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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 6
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<PAGE> PAGE 7
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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 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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
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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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<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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028 A021100 1018
028 A031100 0
<PAGE> PAGE 41
028 A041100 5523
028 B011100 7549
028 B021100 1273
028 B031100 0
028 B041100 15124
028 C011100 7585
028 C021100 829
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028 D021100 1082
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028 D041100 4834
028 E011100 8905
028 E021100 1320
028 E031100 0
028 E041100 6794
028 F011100 10642
028 F021100 936
028 F031100 0
028 F041100 5440
028 G011100 58435
028 G021100 6458
028 G031100 0
028 G041100 42014
028 H001100 6189
029 001100 Y
030 A001100 37
030 B001100 4.50
030 C001100 0.00
031 A001100 32
031 B001100 0
032 001100 0
033 001100 5
034 001100 Y
035 001100 100
036 A001100 Y
036 B001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 100
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
<PAGE> PAGE 42
043 001100 349
044 001100 0
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 Y
070 O011100 N
<PAGE> PAGE 43
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 329356
071 B001100 312115
071 C001100 370124
071 D001100 84
072 A001100 12
072 B001100 12120
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072 L001100 16
072 M001100 9
072 N001100 31
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072 P001100 0
072 Q001100 0
072 R001100 11
072 S001100 13
072 T001100 349
072 U001100 4
072 V001100 0
072 W001100 11
072 X001100 4079
072 Y001100 336
072 Z001100 12335
072AA001100 41325
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072DD011100 11095
072DD021100 1310
072EE001100 16582
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.5800
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074 A001100 1
074 B001100 0
074 C001100 20151
<PAGE> PAGE 44
074 D001100 175820
074 E001100 0
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074 G001100 0
074 H001100 0
074 I001100 44157
074 J001100 1084
074 K001100 0
074 L001100 3596
074 M001100 14
074 N001100 502403
074 O001100 7533
074 P001100 0
074 Q001100 0
074 R011100 0
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074 R031100 0
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074 S001100 0
074 T001100 494103
074 U011100 27092
074 U021100 4942
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074 W001100 0.0000
074 X001100 5323
074 Y001100 0
075 A001100 0
075 B001100 424190
076 001100 0.00
008 A001201 US BANK CORP
008 B001201 A
008 C001201 801-0000
008 D011201 MINNEAPOLIS
008 D021201 MN
008 D031201 55480
024 001200 Y
025 A001201 MERRILL LYNCH
025 B001201 13-5674085
025 C001201 E
025 D001201 141
025 A001202 MORGAN STANLEY
025 B001202 13-2655998
025 C001202 E
025 D001202 175
025 A001203 SALOMON BROTHERS
025 B001203 13-3082694
025 C001203 E
025 D001203 45
028 A011200 1459
028 A021200 179
<PAGE> PAGE 45
028 A031200 0
028 A041200 4415
028 B011200 505
028 B021200 179
028 B031200 0
028 B041200 4721
028 C011200 1142
028 C021200 177
028 C031200 0
028 C041200 2070
028 D011200 796
028 D021200 189
028 D031200 0
028 D041200 3194
028 E011200 522
028 E021200 193
028 E031200 0
028 E041200 2584
028 F011200 807
028 F021200 196
028 F031200 0
028 F041200 1520
028 G011200 5231
028 G021200 1113
028 G031200 0
028 G041200 18504
028 H001200 158
029 001200 Y
030 A001200 3
030 B001200 4.50
030 C001200 0.00
031 A001200 2
031 B001200 0
032 001200 0
033 001200 1
034 001200 Y
035 001200 11
036 A001200 Y
036 B001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 100
042 E001200 0
042 F001200 0
042 G001200 0
<PAGE> PAGE 46
042 H001200 0
043 001200 43
044 001200 0
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 11.5
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 22.3
062 J001200 0.0
062 K001200 0.0
062 L001200 8.8
062 M001200 21.4
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 35.3
062 R001200 0.0
063 A001200 0
063 B001200 3.0
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 Y
070 D011200 Y
070 D021200 Y
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 Y
070 H021200 Y
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 Y
<PAGE> PAGE 47
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 33556
071 B001200 68776
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072 J001200 51
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072 M001200 2
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072 R001200 5
072 S001200 4
072 T001200 43
072 U001200 3
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072 W001200 3
072 X001200 1048
072 Y001200 138
072 Z001200 3755
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072EE001200 5039
