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Previous: MERRILL LYNCH INSTITUTIONAL INDEX SERIES, NSAR-A, 1997-12-29 |
Next: UNITED STATES CELLULAR CORP, 8-K, 1997-12-29 |
[Adopted in Release No. IC-17085 ( 84,434), effective September 25, 1989,
54 F.R.32048]
U.S. Securities and Exchange Commission
Washington DC 20549
FORM N-17F-2
Form N-17f-2
Certificate of Accounting of Securities and Similar Investments in the Custody
of Management Investment Companies
Pursuant to Rule 17f-2 [17CFR 270.17f-2]
- --------------------------------------------------------------------------------
1. Investment Company Act File Number: 811-5309 Date Examination Complete:
First American Investment Funds, Inc.
(See attached Exhibit A - State Registration
Report for a list of portfolios and classes) 9/30/97
- ----------------------------------------------------------------------------
2. State Identification Number
See attached Exhibit B for list of states where fund is authorized to
sell and the associated permit number
- --------------------------------------------------------------------------
3. Exact number of investment company as specified in registration statement:
33-16905
- ----------------------------------------------------------------------------
4. Address of principal executive office: (number, street, city, state, zip
code)
1 Freedom Valley Road, Oaks, PA 19456
- ----------------------------------------------------------------------------
INSTRUCTIONS
This form must be completed by the investment companies that have custody of
securities or similar investments.
Investment Company
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors of
First American Investment Funds, Inc.:
We have examined management's assertion, included in its representation letter,
that Limited Term Income Fund, Intermediate Term Income Fund, Fixed Income Fund,
Intermediate Government Bond Fund, Intermediate Tax Free Fund, California
Intermediate Tax Free Fund, Oregon Intermediate Tax Free Fund, Colorado
Intermediate Tax Free Fund, Minnesota Insured Intermediate Tax Free Fund, Asset
Allocation Fund, Balanced Fund, Equity Index Fund, Equity Income Fund,
Diversified Growth Fund, Stock Fund, Special Equity Fund, Regional Equity Fund,
Emerging Growth Fund, Technology Fund, International Fund, Real Estate
Securities Fund, Micro Cap Value Fund, and Health Sciences Fund of First
American Investment Funds, Inc., (the Funds) complied with the requirements of
subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940
as of September 30, 1997. Management is responsible for the Funds' compliance
with those requirements. Our responsibility is to express an opinion on
management's assertion about the Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of September 30, 1997, and with respect to agreement of security
purchases and sales, for the period from February 28, 1997 (the date of our last
examination) through September 30, 1997:
* Count and inspection of underlying documentation of all securities
designated as being held in the vault of First Trust National
Association, the Custodian;
* Confirmation of all securities held by institutions in book entry form
(Federal Reserve Bank of Minneapolis, Bankers Trust Company, and The
Depository Trust Company), examination of selected security position
reconciliations, and confirmation directly with the transfer agent
(Federated Investors, PNC Financial Processing Corp., and DST Systems,
Inc.) for mutual fund securities;
* Confirmation of repurchase agreements with counterparty banks and
broker-dealers;
* Confirmation or examination of underlying documentation, on a test
basis, for securities purchased but not received, securities on loan,
hypothecated, pledged, placed in escrow, or out for transfer with
broker-dealers and/or transfer agents;
<PAGE>
* Reconciliation of all such securities to the books and records of the
Funds and the Custodian; and
* Test of security transactions since our last report.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of September 30, 1997 with respect to securities
reflected in the investment account of the Funds is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
First American Investment Funds, Inc. and the Securities and Exchange Commission
and should not be used for any other purpose.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 7, 1997
<PAGE>
EXHIBIT A
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID
<S> <C>
FAIF - Intermediate Tax Free Fund - Retail Class A |FAI01A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Tax Free Fund - Institutional Class |FAI01I | | | | X | X | X | | X | | X | | X | | |
| | | | | | | | | | | | | | | |
FAIF - MN Insured Intermediate Tax Free Fund - Retail Cl. A |FAI02A | | | | | | X | | X | | X | | | | |
| | | | | | | | | | | | | | | |
FAIF - MN Insured Intermediate Tax Free Fund - Instit'l Cl. |FAI02I | | | | | | X | | X | | X | | | | |
| | | | | | | | | | | | | | | |
FAIF - Colorado Intermediate Tax Free Fund - Retail Class A |FAI03A | | | | | | X | | X | | X | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
IL IN KS KY LA MA MD ME MI MN MO MS
<S> <C>
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
| | | X | X | | | | | X | | |
| | | | | | | | | | | |
| | | | | | | | | X | | |
| | | | | | | | | | | |
| | | X | X | | | | | X | X | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID
<S> <C>
| | | | | | | | | | | | | | | |
FAIF - Colorado Intermediate Tax Free Fund- Instit'l Cl. |FAI03I | | | | | | X | | X | | X | | | | |
| | | | | | | | | | | | | | | |
FAIF - Limited Term Income Fund - Retail Class A |FAI04A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Limited Term Income Fund - Institutional Class |FAI04I | | | | X | X | X | | X | | X | X | X | | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Term Income Fund - Retail Class A |FAI05A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Intermediate-Term Income Fund - Institutional Class |FAI05I | | | | X | X | X | | X | | X | X | X | | |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Retail Class A |FAI06A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Retail Class B |FAI06B | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Institutional Class |FAI06I | | | | X | X | X | | X | | X | X | X | | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Government Bond Fund - Retail Class A |FAI07A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Government Bond Fund - Institutional Cla |FAI07I | | | | X | X | X | | X | | X | | X | | |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Retail Class A |FAI08A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Retail Class B |FAI08B | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Institutional Class |FAI08I | | | | X | X | X | | X | | X | X | X | | |
| | | | | | | | | | | | | | | |
FAIF - Equity Index Fund - Retail Class A |FAI09A | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
FAIF - Equity Index Fund - Retail Class B |FAI09B | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
IL IN KS KY LA MA MD ME MI MN MO MS
<S> <C>
| | | | | | | | | | | |
| | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X| X | X | X | X |
| | | | | | | | | | | |
X | | | | | | | | | X | X | |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X| X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X| X | X | X | X |
| | | | | | | | | | | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN
<S> <C>
FAIF - Equity Index Fund - Institutional Class |FAI09I | | | | X | X | X | | X | | X | X | X | | | X | |
| | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Retail Class A |FAI10A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Retail Class B |FAI10B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Institutional Class |FAI10I | | | | X | X | X | | X | | X | X | X | | | X | |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Retail Class A |FAI12A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Retail Class B |FAI12B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Institutional Class |FAI12I | | | | X | X | X | | X | | X | X | X | | | X | |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Retail Class A |FAI13A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Retail Class B |FAI13B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Institutional Class |FAI13I | | | | X | X | X | | X | | X | X | X | | | X | |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Retail Class A |FAI14A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Retail Class B |FAI14B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Institutional Class |FAI14I | | | | X | X | X | | X | | X | X | X | | | X | |
| | | | | | | | | | | | | | | | | |
FAIF - Regional Equity Fund - Retail Class A |FAI15A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Regional Equity Fund - Retail Class B |FAI15B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
KS KY LA MA MD ME MI MN MO MS
<S> <C>
| | | | | | | X | X | |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
| | | | | | | X | X | |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
| | | | | | | X | X | |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
| | | | | | | X | X | |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
| | | | | | | X | X | |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL
<S> <C>
FAIF - Regional Equity Fund - Institutional Class |FAI15I | | | | X | X | X | | X | | X | X | X | | | X |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Retail Class A |FAI16A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Retail Class B |FAI16B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Institutional Class |FAI16I | | | | X | X | X | | X | | X | X | X | | | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Retail Class A |FAI17A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Retail Class B |FAI17B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Institutional Class |FAI17I | | | | X | X | X | | X | | X | X | X | | | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Retail Class A |FAI18A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Retail Class B |FAI18B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Institutional Class |FAI18I | | | | X | X | X | | X | | X | X | X | | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Retail Class A |FAI19A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Retail Class B |FAI19B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Institutional Class |FAI19I | | | | X | X | X | | X | | X | | X | | | X |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Retail Class A |FAI20A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Retail Class B |FAI20B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Institutional Class |FAI20I | | | | X | X | X | | X | | X | X | X | | | X |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
