SECURITIES LENDING AGREEMENT







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                          SECURITIES LENDING AGREEMENT



                               CUSTOMER AGREEMENT





         This Securities Lending Agreement, made as of this 1st day of January,

2007 including all exhibits attached hereto, all of the terms of which are

incorporated herein by reference, in each case, as amended and/or supplemented

from time to time in accordance with the terms hereof (this "Agreement"), by and

between U.S. Bank National Association (the "Bank") and First American

Investment Funds, Inc. (the "Customer").



                                   WITNESSETH:



         WHEREAS, Customer is an open-end management investment company

registered under the Investment Company Act of 1940 (the "1940 Act") which

offers its shares in one or more separate series, with each such series

representing a separate and distinct pool of cash, securities, and other assets

(collectively "Property"); and



         WHEREAS, the Customer desires to have the Bank engage in securities

lending as Customer's agent with respect to certain Securities; and



         WHEREAS, the Bank and the Customer desire to specify the terms and

conditions under which such securities lending will be performed.



         NOW, THEREFORE, in consideration of the mutual premises, covenants and

undertakings set forth herein, the parties hereto agree as follows:



         1.   Definitions:  For purposes hereof:



                  "Borrower" shall be, subject to the other provisions of this

         Agreement, one or more (i) broker-dealers registered under the

         Securities Exchange Act of 1934 (the "1934 Act"); (ii) broker-dealers

         exempt from registration under 15(a)(1) of the 1934 Act as a dealer in

         exempted Government Securities, or (iii) bank(s), with which the Bank

         or one of its agents has established a securities lending agreement

         whereby Borrower may borrow Securities and which the Customer has

         expressly approved in accordance with the last sentence of this

         paragraph. Such potential Borrowers are listed in Exhibit A attached

         hereto. Borrowers may be added to or deleted from Exhibit A by (i) the

         Customer by means of written notice delivered by the Customer to the

         Bank, or (ii) written notice delivered by the Bank to the Customer

         which is confirmed by the Customer via letter, fax or e-mail.



                  "Borrower Agreement" shall have the meaning provided such term

         in Section 3(a) hereof.



                  "Business Day" shall mean, with respect to any Loan hereunder,

         a day on which regular trading occurs in the

         principal market for the Loaned Securities subject to such Loan,

         provided, however, that for purposes of determining the Market Value of

         any Securities hereunder, such term shall mean a day on which regular

         trading occurs in the



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         principal market for the Securities whose value is being determined.

         Notwithstanding the foregoing, in no event shall a Saturday or Sunday

         be considered a Business Day.



                  "Close of Trading" shall mean, with respect to any Security,

         the end of the primary trading session established by the principal

         market for such Security on a Business Day.



                  "Collateral" shall be collateral which the Bank shall receive

         from Borrower(s) to secure Loans on behalf of a Customer in the form of

         (i) cash denominated in United States dollars ("Cash Collateral"), (ii)

         securities issued or guaranteed by the United States Government or its

         agencies, or (iii) irrevocable bank letters of credit issued by a

         person other than the Borrower or an affiliate thereof, or equivalent

         obligation denominated in United States dollars..



                  "Government Securities" shall mean government securities as

         defined in Section 3(a)(42)(A)-(C) of the 1934 Act, as amended.



                  "Loans" shall be the lending of Securities to Borrower(s).



                  "Loaned Securities" shall be those Securities which are loaned

         to the Borrower(s) by the Bank, securities identical to such

         Securities, or securities equivalent to such loaned securities in the

         event of a reorganization, recapitalization or merger affecting the

         originally loaned securities.



                  "Margin Percentage" shall mean, with respect to any Loan as of

         any date, a percentage agreed to by the Borrower and the Bank, provided

         that in no event shall the Margin Percentage be less than 100% of the

         Market Value of the Loaned Securities.



                  "Mark to Market" shall be the procedure whereby the Bank

         determines the Market Value of securities Collateral and Loaned

         Securities.



                  "Market Value" shall be:



                           (i) If the principal market for the securities to be

                  valued is a national securities exchange in the United States,

                  their Market Value shall be determined by their last sale

                  price on such exchange at the most recent Close of Trading or,

                  if there was no sale on the Business Day of the most recent

                  Close of Trading, by the last sale price at the Close of

                  Trading on the next preceding Business Day on which there was

                  a sale on such exchange, all as quoted on the Consolidated

                  Tape or, if not quoted on the Consolidated Tape, then as

                  quoted by such exchange, including where applicable, accrued

                  interest to the extent not already included therein, unless

                  market practice with respect to the valuation of such

                  securities in connection with securities loans is to the

                  contrary.



                           (ii) If the principal market for the securities to be

                  valued is the over-the-counter market, and the securities are

                  quoted on The Nasdaq Stock Market ("Nasdaq"), their Market

                  Value shall be the last sale price on Nasdaq at the most

                  recent Close of Trading or, if the securities are issues for

                  which last sale prices are







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                  not quoted on Nasdaq, the last bid price at such Close of

                  Trading. If the relevant quotation did not exist at such Close

                  of Trading, then the Market Value shall be the relevant

                  quotation on the next preceding Close of Trading at which

                  there was such a quotation, including where applicable,

                  accrued interest to the extent not already included therein,

                  unless market practice with respect to the valuation of such

                  securities in connection with securities loans is to the

                  contrary.



                           (iii) Except as provided in Subsection (iv) of this

                  definition, if the principal market for the securities to be

                  valued is the over-the-counter market, and the securities are

                  not quoted on Nasdaq, their Market Value shall be determined

                  in accordance with market practice for such securities, based

                  on the price for such securities as of the most recent Close

                  of Trading obtained from a generally recognized source agreed

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