EXHIBIT (g)(4)
FIRST AMERICAN INVESTMENT FUNDS, INC.
COMPENSATION AGREEMENT DATED AS OF FEBRUARY 28, 2001
PURSUANT TO CUSTODIAN AGREEMENT
WHEREAS, First American Investment Funds, Inc., a Maryland corporations
(hereinafter called the "Fund"), and First Trust National Association, a
national banking association organized and existing under the laws of the United
States of America, previously entered into that Custodian Agreement dated
September 20, 1993 (the "Custodian Agreement"); and
WHEREAS, First Trust National Association, with the consent of the
Fund, assigned its rights and obligations under the Custodian Agreement to U.S.
Bank National Association, a national banking association organized and existing
under the laws of the United States of America (the "Custodian") by an
Assignment and Assumption Agreement dated as of May 1,1998; and
WHEREAS, article 12 of the Custodian Agreement provides that the
Custodian shall be paid compensation at such rates and at such times as may from
time to time be agreed on in writing by the parties thereto; and
WHEREAS, the Fund and the Custodian previously entered into that
Compensation Agreement dated as of July 23, 1998, for such purpose with respect
to the then-existing series of the Fund; and
WHEREAS, the Fund and the Custodian wish to amend such compensation
agreement in order to add provisions thereto relating to certain new funds.
NOW, THEREFORE, the Fund and the Custodian agree as follows:
1. The compensation payable to the Custodian pursuant to the Custodian
Agreement with respect to the respective series of the Fund shall be
payable monthly at the following annual rates as percentages of the
respective series' average daily net assets: Large Cap Value Fund,
Equity Index Fund, Balanced Fund, Mid Cap Value Fund, Limited Term
Income Fund, Intermediate Term Income Fund, Fixed Income Fund, Health
Sciences Fund, Real Estate Securities Fund, Equity Income Fund, Large
Cap Growth Fund, Small Cap Growth Fund, Technology Fund, Intermediate
Tax Free Fund, Minnesota Intermediate Tax Free Fund, Colorado
Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund,
California Intermediate Tax Free Fund, Small Cap Value Fund, Tax Free
Fund, Minnesota Tax Free Fund, Mid Cap Growth Fund, Strategic Income
Fund, California Tax Free Fund Arizona Tax Free Fund, Colorado Tax Free
Fund, Corporate Bond Fund, Nebraska Tax Free Fund and High Yield Bond
Fund, .03%; and International Fund, International Index Fund, and
Emerging Markets Fund, 0.10%. The Custodian shall pay sub-custodian
fees with respect to those
funds which are authorized to utilize foreign sub-custodians out of the
compensation payable to the Custodian with respect to such funds as set
forth above. The Fund shall reimburse the Custodian for all other
out-of-pocket expenses incurred by the Custodian in connection with the
performance of the Custodian's services under the Custodian Agreement.
2. This Compensation Agreement restates and supersedes all prior
compensation agreements pursuant to Article 12 of the Custodian
Agreement.
IN WITNESS WHEROF, the Fund and the Custodian have caused this
instrument to be executed in duplicate as of the date first
above written by their duly authorized officers.
FIRST AMERICAN INVESTMENT
FUNDS, INC.
By ___________________________
Its __________________________
U.S. BANK NATIONAL ASSOCIATION
By ___________________________
Its __________________________
