FIRST AMERICAN INVESTMENT FUNDS, INC.

                 PROSPECTUS SUPPLEMENT DATED SEPTEMBER 23, 2004
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This information supplements the following prospectuses:

     o    Stock Funds Class A, Class B, and Class C Shares Prospectus dated
          January 31, 2004;

     o    Stock Funds Class R Shares Prospectus dated June 30, 2004; and

     o    Stock Funds Class Y Shares Prospectus dated January 31, 2004.
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At a meeting held on September 16, 2004, the board of directors of First
American Investment Funds, Inc., approved the appointment of J.P. Morgan
Investment Management Inc. (J.P. Morgan) as the sub-advisor to the International
Fund, subject to the approval of the International Fund's shareholders. A
shareholder meeting to vote on the appointment of J.P. Morgan has been
tentatively scheduled for December 7, 2004. Assuming shareholder approval is
obtained, J.P. Morgan is expected to assume management of the fund from the
fund's current sub-advisor, Clay Finlay, Inc., shortly after the shareholder
meeting. A proxy statement containing detailed information concerning J.P.
Morgan will be provided to the International Fund's shareholders before they are
asked to vote on J.P. Morgan's appointment.

At June 30, 2004, J.P. Morgan had $570 billion in assets under management. J.P.
Morgan was founded in 1838 and is an indirect wholly-owned subsidiary of
JPMorgan Chase & Co., a publicly-traded company. J.P. Morgan's address is 522
Fifth Avenue, New York, New York 10036.

James Fisher heads the J.P. Morgan team which will manage the International
Fund. Mr. Fisher is a senior portfolio manager and managing director in the
firm's global portfolio group based in London. Mr. Fisher joined the firm in
1985.

J.P. Morgan uses a bottom-up investment strategy which combines local market
insight with global sector comparisons. The process begins with stock rankings
at the local level, where stocks are evaluated by J.P. Morgan's regional
investment teams based on business, financial, management and valuation factors.
A team of London-based portfolio managers then selects stocks from among those
which are ranked highly at the local level using global sector analysts'
recommendations. This team's stock selections also take into account country and
region weightings vis a vis the fund's benchmark.