EXHIBIT (d)(3) Columbia Management Advisors, Inc. One Financial Center Boston, Massachusetts 02111 Mr. Dwight E. Vicks, Jr. February 28, 2004 Chairman of the Board of Trustees The Galaxy Fund One Financial Center Boston, MA 02111 Re: Advisory Fee...Advisory Agreement • July 30th, 2004 • Galaxy Fund /De/
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.