073 A011200 0.0000
073 A021200 0.0000
073 B001200 1.0900
073 C001200 0.0000
074 A001200 1
074 B001200 13349
<PAGE> PAGE 48
074 C001200 0
074 D001200 24871
074 E001200 0
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074 H001200 0
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074 J001200 0
074 K001200 0
074 L001200 866
074 M001200 0
074 N001200 116276
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 128
074 S001200 0
074 T001200 116148
074 U011200 8326
074 U021200 562
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074 V021200 0.00
074 W001200 0.0000
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074 Y001200 0
075 A001200 0
075 B001200 108455
076 001200 0.00
008 A001301 US BANK CORP
008 B001301 A
008 C001301 801-0000
008 D011301 MINNEAPOLIS
008 D021301 MN
008 D031301 55480
024 001300 N
028 A011300 725
028 A021300 9
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028 B011300 1893
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028 B031300 0
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028 C011300 1432
028 C021300 9
028 C031300 0
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028 D011300 1137
<PAGE> PAGE 49
028 D021300 9
028 D031300 0
028 D041300 659
028 E011300 1240
028 E021300 10
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028 E041300 410
028 F011300 1640
028 F021300 9
028 F031300 0
028 F041300 1112
028 G011300 8067
028 G021300 55
028 G031300 0
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028 H001300 842
029 001300 Y
030 A001300 3
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031 B001300 0
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033 001300 0
034 001300 N
035 001300 0
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 100
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.9
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
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<PAGE> PAGE 50
062 J001300 0.0
062 K001300 0.0
062 L001300 3.3
062 M001300 0.0
062 N001300 0.0
062 O001300 94.1
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 6.5
064 A001300 N
064 B001300 N
071 A001300 10321
071 B001300 5329
071 C001300 48490
071 D001300 11
072 A001300 12
072 B001300 2859
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072 R001300 1
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072 Z001300 2478
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072DD021300 174
072EE001300 276
073 A011300 0.4770
<PAGE> PAGE 51
073 A021300 0.4770
073 B001300 0.0500
073 C001300 0.0000
074 A001300 0
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074 E001300 0
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074 J001300 0
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074 M001300 4
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074 U021300 395
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074 V021300 10.61
074 W001300 0.0000
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075 A001300 0
075 B001300 54469
076 001300 0.00
008 A001401 US BANK CORP
008 B001401 A
008 C001401 801-0000
008 D011401 MINNEAPOLIS
008 D021401 MN
008 D031401 55480
024 001400 N
028 A011400 1335
028 A021400 34
028 A031400 0
028 A041400 4026
028 B011400 3018
028 B021400 36
028 B031400 0
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<PAGE> PAGE 52
028 C011400 1923
028 C021400 36
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028 D031400 0
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028 E011400 3488
028 E021400 34
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028 F011400 3360
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029 001400 Y
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034 001400 N
035 001400 0
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
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042 D001400 100
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
062 A001400 Y
062 B001400 0.0
062 C001400 0.0
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<PAGE> PAGE 53
062 E001400 3.7
062 F001400 0.0
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062 H001400 0.0
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062 L001400 0.8
062 M001400 0.0
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062 O001400 94.4
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 6.6
064 A001400 N
064 B001400 N
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071 B001400 48843
071 C001400 245925
071 D001400 20
072 A001400 12
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072 S001400 8
072 T001400 16
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072 X001400 2396
072 Y001400 543
072 Z001400 11836
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<PAGE> PAGE 54
072CC021400 0
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072DD021400 287
072EE001400 324
073 A011400 0.4387
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008 A001501 US BANK CORP
008 B001501 A
008 C001501 801-0000
008 D011501 MINNEAPOLIS
008 D021501 MN
008 D031501 55480
024 001500 N
028 A011500 12993
028 A021500 0
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<PAGE> PAGE 55
028 A041500 11115
028 B011500 10154
