May 12, 2005 Mr. Robert F. Gunia President Nicholas-Applegate Fund, Inc.
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Exhibit (d)(3)
May 12, 2005
Xx. Xxxxxx X. Xxxxx
President
Xxxxxxxx-Xxxxxxxxx Fund, Inc.
000 Xxxx Xxxxxxxx, 00xx Xxxxx
San Diego, California 92101
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Re: |
Fee Reductions |
Dear Xx. Xxxxx:
This letter is to set forth the agreement among Xxxxxxxx-Xxxxxxxxx Fund, Inc. (the “Fund”), Prudential Investments LLC (“PI”) and Xxxxxxxx-Xxxxxxxxx Capital Management LLC (“NACM”) regarding the fees payable by the Fund to PI and by PI to NACM under investment advisory agreements with the Fund to reflect the waiver for a one-year period by NACM of certain subadvisory fees. Effective June 1, 2005 and for the succeeding twelve month period, PI and NACM respectively agree to the following annual fees payable under the advisory agreements with the Fund:
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PI |
NACM |
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.95% on the first $25 million of average net assets
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.75% on the first $25 million of average net assets
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.825% on the next $40 million
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.625% on the next $40 million
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.70% thereafter |
.50% thereafter |
CHICAGO/#1072646.3
Xx. Xxxxxx X. Xxxxx
May 12, 2005
Page 2
If the foregoing agreement meets with your approval, then please indicate the Fund’s agreement and acceptance by execution below.
Very truly yours,
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PRUDENTIAL INVESTMENTS LLC
By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: Chief Administrative Officer
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XXXXXXXX-XXXXXXXXX CAPITAL MANAGEMENT LLC
By: /s/ Xxxxxxx Field Name: Xxxxxxx Xxxxx Title: General Counsel
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AGREED AND ACCEPTED:
XXXXXXXX-XXXXXXXXX FUND, INC.
By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: President
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CHICAGO/#1072646.3
