1933 Act Registration No. 33-16905
1940 Act Registration No. 811-5309
As filed with the Securities and Exchange Commission on July 31, 1996
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. 26 |X|
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 |X|
Amendment No. 27
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. 26
HEALTH SCIENCES FUND
CROSS REFERENCE SHEET FOR ITEMS REQUIRED BY FORM N-1A
NOTE: This post-effective amendment is filed 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 Health Sciences Fund commences operations.
PART A of this amendment to the Registration Statement consists of the
following documents:
(1) Retail Classes Prospectus dated January 31, 1996, as
supplemented June 3, 1996 and July 2, 1996, relating to Class A
and Class B Shares of Health Sciences Fund and certain other
funds (incorporated by reference to such Prospectus and
supplements as filed pursuant to Rule 497).
(2) Institutional Class Prospectus dated January 31, 1996, as
supplemented June 3, 1996, relating to Class C Shares of Health
Sciences Fund and certain other funds (incorporated by reference
to such Prospectus as supplemented as filed pursuant to Rule
497).
(3) Supplement dated July 31, 1996, to the Prospectuses referred to
above, setting forth Financial Highlights for Health Sciences
Fund and other "sticker"-type information (included herein).
PART B of this amendment to the Registration Statement consists of the
following:
(1) Statement of Additional Information dated January 31, 1996, as
supplemented May 15, 1996, relating to both of the Prospectuses
listed above (incorporated by reference to such Statement of
Additional Information and supplement as filed pursuant to Rule
497).
(2) Supplement dated July 31, 1996, to the Statement of Additional
Information, setting forth financial statements of Health
Sciences Fund for the period ended June 30, 1996 (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.
EQUITY FUNDS
SUPPLEMENT DATED JULY 31, 1996
TO
RETAIL CLASSES PROSPECTUS DATED JANUARY 31, 1996, AS SUPPLEMENTED
JUNE 3, 1996 AND JULY 2, 1996, AND TO
INSTITUTIONAL CLASS PROSPECTUS DATED JANUARY 31, 1996, AS SUPPLEMENTED
JUNE 3, 1996
The unaudited Financial Highlights for Health Sciences Fund for the period
ended June 30, 1996, are set forth below.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (Unaudited)
For the period January 31, 1996 through June 30, 1996
For a Share Outstanding Throughout the Period
NET
ASSET REALIZED AND DIVIDENDS NET NET RATIO
VALUE NET UNREALIZED FROM NET ASSET VALUE ASSETS OF EXPENSES
BEGINNING INVESTMENT LOSSES INVESTMENT END TOTAL END TO AVERAGE
OF PERIOD INCOME(LOSS) ON INVESTMENTS INCOME OF PERIOD RETURN(2) OF PERIOD (000) NET ASSETS
--------- ------------ -------------- ------ --------- --------- --------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HEALTH SCIENCES FUND
INSTITUTIONAL CLASS
1996(1) $10.00 $0.02 ($0.60) ($0.01) $9.41 (5.80)% $11,344 0.90%
RETAIL CLASS A
1996(1) $10.00 $0.01 ($0.60) ($0.01) $9.40 (5.92)% $401 1.15%
RETAIL CLASS B
1996(1) $10.00 ($0.01) ($0.62) -- $9.37 (6.26)% $195 1.90%
</TABLE>
WIDE TABLE CONTINUED FROM ABOVE
RATIO
RATIO OF EXPENSES
OF NET TO AVERAGE
INCOME NET ASSETS PORTFOLIO AVERAGE
TO AVERAGE (EXCLUDING TURNOVER COMMISSION
NET ASSETS WAIVERS) RATE(3) RATE (4)
---------- -------- ------- --------
HEALTH SCIENCES FUND
INSTITUTIONAL CLASS
1996(1) 0.48% 1.94% 14% 0.0700
RETAIL CLASS A
1996(1) 0.23% 2.19% 14% 0.0700
RETAIL CLASS B
1996(1) (0.55)% 2.94% 14% 0.0700
(1) Commenced operations on January 31, 1996. All ratios for the period have
been annualized.
