<PAGE> PAGE 1
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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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070 R010500 N
070 R020500 N
071 A000500 332585
071 B000500 287984
071 C000500 201417
071 D000500 143
072 A000500 12
072 B000500 1400
072 C000500 3639
<PAGE> PAGE 21
072 D000500 0
072 E000500 0
072 F000500 1584
072 G000500 269
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072 I000500 62
072 J000500 20
072 K000500 0
072 L000500 15
072 M000500 8
072 N000500 10
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072 T000500 113
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072 X000500 2113
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072 Z000500 2929
072AA000500 43439
072BB000500 0
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072DD010500 2697
072DD020500 174
072EE000500 16667
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073 B000500 1.4194
073 C000500 0.0000
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074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 254944
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074 J000500 336
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074 M000500 4
074 N000500 283154
074 O000500 4067
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<PAGE> PAGE 22
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 425
074 S000500 0
074 T000500 278662
074 U010500 12133
074 U020500 1514
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075 A000500 0
075 B000500 226119
076 000500 0.00
025 A000601 BANKERS TRUST
025 B000601 13-3166617
025 C000601 E
025 D000601 432
025 A000602 DEAN WITTER
025 B000602 94-1671384
025 C000602 E
025 D000602 621
025 A000603 FIRST UNION
025 C000603 E
025 D000603 1255
025 A000604 J.P. MORGAN
025 B000604 13-3224016
025 C000604 E
025 D000604 1138
025 A000605 MORGAN STANLEY
025 B000605 13-2655998
025 C000605 E
025 D000605 517
025 A000606 MERRILL LYNCH
025 B000606 13-5674085
025 C000606 E
025 D000606 761
025 A000607 SALOMON BROTHERS
025 B000607 13-3082694
025 C000607 E
025 D000607 329
025 D000608 0
028 A010600 11555
028 A020600 316
028 A030600 0
028 A040600 3408
028 B010600 13010
028 B020600 699
028 B030600 0
<PAGE> PAGE 23
028 B040600 2549
028 C010600 9067
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028 C030600 0
028 C040600 1213
028 D010600 11497
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028 D030600 0
028 D040600 11467
028 E010600 5729
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028 E040600 4193
028 F010600 12841
028 F020600 564
028 F030600 0
028 F040600 2899
028 G010600 63699
028 G020600 3032
028 G030600 0
028 G040600 25729
028 H000600 4351
029 000600 Y
030 A000600 8
030 B000600 4.50
030 C000600 0.00
031 A000600 7
031 B000600 0
032 000600 0
033 000600 0
034 000600 Y
035 000600 21
036 A000600 N
036 B000600 0
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 100
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 55
044 000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
<PAGE> PAGE 24
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 Y
070 H020600 Y
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 127662
071 B000600 26738
071 C000600 272308
071 D000600 10
<PAGE> PAGE 25
072 A000600 12
072 B000600 954
072 C000600 6273
072 D000600 0
072 E000600 0
072 F000600 2034
072 G000600 345
072 H000600 0
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072 J000600 62
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072 R000600 11
072 S000600 16
072 T000600 55
072 U000600 5
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072 W000600 13
072 X000600 2654
072 Y000600 1583
072 Z000600 6156
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072DD010600 5941
072DD020600 130
072EE000600 3139
073 A010600 0.0000
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073 B000600 0.1775
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074 A000600 6
074 B000600 0
074 C000600 0
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074 F000600 357335
074 G000600 0
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074 L000600 6028
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074 N000600 363606
<PAGE> PAGE 26
074 O000600 0
074 P000600 0
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074 R010600 0
074 R020600 0
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074 R040600 594
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074 U010600 22523
074 U020600 937
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075 A000600 0
075 B000600 290429
076 000600 0.00
025 A000701 MERRILL LYNCH
025 B000701 13-5674085
025 C000701 D
025 D000701 8602
025 A000702 MERRILL LYNCH
025 B000702 13-5674085
025 C000702 E
025 D000702 4655
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 13120
028 A020700 0
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028 A040700 4037
028 B010700 15654
028 B020700 50
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028 B040700 3571
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028 C040700 5298
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028 D040700 4234
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<PAGE> PAGE 27
028 E030700 0
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030 B000700 4.50
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031 A000700 25
031 B000700 0
032 000700 0
033 000700 3
034 000700 Y
035 000700 65
036 A000700 N
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043 000700 236
044 000700 0
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062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
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<PAGE> PAGE 28
070 A010700 Y
070 A020700 Y
070 B010700 N
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070 C010700 Y
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070 D010700 Y
