FIRST AMERICAN INVESTMENT FUNDS, INC.
MID CAP GROWTH FUND EMERGING MARKETS FUND
ADJUSTABLE RATE MORTGAGE SECURITIES FUND TAX FREE FUND
MINNESOTA TAX FREE FUND
CLASS A AND CLASS B SHARES
SUPPLEMENT DATED NOVEMBER 5, 1998
TO
PROSPECTUS DATED JULY 31, 1998
In the second paragraph under the heading "Summary," the second sentence
shall be deleted and replaced as follows:
Under normal market conditions, the Fund invests at least 65% of its
total assets in equity securities of mid capitalization companies
that, in the opinion of the Fund's advisor, exhibit outstanding
potential for superior growth based on a combination of factors such
as above average growth in revenue and earnings, strong management and
sound and improving financial condition. For these purposes,
mid-capitalization companies are deemed to be those companies with
market capitalizations that fall within the range of the market
capitalization of companies constituting the Russell Midcap Index at
the time of purchase (currently between $400 million and $16 billion).
In the second paragraph under the heading "Investment Objectives and
Policies - Mid Cap Growth Fund," the second sentence shall be deleted and
replaced as follows:
For these purposes, mid-capitalization companies are deemed to be
those companies with market capitalizations that fall within the range
of the market capitalization of companies constituting the Russell
Midcap Index at the time of purchase (currently between $400 million
and $16 billion).
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FIRST AMERICAN INVESTMENT FUNDS, INC.
MID CAP GROWTH FUND EMERGING MARKETS FUND
ADJUSTABLE RATE MORTGAGE SECURITIES FUND TAX FREE FUND
MINNESOTA TAX FREE FUND
CLASS Y SHARES
SUPPLEMENT DATED NOVEMBER 5, 1998
TO
PROSPECTUS DATED JULY 31, 1998
In the second paragraph under the heading "Summary," the second sentence
shall be deleted and replaced as follows:
Under normal market conditions, the Fund invests at least 65% of its
total assets in equity securities of mid capitalization companies
that, in the opinion of the Fund's advisor, exhibit outstanding
potential for superior growth based on a combination of factors such
as above average growth in revenue and earnings, strong management and
sound and improving financial condition. For these purposes,
mid-capitalization companies are deemed to be those companies with
market capitalizations that fall within the range of the market
capitalization of companies constituting the Russell Midcap Index at
the time of purchase (currently between $400 million and $16 billion).
In the second paragraph under the heading "Investment Objectives and
Policies - Mid Cap Growth Fund," the second sentence shall be deleted and
replaced as follows:
For these purposes, mid-capitalization companies are deemed to be
those companies with market capitalizations that fall within the range
of the market capitalization of companies constituting the Russell
Midcap Index at the time of purchase (currently between $400 million
and $16 billion).