(2) Total Return (excluding sales charges) is for the period indicated and
has not been annualized.
(3) Portfolio Turnover Rate is for the period indicated and has not been
annualized.
(4) Average commission rate paid per share for security purchases and sales
during the period.
The following information supplements the section "Class A Shares" under the
heading "Investing in the Funds" in the Equity Funds Retail Classes Prospectus:
In addition to the purchases described under the heading Sales of Class A Shares
at Net Asset Value, purchases of a Fund's Class A Shares by a qualified defined
contribution plan participating in the First American 401(k) Plan Program may be
made at net asset value without a sales charge. Although there is no sales
charge imposed on such purchases, First Bank National Association, the Funds'
investment advisor, may pay to Participating Institutions an amount of up to
2.00% on such sales.
The following information supplements the heading "Special Investment Methods"
in each Prospectus as an additional section:
DERIVATIVES
Derivatives are securities that derive their value from other securities. The
following are considered derivative securities: options on futures, futures,
options (e.g. puts and calls), swap agreements, mortgage-backed securities
(CMOs, REMICs, IOs and POs), floating and variable rate securities, convertible
securities, "stripped" US Treasury securities (e.g. TGRs, TRs, and CATs). See
elsewhere in the section entitled "Special Investment Methods" for discussions
of these various instruments and see "Investment Objectives and Policies" for
more information about any investment policies and limitations applicable to
their use.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
PART B
FIRST AMERICAN INVESTMENT FUNDS, INC.
SUPPLEMENT DATED JULY 31, 1996
TO
STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 31, 1996,
AS SUPPLEMENTED MAY 15, 1996
HEALTH SCIENCES FUND
This Supplement to the Statement of Additional Information dated
January 31, 1996, as supplemented May 15, 1996, 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 Health Sciences Fund commences operations.
The Statement of Additional Information, as previously supplemented and
as supplemented by this Supplement, is not a prospectus. The Statement of
Additional Information, as so supplemented, should be read in conjunction with
the Equity Funds Retail Classes Prospectus dated January 31, 1996, as
supplemented June 3, 1996 and July 1, 1996 and the Equity Funds Instititutional
Class Prospectus dated January 31, 1996, as supplemented June 3, 1996, relating
to Health Sciences Fund and certain other funds. 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 unaudited financial statements of Health Sciences Fund for the
period ended June 30, 1996 are attached to this Supplement.
Statement of Net Assets FIRST AMERICAN INVESTMENT FUNDS, INC.
JUNE 30, 1996
Unaudited
Market
Value
HEALTH SCIENCES FUND Shares (000)
- --------------------------------------------------------------------------------
Common Stocks (86.6%)
- --------------------------------------------------------------------------------
Chemicals (3.6%)
Cambrex 8,300 $424
Drugs (11.6%)
Chirex* 8,400 97
Galagen* 9,900 71
Genzyme-Tissue Repair* 1,900 22
Immulogic Pharmaceutical* 7,900 72
Liposome* 5,300 99
Qiagen* 4,000 61
R.P. Scherer* 6,100 277
Schering Plough 5,500 345
Sepracor* 5,600 84
Smithkline Beecham, ADR 4,800 261
Total Drugs 1,389
Insurance (6.4%)
Pacificare Health Systems, Cl B* 3,200 217
United Healthcare 5,600 283
Value Health* 11,400 269
Total Insurance 769
Machinery (2.1%)
Pall 10,400 251
Total Machinery 251
Medical Products & Services (45.5%)
Affymetrix* 400 6
American Medical Response* 7,900 279
American Oncology Resources* 4,800 104
Arrow International 4,900 132
ATS Medical* 19,100 193
Biochem Pharmaceuticals* 5,200 195
Boston Scientific* 5,700 257
Columbia/HCA Healthcare 4,200 224
Conceptus* 6,400 109
Elan, ADR* 4,100 234
Genesis Health Ventures* 8,300 260
Health Management Associates, Cl A* 12,000 243
HealthSource* 10,700 187
Idexx Laboratories* 7,400 291
Integrated Health Services 6,700 159
Medtronic 6,200 347