IN KS KY LA MA MD ME MI MN MO MS
<S> <C>
| | | | | | | | X | X | |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
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| | | | | | | | X | X | |
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X | X | X | X | X | X | X | X | X | X | X |
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X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
| | | | | | | | X | X | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL
<S> <C>
| | | | | | | | | | | | | | | | |
FAIF - Oregon Intermediate Tax Free Fund - Class C |FAI24C | | | | | X | X | | X | | X | X | | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
FAIF - California Intermediate Tax Free Fund - Class A |FAI25A | | | | | X | X | | X | | X | X | | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
FAIF - California Intermediate Tax Free Fund - Class C |FAI25C | | | | | X | X | | X | | X | X | | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class A |FAI26A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class B |FAI26B | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class C |FAI26C | | | | X | X | X | | X | | X | X | | | | X |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
IN KS KY LA MA MD ME MI MN MO MS
<S> <C>
| | | | | | | | | | |
X | | | | | | | | X | | |
| | | | | | | | | | |
X | | X | X | | | | | X | | |
| | | | | | | | | | |
X | | | | X | | | | X | | |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | | | | | | | | X | | |
| | | | | | | | | | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR
<S> <C>
FAIF - Intermediate Tax Free Fund - Retail Class A |FAI01A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Tax Free Fund - Institutional Class |FAI01I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - MN Insured Intermediate Tax Free Fund - Retail Cl. A |FAI02A | | | | X | X | X | | | X | | | X | X | |
| | | | | | | | | | | | | | | |
FAIF - MN Insured Intermediate Tax Free Fund - Instit'l Cl. |FAI02I | | | | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Colorado Intermediate Tax Free Fund - Retail Class A |FAI03A | | | | X | X | X | | | X | | | X | X | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
RI SC SD TN TX UT VA VT WA WI WV WY
<S> <C>
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
| | | | | X | | | | | | X |
| | | | | | | | | | | |
| | | | | | | | | | | X |
| | | | | | | | | | | |
| | | | | X | | | | | | X |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR
<S> <C>
| | | | | | | | | | | | | | | |
FAIF - Colorado Intermediate Tax Free Fund- Instit'l Cl. |FAI03I | | | | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Limited Term Income Fund - Retail Class A |FAI04A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Limited Term Income Fund - Institutional Class |FAI04I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Term Income Fund - Retail Class A |FAI05A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate-Term Income Fund - Institutional Class |FAI05I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Retail Class A |FAI06A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Retail Class B |FAI06B | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Fixed Income Fund - Institutional Class |FAI06I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Government Bond Fund - Retail Class A |FAI07A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Intermediate Government Bond Fund - Institutional Cla |FAI07I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Retail Class A |FAI08A | X | X | X | X | X | X | X | X | X | X | X | X | X | P |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Retail Class B |FAI08B | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Stock Fund - Institutional Class |FAI08I | X | X | X | | | X | | | X | | | | X | |
| | | | | | | | | | | | | | | |
FAIF - Equity Index Fund - Retail Class A |FAI09A | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
FAIF - Equity Index Fund - Retail Class B |FAI09B | X | X | X | X | X | X | X | X | X | X | X | X | X | |
| | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
RI SC SD TN TX UT VA VT WA WI WV WY
<S> <C>
| | | | | | | | | | | |
| | | | | | | | | | | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| X | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| X | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
| | X | | X | | X | | | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC
<S> <C>
FAIF - Equity Index Fund - Institutional Class |FAI09I | X | X | X | | | X | | | X | | | | X | | | X |
| | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Retail Class A |FAI10A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Retail Class B |FAI10B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Balanced Fund - Institutional Class |FAI10I | X | X | X | | | X | | | X | | | | X | | | X |
(FAI11 merged into FAI10 as of 11/21/97) | | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Retail Class A |FAI12A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Retail Class B |FAI12B | X | X | X | X | X | X | X | X | | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Equity Income Fund - Institutional Class |FAI12I | X | | X | | | X | | | | | | | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Retail Class A |FAI13A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Retail Class B |FAI13B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Diversified Growth Fund - Institutional Class |FAI13I | X | | X | | | X | | | | | | | X | | | X |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Retail Class A |FAI14A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Retail Class B |FAI14B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Emerging Growth Fund - Institutional Class |FAI14I | X | X | X | | | X | | | | | | | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Regional Equity Fund - Retail Class A |FAI15A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
FAIF - Regional Equity Fund - Retail Class B |FAI15B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
| | | | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
SD TN TX UT VA VT WA WI WV WY
<S> <C>
X | | X | | X | | | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | | X | | X | | | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | | X | | X | | | X | | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | | X | | X | | | X | | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | | X |
| | | | | | | | | |
X | | X | M | X | | | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI
<S> <C>
FAIF - Regional Equity Fund - Institutional Class |FAI15I | X | X | X | | | X | | | X | | | | X | | |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Retail Class A |FAI16A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Retail Class B |FAI16B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Special Equity Fund - Institutional Class |FAI16I | X | X | X | | | X | | | X | | | | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Retail Class A |FAI17A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Retail Class B |FAI17B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Technology Fund - Institutional Class |FAI17I | X | X | X | | | X | | | | | | | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Retail Class A |FAI18A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Retail Class B |FAI18B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Health Sciences Fund - Institutional Class |FAI18I | X | X | X | | | X | | | | | | | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Retail Class A |FAI19A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Retail Class B |FAI19B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - Real Estate Securities Fund - Institutional Class |FAI19I | X | | X | | | X | | | | | | | | | |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Retail Class A |FAI20A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Retail Class B |FAI20B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | | | | | | | |
FAIF - International Fund - Institutional Class |FAI20I | X | X | X | | | X | | | | | | | X | | X |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
SC SD TN TX UT VA VT WA WI WV WY
<S> <C>
X | X | | X | | X | | | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
| X | | X | | X | | | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | |
X | X | | X | M | X | | | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | | X | | X | X | | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
| X | | X | | X | | | X | | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | | |
X | X | X | X | X | X | X | X | X | | X |
| | | | | | | | | | |
X | X | | X | M | X | | | X | X | X |
</TABLE>
<PAGE>
AUTOMATED BUSINESS DEVELOPMENT
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC
<S> <C>
| | | | | | | | | | | | | | | | | |
FAIF - Oregon Intermediate Tax Free Fund - Class C |FAI24C | | X | | | | X | | | | | | X | X | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
FAIF - California Intermediate Tax Free Fund - Class A |FAI25A | | X | | X | X | X | | | X | X | X | X | X | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
FAIF - California Intermediate Tax Free Fund - Class C |FAI25C | | X | | | | X | | | X | | | X | X | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class A |FAI26A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class B |FAI26B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
FAIF - Micro Cap Value Fund - Class C |FAI26C | X | X | X | | | X | | | | | | X | X | | | |
SEC effective 8-5-97 | | | | | | | | | | | | | | | | | |
</TABLE>
[WIDE TABLE CONTINUED FROM ABOVE]
<TABLE>
<CAPTION>
<S> <C>
SD TN TX UT VA VT WA WI WV WY
| | | | | | | | | |
| | | | X | | | | | X |
| | | | | | | | | |
| | | X | X | | | | | X |
| | | | | | | | | |
| | | | X | | | | | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | X | X | X | X | X | X | X | X | X |
| | | | | | | | | |
X | | X | | X | | | X | | X |
| | | | | | | | | |
</TABLE>
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C>
First American Investment Funds, Inc.