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031 B001500 0
032 001500 0
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034 001500 Y
035 001500 20
036 A001500 Y
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037 001500 N
038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
042 A001500 0
042 B001500 0
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042 D001500 100
042 E001500 0
042 F001500 0
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<PAGE> PAGE 56
043 001500 71
044 001500 0
062 A001500 N
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062 D001500 0.0
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062 F001500 0.0
062 G001500 0.0
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062 J001500 0.0
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070 A011500 Y
070 A021500 N
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070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 Y
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 Y
070 O011500 N
070 O021500 N
070 P011500 N
<PAGE> PAGE 57
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
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<PAGE> PAGE 58
074 F001500 158623
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008 A001601 US BANK CORP
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008 D021601 MN
008 D031601 55480
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<PAGE> PAGE 59
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<PAGE> PAGE 60
062 L001600 0.0
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070 C021600 N
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070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 N
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 N
070 I021600 N
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070 J021600 N
070 K011600 Y
070 K021600 Y
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070 M021600 N
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070 Q021600 N
070 R011600 N
070 R021600 N
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072 A001600 12
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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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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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SIGNATURE STEPHEN G MEYER
TITLE CONTROLLER
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<EXPENSES-NET> (4150)
<NET-INVESTMENT-INCOME> 3247
<REALIZED-GAINS-CURRENT> 59803
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<NET-CHANGE-FROM-OPS> 145810
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3102)
<DISTRIBUTIONS-OF-GAINS> (39325)
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<NUMBER-OF-SHARES-SOLD> 9537
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<SHARES-REINVESTED> 1921
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<ACCUMULATED-NII-PRIOR> 148
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<PER-SHARE-NII> .16
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.21
<EXPENSE-RATIO> .89
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 053
<NAME> SPECIAL EQUITY RETAIL B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 464836
<INVESTMENTS-AT-VALUE> 579156
<RECEIVABLES> 4150
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 134
<TOTAL-ASSETS> 583448
<PAYABLE-FOR-SECURITIES> 1148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1136
<TOTAL-LIABILITIES> 2284
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29619
<SHARES-COMMON-STOCK> 1530
<SHARES-COMMON-PRIOR> 633
<ACCUMULATED-NII-CURRENT> 150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114320
<NET-ASSETS> 581164
<DIVIDEND-INCOME> 5784
<INTEREST-INCOME> 1613
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<EXPENSES-NET> (4150)
<NET-INVESTMENT-INCOME> 3247
<REALIZED-GAINS-CURRENT> 59803
<APPREC-INCREASE-CURRENT> 82760
<NET-CHANGE-FROM-OPS> 145810
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20)
<DISTRIBUTIONS-OF-GAINS> (2274)
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<NUMBER-OF-SHARES-SOLD> 910
<NUMBER-OF-SHARES-REDEEMED> (136)
<SHARES-REINVESTED> 123
<NET-CHANGE-IN-ASSETS> 23802
<ACCUMULATED-NII-PRIOR> 148
<ACCUMULATED-GAINS-PRIOR> 41695
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3025
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4172
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<PER-SHARE-NAV-BEGIN> 20.31
<PER-SHARE-NII> .02
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<PER-SHARE-DIVIDEND> (.02)
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<PER-SHARE-NAV-END> 23.96
<EXPENSE-RATIO> 1.90
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 061
<NAME> EQUITY INDEX CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 384266
<INVESTMENTS-AT-VALUE> 595709
<RECEIVABLES> 1816
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 597543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575
<TOTAL-LIABILITIES> 575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12031
<SHARES-COMMON-STOCK> 770
<SHARES-COMMON-PRIOR> 402