Metra Biosystems* 7,000 39
Minntech 4,200 46
Neuromedical Systems* 9,000 135
Physio-Control International* 15,000 264
Quorum Health Group* 14,000 369
Sano* 8,800 136
Spine-Tech* 8,200 238
Steris* 7,300 234
Stryker 10,800 246
Target Therapeutics* 5,300 217
Vencor* 9,400 287
Total Medical Products & Services 5,431
Miscellaneous Business Services (1.1%)
Quality Systems* 7,200 131
Real Estate Investment Trusts (6.3%)
Healthcare Realty Trust 10,500 249
National Health Investors 7,700 252
Nationwide Health Properties 11,900 251
Total Real Estate Investment Trusts 752
Services-Prepackaged Software (4.9%)
Enterprise Systems* 2,600 72
Imnet Systems* 8,500 259
Summit Medical Systems* 6,500 127
Transition Systems* 4,300 123
Total Services-Prepackaged Software 581
Wholesale (5.1%)
Cardinal Health 3,900 281
Patterson Dental* 9,200 334
Total Wholesale 615
- --------------------------------------------------------------------------------
Total Common Stocks
(Cost $11,126) 10,343
- --------------------------------------------------------------------------------
Warrants (0.1%)
- --------------------------------------------------------------------------------
Medical Products & Services (0.1%)
ATS Medical* 16,300 12
- --------------------------------------------------------------------------------
Total Warrants
(Cost $23) 12
- --------------------------------------------------------------------------------
Cash Equivalents (9.2%)
- --------------------------------------------------------------------------------
First American Government
Obligations Money Market $ 570 $ 570
First American Prime
Obligations Money Market 533 533
Total Cash Equivalents
(Cost $1,103) 1,103
- --------------------------------------------------------------------------------
Repurchase Agreement (3.5%)
- --------------------------------------------------------------------------------
Merrill Lynch 5.323%, dated 06/28/96,
matures 07/01/96, repurchase price $416,549
(collateralized by U.S. Treasury STRIPS,
total par value $2,795,000, 05/15/23:
total market value $425,371) 416
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(Cost $416) 416
- --------------------------------------------------------------------------------
Total Investments (99.4%)
(Cost $12,668) 11,874
- --------------------------------------------------------------------------------
Other Assets and Liabilities (0.6%)
- --------------------------------------------------------------------------------
Other assets and liabilities, net 66
- --------------------------------------------------------------------------------
Net Assets:
Portfolio Shares - Institutional Class
($.0001 par value - 2 billion
authorized) based on 1,205,983
outstanding shares 11,994
Portfolio shares - Retail Class A
($.0001 par value - 2 billion
authorized) based on 42,731
outstanding shares 422
Portfolio shares - Retail Class B
($.0001 par value - 2 billion
authorized) based on 20,795
outstanding shares 204
Undistributed net investment income 10
Accumulated net realized gain on investments 104
Net unrealized depreciation of investments (794)
- --------------------------------------------------------------------------------
Total Net Assets: (100.0%) $11,940
- --------------------------------------------------------------------------------
Net asset value, offering price,
and redemption price per share -
Institutional Class $ 9.41
Net Asset Value and redemption price
per share - Retail Class A $ 9.40
Maximum sales charge of 4.50% (1) .44
Offering price per share - Retail Class A $ 9.84
Net asset value and offering price
per share - Retail Class B (2) $ 9.37
- --------------------------------------------------------------------------------
(1) The offering price is calculated by dividing the net asset value by 1
minus the maximum sales charge of 4.50%
(2) Retail Class B has a contingent deferred sales charge. For a description
of possible redemption charge, see the notes to the financial statements
* Non-income producing security
ADR-American Depository Receipt
Cl-Class
STRIPS-Separate Trading of Registered Interest and Principal of Securities.
The accompanying notes are an integral part of the financial statements.
