Exhibit 99(d)(7)
AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
THIS AMENDMENT to the Investment Advisory Agreement dated April 2, 1991
between First American Investment Funds, Inc., a Maryland Corporation ("FAIF),
and U.S. Bank N.A., a national banking association, which agreement was assigned
to US. Bancorp Asset Management, Inc., a Delaware corporation ("USBAM") pursuant
to an Assignment and Assumption Agreement dated May 2, 2001 (such Investment
Advisory Agreement, as assigned, the "Advisory Agreement") is made effective as
of the 1st day of July, 2005.
WHEREAS, FAIF is comprised of multiple investment portfolios (each a "Fund"
and, collectively, the "Funds"), and
WHEREAS, USBAM serves as the investment advisor to the Funds pursuant to
the Advisory Agreement; and
WHEREAS, USBAM and FAIF have agreed to reduce the advisory fees payable by
certain Funds under the Agreement; and
WHEREAS, such fee reduction is in the interests of both USBAM and the
shareholders of such Funds.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree
that the advisory fees payable under the Advisory Agreement by Total Return Bond
Fund, Small Cap Growth Opportunities Fund and International Fund shall be as
follows:
ANNUAL ADVISORY FEE AS A PERCENTAGE
FUND OF AVERAGE DAILY NET ASSETS
Total Return Bond Fund 0.60 %
Small Cap Growth Opportunities Fund 1.00 %
International Fund 1.00 %
IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the
day and year first above written.
U.S. BANCORP ASSET MANAGEMENT, INC. FIRST AMERICAN INVESTMENT FUNDS, INC.
By: /s/ Xxxxxx X. Xxxxx III By: /s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxx X. Xxxxx III Name: Xxxxxxx X. Xxxxxx
Title: Chief Financial Officer Title: Vice President - Administration
