PACIFIC SELECT FUND FEE SCHEDULE JANUS CAPITAL CORPORATION

 
EXHIBIT 99.5(m)

Addendum to Portfolio Management Agreement

 
                ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT

     The Portfolio Management Agreement ("Agreement") made the 1/st/ day of
January, 1994, between Pacific Mutual Life Insurance Company ("Pacific Mutual"),
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
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, one of which is
designated the Growth LT Portfolio ("Portfolio");

     WHEREAS, pursuant to the Agreement, Pacific Mutual and the Fund have
appointed Janus as Portfolio Manager to the Portfolio and Janus has accepted
such appointment;

     WHEREAS, Pacific Mutual, Janus, and the Fund desire to amend the Fee
Schedule of the Portfolio Management Agreement;

     NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, it is agreed among Pacific Mutual, Janus, and the Fund that the Fee
Schedule of the Agreement be amended to read as follows:

                              PACIFIC SELECT FUND
                                  FEE SCHEDULE
                           JANUS CAPITAL CORPORATION

          Portfolio:  Growth LT Portfolio
          Fee:

          The Adviser will pay to the Portfolio Manager a fee based on the
          average daily net assets of the Portfolio at an annual rate equal to:

               .55% on the first $100 million;
               .50% on the next $400 million;
               .45% on the excess of $500 million.

 
     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
------------------------------          ----------------------------------------
Attest                               Title: Chairman of the Board,
Title: Secretary                            Director and Chief Executive Officer


                                     JANUS CAPITAL CORPORATION

/s/ Xxxxx Xxxxxx                     By:   /s/ Xxxxxxx X. Xxxxxxxxx
------------------------------          ----------------------------------------
Attest                               Title: Vice President of Compliance
Title: Secretary


                                     PACIFIC SELECT FUND

/s/ Xxxxxx X. Milfs                  By:  /s/ Xxxxxx X. Xxxxxx
------------------------------          ----------------------------------------
Attest                               Title: President
Title: Secretary