1933 Act Registration No. 33-16905
1940 Act Registration No. 811-5309
As filed with the Securities and Exchange Commission on December 29, 1995
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [x]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 25 [x]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 [x]
Amendment No. 26
FIRST AMERICAN INVESTMENT FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
680 EAST SWEDESFORD ROAD, WAYNE, PENNSYLVANIA 19087
(Address of Principal Executive Offices) (Zip Code)
(610) 254-1924
(Registrant's Telephone Number, including Area Code)
DAVID LEE
C/O SEI CORPORATION, 680 EAST SWEDESFORD ROAD, WAYNE, PENNSYLVANIA 19087
(Name and Address of Agent for Service)
Copies to:
Kathryn Stanton, Esq. Michael J. Radmer, Esq.
SEI Corporation James D. Alt, Esq.
680 East Swedesford Road Dorsey & Whitney P.L.L.P.
Wayne, Pennsylvania 19087 220 South Sixth Street
Minneapolis, Minnesota 55402
It is proposed that this filing shall become effective (check appropriate box):
[x] immediately upon filing pursuant to paragraph (b) of rule 485
[ ] on (date) pursuant to paragraph (b) of rule 485
[ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485
[ ] on (date) pursuant to paragraph (a)(1) of Rule 485
[ ] 75 days after filing pursuant to paragraph (a)(2) of Rule 485
[ ] on January 31, 1995 pursuant to paragraph (a)(2) of Rule 485
Registrant has registered an indefinite number or amount of securities under the
Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act
of 1940. A Rule 24f-2 Notice was filed with the Securities and Exchange
Commission on November 14, 1995.
FIRST AMERICAN INVESTMENT FUNDS, INC.
POST-EFFECTIVE AMENDMENT NO. 25
REAL ESTATE SECURITIES FUND
CROSS REFERENCE SHEET FOR ITEMS REQUIRED BY FORM N-1A
NOTE: This post-effective amendment is filed for the sole purpose of
complying with the Registrant's undertaking to file a post-effective amendment,
using financial statements which need not be certified, within four to six
months from the date Real Estate Securities Fund commences operations.
PART A of this amendment to the Registration Statement consists of the
following documents:
(1) Retail Class Prospectus dated September 29, 1995 relating to Class A
and Class B Shares of Real Estate Securities Fund (incorporated by
reference to such Prospectus as filed pursuant to Rule 497).
(2) Institutional Class Prospectus dated June 30, 1995 relating to Class C
Shares of Real Estate Securities Fund (incorporated by reference to
such Prospectus as filed pursuant to Rule 497).
(3) Supplement dated December 29, 1995, to the Prospectuses referred to
above, setting forth Financial Highlights (included herein).
PART B of this amendment to the Registration Statement consists of the
following:
(1) Statement of Additional Information dated June 30, 1995, relating to
both of the Prospectuses listed above (incorporated by reference to
such Statement of Additional Information as filed pursuant to Rule
497).
(2) Supplement dated December 29, 1995, to the Statement of Additional
Information, incorporating by reference financial statements of Real
Estate Securities Fund for the period ended September 30, 1995
(included herein).
ITEM NUMBER OF FORM N-1A
PART A CAPTION IN PROSPECTUS OR PROSPECTUS SUPPLEMENT
RETAIL CLASSES PROSPECTUS
1 Cover Page
2 Summary; Fees and Expenses
3 Prospectus Supplement
4 The Fund; Investment Objective and Policies; Special
Investment Methods
5 Management; Distributor
5A Not Applicable
6 Fund Shares; Investing in the Fund; Federal Income Taxes
7 Distributor; Investing in the Fund; Determining the Price
of Shares
8 Redeeming Shares
9 Not Applicable
INSTITUTIONAL CLASS PROSPECTUS
1 Cover Page
2 Summary; Fees and Expenses
3 Prospectus Supplemment
4 The Fund; Investment Objectives and Policies; Special
Investment Methods
5A Not Applicable
5 Management; Distributor
6 Fund Shares; Purchases and Redemptions of Shares; Federal
Income Taxes
7 Distributor; Purchases and Redemptions of Shares
8 Purchases and Redemptions of Shares
9 Not Applicable
CAPTION IN STATEMENT
PART B OF ADDITIONAL INFORMATION OR SUPPLEMENT
10 Cover Page
11 Table of Contents
12 General Information
13 Additional Information Concerning Fund Investments;
Investment Restrictions
14 Directors and Executive Officers
15 Capital Stock
16 Investment Advisory and Other Services
17 Portfolio Transactions and Allocation of Brokerage
18 Not Applicable
19 Net Asset Value and Public Offering Price
20 Taxation
21 Investment Advisory and Other Services
22 Fund Performance
23 Financial Statements; Supplement to Statement of Additional
Information
FIRST AMERICAN INVESTMENT FUNDS, INC.
REAL ESTATE SECURITIES FUND
SUPPLEMENT DATED DECEMBER 29, 1995 TO
INSTITUTIONAL CLASS PROSPECTUS DATED JUNE 30, 1995 AND
RETAIL CLASS PROSPECTUS DATED SEPTEMBER 29, 1995
This supplement provides information with respect to the Real Estate
Securities Fund not contained in the Prospectuses for such Fund and should be
retained and read in conjunction with such Prospectuses.