STATEMENT OF OPERATIONS (000) FIRST AMERICAN INVESTMENT FUNDS, INC.
(Unaudited)
HEALTH SCIENCES FUND
For the period January 31, 1996 through June 30, 1996
INVESTMENT INCOME:
Interest $ 31
Dividends 23
-----
Total investment income 54
-----
EXPENSES:
Investment advisory fees 27
Administrator fees 20
Transfer agent fees 11
Amortization of organization costs 12
Registration fees 3
Custodian fees 1
Distribution fees- Retail Class B 1
Other 1
-----
Total expenses 76
Less: Expenses voluntarily waived or absorbed (41)
-----
Total net expenses 35
-----
Investment income- net 19
-----
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS -- NET:
Net realized gain on investments 104
Net change in unrealized depreciation of investments (794)
-----
NET LOSS ON INVESTMENTS (690)
-----
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(671)
=====
The accompanying notes are an integral part of the financial statements
STATEMENT OF CHANGES IN NET ASSETS (000) FIRST AMERICAN INVESTMENT FUNDS, INC.
<TABLE>
<CAPTION>
(Unaudited)
HEALTH SCIENCES FUND
For the period January 31, 1996 through June 30, 1996
OPERATIONS:
<S> <C>
Investment income -- net $ 19
Net realized gain on investments 104
Net change in unrealized depreciation of investments (794)
--------
Net decrease in net assets resulting from operations (671)
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income -- net
Institutional class (9)
Retail Class A --
Retail Class B
Net realized gain on investments
Institutional class --
Retail Class A --
Retail Class B
--------
Total distributions (9)
--------
CAPITAL SHARE TRANSACTIONS (1):
Institutional class:
Proceeds from sales 12,541
Reinvestment of distributions 2
Payments for redemptions (549)
--------
Increase in net assets from Institutional Class transactions 11,994
--------
Retail Class A:
Proceeds from sales 426
Reinvestment of distributions --
Payments for redemptions (4)
--------
Increase in net assets from Retail Class A transactions 422
--------
Retail Class B:
Proceeds from sales 211
Reinvestment of distributions --
Payments for redemptions (7)
--------
Increase in net assets from Retail Class B transactions 204
--------
Increase in net assets from capital shares transactions 12,620
--------
Total increase in net assets 11,940
Net assets at beginning of period --
--------
========
Net assets at end of period (2) $ 11,940
========
- ------------------------------------------
(1) Capital share transactions:
Institutional class:
Shares issued 1,262
Shares reinvested --
Shares redeemed (56)
-------
Total Institutional Class transactions 1,206
-------
Retail Class A:
Shares issued 43
Shares reinvested --
Shares redeemed --
-------
Total Retail Class A transactions 43
-------
Retail Class B:
Shares issued 22
Shares reinvested --
Shares redeemed (1)
-------
Total Retail Class B transactions 21
-------
Net increase in capital shares 1,270
=======
(2) Included undistributed net investment income of (000) $10 at June 30, 1996.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (Unaudited)
For the period January 31, 1996 through June 30, 1996
For a Share Outstanding Throughout the Period
NET
ASSET REALIZED AND DIVIDENDS NET NET RATIO
VALUE NET UNREALIZED FROM NET ASSET VALUE ASSETS OF EXPENSES
BEGINNING INVESTMENT LOSSES INVESTMENT END TOTAL END TO AVERAGE
OF PERIOD INCOME(LOSS) ON INVESTMENTS INCOME OF PERIOD RETURN(2) OF PERIOD (000) NET ASSETS
--------- ------------ -------------- ------ --------- --------- --------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
HEALTH SCIENCES FUND
INSTITUTIONAL CLASS
1996(1) $10.00 $0.02 ($0.60) ($0.01) $9.41 (5.80)% $11,344 0.90%
RETAIL CLASS A
1996(1) $10.00 $0.01 ($0.60) ($0.01) $9.40 (5.92)% $401 1.15%
RETAIL CLASS B
1996(1) $10.00 ($0.01) ($0.62) -- $9.37 (6.26)% $195 1.90%
</TABLE>
WIDE TABLE CONTINUED FROM ABOVE
RATIO
RATIO OF EXPENSES
OF NET TO AVERAGE
INCOME NET ASSETS PORTFOLIO AVERAGE
TO AVERAGE (EXCLUDING TURNOVER COMMISSION
NET ASSETS WAIVERS) RATE(3) RATE (4)
---------- -------- ------- --------
HEALTH SCIENCES FUND
INSTITUTIONAL CLASS
1996(1) 0.48% 1.94% 14% 0.0700
RETAIL CLASS A
1996(1) 0.23% 2.19% 14% 0.0700
RETAIL CLASS B
1996(1) (0.55)% 2.94% 14% 0.0700
(1) Commenced operations on January 31, 1996. All ratios for the period have
been annualized.
