due

04/15/32

50,000

49,079

Michaels

Cos.,

Inc.

5.250%

due

05/01/28 ~

450,000

311,174

7.875%

due

05/01/29 ~

115,000

61,581

Mohegan

Tribal

Gaming

Authority

8.000%

due

02/01/26 ~

260,000

260,150

Mohegan

Tribal

Gaming

Authority/MS

Digital

Entertainment

Holdings

LLC

due

04/15/30 # ~

158,000

155,379

due

04/15/31 # ~

100,000

96,467

Motion

Bondco

DAC

(United

Kingdom)

6.625%

due

11/15/27 ~

31,000

29,644

Murphy

Oil

USA,

Inc.

3.750%

due

02/15/31 ~

85,000

75,587

4.750%

due

09/15/29

189,000

181,030

5.625%

due

05/01/27

100,000

99,685

NCL

Corp.

Ltd.

5.875%

due

02/15/27 ~

570,000

569,579

6.750%

due

02/01/32 ~

332,000

328,181

New

Home

Co.,

Inc.

9.250%

due

10/01/29 ~

63,000

64,701

New

Red

Finance,

Inc.

(Canada)

3.500%

due

02/15/29 ~

110,000

101,771

3.875%

due

01/15/28 ~

950,000

908,798

4.000%

due

10/15/30 ~

558,000

505,475

5.625%

due

09/15/29 ~

94,000

93,171

6.125%

due

06/15/29 ~

85,000

85,620

Newell

Brands,

Inc.

5.700%

due

04/01/26

210,000

209,921

6.375%

due

05/15/30

53,000

51,692

273

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

6.625%

due

09/15/29

290,000

291,155

6.625%

due

05/15/32

482,000

469,443

Nissan

Motor

Acceptance

Co.

LLC

1.850%

due

09/16/26 ~

170,000

161,486

2.000%

due

03/09/26 ~

50,000

48,181

2.450%

due

09/15/28 ~

113,000

101,918

2.750%

due

03/09/28 ~

311,000

285,925

5.300%

due

09/13/27 ~

50,000

49,676

7.050%

due

09/15/28 ~

50,000

52,030

Nissan

Motor

Co.

Ltd.

(Japan)

4.345%

due

09/17/27 ~

300,000

291,857

4.810%

due

09/17/30 ~

400,000

380,185

Nordstrom,

Inc.

4.375%

due

04/01/30

135,000

120,964

6.950%

due

03/15/28

472,000

481,940

Odeon

Finco

PLC

(United

Kingdom)

12.750%

due

11/01/27 ~

500,000

523,148

OneSky

Flight

LLC

8.875%

due

12/15/29 ~

108,000

109,257

Ontario

Gaming

GTA

LP/OTG

Co-Issuer,

Inc.

(Canada)

8.000%

due

08/01/30 ~

38,000

37,827

OPENLANE,

Inc.

5.125%

due

06/01/25 ~

108,000

107,819

Park

River

Holdings,

Inc.

5.625%

due

02/01/29 ~

100,000

78,604

6.750%

due

08/01/29 ~

157,000

122,953

Patrick

Industries,

Inc.

4.750%

due

05/01/29 ~

15,000

14,092

6.375%

due

11/01/32 ~

184,000

178,570

Penn

Entertainment,

Inc.

4.125%

due

07/01/29 ~

200,000

177,802

Penske

Automotive

Group,

Inc.

3.500%

due

09/01/25

139,000

137,938

PetSmart,

Inc./PetSmart

Finance

Corp.

4.750%

due

02/15/28 ~

250,000

234,194

7.750%

due

02/15/29 ~

250,000

229,779

Phinia,

Inc.

6.625%

due

10/15/32 ~

195,000

191,528

6.750%

due

04/15/29 ~

23,000

23,318

General

Purchaser

LLC

9.500%

due

10/01/28 ~

91,000

86,905

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

5.625%

due

09/01/29 ~

438,000

324,120

QVC,

Inc.

5.450%

due

08/15/34

250,000

124,545

6.875%

due

04/15/29 ~

61,000

41,854

Raising

Cane's

Restaurants

LLC

9.375%

due

05/01/29 ~

13,000

13,827

Real

Hero

Merger

Sub

Inc.

6.250%

due

02/01/29 ~

200,000

157,706

Resideo

Funding,

Inc.

4.000%

due

09/01/29 ~

400,000

363,602

6.500%

due

07/15/32 ~

60,000

59,932

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.

4.625%

due

04/16/29 ~

800,000

711,705

Ritchie

Bros

Holdings,

Inc.

(Canada)

6.750%

due

03/15/28 ~

81,000

82,826

7.750%

due

03/15/31 ~

87,000

91,158

Principal

Amount

Value

Rivers

Enterprise

Borrower

LLC/Rivers

Enterprise

Finance

Corp.

6.625%

due

02/01/33 ~

185,000

182,067

Royal

Caribbean

Cruises

Ltd.

5.500%

due

08/31/26 ~

200,000

200,135

5.500%

due

04/01/28 ~

290,000

288,984

5.625%

due

09/30/31 ~

330,000

324,269

6.000%

due

02/01/33 ~

350,000

350,053

6.250%

due

03/15/32 ~

525,000

530,119

S&S

Holdings

LLC

8.375%

due

10/01/31 ~

227,000

214,723

Sabre

GLBL,

Inc.

8.625%

due

06/01/27 ~

144,000

142,610

10.750%

due

11/15/29 ~

176,000

177,941

Saks

Global

Enterprises

LLC

11.000%

due

12/15/29 ~

523,000

424,409

Sally

Holdings

LLC/Sally

Capital,

Inc.

6.750%

due

03/01/32

232,000

232,722

Scientific

Games

Holdings

LP/Scientific

Games

FinCo.,

Inc.

6.625%

due

03/01/30 ~

200,000

188,825

Scotts

Miracle-Gro

Co.

4.000%

due

04/01/31

200,000

175,694

5.250%

due

12/15/26

100,000

99,455

SeaWorld

Parks

Entertainment,

Inc.

5.250%

due

08/15/29 ~

2,000

1,897

Shea

Homes

LP/Shea

Homes

Funding

Corp.

4.750%

due

02/15/28

200,000

191,659

Six

Flags

Entertainment

Corp.

7.250%

due

05/15/31 ~

200,000

200,896

Six

Flags

Entertainment

Corp.

/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Co.

6.625%

due

05/01/32 ~

83,000

83,755

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Magnum

Management

Corp.

5.250%

due

07/15/29

250,000

236,808

6.500%

due

10/01/28

100,000

100,705

Somnigroup

International,

Inc.

4.000%

due

04/15/29 ~

450,000

418,359

Sonic

Automotive,

Inc.

4.625%

due

11/15/29 ~

400,000

368,724

Specialty

Building

Products

Holdings

LLC/

SBP

Finance

Corp.

7.750%

due

10/15/29 ~

384,000

355,100

Staples,

Inc.

10.750%

due

09/01/29 ~

640,000

579,001

12.750%

due

01/15/30 ~

175,727

119,242

Station

Casinos

LLC

4.500%

due

02/15/28 ~

100,000

95,855

4.625%

due

12/01/31 ~

86,000

77,345

6.625%

due

03/15/32 ~

50,000

49,635

Steelcase,

Inc.

5.125%

due

01/18/29

300,000

288,744

STL

Holding

Co.

LLC

8.750%

due

02/15/29 ~

271,000

278,407

Studio

City

Finance

Ltd.

(Macao)

6.500%

due

01/15/28 ~

350,000

340,208

Studio

City

Finance

Ltd.

(Macau)

5.000%

due

01/15/29 ~

400,000

360,481

274

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Superior

Plus

LP/Superior

General

Partner,

Inc.

(Canada)

4.500%

due

03/15/29 ~

250,000

231,066

SWF

Holdings

Corp.

6.500%

due

10/01/29 ~

115,000

52,235

Taylor

Morrison

Communities,

Inc.

5.125%

due

08/01/30 ~

215,000

206,808

5.750%

due

01/15/28 ~

300,000

299,556

Tenneco,

Inc.

8.000%

due

11/17/28 ~

650,000

620,480

Thor

Industries,

Inc.

4.000%

due

10/15/29 ~

110,000

99,208

Titan

International,

Inc.

7.000%

due

04/30/28

250,000

247,589

TKC

Holdings,

Inc.

6.875%

due

05/15/28 ~

194,000

193,483

10.500%

due

05/15/29 ~

200,000

200,107

Travel

Leisure

Co.

4.625%

due

03/01/30 ~

250,000

233,766

6.625%

due

07/31/26 ~

70,000

70,560

Tri

Pointe

Homes,

Inc.

5.250%

due

06/01/27

4,000

3,955

Vail

Resorts,

Inc.

6.500%

due

05/15/32 ~

3,000

3,035

Velocity

Vehicle

Group

LLC

8.000%

due

06/01/29 ~

325,000

333,786

Corp.

2.800%

due

04/23/27

31,000

29,372

2.950%

due

04/23/30

150,000

128,878

Victoria's

Secret

Co.

4.625%

due

07/15/29 ~

138,000

120,828

Victra

Holdings

LLC/Victra

Finance

Corp.

8.750%

due

09/15/29 ~

195,000

201,383

Viking

Cruises

Ltd.

5.875%

due

09/15/27 ~

17,000

16,924

9.125%

due

07/15/31 ~

150,000

160,351

Viking

Ocean

Cruises

Ship

VII

Ltd.

5.625%

due

02/15/29 ~

300,000

295,571

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

(Switzerland)

7.875%

due

05/01/27 ~

655,000

643,967

9.500%

due

06/01/28 ~

67,000

66,389

VOC

Escrow

Ltd.

5.000%

due

02/15/28 ~

52,000

50,759

Wabash

National

Corp.

4.500%

due

10/15/28 ~

460,000

413,875

Walgreens

Boots

Alliance,

Inc.

3.200%

due

04/15/30

50,000

46,176

3.450%

due

06/01/26

237,000

232,726

4.100%

due

04/15/50

230,000

198,321

4.800%

due

11/18/44

352,000

319,051

8.125%

due

08/15/29

322,000

329,039

White

Cap

Buyer

LLC

6.875%

due

10/15/28 ~

225,000

216,188

William

Carter

Co.

5.625%

due

03/15/27 ~

214,000

212,914

Windsor

Holdings

III

LLC

8.500%

due

06/15/30 ~

183,000

189,063

Winnebago

Industries,

Inc.

6.250%

due

07/15/28 ~

118,000

116,800

Wolverine

World

Wide,

Inc.

4.000%

due

08/15/29 ~

100,000

84,771

Principal

Amount

Value

Wyndham

Hotels

Resorts,

Inc.

4.375%

due

08/15/28 ~

106,000

101,329

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.

5.250%

due

05/15/27 ~

200,000

198,033

Wynn

Macau

Ltd.

(Macau)

5.125%

due

12/15/29 ~

390,000

360,711

5.500%

due

10/01/27 ~

200,000

195,430

5.625%

due

08/26/28 ~

500,000

481,366

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

5.125%

due

10/01/29 ~

200,000

192,065

6.250%

due

03/15/33 ~

120,000

116,986

7.125%

due

02/15/31 ~

117,000

121,152

Yum!

Brands,

Inc.

4.750%

due

01/15/30 ~

350,000

338,506

5.350%

due

11/01/43

100,000

94,370

6.875%

due

11/15/37

100,000

107,455

North

America

Capital,

Inc.

(Germany)

6.750%

due

04/23/30 ~

195,000

185,524

6.875%

due

04/14/28 ~

550,000

540,907

6.875%

due

04/23/32 ~

262,000

243,387

7.125%

due

04/14/30 ~

150,000

144,538

63,703,606

Consumer,

Non-Cyclical

14.0%

Acadia

Healthcare

Co.,

Inc.

5.000%

due

04/15/29 ~

225,000

212,886

7.375%

due

03/15/33 ~

33,000

33,009

ACCO

Brands

Corp.

4.250%

due

03/15/29 ~

120,000

108,531

AdaptHealth

LLC

4.625%

due

08/01/29 ~

190,000

173,060

5.125%

due

03/01/30 ~

177,000

161,534

ADT

Security

Corp.

4.125%

due

08/01/29 ~

179,000

168,260

4.875%

due

07/15/32 ~

245,000

228,983

Adtalem

Global

Education,

Inc.

5.500%

due

03/01/28 ~

50,000

49,303

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29 ~

150,000

139,354

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC

3.500%

due

03/15/29 ~

500,000

460,684

6.250%

due

03/15/33 ~

51,000

51,545

6.500%

due

02/15/28 ~

80,000

81,212

Allied

Universal

Holdco

LLC

7.875%

due

02/15/31 ~

269,000

272,650

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp.

9.750%

due

07/15/27 ~

147,000

147,579

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

SARL

4.625%

due

06/01/28 ~

966,000

913,623

Alta

Equipment

Group,

Inc.

9.000%

due

06/01/29 ~

197,000

172,570

AMN

Healthcare,

Inc.

4.625%

due

10/01/27 ~

217,000

208,787

APi

Group

DE,

Inc.

4.125%

due

07/15/29 ~

150,000

139,128

Avantor

Funding,

Inc.

4.625%

due

07/15/28 ~

300,000

289,425

275

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

5.375%

due

03/01/29 ~

140,000

126,469

5.750%

due

07/15/27 ~

150,000

144,792

8.000%

due

02/15/31 ~

184,000

179,816

8.250%

due

01/15/30 ~

225,000

219,683

B&G

Foods,

Inc.

5.250%

due

09/15/27

121,000

113,607

8.000%

due

09/15/28 ~

392,000

394,351

Bausch

Lomb

Corp.

8.375%

due

10/01/28 ~

445,000

462,244

Bausch

Health

Cos.,

Inc.

4.875%

due

06/01/28 ~

410,000

331,550

5.750%

due

08/15/27 ~

140,000

139,842

6.125%

due

02/01/27 ~

185,000

187,706

7.000%

due

01/15/28 ~

388,000

303,135

7.250%

due

05/30/29 ~

98,000

66,743

9.000%

due

12/15/25 ~

50,000

50,031

11.000%

due

09/30/28 ~

439,000

418,422

Ltd.

(Canada)

9.000%

due

01/30/28 ~

106,000

105,984

Ltd.

due

04/15/32 # ~

475,000

472,602

Belron

U.K.

Finance

PLC

(United

Kingdom)

5.750%

due

10/15/29 ~

200,000

198,790

Block,

Inc.

2.750%

due

06/01/26

580,000

563,019

3.500%

due

06/01/31

163,000

143,442

6.500%

due

05/15/32 ~

172,000

173,949

Boost

Newco

Borrower

LLC

7.500%

due

01/15/31 ~

400,000

416,674

Brink's

Co.

6.500%

due

06/15/29 ~

50,000

50,737

6.750%

due

06/15/32 ~

185,000

187,762

C&S

Group

Enterprises

LLC

5.000%

due

12/15/28 ~

217,000

181,637

Carriage

Services,

Inc.

4.250%

due

05/15/29 ~

100,000

91,458

Central

Garden

Pet

Co.

4.125%

due

10/15/30

335,000

304,953

4.125%

due

04/30/31 ~

110,000

98,560

Champions

Financing,

Inc.

8.750%

due

02/15/29 ~

505,000

452,543

Charles

River

Laboratories

International,

Inc.

3.750%

due

03/15/29 ~

133,000

122,540

4.250%

due

05/01/28 ~

192,000

183,303

Chobani

Holdco

LLC

8.750%

Cash

9.500%

PIK

due

10/01/29 ~

1,000

1,089

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

4.625%

due

11/15/28 ~

89,000

85,737

7.625%

due

07/01/29 ~

69,000

70,980

CHS/Community

Health

Systems,

Inc.

4.750%

due

02/15/31 ~

115,000

91,042

5.250%

due

05/15/30 ~

545,000

450,295

5.625%

due

03/15/27 ~

505,000

482,639

6.000%

due

01/15/29 ~

80,000

71,180

6.125%

due

04/01/30 ~

194,000

116,512

6.875%

due

04/01/28 ~

200,000

132,605

6.875%

due

04/15/29 ~

110,000

71,444

10.875%

due

01/15/32 ~

698,000

688,522

Principal

Amount

Value

Concentra

Escrow

Issuer

Corp.

6.875%

due

07/15/32 ~

4,000

4,075

CoreCivic,

Inc.

4.750%

due

10/15/27

460,000

446,745

8.250%

due

04/15/29

3,000

3,179

CPI

CG,

Inc.

10.000%

due

07/15/29 ~

50,000

53,272

CVS

Health

Corp.

6.750%

due

12/10/54

147,000

146,720

7.000%

due

03/10/55

435,000

439,519

Darling

Ingredients,

Inc.

6.000%

due

06/15/30 ~

145,000

144,247

DaVita,

Inc.

3.750%

due

02/15/31 ~

278,000

242,268

4.625%

due

06/01/30 ~

570,000

525,193

6.875%

due

09/01/32 ~

170,000

171,089

Dcli

Bidco

LLC

7.750%

due

11/15/29 ~

185,000

190,605

Deluxe

Corp.

8.125%

due

09/15/29 ~

280,000

281,984

Edgewell

Personal

Care

Co.

4.125%

due

04/01/29 ~

125,000

115,858

5.500%

due

06/01/28 ~

100,000

98,034

Elanco

Animal

Health,

Inc.

6.650%

due

08/28/28

130,000

131,925

Embecta

Corp.

5.000%

due

02/15/30 ~

280,000

250,975

Emergent

BioSolutions,

Inc.

3.875%

due

08/15/28 ~

285,000

198,869

Encompass

Health

Corp.

4.500%

due

02/01/28

150,000

145,757

Endo

Finance

Holdings,

Inc.

8.500%

due

04/15/31 ~

1,000

1,044

EquipmentShare.com,

Inc.

8.000%

due

03/15/33 ~

88,000

88,698

8.625%

due

05/15/32 ~

83,000

85,658

9.000%

due

05/15/28 ~

137,000

142,106

Fiesta

Purchaser,

Inc.

7.875%

due

03/01/31 ~

28,000

28,936

Fortrea

Holdings,

Inc.

7.500%

due

07/01/30 ~

290,000

264,066

Garda

World

Security

Corp.

(Canada)

4.625%

due

02/15/27 ~

100,000

97,431

6.000%

due

06/01/29 ~

150,000

140,826

8.250%

due

08/01/32 ~

197,000

192,551

8.375%

due

11/15/32 ~

306,000

301,200

GEO

Group,

Inc.

8.625%

due

04/15/29

100,000

105,144

10.250%

due

04/15/31

67,000

72,884

Graham

Holdings

Co.

5.750%

due

06/01/26 ~

100,000

100,089

Grand

Canyon

University

5.125%

due

10/01/28

300,000

284,358

Grifols

(Spain)

4.750%

due

10/15/28 ~

200,000

184,928

HAH

Group

Holding

Co.

LLC

9.750%

due

10/01/31 ~

228,000

219,808

HealthEquity,

Inc.

4.500%

due

10/01/29 ~

100,000

93,864

Heartland

Dental

LLC/Heartland

Dental

Finance

Corp.

10.500%

due

04/30/28 ~

230,000

241,941

276

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Herc

Holdings,

Inc.

6.625%

due

06/15/29 ~

125,000

125,521

Hertz

Corp.

4.625%

due

12/01/26 ~

250,000

174,601

12.625%

due

07/15/29 ~

366,000

330,820

HLF

Financing

SARL

LLC/Herbalife

International,

Inc.

4.875%

due

06/01/29 ~

100,000

77,620

12.250%

due

04/15/29 ~

327,000

353,220

Hologic,

Inc.

4.625%

due

02/01/28 ~

31,000

30,378

Ingles

Markets,

Inc.

4.000%

due

06/15/31 ~

100,000

90,445

Insulet

Corp.

6.500%

due

04/01/33 ~

108,000

109,853

IQVIA,

Inc.

5.000%

due

10/15/26 ~

300,000

298,041

6.500%

due

05/15/30 ~

200,000

203,718

Jazz

Securities

DAC

4.375%

due

01/15/29 ~

300,000

285,269

Kedrion

SpA

(Italy)

6.500%

due

09/01/29 ~

77,000

73,073

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.

9.000%

due

02/15/29 ~

174,000

179,195

Korn

Ferry

4.625%

due

12/15/27 ~

150,000

145,526

Kronos

Acquisition

Holdings,

Inc.

(Canada)

8.250%

due

06/30/31 ~

350,000

310,900

10.750%

due

06/30/32 ~

75,000

56,926

Lamb

Weston

Holdings,

Inc.

4.875%

due

05/15/28 ~

5,000

4,887

Land

O'Lakes

Capital

Trust

7.450%

due

03/15/28 ~

43,000

42,796

LifePoint

Health,

Inc.

5.375%

due

01/15/29 ~

150,000

131,829

8.375%

due

02/15/32 ~

204,000

205,595

9.875%

due

08/15/30 ~

142,000

150,002

10.000%

due

06/01/32 ~

235,000

224,463

11.000%

due

10/15/30 ~

170,000

185,021

Mallinckrodt

International

Finance

SA/

Mallinckrodt

LLC

14.750%

due

11/14/28 ~

361,289

378,758

Matthews

International

Corp.

8.625%

due

10/01/27 ~

137,000

142,406

Medline

Borrower

3.875%

due

04/01/29 ~

605,000

565,928

5.250%

due

10/01/29 ~

528,000

507,019

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.

6.250%

due

04/01/29 ~

844,000

855,798

Mobius

Merger

Sub,

Inc.

9.000%

due

06/01/30 ~

459,000

418,205

ModivCare,

Inc.

5.000%

due

10/01/29 ~

250,000

67,893

Molina

Healthcare,

Inc.

3.875%

due

05/15/32 ~

145,000

127,366

4.375%

due

06/15/28 ~

150,000

142,983

6.250%

due

01/15/33 ~

74,000

72,930

MPH

Acquisition

Holdings

LLC

5.750%

due

12/31/30 ~

50,000

36,309

Neogen

Food

Safety

Corp.

8.625%

due

07/20/30 ~

145,000

152,791

Principal

Amount

Value

NESCO

Holdings

II,

Inc.

5.500%

due

04/15/29 ~

285,000

263,440

Option

Care

Health,

Inc.

4.375%

due

10/31/29 ~

63,000

58,840

Organon

Co./Organon

Foreign

Debt

Co-Issuer

4.125%

due

04/30/28 ~

854,000

798,733

5.125%

due

04/30/31 ~

200,000

174,535

6.750%

due

05/15/34 ~

200,000

196,485

7.875%

due

05/15/34 ~

200,000

194,385

Midco

Ltd.

10.000%

due

02/15/30 ~

225,000

194,278

Owens

Minor,

Inc.

4.500%

due

03/31/29 ~

330,000

276,887

6.625%

due

04/01/30 ~

139,000

121,761

Performance

Food

Group,

Inc.

4.250%

due

08/01/29 ~

13,000

12,173

5.500%

due

10/15/27 ~

465,000

460,954

6.125%

due

09/15/32 ~

126,000

125,397

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

95,000

75,375

6.125%

due

09/30/32

135,000

133,006

Post

Holdings,

Inc.

4.500%

due

09/15/31 ~

500,000

453,353

4.625%

due

04/15/30 ~

417,000

389,911

5.500%

due

12/15/29 ~

400,000

389,213

6.250%

due

02/15/32 ~

305,000

307,172

6.250%

due

10/15/34 ~

117,000

115,486

6.375%

due

03/01/33 ~

367,000

361,794

Prime

Healthcare

Services,

Inc.

9.375%

due

09/01/29 ~

245,000

231,435

Prime

Security

Services

Borrower

LLC/

Prime

Finance,

Inc.

3.375%

due

08/31/27 ~

750,000

711,344

5.750%

due

04/15/26 ~

155,000

154,898

6.250%

due

01/15/28 ~

50,000

50,076

Primo

Water

Holdings,

Inc./Triton

Water

Holdings,

Inc.

4.375%

due

04/30/29 ~

3,000

2,874

Raven

Acquisition

Holdings

LLC

6.875%

due

11/15/31 ~

141,000

137,272

RCN

Corp.

(Escrow)

* ± ∂ Ω

9,000

–

Donnelley

Sons

Co.

10.875%

due

08/01/29 ~

488,000

475,819

RRD

Intermediate

Holdings,

Inc.

11.000%

due

12/01/30 ~

75,000

67,413

Safeway,

Inc.

7.250%

due

02/01/31

150,000

156,057

Select

Medical

Corp.

6.250%

due

12/01/32 ~

132,000

128,758

Service

Corp.

International

3.375%

due

08/15/30

128,000

114,169

5.125%

due

06/01/29

556,000

542,872

5.750%

due

10/15/32

130,000

127,918

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

4.625%

due

11/01/26 ~

50,000

49,148

6.750%

due

08/15/32 ~

214,000

215,869

Signal

Parent,

Inc.

6.125%

due

04/01/29 ~

200,000

115,170

277

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Simmons

Foods,

Inc./Simmons

Prepared

Foods,

Inc./Simmons

Pet

Food,

Inc./

Simmons

Feed

4.625%

due

03/01/29 ~

145,000

134,607

Sotera

Health

Holdings

LLC

7.375%

due

06/01/31 ~

125,000

127,235

Sotheby's

7.375%

due

10/15/27 ~

400,000

387,124

Sotheby's/Bidfair

Holdings,

Inc.

5.875%

due

06/01/29 ~

150,000

132,442

Star

Parent,

Inc.

9.000%

due

10/01/30 ~

559,000

551,680

Surgery

Center

Holdings,

Inc.

7.250%

due

04/15/32 ~

62,000

61,388

Teleflex,

Inc.

4.250%

due

06/01/28 ~

95,000

90,690

4.625%

due

11/15/27

300,000

293,397

Tenet

Healthcare

Corp.

4.375%

due

01/15/30

236,000

221,477

4.625%

due

06/15/28

75,000

72,463

5.125%

due

11/01/27

576,000

567,993

6.125%

due

10/01/28

300,000

298,815

6.125%

due

06/15/30

740,000

737,504

6.750%

due

05/15/31

212,000

215,231

Toledo

Hospital

5.325%

due

11/15/28

164,000

162,294

TriNet

Group,

Inc.

3.500%

due

03/01/29 ~

480,000

435,668

7.125%

due

08/15/31 ~

50,000

50,821

Turning

Point

Brands,

Inc.

7.625%

due

03/15/32 ~

25,000

26,104

U.S.

Acute

Care

Solutions

LLC

9.750%

due

05/15/29 ~

179,000

178,708

U.S.

Foods,

Inc.

4.750%

due

02/15/29 ~

250,000

241,266

5.750%

due

04/15/33 ~

52,000

50,717

6.875%

due

09/15/28 ~

81,000

83,071

7.250%

due

01/15/32 ~

89,000

92,626

United

Natural

Foods,

Inc.

6.750%

due

10/15/28 ~

300,000

296,703

United

Rentals

North

America,

Inc.

3.750%

due

01/15/32

400,000

353,634

3.875%

due

02/15/31

210,000

190,723

4.875%

due

01/15/28

65,000

63,940

5.250%

due

01/15/30

12,000

11,790

5.500%

due

05/15/27

130,000

129,643

6.125%

due

03/15/34 ~

53,000

53,099

Upbound

Group,

Inc.

6.375%

due

02/15/29 ~

200,000

189,368

Varex

Imaging

Corp.

7.875%

due

10/15/27 ~

90,000

91,466

Veritiv

Operating

Co.

10.500%

due

11/30/30 ~

181,000

191,874

Viking

Baked

Goods

Acquisition

Corp.

8.625%

due

11/01/31 ~

240,000

223,003

Topco,

Inc.

8.500%

due

08/15/30 ~

183,000

192,047

WASH

Multifamily

Acquisition,

Inc.

5.750%

due

04/15/26 ~

275,000

272,892

WEX,

Inc.

6.500%

due

03/15/33 ~

43,000

42,563

Williams

Scotsman,

Inc.

4.625%

due

08/15/28 ~

185,000

179,461

Principal

Amount

Value

6.625%

due

06/15/29 ~

47,000

47,594

6.625%

due

04/15/30 ~

184,000

186,129

7.375%

due

10/01/31 ~

182,000

187,540

ZipRecruiter,

Inc.

5.000%

due

01/15/30 ~

350,000

308,162

43,463,665

Diversified

0.2%

Benteler

International

(Austria)

10.500%

due

05/15/28 ~

400,000

420,531

Clue

Opco

LLC

9.500%

due

10/15/31 ~

33,000

33,041

Stena

International

(Sweden)

7.250%

due

01/15/31 ~

200,000

200,122

7.625%

due

02/15/31 ~

42,000

42,700

696,394

Energy

11.3%

Aethon

United

LP/Aethon

United

Finance

Corp.

7.500%

due

10/01/29 ~

156,000

158,775

Alliance

Resource

Operating

Partners

LP/

Alliance

Resource

Finance

Corp.

8.625%

due

06/15/29 ~

50,000

52,429

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

5.375%

due

06/15/29 ~

135,000

132,052

5.750%

due

03/01/27 ~

200,000

199,545

5.750%

due

01/15/28 ~

197,000

196,164

Archrock

Partners

LP/Archrock

Partners

Finance

Corp.

6.625%

due

09/01/32 ~

231,000

232,118

Aris

Water

Holdings

LLC

7.250%

due

04/01/30 ~

75,000

75,908

7.625%

due

04/01/26 ~

100,000

Ascent

Resources

Utica

Holdings

LLC/ARU

Finance

Corp.

5.875%

due

06/30/29 ~

139,000

135,755

6.625%

due

10/15/32 ~

117,000

116,568

8.250%

due

12/31/28 ~

25,000

25,511

Baytex

Energy

Corp.

(Canada)

7.375%

due

03/15/32 ~

433,000

416,972

8.500%

due

04/30/30 ~

283,000

287,704

Blue

Racer

Midstream

LLC/Blue

Racer

Finance

Corp.

6.625%

due

07/15/26 ~

165,000

165,048

7.000%

due

07/15/29 ~

38,000

38,864

7.250%

due

07/15/32 ~

3,000

3,106

Bristow

Group,

Inc.

6.875%

due

03/01/28 ~

100,000

99,074

Buckeye

Partners

4.500%

due

03/01/28 ~

105,000

100,829

5.850%

due

11/15/43

400,000

354,067

6.750%

due

02/01/30 ~

29,000

29,395

California

Resources

Corp.

8.250%

due

06/15/29 ~

347,000

352,935

Calumet

Specialty

Products

Partners

LP/

Calumet

Finance

Corp.

9.750%

due

07/15/28 ~

308,000

273,647

Chord

Energy

Corp.

6.750%

due

03/15/33 ~

240,000

238,960

Civitas

Resources,

Inc.

5.000%

due

10/15/26 ~

60,000

59,168

8.375%

due

07/01/28 ~

205,000

211,814

278

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

8.625%

due

11/01/30 ~

173,000

178,631

8.750%

due

07/01/31 ~

562,000

577,845

CNX

Resources

Corp.

6.000%

due

01/15/29 ~

550,000

543,488

7.250%

due

03/01/32 ~

73,000

74,293

Comstock

Resources,

Inc.

5.875%

due

01/15/30 ~

270,000

255,333

6.750%

due

03/01/29 ~

517,000

503,457

Coronado

Finance

Pty.

Ltd.

(Australia)

9.250%

due

10/01/29 ~

273,000

253,115

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31 ~

393,000

377,323

Crescent

Energy

Finance

LLC

7.375%

due

01/15/33 ~

575,000

554,961

7.625%

due

04/01/32 ~

58,000

57,420

9.250%

due

02/15/28 ~

101,000

104,937

CVR

Energy,

Inc.

5.750%

due

02/15/28 ~

125,000

116,645

8.500%

due

01/15/29 ~

216,000

207,585

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.

7.125%

due

06/01/28 ~

100,000

100,288

8.625%

due

03/15/29 ~

185,000

191,839

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

8.500%

due

10/01/30 ~

57,000

58,466

Midstream,

Inc.

4.125%

due

06/15/29 ~

95,000

89,494

4.375%

due

06/15/31 ~

200,000

184,145

Encino

Acquisition

Partners

Holdings

LLC

8.500%

due

05/01/28 ~

231,000

234,992

Enerflex

Ltd.

(Canada)

9.000%

due

10/15/27 ~

227,000

233,093

Energy

Transfer

7.125%

due

10/01/54

58,000

58,936

8.000%

due

05/15/54

100,000

105,324

EnQuest

PLC

(United

Kingdom)

11.625%

due

11/01/27 ~

185,000

190,479

EQM

Midstream

Partners

4.750%

due

01/15/31 ~

55,000

52,923

6.375%

due

04/01/29 ~

868,000

888,317

7.500%

due

06/01/27 ~

445,000

454,603

FORESEA

Holding

(Luxembourg)

7.500%

due

06/15/30 ~

300,000

290,062

FTAI

Infra

Escrow

Holdings

LLC

10.500%

due

06/01/27 ~

200,000

210,079

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.

7.875%

due

05/15/32

255,000

257,042

8.250%

due

01/15/29

203,000

209,744

8.875%

due

04/15/30

241,000

250,519

Global

Partners

LP/GLP

Finance

Corp.

6.875%

due

01/15/29

100,000

99,877

7.000%

due

08/01/27

150,000

149,691

8.250%

due

01/15/32 ~

170,000

174,892

Greenfire

Resources

Ltd.

(Canada)

12.000%

due

10/01/28 ~

40,000

42,373

Gulfport

Energy

Operating

Corp.

6.750%

due

09/01/29 ~

94,000

95,368

Harvest

Midstream

7.500%

due

09/01/28 ~

200,000

202,126

7.500%

due

05/15/32 ~

29,000

29,822

Principal

Amount

Value

Helix

Energy

Solutions

Group,

Inc.

9.750%

due

03/01/29 ~

350,000

374,081

Hess

Midstream

Operations

4.250%

due

02/15/30 ~

5,000

4,707

5.875%

due

03/01/28 ~

158,000

158,838

6.500%

due

06/01/29 ~

47,000

47,975

Hilcorp

Energy

LP/Hilcorp

Finance

Co.

5.750%

due

02/01/29 ~

250,000

241,747

6.000%

due

04/15/30 ~

460,000

437,966

6.250%

due

11/01/28 ~

40,000

39,995

6.875%

due

05/15/34 ~

2,000

1,883

7.250%

due

02/15/35 ~

152,000

145,355

8.375%

due

11/01/33 ~

85,000

87,193

Howard

Midstream

Energy

Partners

LLC

8.875%

due

07/15/28 ~

100,000

104,353

Ithaca

Energy

North

Sea

PLC

(United

Kingdom)

8.125%

due

10/15/29 ~

200,000

204,603

ITT

Holdings

LLC

6.500%

due

08/01/29 ~

250,000

230,882

Kimmeridge

Texas

Gas

LLC

8.500%

due

02/15/30 ~

100,000

100,020

Kinetik

Holdings

6.625%

due

12/15/28 ~

278,000

282,627

Kodiak

Gas

Services

LLC

7.250%

due

02/15/29 ~

354,000

361,134

Kraken

Oil

Gas

Partners

LLC

7.625%

due

08/15/29 ~

13,000

12,705

Long

Ridge

Energy

LLC

8.750%

due

02/15/32 ~

86,000

83,178

Matador

Resources

Co.

6.250%

due

04/15/33 ~

2,000

1,956

6.500%

due

04/15/32 ~

56,000

55,544

6.875%

due

04/15/28 ~

445,000

450,965

MEG

Energy

Corp.

(Canada)

5.875%

due

02/01/29 ~

80,000

78,731

Murphy

Oil

Corp.

6.000%

due

10/01/32

483,000

465,107

Nabors

Industries

Ltd.

7.500%

due

01/15/28 ~

22,000

20,271

Nabors

Industries,

Inc.

8.875%

due

08/15/31 ~

199,000

172,988

9.125%

due

01/31/30 ~

84,333

84,442

New

Fortress

Energy,

Inc.

8.750%

due

03/15/29 ~

100,000

69,103

NFE

Financing

LLC

12.000%

due

11/15/29 ~

642,227

541,826

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.

8.125%

due

02/15/29 ~

119,000

119,928

8.375%

due

02/15/32 ~

162,000

162,544

Noble

Finance

LLC

8.000%

due

04/15/30 ~

269,000

269,014

Northern

Oil

Gas,

Inc.

8.750%

due

06/15/31 ~

58,000

59,230

Northriver

Midstream

Finance

(Canada)

5.625%

due

02/15/26 ~

250,000

249,039

6.750%

due

07/15/32 ~

57,000

57,579

NuStar

Logistics

5.625%

due

04/28/27

265,000

264,115

6.000%

due

06/01/26

171,000

171,893

Oceaneering

International,

Inc.

6.000%

due

02/01/28

300,000

297,038

279

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Parkland

Corp.

(Canada)

4.500%

due

10/01/29 ~

140,000

132,127

5.875%

due

07/15/27 ~

132,000

131,648

6.625%

due

08/15/32 ~

447,000

447,124

PBF

Holding

Co.

LLC/PBF

Finance

Corp.

6.000%

due

02/15/28

150,000

139,657

7.875%

due

09/15/30 ~

236,000

206,969

9.875%

due

03/15/30 ~

255,000

241,386

Permian

Resources

Operating

LLC

5.875%

due

07/01/29 ~

330,000

325,930

7.000%

due

01/15/32 ~

89,000

91,087

8.000%

due

04/15/27 ~

100,000

101,961

9.875%

due

07/15/31 ~

235,000

257,570

Prairie

Acquiror

9.000%

due

08/01/29 ~

364,000

370,861

Precision

Drilling

Corp.

(Canada)

6.875%

due

01/15/29 ~

250,000

244,479

Puma

International

Financing

(Singapore)

5.000%

due

01/24/26 ~

94,896

94,097

7.750%

due

04/25/29 ~

150,000

151,623

Range

Resources

Corp.

4.750%

due

02/15/30 ~

4,000

3,808

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25 ~

250,000

249,287

6.750%

due

03/15/33 ~

42,000

42,756

7.500%

due

07/15/38 ~

300,000

303,080

Saturn

Oil

Gas,

Inc.

(Canada)

9.625%

due

06/15/29 ~

40,000

38,721

Seadrill

Finance

Ltd.

(Norway)

8.375%

due

08/01/30 ~

300,000

300,078

Sitio

Royalties

Operating

Partnership

LP/

Sitio

Finance

Corp.

7.875%

due

11/01/28 ~

230,000

236,889

Energy

Co.

6.625%

due

01/15/27

100,000

99,822

6.750%

due

09/15/26

60,000

60,027

6.750%

due

08/01/29 ~

305,000

300,745

7.000%

due

08/01/32 ~

360,000

353,661

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

(Canada)

7.500%

due

03/01/55 ~

106,000

107,380

7.625%

due

03/01/55 ~

392,000

398,088

Star

Holding

LLC

8.750%

due

08/01/31 ~

150,000

143,564

Strathcona

Resources

Ltd.

(Canada)

6.875%

due

08/01/26 ~

200,000

199,727

Summit

Midstream

Holdings

LLC

8.625%

due

10/31/29 ~

98,000

100,093

Sunnova

Energy

Corp.

5.875%

due

09/01/26 ~ ∂

110,000

46,875

11.750%

due

10/01/28 ~ ∂

31,000

13,215

Sunoco

6.250%

due

07/01/33 ~

60,000

60,104

7.000%

due

05/01/29 ~

500,000

511,912

7.250%

due

05/01/32 ~

82,000

84,756

Sunoco

LP/Sunoco

Finance

Corp.

7.000%

due

09/15/28 ~

530,000

542,805

Tallgrass

Energy

Partners

LP/Tallgrass

Energy

Finance

Corp.

6.000%

due

12/31/30 ~

312,000

296,326

7.375%

due

02/15/29 ~

170,000

170,977

Principal

Amount

Value

Talos

Production,

Inc.

9.000%

due

02/01/29 ~

370,000

380,536

9.375%

due

02/01/31 ~

78,000

79,437

TerraForm

Power

Operating

LLC

4.750%

due

01/15/30 ~

237,000

220,546

TGNR

Intermediate

Holdings

LLC

5.500%

due

10/15/29 ~

320,000

300,810

TGS

ASA

(Norway)

8.500%

due

01/15/30 ~

250,000

258,824

TransMontaigne

Partners

LLC

8.500%

due

06/15/30 ~

142,000

143,199

Transocean

Aquila

Ltd.

8.000%

due

09/30/28 ~

1,631

1,664

Transocean

Poseidon

Ltd.

6.875%

due

02/01/27 ~

49,350

49,084

Transocean,

Inc.

8.000%

due

02/01/27 ~

250,000

249,218

8.250%

due

05/15/29 ~

40,000

39,130

8.500%

due

05/15/31 ~

3,000

2,918

8.750%

due

02/15/30 ~

32,000

33,255

9.350%

due

12/15/41

490,000

406,781

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

7.125%

due

03/15/29 ~

525,000

534,331

Valaris

Ltd.

8.375%

due

04/30/30 ~

193,000

193,369

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

11/01/33 ~

400,000

344,584

4.125%

due

08/15/31 ~

544,000

494,665

Venture

Global

LNG,

Inc.

7.000%

due

01/15/30 ~

420,000

414,079

8.125%

due

06/01/28 ~

344,000

351,725

8.375%

due

06/01/31 ~

713,000

723,628

9.500%

due

02/01/29 ~

687,000

737,107

9.875%

due

02/01/32 ~

773,000

821,475

Vermilion

Energy,

Inc.

(Canada)

6.875%

due

05/01/30 ~

350,000

343,098

7.250%

due

02/15/33 ~

85,000

81,021

Viper

Energy,

Inc.

5.375%

due

11/01/27 ~

170,000

168,550

7.375%

due

11/01/31 ~

25,000

26,171

Viridien

(France)

10.000%

due

10/15/30 ~

193,000

197,940

Vital

Energy,

Inc.

7.875%

due

04/15/32 ~

134,000

124,873

9.750%

due

10/15/30

140,000

142,531

W&T

Offshore,

Inc.

10.750%

due

02/01/29 ~

225,000

217,790

Weatherford

International

Ltd.

8.625%

due

04/30/30 ~

100,000

101,607

Wildfire

Intermediate

Holdings

LLC

7.500%

due

10/15/29 ~

74,000

72,126

35,083,777

Financial

13.6%

Acadian

Asset

Management,

Inc.

4.800%

due

07/27/26

100,000

98,723

Acrisure

LLC/Acrisure

Finance,

Inc.

7.500%

due

11/06/30 ~

435,000

442,854

8.250%

due

02/01/29 ~

221,000

227,244

8.500%

due

06/15/29 ~

54,000

56,297

Issuer

LLC

6.250%

due

03/01/28 ~

210,000

206,691

280

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

TTMT

Escrow

Issuer

LLC

8.625%

due

09/30/27 ~

120,000

123,137

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co-Issuer

6.500%

due

10/01/31 ~

304,000

298,812

6.750%

due

04/15/28 ~

480,000

482,177

7.000%

due

01/15/31 ~

626,000

628,415

7.375%

due

10/01/32 ~

108,000

108,609

Ally

Financial,

Inc.

6.646%

due

01/17/40

103,000

99,731

6.700%

due

02/14/33

150,000

150,114

AmWINS

Group,

Inc.

6.375%

due

02/15/29 ~

113,000

113,932

Anywhere

Real

Estate

Group

LLC/

Anywhere

Co-Issuer

Corp.

7.000%

due

04/15/30 ~

300,000

267,108

Anywhere

Real

Estate

Group

LLC/Realogy

Co-Issuer

Corp.

5.250%

due

04/15/30 ~

17,000

12,731

APH

Somerset

Investor

LLC/APH2

Somerset

Investor

LLC/APH3

Somerset

Investor

LLC

7.875%

due

11/01/29 ~

352,000

347,260

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29 ~

150,000

136,171

Ardonagh

Finco

Ltd.

(United

Kingdom)

7.750%

due

02/15/31 ~

316,000

322,153

Ardonagh

Group

Finance

Ltd.

(United

Kingdom)

8.875%

due

02/15/32 ~

279,000

284,340

Aretec

Group,

Inc.

10.000%

due

08/15/30 ~

100,286

107,792

Armor

Holdco,

Inc.

8.500%

due

11/15/29 ~

250,000

243,048

Assurant,

Inc.

7.000%

due

03/27/48

200,000

204,250

AssuredPartners,

Inc.

7.500%

due

02/15/32 ~

67,000

71,573

Azorra

Finance

Ltd.

7.750%

due

04/15/30 ~

283,000

282,391

Baldwin

Insurance

Group

Holdings

LLC/

Baldwin

Insurance

Group

Holdings

Finance

7.125%

due

05/15/31 ~

232,000

235,288

Blackstone

Mortgage

Trust,

Inc.

7.750%

due

12/01/29 ~

38,000

39,145

Blackstone

Mortgage

Trust,

Inc.

REIT

3.750%

due

01/15/27 ~

395,000

376,671

Brandywine

Operating

Partnership

3.950%

due

11/15/27

50,000

47,314

4.550%

due

10/01/29

350,000

318,670

8.875%

due

04/12/29

33,000

34,603

Bread

Financial

Holdings,

Inc.

8.375%

due

06/15/35 ~

100,000

97,873

9.750%

due

03/15/29 ~

419,000

442,653

BroadStreet

Partners,

Inc.

5.875%

due

04/15/29 ~

105,000

101,014

Brookfield

Property

REIT,

Inc./BPR

Cumulus

LLC/BPR

Nimbus

LLC/GGSI

Sellco

LLC

4.500%

due

04/01/27 ~

131,000

125,633

Burford

Capital

Global

Finance

LLC

6.875%

due

04/15/30 ~

20,000

19,771

Principal

Amount

Value

9.250%

due

07/01/31 ~

38,000

40,083

Cobra

AcquisitionCo

LLC

6.375%

due

11/01/29 ~

200,000

171,068

12.250%

due

11/01/29 ~

100,000

102,034

Coinbase

Global,

Inc.

3.375%

due

10/01/28 ~

300,000

271,046

3.625%

due

10/01/31 ~

85,000

71,994

Compass

Group

Diversified

Holdings

LLC

5.000%

due

01/15/32 ~

400,000

358,611

5.250%

due

04/15/29 ~

335,000

316,295

Constellation

Insurance,

Inc.

6.800%

due

01/24/30 ~

400,000

395,492

Credit

Acceptance

Corp.

6.625%

due

03/15/30 ~

212,000

209,244

9.250%

due

12/15/28 ~

88,000

93,271

Cushman

Wakefield

U.S.

Borrower

LLC

6.750%

due

05/15/28 ~

38,000

38,125

8.875%

due

09/01/31 ~

155,000

164,714

Diversified

Healthcare

Trust

4.750%

due

02/15/28

350,000

301,128

Encore

Capital

Group,

Inc.

9.250%

due

04/01/29 ~

50,000

52,429

Enova

International,

Inc.

9.125%

due

08/01/29 ~

203,000

209,372

11.250%

due

12/15/28 ~

63,000

67,922

EZCORP,

Inc.

7.375%

due

04/01/32 ~

27,000

27,461

Five

Point

Operating

Co.

LP/Five

Point

Capital

Corp.

10.500%

due

01/15/28 ~ §

50,000

50,978

Focus

Financial

Partners

LLC

6.750%

due

09/15/31 ~

170,000

167,812

Freedom

Mortgage

Corp.

7.625%

due

05/01/26 ~

240,000

239,576

12.000%

due

10/01/28 ~

253,000

271,958

12.250%

due

10/01/30 ~

204,000

224,945

Freedom

Mortgage

Holdings

LLC

8.375%

due

04/01/32 ~

219,000

214,170

9.125%

due

05/15/31 ~

463,000

466,501

9.250%

due

02/01/29 ~

240,000

243,924

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

100,000

96,760

GGAM

Finance

Ltd.

(Ireland)

5.875%

due

03/15/30 ~

3,000

2,968

6.875%

due

04/15/29 ~

87,000

88,253

7.750%

due

05/15/26 ~

150,000

151,760

8.000%

due

02/15/27 ~

96,000

98,434

8.000%

due

06/15/28 ~

100,000

104,945

Global

Aircraft

Leasing

Co.

Ltd.

(Cayman)

8.750%

due

09/01/27 ~

397,000

404,019

Global

Atlantic

Fin

Co.

4.700%

due

10/15/51 ~

350,000

337,370

7.950%

due

10/15/54 ~

35,000

36,407

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

3.750%

due

12/15/27 ~

250,000

235,504

goeasy

Ltd.

(Canada)

due

10/01/30 # ~

125,000

122,768

6.875%

due

05/15/30 ~

77,000

75,488

7.625%

due

07/01/29 ~

230,000

230,329

9.250%

due

12/01/28 ~

62,000

65,159

Greystar

Real

Estate

Partners

LLC

7.750%

due

09/01/30 ~

60,000

62,774

281

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Hightower

Holding

LLC

6.750%

due

04/15/29 ~

3,000

2,912

9.125%

due

01/31/30 ~

182,000

187,454

Howard

Hughes

Corp.

4.125%

due

02/01/29 ~

400,000

365,343

4.375%

due

02/01/31 ~

230,000

204,974

Howden

U.K.

Refinance

PLC/Howden

U.K.

Refinance

PLC/Howden

U.S.

Refinance

LLC

(United

Kingdom)

7.250%

due

02/15/31 ~

200,000

202,066

8.125%

due

02/15/32 ~

52,000

52,599

HUB

International

Ltd.

5.625%

due

12/01/29 ~

200,000

193,656

7.250%

due

06/15/30 ~

400,000

412,270

7.375%

due

01/31/32 ~

470,000

478,840

Hudson

Pacific

Properties

3.950%

due

11/01/27

300,000

265,638

4.650%

due

04/01/29

50,000

37,864

5.950%

due

02/15/28

250,000

217,359

Hunt

Cos.,

Inc.

5.250%

due

04/15/29 ~

200,000

191,316

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.375%

due

02/01/29

150,000

125,142

5.250%

due

05/15/27

200,000

190,396

6.250%

due

05/15/26

240,000

237,866

9.000%

due

06/15/30

110,000

104,134

9.750%

due

01/15/29

115,000

114,456

10.000%

due

11/15/29 ~

294,000

292,308

Intesa

Sanpaolo

SpA

(Italy)

4.950%

due

06/01/42 ~

250,000

201,189

Iron

Mountain,

Inc.

4.500%

due

02/15/31 ~

355,000

325,761

5.000%

due

07/15/28 ~

165,000

160,097

5.250%

due

07/15/30 ~

125,000

119,969

5.625%

due

07/15/32 ~

900,000

861,116

6.250%

due

01/15/33 ~

211,000

209,117

7.000%

due

02/15/29 ~

68,000

69,599

Jane

Street

Group/JSG

Finance,

Inc.

6.125%

due

11/01/32 ~

288,000

283,589

7.125%

due

04/30/31 ~

278,000

285,788

Jefferies

Finance

LLC/JFIN

Co-Issuer

Corp.

5.000%

due

08/15/28 ~

300,000

282,291

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26 ~

100,000

99,490

9.500%

due

02/15/29 ~

45,000

47,932

Jones

Deslauriers

Insurance

Management,

Inc.

(Canada)

8.500%

due

03/15/30 ~

250,000

262,800

10.500%

due

12/15/30 ~

73,000

78,244

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

493,000

451,934

4.750%

due

02/01/30

193,000

172,853

Ladder

Capital

Finance

Holdings

LLLP/

Ladder

Capital

Finance

Corp.

4.250%

due

02/01/27 ~

485,000

472,706

5.250%

due

10/01/25 ~

250,000

249,432

7.000%

due

07/15/31 ~

42,000

43,138

Holdings

Group

LLC

6.125%

due

04/01/28 ~

50,000

39,688

8.750%

due

11/01/27 ~

228,000

207,517

LFS

Topco

LLC

5.875%

due

10/15/26 ~

140,000

137,056

Principal

Amount

Value

Liberty

Mutual

Group,

Inc.

4.125%

due

12/15/51 ~

250,000

239,435

4.300%

due

02/01/61 ~

500,000

312,182

Midcap

Financial

Issuer

Trust

5.625%

due

01/15/30 ~

250,000

227,073

6.500%

due

05/01/28 ~

250,000

241,228

MPT

Operating

Partnership

LP/MPT

Finance

Corp.

3.500%

due

03/15/31

405,000

270,531

5.000%

due

10/15/27

650,000

588,057

8.500%

due

02/15/32 ~

215,000

219,183

Nationstar

Mortgage

Holdings,

Inc.

5.125%

due

12/15/30 ~

505,000

506,230

5.500%

due

08/15/28 ~

351,000

348,385

6.500%

due

08/01/29 ~

130,000

131,898

7.125%

due

02/01/32 ~

52,000

54,061

Navient

Corp.

5.625%

due

08/01/33

350,000

301,920

6.750%

due

06/15/26

100,000

100,789

9.375%

due

07/25/30

367,000

391,346

11.500%

due

03/15/31

145,000

162,107

Newmark

Group,

Inc.

7.500%

due

01/12/29

93,000

97,619

Office

Properties

Income

Trust

3.250%

due

03/15/27 ~

98,539

81,451

9.000%

due

03/31/29 ~

36,000

34,457

9.000%

due

09/30/29 ~

200,000

164,094

OneMain

Finance

Corp.

3.875%

due

09/15/28

215,000

198,971

4.000%

due

09/15/30

160,000

141,141

5.375%

due

11/15/29

195,000

185,669

6.625%

due

01/15/28

216,000

217,786

6.625%

due

05/15/29

125,000

125,390

6.750%

due

03/15/32

209,000

205,391

7.125%

due

11/15/31

223,000

224,515

7.500%

due

05/15/31

244,000

248,477

7.875%

due

03/15/30

350,000

363,077

9.000%

due

01/15/29

226,000

237,339

Osaic

Holdings,

Inc.

10.750%

due

08/01/27 ~

100,000

101,960

Oxford

Finance

LLC/Oxford

Finance

Co-

Issuer

II,

Inc.

6.375%

due

02/01/27 ~

275,000

272,569

Panther

Escrow

Issuer

LLC

7.125%

due

06/01/31 ~

777,000

792,215

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co-Issuer

4.875%

due

05/15/29 ~

3,000

2,802

5.875%

due

10/01/28 ~

241,000

235,384

7.000%

due

02/01/30 ~

211,000

212,739

PennyMac

Financial

Services,

Inc.

5.750%

due

09/15/31 ~

190,000

180,535

6.875%

due

02/15/33 ~

154,000

153,230

7.125%

due

11/15/30 ~

483,000

491,126

7.875%

due

12/15/29 ~

79,000

82,253

PHH

Escrow

Issuer

LLC/PHH

Corp.

9.875%

due

11/01/29 ~

265,000

255,995

Planet

Financial

Group

LLC

10.500%

due

12/15/29 ~

447,000

449,024

PRA

Group,

Inc.

5.000%

due

10/01/29 ~

50,000

46,100

8.375%

due

02/01/28 ~

160,000

163,618

282

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

8.875%

due

01/31/30 ~

110,000

114,854

Prospect

Capital

Corp.

3.364%

due

11/15/26

100,000

92,911

3.437%

due

10/15/28

100,000

86,298

3.706%

due

01/22/26

100,000

97,599

Provident

Funding

Associates

LP/PFG

Finance

Corp.

9.750%

due

09/15/29 ~

250,000

256,101

Rfna

7.875%

due

02/15/30 ~

50,000

49,431

RHP

Hotel

Properties

LP/RHP

Finance

Corp.

4.500%

due

02/15/29 ~

110,000

104,147

6.500%

due

04/01/32 ~

94,000

93,907

7.250%

due

07/15/28 ~

416,000

426,275

Rithm

Capital

Corp.

8.000%

due

04/01/29 ~

350,000

348,350

Rocket

Mortgage

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26 ~

619,000

593,722

3.625%

due

03/01/29 ~

275,000

253,824

3.875%

due

03/01/31 ~

390,000

349,816

Ryan

Specialty

LLC

5.875%

due

08/01/32 ~

171,000

169,043

SBA

Communications

Corp.

3.125%

due

02/01/29

315,000

287,739

Service

Properties

Trust

3.950%

due

01/15/28

200,000

181,533

4.750%

due

10/01/26

150,000

147,333

4.950%

due

02/15/27

160,000

155,941

5.500%

due

12/15/27

350,000

337,901

8.375%

due

06/15/29

325,000

325,165

8.625%

due

11/15/31 ~

125,000

131,954

8.875%

due

06/15/32

100,000

99,081

SLM

Corp.

3.125%

due

11/02/26

175,000

169,191

6.500%

due

01/31/30

27,000

27,728

Starwood

Property

Trust,

Inc.

due

10/15/30 # ~

117,000

116,208

3.625%

due

07/15/26 ~

110,000

106,671

4.375%

due

01/15/27 ~

20,000

19,455

6.000%

due

04/15/30 ~

129,000

126,200

6.500%

due

07/01/30 ~

105,000

105,168

7.250%

due

04/01/29 ~

88,000

90,323

StoneX

Group,

Inc.

7.875%

due

03/01/31 ~

78,000

81,489

Synchrony

Financial

7.250%

due

02/02/33

188,000

193,624

Synovus

Financial

Corp.

7.538%

due

02/07/29

100,000

102,864

Texas

Capital

Bancshares,

Inc.

