FIRST AMERICAN INVESTMENT FUNDS INC, 485APOS, 2000-12-15

FIRST AMERICAN INVESTMENT FUNDS INC
485APOS, 2000-12-15

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1933 Act Registration No. 33-16905
1940 Act Registration No. 811-5309

As filed with the Securities and Exchange Commission on December 15, 2000

FORM N-1A

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |X|

Pre-Effective Amendment No. | |
Post-Effective Amendment No. 45 |X|

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 |X|

Amendment No. 45

FIRST AMERICAN INVESTMENT FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)

601 Second Avenue South
Minneapolis, Minnesota 55402
(Address of Principal Executive Offices) (Zip Code)

(612) 973-0384
(Registrant's Telephone Number, including Area Code)

Christopher O. Petersen
U.S. Bank - MPFP2016
601 Second Avenue South
Minneapolis, Minnesota 55402
(Name and Address of Agent for Service)

It is proposed that this filing shall become effective (check appropriate box):

| | 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 February 1, 1999 pursuant to paragraph (a)(1) of Rule 485
|X| 75 days after filing pursuant to paragraph (a)(2) of Rule 485
| | on (date) pursuant to paragraph (a)(2) of Rule 485

<PAGE>

FEBRUARY 28, 2001

ASSET CLASSES

* EQUITY FUNDS
* FUNDS OF FUNDS
(*) BOND FUNDS
* TAX FREE FUNDS
* MONEY MARKET FUNDS

PROSPECTUS

FIRST AMERICAN INVESTMENT FUNDS, INC.

FIRST AMERICAN

BOND
FUNDS

CLASS A, CLASS B,
AND CLASS C SHARES

HIGH YIELD BOND FUND

AS WITH ALL MUTUAL FUNDS, THE SECURITIES AND EXCHANGE COMMISSION HAS NOT
APPROVED OR DISAPPROVED THE SHARES OF THIS FUND, OR DETERMINED IF THE
INFORMATION IN THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY STATEMENT TO THE
CONTRARY IS A CRIMINAL OFFENSE.

[LOGO] FIRST AMERICAN FUNDS(R)
THE POWER OF DISCIPLINED INVESTING(R)

<PAGE>

Table of
CONTENTS

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FUND SUMMARY
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High Yield Bond Fund 2
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POLICIES & SERVICES
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Buying Shares 4
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Selling Shares 8
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Managing Your Investment 9
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ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
Management 11
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More About The Fund 12
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Financial Highlights 14
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FOR MORE INFORMATION Back Cover
--------------------------------------------------------------------------------

<PAGE>

Fund Summary
INTRODUCTION

This section of the prospectus describes the objectives of the First American
High Yield Bond Fund, summarizes the main investment strategies used by the fund
in trying to achieve its objectives, and highlights the risks involved with
these strategies. It also provides you with information about the performance,
fees, and expenses of the fund.

AN INVESTMENT IN THE FUND IS NOT A DEPOSIT OF U.S. BANK NATIONAL ASSOCIATION AND
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

1 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Fund Summary
HIGH YIELD BOND FUND

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OBJECTIVE

High Yield Bond Fund's objective is to provide investors with a high level of
current income.

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MAIN INVESTMENT STRATEGIES

Under normal market conditions, High Yield Bond Fund will invest primarily (at
least 80% of its total assets) in securities rated lower than investment grade
at the time of purchase or in unrated securities of comparable quality
(securities commonly referred to as "junk bonds"). These securities generally
provide high income in an effort to compensate investors for their higher risk
of default, which is the failure to make required interest or principal
payments. High yield bond issues include small or relatively new companies
lacking the history or capital to merit investment-grade status, former blue
chip companies downgraded because of financial problems, companies electing to
borrow heavily to finance or avoid a takeover or buyout, and firms with heavy
debt loads.

Fund managers employ a bottom up approach to investing. They devote more
resources to evaluating individual securities rather than assessing
macro-economic trends. Securities are selected using fundamental credit research
to identify relative value in the market. Positions are sold in anticipation of
credit deterioration or when a security is priced expensively relative to other
comparable investments.

There is no minimum rating requirement and no limitation on the average maturity
or average effective duration of securities held by the fund.

The fund may invest up to 25% of its total assets in foreign debt security
payable in U.S. dollars.

To generate additional income, the fund may lend securities representing up to
one-third of the value of its total assets to broker-dealers, banks, and other
institutions.

