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<REALIZED-GAINS-CURRENT> 2299
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<NUMBER-OF-SHARES-SOLD> 1021
<NUMBER-OF-SHARES-REDEEMED> 1225
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<ACCUMULATED-NII-PRIOR> 57
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<PER-SHARE-NAV-BEGIN> 17.86
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Shareholders Voting Results
A special meeting of shareholders was called for October 31, 1997 and
adjourned until November 14, 1997 with respect to the Qualivest Tax
Free Money Market Fund, at which the shareholders of the following
Qualivest Funds voted on a proposal to approve an agreement and plan
for reorganization. The plan provided for the acquisition of all the
assets and the assumption of all liabilities of the Qualivest Fund to a
corresponding FAF or FAIF fund. The results of the voting were as
follows:
Tax Free Money International Small Companies
Fund Opportunities Value Fund
Fund
For 17,882,516 14,787,631 26,419,411
Against 313,550 38,898 1,507,379
Abstained 3,744,539 36,370 109,405
A vote also took place to ratify and approve an interim advisory agreement
between Qualivest, on behalf of the fund, and U.S. Bank National
Association, formerly First Bank National Association for the period
August 1, 1997 forward. The voting results were as follows:
Tax Free Money International Opportunities Small Companies
Fund Fund Value Fund
For 18,033,776 14,787,696 20,443,439
Against 264,046 38,975 1,490,171
Abstained 3,642,784 36,420 112,970
There were no other proposals voted on at such meeting.
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 International Index Fund
and Small Cap Value Fund (funds within First
American Investment Funds, Inc.) for the four-
month period ended November 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 November 30, 1997.
2
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 9, 1998