CALIFORNIA A = Annual 505-6193
COLORADO A = Annual IC 94-06-801
GEORGIA O = Other 56920795
ILLINOIS A = Annual 9737648
INDIANA A = Annual 87-2321 IC
MINNESOTA G = Good Until S R-30881
NORTH CAROLINA G = Good Until S 2703
PENNSYLVANIA A = Annual 92-07-017MF
VIRGINIA A = Annual 1765
WEST VIRGINIA G = Good Until S BC-882
WYOMING O = Other 17863
FAIF - Fixed/Equity Funds Institutional Class (PROSPECTUS)
OREGON A = Annual 97-0776
FAIF - Fixed/Equity Funds - Retail Class (PROSPECTUS)
KENTUCKY A = Annual M34074
LOUISIANA A = Annual 57829
OHIO O = Other
OKLAHOMA A = Annual I-346597
OREGON A = Annual 97-0777
UTAH A = Annual 6-6163-15
FAIF - Equity Funds - Retail Class (PROSPECTUS)
KENTUCKY A = Annual M28373
LOUISIANA A = Annual 48191
OHIO O = Other 97473
OKLAHOMA A = Annual I-137797
OREGON A = Annual 92-0616
UTAH A = Annual 2-5167-06
FAIF - Fixed Income Funds - Retail Class (PROSPECTUS)
KENTUCKY A = Annual M31924
LOUISIANA A = Annual 49370
OHIO O = Other 97103
OKLAHOMA A = Annual I-314997
OREGON A = Annual 96-1081
UTAH A = Annual 3-2019-06
FAIF - Retail Classes Prospectus Class A & B
KENTUCKY A = Annual
LOUISIANA A = Annual 52572
OHIO O = Other
OKLAHOMA A = Annual I-403997
OREGON A = Annual 97-0989
UTAH A = Annual 6-6237-38
FAIF - Tax Free Income Fund - Retail Class (PROSPECTUS)
KENTUCKY A = Annual M31327
LOUISIANA A = Annual 49123
OHIO O = Other 97478
OKLAHOMA A = Annual I-315097
OREGON A = Annual 94-0291
UTAH A = Annual 3-2020-06
FAIF - Intermediate Tax Free Fund
ALASKA O = Other 98-00023
ALABAMA A = Annual 704378
ARKANSAS A = Annual 95-M0541-18
CONNECTICUT A = Annual SI25097
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45921
KANSAS A = Annual 96S0000181
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 28 16
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF9080
FAIF - Intermediate Tax Free Fund - Retail Class A
ARIZONA A = Annual S-0033279-QUAL
IOWA A = Annual I-27001
MASSACHUSETTS A = Annual 95-9721
MARYLAND A = Annual SM931529
MAINE A = Annual 97-5900
MICHIGAN A = Annual 222124
MISSISSIPPI G = Good Until S MF-95-06-052
MONTANA A = Annual 33639
NORTH DAKOTA A = Annual C034
NEBRASKA A = Annual 015747
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975864
SOUTH DAKOTA G = Good Until S 18644
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-47141
VERMONT A = Annual 6/16/95-13
WASHINGTON G = Good Until S C-53337
WISCONSIN A = Annual 231186-03
FAIF - Intermediate Tax Free Fund - Institutional Class
ARIZONA A = Annual S-0038106-QUAL
MONTANA A = Annual 029379
NORTH DAKOTA A = Annual J902
SOUTH DAKOTA G = Good Until S 19858
TEXAS G = Good Until S C-44177
WISCONSIN A = Annual 282767-03
WEST VIRGINIA G = Good Until S BC-783
FAIF - Minnesota Insured Intermediate Tax Free Fund
NEW YORK O = Other S 26 73 62
FAIF - MN Insured Intermediate Tax Free Fund - Retail Cl. A
NEBRASKA A = Annual 015853
NEW HAMPSHIRE A = Annual
FAIF - Colorado Intermediate Tax Free Fund
MISSOURI A = Annual 0001-66837
NEW YORK O = Other S 26 84 05
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
FAIF - Colorado Intermediate Tax Free Fund - Retail Class A
GEORGIA N = Not Register
ILLINOIS N = Not Register
NEBRASKA A = Annual 015854
NEW HAMPSHIRE A = Annual
FAIF - Limited Term Income Fund
ALASKA O = Other 98-00026
ALABAMA A = Annual 704396
ARKANSAS A = Annual 95-M0541-07
CONNECTICUT A = Annual SI18956
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41901
KANSAS A = Annual 93S0000036
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 30
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7343
FAIF - Limited Term Income Fund - Retail Class A
ARIZONA A = Annual S-0031604-QUAL
IOWA A = Annual I-28268
MASSACHUSETTS A = Annual 95-9728
MARYLAND A = Annual SM920866
MAINE A = Annual 97-5898
MICHIGAN A = Annual 220997
MISSISSIPPI G = Good Until S MF-95-06-069
MONTANA A = Annual 33641
NORTH DAKOTA A = Annual H657
NEBRASKA A = Annual 86990
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975870
OKLAHOMA O = Other I-314997
SOUTH DAKOTA A = Annual 11550
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40808
VERMONT A = Annual 7/10/92-03
WASHINGTON G = Good Until S C-34690
WISCONSIN A = Annual 267738-03
FAIF - Limited Term Income Fund - Institutional Class
ARIZONA A = Annual S-0038104-QUAL
MONTANA A = Annual 029386
NORTH DAKOTA A = Annual J900
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19865
TEXAS G = Good Until S C-44175
WISCONSIN A = Annual 282761-03
WEST VIRGINIA G = Good Until S BC-786
FAIF - Intermediate Term Income Fund
ALASKA O = Other 98-00011
ALABAMA A = Annual 704844
ARKANSAS A = Annual 95-M0541-06
CONNECTICUT A = Annual SI18959
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41898
KANSAS A = Annual 93S0000035
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 28
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7339
FAIF - Intermediate Term Income Fund - Retail Class A
ARIZONA A = Annual S-0031603-QUAL
IOWA A = Annual I-37302
MASSACHUSETTS A = Annual 95-9725
MARYLAND A = Annual SM920869
MAINE A = Annual 97-5899
MICHIGAN A = Annual 220994
MISSISSIPPI G = Good Until S MF-95-06-048
MONTANA A = Annual 33640
NORTH DAKOTA A = Annual H656
NEBRASKA A = Annual 86989
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975846
OKLAHOMA O = Other I-314997
SOUTH DAKOTA A = Annual 11549
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40807
VERMONT A = Annual 7/10/92-06
WASHINGTON G = Good Until S C-34693
WISCONSIN A = Annual 267735-03
FAIF - Intermediate-Term Income Fund - Institutional Class
ARIZONA A = Annual S-0038103-QUAL
MONTANA A = Annual 029383
NORTH DAKOTA A = Annual J899
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19862
TEXAS G = Good Until S C-44174
WISCONSIN A = Annual 282764-03
WEST VIRGINIA G = Good Until S BC-784
FAIF - Fixed Income Fund
ALASKA O = Other 98-00022
ALABAMA A = Annual 704375
ARKANSAS A = Annual 95-M0541-09
CONNECTICUT A = Annual SI25098
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45920
KANSAS A = Annual 96S0000179
