497 1 faif021225-497.txt FAIF -- STICKER FIRST AMERICAN INVESTMENT FUNDS, INC. CLASS A, CLASS B AND CLASS C SHARES Supplement dated February 28, 2002 to the Prospectus dated January 28, 2002 THIS INFORMATION SUPPLEMENTS THE PROSPECTUS DATED JANUARY 28, 2002. THIS SUPPLEMENT AND THE PROSPECTUS CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST A COPY OF THE PROSPECTUS, PLEASE CALL 1-800-637-2548 Effective February 28, 2002, the Fees and Expenses section of the First American Investment Funds, Inc. Prospectus relating to Science and Technology Fund and Technology Fund will be amended as follows. The following Example will replace the Example found in the funds' current prospectus. SCIENCE & TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be:
CLASS B CLASS B CLASS C CLASS C assuming redemption assuming no redemption assuming redemption assuming no redemption CLASS A at end of each period at end of each period at end of each period at end of each period ----------------------------------------------------------------------------------------------------------------------- 1 year $668 $701 $201 $399 $299 3 years $1,003 $1,108 $708 $801 $801 5 years $1,361 $1,442 $1,242 $1,330 $1,330 10 years $2,366 $2,514 $2,514 $2,776 $2,776
TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be:
CLASS B CLASS B CLASS C CLASS C assuming redemption assuming no redemption assuming redemption assuming no redemption CLASS A at end of each period at end of each period at end of each period at end of each period ----------------------------------------------------------------------------------------------------------------------- 1 year $668 $701 $201 $399 $299 3 years $988 $1,092 $692 $785 $785 5 years $1,329 $1,410 $1,210 $1,298 $1,298 10 years $2,291 $2,440 $2,440 $2,704 $2,704
First American Funds P.O. Box 1330 Minneapolis, MN 55440-1330 U.S. Bancorp Asset Management, Inc., serves as the investment adviser to the First American Funds. First American Funds are distributed by Quasar Distributors, LLC which is located in Milwaukee, WI 53202 and is an affiliate of the investment advisor. SEC file number: 811-05309 -------------------------------------------------------------------------------- NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE -------------------------------------------------------------------------------- FIRST AMERICAN INVESTMENT FUNDS, INC. CLASS S SHARES Supplement dated February 28, 2002 to the Prospectus dated January 28, 2002 THIS INFORMATION SUPPLEMENTS THE PROSPECTUS DATED JANUARY 28, 2002. THIS SUPPLEMENT AND THE PROSPECTUS CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST A COPY OF THE PROSPECTUS, PLEASE CALL 1-800-637-2548 Effective February 28, 2002, the Fees and Expenses section of the First American Investment Funds, Inc. Prospectus relating to Science and Technology Fund and Technology Fund will be amended as follows. The following Example will replace the Example found in the funds' current prospectus. SCIENCE & TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: 1 year $125 3 years $480 5 years $858 10 years $1,922 TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: 1 year $125 3 years $463 5 years $825 10 years $1,843 First American Funds P.O. Box 1330 Minneapolis, MN 55440-1330 U.S. Bancorp Asset Management, Inc., serves as the investment adviser to the First American Funds. First American Funds are distributed by Quasar Distributors, LLC which is located in Milwaukee, WI 53202 and is an affiliate of the investment advisor. SEC file number: 811-05309 -------------------------------------------------------------------------------- NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE -------------------------------------------------------------------------------- FIRST AMERICAN INVESTMENT FUNDS, INC. CLASS Y SHARES Supplement dated February 28, 2002 to the Prospectus dated January 28, 2002 THIS INFORMATION SUPPLEMENTS THE PROSPECTUS DATED JANUARY 28, 2002. THIS SUPPLEMENT AND THE PROSPECTUS CONSTITUTE A CURRENT PROSPECTUS. TO REQUEST A COPY OF THE PROSPECTUS, PLEASE CALL 1-800-637-2548 Effective February 28, 2002, the Fees and Expenses section of the First American Investment Funds, Inc. Prospectus relating to Science and Technology Fund and Technology Fund will be amended as follows. The following Example will replace the Example found in the funds' current prospectus. SCIENCE & TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: 1 year $100 3 years $402 5 years $727 10 years $1,647 TECHNOLOGY FUND EXAMPLE This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 for the time periods indicated, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs and returns may differ, based on these assumptions your costs would be: 1 year $100 3 years $386 5 years $693 10 years $1,566 First American Funds P.O. Box 1330 Minneapolis, MN 55440-1330 U.S. Bancorp Asset Management, Inc., serves as the investment adviser to the First American Funds. First American Funds are distributed by Quasar Distributors, LLC which is located in Milwaukee, WI 53202 and is an affiliate of the investment advisor. SEC file number: 811-05309 -------------------------------------------------------------------------------- NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE --------------------------------------------------------------------------------