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MAIN RISKS

The price and yield of this fund will change daily due to changes in interest
rates and other factors, which means you could lose money. The main risks of
investing in this fund include:

RISKS OF HIGH-YIELD SECURITIES. The fund will invest primarily in securities
rated lower than investment grade or in unrated securities of comparable
quality. These securities are commonly called "high-yield" securities or "junk
bonds." High yield securities carry more risk to principal than investment grade
securities. These bonds are almost always uncollateralized and subordinate to
other debt that an issuer may have outstanding. In addition, both individual
high yield securities and the entire high yield bond market can experience sharp
price swings due to a variety of factors, including changes in economic
forecasts, stock market activity, large sustained sales by major investors, or a
high profile default.

CREDIT RISK. An issuer of debt securities may not make timely principal or
interest payment on its securities, or the other party to a contract (such as a
securities lending agreement) may default on its obligations. If an Issuer
defaults, the fund will lose money. Companies issuing high-yield bonds are not
as strong financially as those with higher credit ratings, so the bonds are
usually considered speculative investments. These companies are more vulnerable
to financial setbacks and recession than more creditworthy companies, which may
impair their ability to make interest payments. Therefore, the credit risk for
the fund's portfolio increases when the U.S. economy slows or enters a
recession.

INTEREST RATE RISK. Debt securities typically decrease in value when interest
rates rise. This risk is usually greater for longer-term debt securities.

INCOME RISK. The fund's income could decline due to falling market interest
rates.

CALL RISK. During periods of falling interest rates, a bond issuer may "call" --
or repay -- its high-yielding bonds before their maturity date. The fund would
then be forced to invest the unanticipated proceeds at lower interest rates,
resulting in a decline in the fund's income.

LIQUIDITY AND PRICING RISK. High yield bonds generally have more limited trading
opportunities than higher credit quality securities. This makes it more
difficult to buy and/or sell a security at a favorable price or time.
Consequently, the fund may have to accept a lower price to sell a security, sell
other securities to raise cash or give up an investment opportunity, any of
which could have a negative effect on the fund's performance. Infrequent trading
of securities may also lead to an increase in their price volatility. Because of
their limited trading, market prices may be unavailable for these securities, in
which case their fair value prices will be determined in good faith using
methods approved by the fund's board of directors. See "Policies & Services --
Buying Shares, Calculating Your Share Price" and "More About The Fund -- Risks,
Liquidity Risk."

FOREIGN SECURITY RISK. Securities of foreign issuers, even when
dollar-denominated and publicly traded in the United States, may involve risks
not associated with the securities of domestic issuers, including the risks of
adverse currency fluctuations and of political or social instability or
diplomatic developments that could adversely affect the securities.

--------------------------------------------------------------------------------
FUND PERFORMANCE

Because High Yield Bond Fund shares were not offered prior to the date of this
prospectus, no performance information is presented for these shares.

2 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Fund Summary
HIGH YIELD BOND FUND CONTINUED

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FEES AND EXPENSES

As an investor, you pay fees and expenses to buy and hold shares of the fund.
You pay shareholder fees directly when you buy or sell shares. You pay annual
fund operating expenses indirectly since they are deducted from fund assets.

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
SHAREHOLDER FEES CLASS A CLASS B CLASS C
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MAXIMUM SALES CHARGE (LOAD)
AS A % OF OFFERING PRICE 4.25%(1) 0.00% 1.00%

MAXIMUM DEFERRED SALES CHARGE (LOAD)
AS A % OF ORIGINAL PURCHASE PRICE OF REDEMPTION PROCEEDS, WHICHEVER IS LESS 0.00%(2) 5.00% 1.00%

ANNUAL MAINTENANCE FEE(3)
ONLY CHARGED TO ACCOUNTS WITH BALANCES BELOW $500 $ 25 $ 25 $ 25

ANNUAL FUND OPERATING EXPENSES AS A % OF AVERAGE NET ASSETS
-------------------------------------------------------------------------------------------------------------------
Management Fees 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees 0.25% 1.00% 1.00%
Other Expenses(4) 0.19% 0.19% 0.19%
TOTAL 1.14% 1.89% 1.89%
-------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)Certain investors may qualify for reduced sales charges. See "Buying Shares
-- Calculating Your Share Price."

