EXHIBIT (d)(3)
Columbia Management Advisors, Inc.
Xxx Xxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Xx. Xxxxxx X. Xxxxx, Xx. February 28, 2004
Chairman of the Board of Trustees
The Galaxy Fund
Xxx Xxxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Re: Advisory Fee Waiver
Dear Xx. Xxxxx:
Reference is hereby made to the Advisory Agreement dated as of May 19,
1994 and the addenda thereto (the "Agreement") between The Galaxy Fund
("Galaxy") and Columbia Management Advisors, Inc. ("Columbia"), successor by
merger to Fleet Investment Advisors Inc. Intending to be legally bound, Columbia
hereby agrees to waive a portion of the advisory fees which it is entitled to
receive pursuant to the Agreement with respect to Galaxy's Prime Reserves,
Government Reserves and Tax-Exempt Reserves (the "Funds") for the period
February 28, 2004 through February 27, 2005 so that the advisory fees for each
Fund will not exceed 0.20% of each Fund's average daily net assets. Columbia
acknowledges that it will not be entitled to collect on or make a claim for
waived advisory fees at any time in the future.
The names "The Galaxy Fund" and "Trustees of The Galaxy Fund" refer
respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under a Declaration of
Trust dated March 31, 1986 which is hereby referred to and a copy of which is on
file at the office of the State Secretary of the Commonwealth of Massachusetts
and the principal office of Galaxy. The obligations of "The Galaxy Fund" entered
into the name or on behalf thereof by any of the Trustees, representatives or
agents are made not individually, but in such capacities, and are not binding
upon any of the Trustees, shareholders, or representatives of Galaxy personally,
but bind only the property of Galaxy, and all persons dealing with any class of
shares of Galaxy must look solely to the property of Galaxy belonging to such
class for the enforcement of any claims against Galaxy.
COLUMBIA MANAGEMENT ADVISORS, INC.
By: /s/ Xxxx X. Xxxxxx
------------------------------------------
Title: Director-Columbia Management Group
Your signature below acknowledges
your acceptance of the foregoing.
THE GALAXY FUND
By: /s/ Xxxxxx X. Xxxxx, Xx.
----------------------------
Xxxxxx X. Xxxxx, Xx.
Chairman of the Board