(2) Total Return (excluding sales charges) is for the period indicated and
has not been annualized.
(3) Portfolio Turnover Rate is for the period indicated and has not been
annualized.
(4) Average commission rate paid per share for security purchases and sales
during the period.
The accompanying notes are an integral part of the financial statements.
Notes To Financial Statements - June 30,1996 Unaudited
................................................................................
1 ORGANIZATION
First American Investment Funds, Inc. (FAIF) is registered under the Investment
Company Act of 1940, as amended, as an open-end, management investment company.
FAIF presently includes a series of twenty funds which includes the Health
Sciences Fund (the Fund). The Fund commenced operations on January 31, 1996. The
other funds in the series which are not being reported on at this time include
Limited Term Income Fund, Intermediate Term Income Fund, Fixed Income Fund,
Intermediate Government Bond Fund, Intermediate Tax Free Fund, Colorado
Intermediate Tax Free Fund, Minnesota Insured Intermediate Tax Free Fund, Asset
Allocation Fund, Balanced Fund, Equity Index Fund, Stock Fund, Special Equity
Fund, Regional Equity Fund, Emerging Growth Fund, Technology Fund, International
Fund, Equity Income Fund, Diversified Growth Fund and Real Estate Securities
Fund. FAIF's articles of incorporation permit the Board of Directors to create
additional funds in the future.
The Fund offers Class A, Class B and Class C shares. Class A shares are sold
with a front-end sales charge. Class B shares may also be subject to a
contingent deferred sales charge for six years and automatically convert to
Class A shares after eight years. Class C shares have no sales charge and are
offered only to qualifying institutional investors.
The Fund's prospectus provides a description of its investment objective,
policy, and, strategy. All classes of shares have identical voting rights.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed by the Fund are as follows:
Security Valuation - Investment securities of the Fund which are traded on a
national securities exchange (or reported on the NASDAQ national market system)
are stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price.
Security Transactions and Investment Income - The Fund records security
transactions on the trade date, the date the securities are purchased or sold.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on the accrual basis. Security gains and losses are determined on the basis of
identified cost, which is the same basis used for Federal income tax purposes.
Distributions to Shareholders - The Fund declares and pays income dividends
quarterly. The Fund pays realized long term capital gain distributions, if any,
at least once a year.
Federal Taxes - It is the Fund's intention to continue to qualify as a regulated
investment company and distribute all of its taxable income. Accordingly, no
provision for Federal income taxes is required.
Expenses - Expenses that are directly related to the Fund are charged directly
to the Fund. Other operating expenses of FAIF are prorated to the Fund on the
basis of relative net asset value. Class specific expenses, such as 12b-1 fees,
are borne by that class. Income, other expenses and realized and unrealized
gains and losses of the Fund are allocated to the respective class on the basis
of relative net asset value each day.
