EXHIBIT (g)(8)
FIRST AMERICAN INVESTMENT FUNDS, INC.
COMPENSATION AGREEMENT DATED AS OF OCTOBER 1, 2002
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 and
subsequently amended the Compensation Agreement; and
WHEREAS, the Fund and the Custodian wish to further 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, Short Term Fund,
Intermediate Term Bond 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 High Yield Bond Fund, International Fund,
Emerging Markets Fund, Large Cap Core Fund, Mid Cap Core Fund, Micro
Cap Fund, Small Cap Core Fund, Mid Cap Index Fund, Small Cap Index
Fund, Bond IMMDEX Fund, U.S. Government Securities Fund, Missouri Tax
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Free Fund, Ohio Tax Free Fund, Short Tax Free Fund and Intermediate
Government Bond Fund, of 0.01%. 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 WHEREOF, 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:
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Its:
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U.S. BANK NATIONAL ASSOCIATION
By:
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Its:
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