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 28 17
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7594
FAIF - Fixed Income Fund - Retail Class A
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
ARIZONA A = Annual S-0033277-QUAL
IOWA A = Annual I-27002
MASSACHUSETTS A = Annual 95-9722
MARYLAND A = Annual SM931530
MAINE A = Annual 97-5897
MICHIGAN A = Annual 222125
MISSISSIPPI G = Good Until S MF-95-06-055
MONTANA A = Annual 33638
NORTH DAKOTA A = Annual C032
NEBRASKA A = Annual 015745
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975843
OKLAHOMA O = Other I-314997
SOUTH DAKOTA G = Good Until S 18643
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-47139
VERMONT A = Annual 6/16/95-14
WASHINGTON G = Good Until S C-53338
WISCONSIN A = Annual 231187-03
FAIF - Fixed Income Fund - Retail Class B
ARIZONA A = Annual S-0041569-QUAL
IOWA A = Annual I-32351
MASSACHUSETTS A = Annual 95-9738
MARYLAND A = Annual SM941167
MAINE A = Annual 97-10743
MICHIGAN A = Annual 220560
MISSISSIPPI G = Good Until S MF-95-06-056
MONTANA A = Annual 31616
NORTH DAKOTA A = Annual L081
NEBRASKA A = Annual 015867
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975844
OKLAHOMA O = Other I-314997
SOUTH DAKOTA A = Annual 11659
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-48459
VERMONT A = Annual 6/16/95-15
WASHINGTON G = Good Until S C-39010
WISCONSIN A = Annual 290133-03
FAIF - Fixed Income Fund - Institutional Class
ARIZONA A = Annual S-0038101-QUAL
MONTANA A = Annual 029380
NORTH DAKOTA A = Annual J897
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19859
TEXAS G = Good Until S C-44172
WISCONSIN A = Annual 282766-03
WEST VIRGINIA G = Good Until S BC-782
FAIF - Intermediate Government Bond Fund
ALASKA O = Other 98-00014
ALABAMA A = Annual 704381
ARKANSAS A = Annual 95-M0541-08
CONNECTICUT A = Annual SI25096
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45922
KANSAS A = Annual 96S0000180
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 28 15
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF9081
FAIF - Intermediate Government Bond Fund - Retail Class A
ARIZONA A = Annual S-0033278-QUAL
IOWA A = Annual I-27000
MASSACHUSETTS A = Annual 95-9720
MARYLAND A = Annual SM931527
MAINE A = Annual 97-5894
MICHIGAN A = Annual 222123
MISSISSIPPI G = Good Until S MF-95-06-049
MONTANA A = Annual 33646
NORTH DAKOTA A = Annual C033
NEBRASKA A = Annual 015746
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975845
OKLAHOMA O = Other I-314997
SOUTH DAKOTA G = Good Until S 18629
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-47140
VERMONT A = Annual 6/16/95-12
WASHINGTON G = Good Until S C-53339
WISCONSIN A = Annual 231185-03
FAIF - Intermediate Government Bond Fund - Institutional Cla
ARIZONA A = Annual S-0038102-QUAL
MONTANA A = Annual 029378
NORTH DAKOTA A = Annual J898
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19869
TEXAS G = Good Until S C-44173
WISCONSIN A = Annual 282768-03
WEST VIRGINIA G = Good Until S BC-2761
FAIF - Stock Fund
ALASKA O = Other 98-00021
ALABAMA A = Annual 704385
ARKANSAS A = Annual 95-M0541-10
CONNECTICUT A = Annual SI25099
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45925
KANSAS A = Annual 96S0000184
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 28 18
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF9082
FAIF - Stock Fund - Retail Class A
ARIZONA A = Annual S-0033281-QUAL
IOWA A = Annual I-27003
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
MASSACHUSETTS A = Annual 95-9723
MARYLAND A = Annual SM931526
MAINE A = Annual 97-5905
MICHIGAN A = Annual 222178
MISSISSIPPI G = Good Until S MF-95-06-059
MONTANA A = Annual 33645
NORTH DAKOTA A = Annual C036
NEBRASKA A = Annual 015749
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975841
PUERTO RICO A = Annual S-18755
SOUTH DAKOTA A = Annual 12049
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-47142
VERMONT A = Annual 6/16/95-17
WASHINGTON G = Good Until S C-35305
WISCONSIN A = Annual 231188-03
FAIF - Stock Fund - Retail Class B
ARIZONA A = Annual S-0041574-QUAL
IOWA A = Annual I-32356
MASSACHUSETTS A = Annual 95-9739
MARYLAND A = Annual SM941174
MAINE A = Annual 97-10744
MICHIGAN A = Annual 220556
MISSISSIPPI G = Good Until S MF-95-06-060
MONTANA A = Annual 31621
NORTH DAKOTA A = Annual L086
NEBRASKA A = Annual 015603
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975842
SOUTH DAKOTA A = Annual 10176
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-48461
VERMONT A = Annual 6/16/95-18
WASHINGTON G = Good Until S C-39019
WISCONSIN A = Annual 290132-03
FAIF - Stock Fund - Institutional Class
ARIZONA A = Annual S-0038109-QUAL
MONTANA A = Annual 029381
NORTH DAKOTA A = Annual J905
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19860
TEXAS G = Good Until S C-44180
WISCONSIN A = Annual 282769-03
WEST VIRGINIA G = Good Until S BC-790
FAIF - Equity Index Fund
ALASKA O = Other 98-00024
ALABAMA A = Annual 704388
ARKANSAS A = Annual 95-M0541-02
CONNECTICUT A = Annual SI18962
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41899
KANSAS A = Annual 93S0000034
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 29
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7341
FAIF - Equity Index Fund - Retail Class A
ARIZONA A = Annual S-0031602-QUAL
IOWA A = Annual I-28262
MASSACHUSETTS A = Annual 95-9726
MARYLAND A = Annual SM920872
MAINE A = Annual 97-5906
MICHIGAN A = Annual 220995
MISSISSIPPI G = Good Until S MF-95-06-063
MONTANA A = Annual 33637
NORTH DAKOTA A = Annual H655
NEBRASKA A = Annual 86988
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975877
SOUTH DAKOTA A = Annual 11548
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40806
VERMONT A = Annual 7/10/92-09
WASHINGTON G = Good Until S C-34689
WISCONSIN A = Annual 267732-03
FAIF - Equity Index Fund - Retail Class B
ARIZONA A = Annual S-0041585-QUAL
IOWA A = Annual I-32350
MASSACHUSETTS A = Annual 95-9741
MARYLAND A = Annual SM941172
MAINE A = Annual MFR97-10738
MICHIGAN A = Annual 220554
