EXHIBIT 99.5(o)
Addendum to Portfolio Management Agreement
ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT
The Portfolio Management Agreement ("Agreement") made the 15th day of
November, 1994, between Pacific Mutual Life Insurance Company ("Pacific
Mutual"), a life insurance company domiciled in California, Pacific Investment
Management Company, ("PIMCO", "Portfolio Manager"), a Delaware general
partnership, 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 Managed Bond Portfolio and the Government Securities 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 PIMCO as Portfolio Manager to the Portfolios and PIMCO has accepted
such appointment;
WHEREAS, Pacific Mutual, PIMCO, 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, PIMCO, 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
Managed Bond Portfolio and the Government Securities Portfolio, at an annual
rate equal to .50% of the Portfolios' aggregate average daily net assets on the
first $25 million, .375% of the Portfolios' aggregate average daily net assets
on the next $25 million, and .25% of the Portfolios' aggregate average daily net
assets in excess of $50 million. 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
PACIFIC INVESTMENT MANAGEMENT COMPANY
/s/ Xxxxx X. Xxxxxx By: /s/ Xxx Xxxxx
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Attest Title: Managing Director
Title: Account Manager
PACIFIC SELECT FUND
/s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
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Attest Title: President
Title: Secretary
