EX. 5.3
"Adv. Agrmnt. Supp 3/16/90"
SUPPLEMENT
TO
INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
This Supplement, made this 16th day of March, 1990, by and between
▇▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust Inc., a Minnesota corporation (the "Fund"), and
Piper Capital Management Incorporated, a Delaware corporation (the "Adviser").
WHEREAS, the Fund has entered into an Investment Advisory and
Management Agreement with the Adviser dated February 19, 1987 (the "Original
Agreement") whereby the Fund engaged the Adviser to act as investment adviser
for, and to manage the affairs, business and investment of the assets of, five
portfolios of the Fund, designated Value Fund, Sector Performance Fund, Balanced
Fund, Government Income Fund and Money Market Fund portfolios.
WHEREAS, pursuant to a Supplement dated April 4, 1988, all of the
terms, provisions, covenants and agreements set forth in the Original Agreement
were adopted with respect to five additional portfolios of the Fund, designated
the U.S. Government Money Market Fund, Tax-Exempt Money Market Fund,
Institutional Government Income Portfolio, National Tax-Exempt Fund and
Minnesota Tax-Exempt Fund portfolios.
WHEREAS, pursuant to a resolution of the Board of Directors of the
Fund, an additional portfolio of the Fund has been formed, which portfolio has
been designated the Emerging Growth Fund portfolio.
NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants contained herein, the parties hereto agree as follows;
1. All of the terms, provisions, covenants and agreements set forth
in the Original Agreement shall apply to the Emerging Growth Fund portfolio,
provided that the following table sets forth the fees to be paid pursuant to
Section 2 of the Original Agreement with respect to the Emerging Growth Fund
portfolio.
Per
Annum Average Net Asset Values
Monthly Rate Rate of the Portfolio
------------ ---- ----------------
Emerging Growth 1/12 of .75% .75% On the first $100,000,000
Fund portfolio 1/12 of .65% .65% On the next $200,000,000
1/12 of .55% .55% On the next $200,000,000
1/12 of .508 .50% On average net assets over
$500,000,000
2. The effective date of this Supplement shall be April 16, 1990.
IN WITNESS WHEREOF, the Fund and the Adviser have caused this
Supplement to be executed by their duly authorized officers as of the day and
year first above written.
▇▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT
TRUST INC.
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------------
Its Vice President
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PIPER CAPITAL MANAGEMENT
INCORPORATED
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------------
Its Vice President
------------------------
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