MISSISSIPPI G = Good Until S MF-95-06-064
MONTANA A = Annual 31615
NORTH DAKOTA A = Annual L080
NEBRASKA A = Annual 016680
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975868
SOUTH DAKOTA A = Annual 11663
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C45712
VERMONT A = Annual 7/15/94-02
WASHINGTON G = Good Until S C-51755
WISCONSIN A = Annual
FAIF - Equity Index Fund - Institutional Class
ARIZONA A = Annual S-0038100-QUAL
MONTANA A = Annual 029384
NORTH DAKOTA A = Annual J896
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 19863
TEXAS G = Good Until S C-44171
WISCONSIN A = Annual 282763-03
WEST VIRGINIA G = Good Until S BC-781
FAIF - Balanced Fund
ALASKA O = Other 98-00018
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
ALABAMA A = Annual 704400
ARKANSAS A = Annual 95-M0541-04
CONNECTICUT A = Annual SI18960
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41902
KANSAS A = Annual 93S0000033
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 32
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7340
FAIF - Balanced Fund - Retail Class A
ARIZONA A = Annual S-0031601-QUAL
IOWA A = Annual I-28267
MASSACHUSETTS A = Annual 95-9729
MARYLAND A = Annual SM920871
MAINE A = Annual 97-4583
MICHIGAN A = Annual 220998
MISSISSIPPI G = Good Until S MF-95-06-071
MONTANA A = Annual 33636
NORTH DAKOTA A = Annual H654
NEBRASKA A = Annual 009122
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975876
SOUTH DAKOTA A = Annual 9248
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40805
VERMONT A = Annual 7/10/92-07
WASHINGTON G = Good Until S C-34692
WISCONSIN A = Annual 267734-03
FAIF - Balanced Fund - Retail Class B
ARIZONA A = Annual S-0041567-QUAL
IOWA A = Annual I-32348
MASSACHUSETTS A = Annual 95-9744
MARYLAND A = Annual SM941169
MAINE A = Annual MFR98-2824
MICHIGAN A = Annual 220551
MISSISSIPPI G = Good Until S MF-95-06-073
MONTANA A = Annual 31613
NORTH DAKOTA A = Annual L077
NEBRASKA A = Annual 015600
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975872
SOUTH DAKOTA A = Annual 11660
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45711
VERMONT A = Annual 7/15/94-05
WASHINGTON G = Good Until S C-39014
WISCONSIN A = Annual 290127-03
FAIF - Balanced Fund - Institutional Class
ARIZONA A = Annual S-0038099-QUAL
MONTANA A = Annual 029387
NORTH DAKOTA A = Annual J895
SOUTH DAKOTA G = Good Until S 19866
TEXAS G = Good Until S C-44170
WISCONSIN A = Annual 282760-03
WEST VIRGINIA G = Good Until S BC-779
FAIF - Asset Allocation Fund (MERGING 11-22-97)
ALASKA O = Other 98-00020
ALABAMA A = Annual 704398
ARKANSAS A = Annual 95-M0541-03
CONNECTICUT A = Annual SI18961
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41904
KANSAS A = Annual 93S0000032
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 27
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7342
FAIF - Asset Allocation Fund - Retail Class A (MERGING 11/22
ARIZONA A = Annual S-0041566-QUAL
IOWA A = Annual I-28263
MASSACHUSETTS A = Annual 95-9730
MARYLAND A = Annual SM920870
MAINE A = Annual 97-5890
MICHIGAN A = Annual 220999
MISSISSIPPI G = Good Until S MF-95-06-075
MONTANA A = Annual 33635
NORTH DAKOTA A = Annual H653
NEBRASKA A = Annual 86986
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975855
SOUTH DAKOTA A = Annual 11547
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40804
VERMONT A = Annual 7/10/92-08
WASHINGTON G = Good Until S C-34691
WISCONSIN A = Annual 267133-03
FAIF - Asset Allocation Fund - Retail Class B (MERGING 11/22
ARIZONA A = Annual S-0031600-QUAL
IOWA A = Annual I-32347
MASSACHUSETTS A = Annual 95-9745
MARYLAND A = Annual SM941168
MAINE A = Annual MFR98-2823
MICHIGAN A = Annual 220562
MISSISSIPPI G = Good Until S MF-95-06-074
MONTANA A = Annual 31612
NORTH DAKOTA A = Annual L076
NEBRASKA A = Annual 015864
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975878
SOUTH DAKOTA A = Annual 11661
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45710
VERMONT A = Annual 7/15/94-06
WASHINGTON G = Good Until S C-39013
WISCONSIN A = Annual 290126-03
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
FAIF - Asset Allocation Fund - Institutional Class (MERGING
ARIZONA A = Annual S-0038098-QUAL
MONTANA A = Annual 029388
NORTH DAKOTA A = Annual J894
SOUTH DAKOTA G = Good Until S 19867
TEXAS G = Good Until S C-44169
WISCONSIN A = Annual 282759-03
WEST VIRGINIA G = Good Until S BC-778
FAIF - Equity Income Fund
ALASKA O = Other 98-00017
ALABAMA A = Annual 704402
ARKANSAS A = Annual 95-M0541-15
CONNECTICUT A = Annual SI20656
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45919
KANSAS A = Annual 96S0000178
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 27 76 26
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7171
FAIF - Equity Income Fund - Retail Class A
ARIZONA A = Annual S-0043275-QUAL
IOWA A = Annual I-28900
MASSACHUSETTS A = Annual 95-9737
MARYLAND A = Annual SM921289
MAINE A = Annual 97-5891
MICHIGAN A = Annual 221922
MISSISSIPPI G = Good Until S MF-95-06-046
MONTANA A = Annual 029419
NORTH DAKOTA A = Annual H964
NEBRASKA A = Annual 015856
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975847
SOUTH DAKOTA G = Good Until S 20838
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-41351
VERMONT A = Annual 4/18/96-21
WASHINGTON G = Good Until S C-35175
WISCONSIN A = Annual
FAIF - Equity Income Fund - Retail Class B
ARIZONA A = Annual S-OO43276-QUAL
IOWA A = Annual I-32382
MASSACHUSETTS A = Annual 95-9750
MARYLAND A = Annual SM96-1538
MAINE A = Annual 97-10738
MICHIGAN A = Annual 220563
MISSISSIPPI G = Good Until S MF-95-06-047
MONTANA A = Annual 31660
NORTH DAKOTA A = Annual L094
NEBRASKA A = Annual 016679
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975843
SOUTH DAKOTA A = Annual 10545
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-48549
VERMONT A = Annual #7/20/94-16
WASHINGTON G = Good Until S C-39062
WISCONSIN A = Annual
FAIF - Equity Income Fund - Institutional Class
ARIZONA A = Annual S-0043277-QUAL
MONTANA A = Annual 31661
NORTH DAKOTA G = Good Until S L042