(2)Class A share investments of $1 million or more on which no front-end sales
charge is paid may be subject to a contingent deferred sales charge. See
"Buying Shares -- Calculating Your Share Price."

(3)The fund reserves the right to charge your account an annual maintenance fee
of $25 if your balance falls below $500 as a result of selling or exchanging
shares. See "Policies & Services -- Selling Shares, Accounts with Low
Balances."

(4)"Other expenses" are based on estimated amounts for the current fiscal year.

--------------------------------------------------------------------------------

EXAMPLE This example is intended to help you compare the cost of investing in
the fund with the cost of investing in other mutual funds. It assumes that you
invest $10,000 for the time periods indicated, that your investment has a 5%
return each year, and that the fund's operating expenses remain the same.
Although your actual costs and returns may differ, based on these assumptions
your costs would be:

<TABLE>
<CAPTION>
CLASS B CLASS B CLASS C CLASS C
assuming redemption assuming no redemption assuming redemption assuming no redemption
CLASS A at end of each period at end of each period at end of each period at end of each period
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 year $536 $692 $192 $390 $290
3 years $772 $994 $594 $688 $688
</TABLE>

3 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
BUYING SHARES

You may become a shareholder in the fund with an initial investment of $1,000 or
more ($250 for a retirement plan or a Uniform Gifts to Minors Act/Uniform
Transfers to Minors Act (UGMA/UTMA) account). Additional investments can be made
for as little as $100 ($25 for a retirement plan or an UGMA/UTMA account). The
fund has the right to waive these minimum investment requirements for employees
of the fund's advisor and its affiliates. The fund also has the right to reject
any purchase order.

--------------------------------------------------------------------------------
CHOOSING A SHARE CLASS

Each class has its own cost structure. The amount of your purchase and the
length of time you expect to hold your shares will be factors in determining
which class of shares is best for you.

CLASS A SHARES. If you are making an investment that qualifies for a reduced
sales charge, Class A shares may be best for you. Class A shares feature:

* a front-end sales charge, described below.

* lower annual expenses than Class B or Class C shares. See "Fund Summaries"
for more information on fees and expenses.

Because Class A shares will normally be the better choice if your investment
qualifies for a reduced sales charge:

* orders for Class B shares for $250,000 or more will be treated as orders for
Class A shares.

* orders for Class C shares for $1 million or more will be treated as orders
for Class A shares.

* orders for Class B or Class C shares by an investor eligible to purchase
Class A shares without a front-end sales charge will be treated as orders for
Class A shares.

CLASS B SHARES. If you want all your money to go to work for you immediately,
you may prefer Class B shares. Class B shares have no front-end sales charge.
However, Class B shares do have:

* higher annual expenses than Class A shares. See "Fund Summaries -- Fees and
Expenses."

* a back-end sales charge, called a "contingent deferred sales charge," if you
redeem your shares within six years of purchase.

* automatic conversion to Class A shares approximately eight years after
purchase, thereby reducing future annual expenses.

CLASS C SHARES. These shares combine some of the characteristics of Class A and
Class B shares. Class C shares have a low front-end sales charge of 1%, so more
of your investment goes to work immediately than if you had purchased Class A
shares. However, Class C shares also feature:

* a 1% contingent deferred sales charge if you redeem your shares within 18
months of purchase.

* higher annual expenses than Class A shares. See "Fund Summaries -- Fees and
Expenses."

* no conversion to Class A shares.

Because Class C shares do not convert to Class A shares, they will continue to
have higher annual expenses than Class A shares for as long as you hold them.

--------------------------------------------------------------------------------
12b-1 FEES

The fund has adopted a plan under Rule 12b-1 of the Investment Company Act that
allows it to pay the fund's distributor an annual fee for the distribution and
sale of its shares and for services provided to shareholders.

For 12b-1 fees are equal to:
--------------------------------------------------------------------------------
Class A shares 0.25% of average daily net assets
Class B shares 1% of average daily net assets
Class C shares 1% of average daily net assets

Because these fees are paid out of the fund's assets on an ongoing basis, over
time these fees will increase the cost of your investment and may cost you more
than paying other types of sales charges.

The Class A share 12b-1 fee is a shareholder servicing fee. For Class B and
Class C shares, a portion of the 12b-1 fee equal to 0.25% of average daily net
assets is a shareholder servicing fee and 0.75% is a distribution fee.