4.000%

due

05/06/31

300,000

292,015

TrueNoord

Capital

DAC

(Ireland)

8.750%

due

03/01/30 ~

133,000

135,124

UniCredit

SpA

(Italy)

5.459%

due

06/30/35 ~

450,000

442,335

United

Wholesale

Mortgage

LLC

5.500%

due

11/15/25 ~

95,000

94,808

5.500%

due

04/15/29 ~

335,000

323,263

5.750%

due

06/15/27 ~

185,000

182,063

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./

CSL

Capital

LLC

6.000%

due

01/15/30 ~

240,000

208,026

Principal

Amount

Value

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC

4.750%

due

04/15/28 ~

250,000

239,084

6.500%

due

02/15/29 ~

149,000

134,050

10.500%

due

02/15/28 ~

432,000

459,236

USI,

Inc.

7.500%

due

01/15/32 ~

107,000

109,293

UWM

Holdings

LLC

6.625%

due

02/01/30 ~

280,000

277,980

VFH

Parent

LLC/Valor

Co-Issuer,

Inc.

7.500%

due

06/15/31 ~

142,000

146,013

Vornado

Realty

2.150%

due

06/01/26

50,000

48,237

3.400%

due

06/01/31

63,000

53,379

Walker

Dunlop,

Inc.

6.625%

due

04/01/33 ~

125,000

124,802

XHR

6.625%

due

05/15/30 ~

165,000

162,193

42,308,277

Industrial

10.7%

AAR

Escrow

Issuer

LLC

6.750%

due

03/15/29 ~

280,000

284,792

Advanced

Drainage

Systems,

Inc.

6.375%

due

06/15/30 ~

187,000

187,979

AECOM

5.125%

due

03/15/27

165,000

163,858

AmeriTex

HoldCo

Intermediate

LLC

10.250%

due

10/15/28 ~

413,000

424,402

Amsted

Industries,

Inc.

6.375%

due

03/15/33 ~

92,000

91,618

Arcosa,

Inc.

6.875%

due

08/15/32 ~

133,000

134,948

Ardagh

Metal

Packaging

Finance

USA

LLC/

Ardagh

Metal

Packaging

Finance

PLC

3.250%

due

09/01/28 ~

300,000

269,171

6.000%

due

06/15/27 ~

200,000

197,382

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

5.250%

due

08/15/27 ~

300,000

138,871

Artera

Services

LLC

8.500%

due

02/15/31 ~

72,778

67,985

Atkore,

Inc.

4.250%

due

06/01/31 ~

200,000

176,389

ATP

Tower

Holdings/Andean

Telecom

Partners

Chile

SpA/Andean

Tower

Partners

(Chile)

7.875%

due

02/03/30 ~

350,000

351,286

ATS

Corp.

(Canada)

4.125%

due

12/15/28 ~

200,000

185,949

Axon

Enterprise,

Inc.

6.125%

due

03/15/30 ~

103,000

104,208

6.250%

due

03/15/33 ~

80,000

81,023

Ball

Corp.

3.125%

due

09/15/31

123,000

106,712

6.000%

due

06/15/29

175,000

177,293

Berry

Global,

Inc.

4.500%

due

02/15/26 ~

189,000

187,904

Bombardier,

Inc.

(Canada)

7.000%

due

06/01/32 ~

505,000

503,447

7.250%

due

07/01/31 ~

84,000

84,391

7.500%

due

02/01/29 ~

115,000

118,038

8.750%

due

11/15/30 ~

488,000

515,108

283

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Brand

Industrial

Services,

Inc.

10.375%

due

08/01/30 ~

241,000

230,216

Brightline

East

LLC

11.000%

due

01/31/30 ~

350,000

308,690

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

7.500%

due

02/01/32 ~

320,000

305,058

Builders

FirstSource,

Inc.

4.250%

due

02/01/32 ~

232,000

207,722

6.375%

due

03/01/34 ~

105,000

104,324

BWX

Technologies,

Inc.

4.125%

due

06/30/28 ~

350,000

330,839

4.125%

due

04/15/29 ~

200,000

186,940

Calderys

Financing

LLC

(France)

11.250%

due

06/01/28 ~

125,000

131,803

Camelot

Return

Merger

Sub,

Inc.

8.750%

due

08/01/28 ~

100,000

82,501

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29 ~

52,000

46,558

Cascades,

Inc./Cascades

USA,

Inc.

(Canada)

5.125%

due

01/15/26 ~

171,000

169,612

5.375%

due

01/15/28 ~

175,000

169,761

Chart

Industries,

Inc.

7.500%

due

01/01/30 ~

285,000

295,943

9.500%

due

01/01/31 ~

100,000

106,830

Clean

Harbors,

Inc.

5.125%

due

07/15/29 ~

400,000

390,490

Clydesdale

Acquisition

Holdings,

Inc.

due

04/15/32 # ~

171,000

172,321

6.875%

due

01/15/30 ~

67,000

67,592

8.750%

due

04/15/30 ~

2,000

2,030

Coherent

Corp.

5.000%

due

12/15/29 ~

200,000

190,966

Cornerstone

Building

Brands,

Inc.

6.125%

due

01/15/29 ~

200,000

122,249

9.500%

due

08/15/29 ~

150,000

124,952

Covanta

Holding

Corp.

4.875%

due

12/01/29 ~

200,000

186,226

Atlas

Buyer,

Inc.

7.000%

due

12/01/28 ~

200,000

158,357

Crown

Americas

LLC

5.250%

due

04/01/30

190,000

185,254

Crown

Americas

LLC/Crown

Americas

Capital

Corp.

4.250%

due

09/30/26

190,000

186,448

Danaos

Corp.

(Greece)

8.500%

due

03/01/28 ~

400,000

408,584

Dycom

Industries,

Inc.

4.500%

due

04/15/29 ~

85,000

79,550

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.

6.625%

due

12/15/30 ~

706,000

707,196

6.750%

due

07/15/31 ~

53,000

53,404

Energizer

Holdings,

Inc.

4.750%

due

06/15/28 ~

100,000

95,837

6.500%

due

12/31/27 ~

100,000

100,637

EnerSys

4.375%

due

12/15/27 ~

250,000

243,481

6.625%

due

01/15/32 ~

30,000

30,502

Enpro,

Inc.

5.750%

due

10/15/26

100,000

100,199

Principal

Amount

Value

Enviri

Corp.

5.750%

due

07/31/27 ~

100,000

95,606

Esab

Corp.

6.250%

due

04/15/29 ~

4,000

4,063

Fortress

Transportation

Infrastructure

Investors

LLC

5.875%

due

04/15/33 ~

100,000

95,663

7.000%

due

05/01/31 ~

235,000

238,952

7.000%

due

06/15/32 ~

125,000

126,855

7.875%

due

12/01/30 ~

15,333

16,057

FXI

Holdings,

Inc.

12.250%

due

11/15/26 ~

148,000

138,132

Genesee

Wyoming,

Inc.

6.250%

due

04/15/32 ~

33,000

33,015

GFL

Environmental,

Inc.

3.500%

due

09/01/28 ~

150,000

141,889

6.750%

due

01/15/31 ~

520,000

536,672

Global

Infrastructure

Solutions,

Inc.

7.500%

due

04/15/32 ~

119,000

117,561

Goat

Holdco

LLC

6.750%

due

02/01/32 ~

244,000

239,033

GrafTech

Finance,

Inc.

4.625%

due

12/23/29 ~

200,000

138,250

Graphic

Packaging

International

LLC

4.750%

due

07/15/27 ~

200,000

196,098

6.375%

due

07/15/32 ~

40,000

40,141

Great

Lakes

Dredge

Dock

Corp.

5.250%

due

06/01/29 ~

200,000

181,372

Griffon

Corp.

5.750%

due

03/01/28

130,000

127,359

Hillenbrand,

Inc.

3.750%

due

03/01/31

225,000

197,533

6.250%

due

02/15/29

208,000

208,643

Husky

Injection

Molding

Systems

Ltd./Titan

Co-Borrower

LLC

(Canada)

9.000%

due

02/15/29 ~

281,000

281,873

Imola

Merger

Corp.

4.750%

due

05/15/29 ~

630,000

598,810

INNOVATE

Corp.

8.500%

due

02/01/26 ~

250,000

234,433

Iris

Holding,

Inc.

10.000%

due

12/15/28 ~

175,000

156,469

James

Hardie

International

Finance

DAC

5.000%

due

01/15/28 ~

200,000

194,438

JELD-WEN,

Inc.

7.000%

due

09/01/32 ~

12,000

10,660

Knife

River

Corp.

7.750%

due

05/01/31 ~

65,000

67,731

LABL,

Inc.

5.875%

due

11/01/28 ~

40,000

31,553

8.625%

due

10/01/31 ~

178,000

132,808

9.500%

due

11/01/28 ~

243,000

205,756

10.500%

due

07/15/27 ~

300,000

267,709

Louisiana-Pacific

Corp.

3.625%

due

03/15/29 ~

99,000

92,846

LSB

Industries,

Inc.

6.250%

due

10/15/28 ~

255,000

246,003

Madison

IAQ

LLC

4.125%

due

06/30/28 ~

210,000

198,363

Manitowoc

Co.,

Inc.

9.250%

due

10/01/31 ~

390,000

401,384

Masterbrand,

Inc.

7.000%

due

07/15/32 ~

258,000

257,820

284

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

04/15/27 ~

565,000

554,407

9.250%

due

04/15/27 ~

396,000

374,031

Maxim

Crane

Works

Holdings

Capital

LLC

11.500%

due

09/01/28 ~

83,000

83,410

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower

LLC

6.750%

due

04/01/32 ~

233,000

231,078

MIWD

Holdco

LLC/MIWD

Finance

Corp.

5.500%

due

02/01/30 ~

220,000

198,295

Moog,

Inc.

4.250%

due

12/15/27 ~

100,000

96,430

Mueller

Water

Products,

Inc.

4.000%

due

06/15/29 ~

50,000

46,498

NAC

Aviation

DAC

(Ireland)

4.750%

due

06/30/26

177,591

176,985

New

Enterprise

Stone

Lime

Co.,

Inc.

5.250%

due

07/15/28 ~

120,000

116,087

European

Group

4.750%

due

02/15/30 ~

25,000

22,909

Oscar

AcquisitionCo

LLC/Oscar

Finance,

Inc.

9.500%

due

04/15/30 ~

450,000

404,527

Owens-Brockway

Glass

Container,

Inc.

7.250%

due

05/15/31 ~

95,000

92,863

Pactiv

LLC

7.950%

due

12/15/25

100,000

101,893

8.375%

due

04/15/27

350,000

373,383

Park-Ohio

Industries,

Inc.

6.625%

due

04/15/27

250,000

241,993

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32 ~

740,000

745,302

6.750%

due

03/01/33 ~

421,000

419,468

Railworks

Holdings

LP/Railworks

Rally,

Inc.

8.250%

due

11/15/28 ~

150,000

147,127

Rand

Parent

LLC

8.500%

due

02/15/30 ~

380,000

376,760

Reworld

Holding

Corp.

5.000%

due

09/01/30

5,000

4,642

Roller

Bearing

Co.

America,

Inc.

4.375%

due

10/15/29 ~

5,000

4,700

Sealed

Air

Corp.

5.000%

due

04/15/29 ~

100,000

97,209

6.875%

due

07/15/33 ~

404,000

423,148

Sealed

Air

Corp./Sealed

Air

Corp.

U.S.

6.125%

due

02/01/28 ~

107,000

107,224

Seaspan

Corp.

(Hong

Kong)

5.500%

due

08/01/29 ~

531,000

481,647

Sensata

Technologies

4.000%

due

04/15/29 ~

350,000

322,030

5.875%

due

09/01/30 ~

210,000

202,906

Sensata

Technologies,

Inc.

3.750%

due

02/15/31 ~

250,000

218,610

4.375%

due

02/15/30 ~

300,000

277,432

6.625%

due

07/15/32 ~

185,000

183,385

Silgan

Holdings,

Inc.

4.125%

due

02/01/28

15,000

14,403

Smyrna

Ready

Mix

Concrete

LLC

6.000%

due

11/01/28 ~

350,000

339,961

8.875%

due

11/15/31 ~

154,000

159,710

Spirit

AeroSystems,

Inc.

4.600%

due

06/15/28

505,000

484,837

9.375%

due

11/30/29 ~

275,000

293,707

Principal

Amount

Value

9.750%

due

11/15/30 ~

120,000

132,611

SPX

FLOW,

Inc.

8.750%

due

04/01/30 ~

167,000

171,806

Standard

Building

Solutions,

Inc.

6.500%

due

08/15/32 ~

93,000

93,080

Standard

Industries,

Inc.

3.375%

due

01/15/31 ~

145,000

126,191

4.375%

due

07/15/30 ~

100,000

92,352

4.750%

due

01/15/28 ~

390,000

377,867

Star

Leasing

Co.

LLC

7.625%

due

02/15/30 ~

233,000

224,179

Stonepeak

Nile

Parent

LLC

7.250%

due

03/15/32 ~

3,000

3,061

Terex

Corp.

5.000%

due

05/15/29 ~

400,000

382,092

6.250%

due

10/15/32 ~

136,000

132,076

Elevator

Holdco

GmbH

(Germany)

7.625%

due

07/15/28 ~

400,000

400,882

Elevator

U.S.

Newco,

Inc.

(Germany)

5.250%

due

07/15/27 ~

298,000

292,615

TopBuild

Corp.

4.125%

due

02/15/32 ~

35,000

31,167

TransDigm,

Inc.

4.875%

due

05/01/29

70,000

66,548

5.500%

due

11/15/27

500,000

494,684

6.000%

due

01/15/33 ~

775,000

763,672

6.375%

due

03/01/29 ~

530,000

536,066

6.625%

due

03/01/32 ~

147,000

149,057

6.750%

due

08/15/28 ~

354,000

359,613

6.875%

due

12/15/30 ~

424,000

433,686

7.125%

due

12/01/31 ~

3,000

3,090

Trident

TPI

Holdings,

Inc.

12.750%

due

12/31/28 ~

210,000

225,493

TriMas

Corp.

4.125%

due

04/15/29 ~

100,000

93,049

Trinity

Industries,

Inc.

7.750%

due

07/15/28 ~

390,000

404,549

Triumph

Group,

Inc.

9.000%

due

03/15/28 ~

109,000

114,726

Trivium

Packaging

Finance

(Netherlands)

8.500%

due

08/15/27 ~

5,000

4,980

Tutor

Perini

Corp.

11.875%

due

04/30/29 ~

231,000

254,594

Waste

Pro

USA,

Inc.

7.000%

due

02/01/33 ~

73,000

73,429

Watco

Cos.

LLC/Watco

Finance

Corp.

7.125%

due

08/01/32 ~

42,000

42,273

Weekley

Homes

LLC/Weekley

Finance

Corp.

4.875%

due

09/15/28 ~

284,000

269,782

Werner

FinCo

LP/Werner

FinCo,

Inc.

11.500%

due

06/15/28 ~

100,000

108,630

WESCO

Distribution,

Inc.

6.375%

due

03/15/29 ~

360,000

364,628

6.375%

due

03/15/33 ~

94,000

94,554

6.625%

due

03/15/32 ~

60,000

60,940

7.250%

due

06/15/28 ~

190,000

192,825

Wilsonart

LLC

11.000%

due

08/15/32 ~

87,000

79,960

Wrangler

Holdco

Corp.

(Canada)

6.625%

due

04/01/32 ~

29,000

29,556

285

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

XPO,

Inc.

7.125%

due

06/01/31 ~

3,000

3,075

7.125%

due

02/01/32 ~

63,000

64,606

33,254,417

Technology

4.8%

Ahead

Holdings

LLC

6.625%

due

05/01/28 ~

33,000

32,249

Alteryx,

Inc.

8.750%

due

03/15/28 ~

294,000

298,975

Amentum

Holdings,

Inc.

7.250%

due

08/01/32 ~

305,000

300,353

ams-OSRAM

(Austria)

12.250%

due

03/30/29 ~

250,000

257,159

ASGN,

Inc.

4.625%

due

05/15/28 ~

479,000

457,562

AthenaHealth

Group,

Inc.

6.500%

due

02/15/30 ~

435,000

408,416

Camelot

Finance

4.500%

due

11/01/26 ~

200,000

196,245

Capstone

Borrower,

Inc.

8.000%

due

06/15/30 ~

119,000

122,329

Central

Parent

LLC/CDK

Global

LLC/CDK

Financing

Co.,

Inc.

8.000%

due

06/15/29 ~

299,000

262,724

Central

Parent,

Inc./CDK

Global,

Inc.

7.250%

due

06/15/29 ~

105,000

90,978

Clarivate

Science

Holdings

Corp.

3.875%

due

07/01/28 ~

550,000

510,725

4.875%

due

07/01/29 ~

290,000

259,091

Cloud

Software

Group,

Inc.

6.500%

due

03/31/29 ~

1,290,000

1,254,919

8.250%

due

06/30/32 ~

297,000

302,303

9.000%

due

09/30/29 ~

620,000

618,791

Conduent

Business

Services

LLC/Conduent

State

Local

Solutions,

Inc.

6.000%

due

11/01/29 ~

100,000

93,786

Consensus

Cloud

Solutions,

Inc.

6.500%

due

10/15/28 ~

90,000

88,477

Crane

NXT

Co.

4.200%

due

03/15/48

350,000

218,778

Diebold

Nixdorf,

Inc.

7.750%

due

03/31/30 ~

3,000

3,117

Dye

Durham

Ltd.

(Canada)

8.625%

due

04/15/29 ~

327,000

337,360

Elastic

4.125%

due

07/15/29 ~

165,000

154,020

Ellucian

Holdings,

Inc.

6.500%

due

12/01/29 ~

235,000

231,693

Entegris,

Inc.

4.375%

due

04/15/28 ~

300,000

288,038

5.950%

due

06/15/30 ~

250,000

249,017

Fair

Isaac

Corp.

4.000%

due

06/15/28 ~

450,000

428,273

5.250%

due

05/15/26 ~

100,000

100,047

Fortress

Intermediate

Inc.

7.500%

due

06/01/31 ~

3,000

3,028

Helios

Software

Holdings,

Inc./ION

Corporate

Solutions

Finance

SARL

4.625%

due

05/01/28 ~

400,000

360,307

8.750%

due

05/01/29 ~

105,000

104,605

Insight

Enterprises,

Inc.

6.625%

due

05/15/32 ~

62,000

62,557

Principal

Amount

Value

McAfee

Corp.

7.375%

due

02/15/30 ~

360,000

318,934

NCR

Atleos

Corp.

9.500%

due

04/01/29 ~

150,000

162,779

NCR

Voyix

Corp.

5.125%

due

04/15/29 ~

28,000

26,700

Semiconductor

Corp.

3.875%

due

09/01/28 ~

355,000

332,705

Open

Text

Corp.

(Canada)

3.875%

due

02/15/28 ~

500,000

471,448

3.875%

due

12/01/29 ~

272,000

247,765

Open

Text

Holdings,

Inc.

(Canada)

4.125%

due

02/15/30 ~

255,000

232,855

Pitney

Bowes,

Inc.

6.875%

due

03/15/27 ~

350,000

349,867

Playtika

Holding

Corp.

4.250%

due

03/15/29 ~

250,000

220,419

Rackspace

Finance

LLC

3.500%

due

05/15/28 ~

140,000

57,723

RingCentral,

Inc.

8.500%

due

08/15/30 ~

5,000

5,260

ROBLOX

Corp.

3.875%

due

05/01/30 ~

402,000

366,008

Rocket

Software,

Inc.

6.500%

due

02/15/29 ~

67,000

63,230

9.000%

due

11/28/28 ~

50,000

51,607

Science

Applications

International

Corp.

4.875%

due

04/01/28 ~

160,000

153,431

Seagate

HDD

Cayman

4.091%

due

06/01/29

98,000

92,373

4.875%

due

06/01/27

392,000

385,250

5.750%

due

12/01/34

50,000

48,607

8.250%

due

12/15/29

430,000

457,671

8.500%

due

07/15/31

275,000

292,364

SS&C

Technologies,

Inc.

5.500%

due

09/30/27 ~

318,000

315,844

6.500%

due

06/01/32 ~

113,000

114,342

Synaptics,

Inc.

4.000%

due

06/15/29 ~

450,000

413,004

UKG,

Inc.

6.875%

due

02/01/31 ~

485,000

492,359

Unisys

Corp.

6.875%

due

11/01/27 ~

200,000

195,343

Virtusa

Corp.

7.125%

due

12/15/28 ~

4,000

3,766

Western

Digital

Corp.

4.750%

due

02/15/26

350,000

348,257

Xerox

Corp.

due

10/15/30 # ~

50,000

49,750

due

04/15/31 # ~

125,000

119,844

6.750%

due

12/15/39

150,000

76,911

Xerox

Holdings

Corp.

8.875%

due

11/30/29 ~

167,000

112,313

Zebra

Technologies

Corp.

6.500%

due

06/01/32 ~

46,000

46,594

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp.

3.875%

due

02/01/29 ~

250,000

229,581

14,950,826

Utilities

2.9%

AES

Corp.

6.950%

due

07/15/55

328,000

313,382

7.600%

due

01/15/55

150,000

151,741

286

PACIFIC

SELECT

FUND

HIGH

YIELD

BOND

MARKET

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Principal

Amount

Value

Algonquin

Power

Utilities

Corp.

(Canada)

4.750%

due

01/18/82

350,000

333,665

Alpha

Generation

LLC

6.750%

due

10/15/32 ~

136,000

136,193

AltaGas

Ltd.

(Canada)

7.200%

due

10/15/54 ~

547,000

540,976

AmeriGas

Partners

LP/AmeriGas

Finance

Corp.

5.750%

due

05/20/27

55,000

52,928

5.875%

due

08/20/26

94,000

93,366

9.375%

due

06/01/28 ~

63,000

62,406

California

Buyer

Ltd./Atlantica

Sustainable

Infrastructure

PLC

(United

Kingdom)

6.375%

due

02/15/32 ~

270,000

262,106

Calpine

Corp.

4.500%

due

02/15/28 ~

382,000

370,636

4.625%

due

02/01/29 ~

200,000

192,145

5.000%

due

02/01/31 ~

585,000

558,983

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31 ~

35,000

30,779

3.750%

due

01/15/32 ~

160,000

137,252

4.750%

due

03/15/28 ~

374,000

362,873

ContourGlobal

Power

Holdings

(United

Kingdom)

6.750%

due

02/28/30 ~

450,000

452,543

Edison

International

7.875%

due

06/15/54

31,000

29,913

8.125%

due

06/15/53

200,000

195,540

EUSHI

Finance,

Inc.

7.625%

due

12/15/54

150,000

156,452

Leeward

Renewable

Energy

Operations

LLC

4.250%

due

07/01/29 ~

150,000

132,694

Lightning

Power

LLC

7.250%

due

08/15/32 ~

273,400

281,714

NRG

Energy,

Inc.

3.375%

due

02/15/29 ~

90,000

82,716

3.625%

due

02/15/31 ~

150,000

132,961

5.250%

due

06/15/29 ~

265,000

258,480

5.750%

due

01/15/28

3,000

2,996

5.750%

due

07/15/29 ~

525,000

517,761

6.000%

due

02/01/33 ~

307,000

298,982

6.250%

due

11/01/34 ~

153,000

150,749

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.

4.500%

due

08/15/28 ~

100,000

93,141

PG&E

Corp.

7.375%

due

03/15/55

582,000

573,475

Pike

Corp.

5.500%

due

09/01/28 ~

171,000

165,608

Talen

Energy

Supply

LLC

8.625%

due

06/01/30 ~

235,000

249,434

TransAlta

Corp.

(Canada)

6.500%

due

03/15/40

100,000

94,438

Vistra

Operations

Co.

LLC

5.000%

due

07/31/27 ~

449,000

442,443

5.625%

due

02/15/27 ~

245,000

244,281

6.875%

due

04/15/32 ~

120,000

122,411

7.750%

due

10/15/31 ~

39,000

40,877

XPLR

Infrastructure

Operating

Partners

4.500%

due

09/15/27 ~

22,000

20,521

7.250%

due

01/15/29 ~

242,000

238,311

8.375%

due

01/15/31 ~

53,000

52,165

Principal

Amount

Value

8.625%

due

03/15/33 ~

306,000

297,965

8,928,002

Total

Corporate

Bonds

Notes

(Cost

$312,548,053)

306,063,011

TOTAL

INVESTMENTS

98.4%

(Cost

$312,593,044)

306,065,526

OTHER

ASSETS

LIABILITIES,

NET

1.6%

5,091,346

NET

ASSETS

100.0%

311,156,872

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

288

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

99.3%

Basic

Materials

0.5%

spacing

Celanese

Corp.

1,211

68,749

Cleveland-Cliffs,

Inc.

6,523

53,619

Ecolab,

Inc.

9,406

2,384,609

RPM

International,

Inc.

1,315

152,119

Sherwin-Williams

Co.

9,291

3,244,324

Southern

Copper

Corp.

(Mexico)

3,867

361,410

6,264,830

Communications

21.8%

spacing

Airbnb,

Inc.

Class A *

18,585

2,220,164

Alphabet,

Inc.

Class A

244,997

37,886,336

Alphabet,

Inc.

Class C

202,262

31,599,392

Amazon.com,

Inc.

390,873

74,367,497

Arista

Networks,

Inc.

44,805

3,471,491

Booking

Holdings,

Inc.

1,352

6,228,542

CDW

Corp.

2,975

476,774

Coupang,

Inc.

(South

Korea)

49,515

1,085,864

DoorDash,

Inc.

Class A *

13,407

2,450,397

Etsy,

Inc.

3,417

161,214

Expedia

Group,

Inc.

5,386

905,387

FactSet

Research

Systems,

Inc.

593

269,602

GoDaddy,

Inc.

Class A *

6,155

1,108,762

Liberty

Broadband

Corp.

Class A *

8,330

Liberty

Broadband

Corp.

Class C *

1,083

92,109

Liberty

Media

Corp.-Liberty

Formula

One

Class A *

524

42,690

Liberty

Media

Corp.-Liberty

Formula

One

Class C *

3,370

303,334

Lyft,

Inc.

Class A *

10,601

125,834

Meta

Platforms,

Inc.

Class A

82,991

47,832,693

Motorola

Solutions,

Inc.

3,372

1,476,295

Netflix,

Inc.

18,609

17,353,451

Nexstar

Media

Group,

Inc.

459

82,262

Palo

Alto

Networks,

Inc.

28,137

4,801,298

Pinterest,

Inc.

Class A *

26,023

806,713

Roku,

Inc.

637

44,870

Spotify

Technology

6,390

3,514,692

Trade

Desk,

Inc.

Class A *

19,659

1,075,740

Trump

Media

Technology

Group

Corp.

1,537

30,033

Uber

Technologies,

Inc.

88,397

6,440,605

Ubiquiti,

Inc.

141

43,730

VeriSign,

Inc.

188

47,728

246,353,829

Consumer,

Cyclical

9.2%

spacing

American

Airlines

Group,

Inc.

2,009

21,195

AutoZone,

Inc.

668

2,546,937

Burlington

Stores,

Inc.

2,792

665,417

CarMax,

Inc.

718

55,947

Carvana

Co.

1,573

328,883

Casey's

General

Stores,

Inc.

302

131,080

Cava

Group,

Inc.

3,394

293,276

Chipotle

Mexican

Grill,

Inc.

59,402

2,982,574

Choice

Hotels

International,

Inc.

1,056

140,216

Churchill

Downs,

Inc.

3,097

343,984

Copart,

Inc.

35,153

1,989,308

Core

Main,

Inc.

Class A *

5,534

267,348

Costco

Wholesale

Corp.

19,282

18,236,530

Crocs,

Inc.

456

48,427

Darden

Restaurants,

Inc.

2,724

565,938

Value

Deckers

Outdoor

Corp.

6,678

746,667

Dick's

Sporting

Goods,

Inc.

186

37,490

Domino's

Pizza,

Inc.

517

237,536

DraftKings,

Inc.

Class A *

19,934

662,008

Dutch

Bros,

Inc.

Class A *

2,069

127,740

Fastenal

Co.

21,247

1,647,705

Ferguson

Enterprises,

Inc.

615

98,541

Five

Below,

Inc.

1,844

138,162

Floor

Decor

Holdings,

Inc.

Class A *

1,633

131,407

Freshpet,

Inc.

525

43,664

Hasbro,

Inc.

5,351

329,033

Hilton

Worldwide

Holdings,

Inc.

5,260

1,196,913

Home

Depot,

Inc.

34,426

12,616,785

Hyatt

Hotels

Corp.

Class A

271

33,197

Las

Vegas

Sands

Corp.

15,339

592,546

Light

Wonder,

Inc.

3,900

337,779

Live

Nation

Entertainment,

Inc.

6,952

907,792

Lululemon

Athletica,

Inc.

5,009

1,417,848

McDonald's

Corp.

2,031

634,423

Murphy

USA,

Inc.

820

385,244

NIKE,

Inc.

Class B

31,671

2,010,475

Norwegian

Cruise

Line

Holdings

Ltd.

19,312

366,155

O'Reilly

Automotive,

Inc.

2,318

3,320,720

Planet

Fitness,

Inc.

Class A *

2,060

199,017

Pool

Corp.

1,641

522,412

104

24,379

Ross

Stores,

Inc.

3,311

423,113

Royal

Caribbean

Cruises

Ltd.

3,622

744,104

SharkNinja,

Inc.

558

46,543

SiteOne

Landscape

Supply,

Inc.

603

73,228

Skechers

USA,

Inc.

Class A *

592

33,614

Somnigroup

International,

Inc.

7,386

442,274

Starbucks

Corp.

38,239

3,750,863

Tesla,

Inc.

120,880

31,327,261

Texas

Roadhouse,

Inc.

2,935

489,059

TJX

Cos.,

Inc.

29,125

3,547,425

TKO

Group

Holdings,

Inc.

461

70,445

Tractor

Supply

Co.

22,848

1,258,925

Ulta

Beauty,

Inc.

1,765

646,943

Vail

Resorts,

Inc.

1,385

221,628

Wendy's

Co.

3,617

52,917

Williams-Sonoma,

Inc.

3,224

509,714

Wingstop,

Inc.

1,220

275,208

Grainger,

Inc.

1,629

1,609,175

Wyndham

Hotels

Resorts,

Inc.

233

21,089

Wynn

Resorts

Ltd.

248

20,708

YETI

Holdings,

Inc.

1,082

35,814

Yum!

Brands,

Inc.

4,764

749,663

103,732,411

Consumer,

Non-Cyclical

11.6%

spacing

10X

Genomics,

Inc.

Class A *

1,796

15,679

AbbVie,

Inc.

33,288

6,974,502

Align

Technology,

Inc.

1,933

307,076

Alnylam

Pharmaceuticals,

Inc.

4,914

1,326,878

Amgen,

Inc.

18,169

5,660,552

Apellis

Pharmaceuticals,

Inc.

3,903

85,359

Automatic

Data

Processing,

Inc.

16,590

5,068,743

Avery

Dennison

Corp.

1,287

229,047

Avis

Budget

Group,

Inc.

275

20,873

Block,

Inc.

10,322

560,794

Booz

Allen

Hamilton

Holding

Corp.

5,551

580,524

Boston

Beer

Co.,

Inc.

Class A *

18,868

Bright

Horizons

Family

Solutions,

Inc.

278

35,317

289

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Bruker

Corp.

2,833

118,249

Cardinal

Health,

Inc.

6,370

877,595

Celsius

Holdings,

Inc.

7,506

267,364

Cencora,

Inc.

7,498

2,085,119

Chemed

Corp.

39,381

Cigna

Group

1,079

354,991

Cintas

Corp.

14,268

2,932,502

Clorox

Co.

5,466

804,869

Coca-Cola

Co.

96,745

6,928,877

Colgate-Palmolive

Co.

19,303

1,808,691

Corpay,

Inc.

2,971

1,036,047

DaVita,

Inc.

2,090

319,707

Dexcom,

Inc.

16,711

1,141,194

Edwards

Lifesciences

Corp.

4,921

356,674

Elevance

Health,

Inc.

1,638

712,465

elf

Beauty,

Inc.

2,255

141,592

Eli

Lilly

Co.

34,819

28,757,360

Equifax,

Inc.

1,087

264,750

Estee

Lauder

Cos.,

Inc.

Class A

3,664

241,824

Exact

Sciences

Corp.

3,398

147,099

Exelixis,

Inc.

10,351

382,159

HealthCare

Technologies,

Inc.

1,709

137,933

Grand

Canyon

Education,

Inc.

330

57,097

H&R

Block,

Inc.

1,153

63,311

HCA

Healthcare,

Inc.

1,997

690,063

Hershey

Co.

874

149,480

IDEXX

Laboratories,

Inc.

3,497

1,468,565

Incyte

Corp.

466

28,216

Inspire

Medical

Systems,

Inc.

1,251

199,259

Insulet

Corp.

3,075

807,526

Intra-Cellular

Therapies,

Inc.

4,531

597,730

Intuitive

Surgical,

Inc.

15,365

7,609,824

Ionis

Pharmaceuticals,

Inc.

6,151

185,576

IQVIA

Holdings,

Inc.

868

153,028

Kimberly-Clark

Corp.

5,998

853,036

Lamb

Weston

Holdings,

Inc.

1,968

104,894

Masimo

Corp.

949

158,103

McKesson

Corp.

2,357

1,586,237

Medpace

Holdings,

Inc.

1,119

340,948

Merck

Co.,

Inc.

110,284

9,899,092

Molina

Healthcare,

Inc.

1,575

518,789

Monster

Beverage

Corp.

24,289

1,421,392

Moody's

Corp.

6,872

3,200,222

Morningstar,

Inc.

1,175

352,347

Natera,

Inc.

5,041

712,848

Neurocrine

Biosciences,

Inc.

4,391

485,645

Paylocity

Holding

Corp.

1,813

339,647

Penumbra,

Inc.

1,623

434,006

PepsiCo,

Inc.

47,237

7,082,716

Performance

Food

Group

Co.

931

73,205

Procter

Gamble

Co.

22,885

3,900,062

Quanta

Services,

Inc.

1,957

497,430

Regeneron

Pharmaceuticals,

Inc.

387

245,447

Repligen

Corp.

340

43,262

ResMed,

Inc.

1,748

391,290

Rollins,

Inc.

12,302

664,677

Sarepta

Therapeutics,

Inc.

4,030

257,195

Shift4

Payments,

Inc.

Class A *

2,697

220,372

Stryker

Corp.

4,641

1,727,612

Sysco

Corp.

13,439

1,008,463

Toast,

Inc.

Class A *

20,378

675,938

TransUnion

471

39,088

U-Haul

Holding

Co.

1,807

106,938

Ultragenyx

Pharmaceutical,

Inc.

3,409

123,440

Value

United

Rentals,

Inc.

698

437,437

UnitedHealth

Group,

Inc.

2,688

1,407,840

Valvoline,

Inc.

5,505

191,629

Verisk

Analytics,

Inc.

6,082

1,810,125

Vertex

Pharmaceuticals,

Inc.

5,622

2,725,658

Viking

Therapeutics,

Inc.

4,482

108,240

Waters

Corp.

1,583

583,446

West

Pharmaceutical

Services,

Inc.

1,940

434,327

WEX,

Inc.

166

26,065

WillScot

Holdings

Corp.

2,054

57,101

Zoetis,

Inc.

16,197

2,666,836

130,663,374

Energy

0.6%

spacing

Antero

Midstream

Corp.

4,616

83,088

Cheniere

Energy,

Inc.

5,026

1,163,016

Civitas

Resources,

Inc.

1,171

40,856

Enphase

Energy,

Inc.

5,801

359,952

EQT

Corp.

1,611

86,076

Hess

Corp.

7,738

1,235,991

Matador

Resources

Co.

666

34,026

New

Fortress

Energy,

Inc.

2,391

19,869

Permian

Resources

Corp.

5,701

78,959

Targa

Resources

Corp.

9,350

1,874,395

Texas

Pacific

Land

Corp.

799

1,058,667

Viper

Energy,

Inc.

1,908

86,146

Weatherford

International

PLC

3,075

164,666

6,285,707

Financial

7.4%

spacing

Allstate

Corp.

1,804

373,554

Ally

Financial,

Inc.

1,590

57,987

American

Express

Co.

9,024

2,427,907

American

Tower

Corp.

REIT

20,302

4,417,715

Ameriprise

Financial,

Inc.

3,792

1,835,745

Apollo

Global

Management,

Inc.

16,946

2,320,585

ARES

Management

Corp.

Class A

8,146

1,194,285

Arthur

Gallagher

Co.

747

257,894

Blackstone,

Inc.

31,379

4,386,157

Blue

Owl

Capital,

Inc.

23,076

462,443

Brown

Brown,

Inc.

4,627

575,599

Charles

Schwab

Corp.

7,298

571,287

Coinbase

Global,

Inc.

Class A *

7,312

1,259,346

Credit

Acceptance

Corp.

209

107,917

Equinix,

Inc.

REIT

218

177,746

Equitable

Holdings,

Inc.

12,503

651,281

Everest

Group

Ltd.

316

114,812

Goldman

Sachs

Group,

Inc.

3,513

1,919,117

Houlihan

Lokey,

Inc.

272

43,928

Iron

Mountain,

Inc.

REIT

7,320

629,813

Jefferies

Financial

Group,

Inc.

2,165

115,979

Jones

Lang

LaSalle,

Inc.

624

154,696

Kinsale

Capital

Group,

Inc.

969

471,622

KKR

Co.,

Inc.

8,543

987,656

Lamar

Advertising

Co.

Class A REIT

935

106,384

Lazard,

Inc.

4,366

189,048

LPL

Financial

Holdings,

Inc.

3,277

1,072,038

Markel

Group,

Inc.

129

241,180

Marsh

McLennan

Cos.,

Inc.

2,975

725,989

Mastercard,

Inc.

Class A

35,466

19,439,624

Morgan

Stanley

2,980

347,677

Holdings

Ltd.

Class A *

(Brazil)

139,893

1,432,504

Popular,

Inc.

398

36,763

Progressive

Corp.

21,432

6,065,470

290

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Public

Storage

REIT

1,058

316,649

RLI

Corp.

196

15,745

Ryan

Specialty

Holdings,

Inc.

4,504

332,711

Simon

Property

Group,

Inc.

REIT

3,647

605,694

SoFi

Technologies,

Inc.

6,938

80,689

TPG,

Inc.

844

40,031

Tradeweb

Markets,

Inc.

Class A

1,954

290,091

UWM

Holdings

Corp.

1,158

6,323

Visa,

Inc.

Class A

75,030

26,295,014

Western

Union

Co.

1,203

12,728

XP,

Inc.

Class A (Brazil)

1,078

14,823

83,182,246

Industrial

2.7%

spacing

Co.

4,455

654,261

AAON,

Inc.

3,068

239,703

Advanced

Drainage

Systems,

Inc.

1,073

116,581

Amphenol

Corp.

Class A

29,810

1,955,238

Armstrong

World

Industries,

Inc.

525

73,962

Axon

Enterprise,

Inc.

3,132

1,647,275

AZEK

Co.,

Inc.

4,295

209,983

Boeing

Co.

5,404

921,652

Builders

FirstSource,

Inc.

465

58,097

BWX

Technologies,

Inc.

967

95,395

Carlisle

Cos.,

Inc.

274

93,297

Caterpillar,

Inc.

3,019

995,666

Comfort

Systems

USA,

Inc.

1,547

498,644

Eagle

Materials,

Inc.

1,141

253,222

EMCOR

Group,

Inc.

800

295,704

Expeditors

International

Washington,

Inc.

1,086

130,591

Generac

Holdings,

Inc.

1,230

155,779

General

Electric

Co.

10,023

2,006,103

HEICO

Corp.

1,940

518,349

HEICO

Corp.

Class A

3,576

754,429

Honeywell

International,

Inc.

4,449

942,076

Howmet

Aerospace,

Inc.

1,054

136,735

Illinois

Tool

Works,

Inc.

4,696

1,164,655

Jabil,

Inc.

411

55,925

Lennox

International,

Inc.

1,411

791,331

Lincoln

Electric

Holdings,

Inc.

656

124,089

Loar

Holdings,

Inc.

1,082

76,443

Lockheed

Martin

Corp.

2,894

1,292,779

Louisiana-Pacific

Corp.

1,958

180,097

Martin

Marietta

Materials,

Inc.

146

69,807

Old

Dominion

Freight

Line,

Inc.

8,308

1,374,559

Rockwell

Automation,

Inc.

449

116,013

Saia,

Inc.

694

242,504

Sealed

Air

Corp.

335

9,681

Simpson

Manufacturing

Co.,

Inc.

204

32,044

Spirit

AeroSystems

Holdings,

Inc.

Class A *

421

14,508

Standardaero,

Inc.

1,204

32,075

Tetra

Tech,

Inc.

1,808

52,884

TopBuild

Corp.

24,701

Trane

Technologies

PLC

3,300

1,111,836

TransDigm

Group,

Inc.

484

669,512

Trex

Co.,

Inc.

4,837

281,030

Union

Pacific

Corp.

12,709

3,002,374

Universal

Display

Corp.

1,002

139,759

Veralto

Corp.

4,893

476,823

Vertiv

Holdings

Co.

Class A

15,373

1,109,931

Vulcan

Materials

Co.

1,503

350,650

Waste

Management,

Inc.

17,437

4,036,840

Value

XPO,

Inc.

5,032

541,343

30,126,935

Technology

45.3%

spacing

Adobe,

Inc.

18,931

7,260,606

Advanced

Micro

Devices,

Inc.

46,208

4,747,410

Appfolio,

Inc.

Class A *

937

206,046

Apple,

Inc.

607,147

134,865,563

Applied

Materials,

Inc.

32,525

4,720,028

AppLovin

Corp.

Class A *

11,402

3,021,188

Astera

Labs,

Inc.

502

29,954

Atlassian

Corp.

Class A *

6,963

1,477,618

Autodesk,

Inc.

9,357

2,449,663

Bentley

Systems,

Inc.

Class B

6,169

242,688

Bill

Holdings,

Inc.

1,087

49,882

Broadcom,

Inc.

194,341

32,538,514

Broadridge

Financial

Solutions,

Inc.

4,707

1,141,259

Cadence

Design

Systems,

Inc.

11,852

3,014,319

Cloudflare,

Inc.

Class A *

13,407

1,510,835

Confluent,

Inc.

Class A *

10,284

241,057

Crowdstrike

Holdings,

Inc.

Class A *

10,007

3,528,268

Datadog,

Inc.

Class A *

13,051

1,294,790

Dayforce,

Inc.

496

28,932

Dell

Technologies,

Inc.

Class C

2,023

184,396

Docusign,

Inc.

8,825

718,355

DoubleVerify

Holdings,

Inc.

3,483

46,568

Doximity,

Inc.

Class A *

383

22,225

Dropbox,

Inc.

Class A *

3,232

86,327

Duolingo,

Inc.

1,657

514,565

Dynatrace,

Inc.

13,128

618,985

Elastic

3,833

341,520

Entegris,

Inc.

6,629

579,905

EPAM

Systems,

Inc.

149

25,157

Fair

Isaac

Corp.

865

1,595,198

Fiserv,

Inc.

7,773

1,716,512

Five9,

Inc.

2,930

79,550

Fortinet,

Inc.

22,328

2,149,293

Gartner,

Inc.

3,238

1,359,118

Gitlab,

Inc.

Class A *

5,556

261,132

Globant

1,447

170,341

Guidewire

Software,

Inc.

1,639

307,083

HP,

Inc.

10,307

285,401

HubSpot,

Inc.

2,125

1,213,991

Intuit,

Inc.

11,876

7,291,745

KBR,

Inc.

488

24,307

KLA

Corp.

5,781

3,929,924

Lam

Research

Corp.

55,903

4,064,148

Lattice

Semiconductor

Corp.

5,204

272,950

Manhattan

Associates,

Inc.

2,668

461,671

Marvell

Technology,

Inc.

3,103

191,052

Microsoft

Corp.

307,007

115,247,358

MicroStrategy,

Inc.

Class A *

641

184,781

MKS

Instruments,

Inc.

266

21,320

MongoDB,

Inc.

3,152

552,861

Monolithic

Power

Systems,

Inc.

2,009

1,165,180

MSCI,

Inc.

1,938

1,095,939

nCino,

Inc.

2,177

59,802

NetApp,

Inc.

4,019

353,029

Nutanix,

Inc.

Class A *

3,273

228,488

NVIDIA

Corp.

966,900

104,792,622

Okta,

Inc.

3,248

341,755

Onto

Innovation,

Inc.

536

65,038

Oracle

Corp.

69,518

9,719,312

Palantir

Technologies,

Inc.

Class A *

89,532

7,556,501

291

PACIFIC

SELECT

FUND

LARGE-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Value

Paychex,

Inc.

5,084

784,360

Paycom

Software,

Inc.

1,412

308,494

Pegasystems,

Inc.

1,787

124,232

Procore

Technologies,

Inc.

4,710

310,954

PTC,

Inc.

3,164

490,262

Pure

Storage,

Inc.

Class A *

11,784

521,678

QUALCOMM,

Inc.

45,557

6,998,011

RingCentral,

Inc.

Class A *

3,154

78,093

ROBLOX

Corp.

Class A *

22,559

1,314,964

Salesforce,

Inc.

34,083

9,146,514

SentinelOne,

Inc.

Class A *

2,787

50,668

ServiceNow,

Inc.

8,930

7,109,530

Snowflake,

Inc.

Class A *

13,533

1,977,983

Super

Micro

Computer,

Inc.

21,814

746,911

Synopsys,

Inc.

6,706

2,875,868

Teradata

Corp.

3,877

87,155

Teradyne,

Inc.

6,264

517,406

Texas

Instruments,

Inc.

4,851

871,725

Twilio,

Inc.

Class A *

1,311

128,360

Tyler

Technologies,

Inc.

1,586

922,085

UiPath,

Inc.

Class A *

14,602

150,401

Unity

Software,

Inc.

6,516

127,648

Veeva

Systems,

Inc.

Class A *

6,494

1,504,205

Workday,

Inc.

Class A *

9,181

2,144,039

Zebra

Technologies

Corp.

Class A *

475

134,216

Zscaler,

Inc.

4,101

813,720

512,503,507

Utilities

0.2%

spacing

Constellation

Energy

Corp.

2,205

444,594

NRG

Energy,

Inc.

3,710

354,157

Vistra

Corp.

14,674

1,723,314

2,522,065

Total

Common

Stocks

(Cost

$840,143,299)

1,121,634,904

EXCHANGE-TRADED

FUNDS

0.4%

iShares

Russell

1000

Growth

13,610

4,914,435

Total

Exchange-Traded

Funds

(Cost

$5,587,014)

4,914,435

TOTAL

INVESTMENTS

99.7%

(Cost

$845,730,313)

1,126,549,339

DERIVATIVES

(0.0%)

(

196,047

)

OTHER

ASSETS

LIABILITIES,

NET

0.3%

3,866,253

NET

ASSETS

100.0%

1,130,219,545

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

1000

Growth

Index

06/25

4,414,477

4,218,430

(

196,047

)

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

293

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.1%

Basic

Materials

3.0%

spacing

Air

Products

Chemicals,

Inc.

8,731

2,574,946

Albemarle

Corp.

4,597

331,076

Alcoa

Corp.

9,809

299,174

Ashland,

Inc.

1,962

116,327

ATI,

Inc.

4,721

245,634

Axalta

Coating

Systems

Ltd.

8,251

273,686

Celanese

Corp.

3,289

186,717

Industries

Holdings,

Inc.

6,900

539,235

Chemours

Co.

6,394

86,511

Cleveland-Cliffs,

Inc.

12,239

100,605

Dow,

Inc.

27,987

977,306

DuPont

Nemours,

Inc.

16,249

1,213,475

Eastman

Chemical

Co.

4,649

409,623

Ecolab,

Inc.

1,311

332,365

Element

Solutions,

Inc.

9,179

207,537

FMC

Corp.

5,114

215,760

Freeport-McMoRan,

Inc.

56,075

2,122,999

Huntsman

Corp.

6,788

107,182

International

Flavors

Fragrances,

Inc.

10,167

789,061

International

Paper

Co.

20,812

1,110,320

Linde

PLC

18,967

8,831,794

LyondellBasell

Industries

Class A

10,269

722,938

Mosaic

Co.

13,006

351,292

Materials

Corp.

5,235

127,786

NewMarket

Corp.

258

146,144

Newmont

Corp.

44,629

2,154,688

Nucor

Corp.

9,200

1,107,128

Olin

Corp.

4,982

120,764

PPG

Industries,

Inc.

9,194

1,005,364

Reliance,

Inc.

2,140

617,925

Royal

Gold,

Inc.

2,500

408,775

RPM

International,

Inc.

3,912

452,540

Sherwin-Williams

Co.

830

289,828

Steel

Dynamics,

Inc.

5,542

693,193

U.S.

Steel

Corp.

8,615

364,070

Westlake

Corp.

1,270

127,038

29,760,806

Communications

6.1%

spacing

AT&T,

Inc.

283,395

8,014,411

Booking

Holdings,

Inc.

359,339

CDW

Corp.

2,655

425,490

Charter

Communications,

Inc.

Class A *

3,650

1,345,134

Ciena

Corp.

5,638

340,704

Cisco

Systems,

Inc.

157,570

9,723,645

Comcast

Corp.

Class A

148,080

5,464,152

Corning,

Inc.

30,478

1,395,283

DoorDash,

Inc.

Class A *

1,725

315,278

eBay,

Inc.

19,035

1,289,241

Etsy,

Inc.

1,437

67,798

F5,

Inc.

2,322

618,279

FactSet

Research

Systems,

Inc.

971

441,455

Fox

Corp.

Class A

8,612

487,439

Fox

Corp.

Class B

5,091

268,347

Frontier

Communications

Parent,

Inc.

9,560

342,822

GCI

Liberty,

Inc.

(Escrow)

* ± Ω

4,340

–

Gen

Digital,

Inc.

21,614

573,636

IAC,

Inc.

3,135

144,022

Interpublic

Group

Cos.,

Inc.

14,783

401,506

Iridium

Communications,

Inc.

4,145

113,241

Juniper

Networks,

Inc.

12,864

465,548

Value

Liberty

Broadband

Corp.

Class A *

516

43,860

Liberty

Broadband

Corp.

Class C *

3,197

271,905

Liberty

Global

Ltd.

Class A *

(Belgium)

8,019

92,299

Liberty

Global

Ltd.

Class C *

(Belgium)

5,988

71,676

Liberty

Media

Corp.-Liberty

Formula

One

Class A *

342

27,863

Liberty

Media

Corp.-Liberty

Formula

One

Class C *

5,333

480,023

Lyft,

Inc.

Class A *

5,428

64,430

Maplebear,

Inc.

6,612

263,753

Match

Group,

Inc.

9,974

311,189

Motorola

Solutions,

Inc.

3,434

1,503,439

New

York

Times

Co.

Class A

6,581

326,418

News

Corp.

Class A

14,889

405,279

News

Corp.

Class B

4,477

135,966

Nexstar

Media

Group,

Inc.

720

129,038

Omnicom

Group,

Inc.

7,697

638,158

Paramount

Global

Class A

114

2,593

Paramount

Global

Class B

24,728

295,747

Robinhood

Markets,

Inc.

Class A *

26,716

1,111,920

Roku,

Inc.

4,207

296,341

Sirius

Holdings,

Inc.

8,945

201,665

T-Mobile

U.S.,

Inc.

18,599

4,960,539

TripAdvisor,

Inc.

4,923

69,759

Trump

Media

Technology

Group

Corp.

1,042

20,361

Ubiquiti,

Inc.

30,084

VeriSign,

Inc.

3,063

777,604

Verizon

Communications,

Inc.

166,360

7,546,090

Walt

Disney

Co.

71,687

7,075,507

Warner

Bros

Discovery,

Inc.

96,516

1,035,617

Wayfair,

Inc.

Class A *

3,775

120,913

Zillow

Group,

Inc.

Class A *

1,558

104,168

Zillow

Group,

Inc.

Class C *

5,992

410,811

61,421,785

Consumer,

Cyclical

8.3%

spacing

Advance

Auto

Parts,

Inc.

2,168

85,007

Alaska

Air

Group,

Inc.

4,885

240,440

Allison

Transmission

Holdings,

Inc.

3,435

328,626

Amer

Sports,

Inc.

(Finland)

2,678

71,583

American

Airlines

Group,

Inc.

24,074

253,981

Aptiv

PLC

(Jersey)

9,332

555,254

Aramark

10,371

358,007

AutoNation,

Inc.

1,060

171,635

AutoZone,

Inc.

236,392

Bath

Body

Works,

Inc.

8,715

264,239

Best

Buy

Co.,

Inc.

8,570

630,838

Birkenstock

Holding

PLC

(Germany)

1,808

82,897

BJ's

Wholesale

Club

Holdings,

Inc.

5,244

598,340

BorgWarner,

Inc.

9,099

260,686

Boyd

Gaming

Corp.

2,466

162,337

Brunswick

Corp.

2,660

143,241

Caesars

Entertainment,

Inc.

8,669

216,725

Capri

Holdings

Ltd.

4,744

93,599

CarMax,

Inc.

5,484

427,313

Carnival

Corp.

40,805

796,922

Carter's,

Inc.

1,269

51,902

Carvana

Co.

2,796

584,588

Casey's

General

Stores,

Inc.

1,217

528,227

Columbia

Sportswear

Co.

1,234

93,401

Copart,

Inc.

2,329

131,798

Core

Main,

Inc.

Class A *

2,751

132,901

Crocs,

Inc.

1,756

186,487

Cummins,

Inc.

5,347

1,675,964

294

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Darden

Restaurants,

Inc.

2,150

446,684

Delta

Air

Lines,

Inc.

25,073

1,093,183

Dick's

Sporting

Goods,

Inc.

2,023

407,756

Dillard's,

Inc.

Class A

149

53,361

Dolby

Laboratories,

Inc.

Class A

2,479

199,088

Dollar

General

Corp.

8,736

768,156

Dollar

Tree,

Inc.

8,040

603,563

Domino's

Pizza,

Inc.

877

402,938

Horton,

Inc.

11,201

1,423,983

Dutch

Bros,

Inc.

Class A *

2,678

165,340

Fastenal

Co.

3,412

264,601

Ferguson

Enterprises,

Inc.

7,330

1,174,486

Five

Below,

Inc.

536

40,160

Floor

Decor

Holdings,

Inc.

Class A *

2,625

211,234

Ford

Motor

Co.

156,144

1,566,124

Freshpet,

Inc.

1,222

101,634

GameStop

Corp.

Class A *

15,964

356,316

Gap,

Inc.

7,659

157,852

General

Motors

Co.

39,066

1,837,274

Gentex

Corp.

8,624

200,939

Genuine

Parts

Co.

5,530

658,844

Harley-Davidson,

Inc.

5,273

133,143

Hasbro,

Inc.

847

52,082

Hilton

Worldwide

Holdings,

Inc.

4,639

1,055,604

Home

Depot,

Inc.

7,893

2,892,706

Hyatt

Hotels

Corp.

Class A

1,394

170,765

Kohl's

Corp.

5,646

46,184

Lear

Corp.

2,065

182,174

Leggett

Platt,

Inc.

5,931

46,914

Lennar

Corp.

Class A

9,033

1,036,808

Lennar

Corp.

Class B

497

54,208

Liberty

Media

Corp.-Liberty

Live

Class A *

563

37,856

Liberty

Media

Corp.-Liberty

Live

Class C *

1,876

127,831

Lithia

Motors,

Inc.

1,069

313,794

LKQ

Corp.

10,309

438,545

Lowe's

Cos.,

Inc.

22,312

5,203,828

Lucid

Group,

Inc.

37,502

90,755

Macy's,

Inc.

10,771

135,284

Madison

Square

Garden

Sports

Corp.

628

122,284

Marriott

International,

Inc.

Class A

9,013

2,146,897

Marriott

Vacations

Worldwide

Corp.

1,365

87,688

Mattel,

Inc.

12,731

247,363

McDonald's

Corp.

26,625

8,316,851

MGM

Resorts

International

9,069

268,805

MSC

Industrial

Direct

Co.,

Inc.

Class A

2,001

155,418

Newell

Brands,

Inc.

17,532

108,698

NIKE,

Inc.

Class B

17,580

1,115,978

Nordstrom,

Inc.

4,265

104,279

NVR,

Inc.

109

789,639

Ollie's

Bargain

Outlet

Holdings,

Inc.

2,322

270,188

O'Reilly

Automotive,

Inc.

168

240,673

PACCAR,

Inc.

20,163

1,963,271

Penn

Entertainment,

Inc.

5,330

86,932

Penske

Automotive

Group,

Inc.

807

116,192

Planet

Fitness,

Inc.

Class A *

1,517

146,557

Polaris,

Inc.

2,029

83,067

PulteGroup,

Inc.

8,109

833,605

PVH

Corp.

2,070

133,805

QuantumScape

Corp.

15,218

63,307

Ralph

Lauren

Corp.

1,571

346,783

490

114,861

Rivian

Automotive,

Inc.

Class A *

31,975

398,089

Ross

Stores,

Inc.

9,736

1,244,163

Royal

Caribbean

Cruises

Ltd.

6,156

1,264,689

Value

Scotts

Miracle-Gro

Co.

1,615

88,647

SharkNinja,

Inc.

2,227

185,754

SiteOne

Landscape

Supply,

Inc.

1,067

129,576

Skechers

USA,

Inc.

Class A *

4,964

281,856

Southwest

Airlines

Co.

23,755

797,693

Starbucks

Corp.

10,096

990,317

Tapestry,

Inc.