OREGON N = Not Register
SOUTH DAKOTA A = Annual 10546
TEXAS G = Good Until S C-48551
WISCONSIN A = Annual
FAIF - Diversified Growth Fund
ALASKA O = Other 98-00013
ALABAMA A = Annual 704395
ARKANSAS A = Annual 95-M0541-17
CONNECTICUT A = Annual SI20660
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45917
KANSAS A = Annual 96S0000177
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other s 27 75 61
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7173
FAIF - Diversified Growth Fund - Retail Class A
ARIZONA A = Annual S-0043272-QUAL
IOWA A = Annual I-28901
MASSACHUSETTS A = Annual 95-9735
MARYLAND A = Annual SM921290
MAINE A = Annual 97-5908
MICHIGAN A = Annual 221921
MISSISSIPPI G = Good Until S MF-95-06-067
MONTANA A = Annual 027722
NORTH DAKOTA A = Annual H961
NEBRASKA A = Annual 015855
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975880
SOUTH DAKOTA G = Good Until S 20839
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-41348
VERMONT A = Annual 6/16/95-21
WASHINGTON G = Good Until S C-35172
WISCONSIN A = Annual
FAIF - Diversified Growth Fund - Retail Class B
ARIZONA A = Annual S-0043273-QUAL
IOWA A = Annual I-32381
MASSACHUSETTS A = Annual 95-9749
MARYLAND A = Annual SM96-1532
MAINE A = Annual 97-10739
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
MICHIGAN A = Annual 220621
MISSISSIPPI G = Good Until S MF-95-06-068
MONTANA A = Annual 31664
NORTH DAKOTA A = Annual L078
NEBRASKA A = Annual 015865
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975840
SOUTH DAKOTA A = Annual 10547
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-48548
VERMONT A = Annual #7/20/94-15
WASHINGTON G = Good Until S C-39061
WISCONSIN A = Annual
FAIF - Diversified Growth Fund - Institutional Class
ARIZONA A = Annual S-0043274-QUAL
MONTANA A = Annual 31665
NORTH DAKOTA G = Good Until S L041
OREGON N = Not Register
SOUTH DAKOTA A = Annual 10544
TEXAS G = Good Until S C-48550
WISCONSIN A = Annual
FAIF - Emerging Growth Fund
ALASKA O = Other 98-00797
ALABAMA A = Annual 704380
ARKANSAS A = Annual 95-M0541-12
CONNECTICUT A = Annual SI29350
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45918
KANSAS A = Annual 97S00001014
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 77 22
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF8281
FAIF - Emerging Growth Fund - Retail Class A
ARIZONA A = Annual S-0039135-QUAL
IOWA A = Annual I-31544
MASSACHUSETTS A = Annual 95-9732
MARYLAND A = Annual SM940383
MAINE A = Annual 97-7359
MICHIGAN A = Annual 223200
MISSISSIPPI G = Good Until S MF-95-06-050
MONTANA A = Annual 030216
NORTH DAKOTA A = Annual K308
NEBRASKA A = Annual 012134
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975848
SOUTH DAKOTA G = Good Until S 20051
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-44752
VERMONT A = Annual 4/18/96-22
WASHINGTON G = Good Until S C-38151
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-780
FAIF - Emerging Growth Fund - Retail Class B
ARIZONA A = Annual S-0041568-QUAL
IOWA A = Annual I-32349
MASSACHUSETTS A = Annual 95-9746
MARYLAND A = Annual SM941176
MAINE A = Annual 97-9221
MICHIGAN A = Annual 220561
MISSISSIPPI G = Good Until S MF-95-06-051
MONTANA A = Annual 31614
NORTH DAKOTA G = Good Until S L079
NEBRASKA A = Annual 015866
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975865
SOUTH DAKOTA A = Annual 11664
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45709
VERMONT A = Annual 7/15/94-07
WASHINGTON G = Good Until S C-39012
WISCONSIN A = Annual 290125-03
FAIF - Emerging Growth Fund - Institutional Class
ARIZONA A = Annual S-0039134-QUAL
MONTANA A = Annual 030215
NORTH DAKOTA A = Annual K307
SOUTH DAKOTA G = Good Until S 20050
TEXAS G = Good Until S C-44751
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-2737
FAIF - Regional Equity Fund
ALASKA O = Other 98-00015
ALABAMA A = Annual 704391
ARKANSAS A = Annual 95-M0541-05
CONNECTICUT A = Annual SI18957
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 41900
KANSAS A = Annual 93S0000038
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 19 26
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7338
FAIF - Regional Equity Fund - Retail Class A
ARIZONA A = Annual S-0031606-QUAL
IOWA A = Annual I-28270
MASSACHUSETTS A = Annual 95-9727
MARYLAND A = Annual SM920868
MAINE A = Annual 97-5896
MICHIGAN A = Annual 220996
MISSISSIPPI G = Good Until S MF-95-06-065
MONTANA A = Annual 33643
NORTH DAKOTA A = Annual H659
NEBRASKA A = Annual 009123
NEW HAMPSHIRE A = Annual
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
NEW MEXICO A = Annual 975863
SOUTH DAKOTA A = Annual 11551
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-40810
VERMONT A = Annual 7/10/92-05
WASHINGTON G = Good Until S C-34694
WISCONSIN A = Annual 267736-03
FAIF - Regional Equity Fund - Retail Class B
ARIZONA A = Annual S-0041572-QUAL
IOWA A = Annual I-32354
MASSACHUSETTS A = Annual 95-9742
MARYLAND A = Annual SM941171
MAINE A = Annual 97-10740
MICHIGAN A = Annual 220559
MISSISSIPPI G = Good Until S MF-95-06-066
MONTANA A = Annual 31619
NORTH DAKOTA A = Annual L084
NEBRASKA A = Annual 015601
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975871
SOUTH DAKOTA A = Annual 11657
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45715
VERMONT A = Annual 7/15/94-03
WASHINGTON G = Good Until S C-39016
WISCONSIN A = Annual 290129-03
FAIF - Regional Equity Fund - Institutional Class
ARIZONA A = Annual S-0038107-QUAL
IOWA N = Not Register I-31111
KANSAS N = Not Register
MARYLAND N = Not Register SM937814
MICHIGAN N = Not Register 215465
MONTANA A = Annual 029385
NORTH DAKOTA A = Annual J903
OHIO N = Not Register
RHODE ISLAND N = Not Register
SOUTH DAKOTA G = Good Until S 19864
TENNESSEE N = Not Register
TEXAS G = Good Until S C-44178
UTAH N = Not Register
WASHINGTON N = Not Register C-37689
WISCONSIN A = Annual 282762-03
WEST VIRGINIA G = Good Until S BC-787
FAIF - Special Equity Fund
ALASKA O = Other 98-00016
ALABAMA A = Annual 704383
ARKANSAS A = Annual 95-M0541-11
