EXHIBIT 99.5(n)
Addendum to Portfolio Management Agreement
ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT
The Portfolio Management Agreement ("Agreement") made the 5th day of
December, 1994, between Pacific Mutual Life Insurance Company ("Pacific
Mutual"), a life insurance company domiciled in California, Xxxxx Xxxxxx Mutual
Funds Management Inc. (formerly known as Mutual Management Corp.) on behalf of
its Greenwich Street Advisors Division ("Greenwich", "Portfolio Manager"), a New
York corporation, and Pacific Select Fund (the "Fund"), a Massachusetts Business
Trust, is hereby amended as set forth in this Addendum to the Portfolio
Management Agreement, which is dated as of January 1, 1997.
WHEREAS, the Fund is registered with the Securities and Exchange Commission
as an open-end management investment company;
WHEREAS, the Fund offers shares in several Portfolios, two of which are
designated the Equity Portfolio and the Bond and Income Portfolio (referred to
as "Series" in the Agreement and hereinafter referred to as "Portfolios");
WHEREAS, pursuant to the Agreement, Pacific Mutual and the Fund have
appointed Greenwich as Portfolio Manager to the Portfolios and Greenwich has
accepted such appointment;
WHEREAS, Pacific Mutual, Greenwich, and the Fund desire to amend Section 4
of the Portfolio Management Agreement;
NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, it is agreed among Pacific Mutual, Greenwich, and the Fund that
Section 4 of the Agreement be amended to read as follows:
4. Compensation. For the services provided and the expenses borne
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by the Portfolio Manager pursuant to this Agreement, the Adviser will pay to the
Portfolio Manager a fee based on the aggregate average daily net assets of the
Equity Portfolio and the Bond and Income Portfolio, at an annual rate equal to
.45% of the Portfolios' aggregate average daily net assets on the first $100
million, .40% of the Portfolios' aggregate average daily net assets on the next
$100 million, .35% of the Portfolios' aggregate average daily net assets on the
next $200 million, .30% of the Portfolios' aggregate average daily net assets on
the next $600 million, and .20% of the Portfolios' aggregate average daily net
assets in excess of $1 billion. This fee shall be computed and accrued daily and
payable monthly.
This Addendum shall take effect on January 1, 1997, provided it has been
approved by the requisite shareholder vote pursuant to the Investment Company
Act of 1940.
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be
executed as of the date first indicated above.
PACIFIC MUTUAL LIFE INSURANCE
/s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
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Attest Title: Chairman of the Board,
Title: Secretary Director and Chief Executive Officer
XXXXX XXXXXX MUTUAL FUNDS MANAGEMENT INC.
/s/ Xxxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxxxx XX
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Attest Title: Chairman and CEO of
Title: Managing Director Greenwich Street Advisors
PACIFIC SELECT FUND
/s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
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Attest Title: President
Title: Secretary