9,239

650,518

Target

Corp.

18,150

1,894,134

Thor

Industries,

Inc.

2,150

162,991

TJX

Cos.,

Inc.

18,193

2,215,907

TKO

Group

Holdings,

Inc.

2,792

426,646

Toll

Brothers,

Inc.

3,842

405,677

Travel

Leisure

Co.

2,703

125,122

Ulta

Beauty,

Inc.

235

86,137

Under

Armour,

Inc.

Class A *

9,235

57,719

Under

Armour,

Inc.

Class C *

5,838

34,736

United

Airlines

Holdings,

Inc.

13,016

898,755

Vail

Resorts,

Inc.

294

47,046

Corp.

13,730

213,090

Walgreens

Boots

Alliance,

Inc.

27,531

307,521

Walmart,

Inc.

171,342

15,042,114

Watsco,

Inc.

1,375

698,912

Wendy's

Co.

4,236

61,973

WESCO

International,

Inc.

1,672

259,662

Whirlpool

Corp.

2,254

203,153

Williams-Sonoma,

Inc.

2,030

320,943

Grainger,

Inc.

213

210,408

Wyndham

Hotels

Resorts,

Inc.

2,731

247,183

Wynn

Resorts

Ltd.

3,674

306,779

YETI

Holdings,

Inc.

2,069

68,484

Yum!

Brands,

Inc.

6,902

1,086,099

82,790,961

Consumer,

Non-Cyclical

22.5%

spacing

10X

Genomics,

Inc.

Class A *

1,764

15,400

Abbott

Laboratories

68,283

9,057,740

AbbVie,

Inc.

39,727

8,323,601

Acadia

Healthcare

Co.,

Inc.

3,472

105,271

ADT,

Inc.

13,225

107,652

Affirm

Holdings,

Inc.

10,306

465,728

Agilent

Technologies,

Inc.

11,179

1,307,719

Albertsons

Cos.,

Inc.

Class A

15,970

351,180

Align

Technology,

Inc.

1,224

194,445

Alnylam

Pharmaceuticals,

Inc.

550

148,511

Altria

Group,

Inc.

66,934

4,017,379

Amedisys,

Inc.

1,160

107,451

Amgen,

Inc.

4,715

1,468,958

API

Group

Corp.

9,042

323,342

Archer-Daniels-Midland

Co.

18,961

910,318

Automatic

Data

Processing,

Inc.

1,198

366,025

Avantor,

Inc.

26,967

437,135

Avery

Dennison

Corp.

1,925

342,592

Avis

Budget

Group,

Inc.

296

22,466

Azenta,

Inc.

1,805

62,525

Baxter

International,

Inc.

20,247

693,055

Becton

Dickinson

Co.

11,367

2,603,725

BellRing

Brands,

Inc.

4,898

364,705

Bio-Rad

Laboratories,

Inc.

Class A *

738

179,747

Bio-Techne

Corp.

6,175

362,040

Biogen,

Inc.

5,793

792,714

BioMarin

Pharmaceutical,

Inc.

7,507

530,670

Block,

Inc.

12,768

693,685

Boston

Beer

Co.,

Inc.

Class A *

247

58,993

Boston

Scientific

Corp.

57,982

5,849,224

295

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Bright

Horizons

Family

Solutions,

Inc.

1,983

251,920

Bristol-Myers

Squibb

Co.

80,070

4,883,469

Brown-Forman

Corp.

Class A

2,354

78,788

Brown-Forman

Corp.

Class B

6,673

226,482

Bruker

Corp.

1,855

77,428

Bunge

Global

5,522

421,991

Campbell's

Co.

7,863

313,891

Cardinal

Health,

Inc.

3,932

541,712

Centene

Corp.

20,069

1,218,389

Certara,

Inc.

3,835

37,967

Charles

River

Laboratories

International,

Inc.

1,950

293,514

Chemed

Corp.

529

325,504

Church

Dwight

Co.,

Inc.

9,701

1,067,983

Cigna

Group

9,657

3,177,153

Cintas

Corp.

701

144,077

Clarivate

PLC

16,852

66,228

Coca-Cola

Co.

65,439

4,686,741

Coca-Cola

Consolidated,

Inc.

234

315,900

Colgate-Palmolive

Co.

14,221

1,332,508

Conagra

Brands,

Inc.

18,946

505,290

Constellation

Brands,

Inc.

Class A

6,172

1,132,685

Cooper

Cos.,

Inc.

7,760

654,556

Corteva,

Inc.

27,154

1,708,801

Coty,

Inc.

Class A *

14,203

77,690

CVS

Health

Corp.

49,715

3,368,191

Danaher

Corp.

25,481

5,223,605

Darling

Ingredients,

Inc.

5,867

183,285

Dentsply

Sirona,

Inc.

7,734

115,546

Dun

Bradstreet

Holdings,

Inc.

11,549

103,248

Edwards

Lifesciences

Corp.

18,686

1,354,361

Elanco

Animal

Health,

Inc.

18,239

191,510

Elevance

Health,

Inc.

7,695

3,347,017

Encompass

Health

Corp.

3,908

395,802

Enovis

Corp.

2,526

96,518

Envista

Holdings

Corp.

6,059

104,578

Equifax,

Inc.

3,903

950,615

Estee

Lauder

Cos.,

Inc.

Class A

5,858

386,628

Euronet

Worldwide,

Inc.

1,771

189,231

Exact

Sciences

Corp.

4,156

179,913

Exelixis,

Inc.

1,524

56,266

Flowers

Foods,

Inc.

7,088

134,743

Fortrea

Holdings,

Inc.

3,148

23,767

FTI

Consulting,

Inc.

1,390

228,071

HealthCare

Technologies,

Inc.

16,030

1,293,781

General

Mills,

Inc.

21,720

1,298,639

Gilead

Sciences,

Inc.

49,267

5,520,367

Global

Payments,

Inc.

10,121

991,048

Globus

Medical,

Inc.

Class A *

4,583

335,476

GRAIL,

Inc.

970

24,774

Grand

Canyon

Education,

Inc.

702

121,460

Grocery

Outlet

Holding

Corp.

3,024

42,276

GXO

Logistics,

Inc.

4,620

180,550

H&R

Block,

Inc.

4,206

230,951

HCA

Healthcare,

Inc.

5,559

1,920,912

Henry

Schein,

Inc.

4,808

329,300

Hershey

Co.

4,959

848,138

Hologic,

Inc.

8,618

532,334

Hormel

Foods

Corp.

11,937

369,331

Humana,

Inc.

4,794

1,268,492

Illumina,

Inc.

6,334

502,540

Incyte

Corp.

5,950

360,273

Ingredion,

Inc.

2,567

347,084

Ionis

Pharmaceuticals,

Inc.

374

11,284

Value

IQVIA

Holdings,

Inc.

6,357

1,120,739

J.M.

Smucker

Co.

4,103

485,836

Jazz

Pharmaceuticals

PLC

2,376

294,980

Johnson

95,232

15,793,275

Kellanova

10,405

858,308

Kenvue,

Inc.

76,150

1,826,077

Keurig

Dr.

Pepper,

Inc.

47,457

1,623,979

Kimberly-Clark

Corp.

7,666

1,090,259

Kraft

Heinz

Co.

35,343

1,075,487

Kroger

Co.

26,383

1,785,865

Labcorp

Holdings,

Inc.

3,342

777,817

Lamb

Weston

Holdings,

Inc.

3,652

194,652

ManpowerGroup,

Inc.

1,855

107,367

MarketAxess

Holdings,

Inc.

1,519

328,636

Masimo

Corp.

801

133,447

McCormick

Co.,

Inc.

9,943

818,408

McKesson

Corp.

2,844

1,913,984

Medtronic

PLC

50,674

4,553,566

Moderna,

Inc.

12,851

364,326

Molina

Healthcare,

Inc.

814

268,123

Molson

Coors

Beverage

Co.

Class B

6,735

409,959

Mondelez

International,

Inc.

Class A

52,816

3,583,566

Monster

Beverage

Corp.

5,432

317,881

Organon

Co.

9,928

147,828

PayPal

Holdings,

Inc.

39,446

2,573,852

PepsiCo,

Inc.

11,485

1,722,061

Performance

Food

Group

Co.

5,109

401,721

Perrigo

Co.

PLC

5,667

158,903

Pfizer,

Inc.

223,819

5,671,573

Philip

Morris

International,

Inc.

61,369

9,741,101

Pilgrim's

Pride

Corp.

1,361

74,188

Post

Holdings,

Inc.

2,084

242,494

Premier,

Inc.

Class A

3,949

76,137

Procter

Gamble

Co.

72,379

12,334,829

Qiagen

8,999

361,310

Quanta

Services,

Inc.

4,008

1,018,753

Quest

Diagnostics,

Inc.

4,413

746,680

QuidelOrtho

Corp.

2,610

91,272

Global,

Inc.

(Canada)

7,280

730,184

Regeneron

Pharmaceuticals,

Inc.

3,764

2,387,242

Repligen

Corp.

1,849

235,267

ResMed,

Inc.

4,203

940,842

Revvity,

Inc.

4,631

489,960

Reynolds

Consumer

Products,

Inc.

2,762

65,901

Robert

Half,

Inc.

3,838

209,363

Roivant

Sciences

Ltd.

17,091

172,448

Royalty

Pharma

PLC

Class A

14,680

456,988

S&P

Global,

Inc.

12,354

6,277,067

Seaboard

Corp.

29,668

Service

Corp.

International

5,332

427,626

Solventum

Corp.

5,493

417,688

Sotera

Health

Co.

6,071

70,788

Spectrum

Brands

Holdings,

Inc.

1,042

74,555

STERIS

PLC

3,909

885,975

Stryker

Corp.

10,042

3,738,135

Sysco

Corp.

7,245

543,665

Teleflex,

Inc.

1,784

246,531

Tenet

Healthcare

Corp.

3,781

508,545

Thermo

Fisher

Scientific,

Inc.

15,076

7,501,818

TransUnion

7,275

603,752

Tyson

Foods,

Inc.

Class A

11,184

713,651

U-Haul

Holding

Co.

403

26,340

U-Haul

Holding

Co.

2,070

122,503

U.S.

Foods

Holding

Corp.

8,585

561,974

296

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

United

Rentals,

Inc.

1,974

1,237,106

United

Therapeutics

Corp.

1,736

535,157

UnitedHealth

Group,

Inc.

33,837

17,722,129

Universal

Health

Services,

Inc.

Class B

2,277

427,848

Vertex

Pharmaceuticals,

Inc.

5,082

2,463,855

Vestis

Corp.

5,385

53,312

Viatris,

Inc.

47,188

411,007

Waters

Corp.

906

333,924

West

Pharmaceutical

Services,

Inc.

1,168

261,492

WEX,

Inc.

1,477

231,919

WillScot

Holdings

Corp.

5,414

150,509

Zimmer

Biomet

Holdings,

Inc.

7,877

891,519

Zoetis,

Inc.

3,184

524,246

225,738,306

Energy

7.0%

spacing

Antero

Midstream

Corp.

8,991

161,838

Antero

Resources

Corp.

11,532

466,354

APA

Corp.

14,842

311,979

Baker

Hughes

Co.

39,691

1,744,419

Cheniere

Energy,

Inc.

4,344

1,005,202

Chevron

Corp.

64,638

10,813,291

Chord

Energy

Corp.

2,493

281,011

Civitas

Resources,

Inc.

2,846

99,297

ConocoPhillips

51,085

5,364,947

Coterra

Energy,

Inc.

29,026

838,851

Devon

Energy

Corp.

24,768

926,323

Diamondback

Energy,

Inc.

7,500

1,199,100

Midstream,

Inc.

3,835

370,001

EOG

Resources,

Inc.

22,118

2,836,412

EQT

Corp.

21,980

1,174,391

Expand

Energy

Corp.

9,172

1,021,027

Exxon

Mobil

Corp.

173,640

20,651,005

First

Solar,

Inc.

4,239

535,937

Halliburton

Co.

35,055

889,345

Hess

Corp.

3,921

626,301

Sinclair

Corp.

6,209

204,152

Kinder

Morgan,

Inc.

75,995

2,168,137

Marathon

Petroleum

Corp.

12,684

1,847,932

Matador

Resources

Co.

4,628

236,445

New

Fortress

Energy,

Inc.

1,639

13,620

NOV,

Inc.

14,639

222,806

Occidental

Petroleum

Corp.

27,072

1,336,274

ONEOK,

Inc.

24,478

2,428,707

Ovintiv,

Inc.

10,469

448,073

Permian

Resources

Corp.

19,653

272,194

Phillips

16,174

1,997,166

Range

Resources

Corp.

9,275

370,351

Schlumberger

55,389

2,315,260

TechnipFMC

PLC

(United

Kingdom)

16,122

510,906

Valero

Energy

Corp.

12,553

1,657,875

Viper

Energy,

Inc.

3,126

141,139

Williams

Cos.,

Inc.

47,876

2,861,070

70,349,138

Financial

25.4%

spacing

Affiliated

Managers

Group,

Inc.

1,166

195,923

Aflac,

Inc.

21,914

2,436,618

AGNC

Investment

Corp.

REIT

33,072

316,830

Agree

Realty

Corp.

REIT

4,144

319,875

Air

Lease

Corp.

4,304

207,926

Alexandria

Real

Estate

Equities,

Inc.

REIT

6,887

637,116

Allstate

Corp.

8,816

1,825,529

Ally

Financial,

Inc.

9,797

357,297

Value

American

Express

Co.

13,675

3,679,259

American

Financial

Group,

Inc.

2,740

359,872

American

Homes

Rent

Class A REIT

13,423

507,524

American

International

Group,

Inc.

24,618

2,140,289

Americold

Realty

Trust,

Inc.

REIT

11,731

251,747

Ameriprise

Financial,

Inc.

366

177,184

Annaly

Capital

Management,

Inc.

REIT

22,097

448,790

Aon

PLC

Class A

7,734

3,086,562

Apollo

Global

Management,

Inc.

5,229

716,059

Arch

Capital

Group

Ltd.

14,029

1,349,309

Arthur

Gallagher

Co.

9,014

3,111,993

Assurant,

Inc.

2,038

427,471

Assured

Guaranty

Ltd.

1,874

165,099

AvalonBay

Communities,

Inc.

REIT

5,640

1,210,457

Axis

Capital

Holdings

Ltd.

2,922

292,901

Bank

America

Corp.

262,874

10,969,732

Bank

New

York

Mellon

Corp.

28,372

2,379,560

Bank

OZK

3,997

173,670

Berkshire

Hathaway,

Inc.

Class B *

72,261

38,484,763

Blackrock,

Inc.

5,828

5,516,085

BOK

Financial

Corp.

953

99,255

Brighthouse

Financial,

Inc.

2,365

137,146

Brixmor

Property

Group,

Inc.

REIT

12,144

322,423

Brown

Brown,

Inc.

5,318

661,559

BXP,

Inc.

REIT

6,244

419,534

Camden

Property

Trust

REIT

4,114

503,142

Capital

One

Financial

Corp.

14,898

2,671,211

Carlyle

Group,

Inc.

8,568

373,479

Cboe

Global

Markets,

Inc.

4,195

949,287

CBRE

Group,

Inc.

Class A *

12,163

1,590,677

Charles

Schwab

Corp.

58,863

4,607,796

Chubb

Ltd.

15,971

4,823,082

Cincinnati

Financial

Corp.

6,087

899,172

Citigroup,

Inc.

74,710

5,303,663

Citizens

Financial

Group,

Inc.

17,051

698,579

CME

Group,

Inc.

14,181

3,762,077

CNA

Financial

Corp.

674

34,232

Coinbase

Global,

Inc.

Class A *

1,346

231,822

Columbia

Banking

System,

Inc.

8,595

214,359

Comerica,

Inc.

5,210

307,703

Commerce

Bancshares,

Inc.

4,871

303,122

CoStar

Group,

Inc.

16,139

1,278,693

Cousins

Properties,

Inc.

REIT

5,993

176,794

Credit

Acceptance

Corp.

33,046

Crown

Castle,

Inc.

REIT

17,288

1,801,928

CubeSmart

REIT

8,754

373,883

Cullen/Frost

Bankers,

Inc.

2,286

286,207

Digital

Realty

Trust,

Inc.

REIT

12,987

1,860,907

Discover

Financial

Services

9,943

1,697,270

East

West

Bancorp,

Inc.

5,485

492,334

EastGroup

Properties,

Inc.

REIT

1,953

344,021

EPR

Properties

REIT

2,793

146,940

Equinix,

Inc.

REIT

3,594

2,930,368

Equity

LifeStyle

Properties,

Inc.

REIT

7,384

492,513

Equity

Residential

REIT

15,019

1,075,060

Essex

Property

Trust,

Inc.

REIT

2,538

778,075

Evercore,

Inc.

Class A

1,423

284,202

Everest

Group

Ltd.

1,350

490,495

Extra

Space

Storage,

Inc.

REIT

8,316

1,234,843

Federal

Realty

Investment

Trust

REIT

3,225

315,470

Fidelity

National

Financial,

Inc.

10,318

671,495

Fifth

Third

Bancorp

26,864

1,053,069

First

American

Financial

Corp.

3,773

247,622

First

Citizens

BancShares,

Inc.

Class A

454

841,770

297

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

First

Hawaiian,

Inc.

5,617

137,279

First

Horizon

Corp.

21,169

411,102

First

Industrial

Realty

Trust,

Inc.

REIT

5,053

272,660

FNB

Corp.

14,278

192,039

Franklin

Resources,

Inc.

12,216

235,158

Gaming

Leisure

Properties,

Inc.

REIT

10,355

527,070

Globe

Life,

Inc.

3,440

453,117

Goldman

Sachs

Group,

Inc.

8,708

4,757,093

Hanover

Insurance

Group,

Inc.

1,363

237,094

Hartford

Insurance

Group,

Inc.

11,510

1,424,132

Healthcare

Realty

Trust,

Inc.

REIT

14,391

243,208

Healthpeak

Properties,

Inc.

REIT

27,776

561,631

Highwoods

Properties,

Inc.

REIT

4,676

138,597

Host

Hotels

Resorts,

Inc.

REIT

27,710

393,759

Houlihan

Lokey,

Inc.

1,859

300,229

Howard

Hughes

Holdings,

Inc.

1,065

78,895

Huntington

Bancshares,

Inc.

57,407

861,679

Interactive

Brokers

Group,

Inc.

Class A

4,197

694,981

Intercontinental

Exchange,

Inc.

22,426

3,868,485

Invesco

Ltd.

13,978

212,046

Invitation

Homes,

Inc.

REIT

24,332

847,970

Iron

Mountain,

Inc.

REIT

4,966

427,275

Janus

Henderson

Group

PLC

4,810

173,882

Jefferies

Financial

Group,

Inc.

4,827

258,582

Jones

Lang

LaSalle,

Inc.

1,320

327,241

JPMorgan

Chase

Co.

110,912

27,206,714

Kemper

Corp.

2,256

150,814

KeyCorp

36,797

588,384

Kilroy

Realty

Corp.

REIT

4,880

159,869

Kimco

Realty

Corp.

REIT

26,190

556,276

KKR

Co.,

Inc.

18,828

2,176,705

Lamar

Advertising

Co.

Class A REIT

2,632

299,469

Lincoln

National

Corp.

6,646

238,658

Lineage,

Inc.

REIT

2,325

136,315

Loews

Corp.

7,120

654,399

M&T

Bank

Corp.

6,608

1,181,180

Markel

Group,

Inc.

382

714,191

Marsh

McLennan

Cos.,

Inc.

16,796

4,098,728

Medical

Properties

Trust,

Inc.

REIT

21,951

132,365

MetLife,

Inc.

23,036

1,849,560

MGIC

Investment

Corp.

10,227

253,425

Mid-America

Apartment

Communities,

Inc.

REIT

4,617

773,717

Millrose

Properties,

Inc.

Class A REIT

5,199

137,825

Morgan

Stanley

42,615

4,971,892

Nasdaq,

Inc.

16,379

1,242,511

National

Storage

Affiliates

Trust

REIT

2,989

117,767

NNN

REIT,

Inc.

7,247

309,085

Northern

Trust

Corp.

7,492

739,086

Old

Republic

International

Corp.

9,397

368,550

Omega

Healthcare

Investors,

Inc.

REIT

10,529

400,944

OneMain

Holdings,

Inc.

4,257

208,082

Park

Hotels

Resorts,

Inc.

REIT

8,683

92,734

Pinnacle

Financial

Partners,

Inc.

2,983

316,317

PNC

Financial

Services

Group,

Inc.

15,630

2,747,285

Popular,

Inc.

2,428

224,274

Primerica,

Inc.

1,312

373,303

Principal

Financial

Group,

Inc.

9,010

760,174

Progressive

Corp.

3,651

1,033,270

Prologis,

Inc.

REIT

36,476

4,077,652

Prosperity

Bancshares,

Inc.

3,356

239,518

Prudential

Financial,

Inc.

14,294

1,596,354

Public

Storage

REIT

5,333

1,596,114

Raymond

James

Financial,

Inc.

7,999

1,111,141

Value

Rayonier,

Inc.

REIT

6,148

171,406

Realty

Income

Corp.

REIT

34,147

1,980,867

Regency

Centers

Corp.

REIT

7,025

518,164

Regions

Financial

Corp.

35,163

764,092

Reinsurance

Group

America,

Inc.

2,611

514,106

RenaissanceRe

Holdings

Ltd.

(Bermuda)

2,040

489,600

Rexford

Industrial

Realty,

Inc.

REIT

8,753

342,680

Rithm

Capital

Corp.

REIT

20,466

234,336

RLI

Corp.

3,224

258,984

Rocket

Cos.,

Inc.

Class A

5,869

70,839

SBA

Communications

Corp.

REIT

4,267

938,783

SEI

Investments

Co.

3,973

308,424

Simon

Property

Group,

Inc.

REIT

9,572

1,589,718

SLM

Corp.

8,104

238,014

SoFi

Technologies,

Inc.

35,028

407,376

STAG

Industrial,

Inc.

REIT

6,889

248,831

Starwood

Property

Trust,

Inc.

REIT

12,571

248,529

State

Street

Corp.

11,642

1,042,308

Stifel

Financial

Corp.

3,947

372,044

Sun

Communities,

Inc.

REIT

4,904

630,851

Synchrony

Financial

15,459

818,399

Synovus

Financial

Corp.

5,579

260,762

Rowe

Price

Group,

Inc.

8,722

801,290

TFS

Financial

Corp.

1,107

13,716

TPG,

Inc.

2,621

124,314

Tradeweb

Markets,

Inc.

Class A

2,867

425,635

Travelers

Cos.,

Inc.

8,971

2,372,471

Truist

Financial

Corp.

52,409

2,156,630

U.S.

Bancorp

61,353

2,590,324

UDR,

Inc.

REIT

13,052

589,559

Unum

Group

7,110

579,181

UWM

Holdings

Corp.

1,427

7,791

Ventas,

Inc.

REIT

16,642

1,144,304

VICI

Properties,

Inc.

REIT

41,585

1,356,503

Virtu

Financial,

Inc.

Class A

2,856

108,871

Vornado

Realty

Trust

REIT

6,967

257,709

Voya

Financial,

Inc.

3,797

257,285

W.R.

Berkley

Corp.

11,683

831,362

Webster

Financial

Corp.

6,951

358,324

Wells

Fargo

Co.

129,965

9,330,187

Welltower,

Inc.

REIT

24,320

3,726,067

Western

Alliance

Bancorp

4,226

324,684

Western

Union

Co.

10,616

112,317

Weyerhaeuser

Co.

REIT

28,985

848,681

White

Mountains

Insurance

Group

Ltd.

182,952

Willis

Towers

Watson

PLC

4,005

1,353,490

Wintrust

Financial

Corp.

2,531

284,636

Carey,

Inc.

REIT

8,615

543,693

XP,

Inc.

Class A (Brazil)

13,951

191,826

Zions

Bancorp

5,750

286,695

255,045,226

Industrial

13.4%

spacing

Co.

17,405

2,556,098

A.O.

Smith

Corp.

4,606

301,048

Acuity,

Inc.

1,257

331,031

Advanced

Drainage

Systems,

Inc.

1,747

189,812

AECOM

5,206

482,752

AGCO

Corp.

2,358

218,280

Allegion

PLC

3,477

453,609

Amcor

PLC

57,185

554,695

AMETEK,

Inc.

9,180

1,580,245

Amphenol

Corp.

Class A

19,591

1,284,974

AptarGroup,

Inc.

2,572

381,633

298

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Armstrong

World

Industries,

Inc.

1,117

157,363

Arrow

Electronics,

Inc.

2,075

215,447

Avnet,

Inc.

3,533

169,902

AZEK

Co.,

Inc.

1,470

71,868

Ball

Corp.

11,735

611,041

Berry

Global

Group,

Inc.

4,614

322,103

Boeing

Co.

24,696

4,211,903

Builders

FirstSource,

Inc.

4,141

517,377

BWX

Technologies,

Inc.

2,820

278,193

Carlisle

Cos.,

Inc.

1,539

524,029

Carrier

Global

Corp.

32,888

2,085,099

Caterpillar,

Inc.

16,355

5,393,879

Robinson

Worldwide,

Inc.

4,591

470,118

Clean

Harbors,

Inc.

2,024

398,930

CNH

Industrial

33,721

414,094

Cognex

Corp.

6,161

183,783

Coherent

Corp.

4,910

318,855

Crane

Co.

2,020

309,424

CRH

PLC

27,324

2,403,692

Crown

Holdings,

Inc.

4,633

413,542

CSX

Corp.

75,714

2,228,263

Curtiss-Wright

Corp.

1,517

481,299

Deere

Co.

9,842

4,619,343

Donaldson

Co.,

Inc.

4,907

329,063

Dover

Corp.

5,452

957,807

Eagle

Materials,

Inc.

280

62,140

Eaton

Corp.

PLC

15,578

4,234,568

EMCOR

Group,

Inc.

1,055

389,960

Emerson

Electric

Co.

22,468

2,463,392

Esab

Corp.

2,161

251,757

Everus

Construction

Group,

Inc.

2,266

84,046

Expeditors

International

Washington,

Inc.

4,698

564,935

FedEx

Corp.

8,748

2,132,587

Flowserve

Corp.

5,106

249,377

Fortive

Corp.

13,790

1,009,152

Fortune

Brands

Innovations,

Inc.

4,725

287,658

Garmin

Ltd.

6,022

1,307,557

Gates

Industrial

Corp.

PLC

9,665

177,933

Vernova,

Inc.

10,742

3,279,318

Generac

Holdings,

Inc.

1,272

161,099

General

Dynamics

Corp.

10,743

2,928,327

General

Electric

Co.

33,354

6,675,803

Graco,

Inc.

6,650

555,342

Graphic

Packaging

Holding

Co.

11,264

292,413

Hayward

Holdings,

Inc.

6,274

87,334

Hexcel

Corp.

3,435

188,101

Honeywell

International,

Inc.

21,737

4,602,810

Howmet

Aerospace,

Inc.

14,897

1,932,588

Hubbell,

Inc.

2,129

704,507

Huntington

Ingalls

Industries,

Inc.

1,607

327,892

IDEX

Corp.

3,012

545,082

Illinois

Tool

Works,

Inc.

7,160

1,775,752

Ingersoll

Rand,

Inc.

16,048

1,284,321

ITT,

Inc.

3,275

422,999

Jabil,

Inc.

3,816

519,243

Jacobs

Solutions,

Inc.

4,857

587,163

Hunt

Transport

Services,

Inc.

3,127

462,640

Johnson

Controls

International

PLC

26,178

2,097,120

Keysight

Technologies,

Inc.

6,929

1,037,756

Kirby

Corp.

2,191

221,313

Knight-Swift

Transportation

Holdings,

Inc.

6,324

275,031

L3Harris

Technologies,

Inc.

7,531

1,576,314

Landstar

System,

Inc.

1,330

199,766

Lincoln

Electric

Holdings,

Inc.

1,542

291,685

Value

Littelfuse,

Inc.

902

177,459

Lockheed

Martin

Corp.

5,639

2,518,998

Louisiana-Pacific

Corp.

678

62,362

Martin

Marietta

Materials,

Inc.

2,301

1,100,177

Masco

Corp.

8,571

596,027

MasTec,

Inc.

2,459

286,990

Mettler-Toledo

International,

Inc.

815

962,442

Middleby

Corp.

2,090

317,638

Mohawk

Industries,

Inc.

1,961

223,907

MSA

Safety,

Inc.

1,389

203,752

Nordson

Corp.

2,256

455,080

Norfolk

Southern

Corp.

8,864

2,099,438

Northrop

Grumman

Corp.

5,423

2,776,630

nVent

Electric

PLC

6,567

344,242

Oshkosh

Corp.

2,712

255,145

Otis

Worldwide

Corp.

15,872

1,637,990

Owens

Corning

3,430

489,873

Packaging

Corp.

America

3,525

698,020

Parker-Hannifin

Corp.

5,040

3,063,564

Pentair

PLC

6,564

574,219

RBC

Bearings,

Inc.

1,123

361,348

Regal

Rexnord

Corp.

2,609

297,035

Republic

Services,

Inc.

8,036

1,945,998

Rockwell

Automation,

Inc.

4,024

1,039,721

RTX

Corp.

52,492

6,953,090

Ryder

System,

Inc.

1,621

233,116

Saia,

Inc.

469

163,883

Schneider

National,

Inc.

Class B

1,616

36,926

Sealed

Air

Corp.

3,652

105,543

Sensata

Technologies

Holding

PLC

6,089

147,780

Silgan

Holdings,

Inc.

3,253

166,293

Simpson

Manufacturing

Co.,

Inc.

1,453

228,237

Smurfit

WestRock

PLC

20,554

926,163

Snap-on,

Inc.

2,057

693,230

Sonoco

Products

Co.

3,793

179,181

Spirit

AeroSystems

Holdings,

Inc.

Class A *

3,839

132,292

Standardaero,

Inc.

1,978

52,694

Stanley

Black

Decker,

Inc.

6,110

469,737

SYNNEX

Corp.

2,996

311,464

Teledyne

Technologies,

Inc.

1,841

916,284

Tetra

Tech,

Inc.

8,616

252,018

Textron,

Inc.

7,430

536,818

Timken

Co.

2,539

182,478

TopBuild

Corp.

1,143

348,558

Toro

Co.

3,892

283,143

Trane

Technologies

PLC

5,847

1,969,971

TransDigm

Group,

Inc.

1,706

2,359,893

Trimble,

Inc.

9,683

635,689

Union

Pacific

Corp.

12,521

2,957,961

United

Parcel

Service,

Inc.

Class B

28,744

3,161,553

Universal

Display

Corp.

915

127,624

Valmont

Industries,

Inc.

753

214,884

Veralto

Corp.

5,401

526,327

Vontier

Corp.

5,786

190,070

Vulcan

Materials

Co.

3,904

910,803

Westinghouse

Air

Brake

Technologies

Corp.

6,778

1,229,190

Woodward,

Inc.

2,316

422,647

Xylem,

Inc.

9,609

1,147,891

134,328,861

Technology

7.7%

spacing

Accenture

PLC

Class A (Ireland)

24,771

7,729,543

Advanced

Micro

Devices,

Inc.

21,479

2,206,752

Akamai

Technologies,

Inc.

5,783

465,532

299

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Allegro

MicroSystems,

Inc.

(Japan)

4,383

110,145

Amdocs

Ltd.

4,407

403,241

Amentum

Holdings,

Inc.

5,784

105,269

Amkor

Technology,

Inc.

4,209

76,015

Analog

Devices,

Inc.

19,560

3,944,665

ANSYS,

Inc.

3,469

1,098,147

Applied

Materials,

Inc.

2,681

389,067

Astera

Labs,

Inc.

4,023

240,052

Bill

Holdings,

Inc.

2,960

135,834

Broadridge

Financial

Solutions,

Inc.

364

88,255

CACI

International,

Inc.

Class A *

837

307,112

CCC

Intelligent

Solutions

Holdings,

Inc.

17,632

159,217

Cirrus

Logic,

Inc.

2,233

222,530

Cognizant

Technology

Solutions

Corp.

Class A

19,792

1,514,088

Concentrix

Corp.

1,704

94,811

Crane

NXT

Co.

1,934

99,408

Dayforce,

Inc.

5,305

309,441

Dell

Technologies,

Inc.

Class C

9,102

829,647

DoubleVerify

Holdings,

Inc.

3,054

40,832

Doximity,

Inc.

Class A *

4,300

249,529

Dropbox,

Inc.

Class A *

6,183

165,148

DXC

Technology

Co.

6,585

112,274

Electronic

Arts,

Inc.

10,284

1,486,244

EPAM

Systems,

Inc.

2,078

350,850

Fair

Isaac

Corp.

143

263,715

Fidelity

National

Information

Services,

Inc.

21,273

1,588,668

Fiserv,

Inc.

15,230

3,363,241

Fortinet,

Inc.

4,525

435,576

Genpact

Ltd.

6,856

345,405

GLOBALFOUNDRIES,

Inc.

4,104

151,479

Globant

360

42,379

Guidewire

Software,

Inc.

1,773

332,189

Hewlett

Packard

Enterprise

Co.

51,594

796,095

HP,

Inc.

27,987

774,960

Informatica,

Inc.

Class A *

3,087

53,868

Intel

Corp.

171,163

3,887,112

International

Business

Machines

Corp.

36,215

9,005,222

IPG

Photonics

Corp.

1,080

68,191

Jack

Henry

Associates,

Inc.

2,883

526,436

KBR,

Inc.

4,620

230,122

Kyndryl

Holdings,

Inc.

8,880

278,832

Lattice

Semiconductor

Corp.

882

46,261

Leidos

Holdings,

Inc.

5,290

713,833

Lumentum

Holdings,

Inc.

2,844

177,295

MACOM

Technology

Solutions

Holdings,

Inc.

2,460

246,935

Marvell

Technology,

Inc.

31,019

1,909,840

Microchip

Technology,

Inc.

21,086

1,020,773

Micron

Technology,

Inc.

43,516

3,781,105

MicroStrategy,

Inc.

Class A *

8,547

2,463,844

MKS

Instruments,

Inc.

2,410

193,161

MSCI,

Inc.

1,272

719,316

nCino,

Inc.

1,520

41,754

NetApp,

Inc.

4,522

397,212

Nutanix,

Inc.

Class A *

6,923

483,295

Okta,

Inc.

3,436

361,536

Semiconductor

Corp.

16,895

687,458

Onto

Innovation,

Inc.

1,400

169,876

Parsons

Corp.

1,858

110,012

Paychex,

Inc.

8,198

1,264,787

Paycom

Software,

Inc.

765

167,137

Paycor

HCM,

Inc.

3,117

69,945

PTC,

Inc.

1,892

293,165

Value

Pure

Storage,

Inc.

Class A *

1,343

59,455

Qorvo,

Inc.

3,871

280,299

QUALCOMM,

Inc.

2,754

423,042

Roper

Technologies,

Inc.

4,196

2,473,878

Salesforce,

Inc.

5,588

1,499,596

Sandisk

Corp.

4,579

218,006

Science

Applications

International

Corp.

2,097

235,430

SentinelOne,

Inc.

Class A *

9,490

172,528

Skyworks

Solutions,

Inc.

6,386

412,727

SS&C

Technologies

Holdings,

Inc.

8,544

713,680

Take-Two

Interactive

Software,

Inc.

6,856

1,420,906

Teradyne,

Inc.

659

54,433

Texas

Instruments,

Inc.

31,584

5,675,645

Twilio,

Inc.

Class A *

4,878

477,605

Tyler

Technologies,

Inc.

253

147,092

UiPath,

Inc.

Class A *

1,658

17,077

Unity

Software,

Inc.

7,154

140,147

Western

Digital

Corp.

13,738

555,427

Wolfspeed,

Inc.

5,650

17,289

Zebra

Technologies

Corp.

Class A *

1,598

451,531

Zoom

Communications,

Inc.

Class A *

10,484

773,405

ZoomInfo

Technologies,

Inc.

12,047

120,470

76,735,346

Utilities

4.7%

spacing

AES

Corp.

27,009

335,452

Alliant

Energy

Corp.

10,188

655,598

Ameren

Corp.

10,579

1,062,132

American

Electric

Power

Co.,

Inc.

21,034

2,298,385

American

Water

Works

Co.,

Inc.

7,755

1,144,018

Atmos

Energy

Corp.

6,155

951,440

Brookfield

Renewable

Corp.

(Canada)

5,895

164,588

CenterPoint

Energy,

Inc.

25,660

929,662

Clearway

Energy,

Inc.

Class A

1,745

49,663

Clearway

Energy,

Inc.

Class C

2,909

88,055

CMS

Energy

Corp.

11,834

888,852

Consolidated

Edison,

Inc.

13,772

1,523,046

Constellation

Energy

Corp.

10,405

2,097,960

Dominion

Energy,

Inc.

33,327

1,868,645

DTE

Energy

Co.

8,220

1,136,579

Duke

Energy

Corp.

30,438

3,712,523

Edison

International

15,127

891,283

Entergy

Corp.

16,953

1,449,312

Essential

Utilities,

Inc.

9,732

384,706

Evergy,

Inc.

8,854

610,483

Eversource

Energy

14,230

883,825

Exelon

Corp.

39,788

1,833,431

FirstEnergy

Corp.

22,893

925,335

IDACORP,

Inc.

2,058

239,181

MDU

Resources

Group,

Inc.

7,308

123,578

National

Fuel

Gas

Co.

3,486

276,056

NextEra

Energy,

Inc.

81,172

5,754,283

NiSource,

Inc.

18,285

733,046

NRG

Energy,

Inc.

4,829

460,976

OGE

Energy

Corp.

7,793

358,166

PG&E

Corp.

86,190

1,480,744

Pinnacle

West

Capital

Corp.

4,376

416,814

PPL

Corp.

29,366

1,060,406

Public

Service

Enterprise

Group,

Inc.

19,830

1,632,009

Sempra

25,194

1,797,844

Southern

Co.

43,227

3,974,723

UGI

Corp.

8,714

288,172

WEC

Energy

Group,

Inc.

12,295

1,339,909

300

PACIFIC

SELECT

FUND

LARGE-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Value

Xcel

Energy,

Inc.

22,857

1,618,047

47,438,927

Total

Common

Stocks

(Cost

$812,381,355)

983,609,356

EXCHANGE-TRADED

FUNDS

1.6%

iShares

Russell

1000

Value

81,572

15,348,587

Total

Exchange-Traded

Funds

(Cost

$15,218,967)

15,348,587

TOTAL

INVESTMENTS

99.7%

(Cost

$827,600,322)

998,957,943

DERIVATIVES

0.0%

12,278

OTHER

ASSETS

LIABILITIES,

NET

0.3%

3,437,845

NET

ASSETS

100.0%

1,002,408,066

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

1000

Value

Index

06/25

3,995,752

4,008,030

12,278

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Common

Stocks

983,609,356

–

Exchange-Traded

Funds

15,348,587

–

Derivatives:

Equity

Contracts

Futures

12,278

–

Total

998,970,221

–

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

301

See

Supplemental

Notes

Schedules

Investments

Value

COMMON

STOCKS

98.6%

Basic

Materials

3.0%

spacing

Albemarle

Corp.

2,868

206,553

Alcoa

Corp.

6,073

185,226

Ashland,

Inc.

1,084

64,270

ATI,

Inc.

3,025

157,391

Axalta

Coating

Systems

Ltd.

5,383

178,554

Celanese

Corp.

2,669

151,519

Industries

Holdings,

Inc.

4,218

329,637

Chemours

Co.

3,640

49,249

Cleveland-Cliffs,

Inc.

11,857

97,465

Dow,

Inc.

17,109

597,446

DuPont

Nemours,

Inc.

10,166

759,197

Eastman

Chemical

Co.

2,763

243,448

Element

Solutions,

Inc.

5,443

123,066

FMC

Corp.

3,073

129,650

Huntsman

Corp.

3,990

63,002

International

Flavors

Fragrances,

Inc.

6,215

482,346

International

Paper

Co.

12,723

678,772

LyondellBasell

Industries

Class A

6,328

445,491

Mosaic

Co.

7,809

210,921

Materials

Corp.

3,094

75,525

NewMarket

Corp.

164

92,898

Nucor

Corp.

5,701

686,058

Olin

Corp.

2,864

69,423

PPG

Industries,

Inc.

5,620

614,547

Reliance,

Inc.

1,308

377,685

Royal

Gold,

Inc.

1,598

261,289

RPM

International,

Inc.

3,089

357,336

Steel

Dynamics,

Inc.

3,496

437,280

U.S.

Steel

Corp.

5,431

229,514

Westlake

Corp.

819

81,925

8,436,683

Communications

5.0%

spacing

CDW

Corp.

3,266

523,409

Charter

Communications,

Inc.

Class A *

2,248

828,455

Ciena

Corp.

3,530

213,318

Corning,

Inc.

18,631

852,927

Coupang,

Inc.

(South

Korea)

28,153

617,395

eBay,

Inc.

11,636

788,106

Etsy,

Inc.

2,636

124,366

Expedia

Group,

Inc.

2,984

501,610

F5,

Inc.

1,412

375,973

FactSet

Research

Systems,

Inc.

924

420,087

Fox

Corp.

Class A

5,387

304,904

Fox

Corp.

Class B

3,239

170,728

Frontier

Communications

Parent,

Inc.

5,989

214,766

GCI

Liberty,

Inc.

(Escrow)

* ± Ω

4,166

–

Gen

Digital,

Inc.

13,213

350,673

GoDaddy,

Inc.

Class A *

3,398

612,116

IAC,

Inc.

1,816

83,427

Interpublic

Group

Cos.,

Inc.

9,097

247,075

Iridium

Communications,

Inc.

2,850

77,862

Juniper

Networks,

Inc.

7,930

286,987

Liberty

Broadband

Corp.

Class A *

409

34,765

Liberty

Broadband

Corp.

Class C *

2,693

229,040

Liberty

Global

Ltd.

Class A *

(Belgium)

4,038

46,477

Liberty

Global

Ltd.

Class C *

(Belgium)

3,912

46,827

Liberty

Media

Corp.-Liberty

Formula

One

Class A *

552

44,971

Liberty

Media

Corp.-Liberty

Formula

One

Class C *

5,097

458,781

Value

Lyft,

Inc.

Class A *

8,815

104,634

Maplebear,

Inc.

4,135

164,945

Match

Group,

Inc.

6,039

188,417

New

York

Times

Co.

Class A

3,771

187,042

News

Corp.

Class A

9,303

253,228

News

Corp.

Class B

2,786

84,611

Nexstar

Media

Group,

Inc.

704

126,171

Omnicom

Group,

Inc.

4,705

390,092

Paramount

Global

Class A

404

9,191

Paramount

Global

Class B

14,381

171,997

Pinterest,

Inc.

Class A *

14,210

440,510

Robinhood

Markets,

Inc.

Class A *

16,331

679,696

Roku,

Inc.

3,101

218,434

Sirius

Holdings,

Inc.

5,294

119,353

Trade

Desk,

Inc.

Class A *

10,853

593,876

TripAdvisor,

Inc.

2,635

37,338

Trump

Media

Technology

Group

Corp.

1,825

35,660

Ubiquiti,

Inc.

104

32,255

VeriSign,

Inc.

2,023

513,579

Warner

Bros

Discovery,

Inc.

59,001

633,081

Wayfair,

Inc.

Class A *

2,290

73,349

Zillow

Group,

Inc.

Class A *

1,141

76,287

Zillow

Group,

Inc.

Class C *

3,787

259,637

13,848,428

Consumer,

Cyclical

12.0%

spacing

Advance

Auto

Parts,

Inc.

1,453

56,972

Alaska

Air

Group,

Inc.

2,949

145,150

Allison

Transmission

Holdings,

Inc.

2,127

203,490

Amer

Sports,

Inc.

(Finland)

1,375

36,754

American

Airlines

Group,

Inc.

16,212

171,037

Aptiv

PLC

(Jersey)

5,705

339,447

Aramark

6,405

221,101

AutoNation,

Inc.

621

100,552

Bath

Body

Works,

Inc.

5,180

157,058

Best

Buy

Co.,

Inc.

5,207

383,287

Birkenstock

Holding

PLC

(Germany)

959

43,970

BJ's

Wholesale

Club

Holdings,

Inc.

3,206

365,805

BorgWarner,

Inc.

5,433

155,655

Boyd

Gaming

Corp.

1,561

102,761

Brunswick

Corp.

1,664

89,606

Burlington

Stores,

Inc.

1,541

367,267

Caesars

Entertainment,

Inc.

4,990

124,750

Capri

Holdings

Ltd.

2,799

55,224

CarMax,

Inc.

3,776

294,226

Carnival

Corp.

24,944

487,156

Carter's,

Inc.

867

35,460

Carvana

Co.

2,630

549,880

Casey's

General

Stores,

Inc.

900

390,636

Cava

Group,

Inc.

1,781

153,896

Choice

Hotels

International,

Inc.

687

91,220

Churchill

Downs,

Inc.

1,706

189,485

Columbia

Sportswear

Co.

812

61,460

Core

Main,

Inc.

Class A *

4,699

227,009

Crocs,

Inc.

1,349

143,264

Cummins,

Inc.

3,321

1,040,934

Darden

Restaurants,

Inc.

2,848

591,700

Deckers

Outdoor

Corp.

3,687

412,243

Delta

Air

Lines,

Inc.

15,658

682,689

Dick's

Sporting

Goods,

Inc.

1,367

275,533

Dillard's,

Inc.

Class A

26,860

Dolby

Laboratories,

Inc.

Class A

1,461

117,333

Dollar

General

Corp.

5,340

469,546

Dollar

Tree,

Inc.

4,915

368,969

302

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Domino's

Pizza,

Inc.

845

388,235

Horton,

Inc.

6,899

877,070

DraftKings,

Inc.

Class A *

11,005

365,476

Dutch

Bros,

Inc.

Class A *

2,668

164,722

Fastenal

Co.

13,915

1,079,108

Ferguson

Enterprises,

Inc.

4,863

779,198

Five

Below,

Inc.

1,327

99,425

Floor

Decor

Holdings,

Inc.

Class A *

2,574

207,130

Freshpet,

Inc.

1,081

89,907

GameStop

Corp.

Class A *

9,274

206,996

Gap,

Inc.

4,901

101,010

Gentex

Corp.

5,656

131,785

Genuine

Parts

Co.

3,380

402,693

Harley-Davidson,

Inc.

2,633

66,483

Hasbro,

Inc.

3,404

209,312

Hilton

Worldwide

Holdings,

Inc.

5,823

1,325,024

Hyatt

Hotels

Corp.

Class A

1,018

124,705

Kohl's

Corp.

2,460

20,123

Las

Vegas

Sands

Corp.

8,468

327,119

Lear

Corp.

1,276

112,569

Leggett

Platt,

Inc.

3,044

24,078

Lennar

Corp.

Class A

5,558

637,947

Lennar

Corp.

Class B

269

29,340

Liberty

Media

Corp.-Liberty

Live

Class A *

481

32,342

Liberty

Media

Corp.-Liberty

Live

Class C *

1,138

77,543

Light

Wonder,

Inc.

2,173

188,204

Lithia

Motors,

Inc.

647

189,920

Live

Nation

Entertainment,

Inc.

3,838

501,166

LKQ

Corp.

6,327

269,151

Lucid

Group,

Inc.

22,372

54,140

Macy's,

Inc.

6,687

83,989

Madison

Square

Garden

Sports

Corp.

454

88,403

Marriott

Vacations

Worldwide

Corp.

850

54,604

Mattel,

Inc.

8,224

159,792

MGM

Resorts

International

5,671

168,088

MSC

Industrial

Direct

Co.,

Inc.

Class A

1,120

86,990

Murphy

USA,

Inc.

452

212,354

Newell

Brands,

Inc.

10,129

62,800

Nordstrom,

Inc.

2,334

57,066

Norwegian

Cruise

Line

Holdings

Ltd.

10,799

204,749

NVR,

Inc.

492,619

Ollie's

Bargain

Outlet

Holdings,

Inc.

1,491

173,493

Penn

Entertainment,

Inc.

3,679

60,004

Penske

Automotive

Group,

Inc.

451

64,935

Planet

Fitness,

Inc.

Class A *

2,081

201,045

Polaris,

Inc.

1,258

51,503

Pool

Corp.

907

288,743

PulteGroup,

Inc.

4,957

509,580

PVH

Corp.

1,354

87,523

QuantumScape

Corp.

8,448

35,144

Ralph

Lauren

Corp.

971

214,339

380

89,076

Rivian

Automotive,

Inc.

Class A *

20,513

255,387

Ross

Stores,

Inc.

7,913

1,011,202

Royal

Caribbean

Cruises

Ltd.

5,763

1,183,951

Scotts

Miracle-Gro

Co.

1,037

56,921

SharkNinja,

Inc.

1,634

136,292

SiteOne

Landscape

Supply,

Inc.

1,093

132,734

Skechers

USA,

Inc.

Class A *

3,245

184,251

Somnigroup

International,

Inc.

4,114

246,346

Southwest

Airlines

Co.

14,521

487,615

Tapestry,

Inc.

5,648

397,676

Texas

Roadhouse,

Inc.

1,626

270,940

Thor

Industries,

Inc.

1,242

94,156

Value

TKO

Group

Holdings,

Inc.

1,922

293,701

Toll

Brothers,

Inc.

2,376

250,882

Tractor

Supply

Co.

12,977

715,033

Travel

Leisure

Co.

1,647

76,240

Ulta

Beauty,

Inc.

1,125

412,357

Under

Armour,

Inc.

Class A *

4,867

30,419

Under

Armour,

Inc.

Class C *

4,966

29,548

United

Airlines

Holdings,

Inc.

7,957

549,431

Vail

Resorts,

Inc.

927

148,339

Corp.

8,719

135,319

Walgreens

Boots

Alliance,

Inc.

17,401

194,369

Watsco,

Inc.

840

426,972

Wendy's

Co.

4,212

61,622

WESCO

International,

Inc.

994

154,368

Whirlpool

Corp.

1,296

116,808

Williams-Sonoma,

Inc.

2,963

468,450

Wingstop,

Inc.

727

163,997

Grainger,

Inc.

1,058

1,045,124

Wyndham

Hotels

Resorts,

Inc.

1,789

161,922

Wynn

Resorts

Ltd.

2,494

208,249

YETI

Holdings,

Inc.

2,080

68,848

Yum!

Brands,

Inc.

6,849

1,077,759

33,505,373

Consumer,

Non-Cyclical

17.3%

spacing

10X

Genomics,

Inc.

Class A *

2,284

19,939

Acadia

Healthcare

Co.,

Inc.

2,222

67,371

ADT,

Inc.

9,323

75,889

Affirm

Holdings,

Inc.

6,318

285,510

Agilent

Technologies,

Inc.

6,981

816,637

Albertsons

Cos.,

Inc.

Class A

10,189

224,056

Align

Technology,

Inc.

1,823

289,602

Alnylam

Pharmaceuticals,

Inc.

3,131

845,433

Amedisys,

Inc.

783

72,529

Apellis

Pharmaceuticals,

Inc.

2,550

55,769

API

Group

Corp.

5,622

201,043

Archer-Daniels-Midland

Co.

11,591

556,484

Avantor,

Inc.

16,522

267,822

Avery

Dennison

Corp.

1,947

346,508

Avis

Budget

Group,

Inc.

442

33,548

Azenta,

Inc.

1,127

39,039

Baxter

International,

Inc.

12,377

423,665

BellRing

Brands,

Inc.

3,159

235,219

Bio-Rad

Laboratories,

Inc.

Class A *

445

108,384

Bio-Techne

Corp.

3,816

223,732

Biogen,

Inc.

3,541

484,550

BioMarin

Pharmaceutical,

Inc.

4,589

324,396

Block,

Inc.

13,503

733,618

Booz

Allen

Hamilton

Holding

Corp.

3,065

320,538

Boston

Beer

Co.,

Inc.

Class A *

217

51,828

Bright

Horizons

Family

Solutions,

Inc.

1,402

178,110

Brown-Forman

Corp.

Class A

1,193

39,930

Brown-Forman

Corp.

Class B

4,187

142,107

Bruker

Corp.

2,688

112,197

Bunge

Global

3,282

250,810

Campbell's

Co.

4,674

186,586

Cardinal

Health,

Inc.

5,920

815,598

Celsius

Holdings,

Inc.

4,284

152,596

Cencora,

Inc.

4,211

1,171,037

Centene

Corp.

12,268

744,790

Certara,

Inc.

2,937

29,076

Charles

River

Laboratories

International,

Inc.

1,247

187,698

Chemed

Corp.

362

222,746

303

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Church

Dwight

Co.,

Inc.

5,930

652,834

Clarivate

PLC

8,757

34,415

Clorox

Co.

3,017

444,253

Coca-Cola

Consolidated,

Inc.

148

199,800

Conagra

Brands,

Inc.

11,584

308,945

Cooper

Cos.,

Inc.

4,744

400,156

Corpay,

Inc.

1,640

571,901

Corteva,

Inc.

16,722

1,052,315

Coty,

Inc.

Class A *

9,313

50,942

Darling

Ingredients,

Inc.

3,888

121,461

DaVita,

Inc.

1,163

177,904

Dentsply

Sirona,

Inc.

4,934

73,714

Dexcom,

Inc.

9,484

647,662

Dun

Bradstreet

Holdings,

Inc.

7,385

66,022

Elanco

Animal

Health,

Inc.

12,047

126,494

elf

Beauty,

Inc.

1,313

82,443

Encompass

Health

Corp.

2,418

244,895

Enovis

Corp.

1,328

50,743

Envista

Holdings

Corp.

4,196

72,423

Equifax,

Inc.

2,986

727,270

Euronet

Worldwide,

Inc.

1,046

111,765

Exact

Sciences

Corp.

4,480

193,939

Exelixis,

Inc.

6,863

253,382

Flowers

Foods,

Inc.

4,576

86,990

Fortrea

Holdings,

Inc.

1,996

15,070

FTI

Consulting,

Inc.

864

141,765

HealthCare

Technologies,

Inc.

11,053

892,088

General

Mills,

Inc.

13,405

801,485

Global

Payments,

Inc.

6,187

605,831

Globus

Medical,

Inc.

Class A *

2,756

201,739

GRAIL,

Inc.

503

12,847

Grand

Canyon

Education,

Inc.

715

123,709

Grocery

Outlet

Holding

Corp.

2,336

32,657

GXO

Logistics,

Inc.

2,876

112,394

H&R

Block,

Inc.

3,388

186,035

Henry

Schein,

Inc.

2,977

203,895

Hershey

Co.

3,540

605,446

Hologic,

Inc.

5,404

333,805

Hormel

Foods

Corp.

7,085

219,210

Humana,

Inc.

2,931

775,543

IDEXX

Laboratories,

Inc.

1,976

829,821

Illumina,

Inc.

3,872

307,205

Incyte

Corp.

3,896

235,903

Ingredion,

Inc.

1,602

216,606

Inspire

Medical

Systems,

Inc.

722

115,000

Insulet

Corp.

1,698

445,912

Intra-Cellular

Therapies,

Inc.

2,501

329,932

Ionis

Pharmaceuticals,

Inc.

3,837

115,762

IQVIA

Holdings,

Inc.

4,381

772,370

J.M.

Smucker

Co.

2,513

297,564

Jazz

Pharmaceuticals

PLC

1,424

176,790

Kellanova

6,372

525,626

Kenvue,

Inc.

46,551

1,116,293

Kroger

Co.

16,128

1,091,704

Labcorp

Holdings,

Inc.

2,043

475,488

Lamb

Weston

Holdings,

Inc.

3,515

187,350

ManpowerGroup,

Inc.

1,151

66,620

MarketAxess

Holdings,

Inc.

903

195,364

Masimo

Corp.

1,075

179,095

McCormick

Co.,

Inc.

6,123

503,984

Medpace

Holdings,

Inc.

622

189,517

Molina

Healthcare,

Inc.

1,378

453,899

Molson

Coors

Beverage

Co.

Class B

4,178

254,315

Morningstar,

Inc.

654

196,115

Value

Natera,

Inc.

2,783

393,544

Neurocrine

Biosciences,

Inc.

2,434

269,200

Organon

Co.

6,282

93,539

Paylocity

Holding

Corp.

1,069

200,267

Penumbra,

Inc.

897

239,867

Performance

Food

Group

Co.

3,721

292,582

Perrigo

Co.

PLC

3,309

92,784

Pilgrim's

Pride

Corp.

979

53,365

Post

Holdings,

Inc.

1,267

147,428

Premier,

Inc.

Class A

2,090

40,295

Qiagen

5,304

212,956

Quanta

Services,

Inc.

3,531

897,510

Quest

Diagnostics,

Inc.

2,698

456,502

QuidelOrtho

Corp.

1,548

54,134

Global,

Inc.

(Canada)

4,450

446,335

Repligen

Corp.

1,364

173,555

ResMed,

Inc.

3,534

791,086

Revvity,

Inc.

2,907

307,561

Reynolds

Consumer

Products,

Inc.

1,465

34,955

Robert

Half,

Inc.

2,485

135,557

Roivant

Sciences

Ltd.

9,589

96,753

Rollins,

Inc.

6,792

366,972

Royalty

Pharma

PLC

Class A

9,371

291,719

Sarepta

Therapeutics,

Inc.

2,249

143,531

Seaboard

Corp.

21,577

Service

Corp.

International

3,429

275,006

Shift4

Payments,

Inc.