CONNECTICUT A = Annual SI25100
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 45924
KANSAS A = Annual 96S0000183
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 27 21
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7190
FAIF - Special Equity Fund - Retail Class A
ARIZONA A = Annual S-0033280-QUAL
IOWA A = Annual I-27004
MASSACHUSETTS A = Annual 95-9724
MARYLAND A = Annual SM931528
MAINE A = Annual 97-5902
MICHIGAN A = Annual 222126
MISSISSIPPI G = Good Until S MF-95-06-061
MONTANA A = Annual 33644
NORTH DAKOTA A = Annual C035
NEBRASKA A = Annual 015748
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975854
SOUTH DAKOTA G = Good Until S 18645
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-47405
VERMONT A = Annual 6/16/95-19
WASHINGTON G = Good Until S C-53336
WISCONSIN A = Annual 231189-03
FAIF - Special Equity Fund - Retail Class B
ARIZONA A = Annual S-0041573-QUAL
IOWA A = Annual I-32355
MASSACHUSETTS A = Annual 95-9740
MARYLAND A = Annual SM941173
MAINE A = Annual 97-10741
MICHIGAN A = Annual 220555
MISSISSIPPI G = Good Until S MF-95-06-062
MONTANA A = Annual 31620
NORTH DAKOTA A = Annual L085
NEBRASKA A = Annual 015602
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975881
SOUTH DAKOTA A = Annual 10899
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-48460
VERMONT A = Annual 6/16/95-20
WASHINGTON G = Good Until S C-39018
WISCONSIN A = Annual 290131-03
FAIF - Special Equity Fund - Institutional Class
ARIZONA A = Annual S-0038108-QUAL
MONTANA A = Annual 029382
NORTH DAKOTA A = Annual J904
SOUTH DAKOTA G = Good Until S 19861
TEXAS G = Good Until S C-44179
WISCONSIN A = Annual 282765-03
WEST VIRGINIA G = Good Until S BC-789
FAIF - Technology Fund
ALASKA O = Other 98-00796
ALABAMA A = Annual 704377
ARKANSAS A = Annual 95-M0541-13
CONNECTICUT A = Annual SI29349
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 44564
KANSAS A = Annual 9700001016
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 77 20
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF8280
FAIF - Technology Fund - Retail Class A
ARIZONA A = Annual S-0039139-QUAL
IOWA A = Annual I-31545
MASSACHUSETTS A = Annual 95-9733
MARYLAND A = Annual SM940384
MAINE A = Annual 97-5907
MICHIGAN A = Annual 223199
MISSISSIPPI G = Good Until S MF-95-06-053
MONTANA A = Annual 030218
NORTH DAKOTA A = Annual K312
NEBRASKA A = Annual 012136
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975856
SOUTH DAKOTA G = Good Until S 20049
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-44756
VERMONT A = Annual 4/18/96-24
WASHINGTON G = Good Until S C-38149
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-791
FAIF - Technology Fund - Retail Class B
ARIZONA A = Annual S-0041575-QUAL
IOWA A = Annual I-32357
MASSACHUSETTS A = Annual 95-9747
MARYLAND A = Annual SM941175
MAINE A = Annual 97-9220
MICHIGAN A = Annual 220558
MISSISSIPPI G = Good Until S MF-95-06-054
MONTANA A = Annual 31622
NORTH DAKOTA A = Annual L087
NEBRASKA A = Annual 015869
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975869
SOUTH DAKOTA A = Annual 11662
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45716
VERMONT A = Annual 7/15/94-08
WASHINGTON G = Good Until S C-39011
WISCONSIN A = Annual 290124-03
FAIF - Technology Fund - Institutional Class
ARIZONA A = Annual S-0039138-QUAL
MONTANA A = Annual 030217
NORTH DAKOTA A = Annual K311
OREGON N = Not Register
SOUTH DAKOTA G = Good Until S 20048
TEXAS G = Good Until S C-44755
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-2736
FAIF - Health Sciences Fund
ALABAMA A = Annual 704624
ARKANSAS A = Annual 95-M0541-20
CONNECTICUT A = Annual SI37553
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 46495
KANSAS A = Annual 96S0000816
MISSOURI A = Annual 0002-52422
NEVADA A = Annual
NEW YORK O = Other S 27 50 33
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF9683
FAIF - Health Sciences Fund - Retail Class A
ALASKA O = Other 96-01753
ARIZONA A = Annual S-0047933-QUAL
IOWA A = Annual I-35494
MASSACHUSETTS A = Annual 96-0347-M
MARYLAND A = Annual SM960061
MAINE A = Annual MFR97-5332
MICHIGAN A = Annual 222346
MISSISSIPPI G = Good Until S MF-96-01-122
MONTANA A = Annual 034400
NORTH DAKOTA A = Annual N806
NEBRASKA A = Annual 010451
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 960563
SOUTH DAKOTA G = Good Until S 21552
TENNESSEE A = Annual M97-1059
TEXAS G = Good Until S C-49435
VERMONT A = Annual 1/22/96-03
WASHINGTON G = Good Until S C-52741
WISCONSIN A = Annual 311019-03
WEST VIRGINIA G = Good Until S BC-1917
FAIF - Health Sciences Fund - Retail Class B
ALASKA O = Other 96-01754
ARIZONA A = Annual S-0047934-QUAL
IOWA A = Annual I-35495
MASSACHUSETTS A = Annual 96-0348-M
MARYLAND A = Annual SM960062
MAINE A = Annual MFR97-5333
MICHIGAN A = Annual 222345
MISSISSIPPI G = Good Until S MF-96-01-123
MONTANA A = Annual 034504
NORTH DAKOTA A = Annual N807
NEBRASKA A = Annual 010452
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 960564
SOUTH DAKOTA G = Good Until S 21553
TENNESSEE A = Annual M97-1059
TEXAS G = Good Until S C-49436
VERMONT A = Annual 1/22/96-04
WASHINGTON G = Good Until S C-52742
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
WISCONSIN A = Annual 311020-03
WEST VIRGINIA G = Good Until S BC-1918
FAIF - Health Sciences Fund - Institutional Class
ARIZONA A = Annual S-0047935-QUAL
MONTANA A = Annual 034399
NORTH DAKOTA A = Annual P409
SOUTH DAKOTA G = Good Until S 21554
TEXAS G = Good Until S C-49434
VERMONT A = Annual 1/22/96-05
WISCONSIN A = Annual 311021-03
WEST VIRGINIA G = Good Until S BC-1919
FAIF - Real Estate Securities Fund
ALASKA O = Other 96-00802
ALABAMA A = Annual
ARKANSAS A = Annual 95-M0541-19
CONNECTICUT A = Annual SI36201
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 46144
KANSAS A = Annual 96S0000349
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 27 26 51
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF9434
WEST VIRGINIA G = Good Until S BC-1481
FAIF - Real Estate Securities Fund - Retail Class A
