[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]
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1. Investment Company Act File Number: 811-5309 Date Examination Complete:
First American Investment Funds, Inc. 11/30/97
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2. State Identification Number
(See attached Exhibit A - State Registration
Report for a list of portfolios and classes)
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3. Exact number of investment company as specified in registration statement:
33-16905
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4. Address of principal executive office: (number, street, city, state, zip
code)
1 Freedom Valley Road, Oaks, PA 19456
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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 International Index Fund and Small Cap Value 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 November 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 November 30, 1997, and with respect to agreement of security
purchases and sales, for the period from November 21, 1997 (commencement of
operations) through November 30, 1997:
* Confirmation of all securities held by The Depository Trust Company in
book entry form, examination of selected security position
reconciliations, and confirmation directly with the transfer agent
(Federated Investors and DST Systems, Inc.) for mutual fund securities;
* Confirmation or examination of underlying documentation, on a test basis,
for securities purchased but not received;
* Reconciliation of all such securities to the books and records of the
Funds and the Custodian; and
* Test of security transactions since commencement of operations.
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 November 30, 1997 with respect to securities reflected
in the investment account of the Funds is fairly stated, in all material
respects.
<PAGE>
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
January 23, 1998
<PAGE>
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP:FAIF
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN
<S> <C>
FAIF - Small Cap Value Fund - Class A |FAI27A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X | X | X |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - Small Cap Value Fund - Class B |FAI27B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X | X | X |
SEC effective 11-06-97 | | | | | | | | | | | | | | | | | | | |
FAIF - Small Cap Value Fund - Class C |FAI27C | X | X | X | | | X | | | | | | | X | | | | X | |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class A |FAI28A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X | X | X |
SEC effective 11-06-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class B |FAI28B | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X | X | X |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class C |FAI28C | X | X | X | | | X | | | | | | | X | | | | X | |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN
FAIF - Small Cap Value Fund - Class A |FAI27A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - Small Cap Value Fund - Class B |FAI27B | | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 11-06-97 | | | | | | | | | | | | | | | | | | | |
FAIF - Small Cap Value Fund - Class C |FAI27C | | | | X | X | X | | X | | X | X | | | | X | X | | |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class A |FAI28A | M | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 11-06-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class B |FAI28B | M | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
FAIF - International Index Fund - Class C |FAI28C | | | | X | X | X | | X | | X | X | | | | X | X | | |
SEC effective 11-6-97 | | | | | | | | | | | | | | | | | | | |
(wide table continued from above)
TX UT VA VT WA WI WV WY
| X | X | X | X | X | X | X | X |
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| 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 | X | X | X | X | X |
| | | | | | | | |
| X | | X | | | X | | X |
| | | | | | | | |
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 | X | X |
| | | | | | | | |
| | | | | | X | | |
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</TABLE>