<ACCUMULATED-NII-CURRENT> 185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211395
<NET-ASSETS> 596968
<DIVIDEND-INCOME> 8491
<INTEREST-INCOME> 718
<OTHER-INCOME> 0
<EXPENSES-NET> (1801)
<NET-INVESTMENT-INCOME> 7408
<REALIZED-GAINS-CURRENT> 19322
<APPREC-INCREASE-CURRENT> 129116
<NET-CHANGE-FROM-OPS> 155846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (138)
<DISTRIBUTIONS-OF-GAINS> (187)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 607
<NUMBER-OF-SHARES-REDEEMED> (257)
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 9756
<ACCUMULATED-NII-PRIOR> 195
<ACCUMULATED-GAINS-PRIOR> 9189
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3273
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4252
<AVERAGE-NET-ASSETS> 10000
<PER-SHARE-NAV-BEGIN> 15.49
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 5.70
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.76
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 062
<NAME> EQUITY INDEX CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 384266
<INVESTMENTS-AT-VALUE> 595709
<RECEIVABLES> 1816
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 597543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575
<TOTAL-LIABILITIES> 575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 336165
<SHARES-COMMON-STOCK> 26864
<SHARES-COMMON-PRIOR> 22523
<ACCUMULATED-NII-CURRENT> 185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211395
<NET-ASSETS> 596968
<DIVIDEND-INCOME> 8491
<INTEREST-INCOME> 718
<OTHER-INCOME> 0
<EXPENSES-NET> (1801)
<NET-INVESTMENT-INCOME> 7408
<REALIZED-GAINS-CURRENT> 19322
<APPREC-INCREASE-CURRENT> 129116
<NET-CHANGE-FROM-OPS> 155846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7188)
<DISTRIBUTIONS-OF-GAINS> (9833)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7433
<NUMBER-OF-SHARES-REDEEMED> (4009)
<SHARES-REINVESTED> 917
<NET-CHANGE-IN-ASSETS> 208719
<ACCUMULATED-NII-PRIOR> 195
<ACCUMULATED-GAINS-PRIOR> 9189
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3273
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4252
<AVERAGE-NET-ASSETS> 443741
<PER-SHARE-NAV-BEGIN> 15.47
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 5.70
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.74
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 063
<NAME> EQUITY INDEX CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 384266
<INVESTMENTS-AT-VALUE> 595709
<RECEIVABLES> 1816
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 597543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575
<TOTAL-LIABILITIES> 575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18946
<SHARES-COMMON-STOCK> 1148
<SHARES-COMMON-PRIOR> 534
<ACCUMULATED-NII-CURRENT> 185
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211395
<NET-ASSETS> 596968
<DIVIDEND-INCOME> 8491
<INTEREST-INCOME> 718
<OTHER-INCOME> 0
<EXPENSES-NET> (1801)
<NET-INVESTMENT-INCOME> 7408
<REALIZED-GAINS-CURRENT> 19322
<APPREC-INCREASE-CURRENT> 129116
<NET-CHANGE-FROM-OPS> 155846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (92)
<DISTRIBUTIONS-OF-GAINS> (245)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 687
<NUMBER-OF-SHARES-REDEEMED> (93)
<SHARES-REINVESTED> 20
<NET-CHANGE-IN-ASSETS> 5481
<ACCUMULATED-NII-PRIOR> 195
<ACCUMULATED-GAINS-PRIOR> 9189
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3273
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4252
<AVERAGE-NET-ASSETS> 13921
<PER-SHARE-NAV-BEGIN> 15.43
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 5.67
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.67
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 071
<NAME> REGIONAL EQUITY CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 288526
<INVESTMENTS-AT-VALUE> 433862
<RECEIVABLES> 970
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 434845
<PAYABLE-FOR-SECURITIES> 1021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5457
<TOTAL-LIABILITIES> 6478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24116
<SHARES-COMMON-STOCK> 1629
<SHARES-COMMON-PRIOR> 1430
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 145336
<NET-ASSETS> 428367
<DIVIDEND-INCOME> 2198
<INTEREST-INCOME> 2087
<OTHER-INCOME> 0
<EXPENSES-NET> (3460)
<NET-INVESTMENT-INCOME> 825
<REALIZED-GAINS-CURRENT> 19934
<APPREC-INCREASE-CURRENT> 92092
<NET-CHANGE-FROM-OPS> 112851
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (99)
<DISTRIBUTIONS-OF-GAINS> (992)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 737
<NUMBER-OF-SHARES-REDEEMED> (598)
<SHARES-REINVESTED> 60
<NET-CHANGE-IN-ASSETS> 12352
<ACCUMULATED-NII-PRIOR> 1177
<ACCUMULATED-GAINS-PRIOR> 8946
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 3478
<AVERAGE-NET-ASSETS> 27503
<PER-SHARE-NAV-BEGIN> 17.71
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 6.14
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.12
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 072
<NAME> REGIONAL EQUITY CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 288526
<INVESTMENTS-AT-VALUE> 433862
<RECEIVABLES> 970
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 434845
<PAYABLE-FOR-SECURITIES> 1021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5457