3 INVESTMENT SECURITY TRANSACTIONS
During the period January 31, 1996 through June 15, 1996, purchases of
securities and proceeds from sales of securities, other than temporary
investments in short-term securities were as follows:
<TABLE>
<CAPTION>
U.S. Government Securities Other Investment Securities
Purchases (000) Sales (000) Purchases (000) Sales (000)
--------------- ----------- --------------- -----------
<S> <C> <C> <C> <C>
Health Sciences Fund --- --- $12,097 $1,052
</TABLE>
At June 30, 1996 the total cost of securities for Federal income tax purposes,
was not materially different from amounts reported for financial reporting
purposes. The aggregate gross unrealized appreciation and depreciation for
securities held by the Fund at June 30, 1996 is as follows:
Aggregate Aggregate
Gross Gross
Appreciation Depreciation Net
------------ ------------ ---
Health Sciences Fund $435 $(1,229) $(794)
4 FEES AND EXPENSES
Pursuant to an investment advisory agreement (the Agreement), First Bank
National Association (the Adviser) manages the Fund's assets and furnishes
related office facilities, equipment, research and personnel. The Agreement
requires the Fund to pay the Adviser a monthly fee based upon average daily net
assets. The fee for the Fund is equal to an annual rate of .70% of the Fund's
average daily net assets. During the period January 31, 1996 through June 30,
1996 the Advisor waived $27,000 of their fees and reimbursed the fund $14,000.
SEI Financial Services Company (SFS) and SEI Financial Management Corporation,
(SFM) serve as distributor and administrator of the Fund, respectively. Under
the distribution plan, the Fund pays SFS a distribution fee of .25% of its
average daily net assets of the Retail Class A shares, and 1.00% of the Retail
Class B shares. No distribution fees are paid by the Institutional Class C
shares. SFM provides administrative services, including certain accounting,
legal and shareholder services, at an annual rate of .12% of the Fund's average
daily net assets, with a minimum annual fee of $50,000. To the extent that the
aggregate net assets of all First American Funds exceed $8 billion, the annual
rate is reduced to .105%.
In addition to the investment advisory and management fees, custodian fees,
distribution fees, administrator and transfer agent fees, the Fund is
responsible for paying most other operating expenses including organization
costs, fees and expenses of outside directors, registration fees, printing and
shareholder reports, legal, auditing, insurance and other miscellaneous
expenses.
Certain directors and officers of FAIF are also officers of the Administrator
and/or Distributor. Such officers and directors are paid no fees by FAIF for
serving in their respective roles.
Through a separate contractual agreement, First Trust National Association, an
affiliate of the Adviser, serves as the Fund's custodian.
DST Systems, Inc. provides transfer agent services for the Fund.
A Contingent Deferred Sales Charge (CDSC) is imposed on redemptions made in the
Retail Class B. The CDSC varies depending on the number of years from time of
payment for the purchase of Class B shares until the redemption of such shares.
Contingent Deferred Sales Charge
as a Percentage of Dollar
Year Since Purchase Amount Subject to Charge
------------------- ------------------------
First 5.00%
Second 5.00%
Third 4.00%
Fourth 3.00%
Fifth 2.00%
Sixth 1.00%
Seventh 0.00%
Eighth 0.00%
For the period ended June 30, 1996, sales charges retained by SFS for
distributing the Fund's shares were approximately $335.00.
5 DEFERRED ORGANIZATIONAL COSTS
The Fund incurred organizational expenses in connection with its start-up and
initial registration. These costs are being amortized over 60 months on a
straight-line basis.
PART C -- OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements for Health Sciences Fund are included in the
Statement of Additional Information.
(b) Exhibits
<TABLE>
<CAPTION>
<S> <C> <C>
(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 throughAugust 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. (Most recently filed with Post-Effective
Amendment No. 25.)
(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.
</TABLE>
* 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 30th day of July, 1996.
FIRST AMERICAN INVESTMENT FUNDS, INC.
