AMENDMENT TO CUSTODIAN AGREEMENT
DATED AS OF JUNE 19, 2008
WHEREAS, State Street Bank and Trust Company (the "Custodian") acts as the
custodian for certain series (each series a "Portfolio," collectively, the
"Portfolios") of First American Investment Funds, Inc. (the "Fund") pursuant to
a Custodian Agreement dated July 1, 2005 between the Custodian and the Fund (the
"Agreement"); and
WHEREAS, Section 14 of the Agreement provides that the Custodian is
entitled to reasonable compensation for its services and expenses as Custodian,
as agreed upon from time to time between the Fund, on behalf of each applicable
Portfolio, and the Custodian; and
WHEREAS, the Fund, on behalf of each applicable Portfolio, and the
Custodian have agreed that the compensation paid under the Global Custody Fee
Schedule attached hereto constitutes reasonable compensation for the services
provided, and expenses incurred, by the Custodian under the Agreement.
NOW, THEREFORE, the Custodian and Fund, intending to be legally bound,
agree that the Custodian shall be paid according to the Global Custody Fee
Schedule attached hereto, in satisfaction of Section 14 of the Agreement, until
the parties agree otherwise.
IN WITNESS WHEREOF, the Custodian and the Fund have caused this amendment
to be executed as of the date first above written by their duly authorized
officers.
FIRST AMERICAN INVESTMENT FUNDS, INC. STATE STREET BANK AND TRUST COMPANY
By: /s/ Xxxxxxx X. Xxxxxxxxx, Xx. By: /s/ Xxxx X. Xxxxxxxx
--------------------------------- ------------------------------------
Name: Xxxxxxx X. Xxxxxxxxx, Xx. Name: Xxxx X. Xxxxxxxx
Title: Treasurer Title: SVP
STATE STREET
FIRST AMERICAN INVESTMENT FUNDS, INC.
GLOBAL CUSTODY FEE SCHEDULE
CUSTODY: Maintain custody of fund assets. Settle portfolio purchases and sales.
Report buy and sell fails. Determine and collect portfolio income. Make cash
disbursements and report cash transactions in local and base currency. Withhold
foreign taxes. File foreign tax reclaims. Monitor corporate actions. Report
portfolio positions. All in accordance with Custodian Agreement terms and
provisions.
*HOLDING CHARGES TRANSACTION
IN BASIS POINTS CHARGES
COUNTRY (ANNUAL FEE) (PER TRADE)
------------------ ---------------- --------------
Argentina 15.0 $ 50
Australia 1.0 $ 40
Austria 5.0 $ 40
Bahrain 15.0 $ 75
Bangladesh 15.0 $ 00
Xxxxxxx 3.0 $ 50
Bermuda 20.0 $100
Bolivia 10.0 $ 50
Botswana 50.0 $100
Brazil 10.0 $ 00
Xxxxxxxx 20.0 $ 60
Canada 1.75 $ 25
Chile 15.0 $ 75
China 15.0 $ 50
Colombia 35.0 $ 00
Xxxxxxx 40.0 $ 00
Xxxxxx 00.0 x 00
Xxxxx Xxxxxxxx 15.0 $100
Denmark 1.75 $ 00
Xxxxxxx 40.0 $100
Egypt 15.0 $100
Estonia 36.0 $ 50
Euroclear 1.75 $ 25
Finland 4.0 $ 50
France 2.0 $ 40
Germany 1.5 $ 40
Ghana 50.0 $100
Greece 40.0 $125
Hong Kong 4.0 $ 50
Hungary 40.0 $100
Iceland 10.0 $ 50
India 30.0 $100
Indonesia 10.0 $ 50
Ireland 3.0 $ 50
Israel 15.0 $ 75
Italy 2.0 $ 25
Ivory Coast 15.0 $ 50
Jamaica 25.0 $ 00
Xxxxx 1.0 $ 30
Jordan 25.0 $ 60
Kenya 50.0 $150
Latvia 5.0 $ 50
*HOLDING CHARGES TRANSACTION
IN BASIS POINTS CHARGES
COUNTRY (ANNUAL FEE) (PER TRADE)
------------------ ---------------- --------------
Lebanon 15.0 $ 75
Lithuania 10.0 $ 50
Luxembourg 35.0 $100
Malaysia 10.0 $ 50
Mauritius 20.0 $ 75
Mexico 10.0 $ 50
Morocco 20.0 $ 60
Namibia 20.0 $ 00
Xxxxxxxxxxx 3.0 $ 25
New Zealand 5.0 $ 50
Norway 5.0 $ 25
Oman 40.0 $ 50
Pakistan 20.0 $ 60
Peru 25.0 $ 60
