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010 C01AA01 KING OF PRUSSIA
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011 A00AA01 FIRST DATA DISTRIBUTORS, INC.
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<PAGE> PAGE 2
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011 C03AA01 01581
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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SIGNATURE DIANA TARNOW
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0001017176
<NAME> FIRST CHOICE FUNDS
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<NAME> EQUITY INSTITUTIONAL CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FIRST CHOICE FUNDS
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<TABLE> <S> <C>
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<NAME> FIRST CHOICE FUNDS
<SERIES>
<NUMBER> 2
<NAME> CASH RESERVE INSTITUTIONAL CLASS
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<S> <C>
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<SHARES-REINVESTED> 60493
<NET-CHANGE-IN-ASSETS> (68289087)
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<PER-SHARE-NAV-BEGIN> 1.00
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001017176
<NAME> FIRST CHOICE
<SERIES>
<NUMBER> 1
<NAME> US TREASURY RESERVE INSTITUTIONAL
<MULTIPLIER> 1
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 70,120,619
<INVESTMENTS-AT-VALUE> 70,120,619
<RECEIVABLES> 970,890
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<ACCUMULATED-NET-GAINS> (2,074)
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<NET-INVESTMENT-INCOME> 2,710,669
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</TABLE>
<TABLE> <S> <C>
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<NAME> FIRST CHOICE
<SERIES>
<NUMBER> 1
<NAME> US TREASURY RESERVE SERVICE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
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<SHARES-COMMON-STOCK> 6,196,951
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<NET-INVESTMENT-INCOME> 2,710,669
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
SUB-ITEM 77B
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The First Choice Investment Funds Trust
In planning and performing our audit of the financial statements and
financial highlights of the First Choice Investment Funds Trust (the
"Trust") (comprising, respectively, the First Choice US Treasury
Reserve Fund, First Choice Cash Reserve Fund, and First Choice
Equity Fund, for the year ended September 30, 1999, we considered
its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgements by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the Fund's
objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may 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 component does
not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the financial
statements and financial highlights 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 controls over
safeguarding securities that we consider to be material weaknesses
as defined above as of September 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICEWATERHOUSE COOPERS L.L.P.
November 24, 1999
