EXHIBIT (d)(23)
ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT
The Portfolio Management Agreement ("Agreement") made the 1st day of
January 1994, and subsequently amended on January 1, 1997 between Pacific Life
Insurance Company ("Pacific Life"), a life insurance company domiciled in
California, Janus Capital Corporation ("Janus", "Portfolio Manager"), a Colorado
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 ___________________, 2000.
WHEREAS, the Fund is registered with the Securities and Exchange Commission
as an open-end management investment company; and
WHEREAS, the Fund offers shares in several Portfolios, two of which are
designated the Focused 30 Portfolio and Strategic Value Portfolio; and
WHEREAS, pursuant to the Agreement, Pacific Life and the Fund have
appointed Janus as Portfolio Manager to the Focused 30 Portfolio and Strategic
Value Portfolio and Janus has accepted such appointment; and
WHEREAS, Pacific Life and the Fund desire to appoint Janus as Portfolio
Manager to the Focused 30 Portfolio and Strategic Value Portfolio under the
provisions set forth in the Agreement and in this Addendum; and
WHEREAS, the Portfolio Manager is willing to accept such appointment;
NOW THEREFORE, in consideration of the mutual premises and covenants
contained in this Addendum, it is agreed between the parties hereto as follows:
1. In addition to its responsibilities as specified in the
Agreement, the Fund hereby appoints the Portfolio Manager to act as
Portfolio Manager with respect to the Focused 30 Portfolio and
Strategic Value Portfolio which, in addition to all other Portfolios
previously established, shall be deemed one of the Portfolios under
the Agreement, subject to the terms and conditions as specified in the
Agreement, including the Fee Schedule of the Agreement as amended by
this Addendum.
2. The Fee Schedule of the Agreement is amended to read as follows:
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PACIFIC SELECT FUND
FEE SCHEDULE
JANUS CAPITAL CORPORATION
Portfolio: Focused 30 Portfolio
The Adviser will pay to the Portfolio Manager a monthly fee based on the
average daily net assets of the Focused 30 Portfolio at an annual rate equal to:
0.55% on the first $100 million
0.50% on the next $400 million
0.45% on excess
These fees for services shall be prorated for any portion of a year in
which the Agreement is not effective.
Portfolio: Strategic Value Portfolio
The Adviser will pay to the Portfolio Manager a monthly fee based on the
average daily net assets of the Strategic Value Portfolio at an annual rate
equal to:
0.55% on the first $100 million
0.50% on the next $400 million
0.45% on excess
These fees for services shall be prorated for any portion of a year in
which the Agreement is not effective.
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IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be
executed as of the date first indicated above.
PACIFIC LIFE INSURANCE COMPANY
Attest:_____________________ By:______________________________
Name: Xxxxxx X. Milfs Name: Xxxxxx X. Xxxxxx
Title: Secretary Title: Chairman of the Board &
Chief Executive Officer
JANUS CAPITAL CORPORATION
Attest:_____________________ By:______________________________
Name: Name:
Title: Title:
PACIFIC SELECT FUND
Attest:_____________________ By:______________________________
Name: Xxxxxx X. Milfs Name: Xxxxxx X. Xxxxxx
Title: Secretary Title: Chairman of the Board & Trustee
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