Philippines 15.0 $ 75
Poland 15.0 $100
Portugal 1.75 $100
Puerto Rico 1.75 $ 50
Romania 15.0 $ 50
Russia 25.0 $ 60
Singapore 5.0 $ 00
Xxxxxxxx 00.0 x000
Xxxxxx Xxxxxxxx 40.0 $100
Slovenia 35.0 $ 00
Xxxxx Xxxxxx 10.0 $ 00
Xxxxx Xxxxx 8.0 $ 75
Spain 2.0 $ 00
Xxx Xxxxx 15.0 $100
Swaziland 15.0 $ 50
Sweden 4.0 $ 25
Switzerland 1.5 $ 25
Taiwan 15.0 $ 75
Thailand 10.0 $ 00
Xxxxxxxx & Xxxxxx 35.0 $100
Tunisia 45.0 $125
Turkey 15.0 $ 75
Ukraine 50.0 $ 00
Xxxxxx Xxxxxxx 1.0 $ 25
Uruguay 50.0 $ 50
USA .75 See list below
Venezuela 45.0 $125
Zambia 30.0 $ 50
Zimbabwe 25.0 $ 50
PORTFOLIO TRADES - FOR EACH LINE ITEM PROCESSED (DOMESTIC)
State Street Repos $ 7.00
DTC or Fed Book Entry $12.00
New York Physical Settlements $25.00
PTC Purchase, Sale, Deposit or Withdrawal $12.00
Option Charge for each option written or closing
contract, per issue, per broker $25.00
Option expiration/option exercised $15.00
Interest rate Futures - no security movement $ 8.00
Foreign Exchange $15.00
3rd Party Foreign Exchange $25.00
All other trades $25.00
SPECIAL SERVICES:
Fees for activities of a non-recurring nature such as fund consolidations or
reorganizations, extraordinary security shipments and the preparation of special
reports will be subject to negotiation. These services include, but are not
limited to the following: fees for fund administration activities, self directed
securities lending, linkages/feeds with third party lending agents, development
of customized reports, financial reporting, and access to State Street systems.
OUT-OF-POCKET EXPENSES:
A billing for the recovery of applicable out-of-pocket expenses will be made as
of the end of each month. Out-of-pocket expenses include, but are not limited to
the following:
- Communications costs (telephone, lease lines, etc.)
- Postage and insurance
- Courier service
- Duplicating
- Non-recurring legal fees
- Supplies related to funds records
- 38a-1 Fees (State Street)
- PriceWaterhouseCoopers (38a-1) Agreed Upon Procedures Letter
- Third-party internal control review letter
- Travel and lodging for Board meetings if attendance is required
- Third Party Vendor Costs (Pricing, Portfolio Analytics & Market Data)
- FAS 157
PAYMENT:
The above fees and out-of-pocket expenses will be billed monthly and charged to
the fund's demand deposit account (maintained by the Custodian) five (5) days
after the invoice is mailed to the fund's offices.
OVERDRAFT CALCULATION POLICY:
All USD overdraft compensation will be calculated at Fed Funds + 100 Basis
Points. All overdrafts in foreign currency are periodically set in conjunction
with market events and practices.
BALANCE CREDITS: Balance credits are calculated at 75% of the average Federal
Funds rate for the month applied to the average positive collected balances for
the month. Balance credits can be used to offset fees. Any credits in excess of
fees will be carried forward from month to month, but not past December 31 of
any given year.
This fee schedule is effective January 1, 2008 and is for all funds detailed in
Schedule A.
FIRST AMERICAN INVESTMENT FUNDS, INC. STATE STREET
BY: /S/ XXXXXXX X. XXXXXXXXX BY: /S/ XXXX X. XXXXXXXX
--------------------------------- ------------------------------------
TITLE: TREASURER TITLE: SVP
DATE: 6/23/08 DATE: 7/14/08
SCHEDULE A
First American International Fund
First American International Select Fund
First American Global Infrastructure Fund