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070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 Y
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 142893
071 B000700 89698
071 C000700 249082
071 D000700 36
072 A000700 12
072 B000700 2073
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<PAGE> PAGE 29
072 L000700 18
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072DD020700 6
072EE000700 15528
073 A010700 0.0000
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073 B000700 1.1093
073 C000700 0.0000
074 A000700 3
074 B000700 8602
074 C000700 0
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074 F000700 227329
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074 N000700 315047
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074 R040700 2292
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074 T000700 312134
074 U010700 14597
074 U020700 3013
<PAGE> PAGE 30
074 V010700 0.00
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075 A000700 0
075 B000700 287025
076 000700 0.00
025 A000801 MERRILL LYNCH
025 B000801 13-5674085
025 C000801 D
025 D000801 8234
025 A000802 PRUDENTIAL
025 B000802 22-2347336
025 C000802 D
025 D000802 2897
025 D000803 0
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025 D000807 0
025 D000808 0
028 A010800 3770
028 A020800 409
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<PAGE> PAGE 31
029 000800 Y
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031 A000800 1
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032 000800 0
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037 000800 N
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062 D000800 4.2
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062 H000800 0.0
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062 K000800 0.0
062 L000800 9.5
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062 N000800 1.5
062 O000800 0.0
062 P000800 0.0
062 Q000800 84.8
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063 A000800 0
063 B000800 1.8
064 A000800 N
064 B000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
<PAGE> PAGE 32
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 43612
071 B000800 75721
071 C000800 72077
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<PAGE> PAGE 33
072 R000800 4
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<PAGE> PAGE 34
075 B000800 113883
076 000800 0.00
025 A000901 BEAR STEARNS
025 B000901 13-2975144
025 C000901 D
025 D000901 2800
028 A010900 1997
028 A020900 313
028 A030900 0
028 A040900 2463
028 B010900 14036
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028 B040900 6885
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028 G010900 20497
028 G020900 2084
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037 000900 N
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<PAGE> PAGE 35
062 B000900 1.5
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062 L000900 0.9
062 M000900 71.5
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062 O000900 0.0
062 P000900 11.1
062 Q000900 7.8
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063 A000900 0
063 B000900 3.9
064 A000900 N
064 B000900 N
070 A010900 Y
070 A020900 Y
070 B010900 N
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070 D010900 Y
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070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 Y
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070 M010900 N
070 M020900 N
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070 O020900 N
<PAGE> PAGE 36
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 155238
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071 C000900 88714
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<PAGE> PAGE 37
074 E000900 0
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074 U020900 223
074 V010900 9.93
074 V020900 9.93
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075 B000900 98861
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025 A001101 BEAR STEARNS
025 B001101 13-2975144
025 C001101 D
025 D001101 1920
028 A011100 10270
028 A021100 730
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028 A041100 2713
028 B011100 48175
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028 D041100 6340
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<PAGE> PAGE 38
028 E031100 0
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062 Q001100 47.3
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<PAGE> PAGE 39
063 A001100 0
063 B001100 7.5
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<PAGE> PAGE 40
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<PAGE> PAGE 41
074 U011100 25298
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025 A001201 BANKERS TRUST
025 B001201 13-3166617
025 C001201 E
025 D001201 31
025 A001202 DEAN WITTER
025 B001202 94-1671384
025 C001202 E
025 D001202 47
025 A001203 FIRST UNION
025 C001203 E
025 D001203 98
025 A001204 J.P. MORGAN
025 B001204 13-3224016
025 C001204 E
025 D001204 89
025 A001205 MORGAN STANLEY
025 B001205 13-2655998
025 C001205 E
025 D001205 40
025 A001206 MERRILL LYNCH
025 B001206 13-5674085
025 C001206 E
025 D001206 59
025 A001207 MERRILL LYNCH
025 B001207 13-5974085
025 C001207 D
025 D001207 11741
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028 A021200 111
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028 B021200 153
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028 B041200 418
028 C011200 1507
028 C021200 146
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028 C041200 569
028 D011200 1301
<PAGE> PAGE 42
028 D021200 137
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028 D041200 1061
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028 E021200 160
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042 F001200 0