Class A *

1,518

124,036

Smithfield

Foods,

Inc.

623

12,703

Solventum

Corp.

3,380

257,015

Sotera

Health

Co.

3,373

39,329

Spectrum

Brands

Holdings,

Inc.

617

44,146

STERIS

PLC

2,396

543,053

Sysco

Corp.

11,948

896,578

Teleflex,

Inc.

1,097

151,594

Tenet

Healthcare

Corp.

2,315

311,368

Toast,

Inc.

Class A *

11,250

373,163

TransUnion

4,716

391,381

Tyson

Foods,

Inc.

Class A

6,837

436,269

U-Haul

Holding

Co.

2,456

145,346

U-Haul

Holding

Co.

213

13,922

U.S.

Foods

Holding

Corp.

5,282

345,760

Ultragenyx

Pharmaceutical,

Inc.

2,218

80,314

United

Rentals,

Inc.

1,592

997,706

United

Therapeutics

Corp.

1,061

327,075

Universal

Health

Services,

Inc.

Class B

1,353

254,229

Valvoline,

Inc.

3,160

110,000

Verisk

Analytics,

Inc.

3,425

1,019,349

Vestis

Corp.

3,158

31,264

Viatris,

Inc.

28,929

251,972

Viking

Therapeutics,

Inc.

2,568

62,017

Waters

Corp.

1,433

528,161

West

Pharmaceutical

Services,

Inc.

1,764

394,924

WEX,

Inc.

937

147,128

WillScot

Holdings

Corp.

4,230

117,594

Zimmer

Biomet

Holdings,

Inc.

4,815

544,962

48,111,750

Energy

6.0%

spacing

Antero

Midstream

Corp.

8,294

149,292

Antero

Resources

Corp.

7,065

285,709

APA

Corp.

8,849

186,006

Baker

Hughes

Co.

24,263

1,066,359

Cheniere

Energy,

Inc.

5,430

1,256,502

Chord

Energy

Corp.

1,507

169,869

304

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Civitas

Resources,

Inc.

2,268

79,130

Coterra

Energy,

Inc.

17,744

512,802

Devon

Energy

Corp.

15,141

566,273

Diamondback

Energy,

Inc.

4,585

733,050

Midstream,

Inc.

2,449

236,279

Enphase

Energy,

Inc.

3,224

200,049

EQT

Corp.

14,325

765,385

Expand

Energy

Corp.

5,607

624,171

First

Solar,

Inc.

2,592

327,707

Halliburton

Co.

21,429

543,654

Hess

Corp.

6,791

1,084,726

Sinclair

Corp.

3,627

119,256

Kinder

Morgan,

Inc.

47,126

1,344,505

Matador

Resources

Co.

2,885

147,395

New

Fortress

Energy,

Inc.

2,109

17,526

NOV,

Inc.

9,584

145,868

ONEOK,

Inc.

15,074

1,495,642

Ovintiv,

Inc.

6,222

266,302

Permian

Resources

Corp.

16,014

221,794

Range

Resources

Corp.

5,772

230,476

Targa

Resources

Corp.

5,258

1,054,071

TechnipFMC

PLC

(United

Kingdom)

10,303

326,502

Texas

Pacific

Land

Corp.

456

604,195

Viper

Energy,

Inc.

3,134

141,500

Weatherford

International

PLC

1,762

94,355

Williams

Cos.,

Inc.

29,585

1,768,000

16,764,350

Financial

22.0%

spacing

Affiliated

Managers

Group,

Inc.

723

121,486

Aflac,

Inc.

13,423

1,492,503

AGNC

Investment

Corp.

REIT

21,017

201,343

Agree

Realty

Corp.

REIT

2,499

192,898

Air

Lease

Corp.

2,555

123,432

Alexandria

Real

Estate

Equities,

Inc.

REIT

4,179

386,599

Allstate

Corp.

6,386

1,322,349

Ally

Financial,

Inc.

6,476

236,180

American

Financial

Group,

Inc.

1,757

230,764

American

Homes

Rent

Class A REIT

8,211

310,458

Americold

Realty

Trust,

Inc.

REIT

6,948

149,104

Ameriprise

Financial,

Inc.

2,339

1,132,333

Annaly

Capital

Management,

Inc.

REIT

13,628

276,785

Arch

Capital

Group

Ltd.

8,769

843,402

ARES

Management

Corp.

Class A

4,497

659,305

Arthur

Gallagher

Co.

5,976

2,063,154

Assurant,

Inc.

1,229

257,783

Assured

Guaranty

Ltd.

1,175

103,518

AvalonBay

Communities,

Inc.

REIT

3,448

740,010

Axis

Capital

Holdings

Ltd.

1,887

189,153

Bank

New

York

Mellon

Corp.

17,471

1,465,293

Bank

OZK

2,416

104,975

Blue

Owl

Capital,

Inc.

12,739

255,290

BOK

Financial

Corp.

535

55,720

Brighthouse

Financial,

Inc.

1,471

85,303

Brixmor

Property

Group,

Inc.

REIT

7,329

194,585

Brown

Brown,

Inc.

5,805

722,142

BXP,

Inc.

REIT

3,834

257,606

Camden

Property

Trust

REIT

2,516

307,707

Carlyle

Group,

Inc.

5,369

234,035

Cboe

Global

Markets,

Inc.

2,563

579,981

CBRE

Group,

Inc.

Class A *

7,436

972,480

Cincinnati

Financial

Corp.

3,721

549,666

Citizens

Financial

Group,

Inc.

10,762

440,919

CNA

Financial

Corp.

478

24,278

Value

Coinbase

Global,

Inc.

Class A *

4,925

848,233

Columbia

Banking

System,

Inc.

5,122

127,743

Comerica,

Inc.

3,251

192,004

Commerce

Bancshares,

Inc.

3,049

189,739

CoStar

Group,

Inc.

10,093

799,668

Cousins

Properties,

Inc.

REIT

4,058

119,711

Credit

Acceptance

Corp.

152

78,485

Crown

Castle,

Inc.

REIT

10,568

1,101,503

CubeSmart

REIT

5,452

232,855

Cullen/Frost

Bankers,

Inc.

1,440

180,288

Digital

Realty

Trust,

Inc.

REIT

8,055

1,154,201

Discover

Financial

Services

6,078

1,037,515

East

West

Bancorp,

Inc.

3,356

301,235

EastGroup

Properties,

Inc.

REIT

1,207

212,613

EPR

Properties

REIT

1,824

95,961

Equitable

Holdings,

Inc.

7,468

389,008

Equity

LifeStyle

Properties,

Inc.

REIT

4,588

306,020

Equity

Residential

REIT

9,181

657,176

Essex

Property

Trust,

Inc.

REIT

1,552

475,797

Evercore,

Inc.

Class A

845

168,763

Everest

Group

Ltd.

1,040

377,863

Extra

Space

Storage,

Inc.

REIT

5,084

754,923

Federal

Realty

Investment

Trust

REIT

2,080

203,466

Fidelity

National

Financial,

Inc.

6,306

410,395

Fifth

Third

Bancorp

16,422

643,742

First

American

Financial

Corp.

2,302

151,080

First

Citizens

BancShares,

Inc.

Class A

283

524,716

First

Hawaiian,

Inc.

3,110

76,008

First

Horizon

Corp.

12,589

244,478

First

Industrial

Realty

Trust,

Inc.

REIT

3,216

173,535

FNB

Corp.

8,747

117,647

Franklin

Resources,

Inc.

7,523

144,818

Gaming

Leisure

Properties,

Inc.

REIT

6,330

322,197

Globe

Life,

Inc.

2,012

265,021

Hanover

Insurance

Group,

Inc.

874

152,032

Hartford

Insurance

Group,

Inc.

7,036

870,564

Healthcare

Realty

Trust,

Inc.

REIT

8,630

145,847

Healthpeak

Properties,

Inc.

REIT

16,980

343,336

Highwoods

Properties,

Inc.

REIT

2,546

75,463

Host

Hotels

Resorts,

Inc.

REIT

17,027

241,954

Houlihan

Lokey,

Inc.

1,289

208,174

Howard

Hughes

Holdings,

Inc.

756

56,005

Huntington

Bancshares,

Inc.

35,093

526,746

Interactive

Brokers

Group,

Inc.

Class A

2,565

424,738

Invesco

Ltd.

8,452

128,217

Invitation

Homes,

Inc.

REIT

14,874

518,359

Iron

Mountain,

Inc.

REIT

7,077

608,905

Janus

Henderson

Group

PLC

3,182

115,029

Jefferies

Financial

Group,

Inc.

4,268

228,637

Jones

Lang

LaSalle,

Inc.

1,150

285,097

Kemper

Corp.

1,479

98,871

KeyCorp

22,494

359,679

Kilroy

Realty

Corp.

REIT

2,854

93,497

Kimco

Realty

Corp.

REIT

16,010

340,052

Kinsale

Capital

Group,

Inc.

538

261,850

Lamar

Advertising

Co.

Class A REIT

2,130

242,351

Lazard,

Inc.

2,680

116,044

Lincoln

National

Corp.

3,934

141,270

Lineage,

Inc.

REIT

1,505

88,238

Loews

Corp.

4,352

399,992

LPL

Financial

Holdings,

Inc.

1,809

591,796

M&T

Bank

Corp.

4,039

721,971

Markel

Group,

Inc.

308

575,840

Medical

Properties

Trust,

Inc.

REIT

14,494

87,399

305

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

MGIC

Investment

Corp.

6,298

156,064

Mid-America

Apartment

Communities,

Inc.

REIT

2,822

472,911

Millrose

Properties,

Inc.

Class A REIT

3,041

80,617

Nasdaq,

Inc.

10,012

759,510

National

Storage

Affiliates

Trust

REIT

1,678

66,113

NNN

REIT,

Inc.

4,604

196,361

Northern

Trust

Corp.

4,716

465,233

Holdings

Ltd.

Class A *

(Brazil)

78,875

807,680

Old

Republic

International

Corp.

5,775

226,496

Omega

Healthcare

Investors,

Inc.

REIT

6,594

251,100

OneMain

Holdings,

Inc.

2,772

135,495

Park

Hotels

Resorts,

Inc.

REIT

5,071

54,158

Pinnacle

Financial

Partners,

Inc.

1,860

197,234

Popular,

Inc.

1,656

152,965

Primerica,

Inc.

825

234,737

Principal

Financial

Group,

Inc.

5,516

465,385

Prosperity

Bancshares,

Inc.

2,200

157,014

Prudential

Financial,

Inc.

8,737

975,748

Raymond

James

Financial,

Inc.

4,926

684,271

Rayonier,

Inc.

REIT

3,782

105,442

Realty

Income

Corp.

REIT

21,187

1,229,058

Regency

Centers

Corp.

REIT

4,388

323,659

Regions

Financial

Corp.

22,103

480,298

Reinsurance

Group

America,

Inc.

1,596

314,252

RenaissanceRe

Holdings

Ltd.

(Bermuda)

1,247

299,280

Rexford

Industrial

Realty,

Inc.

REIT

5,405

211,606

Rithm

Capital

Corp.

REIT

12,519

143,343

RLI

Corp.

2,018

162,106

Rocket

Cos.,

Inc.

Class A

3,357

40,519

Ryan

Specialty

Holdings,

Inc.

2,490

183,936

SBA

Communications

Corp.

REIT

2,608

573,786

Seaport

Entertainment

Group,

Inc.

325

6,978

SEI

Investments

Co.

2,339

181,577

Simon

Property

Group,

Inc.

REIT

7,865

1,306,219

SLM

Corp.

4,974

146,086

SoFi

Technologies,

Inc.

25,962

301,938

STAG

Industrial,

Inc.

REIT

4,404

159,073

Starwood

Property

Trust,

Inc.

REIT

7,737

152,961

State

Street

Corp.

7,116

637,096

Stifel

Financial

Corp.

2,431

229,146

Sun

Communities,

Inc.

REIT

3,064

394,153

Synchrony

Financial

9,450

500,283

Synovus

Financial

Corp.

3,334

155,831

Rowe

Price

Group,

Inc.

5,331

489,759

TFS

Financial

Corp.

1,147

14,211

TPG,

Inc.

2,052

97,326

Tradeweb

Markets,

Inc.

Class A

2,821

418,806

UDR,

Inc.

REIT

7,979

360,411

Unum

Group

4,290

349,463

UWM

Holdings

Corp.

2,776

15,157

Ventas,

Inc.

REIT

10,174

699,564

VICI

Properties,

Inc.

REIT

25,609

835,366

Virtu

Financial,

Inc.

Class A

1,943

74,067

Vornado

Realty

Trust

REIT

4,296

158,909

Voya

Financial,

Inc.

2,445

165,673

W.R.

Berkley

Corp.

7,142

508,225

Webster

Financial

Corp.

4,187

215,840

Western

Alliance

Bancorp

2,632

202,217

Western

Union

Co.

7,988

84,513

Weyerhaeuser

Co.

REIT

17,718

518,783

White

Mountains

Insurance

Group

Ltd.

117,474

Willis

Towers

Watson

PLC

2,447

826,964

Wintrust

Financial

Corp.

1,588

178,587

Value

Carey,

Inc.

REIT

5,266

332,337

XP,

Inc.

Class A (Brazil)

9,916

136,345

Zions

Bancorp

3,369

167,978

61,154,592

Industrial

13.3%

spacing

A.O.

Smith

Corp.

2,922

190,982

AAON,

Inc.

1,589

124,149

Acuity,

Inc.

756

199,093

Advanced

Drainage

Systems,

Inc.

1,716

186,443

AECOM

3,248

301,187

AGCO

Corp.

1,525

141,169

Allegion

PLC

2,126

277,358

Amcor

PLC

34,957

339,083

AMETEK,

Inc.

5,612

966,050

AptarGroup,

Inc.

1,614

239,485

Armstrong

World

Industries,

Inc.

1,063

149,755

Arrow

Electronics,

Inc.

1,296

134,564

Avnet,

Inc.

2,018

97,046

Axon

Enterprise,

Inc.

1,764

927,776

AZEK

Co.,

Inc.

3,332

162,901

Ball

Corp.

7,174

373,550

Berry

Global

Group,

Inc.

2,803

195,677

Builders

FirstSource,

Inc.

2,773

346,459

BWX

Technologies,

Inc.

2,232

220,187

Carlisle

Cos.,

Inc.

1,097

373,529

Robinson

Worldwide,

Inc.

2,829

289,690

Clean

Harbors,

Inc.

1,246

245,587

CNH

Industrial

21,273

261,232

Cognex

Corp.

4,227

126,091

Coherent

Corp.

3,073

199,561

Comfort

Systems

USA,

Inc.

855

275,592

Crane

Co.

1,199

183,663

Crown

Holdings,

Inc.

2,846

254,034

Curtiss-Wright

Corp.

927

294,109

Donaldson

Co.,

Inc.

2,940

197,156

Dover

Corp.

3,333

585,541

Eagle

Materials,

Inc.

814

180,651

EMCOR

Group,

Inc.

1,106

408,811

Esab

Corp.

1,380

160,770

Everus

Construction

Group,

Inc.

1,240

45,992

Expeditors

International

Washington,

Inc.

3,407

409,692

Flowserve

Corp.

3,213

156,923

Fortive

Corp.

8,430

616,907

Fortune

Brands

Innovations,

Inc.

3,012

183,371

Garmin

Ltd.

3,764

817,277

Gates

Industrial

Corp.

PLC

5,751

105,876

Generac

Holdings,

Inc.

1,440

182,376

Graco,

Inc.

4,065

339,468

Graphic

Packaging

Holding

Co.

7,271

188,755

Hayward

Holdings,

Inc.

3,481

48,456

HEICO

Corp.

1,072

286,428

HEICO

Corp.

Class A

1,974

416,455

Hexcel

Corp.

1,994

109,191

Howmet

Aerospace,

Inc.

9,850

1,277,841

Hubbell,

Inc.

1,301

430,514

Huntington

Ingalls

Industries,

Inc.

959

195,674

IDEX

Corp.

1,841

333,166

Ingersoll

Rand,

Inc.

9,810

785,094

Ingram

Micro

Holding

Corp.

435

7,717

ITT,

Inc.

2,010

259,612

Jabil,

Inc.

2,611

355,279

Jacobs

Solutions,

Inc.

2,996

362,186

Hunt

Transport

Services,

Inc.

1,973

291,905

306

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Keysight

Technologies,

Inc.

4,236

634,426

Kirby

Corp.

1,419

143,333

Knight-Swift

Transportation

Holdings,

Inc.

3,845

167,219

L3Harris

Technologies,

Inc.

4,604

963,663

Landstar

System,

Inc.

871

130,824

Lennox

International,

Inc.

779

436,887

Lincoln

Electric

Holdings,

Inc.

1,348

254,988

Littelfuse,

Inc.

599

117,847

Loar

Holdings,

Inc.

870

61,465

Louisiana-Pacific

Corp.

1,479

136,038

Martin

Marietta

Materials,

Inc.

1,490

712,414

Masco

Corp.

5,239

364,320

MasTec,

Inc.

1,536

179,267

Mettler-Toledo

International,

Inc.

506

597,540

Middleby

Corp.

1,303

198,030

Mohawk

Industries,

Inc.

1,282

146,379

MSA

Safety,

Inc.

907

133,048

Nordson

Corp.

1,382

278,777

nVent

Electric

PLC

4,034

211,462

Old

Dominion

Freight

Line,

Inc.

4,702

777,946

Oshkosh

Corp.

1,602

150,716

Otis

Worldwide

Corp.

9,702

1,001,246

Owens

Corning

2,096

299,351

Packaging

Corp.

America

2,155

426,733

Pentair

PLC

4,013

351,057

RBC

Bearings,

Inc.

696

223,952

Regal

Rexnord

Corp.

1,635

186,145

Rockwell

Automation,

Inc.

2,748

710,028

Ryder

System,

Inc.

982

141,221

Saia,

Inc.

650

227,130

Schneider

National,

Inc.

Class B

1,080

24,678

Sealed

Air

Corp.

3,300

95,370

Sensata

Technologies

Holding

PLC

3,649

88,561

Silgan

Holdings,

Inc.

2,024

103,467

Simpson

Manufacturing

Co.,

Inc.

1,035

162,578

Smurfit

WestRock

PLC

12,565

566,179

Snap-on,

Inc.

1,257

423,622

Sonoco

Products

Co.

2,395

113,140

Spirit

AeroSystems

Holdings,

Inc.

Class A *

2,831

97,556

Standardaero,

Inc.

2,572

68,518

Stanley

Black

Decker,

Inc.

3,735

287,147

SYNNEX

Corp.

1,844

191,702

Teledyne

Technologies,

Inc.

1,125

559,924

Tetra

Tech,

Inc.

6,534

191,120

Textron,

Inc.

4,542

328,160

Timken

Co.

1,584

113,842

TopBuild

Corp.

711

216,819

Toro

Co.

2,425

176,419

Trex

Co.,

Inc.

2,524

146,644

Trimble,

Inc.

5,919

388,582

Universal

Display

Corp.

1,134

158,170

Valmont

Industries,

Inc.

486

138,690

Veralto

Corp.

6,003

584,992

Vertiv

Holdings

Co.

Class A

8,702

628,284

Vontier

Corp.

3,543

116,388

Vulcan

Materials

Co.

3,217

750,526

Westinghouse

Air

Brake

Technologies

Corp.

4,144

751,514

Woodward,

Inc.

1,437

262,238

XPO,

Inc.

2,778

298,857

Xylem,

Inc.

5,874

701,708

36,913,933

Technology

13.9%

spacing

Akamai

Technologies,

Inc.

3,621

291,490

Value

Allegro

MicroSystems,

Inc.

(Japan)

2,999

75,365

Amdocs

Ltd.

2,746

251,259

Amentum

Holdings,

Inc.

3,600

65,520

Amkor

Technology,

Inc.

2,753

49,719

ANSYS,

Inc.

2,121

671,424

Appfolio,

Inc.

Class A *

555

122,045

AppLovin

Corp.

Class A *

6,375

1,689,184

Astera

Labs,

Inc.

2,681

159,975

Bentley

Systems,

Inc.

Class B

3,437

135,212

Bill

Holdings,

Inc.

2,382

109,310

Broadridge

Financial

Solutions,

Inc.

2,846

690,041

CACI

International,

Inc.

Class A *

538

197,403

CCC

Intelligent

Solutions

Holdings,

Inc.

11,708

105,723

Cirrus

Logic,

Inc.

1,315

131,046

Cloudflare,

Inc.

Class A *

7,402

834,131

Cognizant

Technology

Solutions

Corp.

Class A

12,099

925,574

Concentrix

Corp.

1,131

62,929

Confluent,

Inc.

Class A *

6,068

142,234

Crane

NXT

Co.

1,197

61,526

Datadog,

Inc.

Class A *

7,387

732,864

Dayforce,

Inc.

3,702

215,938

Docusign,

Inc.

4,872

396,581

DoubleVerify

Holdings,

Inc.

3,539

47,316

Doximity,

Inc.

Class A *

3,053

177,166

Dropbox,

Inc.

Class A *

5,591

149,336

Duolingo,

Inc.

915

284,144

DXC

Technology

Co.

4,367

74,457

Dynatrace,

Inc.

7,248

341,743

Elastic

2,134

190,139

Electronic

Arts,

Inc.

6,424

928,396

Entegris,

Inc.

3,660

320,177

EPAM

Systems,

Inc.

1,336

225,570

Fair

Isaac

Corp.

577

1,064,080

Fidelity

National

Information

Services,

Inc.

13,100

978,308

Five9,

Inc.

1,789

48,571

Gartner,

Inc.

1,832

768,964

Genpact

Ltd.

4,289

216,080

Gitlab,

Inc.

Class A *

3,067

144,149

GLOBALFOUNDRIES,

Inc.

2,401

88,621

Globant

1,027

120,898

Guidewire

Software,

Inc.

1,989

372,659

Hewlett

Packard

Enterprise

Co.

31,912

492,402

HP,

Inc.

22,786

630,944

HubSpot,

Inc.

1,204

687,833

Informatica,

Inc.

Class A *

2,002

34,935

IPG

Photonics

Corp.

621

39,210

Jack

Henry

Associates,

Inc.

1,763

321,924

KBR,

Inc.

3,253

162,032

Kyndryl

Holdings,

Inc.

5,574

175,024

Lattice

Semiconductor

Corp.

3,310

173,610

Leidos

Holdings,

Inc.

3,234

436,396

Lumentum

Holdings,

Inc.

1,630

101,614

MACOM

Technology

Solutions

Holdings,

Inc.

1,515

152,076

Manhattan

Associates,

Inc.

1,447

250,389

Microchip

Technology,

Inc.

12,890

624,005

MicroStrategy,

Inc.

Class A *

5,617

1,619,213

MKS

Instruments,

Inc.

1,649

132,167

MongoDB,

Inc.

1,740

305,196

Monolithic

Power

Systems,

Inc.

1,142

662,337

MSCI,

Inc.

1,848

1,045,044

nCino,

Inc.

2,015

55,352

NetApp,

Inc.

4,959

435,599

307

PACIFIC

SELECT

FUND

MID-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Nutanix,

Inc.

Class A *

6,082

424,584

Okta,

Inc.

3,934

413,935

Semiconductor

Corp.

10,328

420,246

Onto

Innovation,

Inc.

1,214

147,307

Palantir

Technologies,

Inc.

Class A *

50,062

4,225,233

Parsons

Corp.

1,117

66,138

Paychex,

Inc.

7,818

1,206,161

Paycom

Software,

Inc.

1,239

270,697

Paycor

HCM,

Inc.

1,835

41,177

Pegasystems,

Inc.

1,089

75,707

Playtika

Holding

Corp.

1,011

5,227

Procore

Technologies,

Inc.

2,649

174,887

PTC,

Inc.

2,877

445,791

Pure

Storage,

Inc.

Class A *

7,461

330,298

Qorvo,

Inc.

2,315

167,629

RingCentral,

Inc.

Class A *

2,006

49,669

ROBLOX

Corp.

Class A *

12,766

744,130

Sandisk

Corp.

2,721

129,547

Science

Applications

International

Corp.

1,166

130,907

SentinelOne,

Inc.

Class A *

6,711

122,006

Skyworks

Solutions,

Inc.

3,914

252,962

SS&C

Technologies

Holdings,

Inc.

5,223

436,277

Super

Micro

Computer,

Inc.

12,042

412,318

Take-Two

Interactive

Software,

Inc.

4,191

868,585

Teradata

Corp.

2,369

53,255

Teradyne,

Inc.

3,796

313,550

Twilio,

Inc.

Class A *

3,718

364,029

Tyler

Technologies,

Inc.

1,030

598,832

UiPath,

Inc.

Class A *

10,080

103,824

Unity

Software,

Inc.

7,263

142,282

Veeva

Systems,

Inc.

Class A *

3,585

830,394

Western

Digital

Corp.

8,398

339,531

Wolfspeed,

Inc.

3,039

9,299

Zebra

Technologies

Corp.

Class A *

1,243

351,222

Zoom

Communications,

Inc.

Class A *

6,409

472,792

ZoomInfo

Technologies,

Inc.

6,790

67,900

Zscaler,

Inc.

2,264

449,223

38,852,120

Utilities

6.1%

spacing

AES

Corp.

17,235

214,059

Alliant

Energy

Corp.

6,228

400,772

Ameren

Corp.

6,467

649,287

American

Water

Works

Co.,

Inc.

4,741

699,392

Atmos

Energy

Corp.

3,763

581,684

Brookfield

Renewable

Corp.

(Canada)

3,299

92,108

CenterPoint

Energy,

Inc.

15,686

568,304

Clearway

Energy,

Inc.

Class A

776

22,085

Clearway

Energy,

Inc.

Class C

2,001

60,570

CMS

Energy

Corp.

7,234

543,346

Consolidated

Edison,

Inc.

8,419

931,057

DTE

Energy

Co.

5,025

694,807

Edison

International

9,247

544,833

Entergy

Corp.

10,364

886,018

Essential

Utilities,

Inc.

6,120

241,923

Evergy,

Inc.

5,412

373,157

Eversource

Energy

8,918

553,897

Exelon

Corp.

24,323

1,120,804

FirstEnergy

Corp.

13,994

565,637

IDACORP,

Inc.

1,310

152,248

MDU

Resources

Group,

Inc.

4,959

83,857

National

Fuel

Gas

Co.

2,211

175,089

NiSource,

Inc.

11,353

455,142

NRG

Energy,

Inc.

4,856

463,554

Value

OGE

Energy

Corp.

4,879

224,239

PG&E

Corp.

53,077

911,863

Pinnacle

West

Capital

Corp.

2,763

263,176

PPL

Corp.

17,951

648,211

Public

Service

Enterprise

Group,

Inc.

12,122

997,641

UGI

Corp.

5,375

177,751

Vistra

Corp.

8,247

968,528

WEC

Energy

Group,

Inc.

7,688

837,838

Xcel

Energy,

Inc.

13,973

989,149

17,092,026

Total

Common

Stocks

(Cost

$250,192,898)

274,679,255

EXCHANGE-TRADED

FUNDS

1.1%

iShares

Russell

Mid-Cap

35,282

3,001,440

Total

Exchange-Traded

Funds

(Cost

$3,153,243)

3,001,440

TOTAL

INVESTMENTS

99.7%

(Cost

$253,346,141)

277,680,695

DERIVATIVES

(0.0%)

(

12,665

)

OTHER

ASSETS

LIABILITIES,

NET

0.3%

774,667

NET

ASSETS

100.0%

278,442,697

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

309

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Chinook

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

869

739

Contra

Aduro

Biotechnologies,

Inc.

Contingent

Value

Rights

* ± Ω

758

356

Inhibrx,

Inc.

Contingent

Value

Rights

* ± Ω

1,165

1,316

OmniAb,

Inc.

$12.50

Earn

Out

* ± Ω

–

OmniAb,

Inc.

$15.00

Earn

Out

* ± Ω

–

2,411

Utilities

0.0%

Gtx,

Inc.

Contingent

Value

Rights

* ± Ω

Total

Rights

(Cost

$1,164)

2,445

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

Pulse

Biosciences,

Inc.

Exercise

$3.27

Exp 06/27/29

Total

Warrants

(Cost

$0)

COMMON

STOCKS

97.8%

Basic

Materials

3.2%

spacing

Balchem

Corp.

1,703

282,698

Cabot

Corp.

2,804

233,125

Carpenter

Technology

Corp.

2,537

459,654

Centrus

Energy

Corp.

Class A *

510

31,727

Century

Aluminum

Co.

2,791

51,801

Codexis,

Inc.

545

1,466

Constellium

6,824

68,854

Contango

ORE,

Inc.

141

1,440

Critical

Metals

Corp.

(Austria)

370

514

Dakota

Gold

Corp.

2,159

5,721

Encore

Energy

Corp.

(Canada)

6,567

8,997

Hawkins,

Inc.

1,019

107,932

Fuller

Co.

833

46,748

Ingevity

Corp.

1,924

76,171

Innospec,

Inc.

1,128

106,878

Ivanhoe

Electric,

Inc.

4,497

26,128

Kaiser

Aluminum

Corp.

792

48,011

Lightwave

Logic,

Inc.

6,005

6,155

MAC

Copper

Ltd.

Class A *

(Australia)

741

7,069

Northern

Technologies

International

Corp.

420

4,372

Oil-Dri

Corp.

America

4,225

Orion

(Germany)

3,029

39,165

Perpetua

Resources

Corp.

2,229

23,828

Piedmont

Lithium,

Inc.

241

1,518

Quaker

Chemical

Corp.

737

91,101

Sensient

Technologies

Corp.

2,104

156,601

Stepan

Co.

111

6,109

Sylvamo

Corp.

407

27,298

U.S.

Lime

Minerals,

Inc.

557

49,228

Ur-Energy,

Inc.

15,982

10,773

Value

Uranium

Energy

Corp.

21,749

103,960

2,089,267

Communications

4.2%

spacing

1-800-Flowers.com,

Inc.

Class A *

301

1,776

1stdibs.com,

Inc.

653

1,985

A10

Networks,

Inc.

3,725

60,867

Anterix,

Inc.

497

18,190

Applied

Digital

Corp.

7,249

40,739

AudioEye,

Inc.

388

4,307

Backblaze,

Inc.

Class A *

2,470

11,930

Boston

Omaha

Corp.

Class A *

1,181

Bumble,

Inc.

Class A *

459

1,992

Calix,

Inc.

2,321

82,256

Cardlytics,

Inc.

2,243

4,082

Cargurus,

Inc.

4,589

133,678

Clear

Channel

Outdoor

Holdings,

Inc.

2,232

2,478

Cogent

Communications

Holdings,

Inc.

2,322

142,362

Couchbase,

Inc.

2,151

33,878

Credo

Technology

Group

Holding

Ltd.

7,476

300,236

Despegar.com

Corp.

(Argentina)

522

9,808

DigitalBridge

Group,

Inc.

2,316

20,427

Entravision

Communications

Corp.

Class A

590

1,239

ePlus,

Inc.

934

57,002

Eventbrite,

Inc.

Class A *

3,752

7,917

EverQuote,

Inc.

Class A *

1,319

34,545

Extreme

Networks,

Inc.

3,643

48,197

Figs,

Inc.

Class A *

391

1,795

fuboTV,

Inc.

1,261

3,682

Gambling.com

Group

Ltd.

(Malta)

851

10,740

Getty

Images

Holdings,

Inc.

4,969

8,596

Globalstar,

Inc.

2,171

45,287

Gogo,

Inc.

1,624

13,999

Grindr,

Inc.

(Singapore)

1,218

21,802

Groupon,

Inc.

572

10,736

Harmonic,

Inc.

5,826

55,871

HealthStream,

Inc.

386

12,422

Hims

Hers

Health,

Inc.

10,195

301,262

IDT

Corp.

Class B

576

29,555

InterDigital,

Inc.

1,333

275,598

LifeMD,

Inc.

1,130

6,147

Liquidity

Services,

Inc.

1,129

35,010

LiveOne,

Inc.

3,301

2,307

Magnite,

Inc.

5,935

67,718

MediaAlpha,

Inc.

Class A *

1,684

15,560

Nerdy,

Inc.

3,812

5,413

Ooma,

Inc.

192

2,513

Open

Lending

Corp.

5,640

15,566

Opendoor

Technologies,

Inc.

1,786

1,822

OptimizeRx

Corp.

874

7,569

Preformed

Line

Products

Co.

1,121

Holdings,

Inc.

3,105

248,431

QuinStreet,

Inc.

2,830

50,487

RealReal,

Inc.

3,832

20,654

Revolve

Group,

Inc.

2,031

43,646

Shutterstock,

Inc.

1,063

19,804

Sinclair,

Inc.

1,732

27,591

Sprinklr,

Inc.

Class A *

6,152

51,369

Stagwell,

Inc.

833

5,040

TechTarget,

Inc.

1,458

21,593

Thryv

Holdings,

Inc.

2,038

26,107

Townsquare

Media,

Inc.

Class A

684

5,568

Tucows,

Inc.

Class A *

393

6,634

Upwork,

Inc.

6,595

86,065

310

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Line,

Inc.

2,011

Vivid

Seats,

Inc.

Class A *

3,827

11,328

Yelp,

Inc.

3,346

123,902

2,723,393

Consumer,

Cyclical

10.0%

spacing

Abercrombie

Fitch

Co.

Class A *

2,617

199,860

Academy

Sports

Outdoors,

Inc.

934

42,600

Accel

Entertainment,

Inc.

2,834

28,113

Acushnet

Holdings

Corp.

1,464

100,518

American

Eagle

Outfitters,

Inc.

7,509

87,255

Arhaus,

Inc.

2,388

20,776

Arko

Corp.

417

1,647

Atlanta

Braves

Holdings,

Inc.

Class A *

548

24,041

Atlanta

Braves

Holdings,

Inc.

Class C *

2,614

104,586

Aurora

Innovation,

Inc.

27,345

183,895

Beacon

Roofing

Supply,

Inc.

3,047

376,914

BJ's

Restaurants,

Inc.

512

17,541

Blink

Charging

Co.

2,212

2,030

Bloomin'

Brands,

Inc.

2,061

14,777

Blue

Bird

Corp.

1,698

54,964

Boot

Barn

Holdings,

Inc.

1,563

167,913

Brinker

International,

Inc.

2,097

312,558

Buckle,

Inc.

1,648

63,151

Build-A-Bear

Workshop,

Inc.

673

25,015

Caleres,

Inc.

523

9,011

Camping

World

Holdings,

Inc.

Class A

3,010

48,642

Cavco

Industries,

Inc.

424

220,323

Century

Communities,

Inc.

170

11,407

Champion

Homes,

Inc.

1,341

127,073

Cheesecake

Factory,

Inc.

2,553

124,229

Cinemark

Holdings,

Inc.

4,623

115,067

CompX

International,

Inc.

1,741

Cracker

Barrel

Old

Country

Store,

Inc.

247

9,589

Daktronics,

Inc.

267

3,252

Dave

Buster's

Entertainment,

Inc.

1,606

28,217

Denny's

Corp.

1,778

6,525

Dine

Brands

Global,

Inc.

112

2,606

Dorman

Products,

Inc.

1,360

163,934

Douglas

Dynamics,

Inc.

1,023

23,764

Dream

Finders

Homes,

Inc.

Class A *

1,474

33,253

Everi

Holdings,

Inc.

2,329

31,837

EVgo,

Inc.

664

1,766

EVI

Industries,

Inc.

303

5,084

First

Watch

Restaurant

Group,

Inc.

2,037

33,916

FirstCash

Holdings,

Inc.

2,040

245,453

Forestar

Group,

Inc.

117

2,473

Frontier

Group

Holdings,

Inc.

2,119

9,196

Genesco,

Inc.

135

2,866

Gentherm,

Inc.

1,631

43,613

Global

Business

Travel

Group

5,640

40,946

Global

Industrial

Co.

762

17,069

GMS,

Inc.

1,855

135,730

Green

Brick

Partners,

Inc.

447

26,065

H&E

Equipment

Services,

Inc.

1,564

148,252

Hanesbrands,

Inc.

18,684

107,807

Hilton

Grand

Vacations,

Inc.

3,667

137,183

HNI

Corp.

1,194

52,954

Holley,

Inc.

1,111

2,855

Hovnanian

Enterprises,

Inc.

Class A *

1,466

Hudson

Technologies,

Inc.

386

2,382

IMAX

Corp.

2,259

59,525

indie

Semiconductor,

Inc.

Class A *

(China)

2,515

5,118

Installed

Building

Products,

Inc.

1,252

214,668

Value

Interface,

Inc.

297

5,893

International

Game

Technology

PLC

773

12,569

Jill,

Inc.

302

5,898

Jack

the

Box,

Inc.

1,029

27,979

Home

480

27,898

Kontoor

Brands,

Inc.

2,911

186,682

Kura

Sushi

USA,

Inc.

Class A *

359

18,381

Landsea

Homes

Corp.

250

LCI

Industries

1,311

114,621

Leslie's,

Inc.

5,435

3,997

LGI

Homes,

Inc.

4,520

Lindblad

Expeditions

Holdings,

Inc.

1,258

11,662

Livewire

Group,

Inc.

654

1,308

Lovesac

Co.

371

6,745

Luminar

Technologies,

Inc.

1,274

6,867

Madison

Square

Garden

Entertainment

Corp.

180

5,893

Marine

Products

Corp.

235

1,972

Miller

Industries,

Inc.

1,864

Monarch

Casino

Resort,

Inc.

680

52,870

National

Vision

Holdings,

Inc.

260

3,323

ONE

Group

Hospitality,

Inc.

1,210

3,618

OneSpaWorld

Holdings

Ltd.

(Bahamas)

5,346

89,759

Oxford

Industries,

Inc.

555

32,562

Papa

John's

International,

Inc.

1,274

52,336

Patrick

Industries,

Inc.

1,708

144,429

Peloton

Interactive,

Inc.

Class A *

17,289

109,267

Portillo's,

Inc.

Class A *

2,310

27,466

Potbelly

Corp.

1,355

12,886

PriceSmart,

Inc.

826

72,564

Pursuit

Attractions

Hospitality,

Inc.

1,078

38,150

RCI

Hospitality

Holdings,

Inc.

215

9,232

Red

Rock

Resorts,

Inc.

Class A

1,200

52,044

REV

Group,

Inc.

2,114

66,802

Rocky

Brands,

Inc.

130

2,258

Rush

Street

Interactive,

Inc.

4,036

43,266

Sabre

Corp.

4,003

11,248

Savers

Value

Village,

Inc.

1,155

7,970

Shake

Shack,

Inc.

Class A *

2,008

177,045

Shyft

Group,

Inc.

132

1,068

Six

Flags

Entertainment

Corp.

3,643

129,946

Sonic

Automotive,

Inc.

Class A

206

11,734

Sonos,

Inc.

5,744

61,289

Steven

Madden

Ltd.

3,787

100,886

Sun

Country

Airlines

Holdings,

Inc.

935

11,519

Super

Group

SGHC

Ltd.

(Guernsey)

7,923

51,024

Superior

Group

Cos.,

Inc.

126

1,378

Sweetgreen,

Inc.

Class A *

5,369

134,332

ThredUp,

Inc.

Class A *

647

1,559

Tile

Shop

Holdings,

Inc.

493

3,195

Torrid

Holdings,

Inc.

994

5,447

Tri

Pointe

Homes,

Inc.

1,409

44,975

United

Homes

Group,

Inc.

197

552

United

Parks

Resorts,

Inc.

1,545

70,236

Urban

Outfitters,

Inc.

939

49,204

Victoria's

Secret

Co.

1,009

18,747

Visteon

Corp.

1,437

111,540

VSE

Corp.

140

16,799

Warby

Parker,

Inc.

Class A *

4,688

85,462

Webtoon

Entertainment,

Inc.

(South

Korea)

299

2,293

Wheels

Experience,

Inc.

3,999

4,039

Wolverine

World

Wide,

Inc.

4,202

58,450

XPEL,

Inc.

* ~

1,338

39,310

311

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Xponential

Fitness,

Inc.

Class A *

1,205

10,038

6,564,127

Consumer,

Non-Cyclical

32.1%

spacing

Molecular

Therapeutics,

Inc.

1,610

5,200

Absci

Corp.

2,898

7,274

ACADIA

Pharmaceuticals,

Inc.

6,328

105,108

Accolade,

Inc.

1,347

9,402

Accuray,

Inc.

4,498

8,051

Achieve

Life

Sciences,

Inc.

1,149

3,068

Actinium

Pharmaceuticals,

Inc.

1,657

2,668

AdaptHealth

Corp.

2,378

25,778

ADC

Therapeutics

(Switzerland)

2,093

2,951

Addus

HomeCare

Corp.

364

35,996

ADMA

Biologics,

Inc.

12,106

240,183

Adtalem

Global

Education,

Inc.

366

36,834

Aerovate

Therapeutics,

Inc.

600

1,506

Agenus,

Inc.

155

233

agilon

health,

Inc.

16,271

70,453

AirSculpt

Technologies,

Inc.

657

1,534

Akebia

Therapeutics,

Inc.

1,030

1,978

Akero

Therapeutics,

Inc.

662

26,798

Akoya

Biosciences,

Inc.

1,357

1,886

Alarm.com

Holdings,

Inc.

2,486

138,346

Aldeyra

Therapeutics,

Inc.

287

1,650

Alector,

Inc.

4,035

4,963

Alkermes

PLC

8,484

280,142

Alphatec

Holdings,

Inc.

5,506

55,831

Alta

Equipment

Group,

Inc.

1,331

6,242

Altimmune,

Inc.

1,923

9,615

Alto

Neuroscience,

Inc.

434

937

Alumis,

Inc.

700

4,298

ALX

Oncology

Holdings,

Inc.

1,437

895

American

Public

Education,

Inc.

1,094

Amicus

Therapeutics,

Inc.

15,482

126,333

AMN

Healthcare

Services,

Inc.

2,002

48,969

Amneal

Pharmaceuticals,

Inc.

7,037

58,970

Amphastar

Pharmaceuticals,

Inc.

2,005

58,125

AnaptysBio,

Inc.

1,191

22,141

Anavex

Life

Sciences

Corp.

957

8,211

Andersons,

Inc.

201

8,629

ANI

Pharmaceuticals,

Inc.

684

45,794

Anika

Therapeutics,

Inc.

143

2,149

Anteris

Technologies

Global

Corp.

319

1,161

Apogee

Therapeutics,

Inc.

1,999

74,683

Applied

Therapeutics,

Inc.

4,315

2,110

Aquestive

Therapeutics,

Inc.

1,319

3,825

Arbutus

Biopharma

Corp.

7,387

25,781

Arcellx,

Inc.

2,305

151,208

Arcturus

Therapeutics

Holdings,

Inc.

1,012

10,717

Arcus

Biosciences,

Inc.

2,917

22,898

Arcutis

Biotherapeutics,

Inc.

5,663

88,569

Ardelyx,

Inc.

12,412

60,943

Ardent

Health

Partners,

Inc.

873

12,004

Arlo

Technologies,

Inc.

5,155

50,880

ArriVent

Biopharma,

Inc.

846

15,643

Arrowhead

Pharmaceuticals,

Inc.

6,322

80,542

ARS

Pharmaceuticals,

Inc.

2,609

32,821

Artiva

Biotherapeutics,

Inc.

(South

Korea)

562

1,686

Artivion,

Inc.

1,616

39,721

Arvinas,

Inc.

3,428

24,065

Astrana

Health,

Inc.

2,277

70,610

Astria

Therapeutics,

Inc.

1,945

10,386

Atossa

Therapeutics,

Inc.

1,973

1,328

Value

AtriCure,

Inc.

1,635

52,745

Aurinia

Pharmaceuticals,

Inc.

(Canada)

5,195

41,768

Avadel

Pharmaceuticals

PLC

4,887

38,265

Aveanna

Healthcare

Holdings,

Inc.

1,937

10,499

Avidity

Biosciences,

Inc.

5,987

176,736

Avita

Medical,

Inc.

1,267

10,313

Axogen,

Inc.

2,238

41,403

Axsome

Therapeutics,

Inc.

1,941

226,379

Barrett

Business

Services,

Inc.

1,212

49,874

Beauty

Health

Co.

4,086

5,475

Beta

Bionics,

Inc.

486

5,949

Beyond

Meat,

Inc.

2,983

9,098

Bicara

Therapeutics,

Inc.

541

7,049

BioAge

Labs,

Inc.

229

861

BioCryst

Pharmaceuticals,

Inc.

10,913

81,848

Biohaven

Ltd.

4,538

109,094

BioLife

Solutions,

Inc.

1,705

38,942

Biomea

Fusion,

Inc.

1,373

2,924

Biote

Corp.

Class A *

1,254

4,176

Bioventus,

Inc.

Class A *

632

5,783

Black

Diamond

Therapeutics,

Inc.

1,187

1,840

Blueprint

Medicines

Corp.

3,353

296,774

Boundless

Bio,

Inc.

459

693

BRC,

Inc.

Class A *

2,371

4,955

Bridgebio

Pharma,

Inc.

4,618

159,644

BrightSpring

Health

Services,

Inc.

2,894

52,352

Brink's

Co.

2,310

199,030

Brookdale

Senior

Living,

Inc.

8,645

54,118

Cabaletta

Bio,

Inc.

528

731

Cadiz,

Inc.

2,082

6,100

Cal-Maine

Foods,

Inc.

122

11,090

Calavo

Growers,

Inc.

154

3,694

CAMP4

Therapeutics

Corp.

192

Candel

Therapeutics,

Inc.

1,506

8,509

Capricor

Therapeutics,

Inc.

1,708

16,209

Cardiff

Oncology,

Inc.

1,419

4,456

CareDx,

Inc.

554

9,834

Cargo

Therapeutics,

Inc.

237

965

Carriage

Services,

Inc.

560

21,700

Cartesian

Therapeutics,

Inc.

509

6,709

Cass

Information

Systems,

Inc.

588

25,431

Cassava

Sciences,

Inc.

2,003

3,005

Castle

Biosciences,

Inc.

413

8,268

Catalyst

Pharmaceuticals,

Inc.

5,960

144,530

CBIZ,

Inc.

2,525

191,547

Celcuity,

Inc.

1,706

17,248

Celldex

Therapeutics,

Inc.

2,792

50,675

Central

Garden

Pet

Co.

139

5,096

Central

Garden

Pet

Co.

Class A *

371

12,143

Ceribell,

Inc.

422

8,107

Cerus

Corp.

8,940

12,427

CervoMed,

Inc.

301

2,754

oncology,

Inc.

1,734

42,466

Chefs'

Warehouse,

Inc.

1,872

101,949

Cimpress

PLC

(Ireland)

615

27,816

Cogent

Biosciences,

Inc.

4,518

27,063

Coherus

Biosciences,

Inc.

1,571

1,268

Collegium

Pharmaceutical,

Inc.

1,682

50,208

Community

Health

Systems,

Inc.

3,393

9,161

CompoSecure,

Inc.

Class A

1,057

11,490

Concentra

Group

Holdings

Parent,

Inc.

4,011

87,039

Conduit

Pharmaceuticals,

Inc.

CONMED

Corp.

1,632

98,556

Contineum

Therapeutics,

Inc.

Class A *

426

2,973

312

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Corbus

Pharmaceuticals

Holdings,

Inc.

269

1,428

Corcept

Therapeutics,

Inc.

4,267

487,377

CorMedix,

Inc.

2,931

18,055

CorVel

Corp.

1,406

157,430

Coursera,

Inc.

7,276

48,458

CPI

Card

Group,

Inc.

251

7,322

CRA

International,

Inc.

346

59,927

Crinetics

Pharmaceuticals,

Inc.

4,831

162,032

Cullinan

Therapeutics,

Inc.

2,498

18,910

Custom

Truck

One

Source,

Inc.

1,865

7,870

CVRx,

Inc.

826

10,102

Cytokinetics,

Inc.

574

23,069

Day

One

Biopharmaceuticals,

Inc.

2,619

20,769

Denali

Therapeutics,

Inc.

3,782

51,416

Dianthus

Therapeutics,

Inc.

1,687

Disc

Medicine,

Inc.

133

6,602

Distribution

Solutions

Group,

Inc.

450

12,600

DLH

Holdings

Corp.

389

DocGo,

Inc.

900

2,376

Driven

Brands

Holdings,

Inc.

3,150

53,991

Dynavax

Technologies

Corp.

5,551

71,996

Dyne

Therapeutics,

Inc.

4,420

46,233

Edgewise

Therapeutics,

Inc.

3,880

85,360

Elevation

Oncology,

Inc.

1,705

442

Embecta

Corp.

279

3,557

Enhabit,

Inc.

242

2,127

Enliven

Therapeutics,

Inc.

1,834

36,093

Ensign

Group,

Inc.

2,924

378,366

Esperion

Therapeutics,

Inc.

2,186

3,148

European

Wax

Center,

Inc.

Class A *

1,458

5,759

EVERTEC,

Inc.

3,341

122,849

Evolus,

Inc.

2,946

35,440

EyePoint

Pharmaceuticals,

Inc.

1,711

9,274

Fennec

Pharmaceuticals,

Inc.

(Canada)

268

1,632

Fibrobiologics,

Inc.

971

874

First

Advantage

Corp.

1,907

26,870

FiscalNote

Holdings,

Inc.

4,742

3,832

Flywire

Corp.

6,384

60,648

Foghorn

Therapeutics,

Inc.

950

3,467

Forafric

Global

PLC

(Gibraltar)

188

1,617

Fractyl

Health,

Inc.

1,542

1,835

Franklin

Covey

Co.

620

17,124

Fulcrum

Therapeutics,

Inc.

1,301

3,747

GeneDx

Holdings

Corp.

7,351

Geron

Corp.

21,793

34,651

Glaukos

Corp.

2,584

254,317

Greenwich

Lifesciences,

Inc.

349

3,329

Guardant

Health,

Inc.

6,308

268,721

Guardian

Pharmacy

Services,

Inc.

Class A *

183

3,891

Hackett

Group,

Inc.

1,209

35,327

Haemonetics

Corp.

2,615

166,183

Halozyme

Therapeutics,

Inc.

6,573

419,423

Harmony

Biosciences

Holdings,

Inc.

2,009

66,679

Harrow,

Inc.

1,614

42,932

HealthEquity,

Inc.

4,523

399,698

Herbalife

Ltd.

3,606

31,120

Herc

Holdings,

Inc.

1,487

199,659

Heron

Therapeutics,

Inc.

610

1,342

HireQuest,

Inc.

309

3,677

Honest

Co.,

Inc.

1,693

7,957

Humacyte,

Inc.

5,006

8,535

Huron

Consulting

Group,

Inc.

922

132,261

ICF

International,

Inc.

985

83,695

Ideaya

Biosciences,

Inc.

4,593

75,233

Value

IGM

Biosciences,

Inc.

922

1,060

ImmunityBio,

Inc.

6,343

19,092

Immunome,

Inc.

3,765

25,338

Immunovant,

Inc.

3,083

52,688

InfuSystem

Holdings,

Inc.

982

5,283

Inhibrx

Biosciences,

Inc.

332

4,645

Inmode

Ltd.

445

7,894

Inmune

Bio,

Inc.

670

5,233

Innovage

Holding

Corp.

347

1,034

Innoviva,

Inc.

200

3,626

Insmed,

Inc.

9,086

693,171

Insperity,

Inc.

1,891

168,734

Integer

Holdings

Corp.

1,235

145,742

Interparfums,

Inc.

963

109,657

Iovance

Biotherapeutics,

Inc.

14,559

48,481

iRadimed

Corp.

435

22,829

iRhythm

Technologies,

Inc.

1,649

172,617

Ironwood

Pharmaceuticals,

Inc.

2,348

3,452

Ispire

Technology,

Inc.

973

2,656

J&J

Snack

Foods

Corp.

804

105,903

Janux

Therapeutics,

Inc.

1,670

45,090

Jasper

Therapeutics,

Inc.

701

3,014

John

Sanfilippo

Son,

Inc.

473

33,517

John

Wiley

Sons,

Inc.

Class A

1,087

48,437

Joint

Corp.

542

6,770

KalVista

Pharmaceuticals,

Inc.

2,052

23,680

Keros

Therapeutics,

Inc.

1,754

17,873

Kforce,

Inc.

980

47,912

KinderCare

Learning

Cos.,

Inc.

693

8,032

Kiniksa

Pharmaceuticals

International

PLC

2,016

44,775

Korro

Bio,

Inc.

1,567

Krispy

Kreme,

Inc.

4,592

22,593

Krystal

Biotech,

Inc.

1,307

235,652

Kura

Oncology,

Inc.

3,933

25,958

Kymera

Therapeutics,

Inc.

2,480

67,878

Kyverna

Therapeutics,

Inc.

590

1,139

Lancaster

Colony

Corp.

1,033

180,775

Lantheus

Holdings,

Inc.

3,629

354,190

Larimar

Therapeutics,

Inc.

2,068

4,446

Laureate

Education,

Inc.

5,561

113,722

Legalzoom.com,

Inc.

6,663

57,368

LeMaitre

Vascular,

Inc.

1,073

90,025

Lexeo

Therapeutics,

Inc.

1,108

3,845

Lexicon

Pharmaceuticals,

Inc.

862

397

LifeStance

Health

Group,

Inc.

3,468

23,097

Lifeway

Foods,

Inc.

252

6,161

Lineage

Cell

Therapeutics,

Inc.

11,297

5,102

Liquidia

Corp.

3,339

49,250

LivaNova

PLC

158

6,206

LiveRamp

Holdings,

Inc.

3,402

88,928

MacroGenics,

Inc.

2,273

2,887

Madrigal

Pharmaceuticals,

Inc.

947

313,675

Mama's

Creations,

Inc.

1,622

10,559

MannKind

Corp.

10,942

55,038

Maravai

LifeSciences

Holdings,

Inc.

Class A *

5,483

12,117

Marqeta,

Inc.

Class A *

21,375

88,065

Maze

Therapeutics,

Inc.

270

2,973

MBX

Biosciences,

Inc.

230

1,697

MediWound

Ltd.

(Israel)

532

8,257

MeiraGTx

Holdings

PLC

1,542

10,455

Merit

Medical

Systems,

Inc.

3,020

319,244

Mersana

Therapeutics,

Inc.

3,608

1,242

Metagenomi,

Inc.

594

808

313

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Metsera,

Inc.

460

12,521

MGP

Ingredients,

Inc.

764

22,446

MiMedx

Group,

Inc.

3,009

22,868

Mind

Medicine

MindMed,

Inc.

3,988

23,330

Mineralys

Therapeutics,

Inc.

268

4,256

Mirum

Pharmaceuticals,

Inc.

2,091

94,200

Mission

Produce,

Inc.

324

3,396

Mister

Car

Wash,

Inc.

4,361

34,408

ModivCare,

Inc.

414

544

Moneylion,

Inc.

470

40,660

Nano-X

Imaging

Ltd.

(Israel)

2,593

12,952

Nathan's

Famous,

Inc.

130

12,529

National

Beverage

Corp.

1,248

51,842

National

Research

Corp.

755

9,664

Natural

Grocers

Vitamin

Cottage,

Inc.

Class C

117

4,703

Nature's

Sunshine

Products,

Inc.

135

1,694

NeoGenomics,

Inc.

471

4,470

Neumora

Therapeutics,

Inc.

4,189

Neurogene,

Inc.

283

3,314

NeuroPace,

Inc.

689

8,468

Niagen

Bioscience,

Inc.

2,710

18,699

Novavax,

Inc.

6,312

40,460

Novocure

Ltd.

5,621

100,166

Nurix

Therapeutics,

Inc.

2,748

32,646

Nuvalent,

Inc.

Class A *

1,855

131,557

Ocugen,

Inc.

14,248

10,063

Ocular

Therapeutix,

Inc.

8,336

61,103

Olema

Pharmaceuticals,

Inc.

461

1,733

Omeros

Corp.

949

7,801

OmniAb,

Inc.

411

986

Option

Care

Health,

Inc.

4,240

148,188

Orchestra

BioMed

Holdings,

Inc.

361

1,545

Organogenesis

Holdings,

Inc.

519

2,242

ORIC

Pharmaceuticals,

Inc.

746

4,163

Oscar

Health,

Inc.

Class A *

10,781

141,339

Outlook

Therapeutics,

Inc.

492

600

Ovid

therapeutics,

Inc.

2,528

788

Owens

Minor,

Inc.

621

5,608

Pacira

BioSciences,

Inc.

170

4,224

PACS

Group,

Inc.

2,076

23,334

Paragon

28,

Inc.

2,520

32,911

Patterson

Cos.,

Inc.

783

24,461

Payoneer

Global,

Inc.

10,710

78,290

Pennant

Group,

Inc.

1,738

43,711

PepGen,

Inc.

1,077

1,513

Performant

Healthcare,

Inc.

2,683

7,942

Perspective

Therapeutics,

Inc.

2,167

4,616

Phathom

Pharmaceuticals,

Inc.

421

2,640

Phibro

Animal

Health

Corp.

Class A

225

4,806

Praxis

Precision

Medicines,

Inc.

913

34,575

Prime

Medicine,

Inc.

3,191

6,350

Primo

Brands

Corp.

Class A

1,281

45,463

Priority

Technology

Holdings,

Inc.

1,183

8,062

PROCEPT

BioRobotics

Corp.

2,350

136,911

PROG

Holdings,

Inc.

335

8,911

Progyny,

Inc.

3,950

88,243

ProKidney

Corp.

4,279

3,749

Protagonist

Therapeutics,

Inc.

