EXPENSE LIMITATION & FEE REIMBURSEMENT AGREEMENT

Exhibit 99 (d) (7)

EXPENSE LIMITATION & FEE REIMBURSEMENT AGREEMENT

     THIS AGREEMENT is effective as of the 28^th day of October 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 total annual fund operating expenses for each share class of each Fund and to reimburse certain Funds for the Rule 12b-1 fees paid to the Funds’ distributor on Class A shares of such certain Funds through October 31, 2011; and

     WHEREAS, it is in the interests of both the Advisor and the shareholders of the Funds to limit Fund expenses and, where applicable, to reimburse 12b-1 fees 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 parties hereto further agree that the Advisor will reimburse certain Funds, in the amounts identified in Exhibit A, for the Rule 12b-1 fees paid to the Funds’ distributor on the respective Fund’s Class A shares. 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 and fee reimbursements through October 31, 2011. Thereafter, any expense limit or fee reimbursement 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)																				Class A Share
		as a Percentage Of Average Daily Net Assets																				12b-1 Fee
		Class A				Class B				Class C				Class R				Class Y				Reimbursement
Income Funds
Core Bond			0.95	%			1.70	%			1.70	%			1.20	%			0.70	%			N/A
High Income Bond			1.10	%			1.85	%			1.85	%			1.35	%			0.85	%			N/A
Inflation Protected Securities			0.85	%			N/A				1.60	%			1.10	%			0.60	%			N/A
Intermediate Government Bond			0.75	%			N/A				1.60	%			1.10	%			0.60	%			N/A
Intermediate Term Bond			0.85	%			N/A				N/A				N/A				0.70	%			N/A
Short Term Bond			0.75	%			N/A				1.60	%			N/A				0.60	%			N/A
Total Return Bond			0.89	%			1.75	%			1.75	%			1.25	%			0.75	%			0.11	%
Tax Free Income Funds
California Tax Free			0.65	%			N/A				1.15	%			N/A				0.50	%			0.10	%
Colorado Tax Free			0.75	%			N/A				1.15	%			N/A				0.50	%			N/A
Minnesota Tax Free			0.85	%			N/A				1.35	%			N/A				0.70	%			0.10	%
Missouri Tax Free			0.85	%			N/A				1.35	%			N/A				0.70	%			0.10	%
Nebraska Tax Free			0.75	%			N/A				1.15	%			N/A				0.50	%			N/A
Ohio Tax Free			0.75	%			N/A				1.15	%			N/A				0.50	%			N/A
Tax Free			0.75	%			N/A				1.35	%			N/A				0.70	%			0.20	%
Short & Intermediate Tax Free Income Funds
Intermediate Tax Free			0.75	%			N/A				1.35	%			N/A				0.70	%			0.10	%
Minnesota Intermediate Tax Free			0.75	%			N/A				1.35	%			N/A				0.70	%			0.10	%
Oregon Intermediate Tax Free			0.85	%			N/A				N/A				N/A				0.70	%			N/A
Short Tax Free			0.75	%			N/A				N/A				N/A				0.60	%			N/A