PACIFIC SELECT FUND FEE SCHEDULE COLUMBUS CIRCLE INVESTORS

 
EXHIBIT 99.5(q)

Addendum to Portfolio Management Agreement

 
                ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT

     The Fee Schedule of the Portfolio Management Agreement ("Agreement") made
the 26/th/ day of December, 1995, between Pacific Mutual Life Insurance Company
("Pacific Mutual"), a life insurance company domiciled in California, Columbus
Circle Investors ("CCI", "Portfolio Manager"), a 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, one of which is
designated the Aggressive Equity Portfolio ("Portfolio");

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

     WHEREAS, Pacific Mutual, CCI, 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, CCI, and the Fund that the Fee
Schedule of the Agreement be amended to read as follows:

                              PACIFIC SELECT FUND
                                  FEE SCHEDULE
                           COLUMBUS CIRCLE INVESTORS

          Portfolio:  Aggressive Equity 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 $150 million;
               .45% on the next $250 million;
               .40% 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


                                     COLUMBUS CIRCLE INVESTORS

/s/ Xxxxx X. Xxxxxxxxx               By:   /s/ Xxxxxx X. Xxxxxxxxx
-----------------------------           ----------------------------------------
Attest  Xxxxx X. Xxxxxxxxx           Title: President
Title: Managing Director


                                     PACIFIC SELECT FUND

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