<TOTAL-LIABILITIES> 6478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214710
<SHARES-COMMON-STOCK> 15153
<SHARES-COMMON-PRIOR> 14597
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 145336
<NET-ASSETS> 428367
<DIVIDEND-INCOME> 2198
<INTEREST-INCOME> 2087
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<EXPENSES-NET> (3460)
<NET-INVESTMENT-INCOME> 825
<REALIZED-GAINS-CURRENT> 19934
<APPREC-INCREASE-CURRENT> 92092
<NET-CHANGE-FROM-OPS> 112851
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<DISTRIBUTIONS-OF-INCOME> (1903)
<DISTRIBUTIONS-OF-GAINS> (9965)
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<NUMBER-OF-SHARES-SOLD> 4368
<NUMBER-OF-SHARES-REDEEMED> (4353)
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<NET-CHANGE-IN-ASSETS> 91869
<ACCUMULATED-NII-PRIOR> 1177
<ACCUMULATED-GAINS-PRIOR> 8946
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 3478
<AVERAGE-NET-ASSETS> 284429
<PER-SHARE-NAV-BEGIN> 17.75
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 6.18
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.16
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 073
<NAME> REGIONAL EQUITY CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 288526
<INVESTMENTS-AT-VALUE> 433862
<RECEIVABLES> 970
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 434845
<PAYABLE-FOR-SECURITIES> 1021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5457
<TOTAL-LIABILITIES> 6478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28968
<SHARES-COMMON-STOCK> 1747
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<ACCUMULATED-NET-GAINS> 15237
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<ACCUM-APPREC-OR-DEPREC> 145336
<NET-ASSETS> 428367
<DIVIDEND-INCOME> 2198
<INTEREST-INCOME> 2087
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<EXPENSES-NET> (3460)
<NET-INVESTMENT-INCOME> 825
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<APPREC-INCREASE-CURRENT> 92092
<NET-CHANGE-FROM-OPS> 112851
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1103)
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<NET-CHANGE-IN-ASSETS> 12012
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<ACCUMULATED-GAINS-PRIOR> 8946
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 3478
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<PER-SHARE-NAV-BEGIN> 17.47
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 5.91
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.72
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 081
<NAME> LIMITED TERM INCOME FUND RETAIL A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 189145
<INVESTMENTS-AT-VALUE> 189522
<RECEIVABLES> 9845
<ASSETS-OTHER> 4
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<TOTAL-ASSETS> 199377
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537
<TOTAL-LIABILITIES> 7857
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7774
<SHARES-COMMON-STOCK> 720
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<ACCUMULATED-NET-GAINS> (4058)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 377
<NET-ASSETS> 191520
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<EXPENSES-NET> (709)
<NET-INVESTMENT-INCOME> 6613
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<DISTRIBUTIONS-OF-INCOME> (407)
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<NUMBER-OF-SHARES-SOLD> 186
<NUMBER-OF-SHARES-REDEEMED> (276)
<SHARES-REINVESTED> 40
<NET-CHANGE-IN-ASSETS> (475)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4087)
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<PER-SHARE-NAV-BEGIN> 9.91
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS
<SERIES>
<NUMBER> 082
<NAME> LIMITED TERM INCOME FUND INSTITUTIONAL
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 189145
<INVESTMENTS-AT-VALUE> 189522
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<OTHER-ITEMS-LIABILITIES> 537
<TOTAL-LIABILITIES> 7857
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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, California
Intermediate Tax Free Fund, Oregon 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, Technology
Fund, and Micro Cap Value Fund (funds within First American
Investment Funds, Inc.) for the year ended September 30, 1997, we
considered their internal control, including control activities 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 internal control.
The management of First American Investment Funds, Inc. is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of control
activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal controls, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 any specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider
to be material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 7, 1997
C. Submission of matters to a vote of security holders
FAIF had such a vote on October 31, 1997. For results of the meeting
refer to the First American Investment Funds, Inc. annual report dated
September 30, 1997 on page 141. The meeting was to vote on a
proposal to approve an agreement and plan of reorganization for
the Asset Allocation Fund.
