EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT is effective as of the 16th day of September, 2009, between
FAF Advisors, Inc., as investment advisor (the "Advisor"), and First American
Investment Funds, Inc. ("FAIF").
WHEREAS, FAIF includes the investment portfolio set forth in Exhibit A
hereto (the "Fund"), which offers one class 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 Fund 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 Fund to the amount set forth in Exhibit A. 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: /s/ Xxxxxx X. Xxxxx III By: /s/ Xxxxxxx X. Xxxxxxxxx, Xx.
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Name: Xxxxxx X. Xxxxx, III Name: Xxxxxxx X. Xxxxxxxxx, Xx.
Title: Chief Financial Officer Title: Treasurer
EXHIBIT A
ANNUAL OPERATING EXPENSE
NET OF ACQUIRED FUND FEES AND EXPENSES
LIMITATION AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS
Tactical Market Opportunities Fund - Class Y 0.9500%
