First American Investment Funds, Inc.
First American Micro Cap Value Fund
First American Regional Equity Fund
First American Adjustable Rate Mortgage Securities Fund
First American Intermediate Government Bond Fund
RETAIL CLASS A AND CLASS B SHARES AND INSTITUTIONAL CLASS Y SHARES
Supplement Dated January 24, 2000
To Prospectus Dated February 1, 1999
On January 14, 2000, shareholders of Micro Cap Value Fund approved a merger of
the fund into Small Cap Value Fund; shareholders of Intermediate Government Bond
Fund approved a merger of the fund into Intermediate Term Income Fund. These
mergers are effective February 25, 2000.
Pending shareholder approval, Regional Equity Fund will merge into Small Cap
Value Fund, and Adjustable Rate Mortgage Securities Fund will merge into Limited
Term Income Fund. Shareholder meetings are scheduled for February 4, 2000 for
shareholders to vote on these proposed mergers. The effective date of these
proposed mergers is February 25, 2000.
Registration Statements on Form N-14, for each of the mergers, were filed with
the Securities and Exchange Commission and became effective on November 19,
1999. Proxy materials providing information about the proposed mergers were sent
to those shareholders holding shares of the funds as of November 16, 1999.
In recommending each of the mergers to shareholders, the First American Board of
Directors determined that combining funds with similar investment objectives may
create efficiencies that would lead to a reduction in overall operating expenses
for the combined, larger funds. However, the funds do implement different
investment strategies to achieve their investment objectives. The similarities
and differences between the funds are more fully discussed in the proxy
materials.
To receive proxy materials or obtain other information, contact First American
Investor Services at 1-800-637-2548.
