EXHIBIT 99.4
AGREEMENT AMONG JOINTLY INSURED PARTIES
THIS AGREEMENT is made as of June 21, 2006, by and among First American
Investment Funds, Inc., First American Funds, Inc., First American Strategy
Funds, Inc., Mount Xxxxxx Securities Lending Trust, 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., and 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, 2006 to July 1, 2007.
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/ Xxxxxxxx X. Xxxxxxxxx
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First American Funds, Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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First American Strategy Funds, Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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Mount Xxxxxx Securities Lending Trust By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Municipal Income Portfolio Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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Minnesota Municipal Income Portfolio Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Strategic Income Portfolio Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Strategic Income Portfolio Inc. - II By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Strategic Income Portfolio Inc. - III By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Select Portfolio Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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American Income Fund, Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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First American Minnesota Municipal Income Fund II, Inc. By /s/ Xxxxxxxx X. Xxxxxxxxx
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