EXHIBIT 99.5(l)
Addendum to Portfolio Management Agreement
ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT
The Portfolio Management Agreement ("Agreement") made the 16th day of
December, 1993, between Pacific Mutual Life Insurance Company ("Pacific
Mutual"), a life insurance company domiciled in California, X.X. Xxxxxx
Investment Management Inc. ("X.X. Xxxxxx Investment", "Portfolio Manager"), a
Delaware 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 Income Portfolio and the Multi-Strategy 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 X.X. Xxxxxx Investment as Portfolio Manager to the Portfolios and
X.X. Xxxxxx Investment has accepted such appointment;
WHEREAS, Pacific Mutual, X.X. Xxxxxx Investment, and the Fund desire to
amend Section 5 of the Portfolio Management Agreement;
NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, it is agreed among Pacific Mutual, X.X. Xxxxxx Investment, and the
Fund that Section 5 of the Agreement be amended to read as follows:
5. 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 Income Portfolio and the Multi-Strategy Portfolio, at an annual rate
equal to .45% of the Portfolios' aggregate average daily net assets up to $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 $350 million, and .20% of the Portfolios' aggregate average daily
net assets in excess of $750 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
X.X. XXXXXX INVESTMENT MANAGEMENT INC.
/s/ Xxxx X. Xxxxxxxx By: /s/ Xxxxx X. Xxxxxxx
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Attest Title: Vice President
Title: Vice President
PACIFIC SELECT FUND
/s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
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Attest Title: President
Title: Secretary
