FIRST AMERICAN FUNDS BOARD OF DIRECTORS MEETING
                                JUNE 17-19, 2008

                        D&O INSURANCE AND FIDELITY BOND

     RESOLVED, that the premiums to provide $50 million of D&O/E&O coverage with
     St. Paul Fire and Marine Insurance Company, Federal Insurance Company, and
     Scottsdale Indemnity Company (including a $10 million independent
     director-only layer) for the policy period ending June 30, 2009 be
     allocated to each Fund based upon each Fund's proportionate share of the
     sum of the premiums that would have been paid if such coverage were
     purchased separately by each of the Funds.

     FURTHER RESOLVED, that the Board of Directors hereby finds that such
     premiums are fair and reasonable, and that the participation in the joint
     liability insurance policy is in the best interest of the Funds.

     FURTHER RESOLVED, that the proper officers of the Funds be, and they hereby
     are authorized, upon expiration of the Fidelity Bond on behalf of each of
     the Funds, to execute a Joint Fidelity Bond with Federal Insurance Company
     covering the affiliated investment companies managed by FAF Advisors, for
     the period ending June 30, 2009 in an amount to be determined pursuant to
     the provisions of Rule 17g-1(d) under the Investment Company Act of 1940,
     as amended; provided that the allocation of the premium be in accordance
     with a formula under which the Funds pay no more than their pro-rata share
     of premium based on relative asset size.

     FURTHER RESOLVED, that the officers of the Funds are hereby authorized to
     enter into an Agreement Among Jointly Insured Parties in the form presented
     to the Board of Directors at its May 5-7, 2008 meeting.

     FURTHER RESOLVED, that the officers of the Funds are hereby directed to
     file such Joint Fidelity Bond with the Securities and Exchange Commission
     in accordance with the requirements of Rule 17g-1(g).


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