ATTEST: /s/ Stephen G. Meyer By: /s/ Kathryn L. Stanton
Stephen G. Meyer Kathryn L. Stanton,
Vice 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/ Kathryn L. Stanton
Kathryn L. Stanton
Attorney in Fact
** July 30, 1996. FAIF PE 26
EXHIBIT (19)
FIRST AMERICAN INVESTMENT FUNDS, INC.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below hereby constitutes and appoints David Lee, Stephen G. Meyer, Kathryn
Stanton, and Joseph Lydon, and each of them, his or her true and lawful
attorneys-in-fact and agents, each acting alone, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in
any and all capacities, to sign a Registration Statement on Form N-1A of First
American Investment Funds, Inc., and any and all amendments thereto, including
post-effective amendments, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, each acting alone,
full power and authority to do and perform to all intents and purposes as he or
she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, each acting alone, or the substitutes for such
attorneys-in-fact and agents, may lawfully do or cause to be done by virtue
hereof.
Signature Title Date
--------- ----- ----
/s/ Robert J. Dayton Director June 24, 1996
- -----------------------------
Robert J. Dayton
/s/ Welles B. Eastman Director June 20, 1996
- -----------------------------
Welles B. Eastman
/s/ Irving D. Fish Director June 24, 1996
- -----------------------------
Irving D. Fish
/s/ Leonard W. Kedrowski Director June 23, 1994
- -----------------------------
Leonard W. Kedrowski
/s/ Joseph D. Strauss Director June 24, 1994
- -----------------------------
Joseph D. Strauss
/s/ Virginia L. Stringer Director June 24, 1994
- -----------------------------
Virginia L. Stringer
/s/ Gae B. Veit Director June 20, 1994
- -----------------------------
Gae B. Veit
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 231
<NAME> HEALTH SCIENCE RETAIL CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 12668
<INVESTMENTS-AT-VALUE> 11874
<RECEIVABLES> 135
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 20
<TOTAL-ASSETS> 12054
<PAYABLE-FOR-SECURITIES> 68
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46
<TOTAL-LIABILITIES> 114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 422
<SHARES-COMMON-STOCK> 43
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 104
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (794)
<NET-ASSETS> 11940
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 31
<OTHER-INCOME> 0
<EXPENSES-NET> (35)
<NET-INVESTMENT-INCOME> 19
<REALIZED-GAINS-CURRENT> 104
<APPREC-INCREASE-CURRENT> (794)
<NET-CHANGE-FROM-OPS> (671)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 401
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76
<AVERAGE-NET-ASSETS> 9439
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.60)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.40
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 232
<NAME> HEALTH SCIENCES INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 12668
<INVESTMENTS-AT-VALUE> 11874
<RECEIVABLES> 135
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 20
<TOTAL-ASSETS> 12054
<PAYABLE-FOR-SECURITIES> 68
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46
<TOTAL-LIABILITIES> 114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11994
<SHARES-COMMON-STOCK> 1206
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 104
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (794)
<NET-ASSETS> 11940
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 31
<OTHER-INCOME> 0
<EXPENSES-NET> (35)
<NET-INVESTMENT-INCOME> 19
<REALIZED-GAINS-CURRENT> 104
<APPREC-INCREASE-CURRENT> (794)
<NET-CHANGE-FROM-OPS> (671)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1262
<NUMBER-OF-SHARES-REDEEMED> (56)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11344
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76
<AVERAGE-NET-ASSETS> 9439
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.60)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820892
<NAME> FIRST AMERICAN INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 233
<NAME> HEALTH SCIENCES RETAIL CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> JAN-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 12668
<INVESTMENTS-AT-VALUE> 11874
<RECEIVABLES> 135
<ASSETS-OTHER> 25
<OTHER-ITEMS-ASSETS> 20
<TOTAL-ASSETS> 12054
<PAYABLE-FOR-SECURITIES> 68
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46
<TOTAL-LIABILITIES> 114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204
<SHARES-COMMON-STOCK> 21
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 104
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (794)
<NET-ASSETS> 11940
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 31
<OTHER-INCOME> 0
<EXPENSES-NET> (35)
<NET-INVESTMENT-INCOME> 19
<REALIZED-GAINS-CURRENT> 104
<APPREC-INCREASE-CURRENT> (794)
<NET-CHANGE-FROM-OPS> (671)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22
<NUMBER-OF-SHARES-REDEEMED> (1)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 195
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76
<AVERAGE-NET-ASSETS> 9439
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.62)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.37
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