The fund's distributor uses the shareholder servicing fee to compensate
investment professionals, participating institutions and "one-stop" mutual fund
networks (institutions) for providing ongoing services to shareholder accounts.
These institutions receive shareholder servicing fees equal to 0.25% of the
fund's Class A, Class B, and Class C share average daily net assets attributable
to shares sold through them. For net asset value sales of Class A shares on
which the institution receives a commission, the institution does not begin to
receive its shareholder servicing fee until one year after the shares are sold.
The fund's distributor also pays institutions that sell Class C shares a 0.75%
annual distribution fee beginning one year after the shares are sold. The fund's
distributor retains the Class B share 0.75% annual distribution fee in order to
finance the payment of sales commissions to institutions which sell Class B
shares. See "Buying Shares -- Class B Shares." The advisor or the distributor
may pay additional fees to institutions out of their own assets in exchange for
sales and/or administrative services performed on behalf of the institution's
customers.

4 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
BUYING SHARES CONTINUED

--------------------------------------------------------------------------------
CALCULATING YOUR SHARE PRICE

Your purchase price will be based on the fund's net asset value (NAV) per share,
which is generally calculated as of the close of regular trading on the New York
Stock Exchange (usually 3 p.m. Central time) every day the exchange is open.

The fund's NAV is equal to the market value of its investments and other assets,
less any liabilities, divided by the number of fund shares. If market prices are
not readily available for an investment or if the advisor believes they are
unreliable, fair value prices may be determined in good faith using methods
approved by the fund's board of directors.

CLASS A SHARES. Your purchase price for Class A shares is typically the net
asset value of your shares, plus a front-end sales charge. Sales charges vary
depending on the amount of your purchase. The fund's distributor receives the
sales charge you pay and reallows a portion of the sales charge to your
investment professional or participating institution.

Maximum
Sales Charge Reallowance
as a % of as a % of as a % of
Offering Net Asset Purchase
Price Value Price
--------------------------------------------------------------------------------
Less than $ 50,000 4.25% 4.44% 4.00%
$ 50,000 - $ 99,999 4.00% 4.17% 3.75%
$100,000 - $249,999 3.25% 3.36% 3.00%
$250,000 - $499,999 2.25% 2.30% 2.00%
$500,000 - $999,999 1.75% 1.78% 1.50%
$1 million and over 0% 0% 0%

REDUCING YOUR SALES CHARGE. As shown in the preceding table, larger purchases of
Class A shares reduce the percentage sales charge you pay. You also may reduce
your sales charge in the following ways:

PRIOR PURCHASES. Prior purchases of Class A shares of any First American fund
(except a money market fund) will be factored into your sales charge
calculation. That is, you will receive credit for either the original purchase
price or the current net asset value of the other Class A shares you hold at the
time of your purchase, whichever is greater. For example, let's say you're
making a $10,000 investment and you already own other First American fund Class
A shares that you purchased for $25,000, but are now valued at $45,000. Since
the current net asset value of your shares is greater than their purchase price,
you will receive credit for their current value and your sales charge will be
based on a total purchase amount of $55,000. To receive a reduced sales charge,
you must notify the fund of your prior purchases. This must be done at the time
of purchase, either directly with the fund in writing or by notifying your
investment professional or financial institution.

PURCHASES BY RELATED ACCOUNTS. Concurrent and prior purchases of Class A shares
of any First American fund by certain other accounts also will be combined with
your purchase to determine your sales charge. For example, purchases made by
your spouse or children under age 21 will reduce your sales charge. To receive a
reduced sales charge, you must notify the fund of purchases by any related
accounts. This must be done at the time of purchase, either directly with the
funds in writing or by notifying your investment professional or financial
institution.

LETTER OF INTENT. If you plan to invest $50,000 or more over a 13-month period
in Class A shares of any First American fund except the money market funds, you
may reduce your sales charge by signing a non-binding letter of intent. (If you
do not fulfill the letter of intent, you must pay the applicable sales charge.)
In addition, if you reduce your sales charge to zero under a letter of intent
and then sell your Class A shares within 18 months of their purchase, you may be
charged a contingent deferred sales charge of 1%. See "For Investments of Over
$1 Million."

More information on these ways to reduce your sales charge appears in the
Statement of Additional Information (SAI). The SAI also contains information on
investors who are eligible to purchase Class A shares without a sales charge.