3,129

151,318

Prothena

Corp.

PLC

(Ireland)

1,382

17,102

PTC

Therapeutics,

Inc.

3,050

155,428

Pulmonx

Corp.

2,139

14,395

Pulse

Biosciences,

Inc.

913

14,690

Puma

Biotechnology,

Inc.

729

2,158

Value

Quad/Graphics,

Inc.

952

5,188

Quanterix

Corp.

278

1,810

RadNet,

Inc.

3,492

173,622

Rapport

Therapeutics,

Inc.

519

5,206

Recursion

Pharmaceuticals,

Inc.

Class A *

13,289

70,299

Regulus

Therapeutics,

Inc.

950

1,663

Remitly

Global,

Inc.

7,882

163,946

Renovaro,

Inc.

4,642

2,522

Revolution

Medicines,

Inc.

5,859

207,174

Rhythm

Pharmaceuticals,

Inc.

2,890

153,083

Rigel

Pharmaceuticals,

Inc.

666

11,981

Rocket

Pharmaceuticals,

Inc.

4,126

27,520

RxSight,

Inc.

1,954

49,339

Sana

Biotechnology,

Inc.

6,554

11,011

Sanara

Medtech,

Inc.

222

6,853

Savara,

Inc.

5,306

14,698

Scholar

Rock

Holding

Corp.

3,817

122,717

Scilex

Holding

Co.

* ◊

509

126

scPharmaceuticals,

Inc.

1,949

5,126

Select

Medical

Holdings

Corp.

3,918

65,431

Semler

Scientific,

Inc.

361

13,068

Septerna,

Inc.

518

2,999

Sera

Prognostics,

Inc.

Class A *

1,419

5,222

Sezzle,

Inc.

672

23,446

Shattuck

Labs,

Inc.

1,605

1,525

SI-BONE,

Inc.

1,789

25,100

SIGA

Technologies,

Inc.

1,696

9,294

Simply

Good

Foods

Co.

4,858

167,552

Soleno

Therapeutics,

Inc.

1,349

96,386

Solid

Biosciences,

Inc.

103

381

Sonida

Senior

Living,

Inc.

101

2,352

SoundThinking,

Inc.

448

7,594

Spire

Global,

Inc.

1,104

8,931

SpringWorks

Therapeutics,

Inc.

3,624

159,927

Sprouts

Farmers

Market,

Inc.

5,312

810,824

Spyre

Therapeutics,

Inc.

194

3,130

STAAR

Surgical

Co.

2,620

46,191

Stereotaxis,

Inc.

2,252

3,964

Stoke

Therapeutics,

Inc.

2,002

13,313

StoneCo

Ltd.

Class A *

(Brazil)

7,874

82,520

Stride,

Inc.

2,246

284,119

Summit

Therapeutics,

Inc.

4,594

88,618

SunOpta,

Inc.

(Canada)

5,043

24,509

Supernus

Pharmaceuticals,

Inc.

190

6,222

Surmodics,

Inc.

443

13,525

Syndax

Pharmaceuticals,

Inc.

4,361

53,575

Tandem

Diabetes

Care,

Inc.

3,473

66,543

Tango

Therapeutics,

Inc.

2,361

3,235

Target

Hospitality

Corp.

1,634

10,752

Tarsus

Pharmaceuticals,

Inc.

1,962

100,788

Taysha

Gene

Therapies,

Inc.

8,703

12,097

Teladoc

Health,

Inc.

1,330

10,587

Telomir

Pharmaceuticals,

Inc.

567

1,831

Tenaya

Therapeutics,

Inc.

846

482

Terns

Pharmaceuticals,

Inc.

181

500

Tevogen

Bio

Holdings,

Inc.

1,715

1,852

Therapeutics,

Inc.

7,358

290,126

Transcat,

Inc.

486

36,183

TransMedics

Group,

Inc.

1,730

116,394

Treace

Medical

Concepts,

Inc.

2,654

22,267

Trevi

Therapeutics,

Inc.

2,401

15,102

TriNet

Group,

Inc.

1,687

133,678

TScan

Therapeutics,

Inc.

1,023

1,412

Turning

Point

Brands,

Inc.

777

46,185

314

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Twist

Bioscience

Corp.

3,132

122,962

Tyra

Biosciences,

Inc.

1,005

9,346

U.S.

Physical

Therapy,

Inc.

791

57,237

Udemy,

Inc.

4,803

37,271

UFP

Technologies,

Inc.

384

77,457

Universal

Technical

Institute,

Inc.

2,456

63,070

Upbound

Group,

Inc.

2,852

68,334

Upstream

Bio,

Inc.

457

2,797

UroGen

Pharma

Ltd.

1,636

18,094

Utz

Brands,

Inc.

2,372

33,398

Vaxcyte,

Inc.

6,546

247,177

Vera

Therapeutics,

Inc.

2,391

57,432

Verastem,

Inc.

1,926

11,614

Vericel

Corp.

2,593

115,700

Verra

Mobility

Corp.

8,691

195,634

Verrica

Pharmaceuticals,

Inc.

3,034

1,342

Veru,

Inc.

5,673

2,780

Viemed

Healthcare,

Inc.

1,682

12,245

Viridian

Therapeutics,

Inc.

2,895

39,025

Vita

Coco

Co.,

Inc.

2,071

63,476

Vital

Farms,

Inc.

1,785

54,389

WaVe

Life

Sciences

Ltd.

4,359

35,221

WD-40

Co.

718

175,192

Werewolf

Therapeutics,

Inc.

148

144

Westrock

Coffee

Co.

1,949

14,072

Kellogg

Co.

3,454

68,838

Pharmaceuticals,

Inc.

9,842

2,327

Xencor,

Inc.

1,684

17,918

Xeris

Biopharma

Holdings,

Inc.

7,374

40,483

XOMA

Royalty

Corp.

239

4,763

Y-mAbs

Therapeutics,

Inc.

1,854

8,213

Zenas

Biopharma,

Inc.

568

4,487

Zevra

Therapeutics,

Inc.

1,379

10,329

ZipRecruiter,

Inc.

Class A *

3,561

20,974

Zura

Bio

Ltd.

(United

Kingdom)

1,966

2,536

Zynex,

Inc.

727

1,599

20,954,887

Energy

3.0%

spacing

Alpha

Metallurgical

Resources,

Inc.

583

73,021

Archrock,

Inc.

8,786

230,545

Aris

Water

Solutions,

Inc.

Class A

1,762

Array

Technologies,

Inc.

8,072

39,311

ASP

Isotopes,

Inc.

3,081

14,450

Atlas

Energy

Solutions,

Inc.

3,932

70,147

Berry

Corp.

1,200

3,852

BKV

Corp.

(Thailand)

167

3,507

ChampionX

Corp.

10,065

299,937

Core

Laboratories,

Inc.

2,483

37,220

Crescent

Energy

Co.

Class A

2,289

25,728

CVR

Energy,

Inc.

1,644

31,894

Delek

U.S.

Holdings,

Inc.

875

13,186

Diversified

Energy

Co.

PLC

151

2,041

DMC

Global,

Inc.

167

1,406

Drilling

Tools

International

Corp.

289

685

Empire

Petroleum

Corp.

725

4,553

Evolution

Petroleum

Corp.

486

2,517

Flowco

Holdings,

Inc.

Class A *

291

7,464

Fluence

Energy,

Inc.

3,424

16,606

Gulfport

Energy

Corp.

345

63,528

Helix

Energy

Solutions

Group,

Inc.

1,347

11,194

Infinity

Natural

Resources,

Inc.

Class A *

188

3,525

Kinetik

Holdings,

Inc.

196

10,180

Kodiak

Gas

Services,

Inc.

646

24,096

Value

Kosmos

Energy

Ltd.

(Ghana)

24,881

56,729

Liberty

Energy,

Inc.

405

6,411

Magnolia

Oil

Gas

Corp.

Class A

8,442

213,245

Montauk

Renewables,

Inc.

3,284

6,864

Nabors

Industries

Ltd.

167

6,966

Natural

Gas

Services

Group,

Inc.

110

2,417

NextDecade

Corp.

6,086

47,349

Noble

Corp.

PLC

4,587

108,712

Northern

Oil

Gas,

Inc.

354

10,701

Oceaneering

International,

Inc.

5,344

116,553

Plug

Power,

Inc.

3,063

4,135

Prairie

Operating

Co.

299

1,600

Ramaco

Resources,

Inc.

Class A

1,312

10,798

Ramaco

Resources,

Inc.

Class B

267

1,898

REX

American

Resources

Corp.

174

6,537

Riley

Exploration

Permian,

Inc.

2,304

Sable

Offshore

Corp.

2,657

67,408

Seadrill

Ltd.

(Norway)

1,039

25,975

Shoals

Technologies

Group,

Inc.

Class A *

8,328

27,649

Energy

Co.

1,043

31,238

SolarMax

Technology,

Inc.

1,730

2,076

TETRA

Technologies,

Inc.

6,816

22,902

Tidewater,

Inc.

2,576

108,887

VAALCO

Energy,

Inc.

357

1,342

Valaris

Ltd.

2,080

81,661

Verde

Clean

Fuels,

Inc.

378

1,266

W&T

Offshore,

Inc.

4,901

7,597

1,973,575

Financial

10.1%

spacing

Acadian

Asset

Management,

Inc.

1,475

38,144

Mortgage

Investment

Trust,

Inc.

REIT

255

1,862

Alerus

Financial

Corp.

1,274

Alexander's,

Inc.

REIT

110

23,008

American

Coastal

Insurance

Corp.

Class C *

522

6,040

AMERISAFE,

Inc.

458

24,068

Angel

Oak

Mortgage

REIT,

Inc.

335

3,193

Apartment

Investment

Management

Co.

Class A REIT

3,261

28,697

Armada

Hoffler

Properties,

Inc.

REIT

189

1,419

Artisan

Partners

Asset

Management,

Inc.

Class A

3,078

120,350

Atlanticus

Holdings

Corp.

1,790

Axos

Financial,

Inc.

296

19,098

Riley

Financial,

Inc.

1,070

4,141

Baldwin

Insurance

Group,

Inc.

3,560

159,096

BancFirst

Corp.

157

17,250

Bancorp,

Inc.

2,148

113,500

Bank7

Corp.

1,976

Bowhead

Specialty

Holdings,

Inc.

217

8,821

CareTrust

REIT,

Inc.

802

22,921

CBL

Associates

Properties,

Inc.

REIT

823

21,875

Cipher

Mining,

Inc.

7,467

17,174

Citizens

Financial

Services,

Inc.

1,916

City

Holding

Co.

5,639

Cleanspark,

Inc.

14,576

97,951

Clipper

Realty,

Inc.

REIT

547

2,100

Coastal

Financial

Corp.

624

56,416

Cohen

Steers,

Inc.

1,483

119,011

Columbia

Financial,

Inc.

495

Community

Healthcare

Trust,

Inc.

REIT

137

2,488

Compass,

Inc.

Class A *

19,418

169,519

Core

Scientific,

Inc.

7,386

53,475

315

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Crawford

Co.

Class A

736

8,405

Dave,

Inc.

424

35,048

Diamond

Hill

Investment

Group,

Inc.

127

18,141

Esquire

Financial

Holdings,

Inc.

331

24,951

eXp

World

Holdings,

Inc.

4,383

42,866

F&G

Annuities

Life,

Inc.

1,947

Federal

Agricultural

Mortgage

Corp.

Class C

436

81,754

First

BanCorp

567

10,869

First

Business

Financial

Services,

Inc.

1,084

First

Financial

Bankshares,

Inc.

6,919

248,530

First

Foundation,

Inc.

819

4,251

First

Internet

Bancorp

161

4,312

First

Western

Financial,

Inc.

156

3,065

FTAI

Aviation

Ltd.

5,356

594,677

GCM

Grosvenor,

Inc.

Class A

2,224

29,424

Gladstone

Commercial

Corp.

REIT

341

5,108

Goosehead

Insurance,

Inc.

Class A

1,186

140,019

Greene

County

Bancorp,

Inc.

354

8,535

Hamilton

Lane,

Inc.

Class A

2,090

310,720

HCI

Group,

Inc.

433

64,617

International

Money

Express,

Inc.

1,571

19,826

Investors

Title

Co.

3,857

Kingsway

Financial

Services,

Inc.

(Canada)

645

5,108

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

895

9,666

Lakeland

Financial

Corp.

102

6,063

Lemonade,

Inc.

2,268

71,283

LendingTree,

Inc.

503

25,286

Live

Oak

Bancshares,

Inc.

1,618

43,136

MARA

Holdings,

Inc.

14,740

169,510

Maui

Land

Pineapple

Co.,

Inc.

356

6,255

McGrath

RentCorp

1,283

142,926

Mercury

General

Corp.

165

9,223

Metrocity

Bankshares,

Inc.

103

2,840

Moelis

Co.

Class A

2,763

161,249

Mr.

Cooper

Group,

Inc.

1,235

147,706

NerdWallet,

Inc.

Class A *

1,977

17,892

NETSTREIT

Corp.

REIT

847

13,425

Nicolet

Bankshares,

Inc.

173

18,850

NMI

Holdings,

Inc.

281

10,130

Offerpad

Solutions,

Inc.

149

OppFi,

Inc.

937

8,714

Outfront

Media,

Inc.

REIT

3,039

49,049

P10,

Inc.

Class A

1,913

22,478

Pagseguro

Digital

Ltd.

Class A *

(Brazil)

5,150

39,294

Palomar

Holdings,

Inc.

1,366

187,251

Pathward

Financial,

Inc.

358

26,116

Patria

Investments

Ltd.

Class A (Cayman)

3,307

37,336

Paysign,

Inc.

1,636

3,468

PennyMac

Financial

Services,

Inc.

785

78,586

Peoples

Financial

Services

Corp.

151

6,715

Perella

Weinberg

Partners

2,804

51,594

Phillips

Edison

Co.,

Inc.

REIT

967

35,286

Piper

Sandler

Cos.

928

229,828

PJT

Partners,

Inc.

Class A

1,252

172,626

Postal

Realty

Trust,

Inc.

Class A REIT

387

5,526

Real

Brokerage,

Inc.

(Canada)

5,437

22,074

Redfin

Corp.

6,421

59,137

Regional

Management

Corp.

1,566

Resolute

Holdings

Management,

Inc.

2,758

Riot

Platforms,

Inc.

2,208

15,721

Root,

Inc.

Class A *

455

60,715

Ryman

Hospitality

Properties,

Inc.

REIT

3,109

284,287

Saul

Centers,

Inc.

REIT

524

18,901

Value

Selective

Insurance

Group,

Inc.

2,731

249,996

ServisFirst

Bancshares,

Inc.

757

62,528

Shore

Bancshares,

Inc.

284

3,845

SiriusPoint

Ltd.

(Sweden)

341

5,896

Sky

Harbour

Group

Corp.

652

8,483

Skyward

Specialty

Insurance

Group,

Inc.

471

24,925

St.

Joe

Co.

1,905

89,440

StepStone

Group,

Inc.

Class A

3,545

185,155

StoneX

Group,

Inc.

213

16,269

Strawberry

Fields

REIT,

Inc.

472

5,622

Tanger,

Inc.

REIT

2,232

75,419

Terawulf,

Inc.

13,227

36,110

Tiptree,

Inc.

304

7,323

Triumph

Financial,

Inc.

1,067

61,673

Trupanion,

Inc.

1,747

65,111

UMH

Properties,

Inc.

REIT

525

9,817

Universal

Health

Realty

Income

Trust

REIT

588

24,084

Universal

Insurance

Holdings,

Inc.

272

6,446

Upstart

Holdings,

Inc.

4,227

194,569

USCB

Financial

Holdings,

Inc.

216

4,009

Victory

Capital

Holdings,

Inc.

Class A

2,220

128,471

Virtus

Investment

Partners,

Inc.

307

52,915

Walker

Dunlop,

Inc.

1,239

105,761

WisdomTree,

Inc.

7,084

63,189

World

Acceptance

Corp.

175

22,146

6,595,638

Industrial

19.8%

spacing

374Water,

Inc.

3,947

1,342

AAR

Corp.

376

21,052

Advanced

Energy

Industries,

Inc.

1,974

188,142

AeroVironment,

Inc.

1,480

176,401

Alamo

Group,

Inc.

537

95,699

Albany

International

Corp.

Class A

405

27,961

Allient,

Inc.

1,824

American

Superconductor

Corp.

1,851

33,577

American

Woodmark

Corp.

3,059

Amprius

Technologies,

Inc.

1,181

3,165

Apogee

Enterprises,

Inc.

347

16,077

Applied

Industrial

Technologies,

Inc.

2,031

457,666

ArcBest

Corp.

1,253

88,437

Archer

Aviation,

Inc.

Class A *

16,106

114,514

Ardagh

Metal

Packaging

7,690

23,224

Argan,

Inc.

667

87,490

Arq,

Inc.

188

Aspen

Aerogels,

Inc.

737

4,709

Atkore,

Inc.

1,835

110,082

Atmus

Filtration

Technologies,

Inc.

4,409

161,943

AZZ,

Inc.

1,282

107,188

Badger

Meter,

Inc.

1,551

295,078

Belden,

Inc.

1,144

114,686

Bloom

Energy

Corp.

Class A *

9,687

190,446

Boise

Cascade

Co.

971

95,245

Bowman

Consulting

Group

Ltd.

680

14,844

Byrna

Technologies,

Inc.

858

14,449

Cactus,

Inc.

Class A

3,526

161,597

Cadre

Holdings,

Inc.

1,366

40,447

Casella

Waste

Systems,

Inc.

Class A *

3,281

365,864

CECO

Environmental

Corp.

1,543

35,180

Centuri

Holdings,

Inc.

837

13,718

ChargePoint

Holdings,

Inc.

10,979

6,642

Chart

Industries,

Inc.

2,268

327,408

Construction

Partners,

Inc.

Class A *

2,438

175,219

Costamare,

Inc.

(Monaco)

147

1,446

316

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Covenant

Logistics

Group,

Inc.

152

3,374

CryoPort,

Inc.

1,774

10,786

CSW

Industrials,

Inc.

883

257,412

CTS

Corp.

1,233

51,231

Dorian

LPG

Ltd.

980

21,893

DXP

Enterprises,

Inc.

4,360

Dycom

Industries,

Inc.

1,499

228,358

Energizer

Holdings,

Inc.

3,796

113,576

Energy

Recovery,

Inc.

2,992

47,543

Enerpac

Tool

Group

Corp.

2,860

128,300

EnerSys

1,902

174,185

Enovix

Corp.

8,696

63,829

Enpro,

Inc.

122

19,738

ESCO

Technologies,

Inc.

668

106,292

Eve

Holding,

Inc.

2,549

8,463

Evolv

Technologies

Holdings,

Inc.

7,228

22,551

Exponent,

Inc.

2,670

216,430

Fabrinet

(Thailand)

1,924

380,009

Federal

Signal

Corp.

3,174

233,448

FLEX

LNG

Ltd.

(Norway)

982

22,576

Fluor

Corp.

8,268

296,160

Franklin

Electric

Co.,

Inc.

2,389

224,279

Frontdoor,

Inc.

4,067

156,254

Gibraltar

Industries,

Inc.

767

44,992

Gorman-Rupp

Co.

1,086

38,119

GrafTech

International

Ltd.

11,898

10,404

Graham

Corp.

509

14,669

Granite

Construction,

Inc.

1,916

144,466

Griffon

Corp.

2,081

148,792

Heartland

Express,

Inc.

928

8,556

Helios

Technologies,

Inc.

1,203

38,604

Hillenbrand,

Inc.

1,271

30,682

Hillman

Solutions

Corp.

1,619

14,231

Himalaya

Shipping

Ltd.

(Bermuda)

1,341

7,349

Hyster-Yale,

Inc.

346

14,373

Ichor

Holdings

Ltd.

520

11,757

IES

Holdings,

Inc.

434

71,658

Insteel

Industries,

Inc.

412

10,836

Intuitive

Machines,

Inc.

281

2,093

Itron,

Inc.

2,152

225,444

Janus

International

Group,

Inc.

7,240

52,128

JBT

Marel

Corp.

180

21,996

JELD-WEN

Holding,

Inc.

1,454

8,680

Joby

Aviation,

Inc.

22,805

137,286

Kadant,

Inc.

618

208,210

Karat

Packaging,

Inc.

322

8,559

Knife

River

Corp.

3,003

270,901

Kratos

Defense

Security

Solutions,

Inc.

3,465

102,876

LanzaTech

Global,

Inc.

5,680

1,375

Leonardo

DRS,

Inc.

3,883

127,673

Limbach

Holdings,

Inc.

541

40,288

Lindsay

Corp.

281

35,552

LSI

Industries,

Inc.

1,102

18,734

Marten

Transport

Ltd.

590

8,095

Materion

Corp.

1,026

83,722

Mesa

Laboratories,

Inc.

10,086

MicroVision,

Inc.

5,286

6,555

Mirion

Technologies,

Inc.

1,465

21,243

Modine

Manufacturing

Co.

2,725

209,144

Montrose

Environmental

Group,

Inc.

1,702

24,271

Moog,

Inc.

Class A

1,477

256,038

Mueller

Industries,

Inc.

5,449

414,887

Mueller

Water

Products,

Inc.

Class A

8,183

208,012

Myers

Industries,

Inc.

1,987

23,705

Value

MYR

Group,

Inc.

847

95,787

NANO

Nuclear

Energy,

Inc.

209

5,530

Napco

Security

Technologies,

Inc.

1,864

42,909

NEXTracker,

Inc.

Class A *

5,656

238,344

nLight,

Inc.

214

1,663

Northwest

Pipe

Co.

3,097

Novanta,

Inc.

1,895

242,314

NuScale

Power

Corp.

4,769

67,529

NV5

Global,

Inc.

478

9,211

NVE

Corp.

268

17,082

Omega

Flex,

Inc.

177

6,156

Orion

Group

Holdings,

Inc.

251

1,313

OSI

Systems,

Inc.

787

152,946

Pactiv

Evergreen,

Inc.

295

5,313

Park

Aerospace

Corp.

391

5,259

Perma-Fix

Environmental

Services,

Inc.

1,004

7,299

Plexus

Corp.

424

54,327

Powell

Industries,

Inc.

493

83,973

Primoris

Services

Corp.

2,598

149,151

Proficient

Auto

Logistics,

Inc.

299

2,503

PureCycle

Technologies,

Inc.

1,159

8,020

Quest

Resource

Holding

Corp.

827

2,150

Redwire

Corp.

306

2,537

Rocket

Lab

USA,

Inc.

18,611

332,765

RXO,

Inc.

8,420

160,822

SFL

Corp.

Ltd.

(Norway)

1,322

10,840

Sight

Sciences,

Inc.

1,796

4,310

Smith

Wesson

Brands,

Inc.

216

2,013

Smith-Midland

Corp.

228

7,084

Solidion

Technology,

Inc.

1,272

153

SPX

Technologies,

Inc.

2,375

305,853

Standard

BioTools,

Inc.

3,812

4,117

Standex

International

Corp.

465

75,046

Sterling

Infrastructure,

Inc.

1,574

178,193

Sturm

Ruger

Co.,

Inc.

229

8,997

Taylor

Devices,

Inc.

120

3,872

Tecnoglass,

Inc.

1,187

84,930

Tennant

Co.

444

35,409

Thermon

Group

Holdings,

Inc.

202

5,626

Trinity

Industries,

Inc.

3,963

111,202

Turtle

Beach

Corp.

466

6,650

UFP

Industries,

Inc.

1,790

191,602

Ultralife

Corp.

301

Universal

Logistics

Holdings,

Inc.

120

3,149

Vicor

Corp.

665

31,109

VirTra,

Inc.

545

2,218

Watts

Water

Technologies,

Inc.

Class A

1,443

294,257

Werner

Enterprises,

Inc.

446

13,068

World

Kinect

Corp.

287

8,139

Worthington

Enterprises,

Inc.

1,491

74,684

Xometry,

Inc.

Class A *

2,317

57,740

Zurn

Elkay

Water

Solutions

Corp.

7,236

238,643

12,961,302

Technology

14.9%

spacing

8x8,

Inc.

7,197

14,394

ACI

Worldwide,

Inc.

5,560

304,188

ACM

Research,

Inc.

Class A *

1,859

43,389

ACV

Auctions,

Inc.

Class A *

7,810

110,043

Adeia,

Inc.

4,841

63,998

Aehr

Test

Systems

1,406

10,250

Agilysys,

Inc.

1,188

86,178

Airship

Holdings,

Inc.

477

1,841

Alignment

Healthcare,

Inc.

5,266

98,053

317

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Alkami

Technology,

Inc.

3,203

84,079

Ambarella,

Inc.

1,073

54,004

Amplitude,

Inc.

Class A *

4,106

41,840

Appian

Corp.

Class A *

2,129

61,336

Arteris,

Inc.

1,411

9,750

Asana,

Inc.

Class A *

4,299

62,636

ASGN,

Inc.

510

32,140

AvePoint,

Inc.

6,803

98,235

AvidXchange

Holdings,

Inc.

9,207

78,075

Axcelis

Technologies,

Inc.

1,724

85,631

Bandwidth,

Inc.

Class A *

1,111

14,554

BigBear.ai

Holdings,

Inc.

3,850

11,011

BigCommerce

Holdings,

Inc.

3,883

22,366

Blackbaud,

Inc.

2,073

128,630

BlackLine,

Inc.

3,079

149,085

Blend

Labs,

Inc.

Class A *

12,674

42,458

Box,

Inc.

Class A *

7,423

229,074

Braze,

Inc.

Class A *

3,482

125,631

C3.ai,

Inc.

Class A *

5,942

125,079

Cantaloupe,

Inc.

3,013

23,712

CEVA,

Inc.

1,049

26,865

Clear

Secure,

Inc.

Class A

4,679

121,233

Clearwater

Analytics

Holdings,

Inc.

Class A *

9,856

264,141

Climb

Global

Solutions,

Inc.

224

24,810

Commvault

Systems,

Inc.

2,148

338,868

Corsair

Gaming,

Inc.

469

4,155

Cricut,

Inc.

Class A

1,877

9,667

Disco,

Inc.

939

3,841

CSG

Systems

International,

Inc.

1,520

91,914

D-Wave

Quantum,

Inc.

(Canada)

5,233

39,771

Daily

Journal

Corp.

21,476

Digimarc

Corp.

715

9,166

DigitalOcean

Holdings,

Inc.

3,514

117,332

Diodes,

Inc.

240

10,361

Domo,

Inc.

Class B *

1,930

14,977

Donnelley

Financial

Solutions,

Inc.

958

41,874

eGain

Corp.

1,010

4,899

Enfusion,

Inc.

Class A *

2,643

29,469

EverCommerce,

Inc.

764

7,701

Everspin

Technologies,

Inc.

821

4,187

Evolent

Health,

Inc.

Class A *

6,103

57,795

ExlService

Holdings,

Inc.

8,298

391,749

Fastly,

Inc.

Class A *

5,590

35,385

FormFactor,

Inc.

4,093

115,791

Freshworks,

Inc.

Class A *

10,911

153,954

GCT

Semiconductor

Holding,

Inc.

529

868

GigaCloud

Technology,

Inc.

Class A *

(Hong

Kong)

1,175

16,685

Golden

Matrix

Group,

Inc.

1,065

2,098

Grid

Dynamics

Holdings,

Inc.

2,472

38,687

Health

Catalyst,

Inc.

300

1,359

Verticals,

Inc.

Class A *

1,382

Ibotta,

Inc.

Class A *

828

34,942

Impinj,

Inc.

1,210

109,747

Innodata,

Inc.

1,426

51,193

Insight

Enterprises,

Inc.

1,436

215,386

Inspired

Entertainment,

Inc.

1,071

9,146

Intapp,

Inc.

2,811

164,106

Integral

Science

Holding

Corp.

420

3,385

IonQ,

Inc.

10,719

236,568

Jamf

Holding

Corp.

4,400

53,460

Kaltura,

Inc.

4,863

9,142

Kulicke

Soffa

Industries,

Inc.

(Singapore)

2,764

91,157

Value

Life360,

Inc.

470

18,043

Maximus,

Inc.

3,008

205,116

MaxLinear,

Inc.

3,991

43,342

Meridianlink,

Inc.

1,080

20,012

Mitek

Systems,

Inc.

2,264

18,678

N-able,

Inc.

3,845

27,261

Navitas

Semiconductor

Corp.

923

1,892

NCR

Atleos

Corp.

3,808

100,455

NCR

Voyix

Corp.

7,040

68,640

NextNav,

Inc.

4,216

51,309

Olo,

Inc.

Class A *

2,860

17,274

OneSpan,

Inc.

1,835

27,984

Ouster,

Inc.

420

3,772

PagerDuty,

Inc.

4,592

83,896

PAR

Technology

Corp.

1,670

102,438

PDF

Solutions,

Inc.

1,654

31,608

Photronics,

Inc.

1,128

23,417

Phreesia,

Inc.

2,960

75,658

Pitney

Bowes,

Inc.

2,384

21,575

PlayAGS,

Inc.

2,094

25,358

Porch

Group,

Inc.

4,253

31,004

Power

Integrations,

Inc.

2,989

150,944

Privia

Health

Group,

Inc.

5,444

122,218

Progress

Software

Corp.

2,258

116,310

PROS

Holdings,

Inc.

2,431

46,262

PubMatic,

Inc.

Class A *

2,079

19,002

Qualys,

Inc.

1,960

246,823

QuickLogic

Corp.

691

3,531

Rambus,

Inc.

5,638

291,907

Rapid7,

Inc.

3,327

88,199

Red

Violet,

Inc.

597

22,441

Rekor

Systems,

Inc.

3,947

3,500

ReposiTrak,

Inc.

581

11,777

Rimini

Street,

Inc.

388

1,350

Sapiens

International

Corp.

(Israel)

1,617

43,805

Schrodinger,

Inc.

2,938

57,996

SEMrush

Holdings,

Inc.

Class A *

2,025

18,893

Semtech

Corp.

3,900

134,160

Silicon

Laboratories,

Inc.

1,693

190,581

Silvaco

Group,

Inc.

401

1,829

Simulations

Plus,

Inc.

862

21,136

SiTime

Corp.

980

149,813

SkyWater

Technology,

Inc.

1,357

9,621

SoundHound

AI,

Inc.

Class A *

17,086

138,738

Sprout

Social,

Inc.

Class A *

2,651

58,295

SPS

Commerce,

Inc.

1,989

264,000

Synaptics,

Inc.

144

9,176

System1,

Inc.

1,452

554

Talkspace,

Inc.

6,854

17,546

Tenable

Holdings,

Inc.

6,295

220,199

Ultra

Clean

Holdings,

Inc.

2,343

50,164

Varonis

Systems,

Inc.

5,808

234,934

Veeco

Instruments,

Inc.

2,495

50,100

Vertex,

Inc.

Class A *

2,914

102,019

Viant

Technology,

Inc.

Class A *

761

9,444

Waystar

Holding

Corp.

2,715

101,432

Weave

Communications,

Inc.

2,151

23,855

Technology,

Inc.

5,168

5,840

WNS

Holdings

Ltd.

(India)

2,262

139,090

Workiva,

Inc.

2,692

204,350

Yext,

Inc.

5,613

34,576

Zeta

Global

Holdings

Corp.

Class A *

9,426

127,817

Zspace,

Inc.

193

1,430

9,736,741

318

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$2,445

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

March

31,

2025,

restricted

securities

were

follows:

(c)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

Value

Utilities

0.5%

spacing

Ameresco,

Inc.

Class A *

536

6,475

American

States

Water

Co.

1,117

87,885

California

Water

Service

Group

829

40,173

Consolidated

Water

Co.

Ltd.

174

4,261

Genie

Energy

Ltd.

Class B

296

4,455

Global

Water

Resources,

Inc.

577

5,949

MGE

Energy,

Inc.

823

76,506

Middlesex

Water

Co.

128

8,205

Otter

Tail

Corp.

976

78,441

York

Water

Co.

3,295

315,645

Total

Common

Stocks

(Cost

$63,374,021)

63,914,575

EXCHANGE-TRADED

FUNDS

1.5%

iShares

Russell

2000

Growth

3,770

963,348

Total

Exchange-Traded

Funds

(Cost

$1,020,120)

963,348

TOTAL

INVESTMENTS

99.3%

(Cost

$64,395,305)

64,880,450

DERIVATIVES

(0.0%)

(

17,472

)

OTHER

ASSETS

LIABILITIES,

NET

0.7%

472,201

NET

ASSETS

100.0%

65,335,179

Issuer

and

Acquisition

Date

Cost

Value

Net

Assets

Scilex

Holding

Co.

Acq

03/05/21

$5,334

$126

0.0%

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

2000

Index

06/25

524,247

506,775

(

17,472

)

319

PACIFIC

SELECT

FUND

SMALL-CAP

GROWTH

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(d)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

2,445

–

2,445

Warrants

–

Common

Stocks

Basic

Materials

2,089,267

–

Communications

2,723,393

–

Consumer,

Cyclical

6,564,127

–

Consumer,

Non-Cyclical

20,954,887

20,954,761

126

–

Energy

1,973,575

–

Financial

6,595,638

–

Industrial

12,961,302

–

Technology

9,736,741

–

Utilities

315,645

–

Total

Common

Stocks

63,914,575

63,914,449

126

–

Exchange-Traded

Funds

963,348

–

Total

Assets

64,880,450

64,877,797

208

2,445

Liabilities

Derivatives:

Equity

Contracts

Futures

(

17,472

)

(

17,472

)

–

Total

Liabilities

(

17,472

)

(

17,472

)

–

Total

64,862,978

64,860,325

208

2,445

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

320

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Consumer,

Non-Cyclical

0.0%

Chinook

Therapeutics,

Inc.

Contingent

Value

Rights

* ± Ω

2,612

2,220

Contra

Aduro

Biotechnologies,

Inc.

Contingent

Value

Rights

* ± Ω

123

Icosavax,

Inc.

Contingent

Value

Rights

1,865

578

Inhibrx,

Inc.

Contingent

Value

Rights

* ± Ω

767

867

OmniAb,

Inc.

$12.50

Earn

Out

* ± Ω

588

–

OmniAb,

Inc.

$15.00

Earn

Out

* ± Ω

588

–

3,723

Total

Rights

(Cost

$2,095)

3,723

WARRANTS

0.0%

Consumer,

Non-Cyclical

0.0%

Pulse

Biosciences,

Inc.

Exercise

$3.27

Exp 06/27/29

196

Total

Warrants

(Cost

$0)

196

COMMON

STOCKS

97.9%

Basic

Materials

3.0%

spacing

AdvanSix,

Inc.

4,260

96,489

American

Vanguard

Corp.

3,979

17,508

Avient

Corp.

16,116

598,871

Caledonia

Mining

Corp.

PLC

(South

Africa)

2,204

27,528

Centrus

Energy

Corp.

Class A *

455

28,306

Codexis,

Inc.

11,670

31,392

Coeur

Mining,

Inc.

99,854

591,136

Commercial

Metals

Co.

19,841

912,884

Compass

Minerals

International,

Inc.

5,493

51,030

Contango

ORE,

Inc.

734

7,494

Dakota

Gold

Corp.

2,275

6,029

Ecovyst,

Inc.

18,747

116,231

Encore

Energy

Corp.

(Canada)

6,323

8,663

Energy

Fuels,

Inc.

29,884

111,467

Fuller

Co.

7,390

414,727

Hecla

Mining

Co.

94,195

523,724

i-80

Gold

Corp.

(Canada)

44,740

26,030

Innospec,

Inc.

555

52,586

Intrepid

Potash,

Inc.

1,742

51,197

Kaiser

Aluminum

Corp.

3,455

Koppers

Holdings,

Inc.

3,183

89,124

Kronos

Worldwide,

Inc.

2,659

19,889

Lifezone

Metals

Ltd.

(Isle

Man)

5,588

23,358

MAC

Copper

Ltd.

Class A *

(Australia)

5,258

50,161

Mativ

Holdings,

Inc.

8,667

53,996

Minerals

Technologies,

Inc.

5,528

351,415

Novagold

Resources,

Inc.

(Canada)

36,631

106,963

Oil-Dri

Corp.

America

1,023

46,976

Perimeter

Solutions,

Inc.

21,991

221,449

Piedmont

Lithium,

Inc.

1,885

11,876

Radius

Recycling,

Inc.

4,281

123,635

Rayonier

Advanced

Materials,

Inc.

10,731

61,703

Rogers

Corp.

2,890

195,162

Sensient

Technologies

Corp.

475

35,354

Value

SSR

Mining,

Inc.

(Canada)

32,183

322,796

Stepan

Co.

3,334

183,503

Sylvamo

Corp.

4,945

331,661

Tronox

Holdings

PLC

20,306

142,954

Valhi,

Inc.

547

8,889

6,057,611

Communications

3.9%

spacing

1-800-Flowers.com,

Inc.

Class A *

2,275

13,422

1stdibs.com,

Inc.

2,596

7,892

ADTRAN

Holdings,

Inc.

13,008

113,430

Advantage

Solutions,

Inc.

16,604

25,072

aka

Brands

Holding

Corp.

207

2,790

AMC

Networks,

Inc.

Class A *

5,456

37,537

Applied

Digital

Corp.

10,045

56,453

AST

SpaceMobile,

Inc.

22,075

501,985

ATN

International,

Inc.

1,531

31,095

Aviat

Networks,

Inc.

1,766

33,854

BARK,

Inc.

20,943

29,111

Beyond,

Inc.

7,847

45,513

BlackSky

Technology,

Inc.

3,934

30,410

Boston

Omaha

Corp.

Class A *

2,766

40,328

Bumble,

Inc.

Class A *

14,355

62,301

Cable

One,

Inc.

1,028

273,212

Calix,

Inc.

3,286

116,456

Cars.com,

Inc.

10,708

120,679

Clear

Channel

Outdoor

Holdings,

Inc.

48,156

53,453

Clearfield,

Inc.

1,933

57,449

CommScope

Holding

Co.,

Inc.

35,516

188,590

Despegar.com

Corp.

(Argentina)

10,815

203,214

DigitalBridge

Group,

Inc.

20,590

181,604

EchoStar

Corp.

Class A *

20,152

515,488

Entravision

Communications

Corp.

Class A

9,479

19,906

ePlus,

Inc.

1,498

91,423

Eventbrite,

Inc.

Class A *

1,358

2,865

Scripps

Co.

Class A *

9,630

28,505

Extreme

Networks,

Inc.

10,183

134,721

Figs,

Inc.

Class A *

19,184

88,055

fuboTV,

Inc.

47,986

140,119

Gannett

Co.,

Inc.

24,024

69,429

Globalstar,

Inc.

1,582

33,001

Gogo,

Inc.

4,986

42,979

Gray

Media,

Inc.

14,292

61,741

Groupon,

Inc.

1,935

36,320

HealthStream,

Inc.

1,554

50,008

IDT

Corp.

Class B

532

27,297

iHeartMedia,

Inc.

Class A *

17,322

28,581

Lands'

End,

Inc.

2,330

23,719

Liberty

Latin

America

Ltd.

Class A *

5,344

33,828

Liberty

Latin

America

Ltd.

Class C *

20,014

124,287

LifeMD,

Inc.

2,118

11,522

LiveOne,

Inc.

2,595

1,814

Lumen

Technologies,

Inc.

162,190

635,785

Magnite,

Inc.

3,745

42,730

National

CineMedia,

Inc.

11,751

68,626

NETGEAR,

Inc.

4,711

115,231

Nextdoor

Holdings,

Inc.

29,403

44,987

Ooma,

Inc.

3,190

41,757

Opendoor

Technologies,

Inc.

99,408

101,396

Powerfleet,

Inc.

15,627

85,792

Preformed

Line

Products

Co.

241

33,762

RealReal,

Inc.

4,921

26,524

Ribbon

Communications,

Inc.

14,094

55,248

RumbleON,

Inc.

Class B *

2,322

6,548

321

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Scholastic

Corp.

4,573

86,338

Shenandoah

Telecommunications

Co.

7,302

91,786

Shutterstock,

Inc.

1,743

32,472

Solo

Brands,

Inc.

Class A *

4,197

704

Sphere

Entertainment

Co.

5,161

168,868

Spok

Holdings,

Inc.

1,577

25,926

Stagwell,

Inc.

11,142

67,409

Stitch

Fix,

Inc.

Class A *

17,389

56,514

TEGNA,

Inc.

29,059

529,455

Telephone

Data

Systems,

Inc.

16,754

649,050

TrueCar,

Inc.

14,751

23,307

Vacasa,

Inc.

Class A *

1,840

9,899

Viasat,

Inc.

20,726

215,965

Viavi

Solutions,

Inc.

35,889

401,598

WideOpenWest,

Inc.

7,661

37,922

Ziff

Davis,

Inc.

7,551

283,767

7,730,824

Consumer,

Cyclical

10.8%

spacing

A-Mark

Precious

Metals,

Inc.

2,771

70,300

Academy

Sports

Outdoors,

Inc.

9,013

411,083

Adient

PLC

15,032

193,312

Aeva

Technologies,

Inc.

3,976

27,832

Allegiant

Travel

Co.

2,979

153,865

AMC

Entertainment

Holdings,

Inc.

Class A *

60,969

174,981

American

Axle

Manufacturing

Holdings,

Inc.

16,385

66,687

American

Eagle

Outfitters,

Inc.

7,080

82,270

America's

Car-Mart,

Inc.

1,136

51,563

Arhaus,

Inc.

1,112

9,674

Arko

Corp.

10,289

40,642

Asbury

Automotive

Group,

Inc.

3,255

718,834

Aurora

Innovation,

Inc.

73,906

497,018

Beacon

Roofing

Supply,

Inc.

781

96,610

Beazer

Homes

USA,

Inc.

3,721

75,871

Biglari

Holdings,

Inc.

Class B *

111

24,036

BJ's

Restaurants,

Inc.

1,489

51,013

Blink

Charging

Co.

8,808

8,083

Bloomin'

Brands,

Inc.

6,597

47,301

BlueLinx

Holdings,

Inc.

1,323

99,199

Brinker

International,

Inc.

821

122,370

Caleres,

Inc.

4,551

78,414

Century

Communities,

Inc.

4,449

298,528

Champion

Homes,

Inc.

5,037

477,306

Cinemark

Holdings,

Inc.

5,019

124,923

Citi

Trends,

Inc.

1,108

24,526

Clarus

Corp.

1,633

6,124

Clean

Energy

Fuels

Corp.

24,675

38,246

Commercial

Vehicle

Group,

Inc.

6,140

7,061

Cooper-Standard

Holdings,

Inc.

2,723

41,716

Cracker

Barrel

Old

Country

Store,

Inc.

3,467

134,589

Daktronics,

Inc.

5,477

66,710

Dana,

Inc.

21,810

290,727

Denny's

Corp.

884

3,244

Designer

Brands,

Inc.

Class A

7,449

27,189

Destination

Group,

Inc.

8,090

11,811

Dine

Brands

Global,

Inc.

2,848

66,273

Douglas

Dynamics,

Inc.

1,580

Pollo

Loco

Holdings,

Inc.

3,854

39,696

Escalade,

Inc.

1,053

16,111

Ethan

Allen

Interiors,

Inc.

3,080

85,316

Everi

Holdings,

Inc.

6,415

87,693

EVgo,

Inc.

14,519

38,621

Flexsteel

Industries,

Inc.

767

28,003

Value

Foot

Locker,

Inc.

14,668

206,819

Forestar

Group,

Inc.

2,876

60,799

Fox

Factory

Holding

Corp.

7,457

174,046

Full

House

Resorts,

Inc.

3,473

14,517

Funko,

Inc.

Class A *

5,189

35,597

G-III

Apparel

Group

Ltd.

6,483

177,310

Genesco,

Inc.

1,395

29,616

Global

Business

Travel

Group

2,560

18,586

GMS,

Inc.

1,261

92,267

Golden

Entertainment,

Inc.

3,198

84,395

Goodyear

Tire

Rubber

Co.

49,530

457,657

Green

Brick

Partners,

Inc.

3,482

203,035

Group

Automotive,

Inc.

2,216

846,401

GrowGeneration

Corp.

9,742

10,521

H&E

Equipment

Services,

Inc.

576

54,599

Hamilton

Beach

Brands

Holding

Co.

Class A

1,233

23,957

Haverty

Furniture

Cos.,

Inc.

2,100

41,412

HNI

Corp.

5,118

226,983

Holley,

Inc.

1,751

4,500

Hooker

Furnishings

Corp.

1,659

16,656

Hovnanian

Enterprises,

Inc.

Class A *

656

68,690

Hudson

Technologies,

Inc.

5,401

33,324

Hyliion

Holdings

Corp.

22,605

31,647

indie

Semiconductor,

Inc.

Class A *

(China)

17,153

34,906

Interface,

Inc.

8,698

172,568

International

Game

Technology

PLC

17,143

278,745

iRobot

Corp.

4,827

13,033

JAKKS

Pacific,

Inc.

1,375

33,921

JetBlue

Airways

Corp.

50,514

243,478

Johnson

Outdoors,

Inc.

Class A

661

16,419

Home

9,910

575,969

La-Z-Boy,

Inc.

7,334

286,686

Landsea

Homes

Corp.

2,303

14,785

Leslie's,

Inc.

10,471

7,701

LGI

Homes,

Inc.

3,171

210,776

Life

Time

Group

Holdings,

Inc.

14,529

438,776

Lifetime

Brands,

Inc.

1,956

9,643

Lindblad

Expeditions

Holdings,

Inc.

1,728

16,019

Lions

Gate

Entertainment

Corp.

Class A *

14,716

130,237

Lions

Gate

Entertainment

Corp.

Class B *

14,485

114,721

Lovesac

Co.

1,074

19,525

Luminar

Technologies,

Inc.

243

1,310

M/I

Homes,

Inc.

4,390

501,250

Madison

Square

Garden

Entertainment

Corp.

5,905

193,330

Malibu

Boats,

Inc.

Class A *

2,746

84,247

Marcus

Corp.

4,220

70,432

MarineMax,

Inc.

3,155

67,833

MasterCraft

Boat

Holdings,

Inc.

2,487

42,826

Meritage

Homes

Corp.

11,696

829,013

Methode

Electronics,

Inc.

5,596

35,703

Miller

Industries,

Inc.

1,622

68,724

MillerKnoll,

Inc.

12,426

237,834

Movado

Group,

Inc.

2,522

42,168

MRC

Global,

Inc.

14,095

161,811

National

Vision

Holdings,

Inc.

11,645

148,823

Skin

Enterprises,

Inc.

Class A

8,549

62,066

ODP

Corp.

5,471

78,399

OneWater

Marine,

Inc.

Class A *

1,752

28,347

OPENLANE,

Inc.

18,010

347,233

Oxford

Industries,

Inc.

1,264

74,159

Papa

John's

International,

Inc.

1,635

67,166

Connection,

Inc.

1,921

119,909

322

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Peloton

Interactive,

Inc.

Class A *

4,593

29,028

Petco

Health

Wellness

Co.,

Inc.

14,013

42,740

Phinia,

Inc.

7,420

314,831

Portillo's,

Inc.

Class A *

1,572

18,691

PriceSmart,

Inc.

1,503

132,039

Purple

Innovation,

Inc.

8,441

6,408

RCI

Hospitality

Holdings,

Inc.

516

22,157

Red

Rock

Resorts,

Inc.

Class A

4,711

204,316

Reservoir

Media,

Inc.

1,787

13,635

Resideo

Technologies,

Inc.

26,913

476,360

REV

Group,

Inc.

1,860

58,776

Rocky

Brands,

Inc.

703

12,211

Rush

Enterprises,

Inc.

Class A

9,830

525,020

Rush

Enterprises,

Inc.

Class B

1,685

95,236

Sabre

Corp.

49,210

138,280

Sally

Beauty

Holdings,

Inc.

16,697

150,774

ScanSource,

Inc.

3,967

134,918

SES

Corp.

19,157

9,975

Shoe

Carnival,

Inc.

2,998

65,926

Shyft

Group,

Inc.

4,971

40,215

Signet

Jewelers

Ltd.

(NYSE)

7,456

432,895

Six

Flags

Entertainment

Corp.

4,624

164,938

SkyWest,

Inc.

6,864

599,708

Sleep

Number

Corp.

3,481

22,070

Solid

Power,

Inc.

24,251

25,464

Sonic

Automotive,

Inc.

Class A

1,794

102,186

Sonos,

Inc.

3,089

32,960

Standard

Motor

Products,

Inc.

3,387

84,438

Steelcase,

Inc.

Class A

15,860

173,826

Sun

Country

Airlines

Holdings,

Inc.

3,165

38,993

Superior

Group

Cos.,

Inc.

1,744

19,079

Taylor

Morrison

Home

Corp.

17,321

1,039,953

ThredUp,

Inc.

Class A *

11,293

27,216

Tile

Shop

Holdings,

Inc.

1,134

7,348

Tilly's,

Inc.

Class A *

1,847

4,063

Titan

International,

Inc.

8,068

67,691

Titan

Machinery,

Inc.

3,095

52,739

Topgolf

Callaway

Brands

Corp.

23,459

154,595

Traeger,

Inc.

4,593

7,716

Tri

Pointe

Homes,

Inc.

10,871

347,002

UniFirst

Corp.

2,532

440,568

United

Parks

Resorts,

Inc.

1,360

61,826

Urban

Outfitters,

Inc.

7,768

407,043

Vera

Bradley,

Inc.

4,168

9,378

Victoria's

Secret

Co.

10,602

196,985

Virco

Mfg.

Corp.

1,681

15,902

VSE

Corp.

2,471

296,495

Wabash

National

Corp.

6,299

69,604

Webtoon

Entertainment,

Inc.

(South

Korea)

1,681

12,893

Weyco

Group,

Inc.

532

16,215

Winmark

Corp.

383

121,744

Winnebago

Industries,

Inc.

5,816

200,419

Xperi,

Inc.

7,436

57,406

Zumiez,

Inc.

2,577

38,372

21,652,042

Consumer,

Non-Cyclical

13.8%

spacing

2seventy

bio,

Inc.

7,934

39,194

Molecular

Therapeutics,

Inc.

2,621

8,466

89bio,

Inc.

16,592

120,624

ABM

Industries,

Inc.

11,296

534,979

Absci

Corp.

3,388

8,504

Acacia

Research

Corp.

2,482

7,942

Value

ACCO

Brands

Corp.

15,222

63,780

Accolade,

Inc.

7,365

51,408

ACELYRIN,

Inc.

11,939

29,489

Achieve

Life

Sciences,

Inc.

1,239

3,308

Acrivon

Therapeutics,

Inc.

1,702

3,455

Acumen

Pharmaceuticals,

Inc.

6,875

7,562

AdaptHealth

Corp.

9,069

98,308

Adaptive

Biotechnologies

Corp.

18,984

141,051

ADC

Therapeutics

(Switzerland)

4,449

6,273

Addus

HomeCare

Corp.

1,753

173,354

Adtalem

Global

Education,

Inc.

5,558

559,357

Adverum

Biotechnologies,

Inc.

3,355

14,661

Agenus,

Inc.

2,967

4,465

Agios

Pharmaceuticals,

Inc.

9,599

281,251

Akebia

Therapeutics,

Inc.

31,100

59,712

Akero

Therapeutics,

Inc.

10,740

434,755

Aldeyra

Therapeutics,

Inc.

7,199

41,394

Alico,

Inc.

872

26,020

Alight,

Inc.

Class A *

72,260

428,502

Allogene

Therapeutics,

Inc.

21,063

30,752

Altimmune,

Inc.

5,434

27,170

Alto

Neuroscience,

Inc.

1,159

2,503

Alumis,

Inc.

825

5,065

American

Public

Education,

Inc.

2,392

53,389

Amneal

Pharmaceuticals,

Inc.

4,301

36,042

Anavex

Life

Sciences

Corp.

9,215

79,065

Andersons,

Inc.

5,120

219,802

AngioDynamics,

Inc.

6,096

57,241

ANI

Pharmaceuticals,

Inc.

704

47,133

Anika

Therapeutics,

Inc.

1,289

19,374

Annexon,

Inc.

15,392

29,707

Applied

Therapeutics,

Inc.

6,212

3,037

Aquestive

Therapeutics,

Inc.

8,923

25,877

Arcturus

Therapeutics

Holdings,

Inc.

448

4,744

Ardent

Health

Partners,

Inc.

542

7,452

ArriVent

Biopharma,

Inc.

1,790

33,097

Artiva

Biotherapeutics,

Inc.

(South

Korea)

843

2,529

Artivion,

Inc.

1,821

44,760

Astria

Therapeutics,

Inc.

966

5,158

Atea

Pharmaceuticals,

Inc.

10,864

32,483

Atossa

Therapeutics,

Inc.

18,517

12,460

AtriCure,

Inc.

3,125

100,812

Aura

Biosciences,

Inc.

6,964

40,809

Aurinia

Pharmaceuticals,

Inc.

(Canada)

5,682

45,683

Avanos

Medical,

Inc.

6,644

95,209

Aveanna

Healthcare

Holdings,

Inc.

2,450

13,279

B&G

Foods,

Inc.

11,972

82,248

Barrett

Business

Services,

Inc.

174

7,160

Beam

Therapeutics,

Inc.

15,830

309,160

Bicara

Therapeutics,

Inc.

1,289

16,796

BioAge

Labs,

Inc.

868

3,264

BioLife

Solutions,

Inc.

640

14,618

Bioventus,

Inc.

Class A *

3,855

35,273

Black

Diamond

Therapeutics,

Inc.

2,257

3,498

Blade

Air

Mobility,

Inc.

9,182

25,067

Bluebird

Bio,

Inc.

1,423

6,944

Boundless

Bio,

Inc.

477

720

Bridgebio

Pharma,

Inc.

9,300

321,501

BrightView

Holdings,

Inc.

9,881

126,872

Brookdale

Senior

Living,

Inc.

2,830

17,716

Therapeutics,

Inc.

9,846

15,754

Cabaletta

Bio,

Inc.

5,542

7,676

Cal-Maine

Foods,

Inc.

6,434

584,851

Calavo

Growers,

Inc.

2,158

51,770

323

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

CAMP4

Therapeutics

Corp.

409

1,636

Capricor

Therapeutics,

Inc.

1,004

9,528

Cardiff

Oncology,

Inc.

4,489

14,095

CareDx,

Inc.

7,042

124,995

Cargo

Therapeutics,

Inc.

4,858

19,772

Caribou

Biosciences,

Inc.

13,926

12,716

Carriage

Services,

Inc.

257

9,959

Cass

Information

Systems,

Inc.

222

9,602

Castle

Biosciences,

Inc.

2,799

56,036

Celcuity,

Inc.

125

1,264

Celldex

Therapeutics,

Inc.

2,445

44,377

Central

Garden

Pet

Co.

2,635

96,599

Central

Garden

Pet

Co.

Class A *

5,212

170,589

Century

Therapeutics,

Inc.

8,978

4,274

Ceribell,

Inc.

543

10,431

oncology,

Inc.

3,566

87,331

Chegg,

Inc.

16,219

10,367

Cibus,

Inc.

3,072

5,745

Cimpress

PLC

(Ireland)

1,023

46,270

Climb

Bio,

Inc.

3,780

4,612

Cogent

Biosciences,

Inc.

988

5,918

Coherus

Biosciences,

Inc.

13,557

10,940

Community

Health

Systems,

Inc.

9,537

25,750

Compass

Therapeutics,

Inc.

15,710

29,849

CompoSecure,

Inc.

Class A

641

6,968

Concentra

Group

Holdings

Parent,

Inc.

5,844

126,815

Contineum

Therapeutics,

Inc.

Class A *

556

3,881

Corbus

Pharmaceuticals

Holdings,

Inc.

856

4,545

CoreCivic,

Inc.

18,147

368,203

CorMedix,

Inc.

1,015

6,252

Cross

Country

Healthcare,

Inc.

5,919

88,134

Cullinan

Therapeutics,

Inc.

910

6,889

Custom

Truck

One

Source,

Inc.

2,007

8,470

Cytek

Biosciences,

Inc.

19,525

78,295

Cytokinetics,

Inc.

17,264

693,840

Deluxe

Corp.

7,796

123,255

Denali

Therapeutics,

Inc.

9,585

130,308

Design

Therapeutics,

Inc.

5,582

21,547

Dianthus

Therapeutics,

Inc.

3,518

63,817

Disc

Medicine,

Inc.

3,348

166,195

DLH

Holdings

Corp.

824

3,337

DocGo,

Inc.

11,801

31,155

Dole

PLC

12,383

178,934

Dynavax

Technologies

Corp.

5,362

69,545

Edgewell

Personal

Care

Co.

8,469

264,317

Editas

Medicine,

Inc.

14,001

16,241

Elevation

Oncology,

Inc.

5,460

1,415

Embecta

Corp.

8,409

107,215

Emerald

Holding,

Inc.

1,091

4,288

Enanta

Pharmaceuticals,

Inc.

3,461

19,105

Enhabit,

Inc.

6,147

54,032

Enliven

Therapeutics,

Inc.

266

5,235

Ennis,

Inc.

2,672

53,680

Entrada

Therapeutics,

Inc.

3,857

34,867

Erasca,

Inc.

29,601

40,553

Esperion

Therapeutics,

Inc.

20,777

29,919

EyePoint

Pharmaceuticals,

Inc.

5,631

30,520

Fate

Therapeutics,

Inc.

16,373

12,936

Fennec

Pharmaceuticals,

Inc.

(Canada)

1,963

11,955

First

Advantage

Corp.

