EXPENSE LIMITATION & FEE REIMBURSEMENT AGREEMENT
THIS AGREEMENT is effective as of the 18th day of June 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 three classes of shares; and
WHEREAS, the Advisor wishes to contractually limit total annual fund
operating expenses for each share class of the Fund and to reimburse the Rule
12b-1 fees paid to the Fund's distributor on Class A shares of the Fund through
June 30, 2010; and
WHEREAS, it is in the interests of both the Advisor and the shareholders of
the Fund 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 of the Fund to the
amounts set forth in Exhibit A (which limits are set forth on a class-by-class
basis). The parties hereto further agree that the Advisor will reimburse the
Fund, in the amount identified in Exhibit A, for the Rule 12b-1 fees paid to the
Fund's distributor on the 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 June 30, 2010.
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: /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 CLASS A SHARE
----------------------------------------------- 12B-1 FEE
CLASS A CLASS B CLASS C CLASS R CLASS Y REIMBURSEMENT
------- ------- ------- ------- ------- -------------
Missouri Tax Free 0.85% N/A 1.35% N/A 0.70% 0.10%
