EXHIBIT 99(e)(2)
FEE LIMITATION AGREEMENT
THIS AGREEMENT is made as of the 29th day of October 2007, between
Quasar Distributors, LLC (the "Distributor) and First American Investment Funds,
Inc. ("FAIF").
WHEREAS, FAIF is comprised of multiple investment portfolios (each a
"Fund" and, collectively, the "Funds"), each of which offers one or more classes
of shares; and
WHEREAS, the Distributor acts as the principal underwriter of the
Funds' shares, pursuant to a Distribution Agreement dated July 1, 2007 between
the Distributor and FAIF (the "Distribution Agreement"); and
WHEREAS, the Distributor is entitled, under the Distribution Agreement,
to receive Rule 12b-1 fees on Class A shares of the Funds for services provided
thereunder; and
WHEREAS, the Distributor has been voluntarily limiting its Rule 12b-1
fees for certain share classes of certain Funds; and
WHEREAS, the Distributor wishes to contractually commit to limit its
Rule 12b-1 fees for certain share classes of certain Funds through October 31,
2008; and
WHEREAS, it is in the interests of both the Distributor and the
shareholders of the Funds to limit Rule 12b-1 fees as set forth herein.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto
agree that the Distributor will limit its Rule 12b-1 fees for certain classes of
certain Funds, as set forth in Exhibit A hereto. The Distributor agrees that it
may not be reimbursed by FAIF for the fees waived by the Distributor under the
terms of this agreement. The Distributor agrees to continue the foregoing fee
limits through October 31, 2008. Thereafter, any such limitation 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.
QUASAR DISTRIBUTORS, LLC FIRST AMERICAN INVESTMENT
FUNDS, INC.
By: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxxxx X. Xxxxxxxxx, Xx.
---------------------------------- -----------------------------
Name: Xxxxx X. Xxxxxxxxx Name: Xxxxxxx X. Xxxxxxxxx, Xx.
Title: President Title: Treasurer
EXHIBIT A
RULE 12B-1 FEE LIMITATION
(MAXIMUM ANNUAL FEE AS A
PERCENTAGE OF AVERAGE DAILY NET ASSETS)
SHORT & INTERMEDIATE TAX FREE BOND FUNDS
California Intermediate Tax Free -- Class A Shares 0.15%
Colorado Intermediate Tax Free -- Class A Shares 0.15%
Intermediate Tax Free -- Class A Shares 0.15%
Minnesota Intermediate Tax Free -- Class A Shares 0.15%
Oregon Intermediate Tax Free -- Class A Shares 0.15%
Short Tax Free -- Class A Shares 0.15%
BOND FUNDS
Intermediate Government Bond -- Class A Shares 0.15%
Intermediate Term Bond -- Class A Shares 0.15%
Short Term Bond -- Class A Shares 0.15%