3,715

52,344

Foghorn

Therapeutics,

Inc.

1,611

5,880

Forrester

Research,

Inc.

1,603

14,812

Fractyl

Health,

Inc.

1,522

1,811

Fresh

Del

Monte

Produce,

Inc.

5,915

182,359

Value

Fulcrum

Therapeutics,

Inc.

5,745

16,546

Fulgent

Genetics,

Inc.

3,159

53,387

GeneDx

Holdings

Corp.

1,862

164,908

Generation

Bio

Co.

9,306

3,769

GEO

Group,

Inc.

21,250

620,712

Geron

Corp.

28,558

45,407

Graham

Holdings

Co.

Class B

579

556,338

Green

Dot

Corp.

Class A *

5,522

46,606

Guardian

Pharmacy

Services,

Inc.

Class A *

459

9,758

Gyre

Therapeutics,

Inc.

912

7,041

Hain

Celestial

Group,

Inc.

14,041

58,270

Harvard

Bioscience,

Inc.

1,933

1,094

Healthcare

Services

Group,

Inc.

11,833

119,277

Heidrick

Struggles

International,

Inc.

3,346

143,309

Helen

Troy

Ltd.

3,983

213,051

Herbalife

Ltd.

5,606

48,380

Heron

Therapeutics,

Inc.

16,149

35,528

Hertz

Global

Holdings,

Inc.

20,623

81,255

Foods

Group,

Inc.

4,457

21,839

HilleVax,

Inc.

3,979

5,770

Honest

Co.,

Inc.

8,159

38,347

ICU

Medical,

Inc.

3,513

487,815

IGM

Biosciences,

Inc.

461

530

ImmunityBio,

Inc.

4,741

14,270

Information

Services

Group,

Inc.

6,317

24,699

Ingles

Markets,

Inc.

Class A

2,272

147,975

Inhibrx

Biosciences,

Inc.

614

8,590

Inmode

Ltd.

9,870

175,094

Innovage

Holding

Corp.

776

2,312

Innoviva,

Inc.

8,273

149,989

Inogen,

Inc.

3,809

27,158

Inovio

Pharmaceuticals,

Inc.

4,416

7,198

Inozyme

Pharma,

Inc.

8,187

7,450

Integer

Holdings

Corp.

1,858

219,263

Integra

LifeSciences

Holdings

Corp.

11,309

248,685

Intellia

Therapeutics,

Inc.

17,556

124,823

Invivyd,

Inc.

13,634

8,253

Ironwood

Pharmaceuticals,

Inc.

13,811

20,302

iTeos

Therapeutics,

Inc.

4,309

25,725

John

Wiley

Sons,

Inc.

Class A

3,669

163,491

Kelly

Services,

Inc.

Class A

5,276

69,485

KinderCare

Learning

Cos.,

Inc.

2,140

24,803

Kodiak

Sciences,

Inc.

5,808

16,291

Korn

Ferry

9,193

623,561

Korro

Bio,

Inc.

721

12,553

Kyverna

Therapeutics,

Inc.

1,346

2,598

Laureate

Education,

Inc.

4,438

90,757

LENZ

Therapeutics,

Inc.

2,130

54,762

Lexicon

Pharmaceuticals,

Inc.

9,912

4,567

Lifecore

Biomedical,

Inc.

3,467

24,408

LifeStance

Health

Group,

Inc.

11,805

78,621

Ligand

Pharmaceuticals,

Inc.

2,856

300,280

Limoneira

Co.

2,284

40,472

Lincoln

Educational

Services

Corp.

3,932

62,401

LivaNova

PLC

9,022

354,384

Lyell

Immunopharma,

Inc.

26,864

14,453

MacroGenics,

Inc.

1,500

1,905

MannKind

Corp.

9,068

45,612

MarketWise,

Inc.

14,992

7,400

Marqeta,

Inc.

Class A *

12,296

50,660

Matthews

International

Corp.

Class A

4,842

107,686

MaxCyte,

Inc.

16,092

43,931

MBX

Biosciences,

Inc.

757

5,587

Medifast,

Inc.

2,115

28,510

324

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

MeiraGTx

Holdings

PLC

2,056

13,940

Mersana

Therapeutics,

Inc.

9,204

3,168

Metagenomi,

Inc.

1,306

1,776

MiMedx

Group,

Inc.

9,769

74,244

Mineralys

Therapeutics,

Inc.

3,473

55,151

Mission

Produce,

Inc.

5,837

61,172

Mister

Car

Wash,

Inc.

1,355

10,691

ModivCare,

Inc.

530

697

Monro,

Inc.

5,381

77,863

Monte

Rosa

Therapeutics,

Inc.

6,847

31,770

Myriad

Genetics,

Inc.

14,750

130,832

Nano-X

Imaging

Ltd.

(Israel)

452

2,258

National

HealthCare

Corp.

1,969

182,723

Natural

Grocers

Vitamin

Cottage,

Inc.

Class C

1,075

43,215

Nature's

Sunshine

Products,

Inc.

869

10,906

Nautilus

Biotechnology,

Inc.

SPAC

5,974

5,144

Nektar

Therapeutics

30,719

20,889

Neogen

Corp.

34,567

299,696

NeoGenomics,

Inc.

18,905

179,408

Neurogene,

Inc.

754

8,829

Nevro

Corp.

5,452

31,840

Nkarta,

Inc.

8,319

15,307

Novavax,

Inc.

5,811

37,249

Nurix

Therapeutics,

Inc.

4,102

48,732

Nuvation

Bio,

Inc.

29,007

51,052

Olaplex

Holdings,

Inc.

21,557

27,377

Olema

Pharmaceuticals,

Inc.

4,858

18,266

Omeros

Corp.

6,036

49,616

OmniAb,

Inc.

9,337

22,409

Omnicell,

Inc.

7,801

272,723

OPKO

Health,

Inc.

53,030

88,030

Option

Care

Health,

Inc.

15,368

537,112

OraSure

Technologies,

Inc.

4,733

15,950

Orchestra

BioMed

Holdings,

Inc.

1,727

7,392

Organogenesis

Holdings,

Inc.

10,110

43,675

ORIC

Pharmaceuticals,

Inc.

7,610

42,464

Orthofix

Medical,

Inc.

5,152

84,029

OrthoPediatrics

Corp.

2,428

59,802

Outlook

Therapeutics,

Inc.

427

521

Owens

Minor,

Inc.

10,525

95,041

Pacific

Biosciences

California,

Inc.

43,179

50,951

Pacira

BioSciences,

Inc.

7,184

178,522

Patterson

Cos.,

Inc.

11,306

353,199

Payoneer

Global,

Inc.

6,606

48,290

Paysafe

Ltd.

5,633

88,382

Pediatrix

Medical

Group,

Inc.

14,042

203,469

Perdoceo

Education

Corp.

4,042

101,778

Performant

Healthcare,

Inc.

3,530

10,449

Perspective

Therapeutics,

Inc.

1,291

2,750

Phathom

Pharmaceuticals,

Inc.

4,629

29,024

Phibro

Animal

Health

Corp.

Class A

2,574

54,981

Pliant

Therapeutics,

Inc.

9,077

12,254

Precigen,

Inc.

20,591

30,681

Prelude

Therapeutics,

Inc.

1,379

1,059

Prestige

Consumer

Healthcare,

Inc.

8,213

706,072

Primo

Brands

Corp.

Class A

29,321

1,040,602

PROG

Holdings,

Inc.

6,377

169,628

ProKidney

Corp.

3,068

2,688

Prothena

Corp.

PLC

(Ireland)

2,781

34,415

PTC

Therapeutics,

Inc.

3,168

161,441

Puma

Biotechnology,

Inc.

4,406

13,042

Pyxis

Oncology,

Inc.

6,961

6,821

Q32

Bio,

Inc.

1,262

2,082

Value

Quad/Graphics,

Inc.

2,282

12,437

Quanex

Building

Products

Corp.

7,659

142,381

Quanterix

Corp.

4,966

32,329

Quantum-Si,

Inc.

17,486

20,983

Quipt

Home

Medical

Corp.

2,546

5,932

Rapport

Therapeutics,

Inc.

559

5,607

RAPT

Therapeutics,

Inc.

6,457

7,878

REGENXBIO,

Inc.

7,548

53,968

Regulus

Therapeutics,

Inc.

7,167

12,542

Relay

Therapeutics,

Inc.

19,566

51,263

Renovaro,

Inc.

6,557

3,562

Repay

Holdings

Corp.

14,080

78,426

Replimune

Group,

Inc.

10,475

102,131

Resources

Connection,

Inc.

4,357

28,495

Revolution

Medicines,

Inc.

10,349

365,941

Rigel

Pharmaceuticals,

Inc.

585

10,524

Sage

Therapeutics,

Inc.

8,828

70,183

Savara,

Inc.

2,519

6,978

Scholar

Rock

Holding

Corp.

1,726

55,491

Scilex

Holding

Co.

* ◊

6,404

1,591

Select

Medical

Holdings

Corp.

6,158

102,839

Seneca

Foods

Corp.

Class A *

611

54,403

Septerna,

Inc.

1,168

6,763

Sezzle,

Inc.

420

14,654

Shattuck

Labs,

Inc.

1,878

1,784

SI-BONE,

Inc.

985

13,820

SIGA

Technologies,

Inc.

1,860

10,193

Skye

Bioscience,

Inc.

1,612

2,563

Solid

Biosciences,

Inc.

3,549

13,131

Sonida

Senior

Living,

Inc.

338

7,872

SoundThinking,

Inc.

222

3,763

SpartanNash

Co.

5,108

103,488

Spyre

Therapeutics,

Inc.

5,729

92,437

StoneCo

Ltd.

Class A *

(Brazil)

24,346

255,146

Strategic

Education,

Inc.

3,897

327,192

Summit

Therapeutics,

Inc.

1,317

25,405

Supernus

Pharmaceuticals,

Inc.

8,042

263,375

Surgery

Partners,

Inc.

13,515

320,981

Surmodics,

Inc.

640

19,539

Sutro

Biopharma,

Inc.

12,972

8,440

Tactile

Systems

Technology,

Inc.

3,317

43,851

Tejon

Ranch

Co.

2,092

33,158

Teladoc

Health,

Inc.

24,836

197,695

Telomir

Pharmaceuticals,

Inc.

1,432

4,625

Tenaya

Therapeutics,

Inc.

7,971

4,544

Terns

Pharmaceuticals,

Inc.

10,460

28,870

Theravance

Biopharma,

Inc.

5,466

48,811

Third

Harmonic

Bio,

Inc.

2,827

9,810

Tourmaline

Bio,

Inc.

3,719

56,566

Travere

Therapeutics,

Inc.

13,972

250,378

TreeHouse

Foods,

Inc.

8,023

217,343

Trevi

Therapeutics,

Inc.

4,087

25,707

TrueBlue,

Inc.

5,077

26,959

TScan

Therapeutics,

Inc.

1,797

2,480

Turning

Point

Brands,

Inc.

330

19,615

United

Natural

Foods,

Inc.

10,019

274,420

Universal

Corp.

4,187

234,681

Upstream

Bio,

Inc.

1,115

6,824

UroGen

Pharma

Ltd.

918

10,153

USANA

Health

Sciences,

Inc.

1,294

34,899

Utz

Brands,

Inc.

2,126

29,934

Vanda

Pharmaceuticals,

Inc.

8,584

39,401

Varex

Imaging

Corp.

6,008

69,693

Ventyx

Biosciences,

Inc.

10,197

11,727

325

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Veracyte,

Inc.

13,327

395,146

Veru,

Inc.

6,459

3,166

Verve

Therapeutics,

Inc.

11,406

52,125

Village

Super

Market,

Inc.

Class A

1,139

43,293

Vir

Biotechnology,

Inc.

14,487

93,876

Viridian

Therapeutics,

Inc.

3,710

50,011

Voyager

Therapeutics,

Inc.

6,611

22,345

Waldencast

PLC

Class A *

2,684

8,052

WaVe

Life

Sciences

Ltd.

2,249

18,172

Weis

Markets,

Inc.

2,610

201,101

Werewolf

Therapeutics,

Inc.

3,160

3,072

Willdan

Group,

Inc.

2,172

88,444

XBiotech,

Inc.

3,245

10,514

Xencor,

Inc.

5,738

61,052

XOMA

Royalty

Corp.

226

4,504

Zenas

Biopharma,

Inc.

857

6,770

Zentalis

Pharmaceuticals,

Inc.

9,445

15,018

Zevra

Therapeutics,

Inc.

3,798

28,447

Zimvie,

Inc.

4,404

47,563

Zymeworks,

Inc.

8,785

104,629

27,731,172

Energy

6.6%

spacing

Aemetis,

Inc.

5,323

9,262

Amplify

Energy

Corp.

4,350

16,269

Aris

Water

Solutions,

Inc.

Class A

4,225

135,369

Berry

Corp.

9,263

29,734

BKV

Corp.

(Thailand)

2,016

42,336

Borr

Drilling

Ltd.

(Mexico)

36,642

80,246

Bristow

Group,

Inc.

3,789

119,657

California

Resources

Corp.

12,669

557,056

CNX

Resources

Corp.

24,101

758,700

Comstock

Resources,

Inc.

15,295

311,100

Core

Natural

Resources,

Inc.

8,831

680,870

Crescent

Energy

Co.

Class A

20,221

227,284

CVR

Energy,

Inc.

1,149

22,291

Delek

U.S.

Holdings,

Inc.

8,167

123,077

Diversified

Energy

Co.

PLC

7,013

94,816

DMC

Global,

Inc.

1,770

14,903

DNOW,

Inc.

16,938

289,301

Energy

Vault

Holdings,

Inc.

16,565

11,519

Excelerate

Energy,

Inc.

Class A

2,722

78,067

Expro

Group

Holdings

14,988

148,981

Flowco

Holdings,

Inc.

Class A *

357

9,157

Forum

Energy

Technologies,

Inc.

1,113

22,382

FuelCell

Energy,

Inc.

2,887

13,251

FutureFuel

Corp.

4,159

16,220

Geospace

Technologies

Corp.

1,582

11,406

Golar

LNG

Ltd.

(Cameroon)

16,375

622,086

Granite

Ridge

Resources,

Inc.

4,399

26,746

Green

Plains,

Inc.

7,424

36,006

Gulfport

Energy

Corp.

1,064

195,925

Hallador

Energy

Co.

4,208

51,674

Helix

Energy

Solutions

Group,

Inc.

18,161

150,918

Helmerich

Payne,

Inc.

17,815

465,328

HighPeak

Energy,

Inc.

1,403

17,762

Innovex

International,

Inc.

4,797

86,154

Kinetik

Holdings,

Inc.

6,106

317,146

Kodiak

Gas

Services,

Inc.

4,971

185,418

Liberty

Energy,

Inc.

25,471

403,206

Magnolia

Oil

Gas

Corp.

Class A

1,355

34,227

Mammoth

Energy

Services,

Inc.

2,852

5,818

Matrix

Service

Co.

4,091

50,851

Murphy

Oil

Corp.

24,662

700,401

Value

Nabors

Industries

Ltd.

1,316

54,890

Natural

Gas

Services

Group,

Inc.

993

21,816

Noble

Corp.

PLC

9,411

223,041

Northern

Oil

Gas,

Inc.

16,835

508,922

NPK

International,

Inc.

11,939

69,366

Oil

States

International,

Inc.

8,883

45,747

Par

Pacific

Holdings,

Inc.

8,777

125,160

Patterson-UTI

Energy,

Inc.

70,382

578,540

PBF

Energy,

Inc.

Class A

18,626

355,570

Peabody

Energy

Corp.

21,511

291,474

Plug

Power,

Inc.

118,284

159,683

PrimeEnergy

Resources

Corp.

21,422

ProFrac

Holding

Corp.

Class A *

3,116

23,650

ProPetro

Holding

Corp.

13,692

100,636

Ranger

Energy

Services,

Inc.

Class A

1,715

24,336

REX

American

Resources

Corp.

1,796

67,476

Riley

Exploration

Permian,

Inc.

1,135

33,108

Ring

Energy,

Inc.

16,964

19,509

RPC,

Inc.

12,449

68,470

SandRidge

Energy,

Inc.

2,322

26,517

SEACOR

Marine

Holdings,

Inc.

2,691

13,617

Seadrill

Ltd.

(Norway)

9,271

231,775

Select

Water

Solutions,

Inc.

15,638

164,199

Sitio

Royalties

Corp.

Class A

12,683

252,011

Energy

Co.

17,304

518,255

Solaris

Energy

Infrastructure,

Inc.

4,862

105,797

SolarMax

Technology,

Inc.

1,365

1,638

Stem,

Inc.

20,362

7,133

SunCoke

Energy,

Inc.

13,583

124,964

Sunnova

Energy

International,

Inc.

15,870

5,904

Sunrun,

Inc.

35,082

205,581

Energy,

Inc.

(Norway)

18,264

23,013

Talos

Energy,

Inc.

23,447

227,905

TPI

Composites,

Inc.

7,545

6,081

Transocean

Ltd.

128,976

408,854

VAALCO

Energy,

Inc.

13,869

52,147

Valaris

Ltd.

4,501

176,709

Vital

Energy,

Inc.

5,504

116,795

Vitesse

Energy,

Inc.

2,924

71,901

Warrior

Met

Coal,

Inc.

9,353

446,325

13,152,857

Financial

40.4%

spacing

1st

Source

Corp.

3,823

228,654

Acadia

Realty

Trust

REIT

21,639

453,337

ACNB

Corp.

1,949

80,221

Advanced

Flower

Capital,

Inc.

REIT

2,484

13,836

Mortgage

Investment

Trust,

Inc.

REIT

2,016

14,717

Alerus

Financial

Corp.

4,147

76,554

Alexander

Baldwin,

Inc.

REIT

13,391

230,727

AlTi

Global,

Inc.

5,342

16,240

Amalgamated

Financial

Corp.

4,642

133,457

Ambac

Financial

Group,

Inc.

7,970

69,738

Amerant

Bancorp,

Inc.

8,439

174,181

American

Assets

Trust,

Inc.

REIT

8,955

180,354

American

Coastal

Insurance

Corp.

Class C *

2,792

32,303

American

Healthcare

REIT,

Inc.

25,705

778,862

American

Realty

Investors,

Inc.

355

3,887

Ameris

Bancorp

7,670

441,562

AMERISAFE,

Inc.

2,436

128,012

Ames

National

Corp.

2,524

44,220

Angel

Oak

Mortgage

REIT,

Inc.

1,599

15,238

Anywhere

Real

Estate,

Inc.

16,359

54,475

326

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Apartment

Investment

Management

Co.

Class A REIT

9,251

81,409

Apollo

Commercial

Real

Estate

Finance,

Inc.

REIT

24,281

232,369

Apple

Hospitality

REIT,

Inc.

41,255

532,602

Arbor

Realty

Trust,

Inc.

REIT

17,832

209,526

ARES

Commercial

Real

Estate

Corp.

REIT

6,804

31,503

Armada

Hoffler

Properties,

Inc.

REIT

8,304

62,363

ARMOUR

Residential

REIT,

Inc.

11,886

203,251

Arrow

Financial

Corp.

4,234

111,312

Associated

Banc-Corp.

29,216

658,236

Atlantic

Union

Bankshares

Corp.

7,387

230,031

Atlanticus

Holdings

Corp.

998

51,048

Axos

Financial,

Inc.

7,716

497,836

Banc

California,

Inc.

21,715

308,136

BancFirst

Corp.

3,336

366,526

Banco

Latinoamericano

Comercio

Exterior

(Panama)

4,993

182,744

Bancorp,

Inc.

178

9,406

Bank

First

Corp.

2,022

203,696

Bank

Hawaii

Corp.

4,400

303,468

Bank

Marin

Bancorp

4,197

92,628

Bank

Butterfield

Son

Ltd.

(Bermuda)

8,602

334,790

Bank7

Corp.

1,296

50,207

BankUnited,

Inc.

8,359

287,884

Bankwell

Financial

Group,

Inc.

1,815

54,777

Banner

Corp.

3,833

244,430

Bar

Harbor

Bankshares

3,884

114,578

BayCom

Corp.

3,132

78,832

BCB

Bancorp,

Inc.

5,651

55,719

Berkshire

Hills

Bancorp,

Inc.

6,894

179,864

BGC

Group,

Inc.

Class A

27,092

248,434

Bit

Digital,

Inc.

20,033

40,467

Blackstone

Mortgage

Trust,

Inc.

Class A REIT

30,981

619,620

Blue

Foundry

Bancorp

5,149

47,371

Bowhead

Specialty

Holdings,

Inc.

1,858

75,528

Braemar

Hotels

Resorts,

Inc.

REIT

11,279

28,085

Brandywine

Realty

Trust

REIT

27,212

121,366

Bread

Financial

Holdings,

Inc.

3,102

155,348

Bridgewater

Bancshares,

Inc.

4,252

59,060

BrightSpire

Capital,

Inc.

REIT

21,857

121,525

Broadstone

Net

Lease,

Inc.

REIT

33,953

578,559

Brookfield

Business

Corp.

Class A (Canada)

4,207

111,990

Brookline

Bancorp,

Inc.

10,279

112,041

BRT

Apartments

Corp.

REIT

1,245

21,165

Burford

Capital

Ltd.

36,303

479,563

Burke

Herbert

Financial

Services

Corp.

2,524

141,622

Business

First

Bancshares,

Inc.

5,993

145,930

Byline

Bancorp,

Inc.

7,020

183,643

Cadence

Bank

13,706

416,114

California

BanCorp

4,340

62,192

Camden

National

Corp.

3,948

159,776

Cannae

Holdings,

Inc.

9,968

182,713

Capital

Bancorp,

Inc.

2,246

63,629

Capital

City

Bank

Group,

Inc.

3,489

125,464

Capitol

Federal

Financial,

Inc.

19,919

111,546

CareTrust

REIT,

Inc.

29,649

847,368

Carter

Bankshares,

Inc.

5,082

82,227

Cathay

General

Bancorp

4,668

200,864

CBL

Associates

Properties,

Inc.

REIT

1,282

34,076

Centerspace

REIT

2,687

173,983

Central

Pacific

Financial

Corp.

2,818

76,199

Value

Chatham

Lodging

Trust

REIT

5,405

38,538

Chemung

Financial

Corp.

811

38,579

Chicago

Atlantic

Real

Estate

Finance,

Inc.

REIT

653

9,599

Chimera

Investment

Corp.

REIT

14,071

180,531

ChoiceOne

Financial

Services,

Inc.

1,959

56,360

Cipher

Mining,

Inc.

11,419

26,264

Citizens

Northern

Corp.

3,162

63,619

Citizens

Financial

Services,

Inc.

974

56,541

City

Holding

Co.

1,525

179,142

City

Office

REIT,

Inc.

6,258

32,479

Civista

Bancshares,

Inc.

4,134

80,778

Claros

Mortgage

Trust,

Inc.

REIT

14,982

55,883

CNB

Financial

Corp.

5,601

124,622

CNO

Financial

Group,

Inc.

16,911

704,343

Coastal

Financial

Corp.

704

63,649

Colony

Bankcorp,

Inc.

5,689

91,877

Columbia

Financial,

Inc.

6,521

97,815

Community

Financial

System,

Inc.

5,981

340,080

Community

Healthcare

Trust,

Inc.

REIT

4,462

81,030

Community

Trust

Bancorp,

Inc.

3,499

176,210

Community

West

Bancshares

3,605

66,620

Compass

Diversified

Holdings

11,539

215,433

ConnectOne

Bancorp,

Inc.

8,074

196,279

Consumer

Portfolio

Services,

Inc.

1,361

11,800

COPT

Defense

Properties

REIT

20,387

555,953

Core

Scientific,

Inc.

6,157

44,577

CTO

Realty

Growth,

Inc.

REIT

3,640

70,288

Curbline

Properties

Corp.

REIT

16,322

394,829

Cushman

Wakefield

PLC

12,553

128,292

Customers

Bancorp,

Inc.

2,924

146,785

CVB

Financial

Corp.

21,836

403,093

Diamond

Hill

Investment

Group,

Inc.

159

22,712

DiamondRock

Hospitality

Co.

REIT

35,958

277,596

Dime

Community

Bancshares,

Inc.

6,553

182,698

Diversified

Healthcare

Trust

REIT

35,670

85,608

Donegal

Group,

Inc.

Class A

4,057

79,639

Douglas

Emmett,

Inc.

REIT

16,161

258,576

Dynex

Capital,

Inc.

REIT

12,969

168,856

Eagle

Bancorp,

Inc.

3,263

68,523

Easterly

Government

Properties,

Inc.

REIT

14,519

153,901

Eastern

Bankshares,

Inc.

34,824

571,114

Ellington

Financial,

Inc.

REIT

13,272

175,987

Elme

Communities

REIT

14,510

252,474

Empire

State

Realty

Trust,

Inc.

Class A REIT

21,766

170,210

Employers

Holdings,

Inc.

2,829

143,261

Enact

Holdings,

Inc.

6,019

209,160

Encore

Capital

Group,

Inc.

4,548

155,905

Enova

International,

Inc.

4,491

433,651

Enstar

Group

Ltd.

2,236

743,202

Enterprise

Bancorp,

Inc.

2,267

88,254

Enterprise

Financial

Services

Corp.

6,894

370,484

Equity

Bancshares,

Inc.

Class A

3,830

150,902

Esquire

Financial

Holdings,

Inc.

644

48,545

ESSA

Bancorp,

Inc.

2,659

50,122

Essent

Group

Ltd.

18,093

1,044,328

Essential

Properties

Realty

Trust,

Inc.

REIT

28,909

943,590

F&G

Annuities

Life,

Inc.

2,825

101,841

Farmers

Merchants

Bancorp,

Inc.

3,095

74,001

Farmers

National

Banc

Corp.

8,878

115,858

Farmland

Partners,

Inc.

REIT

6,105

68,071

Financial

Corp.

6,919

320,765

Federal

Agricultural

Mortgage

Corp.

Class C

293

54,940

327

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

9,940

161,028

Fidelity

D&D

Bancorp,

Inc.

1,125

46,811

Financial

Institutions,

Inc.

4,324

107,927

First

BanCorp

11,907

228,257

First

Bancorp,

Inc.

3,534

87,360

First

Bancorp/Southern

Pines

4,543

182,356

First

Bancshares,

Inc.

6,450

218,075

First

Bank

4,627

68,526

First

Busey

Corp.

16,014

345,902

First

Business

Financial

Services,

Inc.

1,746

82,324

First

Commonwealth

Financial

Corp.

8,369

130,054

First

Community

Bankshares,

Inc.

3,807

143,486

First

Financial

Bancorp

10,762

268,835

First

Financial

Corp.

2,820

138,124

First

Financial

Northwest,

Inc.

1,581

35,825

First

Foundation,

Inc.

8,815

45,750

First

Internet

Bancorp

1,427

38,215

First

Interstate

BancSystem,

Inc.

Class A

14,796

423,905

First

Merchants

Corp.

10,831

438,006

First

Mid

Bancshares,

Inc.

5,173

180,538

First

Long

Island

Corp.

5,950

73,483

First

Western

Financial,

Inc.

1,268

24,916

Five

Star

Bancorp

4,232

117,650

Flagstar

Financial,

Inc.

44,541

517,566

Flushing

Financial

Corp.

5,009

63,614

Forge

Global

Holdings,

Inc.

21,436

12,047

Four

Corners

Property

Trust,

Inc.

REIT

17,665

506,985

Franklin

BSP

Realty

Trust,

Inc.

REIT

11,635

148,230

Franklin

Street

Properties

Corp.

REIT

15,411

27,432

FrontView

REIT,

Inc.

2,282

29,187

FRP

Holdings,

Inc.

372

10,628

Bancorp,

Inc.

2,113

80,315

FTAI

Infrastructure,

Inc.

16,146

73,141

Fulton

Financial

Corp.

19,624

354,998

FVCBankcorp,

Inc.

3,718

39,299

GCM

Grosvenor,

Inc.

Class A

2,823

37,348

Genworth

Financial,

Inc.

33,971

240,854

German

American

Bancorp,

Inc.

5,975

224,063

Getty

Realty

Corp.

REIT

8,434

262,972

Glacier

Bancorp,

Inc.

19,874

878,828

Gladstone

Commercial

Corp.

REIT

5,571

83,454

Gladstone

Land

Corp.

REIT

947

9,962

Global

Medical

REIT,

Inc.

5,153

45,089

Global

Net

Lease,

Inc.

REIT

32,131

258,333

GoHealth,

Inc.

Class A *

951

11,669

Granite

Point

Mortgage

Trust,

Inc.

REIT

6,941

18,047

Great

Southern

Bancorp,

Inc.

2,185

120,983

Greenlight

Capital

Ltd.

Class A *

6,617

89,660

Guaranty

Bancshares,

Inc.

1,630

65,249

Sustainable

Infrastructure

Capital,

Inc.

20,219

591,204

Hamilton

Insurance

Group

Ltd.

Class B *

(Bermuda)

7,174

148,717

Hancock

Whitney

Corp.

15,259

800,335

Hanmi

Financial

Corp.

2,356

53,387

HarborOne

Bancorp,

Inc.

9,082

94,180

HBT

Financial,

Inc.

3,639

81,550

Heritage

Commerce

Corp.

14,421

137,288

Heritage

Financial

Corp.

2,870

69,827

Heritage

Insurance

Holdings,

Inc.

4,282

61,746

Hilltop

Holdings,

Inc.

9,287

282,789

Hingham

Institution

For

Savings

365

86,797

Hippo

Holdings,

Inc.

3,251

83,096

Home

Bancorp,

Inc.

1,750

78,400

Value

Home

BancShares,

Inc.

32,449

917,333

HomeStreet,

Inc.

3,523

41,360

HomeTrust

Bancshares,

Inc.

3,585

122,894

Hope

Bancorp,

Inc.

9,473

99,182

Horace

Mann

Educators

Corp.

4,554

194,592

Horizon

Bancorp,

Inc.

9,762

147,211

Hudson

Pacific

Properties,

Inc.

REIT

20,370

60,091

Hut

Corp.

(Canada)

14,140

164,307

Independence

Realty

Trust,

Inc.

REIT

37,231

790,414

Independent

Bank

Corp.

(IBCP

US)

4,489

138,216

Independent

Bank

Corp.

(INDB

US)

3,529

221,092

Industrial

Logistics

Properties

Trust

REIT

7,980

27,451

Innovative

Industrial

Properties,

Inc.

REIT

5,064

273,912

International

Bancshares

Corp.

9,705

611,997

InvenTrust

Properties

Corp.

REIT

14,356

421,636

Invesco

Mortgage

Capital,

Inc.

REIT

6,388

50,401

Investar

Holding

Corp.

2,667

46,966

Investors

Title

Co.

308

74,253

Jackson

Financial,

Inc.

Class A

4,879

408,763

James

River

Group

Holdings

Ltd.

7,150

30,030

JBG

SMITH

Properties

REIT

14,242

229,439

John

Marshall

Bancorp,

Inc.

2,750

45,430

Kearny

Financial

Corp.

8,794

55,050

Kennedy-Wilson

Holdings,

Inc.

17,713

153,749

Kite

Realty

Group

Trust

REIT

37,558

840,172

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

5,380

58,104

Ladder

Capital

Corp.

REIT

22,247

253,838

Lakeland

Financial

Corp.

2,701

160,547

LCNB

Corp.

3,908

57,799

Legacy

Housing

Corp.

1,059

Lemonade,

Inc.

2,194

68,957

LendingClub

Corp.

20,164

208,092

LendingTree,

Inc.

218

10,959

LINKBANCORP,

Inc.

4,991

33,839

Live

Oak

Bancshares,

Inc.

2,506

66,810

LTC

Properties,

Inc.

REIT

8,175

289,804

LXP

Industrial

Trust

REIT

52,587

454,878

Macerich

Co.

REIT

41,481

712,229

Maiden

Holdings

Ltd.

19,182

10,939

MARA

Holdings,

Inc.

11,354

130,571

Marcus

Millichap,

Inc.

3,942

135,802

Maui

Land

Pineapple

Co.,

Inc.

125

2,196

MBIA,

Inc.

7,754

38,615

Medallion

Financial

Corp.

4,790

41,721

Mercantile

Bank

Corp.

3,627

157,557

Merchants

Bancorp

3,876

143,412

Mercury

General

Corp.

4,416

246,854

Metrocity

Bankshares,

Inc.

4,254

117,283

Metropolitan

Bank

Holding

Corp.

2,367

132,528

MFA

Financial,

Inc.

REIT

16,529

169,588

Mid

Penn

Bancorp,

Inc.

4,514

116,958

Middlefield

Banc

Corp.

1,656

46,285

Midland

States

Bancorp,

Inc.

3,302

56,530

MidWestOne

Financial

Group,

Inc.

4,837

143,224

Mr.

Cooper

Group,

Inc.

7,059

844,256

MVB

Financial

Corp.

3,302

57,191

National

Bank

Holdings

Corp.

Class A

4,299

164,523

National

Bankshares,

Inc.

1,786

47,561

National

Health

Investors,

Inc.

REIT

7,682

567,393

Navient

Corp.

15,818

199,781

Bancorp,

Inc.

8,790

158,835

NBT

Bancorp,

Inc.

5,357

229,815

Nelnet,

Inc.

Class A

2,620

290,637

NET

Lease

Office

Properties

REIT

2,289

71,829

328

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

NETSTREIT

Corp.

REIT

8,541

135,375

New

York

Mortgage

Trust,

Inc.

REIT

13,253

86,012

Newmark

Group,

Inc.

Class A

22,702

276,283

NewtekOne,

Inc.

4,822

57,671

NexPoint

Diversified

Real

Estate

Trust

REIT

5,264

20,161

Nexpoint

Real

Estate

Finance,

Inc.

REIT

692

10,581

NexPoint

Residential

Trust,

Inc.

REIT

3,723

147,170

Holdings,

Inc.

1,182

16,855

Nicolet

Bankshares,

Inc.

2,169

236,334

NMI

Holdings,

Inc.

13,377

482,241

Northeast

Bank

1,494

136,761

Northeast

Community

Bancorp,

Inc.

3,223

75,547

Northfield

Bancorp,

Inc.

8,673

94,622

Northrim

BanCorp,

Inc.

1,264

92,550

Northwest

Bancshares,

Inc.

14,482

174,074

Norwood

Financial

Corp.

2,377

57,452

Oak

Valley

Bancorp

2,141

53,439

OceanFirst

Financial

Corp.

11,875

201,994

Offerpad

Solutions,

Inc.

2,491

4,135

OFG

Bancorp

4,443

177,809

Old

National

Bancorp

54,179

1,148,053

Old

Second

Bancorp,

Inc.

10,143

168,780

One

Liberty

Properties,

Inc.

REIT

1,638

43,030

Onity

Group,

Inc.

1,296

41,887

Orange

County

Bancorp,

Inc.

2,565

59,995

Orchid

Island

Capital,

Inc.

REIT

10,250

77,080

Origin

Bancorp,

Inc.

6,235

216,167

Orion

Properties,

Inc.

REIT

7,088

15,168

Orrstown

Financial

Services,

Inc.

4,676

140,327

Outfront

Media,

Inc.

REIT

16,736

270,119

P10,

Inc.

Class A

364

4,277

Pacific

Premier

Bancorp,

Inc.

7,954

169,579

Pagseguro

Digital

Ltd.

Class A *

(Brazil)

14,223

108,521

Paramount

Group,

Inc.

REIT

29,264

125,835

Park

National

Corp.

2,695

408,023

Parke

Bancorp,

Inc.

3,973

74,851

Pathward

Financial,

Inc.

1,287

93,887

PCB

Bancorp

3,791

70,930

Peakstone

Realty

Trust

REIT

5,386

67,864

Peapack-Gladstone

Financial

Corp.

4,085

116,014

Pebblebrook

Hotel

Trust

REIT

19,174

194,233

PennyMac

Financial

Services,

Inc.

2,484

248,673

PennyMac

Mortgage

Investment

Trust

REIT

14,749

216,073

Peoples

Bancorp

North

Carolina,

Inc.

1,271

34,622

Peoples

Bancorp,

Inc.

7,359

218,268

Peoples

Financial

Services

Corp.

1,750

77,822

Phillips

Edison

Co.,

Inc.

REIT

18,327

668,752

Piedmont

Office

Realty

Trust,

Inc.

Class A REIT

21,597

159,170

Pioneer

Bancorp,

Inc.

2,835

33,198

Plumas

Bancorp

1,647

71,266

Plymouth

Industrial

REIT,

Inc.

4,073

66,390

Ponce

Financial

Group,

Inc.

3,943

49,958

PotlatchDeltic

Corp.

REIT

14,039

633,440

PRA

Group,

Inc.

6,694

138,030

Preferred

Bank

577

48,272

Primis

Financial

Corp.

5,595

54,663

Princeton

Bancorp,

Inc.

1,626

49,674

ProAssurance

Corp.

4,193

97,907

Provident

Bancorp,

Inc.

3,139

36,036

Provident

Financial

Services,

Inc.

8,344

143,266

QCR

Holdings,

Inc.

3,371

240,420

Radian

Group,

Inc.

26,122

863,855

RBB

Bancorp

4,902

80,883

Value

RE/MAX

Holdings,

Inc.

Class A *

3,282

27,470

Ready

Capital

Corp.

REIT

31,118

158,391

Red

River

Bancshares,

Inc.

1,236

63,839

Redwood

Trust,

Inc.

REIT

20,364

123,609

Regional

Management

Corp.

1,476

44,442

Renasant

Corp.

5,102

173,111

Republic

Bancorp,

Inc.

Class A

2,049

130,767

Resolute

Holdings

Management,

Inc.

1,661

Riot

Platforms,

Inc.

44,959

320,108

RLJ

Lodging

Trust

REIT

26,517

209,219

RMR

Group,

Inc.

Class A

1,837

30,586

Roadzen,

Inc.

8,368

8,703

S&T

Bancorp,

Inc.

4,104

152,053

Sabra

Health

Care

REIT,

Inc.

41,016

716,550

Safehold,

Inc.

REIT

8,733

163,482

Safety

Insurance

Group,

Inc.

2,951

232,775

Sandy

Spring

Bancorp,

Inc.

8,929

249,566

Seacoast

Banking

Corp.

Florida

7,073

181,988

Selective

Insurance

Group,

Inc.

2,055

188,115

Selectquote,

Inc.

25,754

86,018

Service

Properties

Trust

REIT

25,299

66,030

ServisFirst

Bancshares,

Inc.

5,995

495,187

Seven

Hills

Realty

Trust

REIT

1,886

23,556

Shore

Bancshares,

Inc.

8,010

108,455

Sierra

Bancorp

3,399

94,764

Silvercrest

Asset

Management

Group,

Inc.

Class A

2,118

34,650

Simmons

First

National

Corp.

Class A

14,085

289,165

SiriusPoint

Ltd.

(Sweden)

10,083

174,335

SITE

Centers

Corp.

REIT

8,019

102,964

Skyward

Specialty

Insurance

Group,

Inc.

5,255

278,095

Green

Realty

Corp.

REIT

11,818

681,899

SmartFinancial,

Inc.

3,557

110,552

South

Plains

Financial,

Inc.

3,407

112,840

Southern

First

Bancshares,

Inc.

1,783

58,696

Southern

Missouri

Bancorp,

Inc.

2,311

120,218

Southern

States

Bancshares,

Inc.

2,670

95,452

Southside

Bancshares,

Inc.

3,303

95,655

SouthState

Corp.

16,648

1,545,267

Star

Holdings

1,330

11,318

Stellar

Bancorp,

Inc.

7,888

218,182

Sterling

Bancorp,

Inc.

6,393

30,942

Stewart

Information

Services

Corp.

4,720

336,772

Stock

Yards

Bancorp,

Inc.

4,932

340,604

StoneX

Group,

Inc.

6,631

506,476

Stratus

Properties,

Inc.

711

12,620

Summit

Hotel

Properties,

Inc.

REIT

15,061

81,480

Sunrise

Realty

Trust,

Inc.

REIT

1,440

15,941

Sunstone

Hotel

Investors,

Inc.

REIT

32,659

307,321

Tanger,

Inc.

REIT

10,816

365,473

Terawulf,

Inc.

3,907

10,666

Terreno

Realty

Corp.

REIT

16,947

1,071,389

Texas

Capital

Bancshares,

Inc.

8,298

619,861

Third

Coast

Bancshares,

Inc.

2,242

74,816

Timberland

Bancorp,

Inc.

2,544

76,702

Tiptree,

Inc.

2,750

66,247

Tompkins

Financial

Corp.

2,874

181,005

Towne

Bank

13,011

444,846

TPG

Finance

Trust,

Inc.

REIT

9,728

79,283

Transcontinental

Realty

Investors,

Inc.

REIT

107

2,991

TriCo

Bancshares

6,488

259,325

Triumph

Financial,

Inc.

302

17,456

TrustCo

Bank

Corp.

2,061

62,819

329

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Trustmark

Corp.

5,011

172,829

Two

Harbors

Investment

Corp.

REIT

18,027

240,841

UMB

Financial

Corp.

11,717

1,184,589

UMH

Properties,

Inc.

REIT

9,838

183,971

United

Bankshares,

Inc.

21,787

755,355

United

Community

Banks,

Inc.

12,113

340,739

United

Fire

Group,

Inc.

3,368

99,221

Uniti

Group,

Inc.

REIT

39,847

200,829

Unity

Bancorp,

Inc.

1,857

75,580

Universal

Health

Realty

Income

Trust

REIT

4,014

Universal

Insurance

Holdings,

Inc.

3,920

92,904

Univest

Financial

Corp.

6,514

184,737

Urban

Edge

Properties

REIT

23,399

444,581

USCB

Financial

Holdings,

Inc.

2,089

38,772

Valley

National

Bancorp

83,663

743,764

Velocity

Financial,

Inc.

1,194

22,340

Veris

Residential,

Inc.

REIT

12,731

215,409

Veritex

Holdings,

Inc.

4,339

108,345

Virginia

National

Bankshares

Corp.

1,169

42,178

Virtus

Investment

Partners,

Inc.

446

76,873

WaFd,

Inc.

12,126

346,561

Walker

Dunlop,

Inc.

2,027

173,025

Washington

Trust

Bancorp,

Inc.

4,156

128,254

Waterstone

Financial,

Inc.

4,245

57,095

WesBanco,

Inc.

15,700

486,072

West

BanCorp,

Inc.

4,678

93,279

Westamerica

BanCorp

2,992

151,485

Whitestone

REIT

6,180

90,043

World

Acceptance

Corp.

10,377

WSFS

Financial

Corp.

4,876

252,918

Xenia

Hotels

Resorts,

Inc.

REIT

19,118

224,828

80,884,138

Industrial

10.7%

spacing

908

Devices,

Inc.

2,859

12,808

AAR

Corp.

4,817

269,704

AerSale

Corp.

4,344

32,537

Air

Transport

Services

Group,

Inc.

9,939

223,031

Albany

International

Corp.

Class A

4,143

286,033

Allient,

Inc.

2,031

44,641

American

Woodmark

Corp.

2,305

135,603

AMMO,

Inc.

13,242

18,274

Apogee

Enterprises,

Inc.

2,572

119,161

Applied

Optoelectronics,

Inc.

7,801

119,745

Archer

Aviation,

Inc.

Class A *

2,602

18,500

Arcosa,

Inc.

8,301

640,173

Ardmore

Shipping

Corp.

(Ireland)

6,314

61,814

Arq,

Inc.

4,130

17,222

Aspen

Aerogels,

Inc.

7,681

49,082

Astec

Industries,

Inc.

3,445

118,680

Astronics

Corp.

4,637

112,076

AZZ,

Inc.

945

79,011

Bel

Fuse,

Inc.

Class A

250

18,015

Bel

Fuse,

Inc.

Class B

1,693

126,738

Belden,

Inc.

3,381

338,945

Benchmark

Electronics,

Inc.

6,348

241,414

Bloom

Energy

Corp.

Class A *

3,175

62,420

Boise

Cascade

Co.

3,792

371,957

Bridger

Aerospace

Group

Holdings,

Inc.

638

721

Caesarstone

Ltd.

2,220

5,395

ChargePoint

Holdings,

Inc.

26,496

16,030

Clearwater

Paper

Corp.

2,410

61,142

Columbus

McKinnon

Corp.

4,886

82,720

Concrete

Pumping

Holdings,

Inc.

3,208

17,516

Value

Core

Molding

Technologies,

Inc.

1,004

15,261

Costamare,

Inc.

(Monaco)

6,588

64,826

Covenant

Logistics

Group,

Inc.

2,022

44,888

CryoPort,

Inc.

1,101

6,694

CTS

Corp.

626

26,010

DHT

Holdings,

Inc.

20,628

216,594

Dorian

LPG

Ltd.

2,534

56,610

Ducommun,

Inc.

2,177

126,331

DXP

Enterprises,

Inc.

1,856

152,675

Eastern

Co.

614

15,546

Eastman

Kodak

Co.

10,395

65,696

EnerSys

711

65,113

Enpro,

Inc.

3,150

509,638

Enviri

Corp.

13,054

86,809

ESCO

Technologies,

Inc.

2,109

335,584

FARO

Technologies,

Inc.

3,054

83,374

FLEX

LNG

Ltd.

(Norway)

1,444

33,198

Fluor

Corp.

3,078

110,254

Forward

Air

Corp.

4,475

89,903

GATX

Corp.

5,781

897,616

Genco

Shipping

Trading

Ltd.

7,216

96,406

Gencor

Industries,

Inc.

724

8,804

Gibraltar

Industries,

Inc.

2,603

152,692

Golden

Ocean

Group

Ltd.

(Norway)

20,121

160,566

GoPro,

Inc.

Class A *

20,024

13,274

GrafTech

International

Ltd.

3,024

2,644

Granite

Construction,

Inc.

1,877

141,526

Great

Lakes

Dredge

Dock

Corp.

10,110

87,957

Greenbrier

Cos.,

Inc.

5,641

288,932

Greif,

Inc.

Class A

4,995

274,675

Greif,

Inc.

Class B

516

30,588

Heartland

Express,

Inc.

2,672

24,636

Helios

Technologies,

Inc.

1,671

53,622

Hillenbrand,

Inc.

8,492

204,997

Hillman

Solutions

Corp.

25,086

220,506

Hub

Group,

Inc.

Class A

11,070

411,472

Hyster-Yale,

Inc.

747

31,030

Ichor

Holdings

Ltd.

3,901

88,202

Insteel

Industries,

Inc.

926

24,354

International

Seaways,

Inc.

6,969

231,371

Intuitive

Machines,

Inc.

7,046

52,493

Itron,

Inc.

744

77,941

JBT

Marel

Corp.

7,189

878,496

JELD-WEN

Holding,

Inc.

9,151

54,631

Kennametal,

Inc.

14,696

313,025

Kimball

Electronics,

Inc.

3,208

52,772

Knowles

Corp.

12,988

197,418

Kratos

Defense

Security

Solutions,

Inc.

15,032

446,300

L.B.

Foster

Co.

Class A *

1,369

26,942

Latham

Group,

Inc.

6,544

42,078

Lindsay

Corp.

673

85,148

LSB

Industries,

Inc.

8,161

53,781

LSI

Industries,

Inc.

973

16,541

Luxfer

Holdings

PLC

(United

Kingdom)

3,989

47,310

Manitowoc

Co.,

Inc.

4,826

41,455

Marten

Transport

Ltd.

5,120

70,246

Masterbrand,

Inc.

20,363

265,941

Materion

Corp.

238

19,421

Matson,

Inc.

5,472

701,346

Mayville

Engineering

Co.,

Inc.

1,709

22,952

Mercury

Systems,

Inc.

8,919

384,320

Mesa

Laboratories,

Inc.

524

62,178

Metallus,

Inc.

6,602

88,203

MicroVision,

Inc.

15,089

18,710

330

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Mirion

Technologies,

Inc.

31,972

463,594

Mistras

Group,

Inc.

2,512

26,577

Mueller

Industries,

Inc.

1,512

115,124

NANO

Nuclear

Energy,

Inc.

2,930

77,528

National

Presto

Industries,

Inc.

726

63,823

Net

Power,

Inc.

3,216

8,458

NEXTracker,

Inc.

Class A *

6,155

259,372

Industries,

Inc.

1,156

9,132

nLight,

Inc.

6,295

48,912

NN,

Inc.

7,339

16,586

Nordic

American

Tankers

Ltd.

27,069

66,590

Northwest

Pipe

Co.

1,091

45,058

NV5

Global,

Inc.

6,660

128,338

O-I

Glass,

Inc.

25,460

292,026

Olympic

Steel,

Inc.

1,304

41,102

Orion

Group

Holdings,

Inc.

4,943

25,852

OSI

Systems,

Inc.

156

30,317

Pactiv

Evergreen,

Inc.

6,721

121,045

PAMT

Corp.

767

9,311

Pangaea

Logistics

Solutions

Ltd.

3,879

18,464

Park

Aerospace

Corp.

654

8,796

Park-Ohio

Holdings

Corp.

1,347

29,095

Plexus

Corp.

3,209

411,169

Primoris

Services

Corp.

1,146

65,792

Proficient

Auto

Logistics,

Inc.

1,329

11,124

Proto

Labs,

Inc.

4,264

149,411

Pure

Cycle

Corp.

1,056

11,056

PureCycle

Technologies,

Inc.

16,618

114,997

Radiant

Logistics,

Inc.

3,866

23,776

Ranpak

Holdings

Corp.

6,803

36,872

Redwire

Corp.

2,757

22,856

Ryerson

Holding

Corp.

4,605

105,731

Safe

Bulkers,

Inc.

(Monaco)

8,986

33,158

Sanmina

Corp.

8,922

679,678

Scorpio

Tankers,

Inc.

(Monaco)

7,805

293,312

SFL

Corp.

Ltd.

(Norway)

14,029

115,038

SmartRent,

Inc.

28,841

34,898

Smith

Wesson

Brands,

Inc.

6,842

63,767

Southland

Holdings,

Inc.

798

2,386

Standard

BioTools,

Inc.

35,049

37,853

Standex

International

Corp.

245

39,541

Stoneridge,

Inc.

3,696

16,965

Sturm

Ruger

Co.,

Inc.

1,170

45,969

Teekay

Corp.

Ltd.

(Bermuda)

7,810

51,312

Teekay

Tankers

Ltd.

Class A (Canada)

4,001

153,118

Tennant

Co.

1,741

138,845

Terex

Corp.

12,232

462,125

Thermon

Group

Holdings,

Inc.

4,409

122,791

Tredegar

Corp.

4,099

31,562

TriMas

Corp.

6,065

142,103

Trinity

Industries,

Inc.

1,828

51,294

Triumph

Group,

Inc.

12,792

324,149

TTM

Technologies,

Inc.

16,401

336,384

Turtle

Beach

Corp.

1,006

14,356

Tutor

Perini

Corp.

7,173

166,270

Twin

Disc,

Inc.

723

5,473

UFP

Industries,

Inc.

4,742

507,584

Ultralife

Corp.

736

3,960

Universal

Logistics

Holdings,

Inc.

748

19,628

Vicor

Corp.

1,555

72,743

Virgin

Galactic

Holdings,

Inc.

3,984

12,071

Vishay

Intertechnology,

Inc.

20,970

333,423

Werner

Enterprises,

Inc.

10,504

307,767

Willis

Lease

Finance

Corp.

463

73,140

Value

World

Kinect

Corp.

9,266

262,784

Worthington

Enterprises,

Inc.

1,148

57,503

Worthington

Steel,

Inc.

5,492

139,112

Zurn

Elkay

Water

Solutions

Corp.

1,846

60,881

21,342,457

Technology

2.9%

spacing

Systems

Corp.

20,224

42,875

ACM

Research,

Inc.

Class A *

2,744

64,045

Adeia,

Inc.

2,963

39,171

Alpha

Omega

Semiconductor

Ltd.

4,121

102,448

Ambarella,

Inc.

3,552

178,772

ASGN,

Inc.

6,258

394,379

Asure

Software,

Inc.

3,726

35,583

Bandwidth,

Inc.

Class A *

578

7,572

BigBear.ai

Holdings,

Inc.

3,572

10,216

Cantaloupe,

Inc.

537

4,226

Cerence,

Inc.

7,349

58,057

CEVA,

Inc.

419

10,731

Cohu,

Inc.

7,764

114,208

Commvault

Systems,

Inc.

492

77,618

Conduent,

Inc.

26,815

72,401

Consensus

Cloud

Solutions,

Inc.

2,932

67,671

Corsair

Gaming,

Inc.

5,874

52,044

Cricut,

Inc.

Class A

1,291

6,649

Disco,

Inc.

1,727

7,063

D-Wave

Quantum,

Inc.

(Canada)

13,182

100,183

Daily

Journal

Corp.

23,464

Definitive

Healthcare

Corp.

8,471

24,481

Diebold

Nixdorf,

Inc.

4,253

185,941

Digi

International,

Inc.

5,907

164,392

Digimarc

Corp.

254

3,256

Digital

Turbine,

Inc.

15,695

42,612

Diodes,

Inc.

7,080

305,644

Donnelley

Financial

Solutions,

Inc.

1,709

74,700

E2open

Parent

Holdings,

Inc.

32,342

64,684

EverCommerce,

Inc.

666

6,713

Everspin

Technologies,

Inc.

789

4,024

Fastly,

Inc.

Class A *

4,532

28,688

Grid

Dynamics

Holdings,

Inc.

3,435

53,758

Health

Catalyst,

Inc.

8,875

40,204

Verticals,

Inc.

Class A *

3,474

85,704

IBEX

Holdings

Ltd.

1,375

33,481

Immersion

Corp.

4,938

37,430

Integral

Science

Holding

Corp.

10,256

82,663

Life360,

Inc.

357

13,705

Logility

Supply

Chain

Solutions,

Inc.

Class A

5,873

83,749

MaxLinear,

Inc.

1,200

13,032

Meridianlink,

Inc.

1,975

36,597

Navitas

Semiconductor

Corp.

16,677

34,188

NCR

Voyix

Corp.

2,530

24,668

NetScout

Systems,

Inc.

12,603

264,789

Olo,

Inc.

Class A *

8,898

53,744

ON24,

Inc.

2,902

15,090

OneSpan,

Inc.

805

12,276

Ouster,

Inc.

6,233

55,972

Outbrain,

Inc.

6,900

25,737

Pagaya

Technologies

Ltd.

Class A *

5,730

60,050

PAR

Technology

Corp.

557

34,166

Penguin

Solutions,

Inc.

8,972

155,844

Photronics,

Inc.

6,559

136,165

Pitney

Bowes,

Inc.

9,592

86,808

Planet

Labs

PBC

35,044

118,449

Playstudios,

Inc.

15,356

19,502

331

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Rackspace

Technology,

Inc.

12,270

20,736

Rekor

Systems,

Inc.

1,494

1,325

Richardson

Electronics

Ltd.

1,150

12,834

Rigetti

Computing,

Inc.

31,157

246,763

Rimini

Street,

Inc.

7,251

25,234

Silvaco

Group,

Inc.

197

898

SolarWinds

Corp.

9,879

182,070

Synaptics,

Inc.

6,451

411,058

Telos

Corp.

8,670

20,635

TTEC

Holdings,

Inc.

4,553

14,979

Unisys

Corp.

11,293

51,835

V2X,

Inc.

2,503

122,772

Veeco

Instruments,

Inc.

1,481

29,738

Verint

Systems,

Inc.

10,753

191,941

Vimeo,

Inc.

23,694

124,630

Vishay

Precision

Group,

Inc.

1,041

25,078

Waystar

Holding

Corp.

4,742

177,161

Xerox

Holdings

Corp.

19,859

95,919

5,707,888

Utilities

5.8%

spacing

ALLETE,

Inc.

10,326

678,418

Altus

Power,

Inc.

11,319

56,029

Ameresco,

Inc.

Class A *

3,534

42,691

American

States

Water

Co.

2,629

206,850

Avista

Corp.

13,066

547,073

Black

Hills

Corp.

12,667

768,254

Brookfield

Infrastructure

Corp.

Class A (Canada)

20,364

736,973

California

Water

Service

Group

7,027

340,528

Chesapeake

Utilities

Corp.

3,960

508,583

Consolidated

Water

Co.

Ltd.

906

22,188

Genie

Energy

Ltd.

Class B

559

8,413

Hawaiian

Electric

Industries,

Inc.

28,339

310,312

MGE

Energy,

Inc.

3,458

321,456

Middlesex

Water

Co.

1,624

104,098

New

Jersey

Resources

Corp.

17,028

835,394

Northwest

Natural

Holding

Co.

6,913

295,323

Northwestern

Energy

Group,

Inc.

11,045

639,174

ONE

Gas,

Inc.

9,804

741,084

Ormat

Technologies,

Inc.

9,601

679,463

Otter

Tail

Corp.

3,833

308,058

Portland

General

Electric

Co.

18,143

809,178

SJW

Group

5,118

279,904

Southwest

Gas

Holdings,

Inc.

10,316

740,689

Spire,

Inc.

9,817

768,180

TXNM

Energy,

Inc.

15,058

805,302

Unitil

Corp.

1,744

100,611

York

Water

Co.

