EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT is effective as of the 26th day of February, 2010, 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 February 28, 2011; 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 net of acquired fund fees and 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 or reimbursements made by the
Advisor under the terms of this agreement. The Advisor agrees to continue the foregoing expense
limits through February 28, 2011. 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:
|
By: | |||||||
Name:
|
Xxxxxx X. Xxxxx, III | Name: | Xxxxxxx X. Xxxxxxxxx, Xx. | |||||
Title:
|
Chief Financial Officer | Title: | Treasurer | |||||
Exhibit A
| Annual Operating Expense | ||||
| Limitation (Net of Acquired Fund | ||||
| Fees and Expenses) | ||||
| as a Percentage of Average Daily | ||||
| Net Assets | ||||
Equity Index Fund — Class A |
0.6200 | % | ||
Equity Index Fund — Class B |
1.3700 | % | ||
Equity Index Fund — Class C |
1.3700 | % | ||
Equity Index Fund — Class R |
0.8700 | % | ||
Equity Index Fund — Class Y |
0.3700 | % | ||
Global Infrastructure Fund — Class A |
1.2500 | % | ||
Global Infrastructure Fund — Class C |
2.0000 | % | ||
Global Infrastructure Fund — Class R |
1.5000 | % | ||
Global Infrastructure Fund — Class Y |
1.0000 | % | ||
International Fund — Class A |
1.4900 | % | ||
International Fund — Class B |
2.2400 | % | ||
International Fund — Class C |
2.2400 | % | ||
International Fund — Class R |
1.7400 | % | ||
International Fund — Class Y |
1.2400 | % | ||
International Select Fund — Class A |
1.4900 | % | ||
International Select Fund — Class B |
2.2400 | % | ||
International Select Fund — Class C |
2.2400 | % | ||
International Select Fund — Class R |
1.7400 | % | ||
International Select Fund — Class Y |
1.2400 | % | ||
Mid Cap Index Fund — Class A |
0.7500 | % | ||
Mid Cap Index Fund — Class B |
1.5000 | % | ||
Mid Cap Index Fund — Class C |
1.5000 | % | ||
Mid Cap Index Fund — Class R |
1.0000 | % | ||
Mid Cap Index Fund — Class Y |
0.5000 | % | ||
Small Cap Growth Opportunities Fund — Class A |
1.4700 | % | ||
Small Cap Growth Opportunities Fund — Class B |
2.2200 | % | ||
Small Cap Growth Opportunities Fund — Class C |
2.2200 | % | ||
Small Cap Growth Opportunities Fund — Class R |
1.7200 | % | ||
Small Cap Growth Opportunities Fund — Class Y |
1.2200 | % | ||
Small Cap Index Fund — Class A |
0.8300 | % | ||
Small Cap Index Fund — Class B |
1.5800 | % | ||
Small Cap Index Fund — Class C |
1.5800 | % | ||
Small Cap Index Fund — Class R |
1.0800 | % | ||
Small Cap Index Fund — Class Y |
0.5800 | % | ||
| Annual Operating Expense | ||||
| Limitation (Net of Acquired Fund | ||||
| Fees and Expenses) | ||||
| as a Percentage of Average Daily | ||||
| Net Assets | ||||
Small-Mid Cap Core Fund — Class A |
1.4100 | % | ||
Small-Mid Cap Core Fund — Class B |
2.1600 | % | ||
Small-Mid Cap Core Fund — Class C |
2.1600 | % | ||
Small-Mid Cap Core Fund — Class Y |
1.1600 | % | ||