ARIZONA A = Annual S-0046455-QUAL
IOWA A = Annual I-35496
MASSACHUSETTS A = Annual 95-7294-M
MARYLAND A = Annual SM951139
MAINE A = Annual MF-R 98-2014
MICHIGAN A = Annual 226562
MISSISSIPPI G = Good Until S MF-95-09-176
MONTANA A = Annual 33841
NORTH DAKOTA A = Annual N172
NEBRASKA A = Annual 017522
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 967388
SOUTH DAKOTA A = Annual 11983
TENNESSEE A = Annual M97-1059
TEXAS G = Good Until S C-48568
VERMONT A = Annual 10/03/95-28
WASHINGTON G = Good Until S C-52013
WISCONSIN A = Annual 306001-03
FAIF - Real Estate Securities Fund - Retail Class B
ARIZONA A = Annual S-0046456-QUAL
IOWA A = Annual I-35232
MASSACHUSETTS A = Annual 95-7295-M
MARYLAND A = Annual SM951140
MAINE A = Annual MF-R 98-2013
MICHIGAN A = Annual 226563
MISSISSIPPI G = Good Until S MF-95-09-180
MONTANA A = Annual 033844
NORTH DAKOTA A = Annual N173
NEBRASKA A = Annual 017523
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 967384
SOUTH DAKOTA A = Annual 11984
TENNESSEE A = Annual M97-1059
TEXAS G = Good Until S C-48569
VERMONT A = Annual 10/03/95-29
WASHINGTON G = Good Until S C-52014
WISCONSIN A = Annual 306002-03
FAIF - Real Estate Securities Fund - Institutional Class
ARIZONA A = Annual S-0044778-QUAL
MONTANA A = Annual 033329
NORTH DAKOTA A = Annual M761
SOUTH DAKOTA G = Good Until S 21047
TEXAS G = Good Until S C-47798
WISCONSIN A = Annual 302421-03
FAIF - International Fund
ALASKA O = Other 98-00795
ALABAMA A = Annual 704387
ARKANSAS A = Annual 95-M0541-14
CONNECTICUT A = Annual SI29348
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 44565
KANSAS A = Annual 97S0001015
MISSOURI A = Annual
NEVADA A = Annual
NEW YORK O = Other S 26 77 19
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF8282
FAIF - International Fund - Retail Class A
ARIZONA A = Annual S-0039137-QUAL
IOWA A = Annual I-31546
MASSACHUSETTS A = Annual 95-9734
MARYLAND A = Annual SM940385
MAINE A = Annual 97-7358
MICHIGAN A = Annual 223198
MISSISSIPPI G = Good Until S MF-95-06-057
MONTANA A = Annual 030214
NORTH DAKOTA A = Annual K310
NEBRASKA A = Annual 012135
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975874
SOUTH DAKOTA G = Good Until S 20047
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-44754
VERMONT A = Annual 4/18/96-20
WASHINGTON G = Good Until S C-38152
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-785
FAIF - International Fund - Retail Class B
ARIZONA A = Annual S-0041570-QUAL
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
IOWA A = Annual I-32352
MASSACHUSETTS A = Annual 95-9748
MARYLAND A = Annual SM941177
MAINE A = Annual 97-10743
MICHIGAN A = Annual 220557
MISSISSIPPI G = Good Until S MF-95-06-058
MONTANA A = Annual 31617
NORTH DAKOTA G = Good Until S L082
NEBRASKA A = Annual 015868
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 975873
SOUTH DAKOTA A = Annual 11658
TENNESSEE A = Annual RM97-1059
TEXAS G = Good Until S C-45713
VERMONT A = Annual 6/16/95-16
WASHINGTON G = Good Until S C-39020
WISCONSIN A = Annual 290123-03
FAIF - International Fund - Institutional Class
ARIZONA A = Annual S-0039136-QUAL
MONTANA A = Annual 030212
NORTH DAKOTA A = Annual K309
SOUTH DAKOTA G = Good Until S 20046
TEXAS G = Good Until S C-44753
WISCONSIN A = Annual
WEST VIRGINIA G = Good Until S BC-2735
FAIF - Limited Volatility Fund - Institutional Cl-TERMINATED
MINNESOTA N = Not Register
MISSOURI N = Not Register
FAIF - Limited Term Tax Free Income-Retail Class A-TERMINATE
NORTH DAKOTA N = Not Register H963
PENNSYLVANIA N = Not Register
WISCONSIN N = Not Register
FAIF - Mortgage Securities Fund - Retail Class A-TERMINATED
CALIFORNIA N = Not Register
COLORADO N = Not Register
PENNSYLVANIA N = Not Register
FAIF - Mortgage Securities Fund - Institutional Cl-TERMINATE
PENNSYLVANIA N = Not Register
FAIF - California Intermediate Tax Free Fund
NEW YORK O = Other
FAIF - California Intermediate Tax Free Fund - Class A
NEBRASKA A = Annual
NEW HAMPSHIRE A = Annual
OKLAHOMA O = Other I-346597
FAIF - California Intermediate Tax Free Fund - Class C
MASSACHUSETTS A = Annual
FAIF - Micro Cap Value Fund
ALASKA O = Other 9800358
ALABAMA A = Annual
ARKANSAS A = Annual 95-M0541-21
CONNECTICUT A = Annual SI44052
DELAWARE A = Annual
HAWAII A = Annual
IDAHO A = Annual 48232
KANSAS A = Annual 98S0000129
MISSOURI A = Annual
MONTANA A = Annual 37413
NEVADA A = Annual
NEW YORK O = Other
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF10835
FAIF - Micro Cap Value Fund - Class A
ARIZONA A = Annual S-0055324-QUAL
IOWA A = Annual I-39233
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM971248
MAINE A = Annual 98-1107
MICHIGAN A = Annual 226000
MISSISSIPPI A = Annual MF-97-08-023
NORTH DAKOTA G = Good Until S T387
NEBRASKA A = Annual
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual
OKLAHOMA O = Other I-346597
SOUTH DAKOTA A = Annual 10033
TENNESSEE A = Annual M98-0264
TEXAS G = Good Until S C-53598
VERMONT A = Annual 8/05/97-27
WASHINGTON G = Good Until S C-56636
WISCONSIN A = Annual 334598-03
WEST VIRGINIA G = Good Until S MF-22848
FAIF - Micro Cap Value Fund - Class B
ARIZONA A = Annual S-0055323-QUAL
IOWA A = Annual I-39234
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM971249
MAINE A = Annual 98-1108
MICHIGAN A = Annual 225999
MISSISSIPPI A = Annual MF-97-08-024
NORTH DAKOTA G = Good Until S T388
NEBRASKA A = Annual
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual
OKLAHOMA O = Other I-346597
SOUTH DAKOTA A = Annual 10034
TENNESSEE A = Annual M98-0264
TEXAS G = Good Until S C-53599
VERMONT A = Annual 8/05/97-26
WASHINGTON G = Good Until S C-56637
WISCONSIN A = Annual 334597-03
WEST VIRGINIA G = Good Until S MF-22850
<PAGE>
EXHIBIT B - STATE PERMIT REPORT
FUND NAME STATE FILING TYPE FILE NUMBER
FAIF - Micro Cap Value Fund - Class C
ARIZONA A = Annual S-0055322-QUAL
MONTANA A = Annual
NORTH DAKOTA G = Good Until S T389
SOUTH DAKOTA A = Annual 10035
TEXAS G = Good Until S C-53600
WISCONSIN A = Annual 334597-03
</TABLE>
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