615

21,328

11,675,554

Total

Common

Stocks

(Cost

$215,324,371)

195,934,543

EXCHANGE-TRADED

FUNDS

1.8%

iShares

Russell

2000

Value

24,217

3,656,282

Total

Exchange-Traded

Funds

(Cost

$3,775,348)

3,656,282

Value

TOTAL

INVESTMENTS

99.7%

(Cost

$219,101,814)

199,594,744

DERIVATIVES

(0.0%)

(

17,161

)

OTHER

ASSETS

LIABILITIES,

NET

0.3%

650,618

NET

ASSETS

100.0%

200,228,201

332

PACIFIC

SELECT

FUND

SMALL-CAP

VALUE

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

investments with a

total

aggregate

value

$3,145

or less

than

0.1%

the

Fund’s

net

assets were

determined

valuation

committee

established

under

the

Valuation

Policy.

(b)

March

31,

2025,

restricted

securities

were

follows:

(c)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(d)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Issuer

and

Acquisition

Date

Cost

Value

Net

Assets

Scilex

Holding

Co.

Acq

03/05/21

$67,114

$1,591

0.0%

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

CME

E-Mini

Russell

2000

Index

06/25

746,917

729,756

(

17,161

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

3,723

–

578

3,145

Warrants

196

–

196

–

Common

Stocks

Basic

Materials

6,057,611

–

Communications

7,730,824

–

Consumer,

Cyclical

21,652,042

–

Consumer,

Non-Cyclical

27,731,172

27,729,581

1,591

–

Energy

13,152,857

–

Financial

80,884,138

–

Industrial

21,342,457

–

Technology

5,707,888

–

Utilities

11,675,554

–

Total

Common

Stocks

195,934,543

195,932,952

1,591

–

Exchange-Traded

Funds

3,656,282

–

Total

Assets

199,594,744

199,589,234

2,365

3,145

Liabilities

Derivatives:

Equity

Contracts

Futures

(

17,161

)

(

17,161

)

–

Total

Liabilities

(

17,161

)

(

17,161

)

–

Total

199,577,583

199,572,073

2,365

3,145

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

333

See

Supplemental

Notes

Schedules

Investments

Value

RIGHTS

0.0%

Brazil

-0.0%

Itausa

SA,

Exp 04/11/25

302

158

Total

Rights

(Cost

$0)

158

PREFERRED

STOCKS

1.6%

Brazil

1.1%

spacing

Banco

Bradesco

20,490

45,494

Centrais

Eletricas

Brasileiras

Class B

500

3,892

Cia

Energetica

Minas

Gerais

6,758

12,151

Cia

Paranaense

Energia

Copel

Class B

4,000

7,297

Gerdau

5,022

14,239

Itau

Unibanco

Holding

19,350

106,508

Itausa

21,046

34,853

Petroleo

Brasileiro

15,700

102,237

326,671

Chile

0.1%

spacing

Sociedad

Quimica

Minera

Chile

Class B

532

21,186

Colombia

0.0%

spacing

Bancolombia

1,674

16,868

Russia

0.0%

spacing

Surgutneftegas

PAO

* ± Ω

44,600

–

South

Korea

0.4%

spacing

Hyundai

Motor

Co.

213

21,553

Samsung

Electronics

Co.

Ltd.

2,990

96,779

118,332

Total

Preferred

Stocks

(Cost

$540,700)

483,057

COMMON

STOCKS

95.7%

Brazil

3.1%

spacing

Ambev

17,000

40,218

Brasil

Bolsa

Balcao

19,900

42,336

Banco

Bradesco

4,900

9,746

Banco

BTG

Pactual

4,300

25,394

Banco

Brasil

6,200

30,628

Seguridade

Participacoes

2,400

16,949

BRF

1,900

6,553

Caixa

Seguridade

Participacoes

2,000

5,226

CCR

3,900

7,955

Centrais

Eletricas

Brasileiras

4,700

33,596

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP

1,700

30,387

CPFL

Energia

800

5,285

Embraer

2,600

29,957

Energisa

1,100

7,711

Engie

Brasil

Energia

700

4,735

Equatorial

Energia

4,371

24,511

Klabin

2,960

9,679

Localiza

Rent

Car

3,431

20,196

Natura

Co.

Holding

3,500

6,127

Holdings

Ltd.

Class A *

11,709

119,900

Value

Petroleo

Brasileiro

14,400

103,008

PRIO

3,000

20,924

Raia

Drogasil

4,824

16,104

Rede

D'Or

Sao

Luiz

2,940

14,529

Rumo

4,800

13,643

Suzano

2,500

23,193

Telefonica

Brasil

1,500

13,098

TIM

3,200

10,094

TOTVS

2,000

11,695

Ultrapar

Participacoes

2,500

7,496

Vale

13,253

131,683

Vibra

Energia

3,726

11,609

WEG

6,300

49,990

XP,

Inc.

Class A

1,381

18,989

923,144

Chile

0.4%

spacing

Banco

Chile

165,228

21,851

Banco

Credito

Inversiones

337

12,454

Banco

Santander

Chile

257,224

14,636

Cencosud

4,628

14,134

Empresas

CMPC

3,932

6,460

Empresas

Copec

1,386

9,560

Enel

Americas

75,069

7,305

Enel

Chile

105,187

6,917

Falabella

2,193

9,146

Latam

Airlines

Group

782,419

12,255

114,718

China

30.4%

spacing

360

Security

Technology,

Inc.

Class A

1,700

2,437

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.

Class A

700

1,439

AAC

Technologies

Holdings,

Inc.

3,000

18,304

Accelink

Technologies

Co.

Ltd.

Class A

200

1,278

ACM

Research

Shanghai,

Inc.

Class A

775

Advanced

Micro-Fabrication

Equipment,

Inc.

China

Class A

150

3,827

AECC

Aero-Engine

Control

Co.

Ltd.

Class A

300

792

AECC

Aviation

Power

Co.

Ltd.

Class A

700

3,501

Agricultural

Bank

China

Ltd.

Class A

16,900

12,080

Agricultural

Bank

China

Ltd.

Class H

103,000

62,029

Aier

Eye

Hospital

Group

Co.

Ltd.

Class A

2,036

3,731

Air

China

Ltd.

Class A *

2,500

2,455

Airtac

International

Group

232

5,892

Akeso,

Inc.

* ~

2,000

19,707

Alibaba

Group

Holding

Ltd.

59,120

978,198

Alibaba

Health

Information

Technology

Ltd.

22,000

13,386

Aluminum

Corp.

China

Ltd.

Class A

2,300

2,374

Aluminum

Corp.

China

Ltd.

Class H

16,000

10,037

Amlogic

Shanghai

Co.

Ltd.

Class A *

110

1,271

Angel

Yeast

Co.

Ltd.

Class A

300

1,430

Anhui

Conch

Cement

Co.

Ltd.

Class A

1,000

3,347

Anhui

Conch

Cement

Co.

Ltd.

Class H

4,000

11,313

Anhui

Gujing

Distillery

Co.

Ltd.

Class A

100

2,347

Anhui

Gujing

Distillery

Co.

Ltd.

Class B

400

6,301

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.

Class A

600

2,993

Anhui

Yingjia

Distillery

Co.

Ltd.

Class A

200

1,495

Anker

Innovations

Technology

Co.

Ltd.

Class A

190

2,705

ANTA

Sports

Products

Ltd.

4,600

50,577

Autohome,

Inc.

ADR

243

6,736

Avary

Holding

Shenzhen

Co.

Ltd.

Class A

600

3,017

334

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

AviChina

Industry

Technology

Co.

Ltd.

Class H

10,000

5,039

Avicopter

PLC

Class A

200

1,010

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.

Class A *

1,300

1,547

Baidu,

Inc.

Class A *

8,384

96,769

Bank

Beijing

Co.

Ltd.

Class A

4,100

3,416

Bank

Changsha

Co.

Ltd.

Class A

700

888

Bank

Chengdu

Co.

Ltd.

Class A

1,000

2,374

Bank

China

Ltd.

Class A

6,000

4,635

Bank

China

Ltd.

Class H

262,000

158,236

Bank

Communications

Co.

Ltd.

Class A

6,900

7,094

Bank

Communications

Co.

Ltd.

Class H

34,000

30,383

Bank

Hangzhou

Co.

Ltd.

Class A

1,200

2,392

Bank

Jiangsu

Co.

Ltd.

Class A

4,080

5,354

Bank

Nanjing

Co.

Ltd.

Class A

2,200

3,135

Bank

Ningbo

Co.

Ltd.

Class A

1,410

5,023

Bank

Shanghai

Co.

Ltd.

Class A

2,900

3,944

Bank

Suzhou

Co.

Ltd.

Class A

700

761

Baoshan

Iron

Steel

Co.

Ltd.

Class A

4,500

4,464

BeiGene

Ltd.

2,789

58,990

Beijing

Enterprises

Holdings

Ltd.

2,000

7,573

Beijing

Enterprises

Water

Group

Ltd.

14,000

4,041

Beijing

Kingsoft

Office

Software,

Inc.

Class A

104

4,320

Beijing

New

Building

Materials

PLC

Class A

400

1,607

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

Class A

300

564

Beijing

Roborock

Technology

Co.

Ltd.

Class A

1,411

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.

Class A

10,200

7,835

Beijing

Tiantan

Biological

Products

Corp.

Ltd.

Class A

600

1,680

Beijing

Tong

Ren

Tang

Co.

Ltd.

Class A

300

1,513

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.

Class A

292

2,581

Beijing

Yanjing

Brewery

Co.

Ltd.

Class A

600

1,014

Bethel

Automotive

Safety

Systems

Co.

Ltd.

Class A

120

1,039

Bilibili,

Inc.

Class Z *

862

16,530

BOC

Aviation

Ltd.

700

5,469

BOC

International

China

Co.

Ltd.

Class A

600

865

BOE

Technology

Group

Co.

Ltd.

Class A

8,700

4,981

Bosideng

International

Holdings

Ltd.

18,000

9,236

BYD

Co.

Ltd.

Class A

500

25,986

BYD

Co.

Ltd.

Class H

4,500

227,864

BYD

Electronic

International

Co.

Ltd.

3,000

15,642

C&D

International

Investment

Group

Ltd.

2,617

5,471

Caitong

Securities

Co.

Ltd.

Class A

1,050

1,131

Cambricon

Technologies

Corp.

Ltd.

Class A *

8,395

Capital

Securities

Co.

Ltd.

Class A

500

1,476

CCOOP

Group

Co.

Ltd.

Class A *

4,300

1,588

CGN

Power

Co.

Ltd.

Class A

2,100

1,052

CGN

Power

Co.

Ltd.

Class H ~

43,000

13,463

Changchun

High-Tech

Industry

Group

Co.

Ltd.

Class A

100

1,350

Changjiang

Securities

Co.

Ltd.

Class A

1,300

1,139

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.

Class A

1,427

Chaozhou

Three-Circle

Group

Co.

Ltd.

Class A

500

2,735

Chifeng

Jilong

Gold

Mining

Co.

Ltd.

Class A

400

1,272

Value

China

CITIC

Bank

Corp.

Ltd.

Class H

32,000

25,101

China

Coal

Energy

Co.

Ltd.

Class H

8,000

8,166

China

Communications

Services

Corp.

Ltd.

Class H

10,000

5,473

China

Construction

Bank

Corp.

Class A

1,300

1,583

China

Construction

Bank

Corp.

Class H

352,000

311,930

China

CSSC

Holdings

Ltd.

Class A

1,100

4,633

China

Eastern

Airlines

Corp.

Ltd.

Class A *

2,900

1,453

China

Energy

Engineering

Corp.

Ltd.

Class A

6,400

2,005

China

Everbright

Bank

Co.

Ltd.

Class A

10,100

5,271

China

Everbright

Bank

Co.

Ltd.

Class H

11,000

4,484

China

Feihe

Ltd.

13,000

9,809

China

Galaxy

Securities

Co.

Ltd.

Class A

1,700

3,889

China

Galaxy

Securities

Co.

Ltd.

Class H

13,000

13,045

China

Gas

Holdings

Ltd.

10,000

9,118

China

Great

Wall

Securities

Co.

Ltd.

Class A

900

1,001

China

Greatwall

Technology

Group

Co.

Ltd.

Class A *

800

1,554

China

Hongqiao

Group

Ltd.

10,500

21,721

China

International

Capital

Corp.

Ltd.

Class A

900

4,278

China

International

Capital

Corp.

Ltd.

Class H ~

5,200

9,777

China

Jushi

Co.

Ltd.

Class A

701

1,247

China

Life

Insurance

Co.

Ltd.

Class H

29,000

56,057

China

Literature

Ltd.

* ~

1,600

5,331

China

Longyuan

Power

Group

Corp.

Ltd.

Class H

12,000

9,629

China

Mengniu

Dairy

Co.

Ltd.

12,000

29,639

China

Merchants

Bank

Co.

Ltd.

Class A

3,200

19,114

China

Merchants

Bank

Co.

Ltd.

Class H

15,500

91,899

China

Merchants

Energy

Shipping

Co.

Ltd.

Class A

1,100

989

China

Merchants

Expressway

Network

Technology

Holdings

Co.

Ltd.

Class A

1,400

2,556

China

Merchants

Port

Holdings

Co.

Ltd.

4,797

8,248

China

Merchants

Securities

Co.

Ltd.

Class A

1,600

3,918

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.

Class A

2,100

2,655

China

Minsheng

Banking

Corp.

Ltd.

Class A

7,300

3,934

China

Minsheng

Banking

Corp.

Ltd.

Class H

24,000

10,822

China

National

Building

Material

Co.

Ltd.

Class H

14,000

7,225

China

National

Chemical

Engineering

Co.

Ltd.

Class A

700

694

China

National

Nuclear

Power

Co.

Ltd.

Class A

4,800

6,101

China

National

Software

Service

Co.

Ltd.

Class A *

270

1,615

China

Northern

Rare

Earth

Group

High-

Tech

Co.

Ltd.

Class A

900

2,816

China

Oilfield

Services

Ltd.

Class H

6,000

4,964

China

Overseas

Land

Investment

Ltd.

14,000

25,059

China

Pacific

Insurance

Group

Co.

Ltd.

Class A

1,600

7,102

China

Pacific

Insurance

Group

Co.

Ltd.

Class H

9,400

29,615

China

Petroleum

Chemical

Corp.

Class A

10,700

8,461

China

Petroleum

Chemical

Corp.

Class H

84,000

44,319

China

Power

International

Development

Ltd.

16,108

6,075

China

Railway

Group

Ltd.

Class A

3,600

2,747

China

Railway

Group

Ltd.

Class H

16,000

7,078

China

Railway

Signal

Communication

Corp.

Ltd.

Class A

1,725

1,339

335

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

China

Rare

Earth

Resources

Technology

Co.

Ltd.

Class A

300

1,311

China

Resources

Beer

Holdings

Co.

Ltd.

6,000

21,681

China

Resources

Gas

Group

Ltd.

3,500

10,442

China

Resources

Land

Ltd.

11,500

38,148

China

Resources

Microelectronics

Ltd.

Class A

273

1,690

China

Resources

Mixc

Lifestyle

Services

Ltd.

2,600

11,499

China

Resources

Pharmaceutical

Group

Ltd.

6,500

4,226

China

Resources

Power

Holdings

Co.

Ltd.

8,000

19,031

China

Resources

Sanjiu

Medical

Pharmaceutical

Co.

Ltd.

Class A

280

1,626

China

Ruyi

Holdings

Ltd.

24,000

7,379

China

Shenhua

Energy

Co.

Ltd.

Class A

1,400

7,408

China

Shenhua

Energy

Co.

Ltd.

Class H

12,500

50,709

China

Southern

Airlines

Co.

Ltd.

Class A *

2,100

1,642

China

State

Construction

Engineering

Corp.

Ltd.

Class A

8,500

6,172

China

State

Construction

International

Holdings

Ltd.

8,000

10,355

China

Taiping

Insurance

Holdings

Co.

Ltd.

5,200

7,917

China

Three

Gorges

Renewables

Group

Co.

Ltd.

Class A

6,500

3,792

China

Tourism

Group

Duty

Free

Corp.

Ltd.

Class A

444

3,688

China

Tower

Corp.

Ltd.

Class H ~

16,000

21,553

China

United

Network

Communications

Ltd.

Class A

7,600

5,835

China

Vanke

Co.

Ltd.

Class A *

2,500

2,431

China

Vanke

Co.

Ltd.

Class H *

8,000

5,702

China

Electric

Co.

Ltd.

Class A

1,200

1,099

China

Yangtze

Power

Co.

Ltd.

Class A

5,400

20,709

China

Zheshang

Bank

Co.

Ltd.

Class A

2,980

1,210

Chongqing

Brewery

Co.

Ltd.

Class A

100

807

Chongqing

Changan

Automobile

Co.

Ltd.

Class A

1,996

3,600

Chongqing

Rural

Commercial

Bank

Co.

Ltd.

Class A

2,000

1,677

Chongqing

Zhifei

Biological

Products

Co.

Ltd.

Class A

600

2,011

Chow

Tai

Fook

Jewellery

Group

Ltd.

7,000

7,931

CITIC

Ltd.

15,000

18,514

Citic

Pacific

Special

Steel

Group

Co.

Ltd.

Class A

600

1,022

CITIC

Securities

Co.

Ltd.

Class A

3,180

11,615

CITIC

Securities

Co.

Ltd.

Class H

5,075

13,302

CMOC

Group

Ltd.

Class A

3,600

3,796

CMOC

Group

Ltd.

Class H

15,000

12,399

CNGR

Advanced

Material

Co.

Ltd.

Class A

220

1,069

CNPC

Capital

Co.

Ltd.

Class A

2,000

1,760

Contemporary

Amperex

Technology

Co.

Ltd.

Class A

960

33,600

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.

Class A

900

1,392

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.

Class H

4,000

3,238

COSCO

SHIPPING

Holdings

Co.

Ltd.

Class A

4,110

8,260

COSCO

SHIPPING

Holdings

Co.

Ltd.

Class H

8,900

14,043

CRRC

Corp.

Ltd.

Class A

6,400

6,235

CRRC

Corp.

Ltd.

Class H

15,000

9,358

CSC

Financial

Co.

Ltd.

Class A

900

2,999

Value

CSI

Solar

Co.

Ltd.

Class A

795

1,066

CSPC

Innovation

Pharmaceutical

Co.

Ltd.

Class A

360

1,856

CSPC

Pharmaceutical

Group

Ltd.

30,000

19,067

Daqin

Railway

Co.

Ltd.

Class A

3,900

3,516

Datang

International

Power

Generation

Co.

Ltd.

Class A

1,500

611

Dong-E-E-Jiao

Co.

Ltd.

Class A

100

834

Dongfang

Electric

Corp.

Ltd.

Class A

700

1,447

Dongxing

Securities

Co.

Ltd.

Class A

800

1,268

East

Money

Information

Co.

Ltd.

Class A

3,476

10,839

Eastroc

Beverage

Group

Co.

Ltd.

Class A

3,092

Ecovacs

Robotics

Co.

Ltd.

Class A

200

1,698

Empyrean

Technology

Co.

Ltd.

Class A

100

1,597

ENN

Energy

Holdings

Ltd.

3,100

25,622

ENN

Natural

Gas

Co.

Ltd.

Class A

500

1,351

Eoptolink

Technology,

Inc.

Ltd.

Class A

200

2,769

Eve

Energy

Co.

Ltd.

Class A

500

3,256

Everbright

Securities

Co.

Ltd.

Class A

900

2,118

Everdisplay

Optronics

Shanghai

Co.

Ltd.

Class A *

2,898

876

Far

East

Horizon

Ltd.

6,000

4,912

FAW

Jiefang

Group

Co.

Ltd.

Class A

900

1,005

Flat

Glass

Group

Co.

Ltd.

Class A

500

1,226

Focus

Media

Information

Technology

Co.

Ltd.

Class A

3,200

3,101

Foshan

Haitian

Flavouring

Food

Co.

Ltd.

Class A

988

5,535

Fosun

International

Ltd.

9,000

4,827

Founder

Securities

Co.

Ltd.

Class A

2,000

2,154

Foxconn

Industrial

Internet

Co.

Ltd.

Class A

3,100

8,657

Fuyao

Glass

Industry

Group

Co.

Ltd.

Class A

400

3,228

Fuyao

Glass

Industry

Group

Co.

Ltd.

Class H ~

2,400

17,170

GalaxyCore,

Inc.

Class A

600

1,243

Ganfeng

Lithium

Group

Co.

Ltd.

Class A

360

1,683

GCL

Technology

Holdings

Ltd.

91,000

11,501

Power

Development

Co.

Ltd.

Class A

4,100

2,511

Geely

Automobile

Holdings

Ltd.

22,000

47,225

GEM

Co.

Ltd.

Class A

1,400

1,258

Genscript

Biotech

Corp.

4,000

6,356

Securities

Co.

Ltd.

Class A

1,200

2,665

Giant

Biogene

Holding

Co.

Ltd.

1,200

10,912

GigaDevice

Semiconductor,

Inc.

Class A *

180

2,914

GoerTek,

Inc.

Class A

800

2,892

Goldwind

Science

Technology

Co.

Ltd.

Class A

800

980

Goneo

Group

Co.

Ltd.

Class A

235

2,334

Gotion

High-tech

Co.

Ltd.

Class A

500

1,505

Great

Wall

Motor

Co.

Ltd.

Class A

700

2,523

Great

Wall

Motor

Co.

Ltd.

Class H

8,500

14,907

Gree

Electric

Appliances,

Inc.

Zhuhai

Class A

600

3,760

GRG

Banking

Equipment

Co.

Ltd.

Class A

600

1,098

Guangdong

Haid

Group

Co.

Ltd.

Class A

400

2,759

Guangdong

Investment

Ltd.

12,000

8,835

Guanghui

Energy

Co.

Ltd.

Class A

300

252

Guangzhou

Automobile

Group

Co.

Ltd.

Class A

1,500

1,760

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

Class A

100

365

Guangzhou

Haige

Communications

Group,

Inc.

Co.

Class A

600

925

336

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.

Class A

460

1,183

Guolian

Minsheng

Securities

Co.

Ltd.

Class A

900

1,277

Guosen

Securities

Co.

Ltd.

Class A

1,200

1,699

Guotai

Junan

Securities

Co.

Ltd.

Class A

2,926

6,943

Guotai

Junan

Securities

Co.

Ltd.

Class H ~

7,848

11,412

Guoyuan

Securities

Co.

Ltd.

Class A

1,000

1,072

World

Group

Ltd.

ADR

756

27,980

Haidilao

International

Holding

Ltd.

6,000

13,532

Haier

Smart

Home

Co.

Ltd.

Class A

1,500

5,663

Haier

Smart

Home

Co.

Ltd.

Class H

8,800

28,367

Hainan

Airlines

Holding

Co.

Ltd.

Class A *

9,300

1,787

Hainan

Airport

Infrastructure

Co.

Ltd.

Class A *

2,200

1,099

Haitian

International

Holdings

Ltd.

3,000

7,969

Hangzhou

First

Applied

Material

Co.

Ltd.

Class A

706

1,371

Hangzhou

GreatStar

Industrial

Co.

Ltd.

Class A

200

820

Hangzhou

Silan

Microelectronics

Co.

Ltd.

Class A *

400

1,338

Hangzhou

Tigermed

Consulting

Co.

Ltd.

Class A

100

701

Hansoh

Pharmaceutical

Group

Co.

Ltd.

4,000

12,589

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.

Class A

200

621

Henan

Shenhuo

Coal

Industry

Electricity

Power

Co.

Ltd.

Class A

500

1,297

Henan

Shuanghui

Investment

Development

Co.

Ltd.

Class A

670

2,492

Hengan

International

Group

Co.

Ltd.

2,000

5,590

Hengli

Petrochemical

Co.

Ltd.

Class A

1,400

2,968

Hengtong

Optic-electric

Co.

Ltd.

Class A

600

1,381

Hisense

Home

Appliances

Group

Co.

Ltd.

Class A

200

819

Hisense

Home

Appliances

Group

Co.

Ltd.

Class H

1,000

3,355

Hithink

RoyalFlush

Information

Network

Co.

Ltd.

Class A

100

3,935

HLA

Group

Corp.

Ltd.

Class A

1,100

1,201

Hoshine

Silicon

Industry

Co.

Ltd.

Class A

200

1,513

Hua

Hong

Semiconductor

Ltd.

3,000

12,102

Huadian

Power

International

Corp.

Ltd.

Class A

2,000

1,585

Huadong

Medicine

Co.

Ltd.

Class A

300

1,517

Huafon

Chemical

Co.

Ltd.

Class A

1,200

1,287

Huagong

Tech

Co.

Ltd.

Class A

300

1,711

Huaibei

Mining

Holdings

Co.

Ltd.

Class A

600

1,081

Hualan

Biological

Engineering,

Inc.

Class A

400

857

Huaneng

Lancang

River

Hydropower,

Inc.

Class A

1,100

1,390

Huaneng

Power

International,

Inc.

Class A

1,500

1,432

Huaneng

Power

International,

Inc.

Class H

16,000

9,282

Huaqin

Technology

Co.

Ltd.

Class A

200

2,216

Huatai

Securities

Co.

Ltd.

Class A

1,700

3,881

Huatai

Securities

Co.

Ltd.

Class H ~

4,600

7,417

Huaxia

Bank

Co.

Ltd.

Class A

2,300

2,486

Huayu

Automotive

Systems

Co.

Ltd.

Class A

700

1,749

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.

Class A

200

767

Huizhou

Desay

Automotive

Co.

Ltd.

Class A

100

1,563

Humanwell

Healthcare

Group

Co.

Ltd.

Class A

400

1,136

Value

Hunan

Valin

Steel

Co.

Ltd.

Class A

1,600

1,098

Hundsun

Technologies,

Inc.

Class A

476

1,849

Hwatsing

Technology

Co.

Ltd.

Class A

1,464

Hygon

Information

Technology

Co.

Ltd.

Class A

547

10,729

IEIT

Systems

Co.

Ltd.

Class A

400

2,973

Iflytek

Co.

Ltd.

Class A

600

3,954

Imeik

Technology

Development

Co.

Ltd.

Class A

985

Industrial

Commercial

Bank

China

Ltd.

Class A

14,200

13,499

Industrial

Commercial

Bank

China

Ltd.

Class H

253,000

180,536

Industrial

Bank

Co.

Ltd.

Class A

4,361

13,014

Industrial

Securities

Co.

Ltd.

Class A

1,760

1,429

Ingenic

Semiconductor

Co.

Ltd.

Class A

100

993

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.

Class A *

10,200

2,518

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.

Class A

300

797

Inner

Mongolia

Junzheng

Energy

Chemical

Industry

Group

Co.

Ltd.

Class A

2,000

1,510

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.

Class A

1,400

5,421

Inner

Mongolia

Yitai

Coal

Co.

Ltd.

Class B

3,900

8,499

Innovent

Biologics,

Inc.

* ~

4,500

27,076

Isoftstone

Information

Technology

Group

Co.

Ltd.

Class A

200

1,589

Solar

Technology

Co.

Ltd.

Class A

856

1,362

JCET

Group

Co.

Ltd.

Class A

400

1,941

JCHX

Mining

Management

Co.

Ltd.

Class A

200

1,098

Health

International,

Inc.

* ~

4,150

17,721

Logistics,

Inc.

* ~

7,400

11,958

JD.com,

Inc.

Class A

8,925

183,601

Jiangsu

Eastern

Shenghong

Co.

Ltd.

Class A

1,500

1,715

Jiangsu

Expressway

Co.

Ltd.

Class H

4,000

4,750

Jiangsu

Hengli

Hydraulic

Co.

Ltd.

Class A

300

3,304

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

Class A

1,400

9,479

Jiangsu

Hoperun

Software

Co.

Ltd.

Class A *

200

1,441

Jiangsu

King's

Luck

Brewery

JSC

Ltd.

Class A

300

2,188

Jiangsu

Phoenix

Publishing

Media

Corp.

Ltd.

Class A

600

909

Jiangsu

Yanghe

Distillery

Co.

Ltd.

Class A

300

3,155

Jiangsu

Yoke

Technology

Co.

Ltd.

Class A

100

858

Jiangsu

Yuyue

Medical

Equipment

Supply

Co.

Ltd.

Class A

300

1,442

Jiangsu

Zhongtian

Technology

Co.

Ltd.

Class A

800

1,609

Jiangxi

Copper

Co.

Ltd.

Class A

1,100

3,508

Jiangxi

Copper

Co.

Ltd.

Class H

3,000

5,279

Jinduicheng

Molybdenum

Co.

Ltd.

Class A

700

1,022

Jinko

Solar

Co.

Ltd.

Class A

2,105

1,884

Juneyao

Airlines

Co.

Ltd.

Class A

500

904

Kanzhun

Ltd.

ADR

969

18,576

Holdings,

Inc.

ADR

2,542

51,069

Kingdee

International

Software

Group

Co.

Ltd.

11,000

18,726

Kingsoft

Corp.

Ltd.

3,400

16,558

Kuaishou

Technology

* ~

9,800

68,723

Kuang-Chi

Technologies

Co.

Ltd.

Class A

500

2,617

Kunlun

Energy

Co.

Ltd.

14,000

13,680

337

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Kunlun

Tech

Co.

Ltd.

Class A

300

1,426

Kweichow

Moutai

Co.

Ltd.

Class A

300

64,617

Group

Co.

Ltd.

Class A

600

1,474

Lenovo

Group

Ltd.

30,000

40,769

Lens

Technology

Co.

Ltd.

Class A

1,200

4,207

Auto,

Inc.

Class A *

4,546

57,290

Ning

Co.

Ltd.

8,500

17,446

Liaoning

Port

Co.

Ltd.

Class A

4,300

883

Lingyi

iTech

Guangdong

Co.

Class A

1,700

2,135

Longfor

Group

Holdings

Ltd.

7,779

9,843

LONGi

Green

Energy

Technology

Co.

Ltd.

Class A

1,702

3,722

Loongson

Technology

Corp.

Ltd.

Class A *

1,483

Luxshare

Precision

Industry

Co.

Ltd.

Class A

1,700

9,618

Luzhou

Laojiao

Co.

Ltd.

Class A

300

5,372

Mango

Excellent

Media

Co.

Ltd.

Class A

400

1,526

Maxscend

Microelectronics

Co.

Ltd.

Class A

180

1,999

Meihua

Holdings

Group

Co.

Ltd.

Class A

700

999

Meituan

Class B * ~

17,990

362,003

Metallurgical

Corp.

China

Ltd.

Class A

1,800

750

Midea

Group

Co.

Ltd.

1,100

11,152

Midea

Group

Co.

Ltd.

Class A

700

7,580

MINISO

Group

Holding

Ltd.

1,728

7,965

MMG

Ltd.

16,000

5,521

Montage

Technology

Co.

Ltd.

Class A

285

3,091

Muyuan

Foods

Co.

Ltd.

Class A

1,160

6,199

Nanjing

Iron

Steel

Co.

Ltd.

Class A

1,300

827

Nanjing

Securities

Co.

Ltd.

Class A

800

906

NARI

Technology

Co.

Ltd.

Class A

2,058

6,216

National

Silicon

Industry

Group

Co.

Ltd.

Class A

696

1,789

NAURA

Technology

Group

Co.

Ltd.

Class A

100

5,764

NetEase,

Inc.

7,105

145,955

New

China

Life

Insurance

Co.

Ltd.

Class A

500

3,555

New

China

Life

Insurance

Co.

Ltd.

Class H

3,300

12,617

New

Hope

Liuhe

Co.

Ltd.

Class A *

1,100

1,405

New

Oriental

Education

Technology

Group,

Inc.

5,400

25,687

Nexchip

Semiconductor

Corp.

Class A *

473

1,427

Ninestar

Corp.

Class A *

300

1,005

Ningbo

Deye

Technology

Co.

Ltd.

Class A

136

1,717

Ningbo

Orient

Wires

Cables

Co.

Ltd.

Class A

200

1,349

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.

Class A

300

1,223

Ningbo

Tuopu

Group

Co.

Ltd.

Class A

450

3,638

Ningxia

Baofeng

Energy

Group

Co.

Ltd.

Class A

1,700

3,407

NIO,

Inc.

Class A *

5,370

20,330

Nongfu

Spring

Co.

Ltd.

Class H ~

7,400

32,102

OFILM

Group

Co.

Ltd.

Class A *

800

1,351

Oppein

Home

Group,

Inc.

Class A

100

861

Orient

Securities

Co.

Ltd.

Class A

1,692

2,206

Pangang

Group

Vanadium

Titanium

Resources

Co.

Ltd.

Class A *

2,100

820

PDD

Holdings,

Inc.

ADR

2,540

300,609

People's

Insurance

Co.

Group

China

Ltd.

Class H

34,000

17,612

PetroChina

Co.

Ltd.

Class A

5,600

6,360

PetroChina

Co.

Ltd.

Class H

78,000

63,239

Pharmaron

Beijing

Co.

Ltd.

Class A

350

1,300

PICC

Property

Casualty

Co.

Ltd.

Class H

26,000

48,144

Ping

Bank

Co.

Ltd.

Class A

4,000

6,214

Value

Ping

Insurance

Group

Co.

China

Ltd.

Class A

1,200

8,550

Ping

Insurance

Group

Co.

China

Ltd.

Class H

25,500

152,208

Piotech,

Inc.

Class A

1,591

Poly

Developments

Holdings

Group

Co.

Ltd.

Class A

2,700

3,075

Pop

Mart

International

Group

Ltd.

2,000

40,421

Postal

Savings

Bank

China

Co.

Ltd.

Class A

8,700

6,254

Postal

Savings

Bank

China

Co.

Ltd.

Class H ~

30,000

18,564

Power

Construction

Corp.

China

Ltd.

Class A

2,500

1,653

Qifu

Technology,

Inc.

ADR

432

19,401

Qinghai

Salt

Lake

Industry

Co.

Ltd.

Class A *

1,300

2,966

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

Class A

300

2,361

Rockchip

Electronics

Co.

Ltd.

Class A

100

2,410

Rongsheng

Petrochemical

Co.

Ltd.

Class A

2,197

2,609

SAIC

Motor

Corp.

Ltd.

Class A

1,800

3,934

Sailun

Group

Co.

Ltd.

Class A

800

1,595

Sanan

Optoelectronics

Co.

Ltd.

Class A

1,200

1,973

Sany

Heavy

Industry

Co.

Ltd.

Class A

1,900

5,008

Satellite

Chemical

Co.

Ltd.

Class A

898

2,846

SDIC

Capital

Co.

Ltd.

Class A

1,400

1,367

SDIC

Power

Holdings

Co.

Ltd.

Class A

1,700

3,383

Seres

Group

Co.

Ltd.

Class A

400

6,978

Holding

Co.

Ltd.

Class A

1,000

5,945

Micro

Corp.

Class A

117

1,414

Shaanxi

Coal

Industry

Co.

Ltd.

Class A

2,100

5,741

Shandong

Gold

Mining

Co.

Ltd.

Class A

900

3,355

Shandong

Gold

Mining

Co.

Ltd.

Class H ~

2,750

6,567

Shandong

Himile

Mechanical

Science

Technology

Co.

Ltd.

Class A

200

1,634

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.

Class A

510

1,556

Shandong

Linglong

Tyre

Co.

Ltd.

Class A

300

736

Shandong

Nanshan

Aluminum

Co.

Ltd.

Class A

2,600

1,369

Shandong

Sun

Paper

Industry

JSC

Ltd.

Class A

700

1,420

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.

Class H

9,200

7,046

Shanghai

Baosight

Software

Co.

Ltd.

Class A

647

2,733

Shanghai

Baosight

Software

Co.

Ltd.

Class B

2,562

4,556

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.

Class A

1,259

Shanghai

Electric

Group

Co.

Ltd.

Class A *

3,000

3,179

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.

Class A

400

1,370

Shanghai

International

Airport

Co.

Ltd.

Class A

100

446

Shanghai

M&G

Stationery,

Inc.

Class A

200

843

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.

Class H

3,200

4,606

Shanghai

Pudong

Development

Bank

Co.

Ltd.

Class A

6,036

8,677

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.

Class A

539

1,365

Shanghai

RAAS

Blood

Products

Co.

Ltd.

Class A

1,500

1,421

338

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Shanghai

Rural

Commercial

Bank

Co.

Ltd.

Class A

1,900

2,186

Shanghai

United

Imaging

Healthcare

Co.

Ltd.

Class A

193

3,241

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.

Class A

400

1,374

Shanjin

International

Gold

Co.

Ltd.

Class A

700

1,867

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.

Class A

240

7,093

Shenergy

Co.

Ltd.

Class A

1,100

1,352

Shengyi

Technology

Co.

Ltd.

Class A

600

2,271

Shennan

Circuits

Co.

Ltd.

Class A

100

1,757

Shenwan

Hongyuan

Group

Co.

Ltd.

Class A

4,700

3,199

Shenzhen

Energy

Group

Co.

Ltd.

Class A

500

437

Shenzhen

Goodix

Technology

Co.

Ltd.

Class A

100

1,032

Shenzhen

Inovance

Technology

Co.

Ltd.

Class A

350

3,292

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class A

300

9,682

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.

Class A

200

1,603

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.

Class A

200

906

Shenzhen

Transsion

Holdings

Co.

Ltd.

Class A

263

3,295

Shenzhou

International

Group

Holdings

Ltd.

3,100

23,310

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.

Class A

420

813

Sichuan

Changhong

Electric

Co.

Ltd.

Class A

1,100

1,558

Sichuan

Chuantou

Energy

Co.

Ltd.

Class A

1,100

2,434

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.

Class A

300

1,332

Sichuan

Road

Bridge

Group

Co.

Ltd.

Class A

1,180

1,293

Sieyuan

Electric

Co.

Ltd.

Class A

200

2,101

Silergy

Corp.

1,000

11,616

Sinolink

Securities

Co.

Ltd.

Class A

1,100

1,270

Sinopharm

Group

Co.

Ltd.

Class H

4,800

11,139

Sinotruk

Hong

Kong

Ltd.

2,500

6,790

Smoore

International

Holdings

Ltd.

7,000

11,960

SooChow

Securities

Co.

Ltd.

Class A

1,010

1,088

Southwest

Securities

Co.

Ltd.

Class A

1,500

898

Spring

Airlines

Co.

Ltd.

Class A

200

1,431

Sungrow

Power

Supply

Co.

Ltd.

Class A

460

4,411

Sunny

Optical

Technology

Group

Co.

Ltd.

2,700

24,925

Sunwoda

Electronic

Co.

Ltd.

Class A

500

1,529

SUPCON

Technology

Co.

Ltd.

Class A

192

1,410

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.

Class A

400

1,814

Suzhou

Maxwell

Technologies

Co.

Ltd.

Class A

116

1,314

Suzhou

TFC

Optical

Communication

Co.

Ltd.

Class A

120

1,431

TAL

Education

Group

ADR

1,515

20,013

TBEA

Co.

Ltd.

Class A

1,200

1,990

TCL

Technology

Group

Corp.

Class A

4,400

2,700

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.

Class A

750

921

Tencent

Holdings

Ltd.

23,600

1,507,943

Tencent

Music

Entertainment

Group

ADR

2,755

39,700

Tianfeng

Securities

Co.

Ltd.

Class A *

2,000

1,160

Tianqi

Lithium

Corp.

Class A

300

1,254

Tianshan

Aluminum

Group

Co.

Ltd.

Class A

1,200

1,475

Value

Tianshui

Huatian

Technology

Co.

Ltd.

Class A

900

1,320

Tingyi

Cayman

Islands

Holding

Corp.

8,000

13,431

Tongcheng

Travel

Holdings

Ltd.

4,800

12,906

TongFu

Microelectronics

Co.

Ltd.

Class A

400

1,485

Tongkun

Group

Co.

Ltd.

Class A

500

809

Tongling

Nonferrous

Metals

Group

Co.

Ltd.

Class A

3,000

1,424

Tongwei

Co.

Ltd.

Class A

1,100

2,904

TravelSky

Technology

Ltd.

Class H

4,000

5,939

Trina

Solar

Co.

Ltd.

Class A

378

879

Trip.com

Group

Ltd.

2,249

142,962

Tsingtao

Brewery

Co.

Ltd.

Class A

200

2,106

Tsingtao

Brewery

Co.

Ltd.

Class H

2,000

14,402

Unigroup

Guoxin

Microelectronics

Co.

Ltd.

Class A

239

2,176

Unisplendour

Corp.

Ltd.

Class A

700

2,663

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.

Class A

500

1,207

Victory

Giant

Technology

Huizhou

Co.

Ltd.

Class A

200

2,286

Vipshop

Holdings

Ltd.

ADR

1,189

18,644

Wanhua

Chemical

Group

Co.

Ltd.

Class A

700

6,491

Want

China

Holdings

Ltd.

17,000

10,706

Weichai

Power

Co.

Ltd.

Class A

1,700

3,857

Weichai

Power

Co.

Ltd.

Class H

7,000

14,743

Weihai

Guangwei

Composites

Co.

Ltd.

Class A

160

687

Wens

Foodstuff

Group

Co.

Ltd.

Class A

1,100

2,529

Western

Mining

Co.

Ltd.

Class A

700

1,649

Western

Securities

Co.

Ltd.

Class A

1,100

1,189

Western

Superconducting

Technologies

Co.

Ltd.

Class A

150

961

Will

Semiconductor

Co.

Ltd.

Shanghai

Class A

280

5,163

Wingtech

Technology

Co.

Ltd.

Class A

300

1,353

Wintime

Energy

Group

Co.

Ltd.

Class A

5,200

1,034

Wuhan

Guide

Infrared

Co.

Ltd.

Class A

1,054

1,157

Wuliangye

Yibin

Co.

Ltd.

Class A

900

16,314

WUS

Printed

Circuit

Kunshan

Co.

Ltd.

Class A

500

2,299

WuXi

AppTec

Co.

Ltd.

Class A

500

4,659

WuXi

AppTec

Co.

Ltd.

Class H ~

1,240

11,074

Wuxi

Biologics

Cayman,

Inc.

* ~

13,000

45,467

XCMG

Construction

Machinery

Co.

Ltd.

Class A

2,700

3,213

Xiamen

Inc.

Class A

200

285

Xiamen

Tungsten

Co.

Ltd.

Class A

400

1,068

Xiaomi

Corp.

Class B * ~

60,400

382,195

Xinjiang

Daqo

New

Energy

Co.

Ltd.

Class A

463

1,240

Xinyi

Solar

Holdings

Ltd.

18,081

6,987

XPeng,

Inc.

Class A *

4,508

46,587

Yadea

Group

Holdings

Ltd.

4,847

9,442

Yankuang

Energy

Group

Co.

Ltd.

Class A

1,960

3,603

Yankuang

Energy

Group

Co.

Ltd.

Class H

10,200

10,587

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.

Class A

200

1,002

Yealink

Network

Technology

Corp.

Ltd.

Class A

380

2,142

Yifeng

Pharmacy

Chain

Co.

Ltd.

Class A

306

1,050

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.

Class A

300

1,302

Yonghui

Superstores

Co.

Ltd.

Class A *

2,200

1,447

339

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Yonyou

Network

Technology

Co.

Ltd.

Class A *

800

1,676

Youngor

Fashion

Co.

Ltd.

Class A

600

668

YTO

Express

Group

Co.

Ltd.

Class A

800

1,403

Yum

China

Holdings,

Inc.

1,387

72,207

Yunnan

Aluminium

Co.

Ltd.

Class A

800

1,920

Yunnan

Baiyao

Group

Co.

Ltd.

Class A

360

2,818

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.

Class A

1,400

1,057

Yunnan

Energy

New

Material

Co.

Ltd.

Class A

200

852

Yunnan

Yuntianhua

Co.

Ltd.

Class A

400

1,261

Yutong

Bus

Co.

Ltd.

Class A

500

1,831

Zangge

Mining

Co.

Ltd.

Class A

400

1,981

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.

Class A

100

2,787

Zhaojin

Mining

Industry

Co.

Ltd.

Class H

5,500

10,986

Zhejiang

China

Commodities

City

Group

Co.

Ltd.

Class A

1,300

2,732

Zhejiang

Chint

Electrics

Co.

Ltd.

Class A

500

1,627

Zhejiang

Dahua

Technology

Co.

Ltd.

Class A

800

1,883

Zhejiang

Dingli

Machinery

Co.

Ltd.

Class A

100

815

Zhejiang

Expressway

Co.

Ltd.

Class H

4,840

3,951

Zhejiang

Huayou

Cobalt

Co.

Ltd.

Class A

475

2,237

Zhejiang

Jingsheng

Mechanical

Electrical

Co.

Ltd.

Class A

300

1,325

Zhejiang

Juhua

Co.

Ltd.

Class A

600

2,051

Zhejiang

Leapmotor

Technology

Co.

Ltd.

* ~

1,900

12,326

Zhejiang

Longsheng

Group

Co.

Ltd.

Class A

800

1,037

Zhejiang

NHU

Co.

Ltd.

Class A

804

2,482

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.

Class A

500

2,001

Zhejiang

Supor

Co.

Ltd.

Class A

100

806

Zhejiang

Wanfeng

Auto

Wheel

Co.

Ltd.

Class A

500

1,217

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.

Class A

320

940

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.

Class A

2,600

2,045

Zheshang

Securities

Co.

Ltd.

Class A

1,300

2,043

Zhongji

Innolight

Co.

Ltd.

Class A

300

4,175

Zhongjin

Gold

Corp.

Ltd.

Class A

1,200

2,342

Zhongsheng

Group

Holdings

Ltd.

3,000

5,283

Zhongtai

Securities

Co.

Ltd.

Class A

1,300

1,153

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.

Class A

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.

Class H

2,100

8,718

Zijin

Mining

Group

Co.

Ltd.

Class A

4,400

11,065

Zijin

Mining

Group

Co.

Ltd.

Class H

22,000

50,202

Zoomlion

Heavy

Industry

Science

Technology

Co.

Ltd.

Class A

1,600

1,659

ZTE

Corp.

Class A

800

3,791

ZTE

Corp.

Class H

3,000

9,256

ZTO

Express

Cayman,

Inc.

1,566

30,961

9,034,506

Colombia

0.1%

spacing

Bancolombia

936

10,520

Interconexion

Electrica

ESP

1,640

7,490

18,010

Czech

Republic

0.2%

spacing

CEZ

590

29,216

Value

Komercni

Banka

267

12,944

Moneta

Money

Bank

771

4,890

47,050

Egypt

0.1%

spacing

Commercial

International

Bank

Egypt

(CIB)

8,862

14,449

Eastern

Co.

SAE

5,187

3,410

Talaat

Moustafa

Group

2,418

2,539

20,398

Greece

0.5%

spacing

Alpha

Services

Holdings

8,179

19,645

Eurobank

Ergasias

Services

Holdings

Class A

9,539

25,624

Hellenic

Telecommunications

Organization

596

9,696

Jumbo

420

11,514

Metlen

Energy

Metals

400

17,628

National

Bank

Greece

3,167

32,550

OPAP

645

12,814

Piraeus

Financial

Holdings

3,975

21,842

Public

Power

Corp.

697

10,466

161,779

Hong

Kong

0.1%

spacing

China

Common

Rich

Renewable

Energy

Investments

Ltd.

* ± Ω

122,000

–

J&T

Global

Express

Ltd.

9,200

6,694

Orient

Overseas

International

Ltd.

500

7,402

Sino

Biopharmaceutical

Ltd.

38,000

18,374

32,470

Hungary

0.3%

spacing

MOL

Hungarian

Oil

Gas

PLC

1,049

8,273

OTP

Bank

Nyrt

834

56,113

Richter

Gedeon

Nyrt

524

14,433

78,819

India

17.9%

spacing

ABB

India

Ltd.

206

13,295

Adani

Enterprises

Ltd.

591

15,938

Adani

Ports

Special

Economic

Zone

Ltd.

1,963

27,029

Adani

Power

Ltd.

2,120

12,530

Alkem

Laboratories

Ltd.

148

8,430

Ambuja

Cements

Ltd.

2,229

13,968

APL

Apollo

Tubes

Ltd.

662

11,794

Apollo

Hospitals

Enterprise

Ltd.

357

27,572

Ashok

Leyland

Ltd.

5,579

13,226

Asian

Paints

Ltd.

1,400

38,251

Astral

Ltd.

523

7,899

Small

Finance

Bank

Ltd.

1,411

8,782

Aurobindo

Pharma

Ltd.

950

12,852

Avenue

Supermarts

Ltd.

* ~

591

28,181

Axis

Bank

Ltd.

8,334

106,904

Bajaj

Auto

Ltd.

249

22,858

Bajaj

Finance

Ltd.

1,014

105,647

Bajaj

Finserv

Ltd.

1,394

32,599

Bajaj

Holdings

Investment

Ltd.

101

14,694

Balkrishna

Industries

Ltd.

293

8,731

Bank

Baroda

3,825

10,176

Bharat

Electronics

Ltd.

13,406

46,894

Bharat

Forge

Ltd.

968

13,168

Bharat

Heavy

Electricals

Ltd.

4,138

10,392

340

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Bharat

Petroleum

Corp.

Ltd.

5,703

18,469

Bharti

Airtel

Ltd.

9,355

189,123

Bosch

Ltd.

8,936

Britannia

Industries

Ltd.

388

22,355

BSE

Ltd.

252

16,045

Canara

Bank

6,459

6,683

Power

Industrial

Solutions

Ltd.

2,316

17,204

Cholamandalam

Investment

Finance

Co.

Ltd.

1,526

27,020

Cipla

Ltd.

1,894

31,828

Coal

India

Ltd.

6,866

31,832

Colgate-Palmolive

India

Ltd.

493

13,764

Container

Corp.

India

Ltd.

893

7,198

Cummins

India

Ltd.

517

18,352

Dabur

India

Ltd.

1,874

11,082

Divi's

Laboratories

Ltd.

436

29,379

Dixon

Technologies

India

Ltd.

133

20,399

DLF

Ltd.

2,731

21,587

Dr.

Reddy's

Laboratories

Ltd.

2,139

28,580

Eicher

Motors

Ltd.

501

31,254

GAIL

India

Ltd.

8,666

18,464

GMR

Airports

Ltd.

8,984

7,905

Godrej

Consumer

Products

Ltd.

1,463

19,785

Godrej

Properties

Ltd.

559

13,815

Grasim

Industries

Ltd.

946

28,810

Havells

India

Ltd.

961

17,132

HCL

Technologies

Ltd.

3,469

64,264

HDFC

Asset

Management

Co.

Ltd.

353

16,516

HDFC

Bank

Ltd.

20,668

440,563

HDFC

Life

Insurance

Co.

Ltd.

3,455

27,612

Hero

MotoCorp

Ltd.

456

19,789

Hindalco

Industries

Ltd.

4,880

38,724

Hindustan

Aeronautics

Ltd.

743

36,103

Hindustan

Petroleum

Corp.

Ltd.

3,605

15,090

Hindustan

Unilever

Ltd.

2,989

78,931

Hyundai

Motor

India

Ltd.

611

12,207

ICICI

Bank

Ltd.

19,265

302,808

ICICI

Lombard

General

Insurance

Co.

Ltd.

878

18,380

ICICI

Prudential

Life

Insurance

Co.

Ltd.

1,264

8,320

IDFC

First

Bank

Ltd.

14,169

9,065

Indian

Hotels

Co.

Ltd.

3,120

28,590

Indian

Oil

Corp.

Ltd.

10,223

15,152

Indian

Railway

Catering

Tourism

Corp.

Ltd.

910

7,711

Indus

Towers

Ltd.

4,322

16,806

IndusInd

Bank

Ltd.

2,174

16,450

Info

Edge

India

Ltd.

266

22,209

Infosys

Ltd.

12,144

222,521

InterGlobe

Aviation

Ltd.

* ~

681

40,587

ITC

Ltd.

10,788

51,547

Jindal

Stainless

Ltd.

1,194

8,078

Jindal

Steel

Power

Ltd.

1,441

15,250

Jio

Financial

Services

Ltd.

10,652

28,209

JSW

Energy

Ltd.

1,613

10,111

JSW

Steel

Ltd.

2,162

26,665

Jubilant

Foodworks

Ltd.

1,332

10,312

Kalyan

Jewellers

India

Ltd.

1,579

8,581

Kotak

Mahindra

Bank

Ltd.

3,986

100,908

Larsen

Toubro

Ltd.

2,461

100,080

LTIMindtree

Ltd.

279

14,575

Lupin

Ltd.

828

19,605

Macrotech

Developers

Ltd.

1,110

15,487

Mahindra

Ltd.

3,417

106,061

Mankind

Pharma

Ltd.

464

13,108

Value

Marico

Ltd.

1,838

13,982

Maruti

Suzuki

India

Ltd.

461

61,929

Max

Healthcare

Institute

Ltd.

2,837

36,287

Mphasis

Ltd.

389

11,330

MRF

Ltd.

11,830

Muthoot

Finance

Ltd.

432

12,011

Nestle

India

Ltd.

1,212

31,847

NHPC

Ltd.

11,182

10,674

NMDC

Ltd.

11,260

9,002

NTPC

Ltd.

15,824

65,789

Oberoi

Realty

Ltd.

476

9,065

Oil

Natural

Gas

Corp.

Ltd.

11,782

33,859

Oil

India

Ltd.

1,817

8,198

Oracle

Financial

Services

Software

Ltd.

7,746

Page

Industries

Ltd.

11,463

Fintech

Ltd.

1,276

23,564

Persistent

Systems

Ltd.

403

25,863

Petronet

LNG

Ltd.

2,735

9,368

Phoenix

Mills

Ltd.

724

13,873

Industries

Ltd.

279

11,156

Pidilite

Industries

Ltd.

559

18,602

Polycab

India

Ltd.

203

12,169

Power

Finance

Corp.

Ltd.

5,428

26,117

Power

Grid

Corp.

India

Ltd.

16,896

57,179

Prestige

Estates

Projects

Ltd.

646

8,923

Punjab

National

Bank

8,873

9,920

Rail

Vikas

Nigam

Ltd.

1,993

8,123

REC

Ltd.

4,833

24,092

Reliance

Industries

Ltd.

22,292

331,422

Samvardhana

Motherson

International

Ltd.

11,908

18,081

SBI

Cards

Payment

Services

Ltd.

1,000

10,279

SBI

Life

Insurance

Co.

Ltd.

1,624

29,293

Shree

Cement

Ltd.

11,380

Shriram

Finance

Ltd.

5,126

39,146

Siemens

Ltd.

330

20,251

Solar

Industries

India

Ltd.

12,942

Sona

Blw

Precision

Forgings

Ltd.

1,633

8,756

SRF

Ltd.

487

16,701

State

Bank

India

6,475

58,215

Sun

Pharmaceutical

Industries

Ltd.

3,498

70,886

Sundaram

Finance

Ltd.

241

12,863

Supreme

Industries

Ltd.

247

9,849

Suzlon

Energy

Ltd.

35,912

23,620

Tata

Communications

Ltd.

410

7,535

Tata

Consultancy

Services

Ltd.

3,298

138,736

Tata

Consumer

Products

Ltd.

2,149

25,083

Tata

Elxsi

Ltd.

129

7,838

Tata

Motors

Ltd.

7,469

58,562

Tata

Power

Co.

Ltd.

5,740

25,068

Tata

Steel

Ltd.

26,771

47,824

Tech

Mahindra

Ltd.

1,975

32,576

Thermax

Ltd.

161

6,860

Titan

Co.

Ltd.

1,295

46,215

Torrent

Pharmaceuticals

Ltd.

423

15,921

Torrent

Power

Ltd.

645

11,145

Trent

Ltd.

665

41,223

Tube

Investments

India

Ltd.

394

12,701

TVS

Motor

Co.

Ltd.

880

24,807

UltraTech

Cement

Ltd.

422

56,603

Union

Bank

India

Ltd.

5,790

8,483

United

Spirits

Ltd.

1,065

17,426

UPL

Ltd.

717

3,632

UPL

Ltd.

1,637

12,157

Varun

Beverages

Ltd.

4,965

31,242

341

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Vedanta

Ltd.

4,945

26,647

Vodafone

Idea

Ltd.

90,869

7,188

Voltas

Ltd.

849

14,444

Wipro

Ltd.

9,585

29,235

Yes

Bank

Ltd.

53,728

10,561

Zomato

Ltd.

26,609

62,507

Zydus

Lifesciences

Ltd.

926

9,578

5,305,228

Indonesia

1.2%

spacing

Alamtri

Resources

Indonesia

Tbk.

51,800

5,754

Amman

Mineral

Internasional

24,300

7,848

Astra

International

Tbk.

71,600

21,190

Bank

Central

Asia

Tbk.

202,400

103,889

Bank

Mandiri

Persero

Tbk.

136,600

42,406

Bank

Negara

Indonesia

Persero

Tbk.

54,700

13,874

Bank

Rakyat

Indonesia

Persero

Tbk.

249,397

60,287

Barito

Pacific

Tbk.

85,788

3,650

Chandra

Asri

Pacific

Tbk.

28,600

12,435

Charoen

Pokphand

Indonesia

Tbk.

26,200

6,929

GoTo

Gojek

Tokopedia

Tbk.

3,274,800

16,286

Indofood

CBP

Sukses

Makmur

Tbk.

8,100

4,977

Indofood

Sukses

Makmur

Tbk.

15,200

6,512

Kalbe

Farma

Tbk.

81,400

5,579

Sumber

Alfaria

Trijaya

Tbk.

68,800

8,516

Telkom

Indonesia

Persero

Tbk.

180,700

26,243

United

Tractors

Tbk.

5,200

7,371

353,746

Kuwait

0.8%

spacing

Boubyan

Bank

KSCP

5,503

12,227

Gulf

Bank

KSCP

7,417

8,540

Kuwait

Finance

House

KSCP

37,132

95,491

Mabanee

Co.

