EXHIBIT 99.4
AGREEMENT AMONG JOINTLY INSURED PARTIES
THIS AGREEMENT is made as of May 5, 2005, by and among First American
Investment Funds, Inc., First American Funds, Inc., First American Strategy
Funds, Inc., American Municipal Income Portfolio, Inc., Minnesota Municipal
Income Portfolio, Inc., American Strategic Income Portfolio Inc., American
Strategic Income Portfolio, Inc. - II, American Strategic Income Portfolio,
Inc. - III, American Select Portfolio, Inc., American Income Fund, Inc.,
First American Minnesota Municipal Income Fund II, Inc.
WHEREAS, the Funds are to be named as Insureds under a joint insured
fidelity bond (the "Bond") issued to parties hereto under the Investment
Company Bond with a term of July 1, 2005 to July 1, 2006.
WHEREAS, the insured desire to establish criteria by which recoveries under
the Bond shall be allocated among parties and in compliance with Rule 17g-1
under the Investment Company Act of 1940, as amended (the "Act").
NOW, THEREFORE, it is hereby agreed as follows:
1. In the event that the claims of loss to two or more Insureds under the
Bond are so related that the Insurer is entitled to assert that the
claims must be aggregated, each Fund shall receive an equitable and
proportionate share of the recovery, but at least equal to the amount
it would have received had it provided and maintained a single insured
bond with the minimum coverage required under Rule 17g-1 (d) under the
Act.
2. If the Insurer is willing to add as an Insured under the Bond an
investment company not listed at the head of this agreement and such
investment company may be included in the Bond pursuant to Rule 17g-1
under the Act, the Funds agree that (a) such addition may be made,
provided that those Directors of each of the Funds who are not
"interested persons" of such Fund shall approve such addition, and (b)
such investment company may become a party to this agreement and be
included within the terms "Fund" or "party", provided that in each
case (i) such investment company shall have executed and delivered to
the Funds its written agreement to become a party hereto and be bound
by the terms of this agreement, and (ii) the premium paid by each Fund
thereafter would be no more than the premium of an individual policy
for the Fund and no more than the share of the joint premium based on
the relative premiums which would apply to individual policies taken
by the jointly insured parties.
3. The obligations of the Funds under this Agreement are not binding upon
any of the Directors or holders of units of beneficial interest of any
such Fund individually, but bind only the respective assets of each
Fund.
This Agreement Among Jointly Insured Parties may be executed in two or more
counterparts, all of which taken together shall be deemed one and the same
instrument.
IN WITNESS WHEREOF the parties have caused these presents to be executed by
their officers hereunto duly authorized all as of the day and year first
above written.
First American Investment Funds, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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First American Funds, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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First American Strategy Funds, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Municipal Income Portfolio, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Minnesota Municipal Income Portfolio, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Strategic Income Portfolio, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Strategic Income Portfolio, Inc. - II By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Strategic Income Portfolio, Inc. - III By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Select Portfolio, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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American Income Fund, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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First American Minnesota Municipal Income Fund II, Inc. By /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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