Exh. (d)(1)(ii)
XXXXXXX X. XXXXXXXXX FUND, INC.
AMENDMENT NO. 3 TO
INVESTMENT MANAGEMENT AGREEMENT
AMENDMENT NO. 3 TO INVESTMENT MANAGEMENT AGREEMENT, dated as of
November 28, 2005 between XXXXXXX X. XXXXXXXXX FUND, INC., a Maryland
Corporation, (the "Fund"), on behalf of U.S. Government Short Duration
Portfolio, Short Duration Plus Portfolio, Intermediate Duration Portfolio,
Diversified Municipal Portfolio, California Municipal Portfolio, New York
Municipal Portfolio, Short Duration Diversified Municipal Portfolio, Short
Duration California Municipal Portfolio, Short Duration New York Municipal
Portfolio, Tax-Managed International Portfolio, International Portfolio, and
Emerging Markets Portfolio (the "Portfolios") and ALLIANCE CAPITAL MANAGEMENT
L.P., a Delaware Limited Partnership (the "Adviser" or "Alliance").
Pursuant to the Investment Management Agreement dated as of October 2,
2000 (the "Investment Management Agreement") between the Fund, on behalf of each
Portfolio, and the Adviser, the Fund, on behalf of each Portfolio, has agreed to
compensate the Adviser for the services it performs for, and the facilities and
personnel it provides to, each Portfolio. The Adviser and the Fund, on behalf of
each Portfolio, wish to amend the Investment Management Agreement to modify such
compensation with respect to each Portfolio. Accordingly, the parties hereto
hereby agree as follows:
Subsections (a) - (d) of Section 5 of the Investment
Management Agreement are hereby deleted in their entirety and replaced with the
following:
As compensation for the services performed and the facilities
and personnel provided by the Adviser pursuant to Section 1 of this Agreement,
the Fund, on behalf of each Portfolio, will pay the Adviser, promptly after the
end of each month, fees at the rates set forth below:
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Portfolio Annual Percentage of Average Daily Net Assets of Each Portfolio
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Short Duration California .50% of the first $250 million; .45% of assets in excess of $250 million up to,
Municipal Portfolio but not exceeding $750 million; .40% of assets in excess of $750 million
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Short Duration Diversified .50% of the first $250 million; .45% of assets in excess of $250 million up to,
Municipal Portfolio but not exceeding $750 million; .40% of assets in excess of $750 million
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Short Duration New York Municipal .50% of the first $250 million; .45% of assets in excess of $250 million up to,
Portfolio but not exceeding $750 million; .40% of assets in excess of $750 million
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U.S. Government Short .50% of the first $250 million; .45% of assets in excess of $250 million up to,
Duration Portfolio but not exceeding $750 million; .40% in excess of $750 million
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Short Duration Plus Portfolio .50% of the first $250 million; .45% of assets in excess of $250 million up to,
but not exceeding $750 million; .40% in excess of $750 million
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New York Municipal Portfolio .50% of the first $1 billion; .45% of assets in excess of $1 billion up to,
but not exceeding $3 billion; .40% of assets in excess of $3 billion up to,
but not exceeding $5 billion; .35% of assets in excess of $5 billion
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California Municipal Portfolio .50% of the first $1 billion; .45% of assets in excess of $1 billion up to,
but not exceeding $3 billion; .40% of assets in excess of $3 billion up to,
but not exceeding $5 billion; .35% of assets in excess of $5 billion
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Diversified Municipal Portfolio .50% of the first $1 billion; .45% of assets in excess of $1 billion up to,
but not
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exceeding $3 billion; .40% of assets in excess of $3 billion up to,
but not exceeding $5 billion; .35% of assets in excess of $5 billion
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Intermediate Duration Portfolio .50% of the first $1 billion; .45% of assets in excess of $1 billion up to,
but not exceeding $3 billion; .40% of assets in excess of $3 billion up to,
but not exceeding $5 billion; .35% of assets in excess of $5 billion
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Tax-Managed International Portfolio .925% of the first $1 billion; .85% of assets in excess of $1 billion up to, but
not exceeding $4 billion; .80% of assets in excess of $4 billion up to, but not
exceeding $6 billion; .75% of assets in excess of $6 billion up to, but not
exceeding $8 billion; .65% of assets in excess of $8 billion
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International Portfolio .925% of the first $1 billion; .85% of assets in excess of $1 billion up to, but
not exceeding $4 billion; .80% of assets in excess of $4 billion up to, but not
exceeding $6 billion; .75% of assets in excess of $6 billion up to, but not
exceeding $8 billion; .65% of assets in excess of $8 billion
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Emerging Markets Portfolio 1.175% of the first $1 billion; 1.05% of assets in excess of $1 billion up to,
but not exceeding $2 billion; 1.00% of assets in excess of $2 billion up to, but
not exceeding $3 billion; 0.90% of assets in excess of $3 billion
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If the Adviser shall serve hereunder for less than the whole of any
month, the fee hereunder shall be prorated.
Except as herein provided, the Investment Management Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the Fund, on behalf of each Portfolio, and the
Adviser have caused this Amendment No. 3 to the Investment Management Agreement
to be executed by their duly authorized officers as of the date first above
written.
XXXXXXX X. XXXXXXXXX FUND, INC. ALLIANCE CAPITAL MANAGEMENT L.P.
By: Alliance Capital Management Corporation,
General Partner
By:
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