FINANCIAL HIGHLIGHTS
The following audited financial highlights should be read in conjunction with
the Fund's financial statements, the related notes thereto and the independent
auditors' report of KPMG Peat Marwick LLP appearing in the Statement of
Additional Information. The Financial Highlights for each of the Class A, Class
B and Class C shares of the Fund have been provided below. Class A and Class B
shares are subject to sales charges and fees that may differ by Class, and that
may differ from those applicable to Class C shares.
For the period ended September 30,
For a share outstanding throughout the period
<TABLE>
<CAPTION>
REALIZED RATIO
AND DISTRI- OF NET
NET UNREALIZED DIVIDENDS DISTRI- BUTIONS NET NET INVESTMENT
NET ASSET INVEST- GAINS OR FROM NET BUTIONS FROM ASSET ASSETS RATIO OF INCOME
VALUE MENT (LOSSES) ON INVEST- FROM RETURN VALUE END OF EXPENSES TO (LOSS) TO
BEGINNING INCOME INVEST- MENT CAPITAL OF END OF TOTAL PERIOD AVERAGE AVERAGE
OF PERIOD (LOSS) MENTS INCOME GAINS CAPITAL PERIOD RETURN+ (000) NET ASSETS NET ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REAL ESTATE SECURITIES FUND
INSTITUTIONAL
CLASS
1995(1) $10.00 $0.13 $0.39 $(0.11) $ -- $(0.04) $10.37 15.19% $5,756 0.80% 6.01%
RETAIL
CLASS A
1995(2) $10.37 $ -- $0.01 $ -- $ -- $ -- $10.38 0.00% $ 1 1.05% 0.00%
RETAIL
CLASS B
1995(2) $10.37 $ -- $ -- $ -- $ -- $ -- $10.37 0.00% $ 1 1.80% 0.00%
</TABLE>
(TABLE CONTINUED)
RATIO OF
EXPENSES
TO PORT-
AVERAGE FOLIO
NET ASSETS TURN-
(EXCLUDING OVER
WAIVERS) RATE
REAL ESTATE SECURITIES FUND
INSTITUTIONAL
CLASS
1995(1) 2.34% 0%
RETAIL
CLASS A
1995(2) 2.59% 0%
RETAIL
CLASS B
1995(2) 3.34% 0%
+ Returns, excluding sales charges, are for the period indicated and are not
annualized.
(1) Commenced operations on June 30, 1995. All ratios for the period have been
annualized.
(2) Commenced operations on September 29, 1995. All ratios for the period have
been annualized.
PART B
FIRST AMERICAN INVESTMENT FUNDS, INC.
SUPPLEMENT DATED DECEMBER 29, 1995
TO
STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 30, 1995
REAL ESTATE SECURITIES FUND
This Supplement to the Statement of Additional Information dated June 30,
1995, relating to Real Estate Securities Fund is provided for the purpose of
complying with the Registrant's undertaking to file a post-effective amendment,
using financial statements which need not be certified, within four to six
months from the date Real Estate Securities Fund commences operations.
The Statement of Additional Information, as supplemented by this
Supplement, is not a prospectus. The Statement of Additional Information, as so
supplemented, should be read in conjunction with the Retail Class Prospectus
dated September 29, 1995 and the Instititutional Class Prospectus dated June 30,
1995, relating to Real Estated Securities Fund. Copies of the Prospectuses may
be obtained by writing or calling the Funds' administrator SEI Financial
Services Company, 680 East Swedesford Road, Wayne, Pennsylvania 19087,
telephone: (800) 637-2548.
FINANCIAL STATEMENTS
The financial statements of Real Estate Securities Fund included the Annual
Report to Shareholders of First American Investment Funds, Inc. for the year
ended September 30, 1995 are incorporated herein by reference. Such Annual
Report to Shareholders accompanies this Statement of Additional Information.
PART C -- OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements for Real Estate Securities Fund are incorporated
by reference in the Statement of Additional Information.
(b) Exhibits
(1) (a) Articles of Incorporation, as amended and supplemented
through January 1995. (Incorporated by reference to Exhibit
(1) to Post-Effective Amendment No. 21.)
(1) (b) Articles Supplementary filed June 16, 1995. (Incorporated by
reference to Exhibit (1)(b) to Post-Effective Amendment No.
24.)
(2) Bylaws, as amended through March 6, 1995. (Incorporated by
reference to Exhibit (2) to Post-Effective Amendment No. 24.)
(3) Not applicable.
(4) Specimen form of Common Stock Certificate. (Incorporated by
reference to Exhibit (4) to Post-Effective Amendment No. 21.)
(5) (a) Investment Advisory Agreement dated April 2, 1991, between
Registrant and First Bank National Association, as amended
and supplemented through August 1994. (Incorporated by
reference to Exhibit (5)(a) to Post-Effective Amendment No.
21.)