--------------------------------------------------------------------------------

FOR INVESTMENTS OF OVER $1 MILLION

There is no initial sales charge on Class A share purchases of $1 million or
more. However, your investment professional or financial institution may
receive a commission of up to 1% on your purchase. If such a commission is
paid, you will be assessed a contingent deferred sales charge (CDSC) of 1% if
you sell your shares within 18 months. To find out whether you will be
assessed a CDSC, ask your investment professional or financial institution.
The fund's distributor receives any CDSC imposed when you sell your Class A
shares. The CDSC is based on the value of your shares at the time of purchase
or at the time of sale, whichever is less. The charge does not apply to
shares you acquired by reinvesting your dividend or capital gain
distributions.

To help lower your costs, shares that are not subject to a CDSC will be sold
first. Other shares will then be sold in an order that minimizes your CDSC.
The CDSC for Class A shares will be waived for:

* redemptions following the death or disability (as defined in the Internal
Revenue Code) of a shareholder.

* redemptions that equal the minimum required distribution from an
individual retirement account or other retirement plan to a shareholder
who has reached the age of 70 1/2.

* redemptions through a systematic withdrawal plan, at a rate of up to 12% a
year of your account's value. During the first year, the 12% annual limit
will be based on the value of your account on the date the plan is
established. Thereafter, it will be based on the value of your account on
the preceding December 31.

5 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
BUYING SHARES CONTINUED

CLASS B SHARES. Your purchase price for Class B shares is their net asset value
-- there is no front-end sales charge. However, if you redeem your shares within
six years of purchase, you will pay a back-end sales charge, called a contingent
deferred sales charge (CDSC). Although you pay no front-end sales charge when
you buy Class B shares, the fund's distributor pays a sales commission of 4.35%
of the amount invested to investment professionals and financial institutions
which sell Class B shares. The fund's distributor receives any CDSC imposed when
you sell your Class B shares.

Your CDSC will be based on the value of your shares at the time of purchase or
at the time of sale, whichever is less. The charge does not apply to shares you
acquired by reinvesting your dividend or capital gain distributions. Shares will
be sold in the order that minimizes your CDSC.

CDSC as a % of the
Year since purchase value of your shares
--------------------------------------------------------------------------------
First 5%
Second 5%
Third 4%
Fourth 3%
Fifth 2%
Sixth 1%
Seventh 0%
Eighth 0%

Your Class B shares and any related shares acquired by reinvesting your dividend
or capital gain distributions will automatically convert to Class A shares eight
years after the first day of the month you purchased the shares. For example, if
you purchase Class B shares on June 15, 2001, they will convert to Class A
shares on June 1, 2009.

The CDSC will be waived for:

* redemptions following the death or disability (as defined in the Internal
Revenue Code) of a shareholder.

* redemptions that equal the minimum required distribution from an individual
retirement account or other retirement plan to a shareholder who has reached
the age of 70 1/2.

CLASS C SHARES. Your purchase price for Class C shares is their net asset value
plus a front-end sales charge equal to 1% of the purchase price (1.01% of the
net amount invested). If you redeem your shares within 18 months of purchase,
you will be assessed a contingent deferred sales charge (CDSC) of 1% of the
value of your shares at the time of purchase or at the time of sale, whichever
is less. The CDSC does not apply to shares you acquired by reinvesting your
dividend or capital gain distributions. Shares will be sold in the order that
minimizes your CDSC.

Even though your sales charge is only 1%, the fund's distributor pays a
commission equal to 2% of your purchase price to your investment professional or
participating institution. Additionally, the advisor may pay its affiliated
broker-dealer, U.S. Bancorp Piper Jaffray Inc., an additional commission of up
to 3% of your purchase price. The distributor receives any CDSC imposed when you
sell your Class C shares.

The CDSC for Class C shares will be waived in the same circumstances as the
Class B share CDSC. See "Class B Shares" above.

Unlike Class B shares, Class C shares do not convert to Class A shares after a
specified period of time. Therefore, your shares will continue to have higher
annual expenses than Class A shares.

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HOW TO BUY SHARES

You may buy shares on any day the New York Stock Exchange is open. However
purchases of shares may be restricted in the event of an early or unscheduled
close of the New York Stock Exchange. Your shares will be priced at the next NAV
calculated after your order is accepted by the fund, plus any applicable sales
charge. To make sure that your order is accepted, follow the directions for
purchasing shares given below.

