EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT is effective as of the 31st day of July, 2007, between FAF
Advisors, Inc., as investment advisor (the "Advisor"), and First American
Investment Funds, Inc. ("FAIF").
WHEREAS, FAIF includes the investment portfolios set forth in Exhibit A
hereto (each a "Fund" and, collectively, the "Funds"), each of which offers one
or more classes of shares; and
WHEREAS, the Advisor wishes to contractually limit fees and reimburse
expenses for the Funds through July 31, 2008; and
WHEREAS, it is in the interests of both the Advisor and the shareholders of
the Funds to limit Fund expenses as set forth herein.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree
that the Advisor will limit its fees and/or reimburse Fund expenses to the
extent necessary to limit the annual operating expenses of the Funds to the
amounts set forth in Exhibit A (which limits are set forth for each Fund on a
class-by-class basis). The Advisor agrees that it may not be reimbursed by FAIF
for the fees waived by the Advisor under the terms of this agreement. The
Advisor agrees to continue the foregoing expense limits through July 31, 2008.
Thereafter, any expense limit may be changed upon prior notice to FAIF's Board
of Directors.
IN WITNESS WHEREOF, the parties have signed this agreement as of the day
and year first above written.
FAF ADVISORS, INC. FIRST AMERICAN INVESTMENT FUNDS, INC.
By: /s/ Xxxxxx X. Xxxxx III By: /s/ Xxxxxxx X. Xxxxxxxxx, Xx.
--------------------------------- ------------------------------------
Name: Xxxxxx X. Xxxxx III Name: Xxxxxxx X. Xxxxxxxxx, Xx.
Title: Chief Financial Officer Title: Treasurer
EXHIBIT A
ANNUAL OPERATING EXPENSE
LIMITATION AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS
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Quantitative Large Cap Core Fund - Class A 0.7000%
Quantitative Large Cap Core Fund - Class C 1.4500%
Quantitative Large Cap Core Fund - Class R 0.9500%
Quantitative Large Cap Core Fund - Class Y 0.4500%
Quantitative Large Cap Growth Fund - Class A 0.7000%
Quantitative Large Cap Growth Fund - Class C 1.4500%
Quantitative Large Cap Growth Fund - Class R 0.9500%
Quantitative Large Cap Growth Fund - Class Y 0.4500%
Quantitative Large Cap Value Fund - Class A 0.7000%
Quantitative Large Cap Value Fund - Class C 1.4500%
Quantitative Large Cap Value Fund - Class R 0.9500%
Quantitative Large Cap Value Fund - Class Y 0.4500%