KPSC

2,398

6,414

Mobile

Telecommunications

Co.

KSCP

7,224

11,236

National

Bank

Kuwait

SAKP

28,804

97,766

231,674

Luxembourg

0.1%

spacing

Reinet

Investments

SCA

462

11,218

Zabka

Group

1,095

5,849

17,067

Malaysia

1.3%

spacing

AMMB

Holdings

Bhd.

9,600

12,135

Axiata

Group

Bhd.

9,500

3,844

CelcomDigi

Bhd.

13,000

10,210

CIMB

Group

Holdings

Bhd.

29,920

47,406

Gamuda

Bhd.

17,354

16,521

Genting

Bhd.

7,800

5,734

Hong

Leong

Bank

Bhd.

2,300

10,466

IHH

Healthcare

Bhd.

7,300

11,384

IOI

Corp.

Bhd.

8,500

6,997

Kuala

Lumpur

Kepong

Bhd.

1,638

7,641

Malayan

Banking

Bhd.

19,488

44,493

Maxis

Bhd.

9,000

6,889

MISC

Bhd.

4,800

7,765

Mr.

DIY

Group

Bhd.

12,750

4,064

Nestle

Malaysia

Bhd.

300

5,031

Petronas

Chemicals

Group

Bhd.

10,800

8,846

Petronas

Dagangan

Bhd.

1,100

4,537

Petronas

Gas

Bhd.

3,100

11,792

PPB

Group

Bhd.

2,300

5,970

Value

Press

Metal

Aluminium

Holdings

Bhd.

13,700

15,607

Public

Bank

Bhd.

53,100

52,999

Resources

Bhd.

5,350

5,641

RHB

Bank

Bhd.

5,278

8,136

Guthrie

Bhd.

7,602

8,419

Sime

Darby

Bhd.

10,000

4,995

Sunway

Bhd.

9,700

9,949

Telekom

Malaysia

Bhd.

4,081

6,036

Tenaga

Nasional

Bhd.

10,600

32,018

YTL

Corp.

Bhd.

12,500

5,665

YTL

Power

International

Bhd.

9,300

7,021

388,211

Mexico

1.9%

spacing

Alfa

SAB

Class A *

13,562

10,583

America

Movil

SAB

67,100

47,806

Arca

Continental

SAB

1,900

19,867

Cemex

SAB

55,800

31,493

Coca-Cola

Femsa

SAB

1,910

17,459

Fibra

Uno

Administracion

REIT

10,100

11,800

Fomento

Economico

Mexicano

SAB

6,400

62,494

Gruma

SAB

Class B

655

11,827

Grupo

Aeroportuario

del

Centro

Norte

SAB

1,100

10,812

Grupo

Aeroportuario

del

Pacifico

SAB

Class B

1,430

26,441

Grupo

Aeroportuario

del

Sureste

SAB

Class B

670

18,342

Grupo

Bimbo

SAB

4,800

13,050

Grupo

Carso

SAB

Class Series

2,100

12,342

Grupo

Comercial

Chedraui

1,100

6,207

Grupo

Financiero

Banorte

SAB

Class O

9,600

66,580

Grupo

Financiero

Inbursa

SAB

Class O *

6,900

15,506

Grupo

Mexico

SAB

11,300

56,499

Industrias

Penoles

SAB

700

12,988

Kimberly-Clark

Mexico

SAB

Class A

5,300

8,689

Prologis

Property

Mexico

REIT

3,819

12,220

Promotora

Operadora

Infraestructura

SAB

720

7,272

Qualitas

Controladora

SAB

800

6,952

Southern

Copper

Corp.

327

30,561

Wal-Mart

Mexico

SAB

19,200

52,878

570,668

Peru

0.2%

spacing

Cia

Minas

Buenaventura

SAA

ADR

616

9,628

Credicorp

Ltd.

251

46,726

56,354

Philippines

0.5%

spacing

Ayala

Corp.

900

9,316

Ayala

Land,

Inc.

24,700

9,956

Bank

the

Philippine

Islands

7,821

18,041

BDO

Unibank,

Inc.

8,662

23,205

International

Container

Terminal

Services,

Inc.

3,710

23,015

Jollibee

Foods

Corp.

1,650

6,920

Manila

Electric

Co.

1,040

9,996

Metropolitan

Bank

Trust

Co.

6,740

8,612

PLDT,

Inc.

275

6,103

Investments

Corp.

810

11,173

342

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Prime

Holdings,

Inc.

37,200

15,633

141,970

Poland

1.0%

spacing

Allegro.eu

* ~

2,156

17,490

Bank

Polska

Kasa

Opieki

678

30,995

Projekt

242

13,299

Dino

Polska

* ~

179

20,893

KGHM

Polska

Miedz

519

16,966

LPP

18,252

mBank

11,560

ORLEN

2,141

37,711

PGE

Polska

Grupa

Energetyczna

3,141

6,463

Powszechna

Kasa

Oszczednosci

Bank

Polski

3,200

62,482

Powszechny

Zaklad

Ubezpieczen

2,153

31,280

Santander

Bank

Polska

150

21,599

288,990

Qatar

0.7%

spacing

Rayan

Bank

21,809

13,477

Barwa

Real

Estate

Co.

6,792

4,925

Commercial

Bank

PSQC

11,694

13,402

Dukhan

Bank

7,264

7,046

Industries

Qatar

QSC

5,422

19,195

Mesaieed

Petrochemical

Holding

Co.

21,889

8,633

Ooredoo

QPSC

2,838

9,198

Qatar

Electricity

Water

Co.

QSC

1,562

6,384

Qatar

Fuel

QSC

1,944

7,929

Qatar

Gas

Transport

Co.

Ltd.

10,298

13,194

Qatar

International

Islamic

Bank

QSC

3,626

10,158

Qatar

Islamic

Bank

QPSC

6,450

36,385

Qatar

National

Bank

QPSC

16,776

73,938

223,864

Romania

0.0%

spacing

NEPI

Rockcastle

2,208

15,959

Russia

0.0%

spacing

Alrosa

PJSC

* ± Ω

104,260

–

Gazprom

PJSC

* ± Ω

58,020

–

Gazprom

PJSC

ADR

(LI)

* ± Ω

194,171

–

Gazprom

PJSC

ADR

(OTC)

* ± Ω

8,195

–

GMK

Norilskiy

Nickel

PAO

* ± Ω

29,800

–

Inter

RAO

UES

PJSC

* ± Ω

1,499,500

–

LUKOIL

PJSC

* ± Ω

2,583

–

LUKOIL

PJSC

ADR

(SEAQ)

* ± Ω

13,502

–

MMC

Norilsk

Nickel

PJSC

ADR

* ± Ω

21,092

–

Moscow

Exchange

MICEX-RTS

PJSC

* ± Ω

58,150

–

Novatek

PJSC

GDR

(LI)

* ~ ± Ω

3,114

–

Novatek

PJSC

GDR

(OTC)

* ~ ± Ω

123

–

Novolipetsk

Steel

PJSC

* ± Ω

4,620

–

Novolipetsk

Steel

PJSC

GDR

* ± Ω

5,165

–

Novolipetsk

Steel

PJSC

GDR

* ~ ± Ω

312

–

PhosAgro

PJSC

* ± Ω

–

PhosAgro

PJSC

GDR

(LI)

* ~ ± Ω

5,005

–

Polyus

PJSC

* ± Ω

2,410

–

Polyus

PJSC

GDR

* ~ ± Ω

262

–

Polyus

PJSC

ADR

* ± Ω

2,028

–

Rosneft

Oil

Co.

PJSC

* ± Ω

3,660

–

Rosneft

Oil

Co.

PJSC

GDR

* ~ ± Ω

41,896

–

Sberbank

Russia

PJSC

* ± Ω

41,510

–

Sberbank

Russia

PJSC

ADR

(OTC)

* ± Ω

2,527

–

Value

Sberbank

Russia

PJSC

ADR

(SEAQ)

* ± Ω

92,176

–

Severstal

PAO

* ± Ω

812

–

Severstal

PAO

GDR

* ~ ± Ω

7,476

–

Surgutneftegas

PJSC

ADR

(LI)

* ± Ω

49,470

–

Tatneft

PJSC

* ± Ω

9,037

–

Tatneft

PJSC

ADR

* ± Ω

7,942

–

United

Co.

RUSAL

International

PJSC

* ± Ω

114,970

–

IPJSC

GDR

* ~ ± Ω

4,153

–

VTB

Bank

PJSC

* ± Ω

4,200

–

VTB

Bank

PJSC

GDR

* ~ ± Ω

57,906

–

Saudi

Arabia

3.9%

spacing

ACWA

Power

Co.

540

49,094

Ades

Holding

Co.

1,152

4,993

Rajhi

Bank

7,160

194,360

Rajhi

Co.

for

Co-operative

Insurance

153

5,738

Alinma

Bank

4,496

36,701

Almarai

Co.

JSC

1,773

26,192

Arab

National

Bank

3,269

20,063

Arabian

Internet

Communications

Services

Co.

7,008

Bank

Al-Jazira

1,880

8,738

Bank

AlBilad

2,271

22,357

Banque

Saudi

Fransi

4,409

21,786

Bupa

Arabia

for

Cooperative

Insurance

Co.

303

14,265

Co.

for

Cooperative

Insurance

272

10,353

Dallah

Healthcare

Co.

131

4,421

Dar

Arkan

Real

Estate

Development

Co.

1,923

10,946

Dr.

Sulaiman

Habib

Medical

Services

Group

Co.

315

23,396

Elm

Co.

22,756

Etihad

Etisalat

Co.

1,379

22,425

Jarir

Marketing

Co.

1,816

6,272

Mouwasat

Medical

Services

Co.

367

7,341

Nahdi

Medical

Co.

120

3,680

Riyad

Bank

5,370

47,089

SABIC

Agri-Nutrients

Co.

868

24,499

Sahara

International

Petrochemical

Co.

1,356

7,510

SAL

Saudi

Logistics

Services

4,982

Saudi

Arabian

Mining

Co.

4,873

59,798

Saudi

Arabian

Oil

Co.

21,297

151,715

Saudi

Aramco

Base

Oil

Co.

200

5,594

Saudi

Awwal

Bank

3,697

36,930

Saudi

Basic

Industries

Corp.

3,274

55,598

Saudi

Electricity

Co.

2,920

12,398

Saudi

Industrial

Investment

Group

1,429

5,913

Saudi

Investment

Bank

2,301

8,959

Saudi

Kayan

Petrochemical

Co.

2,426

3,950

Saudi

National

Bank

10,705

102,012

Saudi

Research

Media

Group

139

6,387

Saudi

Tadawul

Group

Holding

Co.

179

9,730

Saudi

Telecom

Co.

7,239

87,518

Yanbu

National

Petrochemical

Co.

1,040

9,588

1,163,055

South

Africa

2.8%

spacing

Absa

Group

Ltd.

3,120

30,118

Anglo

American

Platinum

Ltd.

344

13,835

Aspen

Pharmacare

Holdings

Ltd.

1,377

12,297

Bid

Corp.

Ltd.

1,228

29,433

Bidvest

Group

Ltd.

1,245

15,991

Capitec

Bank

Holdings

Ltd.

319

54,256

343

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Clicks

Group

Ltd.

858

15,851

Discovery

Ltd.

1,961

21,337

FirstRand

Ltd.

18,486

72,647

Gold

Fields

Ltd.

3,279

72,445

Harmony

Gold

Mining

Co.

Ltd.

2,110

30,900

Impala

Platinum

Holdings

Ltd.

3,320

22,856

Kumba

Iron

Ore

Ltd.

241

4,102

MTN

Group

Ltd.

6,232

41,885

Naspers

Ltd.

Class N

620

153,754

Nedbank

Group

Ltd.

1,717

24,090

Old

Mutual

Ltd.

17,596

11,420

OUTsurance

Group

Ltd.

3,052

11,602

Pepkor

Holdings

Ltd.

8,717

12,138

Remgro

Ltd.

1,857

16,069

Sanlam

Ltd.

6,463

29,169

Sasol

Ltd.

2,164

9,067

Shoprite

Holdings

Ltd.

1,802

26,874

Standard

Bank

Group

Ltd.

4,832

63,137

Vodacom

Group

Ltd.

2,291

15,738

Woolworths

Holdings

Ltd.

3,343

9,299

820,310

South

Korea

8.4%

spacing

Alteogen,

Inc.

147

35,933

Amorepacific

Corp.

109

7,551

Celltrion,

Inc.

573

66,190

CheilJedang

Corp.

4,872

Coway

Co.

Ltd.

202

11,128

Insurance

Co.

Ltd.

167

10,088

Doosan

Bobcat,

Inc.

208

7,103

Doosan

Enerbility

Co.

Ltd.

1,670

26,814

Ecopro

Co.

Ltd.

185

12,211

Ecopro

Co.

Ltd.

385

13,094

Ecopro

Materials

Co.

Ltd.

3,851

Hana

Financial

Group,

Inc.

1,042

42,545

Hanjin

Kal

Corp.

4,650

Hankook

Tire

Technology

Co.

Ltd.

271

7,297

Hanmi

Semiconductor

Co.

Ltd.

171

8,176

Hanwha

Aerospace

Co.

Ltd.

117

50,273

Hanwha

Ocean

Co.

Ltd.

340

15,646

Hyundai

Co.

Ltd.

167

8,258

Hyundai

Electric

Co.

Ltd.

17,755

Hyundai

Heavy

Industries

Co.

Ltd.

15,682

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

157

21,620

HLB,

Inc.

437

16,428

HMM

Co.

Ltd.

959

12,806

HYBE

Co.

Ltd.

13,336

Hyundai

Glovis

Co.

Ltd.

139

10,687

Hyundai

Mobis

Co.

Ltd.

222

39,506

Hyundai

Motor

Co.

498

67,265

Hyundai

Rotem

Co.

Ltd.

281

20,209

Industrial

Bank

Korea

885

8,587

Kakao

Corp.

1,136

30,284

KakaoBank

Corp.

611

9,227

Financial

Group,

Inc.

1,364

73,934

Kia

Corp.

873

55,216

Korea

Aerospace

Industries

Ltd.

267

13,715

Korea

Electric

Power

Corp.

919

13,563

Korea

Investment

Holdings

Co.

Ltd.

150

7,501

Korea

Zinc

Co.

Ltd.

7,943

Korean

Air

Lines

Co.

Ltd.

649

9,448

Krafton,

Inc.

105

24,012

KT&G

Corp.

342

23,523

Value

Chem

Ltd.

183

30,774

Corp.

315

13,893

Display

Co.

Ltd.

1,162

7,003

Electronics,

Inc.

381

20,097

Energy

Solution

Ltd.

173

39,626

H&H

Co.

Ltd.

7,030

Innotek

Co.

Ltd.

6,044

Uplus

Corp.

696

4,871

Electric

Co.

Ltd.

6,978

Meritz

Financial

Group,

Inc.

349

29,176

Mirae

Asset

Securities

Co.

Ltd.

788

4,942

NAVER

Corp.

522

68,217

NCSoft

Corp.

4,991

Investment

Securities

Co.

Ltd.

500

4,797

Orion

Corp.

6,746

Posco

Co.

Ltd.

117

POSCO

Future

Co.

Ltd.

118

9,747

POSCO

Holdings,

Inc.

256

48,821

Posco

International

Corp.

191

6,439

S-Oil

Corp.

160

6,109

Samsung

Biologics

Co.

Ltd.

* ~

45,111

Samsung

C&T

Corp.

325

25,960

Samsung

Electro-Mechanics

Co.

Ltd.

219

19,398

Samsung

Electronics

Co.

Ltd.

17,499

693,756

Samsung

Fire

Marine

Insurance

Co.

Ltd.

112

27,333

Samsung

Heavy

Industries

Co.

Ltd.

2,442

22,526

Samsung

Life

Insurance

Co.

Ltd.

294

16,620

Samsung

SDI

Co.

Ltd.

210

27,139

Samsung

SDS

Co.

Ltd.

155

12,274

Shinhan

Financial

Group

Co.

Ltd.

1,559

49,892

Biopharmaceuticals

Co.

Ltd.

118

8,048

Hynix,

Inc.

2,014

268,478

Innovation

Co.

Ltd.

252

19,388

Square

Co.

Ltd.

347

22,228

Telecom

Co.

Ltd.

186

7,006

SK,

Inc.

131

11,596

SKC

Co.

Ltd.

5,110

Woori

Financial

Group,

Inc.

2,271

25,646

Yuhan

Corp.

208

15,563

2,497,417

Taiwan

16.4%

spacing

Accton

Technology

Corp.

2,000

35,434

Acer,

Inc.

11,000

11,871

Advantech

Co.

Ltd.

1,898

21,687

ASE

Technology

Holding

Co.

Ltd.

13,000

57,131

Asia

Cement

Corp.

9,000

12,719

Asia

Vital

Components

Co.

Ltd.

1,000

14,160

Asustek

Computer,

Inc.

3,000

55,818

AUO

Corp.

23,400

9,581

Catcher

Technology

Co.

Ltd.

2,000

12,744

Cathay

Financial

Holding

Co.

Ltd.

35,202

65,688

Chailease

Holding

Co.

Ltd.

5,454

19,287

Chang

Hwa

Commercial

Bank

Ltd.

23,516

12,646

Cheng

Shin

Rubber

Industry

Co.

Ltd.

7,000

10,640

China

Airlines

Ltd.

11,000

7,519

China

Steel

Corp.

44,000

29,827

Chunghwa

Telecom

Co.

Ltd.

14,000

54,388

Compal

Electronics,

Inc.

16,000

15,553

CTBC

Financial

Holding

Co.

Ltd.

63,000

75,747

Delta

Electronics,

Inc.

7,000

77,422

Ink

Holdings,

Inc.

3,000

24,422

E.Sun

Financial

Holding

Co.

Ltd.

53,927

47,142

Eclat

Textile

Co.

Ltd.

1,000

13,442

344

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Elite

Material

Co.

Ltd.

1,000

16,749

Eva

Airways

Corp.

10,000

12,304

Evergreen

Marine

Corp.

Taiwan

Ltd.

4,000

26,819

Far

Eastern

New

Century

Corp.

11,000

10,984

Far

EasTone

Telecommunications

Co.

Ltd.

7,000

19,501

Feng

TAY

Enterprise

Co.

Ltd.

2,080

7,549

First

Financial

Holding

Co.

Ltd.

43,192

35,440

Formosa

Chemicals

Fibre

Corp.

13,000

10,299

Formosa

Plastics

Corp.

16,000

17,779

Fortune

Electric

Co.

Ltd.

200

2,757

Fubon

Financial

Holding

Co.

Ltd.

30,072

78,195

Gigabyte

Technology

Co.

Ltd.

2,000

14,876

Globalwafers

Co.

Ltd.

1,000

9,712

Hon

Hai

Precision

Industry

Co.

Ltd.

47,000

212,007

Hotai

Motor

Co.

Ltd.

1,120

20,518

Hua

Nan

Financial

Holdings

Co.

Ltd.

34,539

29,205

Innolux

Corp.

28,063

12,909

International

Games

System

Co.

Ltd.

1,000

23,544

Inventec

Corp.

11,000

14,247

KGI

Financial

Holding

Co.

Ltd.

60,214

31,445

Lite-On

Technology

Corp.

8,000

22,218

MediaTek,

Inc.

6,000

258,603

Mega

Financial

Holding

Co.

Ltd.

44,194

53,569

Micro-Star

International

Co.

Ltd.

3,000

14,814

Nan

Plastics

Corp.

20,000

18,222

Nien

Made

Enterprise

Co.

Ltd.

1,000

12,005

Novatek

Microelectronics

Corp.

2,000

33,248

Pegatron

Corp.

8,000

20,446

PharmaEssentia

Corp.

1,000

15,771

Pou

Chen

Corp.

8,000

8,578

President

Chain

Store

Corp.

2,000

15,150

Quanta

Computer,

Inc.

10,000

69,576

Realtek

Semiconductor

Corp.

2,000

31,885

Ruentex

Development

Co.

Ltd.

5,900

6,297

Shanghai

Commercial

Savings

Bank

Ltd.

15,178

20,758

Shin

Kong

Financial

Holding

Co.

Ltd.

54,812

20,230

SinoPac

Financial

Holdings

Co.

Ltd.

42,207

28,631

Synnex

Technology

International

Corp.

5,000

10,828

Taishin

Financial

Holding

Co.

Ltd.

44,919

23,424

Taiwan

Business

Bank

26,408

11,700

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

41,313

30,138

Taiwan

High

Speed

Rail

Corp.

7,000

5,650

Taiwan

Mobile

Co.

Ltd.

7,000

24,633

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

90,000

2,534,668

TCC

Group

Holdings

Co.

Ltd.

26,493

25,707

Uni-President

Enterprises

Corp.

18,000

43,895

Unimicron

Technology

Corp.

5,000

14,243

United

Microelectronics

Corp.

45,000

62,920

Vanguard

International

Semiconductor

Corp.

4,098

11,666

Wan

Hai

Lines

Ltd.

2,500

5,958

Wistron

Corp.

11,000

32,247

WPG

Holdings

Ltd.

6,000

11,332

Yageo

Corp.

1,461

21,518

Yang

Ming

Marine

Transport

Corp.

7,000

15,836

Yuanta

Financial

Holding

Co.

Ltd.

39,589

40,575

Zhen

Ding

Technology

Holding

Ltd.

3,000

9,516

4,878,162

Thailand

1.2%

spacing

Advanced

Info

Service

PCL

4,300

34,967

Airports

Thailand

PCL

17,200

19,221

Bangkok

Dusit

Medical

Services

PCL

39,100

25,146

Value

Bangkok

Expressway

Metro

PCL

25,600

4,090

Bumrungrad

Hospital

PCL

2,300

11,178

Central

Pattana

PCL

8,100

11,273

Central

Retail

Corp.

PCL

7,100

5,253

Charoen

Pokphand

Foods

PCL

12,400

8,725

ALL

PCL

20,800

30,427

Axtra

PCL

7,277

5,612

Delta

Electronics

Thailand

PCL

NVDR

11,800

23,243

Gulf

Energy

Development

PCL

11,900

17,536

Home

Product

Center

PCL

21,300

5,413

Intouch

Holdings

PCL

3,800

9,155

JMT

Network

Services

PCL

100

Kasikornbank

PCL

NVDR

2,000

9,556

Krung

Thai

Bank

PCL

11,900

8,486

Krungthai

Card

PCL

3,700

4,988

Minor

International

PCL

11,490

8,960

PTT

Exploration

Production

PCL

5,200

17,911

PTT

Oil

Retail

Business

PCL

11,500

4,018

PTT

PCL

39,100

36,927

SCB

PCL

1,250

4,543

SCB

PCL

NVDR

1,300

4,725

Siam

Cement

PCL

2,800

12,918

Thai

Union

Group

PCL

700

226

TMBThanachart

Bank

PCL

101,000

5,852

True

Corp.

PCL

37,074

12,839

343,226

Turkey

0.5%

spacing

Akbank

TAS

11,436

15,746

Aselsan

Elektronik

Sanayi

Ticaret

4,933

15,587

BIM

Birlesik

Magazalar

1,690

20,408

Coca-Cola

Icecek

3,003

4,231

Eregli

Demir

Celik

Fabrikalari

TAS

12,744

7,562

Ford

Otomotiv

Sanayi

248

6,921

Haci

Omer

Sabanci

Holding

3,903

8,638

KOC

Holding

2,800

12,083

Pegasus

Hava

Tasimaciligi

861

5,848

Sasa

Polyester

Sanayi

41,915

4,129

Turk

Hava

Yollari

2,005

16,421

Turkcell

Iletisim

Hizmetleri

4,515

11,394

Turkiye

Bankasi

Class C

31,605

10,209

Turkiye

Petrol

Rafinerileri

3,528

12,830

Turkiye

Sise

Cam

Fabrikalari

4,537

4,609

Yapi

Kredi

Bankasi

12,518

7,933

164,549

United

Arab

Emirates

1.4%

spacing

Abu

Dhabi

Commercial

Bank

PJSC

10,860

32,185

Abu

Dhabi

Islamic

Bank

PJSC

5,305

23,167

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

10,612

9,813

ADNOC

Drilling

Co.

PJSC

12,350

17,282

Aldar

Properties

PJSC

14,144

32,300

Americana

Restaurants

International

PLC

Foreign

Co.

11,149

6,465

Dubai

Islamic

Bank

PJSC

10,642

20,714

Emaar

Development

PJSC

3,722

12,357

Emaar

Properties

PJSC

24,261

87,862

Emirates

NBD

Bank

PJSC

6,950

38,222

Emirates

Telecommunications

Group

Co.

PJSC

12,571

57,841

First

Abu

Dhabi

Bank

PJSC

16,184

60,894

346

PACIFIC

SELECT

FUND

EMERGING

MARKETS

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Rights

158

–

Preferred

Stocks

Brazil

326,671

–

Chile

21,186

–

21,186

–

Colombia

16,868

–

South

Korea

118,332

–

118,332

–

Total

Preferred

Stocks

483,057

343,539

139,518

–

Common

Stocks

Brazil

923,144

–

Chile

114,718

56,416

58,302

–

China

9,034,506

602,043

8,432,463

–

Colombia

18,010

–

Czech

Republic

47,050

34,106

12,944

–

Egypt

20,398

–

Greece

161,779

–

161,779

–

Hong

Kong

32,470

–

32,470

–

Hungary

78,819

14,433

64,386

–

India

5,305,228

15,839

5,289,389

–

Indonesia

353,746

126,880

226,866

–

Kuwait

231,674

6,414

225,260

–

Luxembourg

17,067

–

Malaysia

388,211

38,953

349,258

–

Mexico

570,668

–

Peru

56,354

–

Philippines

141,970

63,136

78,834

–

Poland

288,990

–

288,990

–

Qatar

223,864

78,029

145,835

–

Romania

15,959

–

Saudi

Arabia

1,163,055

230,379

932,676

–

South

Africa

820,310

268,732

551,578

–

South

Korea

2,497,417

–

2,497,417

–

Taiwan

4,878,162

–

4,878,162

–

Thailand

343,226

–

316,535

26,691

Turkey

164,549

77,340

87,209

–

United

Arab

Emirates

404,964

203,871

201,093

–

United

Kingdom

69,330

–

69,330

–

United

States

29,434

–

Total

Common

Stocks

28,395,072

3,467,605

24,900,776

26,691

Short-Term

Investments

36,748

–

36,748

–

Total

Assets

28,915,035

3,811,302

25,077,042

26,691

Liabilities

Derivatives:

Equity

Contracts

Futures

(

36,353

)

(

36,353

)

–

Total

Liabilities

(

36,353

)

(

36,353

)

–

Total

28,878,682

3,774,949

25,077,042

26,691

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

INDEX

PORTFOLIO

Schedule

Investments

March

31,

2025

(Unaudited)

347

See

Supplemental

Notes

Schedules

Investments

Value

WARRANTS

0.0%

Canada

0.0%

Constellation

Software,

Inc.

Exercise

$1.00

Exp 03/31/40

828

–

Total

Warrants

(Cost

$0)

–

PREFERRED

STOCKS

0.3%

Germany

0.3%

spacing

Bayerische

Motoren

Werke

2,708

204,287

Dr.

Ing

Porsche

5,509

275,906

Henkel

Co.

KGaA

8,188

651,496

Sartorius

1,268

295,596

Volkswagen

9,976

1,017,933

2,445,218

Total

Preferred

Stocks

(Cost

$3,667,434)

2,445,218

COMMON

STOCKS

96.6%

Australia

5.5%

spacing

ANZ

Group

Holdings

Ltd.

144,148

2,639,216

Aristocrat

Leisure

Ltd.

27,314

1,104,663

BHP

Group

Ltd.

245,460

5,955,630

Commonwealth

Bank

Australia

80,957

7,698,511

Fortescue

Ltd.

81,923

792,935

Glencore

PLC

501,699

1,836,282

Goodman

Group

REIT

98,254

1,763,328

Macquarie

Group

Ltd.

17,516

2,179,806

National

Australia

Bank

Ltd.

148,775

3,199,954

Rio

Tinto

Ltd.

17,958

1,303,029

Rio

Tinto

PLC

54,551

3,273,615

Telstra

Group

Ltd.

195,639

516,836

Transurban

Group

150,164

1,264,784

Wesfarmers

Ltd.

54,897

2,488,698

Westpac

Banking

Corp.

166,065

3,309,252

WiseTech

Global

Ltd.

8,899

458,904

Woodside

Energy

Group

Ltd.

91,856

1,334,477

Woolworths

Group

Ltd.

59,097

1,097,274

42,217,194

Austria

0.0%

spacing

Verbund

3,294

233,120

Belgium

0.6%

spacing

Anheuser-Busch

InBev

43,472

2,672,720

KBC

Group

11,110

1,012,605

UCB

6,116

1,076,811

4,762,136

Brazil

0.2%

spacing

Wheaton

Precious

Metals

Corp.

21,947

1,703,083

Canada

10.8%

spacing

Agnico

Eagle

Mines

Ltd.

24,262

2,628,601

Alimentation

Couche-Tard,

Inc.

36,692

1,809,549

Bank

Montreal

35,313

3,372,164

Bank

Nova

Scotia

60,202

2,854,371

Barrick

Gold

Corp.

(0R22

LI)

13,874

270,184

Value

Barrick

Gold

Corp.

(ABX

CN)

69,678

1,352,839

BCE,

Inc.

3,531

81,046

Brookfield

Corp.

66,232

3,466,128

Canadian

Imperial

Bank

Commerce

45,622

2,566,346

Canadian

National

Railway

Co.

25,857

2,516,253

Canadian

Natural

Resources

Ltd.

(TSE)

102,069

3,140,694

Canadian

Pacific

Kansas

City

Ltd.

45,152

3,168,688

Cenovus

Energy,

Inc.

66,275

921,094

CGI,

Inc.

9,832

981,526

Constellation

Software,

Inc.

974

3,084,589

Dollarama,

Inc.

13,455

1,438,765

Enbridge,

Inc.

105,363

4,663,194

Fairfax

Financial

Holdings

Ltd.

976

1,410,600

Fortis,

Inc.

24,058

1,095,863

Franco-Nevada

Corp.

9,312

1,464,567

George

Weston

Ltd.

2,834

483,142

Great-West

Lifeco,

Inc.

13,528

530,008

Hydro

One

Ltd.

15,949

536,307

Imperial

Oil

Ltd.

8,619

622,595

Intact

Financial

Corp.

8,629

1,762,977

Loblaw

Cos.

Ltd.

7,298

1,022,699

Manulife

Financial

Corp.

83,631

2,605,896

National

Bank

Canada

19,028

1,570,450

Nutrien

Ltd.

23,758

1,179,109

Pembina

Pipeline

Corp.

28,084

1,123,321

Restaurant

Brands

International,

Inc.

14,877

991,731

Royal

Bank

Canada

68,426

7,707,762

Shopify,

Inc.

Class A *

58,673

5,581,692

Sun

Life

Financial,

Inc.

27,858

1,594,375

Suncor

Energy,

Inc.

60,815

2,354,756

Energy

Corp.

50,208

2,371,103

Teck

Resources

Ltd.

Class B

22,921

834,939

TELUS

Corp.

2,600

37,291

TELUS

Corp.

21,352

306,247

Thomson

Reuters

Corp.

7,618

1,314,602

Toronto-Dominion

Bank

84,673

5,073,731

81,891,794

China

0.5%

spacing

BOC

Hong

Kong

Holdings

Ltd.

179,006

724,781

Prosus

66,180

3,074,665

3,799,446

Denmark

2.0%

spacing

Moller

Maersk

Class A

142

243,247

Moller

Maersk

Class B

220

382,894

Coloplast

Class B

6,101

639,895

DSV

9,887

1,911,959

Novo

Nordisk

Class B

155,804

10,653,612

Novonesis

(Novozymes)

17,047

992,587

Orsted

* ~

8,135

355,264

15,179,458

Finland

0.7%

spacing

Kone

OYJ

Class B

16,443

907,253

Nokia

OYJ

(OMXH)

257,634

1,356,904

Nordea

Bank

Abp

152,502

1,950,568

Sampo

OYJ

Class A

117,131

1,122,486

5,337,211

France

9.5%

spacing

Air

Liquide

27,975

5,313,713

Airbus

28,746

5,061,757

348

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

AXA

85,716

3,662,279

BNP

Paribas

49,235

4,115,028

Capgemini

7,460

1,120,925

Cie

Saint-Gobain

21,728

2,164,473

Cie

Generale

des

Etablissements

Michelin

SCA

32,435

1,139,978

Credit

Agricole

51,491

937,499

Danone

31,231

2,388,710

Dassault

Systemes

32,375

1,232,603

Engie

88,359

1,721,747

EssilorLuxottica

14,386

4,145,592

Hermes

International

SCA

1,532

4,030,873

Kering

3,601

749,153

Legrand

12,687

1,343,597

L'Oreal

11,632

4,323,529

LVMH

Moet

Hennessy

Louis

Vuitton

13,313

8,244,450

Orange

90,080

1,166,908

Pernod

Ricard

9,763

964,512

Safran

17,420

4,586,395

Sartorius

Stedim

Biotech

1,413

279,939

Societe

Generale

34,845

1,571,993

Thales

4,483

1,191,677

TotalEnergies

104,393

6,726,347

Veolia

Environnement

34,039

1,170,662

Vinci

23,925

3,015,988

72,370,327

Germany

8.8%

spacing

adidas

8,273

1,951,273

Allianz

18,682

7,149,780

BASF

43,178

2,164,462

Bayer

47,527

1,139,314

Bayerische

Motoren

Werke

14,024

1,130,857

Beiersdorf

4,799

619,953

Daimler

Truck

Holding

22,985

931,112

Deutsche

Bank

89,538

2,134,330

Deutsche

Boerse

9,109

2,687,698

Deutsche

Post

46,442

1,993,906

Deutsche

Telekom

168,861

6,234,342

E.ON

108,612

1,639,469

Hannover

Rueck

2,917

869,434

Henkel

Co.

KGaA

5,027

362,174

Infineon

Technologies

63,177

2,105,997

Mercedes-Benz

Group

34,937

2,063,787

Merck

KGaA

6,252

860,337

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen

6,471

4,087,865

RWE

30,587

1,092,094

SAP

50,517

13,536,010

Siemens

36,767

8,491,200

Siemens

Energy

30,935

1,833,888

Siemens

Healthineers

13,642

735,990

Vonovia

35,827

964,115

66,779,387

Hong

Kong

1.4%

spacing

AIA

Group

Ltd.

522,065

3,951,963

CLP

Holdings

Ltd.

79,496

647,159

Hang

Seng

Bank

Ltd.

36,424

496,051

Hong

Kong

Exchanges

Clearing

Ltd.

58,315

2,594,097

Prudential

PLC

128,174

1,383,128

Sun

Hung

Kai

Properties

Ltd.

69,996

666,897

Value

Techtronic

Industries

Co.

Ltd.

66,498

796,930

10,536,225

Israel

0.1%

spacing

Check

Point

Software

Technologies

Ltd.

4,257

970,255

Italy

2.2%

spacing

Enel

SpA

393,467

3,189,642

Eni

SpA

103,281

1,597,397

Ferrari

6,098

2,604,213

Generali

45,554

1,600,270

Intesa

Sanpaolo

SpA

732,095

3,772,972

Snam

SpA

97,553

505,796

UniCredit

SpA

67,548

3,791,610

17,061,900

Japan

17.5%

spacing

Advantest

Corp.

37,100

1,653,786

Aeon

Co.

Ltd.

31,600

792,525

Ajinomoto

Co.,

Inc.

44,200

875,059

Astellas

Pharma,

Inc.

87,600

852,742

Bridgestone

Corp.

27,600

1,108,770

Canon,

Inc.

45,200

1,409,479

Central

Japan

Railway

Co.

37,400

713,373

Chugai

Pharmaceutical

Co.

Ltd.

32,500

1,488,875

Dai-ichi

Life

Holdings,

Inc.

175,200

1,337,744

Daiichi

Sankyo

Co.

Ltd.

84,800

2,019,416

Daikin

Industries

Ltd.

12,800

1,389,038

Daiwa

House

Industry

Co.

Ltd.

27,100

896,320

Denso

Corp.

91,500

1,135,201

Disco

Corp.

4,500

918,997

East

Japan

Railway

Co.

43,900

865,293

FANUC

Corp.

45,800

1,247,855

Fast

Retailing

Co.

Ltd.

9,200

2,738,760

FUJIFILM

Holdings

Corp.

54,200

1,038,416

Fujitsu

Ltd.

85,200

1,695,555

Hitachi

Ltd.

224,300

5,266,430

Honda

Motor

Co.

Ltd.

217,100

1,964,662

Hoya

Corp.

16,900

1,907,307

ITOCHU

Corp.

57,500

2,669,319

Japan

Post

Bank

Co.

Ltd.

87,533

888,773

Japan

Post

Holdings

Co.

Ltd.

93,100

933,553

Japan

Tobacco,

Inc.

58,100

1,596,944

Kao

Corp.

22,500

973,951

KDDI

Corp.

148,400

2,344,075

Keyence

Corp.

9,400

3,696,173

Komatsu

Ltd.

43,700

1,279,673

Corp.

138,400

468,644

Marubeni

Corp.

68,300

1,095,655

Mitsubishi

Corp.

165,400

2,920,097

Mitsubishi

Electric

Corp.

92,000

1,696,689

Mitsubishi

Heavy

Industries

Ltd.

155,100

2,663,623

Mitsubishi

UFJ

Financial

Group,

Inc.

554,600

7,561,313

Mitsui

Co.

Ltd.

122,100

2,301,978

Mitsui

Fudosan

Co.

Ltd.

127,900

1,145,354

Mizuho

Financial

Group,

Inc.

116,700

3,202,681

MS&AD

Insurance

Group

Holdings,

Inc.

62,200

1,352,716

Murata

Manufacturing

Co.

Ltd.

80,700

1,244,793

NIDEC

Corp.

40,400

678,004

Nintendo

Co.

Ltd.

53,400

3,630,009

Nippon

Telegraph

Telephone

Corp.

1,445,600

1,397,131

NTT

Data

Group

Corp.

30,500

552,509

Oriental

Land

Co.

Ltd.

52,300

1,031,394

349

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

ORIX

Corp.

55,800

1,165,043

Otsuka

Holdings

Co.

Ltd.

21,400

1,115,154

Panasonic

Holdings

Corp.

112,800

1,345,647

Recruit

Holdings

Co.

Ltd.

67,800

3,512,801

Renesas

Electronics

Corp.

81,500

1,093,131

Seven

Holdings

Co.

Ltd.

107,100

1,550,904

Shin-Etsu

Chemical

Co.

Ltd.

86,400

2,465,437

SMC

Corp.

2,800

1,001,962

SoftBank

Corp.

1,384,400

1,931,204

SoftBank

Group

Corp.

46,200

2,363,125

Sompo

Holdings,

Inc.

43,100

1,312,446

Sony

Group

Corp.

297,500

7,527,639

Sumitomo

Corp.

52,700

1,202,500

Sumitomo

Mitsui

Financial

Group,

Inc.

180,400

4,638,916

Suzuki

Motor

Corp.

76,000

932,909

Takeda

Pharmaceutical

Co.

Ltd.

77,000

2,282,185

Terumo

Corp.

64,500

1,213,633

Tokio

Marine

Holdings,

Inc.

86,100

3,349,532

Tokyo

Electron

Ltd.

21,700

2,975,776

Toyota

Industries

Corp.

7,900

675,665

Toyota

Motor

Corp.

458,500

8,105,041

Toyota

Tsusho

Corp.

30,800

518,914

132,920,218

Luxembourg

0.1%

spacing

ArcelorMittal

22,691

655,465

CVC

Capital

Partners

PLC

* ~

10,285

204,036

859,501

Netherlands

3.6%

spacing

Adyen

* ~

1,066

1,633,960

Argenx

2,920

1,723,081

ASM

International

2,267

1,033,056

ASML

Holding

19,052

12,608,101

Heineken

Holding

6,270

453,783

Heineken

13,933

1,136,101

ING

Groep

152,261

2,982,990

Koninklijke

Ahold

Delhaize

44,531

1,663,457

Koninklijke

Philips

38,651

983,981

Universal

Music

Group

39,823

1,099,632

Wolters

Kluwer

11,539

1,796,578

27,114,720

Norway

0.3%

spacing

DNB

Bank

ASA

43,323

1,139,943

Equinor

ASA

40,532

1,070,399

2,210,342

Singapore

1.5%

spacing

DBS

Group

Holdings

Ltd.

96,409

3,310,812

Oversea-Chinese

Banking

Corp.

Ltd.

163,857

2,099,995

Sea

Ltd.

ADR

17,719

2,312,152

Singapore

Telecommunications

Ltd.

359,500

911,818

STMicroelectronics

32,755

718,236

United

Overseas

Bank

Ltd.

61,200

1,726,851

11,079,864

South

Africa

0.2%

spacing

Anglo

American

PLC

61,473

1,722,987

Spain

2.9%

spacing

Aena

SME

3,628

851,143

Amadeus

Group

21,794

1,669,049

Value

Banco

Bilbao

Vizcaya

Argentaria

278,810

3,805,079

Banco

Santander

733,032

4,938,370

CaixaBank

(SIBE)

190,906

1,487,106

Cellnex

Telecom

* ~

25,633

911,221

Endesa

15,366

407,074

Iberdrola

281,872

4,551,690

Industria

Diseno

Textil

52,771

2,627,566

Telefonica

192,014

905,035

22,153,333

Sweden

2.5%

spacing

Assa

Abloy

Class B

48,488

1,455,670

Atlas

Copco

Class A

129,944

2,075,651

Atlas

Copco

Class B

75,511

1,061,844

Epiroc

Class A

31,881

641,903

Epiroc

Class B

18,866

332,292

EQT

18,013

549,271

Essity

Class B

29,522

838,756

Evolution

7,686

572,677

Hennes

Mauritz

Class B

27,404

361,461

Hexagon

Class B

100,439

1,073,669

Investor

Class B

83,733

2,497,259

Sandvik

51,581

1,084,825

Skandinaviska

Enskilda

Banken

Class A *

76,768

1,262,930

Svenska

Handelsbanken

Class A

70,562

797,458

Swedbank

Class A

41,072

935,393

Telefonaktiebolaget

Ericsson

Class B

134,384

1,045,609

Volvo

Class B *

76,845

2,254,505

18,841,173

Switzerland

4.0%

spacing

ABB

Ltd.

76,509

3,947,706

Chocoladefabriken

Lindt

Spruengli

(LISN

SW)

656,129

Chocoladefabriken

Lindt

Spruengli

(LISP

SW)

608,375

Cie

Financiere

Richemont

Class A

26,007

4,539,933

DSM-Firmenich

8,997

890,686

Givaudan

447

1,918,962

Kuehne

Nagel

International

2,337

539,685

Lonza

Group

3,494

2,158,487

Partners

Group

Holding

1,098

1,562,676

Schindler

Holding

(SCHN

SW)

1,136

344,268

Schindler

Holding

(SCHP

SW)

1,970

617,421

Sika

7,375

1,796,433

Straumann

Holding

5,400

653,745

Swisscom

1,253

722,043

UBS

Group

(XVTX)

159,111

4,887,030

Zurich

Insurance

Group

7,080

4,941,896

30,785,475

United

Arab

Emirates

0.0%

spacing

NMC

Health

PLC

* ± Ω

4,009

–

United

Kingdom

10.1%

spacing

Group

PLC

47,090

2,214,200

Ashtead

Group

PLC

21,103

1,140,970

Associated

British

Foods

PLC

15,866

393,340

AstraZeneca

PLC

75,011

11,014,964

BAE

Systems

PLC

145,608

2,940,186

Barclays

PLC

697,577

2,622,912

British

American

Tobacco

PLC

96,147

3,944,367

350

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Value

Coca-Cola

Europacific

Partners

PLC

10,022

872,215

Compass

Group

PLC

82,117

2,716,124

Diageo

PLC

107,646

2,813,072

HSBC

Holdings

PLC

864,647

9,802,047

Imperial

Brands

PLC

38,362

1,419,465

Legal

General

Group

PLC

285,094

899,083

Lloyds

Banking

Group

PLC

2,932,468

2,750,408

London

Stock

Exchange

Group

PLC

23,139

3,436,769

National

Grid

PLC

236,669

3,087,161

NatWest

Group

PLC

370,166

2,185,602

Reckitt

Benckiser

Group

PLC

33,185

2,243,984

RELX

PLC

89,965

4,518,998

Rolls-Royce

Holdings

PLC

411,441

3,998,943

SSE

PLC

53,384

1,099,622

Standard

Chartered

PLC

99,495

1,476,442

Tesco

PLC

326,104

1,402,991

Unilever

PLC

119,876

7,152,643

Vodafone

Group

PLC

983,733

924,335

77,070,843

United

States

11.6%

spacing

Alcon

24,174

2,293,750

PLC

779,911

4,376,431

CSL

Ltd.

23,425

3,686,843

Experian

PLC

44,495

2,061,688

Ferrovial

22,941

1,026,099

GSK

PLC

200,529

3,832,147

Haleon

PLC

438,040

2,212,190

Holcim

25,215

2,713,465

Nestle

126,748

12,808,722

Novartis

95,348

10,590,283

Roche

Holding

(RO

SW)

1,548

537,327

Roche

Holding

(ROG

SW)

33,988

11,186,389

Sanofi

54,996

6,089,258

Schneider

Electric

26,455

6,107,011

Shell

PLC

294,874

10,733,498

Spotify

Technology

7,452

4,098,824

Stellantis

98,072

1,099,982

Swiss

14,592

2,483,250

87,937,157

Total

Common

Stocks

(Cost

$643,872,895)

735,537,149

Principal

Amount

SHORT-TERM

INVESTMENTS

0.1%

U.S.

Treasury

Bills

0.1%

4.324%

due

05/29/25 ‡

279,000

277,097

Total

Short-Term

Investments

(Cost

$277,109)

277,097

TOTAL

INVESTMENTS

97.0%

(Cost

$647,817,438)

738,259,464

DERIVATIVES

(0.1%)

(

560,173

)

OTHER

ASSETS

LIABILITIES,

NET

3.1%

23,608,690

NET

ASSETS

100.0%

761,307,981

351

PACIFIC

SELECT

FUND

INTERNATIONAL

LARGE-CAP

INDEX

PORTFOLIO

Schedule

Investments

(Continued)

March

31,

2025

(Unaudited)

See

Supplemental

Notes

Schedules

Investments

Notes

Schedule

Investments

(a)

March

31,

2025,

open

futures

contracts

outstanding

were

follows:

(b)

Fair

Value

Measurements

March

31,

2025,

the

Fund’s

investments,

categorized

under

the

three-tier

hierarchy

inputs

used

valuing

the

Fund’s

assets

and

liabilities

were

follows:

Long

Futures

Outstanding

Expiration

Month

Number

Contracts

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

ICE

U.S.

MSCI

EAFE

Index

06/25

182

22,537,948

21,988,330

(

549,618

)

Montreal

Exchange

S&P/TSX

Index

06/25

2,091,928

2,081,373

(

10,555

)

Total

Futures

Contracts

(

560,173

)

Total

Value

March

31,

2025

Level

Quoted

Price

Level

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Assets

Preferred

Stocks

2,445,218

–

2,445,218

–

Common

Stocks

Australia

42,217,194

–

42,217,194

–

Austria

233,120

–

Belgium

4,762,136

–

4,762,136

–

Brazil

1,703,083

–

Canada

81,891,794

81,621,610

270,184

–

China

3,799,446

–

3,799,446

–

Denmark

15,179,458

–

15,179,458

–

Finland

5,337,211

–

5,337,211

–

France

72,370,327

–

72,370,327

–

Germany

66,779,387

1,092,094

65,687,293

–

Hong

Kong

10,536,225

–

10,536,225

–

Israel

970,255

–

Italy

17,061,900

3,695,438

13,366,462

–

Japan

132,920,218

–

132,920,218

–

Luxembourg

859,501

–

859,501

–

Netherlands

27,114,720

–

27,114,720

–

Norway

2,210,342

–

2,210,342

–

Singapore

11,079,864

2,312,152

8,767,712

–

South

Africa

1,722,987

–

1,722,987

–

Spain

22,153,333

407,074

21,746,259

–

Sweden

18,841,173

–

18,841,173

–

Switzerland

30,785,475

1,918,962

28,866,513

–

United

Kingdom

77,070,843

872,215

76,198,628

–

United

States

87,937,157

4,098,824

83,838,333

–

Total

Common

Stocks

735,537,149

98,924,827

636,612,322

–

Short-Term

Investments

277,097

–

277,097

–

Total

Assets

738,259,464

98,924,827

639,334,637

–

Liabilities

Derivatives:

Equity

Contracts

Futures

(

560,173

)

(

560,173

)

–

Total

Liabilities

(

560,173

)

(

560,173

)

–

Total

737,699,291

98,364,654

639,334,637

–

PACIFIC

SELECT

FUND

Schedule

Investments

(Continued)

Explanation

Symbols

and

Terms

March

31,

2025

(Unaudited)

352

See

Supplemental

Notes

Schedules

Investments

Notes:

For

debt

investments,

the

interest

rates

disclosed

the

Schedules

Investments

reflect

the

stated

coupon

rate

for

discounted

investments

zero

coupon

bonds,

the

yield-to-maturity.

The

sectors

and

countries

(based

country

risk)

listed

the

Schedules

Investments

are

obtained

from

third-party

source

that

not

affiliated

with

the

Trust

the

investment

adviser,

and

are

believed

reliable.

Sector

names,

country

names

and

weightings

could

different

obtained

from

another

source.

Explanation

Symbols:

Securities

purchased

when-issued

basis.

Rates

not

take

effect

until

settlement

date.

Non-income

producing

investments.

Investments

with

their

principal

amount

adjusted

for

inflation.

Securities

are

not

registered

under

the

Securities

Act

1933

(1933

Act).

These

securities

are

either

(1)

exempt

from

registration

pursuant

Rule

144A

the

1933

Act

and

may

only

sold

“qualified

institutional

buyers”,

(2)

the

securities

comply

with

Regulation

rules

governing

offers

and

sales

made

outside

the

United

States

without

registration

under

the

1933

Act

and

contain

certain

restrictions

public

resale.

‡

Investments

were

fully

partially

segregated

with

the

broker(s)/

custodian

collateral

for

delayed

delivery

securities,

futures

contracts,

forward

foreign

currency

contracts,

option

contracts,

reverse

repurchase

agreements,

and/or

swap

agreements

March

31,

2025.

Variable

rate

investments.

The

rate

shown

based

the

latest

available

information

March

31,

2025.

Interest

rates

for

certain

securities

are

subject

interest

rate

caps

and

floors,

which

would

result

period

end

rate

being

more,

less,

equal

the

referenced

rate

plus

spread.

Certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description.

Investments

categorized

significant

unobservable

input

(Level

3).

Stapled

security.

security

contractually

bound

one

other

securities

form

single

saleable

unit

which

cannot

sold

separately.

All

portion

this

senior

loan

unfunded

March

31,

2025.

The

interest

rate

for

fully

unfunded

terms

loans

determined.

The

values

these

investments

were

determined

valuation

committee

established

under

the

Valuation

Policy.

The

Board

Trustees

(“Board”)

has

designated

Pacific

Life

Fund

Advisors

LLC

(“PLFA”)

its

“valuation

designee”

for

fair

valuation

determinations,

and

PLFA’s

Valuation

Oversight

Committee

values

the

Funds’

investments

accordance

with

the

Valuation

Policy.

Each

determination

was

made

good

faith

accordance

with

the

procedures

established

the

Board

and

the

provisions

the

Investment

Company

Act

1940.

∞

All

portion

this

senior

loan

position

has

not

settled.

Rates

not

take

effect

until

settlement

date.

Rates

shown,

any,

are

for

the

settled

portion.

∂

Issuer

filed

bankruptcy

and/or

default

March

31,

2025.

the

maturity

date

has

expired,

date

will

shown.

◊

Restricted

Securities.

These

securities

are

not

registered

and

may

not

sold

the

public.

There

are

legal

and/or

contractual

restrictions

resale.

The

Trust

does

not

have

the

right

demand

that

such

securities

registered.

The

values

these

securities

are

determined

valuations

provided

pricing

services,

brokers,

dealers,

market

makers,

good

faith

under

the

procedures

established

the

Board.

Counterparty

and

Exchange

Abbreviations:

BNP

Paribas

BOA

Bank

America

BRC

Barclays

CBOE

Chicago

Board

Options

Exchange

CIT

Citigroup

CME

Chicago

Mercantile

Exchange

DUB

Deutsche

Bank

GSC

Goldman

Sachs

HSB

HSBC

ICE

Intercontinental

Exchange

Inc

JPM

JPMorgan

Chase

LCH

London

Clearing

House

MSC

Morgan

Stanley

SCB

Standard

Chartered

Bank

SSB

State

Street

Bank

and

Trust

Co.

TDB

Toronto

Dominion

Bank

UBS

Reference

Rate

Abbreviations:

EURIBOR

Euro

Interbank

Offered

Rate

RFUCC

Refinitiv

Cash

Fallback

Rate

SOFR

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Index

Average

FED

United

States

Federal

Reserve

Bank

Rate

UST

United

State

Treasury

Rate

Payment

Frequency

Abbreviations:

Annual

Lunar

Monthly

Quarterly

Semiannual

Maturity

Currency

Abbreviations:

AUD

Australia

Dollar

BRL

Brazil

Real

CAD

Canada

Dollar

CHF

Swiss

Franc

CNH

Renminbi

Offshore

(Hong

Kong)

CZK

Czech

Koruna

DKK

Danish

Krone

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

Korean

Won

MXN

Mexico

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

SGD

Singapore

dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

Africa

Rand

Other

Abbreviations:

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Interest

Only

PIK

Payment-in

Kind

REIT

Real

Estate

Investment

Trust

SPAC

Special

Purpose

Acquisition

Company

353

PACIFIC

SELECT

FUND

SUPPLEMENTAL

NOTES

SCHEDULES

INVESTMENTS

March

31,

2025

(Unaudited)

ORGANIZATION

Pacific

Select

Fund

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940

(“1940

Act”),

amended,

diversified,

open-end,

investment

management

company.

The

Trust

was

organized

May

1987

Massachusetts

business

trust

(the

“Massachusetts

Trust”),

and

was

reorganized

Delaware

statutory

trust

June

30,

2016.

connection

with

other

actions

taken

accomplish

the

reorganization,

the

Massachusetts

Trust,

sole

initial

shareholder

each

Fund

the

Trust,

approved

all

material

agreements

the

Trust,

including

the

investment

advisory

and

sub-advisory

agreements.

These

agreements

were

also

approved

the

initial

Trustees

the

Trust,

who

served

the

Trustees

the

Massachusetts

Trust

prior

the

reorganization.

Pacific

Life

Fund

Advisors

LLC

(“PLFA”

the

“Investment

Adviser”)

serves

investment

adviser

the

Trust.

The

Trust

comprised

separate

funds

(each

individually

“Fund”,

and

collectively

the

“Funds”).

FAIR

VALUE

MEASUREMENTS

AND

DISCLOSURES

The

Trust

characterizes

its

investments

Level

based

upon

the

various

inputs

methodologies

used

value

the

investments.

Under

the

Valuation

Policy,

the

VOC

determines

the

level

which

each

investment

characterized.

The

VOC

includes

investment,

legal,

and

compliance

members

the

Trust’s

Investment

Adviser,

accounting

members

Pacific

Life

Insurance

Company,

and

the

Trust’s

Chief

Compliance

Officer

(“CCO”).

The

three-tier

hierarchy

inputs

summarized

the

three

broad

levels

listed

below:

Level

Quoted

prices

(unadjusted)

active

markets

for

identical

investments

Level

Significant

observable

market-based

inputs,

other

than

Level

quoted

prices,

unobservable

inputs

that

are

corroborated

market

data

Level

Significant

unobservable

inputs

that

are

not

corroborated

observable

market

data

The

VOC

reviews

the

Valuation

Policy

periodically

(at

least

annually)

determine

the

appropriateness

the

pricing

methodologies

used

value

each

Fund’s

investments.

The

VOC

also

periodically

evaluates

how

the

Trust’s

investments

are

characterized

within

the

three-tier

hierarchy

and

the

appropriateness

third

party

pricing

sources.

The

VOC

also

periodically

(at

least

annually)

conducts

back-testing

the

value

various

Level

and

Level

investments

evaluate

the

effectiveness

the

pricing

methodologies

including

the

unobservable

inputs

used

value

those

investments.

Such

back-testing

includes

comparing

Level

and

Level

investment

values

subsequently

available

exchange-traded

prices,

transaction

prices,

and/or

observable

vendor

prices.

All

changes

the

Valuation

Policy

are

reported

the

Board

quarterly

basis

with

material

changes,

determined

the

Trust’s

CCO,

requiring

approval

the

Board.

The

inputs

methodologies

used

for

characterizing

each

Fund’s

investments

within

the

three-tier

hierarchy

are

not

necessarily

indication

the

relative

risks

associated

with

investing

those

investments.

Foreign

equity

investments

that

are

valued

with

the

assistance

statistical

research

service

approved

the

Board

and

based

significant

observable

inputs

are

reflected

Level

Changes

valuation

techniques

may

result

transfers

into

out

assigned

level

within

the

hierarchy.

The

following

description

valuation

inputs

and

techniques

that

the

Trust

currently

utilizes

fair

value

each

major