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062 A001200 Y
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062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 9.8
062 M001200 28.4
<PAGE> PAGE 43
062 N001200 0.0
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062 P001200 4.0
062 Q001200 54.0
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063 B001200 3.9
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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071 B001200 20083
071 C001200 35040
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072 A001200 12
072 B001200 1395
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<PAGE> PAGE 44
072 E001200 0
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072EE001200 1644
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074 F001200 27910
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074 M001200 6
074 N001200 58982
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<PAGE> PAGE 45
074 R021200 0
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<PAGE> PAGE 46
033 001300 0
037 001300 N
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039 001300 N
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064 B001300 N
071 A001300 9083
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072 A001300 12
072 B001300 2791
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<PAGE> PAGE 47
072 J001300 15
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073 A011300 0.4920
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<PAGE> PAGE 48
074 U011300 4697
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028 B011400 6794
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037 001400 N
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039 001400 N
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<PAGE> PAGE 49
042 D001400 100
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064 A001400 N
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071 C001400 74924
071 D001400 19
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<PAGE> PAGE 50
072 S001400 4
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074 I001400 1948
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074 M001400 10
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074 V011400 9.91
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<PAGE> PAGE 51
076 001400 0.00
024 001500 N
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<PAGE> PAGE 52
043 001500 37
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070 A011500 Y
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<PAGE> PAGE 53
070 P021500 N
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<PAGE> PAGE 54
074 F001500 73780
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025 A001601 MERRILL LYNCH
025 B001601 13-5674085
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<PAGE> PAGE 55
028 D011600 4930
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<PAGE> PAGE 56
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070 A011600 Y
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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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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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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,
Intermediate Government Bond Fund, Fixed Income Fund, Intermediate
Tax Free Fund, Minnesota Insured Intermediate Tax Free Fund,
Colorado Intermediate Tax Free Fund, Asset Allocation Fund, Balanced
Fund, Real Estate Securities Fund, Equity Income Fund, Equity
Index Fund, Stock Fund, Diversified Growth Fund, Special Equity Fund,
Regional Equity Fund, Emerging Growth Fund, International Fund,
Health Sciences Fund, and Technology Fund (funds within First American
Investment Funds, Inc.) for the year ended September 30, 1996, 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 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, 1996.
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 8, 1996
77J
The amounts of distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations, which may differ from those amounts determined under
generally accepted accounting principles. These book/tax differences are
either temporary or permanent in nature. These differences are primarily
due to wash sales, foreign currency gains, and losses, the "market-to-market"
of certain Passive Foreign Investment Companies(PFICs) for tax purposes,
the character of distribution made during the year from net investment income
or net realized gains, and the timing of distributions where the fiscal year in
which the amounts are distributed may differ from the year that the income for
realized gains(losses) were recorded by the fund. In the Regional Equity Fund
a permanent difference resulted from a redemption-in-kind in the amount of
$53,590,714 of which the resulting realized gains was recognized for book
purposes but not for tax purposes. To the extent these differences are
permanent, adjustments are made to the appropriate accounts in the period
that the difference arises.
<TABLE>
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<S> <C> <C> <C>
On the Statement of Net Assets the following adjustments were made (000):
Accumulated Undistributed
Net Realized Net Investment
Gains (Loss) Income Paid-in-Capital
Limited Term Income Fund $ 9 $ 4 $ (13)
Intermediate Government Bond Fund $ 1 $ 1 $ (2)
Asset Allocation Fund $ (74) $ 74 $ -
Balanced Fund $ (317) $ 316 $ 1
Equity Income Fund $ - $ 12 $ (12)
Stock Fund $ (580) $ 580 $ -
Diversified Growth Fund $ - $ 12 $ (12)
Special Equity Fund $ (15) $ 15 $ -
Regional Equity Fund $ (13,263) $ 12 $ 13,251
Emerging Growth Fund $ - $ 147 $ (147)
International Fund $ (1,286) $ 1,219 $ 67
Technology Fund $ (329) $ 329 $ -
</TABLE>