BY PHONE. You may purchase shares by calling your investment professional or
financial institution, if they have a sales agreement with the fund's
distributor. In many cases, your order will be effective that day if received by
your investment professional or financial institution by the close of regular
trading on the New York Stock Exchange. In some cases, however, you will have to
transmit your request by an earlier time in order for your purchase request to
be effective that day. This allows your investment professional or financial
institution time to process your request and transmit it to the fund. Some
financial institutions may charge a fee for helping you purchase shares. Contact
your investment professional or financial institution for more information.

If you are paying by wire, you may purchase shares by calling Investor Services
at 1-800-637-2548 before the close of regular trading on the New York Stock
Exchange (usually 3 p.m. Central time). All information will be taken over the
telephone, and your order will be placed when the fund's custodian receives
payment by wire. Wire federal funds as follows:

U.S. Bank National Association, Minneapolis, MN
ABA Number 091000022

For Credit to: DST Systems, Inc.:
Account Number 160234580266

For Further Credit to (investor name, account number and fund name)

You cannot purchase shares by wire on days when federally chartered banks are
closed.

6 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
BUYING SHARES CONTINUED

BY MAIL. To purchase shares by mail, simply complete and sign a new account
form, enclose a check made payable to the fund you wish to invest in, and mail
both to:

First American Funds
c/o DST Systems, Inc.
P.O. Box 219382
Kansas City, Missouri 64121-9382

After you have established an account, you may continue to purchase shares by
mailing your check to First American Funds at the same address.

Please note the following:

* all purchases must be made in U.S. dollars.

* third-party checks, credit cards, credit card checks and cash are not
accepted.

* if a check does not clear your bank, the fund reserves the right to cancel
the purchase, and you could be liable for any losses or fees incurred.

--------------------------------------------------------------------------------
INVESTING AUTOMATICALLY

To purchase shares as part of a savings discipline, you may add to your
investment on a regular basis:

* by having $100 or more ($25 for a retirement plan or a Uniform Gifts to
Minors Act/Uniform Transfers to Minors Act account) automatically withdrawn
from your bank account on a periodic basis and invested in fund shares.

* through automatic monthly exchanges of your shares of Prime Obligations Fund,
a money market fund in the First American family of funds. Exchanges must be
made into the same class of shares that you hold in Prime Obligations Fund.

You may apply for participation in either of these programs through your
investment professional or financial institution or by calling Investor Services
at 1-800-637-2548.

7 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
SELLING SHARES

--------------------------------------------------------------------------------
HOW TO SELL SHARES

You may sell your shares on any day when the New York Stock Exchange is open.
However redemption of shares may be restricted in the event of an early or
unscheduled close of the New York Stock Exchange. Your shares will be sold at
the next NAV calculated after your order is accepted by the fund, less any
applicable contingent deferred sales charge. Be sure to read the section "Buying
Shares" for a description of contingent deferred sales charges. To make sure
that your order is accepted, follow the directions for selling shares given
below.

The proceeds from your sale normally will be mailed or wired within three days,
but in no event more than seven days, after your request is received in proper
form.

To minimize the effect of large redemption requests, each fund reserves the
right to fulfill these redemption requests by distributing readily marketable
securities in the fund's portfolio, rather than paying you in cash. See
"Policies & Services -- Managing Your Investment, Redemption In-Kind."

To minimize the effect of large redemption requests, the fund reserves the right
to fulfill these redemption requests by distributing readily marketable
securities in the portfolio, rather than paying you in cash. See "Policies &
Services -- Managing Your Investment, Redemption In-Kind."

BY PHONE. If you purchased shares through an investment professional or
financial institution, simply call them to sell your shares. In many cases, your
redemption will be effective that day if received by your investment
professional or financial institution by the close of regular trading on the New
York Stock Exchange. In some cases, however, you will have to call by an earlier
time in order for your redemption to be effective that day. This allows your
investment professional or financial institution time to process your request
and transmit it to the fund. Contact your investment professional or financial
institution directly for more information.

If you did not purchase shares through an investment professional or financial
institution, you may sell your shares by calling Investor Services at
1-800-637-2548. Proceeds can be wired to your bank account (if the proceeds are
at least $1,000 and you have previously supplied your bank account information
to the fund) or sent to you by check. The fund reserves the right to limit
telephone exchanges to $50,000 per day.

