EXHIBIT 99(d)(4)
First American Investment Funds, Inc.
Exhibit A to Investment Advisory Agreement
Effective December 5, 2006
Annual Advisory Fee as a Percentage of
Portfolio Effective Date Average Daily Net Assets
----------------------------------------------- ------------------------- --------------------------------------
Large Cap Value Fund (1) April 2, 1991 0.65%
Mid Cap Value Fund April 2, 1991 0.70%
Core Bond Fund April 2, 1991 0.50%
Intermediate Tax Free Fund April 2, 1991 0.50%
Intermediate Term Bond Fund September 15, 1992 0.50%
Equity Index Fund September 15, 1992 0.25%
Short Term Bond Fund September 15, 1992 0.50%
Balanced Fund (1) September 15, 1992 0.65%
Minnesota Intermediate Tax Free Fund December 31, 1993 0.50%
Colorado Intermediate Tax Free Fund December 31, 1993 0.50%
Small-Mid Cap Core Fund December 31, 1993 0.70%
International Fund December 31, 1993 1.00%
Equity Income Fund (1) January 31, 1994 0.65%
Real Estate Securities Fund June 12, 1995 0.70%
Oregon Intermediate Tax Free Fund August 5, 1997 0.50%
California Intermediate Tax Free Fund August 5, 1997 0.50%
Small Cap Value Fund November 21, 1997 0.70%
Tax Free Fund July 24, 1998 0.50%
Minnesota Tax Free Fund July 24, 1998 0.50%
California Tax Free Fund February 1, 2000 0.50%
Arizona Tax Free Fund February 1, 2000 0.50%
Colorado Tax Free Fund February 1, 2000 0.50%
Total Return Bond Fund February 1, 2000 0.60%
Nebraska Tax Free Fund February 28, 2001 0.50%
High Income Bond Fund February 28, 2001 0.70%
Large Cap Growth Opportunities Fund (1) May 2, 2001 0.65%
Mid Cap Growth Opportunities Fund May 2, 2001 0.70%
Small Cap Growth Opportunities Fund May 2, 2001 1.00%
Small Cap Select Fund May 2, 2001 0.70%
Mid Cap Index Fund May 2, 2001 0.25%
Small Cap Index Fund May 2, 2001 0.40%
U.S. Government Mortgage Fund May 2, 2001 0.50%
Missouri Tax Free Fund May 2, 2001 0.50%
Ohio Tax Free Fund April 30, 2002 0.50%
Short Tax Free Fund October 25, 2002 0.50%
Intermediate Government Bond Fund October 25, 2002 0.50%
Large Cap Select Fund (1) December 4, 2002 0.65%
Inflation Protected Securities Fund October 1, 2004 0.50%
International Select Fund December 20, 2006 1.00%
(1) The Adviser has agreed to a breakpoint schedule with each of Large Cap
Growth Opportunities Fund, Large Cap Select Fund, Large Cap Value Fund, Balanced
Fund and Equity Income Fund. The advisory fee paid separately by each of these
funds will be based on an annual rate of 0.65% for the first $3 billion of each
fund's average daily net assets; 0.625% for average daily net assets in excess
of $3 billion up to $5 billion; and 0.60% for average daily net assets in excess
of $5 billion.