(5) (b) Amendment No. 5 to Exhibit A to Investment Advisory
Agreement. (Incorporated by reference to Exhibit (5)(b) to
Post-Effective Amendment No. 24.)
(5) (c) Sub-Advisory Agreement relating to International Fund
between First Bank National Association and Marvin & Palmer
Associates, Inc. (Incorporated by reference to Exhibit
(5)(b) to Post-Effective Amendment No. 21.)
(6) (a) Distribution Agreement [Class A and Class C] dated February
10, 1994 between Registrant and SEI Financial Services
Company. (Incorporated by reference to Exhibit (6)(a) to
Post-Effective Amendment No. 21.)
(6) (b) Distribution and Service Agreement [Class B] dated August 1,
1994, as amended September 14, 1994 between Registrant and
SEI Financial Services Company. (Incorporated by reference
to Exhibit (6)(b) to Post-Effective Amendment No. 21.)
(6) (c) Form of Dealer Agreement. (Incorporated by reference to
Exhibit (6)(c) to Post-Effective Amendment No. 21.)
(7) Not applicable.
(8) (a) Custodian Agreement dated September 20, 1993, between
Registrant and First Trust National Association, as
supplemented through August 1994. (Incorporated by reference
to Exhibit (8) to Post-Effective Amendment No. 18.)
(8) (b) Compensation Agreement dated as of June 1, 1995, pursuant to
Custodian Agreement. (Incorporated by reference to Exhibit
(8)(b) to Post-Effective Amendment No. 24.)
(9) (a) Administration Agreement dated as of January 1, 1995 between
Registrant and SEI Financial Management Corporation.
(Incorporated by reference to Exhibit (9)(a) to
Post-Effective Amendment No. 23.)
(9) (b) Transfer Agency Agreement dated as of March 31, 1994,
between Registrant and Supervised Service Company, Inc.
(Incorporated by reference to Exhibit (9)(b) to
Post-Effective Amendment No. 21.)
(9) (c) Assignment of Transfer Agency Agreement to DST Systems, Inc.
(Incorporated by reference to Exhibit (9)(c) to
Post-Effective Amendment No. 24.)
(10) (a) Opinion and Consent of D'Ancona & Pflaum dated November 10,
1987. (Incorporated by reference to Exhibit (10)(a) to
Post-Effective Amendment No. 21.)
(10) (b) Opinion and Consent of Dorsey & Whitney. (Incorporated by
reference to Exhibit (10)(a) to Post-Effective Amendment No.
15.)
* (11) (a) Consent of KPMG Peat Marwick LLP.
(11) (b) Opinion and Consent of Dorsey & Whitney dated November 25,
1991. (Incorporated by reference to Exhibit (11)(b) to
Post-Effective Amendment No. 21.)
(12) Not applicable.
(13) Not applicable.
(14) Individual Retirement Plan Materials. (Incorporated by reference
to Exhibit (14) to Post-Effective Amendment No. 21.)
(15) (a) Form of Distribution Plan [Class A]. (Incorporated by
reference to Exhibit (15)(a) to Post-Effective Amendment No.
21.)
(15) (b) Class B Distribution Plan. (Incorporated by reference to
Exhibit (15)(b) to Post-Effective Amendment No. 21.)
(15) (c) Service Plan [Class B]. (Incorporated by reference to
Exhibit (15)(c)) to Post-Effective Amendment No. 21.)
(16) Not applicable.
(17) Not applicable.
(18) Multiple Class Plan Pursuant to Rule 18f-3. (Incorporated by
reference to Exhibit (18) to Post-Effective Amendment No. 23.)
(19) Powers of Attorney of Directors Dayton, Eastman, Fish, Kedrowski,
Strauss, Stringer and Veit. (Incorporated by reference to Exhibit
(19) to Post-Effective Amendment No. 21.)
* Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements for effectiveness of this Post-Effective Amendment
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Post-Effective Amendment to its Registration Statement No. 2-16905 to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Wayne, Commonwealth of Pennsylvania, on the 28th day of December, 1995.
FIRST AMERICAN INVESTMENT FUNDS, INC.
ATTEST: /s/ Stephen G. Meyer By: /s/ David Lee
Stephen G. Meyer David Lee, President
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in the
capacity and on the dates indicated.
SIGNATURE TITLE DATE
/s/ Stephen G. Meyer Controller (Principal **
Stephen G. Meyer Financial and Accounting
Officer)
* Director **
Robert J. Dayton
* Director **
Welles B. Eastman
* Director **
Irving D. Fish
* Director **
Leonard W. Kedrowski
* Director **
Joseph D. Strauss
* Director **
Virginia L. Stringer
* Director **
Gae B. Veit
* By: /s/ David Lee
David Lee
Attorney in Fact
** December 28, 1995.
EXHIBIT 11(a)
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Consent
The Board of Directors
First American Investment Funds, Inc.:
We consent to the use of our report dated November 3, 1995 incorporated by
reference herein and to the references to our Firm under the headings
"FINANCIAL HIGHLIGHTS" in Part A of this Registration Statement and "Custodian;
Transfer Agent; Counsel; Accountants" in the Statement of Additional Information
which is incorporated by reference herein.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 29, 1995
