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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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First American Investment Funds, Inc.
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SEC 1913 (02-02)
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[iC LOGO] MEETING DATE: SEPTEMBER 26, 2005
MAIL DATE: Approx. August 24th.
PROXY FACT SHEET RECORD DATE: August 8, 2005
INBOUND LINE: 800-317-8033
FUND'S NUMBER: 800-677-3863
_________________________________________
Special Meeting of Shareholders of the
Fund Group:
FIRST AMERICAN FUNDS
Fund: LOCATION AND TIME:
TECHNOLOGY FUND 10:00am
800 Nicollet Mall, Fourth Floor
Minneapolis, MN 55402
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WHAT IS THIS REGARDING?
Your Fund will be holding a special meeting of shareholders scheduled to take
place on Monday, September 26, 2005
WHAT AM I BEING ASKED TO VOTE ON?
Shareholders are being asked to approve a change in the fund's current policy
of concentrating its investments in the technology industry, to a policy of not
concentrating its investments in a particular industry.
WILL THE FUNDS' INVESTMENT OBJECTIVE OR STRATEGIES CHANGE?
If shareholders approve the proposed change in policy, the name of the
Technology Fund will be changed to Small-Mid Cap Core Fund. After the changes
the fund will continue to have an objective of long term growth of capital.
However in seeking to achieve this objective, the fund will invest primarily in
common stocks of small- and mid-capitalization companies. The Fund will no
longer concentrate its investments just in the technology sector, although it
may continue to make investments in that sector. In addition, the fund will
change from being a "non-diversified" to a "diversified" fund, which means it
will become subject to more restrictive limitations on the proportion of its
assets it can invest in individual issuers.
WHY HAS THE BOARD OF DIRECTORS RECOMMEND THAT I VOTE IN FAVOR OF THE POLICY
CHANGE?
Since the so-called "technology bubble" burst, the Technology Fund has
experienced substantial declines in performance and net assets and substantial
net outflows of funds as investors redeemed shares. The fund's investment
advisor and the fund's board believe that the fund has very limited potential
for growth in its present form. They also believe that converting the fund into
a small- and mid-cap core fund would present better opportunities for growth of
assets and that, if such growth is achieved, shareholders would benefit from
potential economies of scale and increased flexibility in portfolio management.
WILL THERE BE ANY CHANGES IN THE FEES AND EXPENSES BORNE BY THE FUND AND ITS
SHAREHOLDERS, OR IN SHAREHOLDER'S RIGHTS?
Current shareholders of the fund will effectively bear the costs associated
with converting the fund into a small- and mid-cap core fund. No other changes
in the fees and expense borne by the fund or by its shareholders will result
from the proposed changes. Specifically, the fund's investment advisory fee and
other service provider fees, 12b-1 and shareholder service fees, and front end
and deferred sale charges all will remain unchanged.
AFTER CAREFUL CONSIDERATION, THE BOARD OF DIRECTORS RECOMMENDS A VOTE IN FAVOR
OF ALL PROPOSALS. --------