If you recently purchased your shares by check or through the Automated Clearing
House (ACH), proceeds from the sale of those shares may not be available until
your check or ACH payment has cleared, which may take up to 15 calendar days
from the date of purchase.

BY MAIL. To sell shares by mail, send a written request to your investment
professional or financial institution, or to the fund at the following address:

First American Funds
c/o DST Systems, Inc.
P.O. Box 219382
Kansas City, Missouri 64121-9382

Your request should include the following information:

* name of the fund.
* account number.
* dollar amount or number of shares redeemed.
* name on the account.
* signatures of all registered account owners.

Signatures on a written request must be guaranteed if:

* you would like the proceeds from the sale to be paid to anyone other than to
the shareholder of record.

* you would like the check mailed to an address other than the address on the
funds' records.

* your redemption request is for $50,000 or more.

A signature guarantee assures that a signature is genuine and protects
shareholders from unauthorized account transfers. Banks, savings and loan
associations, trust companies, credit unions, broker-dealers and member firms of
a national securities exchange may guarantee signatures. Call your financial
institution to determine if it has this capability.

Proceeds from a written redemption request will be sent to you by check unless
another form of payment is requested.

--------------------------------------------------------------------------------
SYSTEMATIC WITHDRAWALS

If your account has a value of $5,000 or more, you may redeem a specific dollar
amount from your account on a regular basis. To set up systematic withdrawals,
contact your investment professional or financial institution.

You should not make systematic withdrawals if you plan to continue investing in
the fund, due to sales charges and tax liabilities.

--------------------------------------------------------------------------------
REINVESTING AFTER A SALE

If you sell Class A shares of a First American Fund, you may reinvest in Class A
shares of that fund or another First American fund within 180 days without a
sales charge. To reinvest in Class A shares at net asset value (without paying a
sales charge), you must notify the fund directly in writing or notify your
investment professional or financial institution.

--------------------------------------------------------------------------------

ACCOUNTS WITH LOW BALANCES

Except for retirement plans and Uniform Gifts to Minors Act/Uniform Transfers
to Minors Act accounts, if your account balance falls below $500 as a result
of selling or exchanging shares, the fund reserves the right to either:

* deduct a $25 annual account maintenance fee, or

* close your account and send you the proceeds, less any
applicable contingent deferred sales charge.

Before taking any action, however, the fund will send you written notice of
the action it intends to take and give you 30 days to re-establish a minimum
account balance of $500.

8 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
MANAGING YOUR INVESTMENT

--------------------------------------------------------------------------------
EXCHANGING SHARES

If your investment goals or your financial needs change, you may move from one
First American fund to another. There is no fee to exchange shares.

Generally, you may exchange your shares only for shares of the same class.
However, you may exchange your Class A shares for Class Y shares of the same or
another First American fund if you subsequently become eligible to participate
in that class (for example, by opening a fiduciary, custody or agency account
with a financial institution which invests in Class Y shares).

Exchanges are made based on the net asset value per share of each fund at the
time of the exchange. When you exchange your Class A shares of the fund for
Class A shares of another First American fund, you do not have to pay a sales
charge. When you exchange your Class B or Class C shares for Class B or Class C
shares of another First American fund, the time you held the shares of the "old"
fund will be added to the time you hold the shares of the "new" fund for
purposes of determining your CDSC or, in the case of Class B shares, calculating
when your shares convert to Class A shares.

Before exchanging into any fund, be sure to read its prospectus carefully. A
fund may change or cancel its exchange policies at any time. You will be
notified of any changes. The funds have the right to limit exchanges to four
times per year.

BY PHONE. If both funds have identical shareholder registrations, you may
exchange shares by calling your investment professional, your financial
institution, or by calling the funds directly. To request an exchange through
the funds, call Investor Services at 1-800-637-2548. Your instructions must be
received before 3 p.m. Central time, or by the time specified by your investment
professional or financial institution, in order for shares to be exchanged the
same day.

BY MAIL. To exchange shares by written request, please follow the procedures
under "Selling Shares." Be sure to include the names of both funds involved in
the exchange.

--------------------------------------------------------------------------------

TELEPHONE TRANSACTIONS

You may buy, sell, or exchange shares by telephone, unless you elected on
your new account form to restrict this privilege. If you wish to reinstate
this option on an existing account, please call Investor Services at
1-800-637-2548 to request the appropriate form.

