FIRST AMERICAN INVESTMENT FUNDS, INC.
Supplement dated July 2, 1996 to all Retail Class Prospectuses
dated January 31, 1996, as supplemented June 3, 1996
The following information supplements the section "Alternative Sales
Charge Options -- Class A Shares" under the heading "Investing in the Funds" in
each Prospectus:
In addition to the purchases described under the sub-heading "Sales of
Class A Shares at Net Asset Value", purchases of a Fund's Class A shares by a
qualified defined contribution plan participating in the First American 401(k)
Plan Program may be made at net asset value without a sales charge. Although
there is no sales charge imposed on such purchases, First Bank National
Association, the Funds' investment advisor, may pay to Participating
Institutions an amount of up to 2.00% on such sales.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
