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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
074 D000500 0
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024 000600 Y
025 A000601 MERRILL LYNCH
025 B000601 13-5674085
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<PAGE> PAGE 22
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<PAGE> PAGE 23
071 A000600 23845
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<PAGE> PAGE 24
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025 A000701 ASSOCIATES
025 B000701 74-1494554
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
075 A000800 0
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025 A000901 GOLDMAN SACHS
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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025 A001101 BEAR STEARNS
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<TABLE> <S> <C>
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<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
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Independent Auditors Report on Internal Accounting Control
The Board of Directors and Shareholders
First American Investment Funds, Inc.:
In planning and performing our audits of the financial statements of
Limited Term Income Fund, Intermediate Term Income Fund, Fixed
Income Fund, Intermediate Government Bond Fund, Mortgage Securities
Fund, Limited Term Tax Free Income Fund, Intermediate Tax Free Fund,
Colorado Intermediate Tax Free Fund, Minnesota Insured Intermediate
Tax Free Fund, Asset Allocation Fund, Balanced Fund, Equity Index
Fund, Equity Income Fund, Limited Volatility Stock Fund, Diversified
Growth Fund, Stock Fund, Special Equity Fund, Regional Equity Fund,
Emerging Growth Fund, Technology Fund, International Fund, and
Real Estate Securities Fund (funds within First American Investment Funds, Inc.)
for the year ended September 30, 1995, we considered their internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing
our opinions on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal control structure.
The management of the Company is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in
2
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1995.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 3, 1995
77.C) Submission of matters to a vote of security holders
FAIF had such a vote on August 7, 1995. For results of the meeting refer
to the First American Investment Funds, Inc. annual report dated
September 30, 1995 on page 101.
77.J) Revaluation of assets or restatement of capital share account
First American Investment Funds, Inc.
SOP 93-2 requires each Corporation on behalf of each Fund to report the
accumulated net investment income (loss) and accumulated net capital
gain (loss) accounts to approximate amounts available for future distributions
on a tax basis (or to offset future realized capital gains). As a result First
American Investment Funds, Inc. had reclassed the accumulated income
and accumulated capital gains (losses) to paid-in-capital for the year
ended September 30, 1995. The following adjustments were made (000):
<TABLE>
<Captions>
Accumulated Undistributed
Net Realized Net Investment
Fund Gain (Loss) Income Paid-In-Capital
<S> <C> <C> <C>
Mortgage $0 $1 $(1)
Limited Term Tax Free 0 16 (16)
Equity Income 2 16 (18)
Diversified Growth 0 18 (18)
Technology (70) 70 0
International (1,870) 1,942 (72)
</TABLE>
