EX-99.(6)(I) 4 faf211103_ex996i.htm EXPENSE LIMITATION AGREEMENT EFFECTIVE AUGUST 26, 2021, BETWEEN THE REGISTRANT AND U.S. BANCORP ASSET MANAGEMENT, INC.

Exhibit 99(6)(i)

 

EXPENSE LIMITATION AGREEMENT

 

THIS AGREEMENT is effective as of the 26th day of August, 2021, between U.S. Bancorp Asset Management, Inc., as investment advisor (the “Advisor”), and First American Funds, Inc. (“FAF”).

 

WHEREAS, FAF 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 Advisor wishes to contractually limit fees and reimburse expenses for certain Funds within FAF through October 31, 2022; 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 hereto (which limits are set forth for each Fund on a class-by-class basis). The Advisor agrees that it may not be reimbursed by FAF 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 October 31, 2022. Thereafter, any expense limit may be changed upon prior notice to FAF’s Board of Directors.

 

IN WITNESS WHEREOF, the parties have signed this agreement as of the day and year first above written.

 

U.S. BANCORP ASSET MANAGEMENT, INC.

 

FIRST AMERICAN FUNDS, INC.
     

By:

/s/ Jill M. Stevenson

 

By:

/s/ James D. Pamer

Name:

Jill M. Stevenson

 

Name:

James D. Palmer

Title:

Head of Operations and Mutual Fund Treasurer

 

Title:

Vice President

            

 

      

 

 

 

 

Exhibit A

 

Money Market Funds

Annual Operating Expense Limitation (Net of Acquired
Fund Fees and Expenses) as a Percentage of
Average Daily Net Assets

Government Obligations – Class A

0.7500%

Government Obligations – Class D

0.6000%

Government Obligations – Class P

0.1800%

Government Obligations – Class T

0.4000%

Government Obligations – Class U

0.1200%

Government Obligations – Class V

0.3000%

Government Obligations – Class X

0.1400%

Government Obligations – Class Y

0.4500%

Government Obligations – Class Z

0.1800%

 

 

Institutional Prime Obligations – Class T

0.4000%

Institutional Prime Obligations – Class V

0.3000%

Institutional Prime Obligations – Class Y

0.4500%

Institutional Prime Obligations – Class Z

0.2000%

 

 

Retail Prime Obligations – Class A

0.7500%

Retail Prime Obligations – Class T

0.4000%

Retail Prime Obligations – Class V

0.3000%

Retail Prime Obligations – Class X

0.1400%

Retail Prime Obligations – Class Y

0.4500%

Retail Prime Obligations – Class Z

0.2000%

 

 

Retail Tax Free Obligations – Class A

0.7500%

Retail Tax Free Obligations – Class T

0.4000%

Retail Tax Free Obligations – Class V

0.3000%

Retail Tax Free Obligations – Class Y

0.4500%

Retail Tax Free Obligations – Class Z

0.2000%

 

 

Treasury Obligations – Class A

0.7500%

Treasury Obligations – Class D

0.6000%

Treasury Obligations – Class P

0.1800%

Treasury Obligations – Class T

0.4000%

Treasury Obligations – Class V

0.3000%

Treasury Obligations – Class X

0.1400%

Treasury Obligations – Class Y

0.4500%

Treasury Obligations – Class Z

0.1800%

 

 

US Treasury Money Market – Class A

0.7500%

US Treasury Money Market – Class D

0.6000%

US Treasury Money Market – Class T

0.4000%

 

 

 

 

US Treasury Money Market – Class V

0.3000%

US Treasury Money Market – Class Y

0.4500%

US Treasury Money Market – Class Z

0.2000%