The funds and their agents will not be responsible for any losses that may
result from acting on wire or telephone instructions that they reasonably
believe to be genuine. The funds and their agents will each follow reasonable
procedures to confirm that instructions received by telephone are genuine,
which may include taping telephone conversations.

It may be difficult to reach the funds by telephone during periods of unusual
market activity. If you are unable to reach the funds or their agents by
telephone, please consider sending written instructions.

--------------------------------------------------------------------------------
REDEMPTION IN-KIND

Generally, proceeds from redemption requests will be paid in cash. However, to
minimize the effect of large redemption requests on the fund and its remaining
shareholders, the fund reserves the right to pay part or all of the proceeds
from a redemption request in a proportionate share of readily marketable
securities in the fund instead of in cash. In selecting securities for a
redemption in-kind, the advisor will consider the best interests of the fund and
the remaining fund shareholders, and will value these securities in accordance
with the pricing methods employed to calculate the fund's net asset value per
share. If you receive redemption proceeds in-kind, you should expect to incur
transaction costs upon the disposition of the securities received in the
redemption.

9 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Policies & Services
MANAGING YOUR INVESTMENT CONTINUED

--------------------------------------------------------------------------------
STAYING INFORMED

SHAREHOLDER REPORTS. Shareholder reports are mailed twice a year, in November
and May. They include financial statements and performance information, and on
an annual basis, a message from your portfolio managers and the auditors'
report.

In an attempt to reduce shareholder costs and help eliminate duplication, the
fund will try to limit its mailings to one report for each address that lists
one or more shareholders with the same last name. If you would like additional
copies, please call Investor Services at 1-800-637-2548.

STATEMENTS AND CONFIRMATIONS. Statements summarizing activity in your account
are mailed quarterly. Confirmations are mailed following each purchase or sale
of fund shares.

--------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS

Dividends from the fund's net investment income are declared and paid monthly.
Any capital gains are distributed at least once each year.

On the ex-dividend date for a distribution, the fund's share price is reduced by
the amount of the distribution. If you buy shares just before the ex-dividend
date, in effect, you "buy the dividend." You will pay the full price for the
shares and then receive a portion of that price back as a taxable distribution.

Dividend and capital gain distributions will be reinvested in additional shares
of the fund paying the distribution, unless you request that distributions be
reinvested in another First American fund or paid in cash. This request may be
made on your new account form, or by writing to the fund, your investment
professional or your financial institution. If you request that your
distributions be paid in cash but those distributions cannot be delivered
because of an incorrect mailing address, the undelivered distributions and all
future distributions will be reinvested in fund shares.

--------------------------------------------------------------------------------
TAXES

Some of the tax consequences of investing in the funds are discussed below. More
information about taxes is in the Statement of Additional Information. However,
because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.

TAXES ON DISTRIBUTIONS. The fund pays its shareholders dividends from its net
investment income and any net capital gains that it has realized. For most
investors, fund dividends and distributions are considered taxable whether they
are reinvested or taken in cash (unless your investment is in an IRA or other
tax-advantaged account).

Dividends from the fund's net investment income and short-term capital gains are
taxable as ordinary income. Distributions of the fund's long-term capital gains
are taxable as long-term gains, regardless of how long you have held your
shares. The fund expects that, as a result of its investment objective and
strategies, its distributions will consist primarily of ordinary income.

TAXES ON TRANSACTIONS. The sale of fund shares, or the exchange of one fund's
shares for shares of another fund, will be a taxable event and may result in a
capital gain or loss. The gain or loss will be considered long-term if you have
held your shares for more than one year. A gain or loss on shares held for one
year or less is considered short-term and is taxed at the same rates as ordinary
income.

If in redemption of his or her shares a shareholder receives a distribution of
readily marketable securities instead of cash, the shareholder will be treated
as receiving an amount equal to the fair market value of the securities at the
time of the distribution for purposes of determining capital gain or loss on the
redemption, and will also acquire a basis in the shares for federal income tax
purposes equal to their fair market value.

The exchange of one class of shares for another class of shares in the same fund
will not be taxable.

10 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Additional Information
MANAGEMENT

U.S. Bank National Association (U.S. Bank), acting through its First American
Asset Management division, is the funds' investment advisor. First American
Asset Management provides investment management services to individuals and
institutions, including corporations, foundations, pensions and retirement
plans. As of September 30, 2000, it had more than $77 billion in assets under
management, including investment company assets of more than $33 billion. As
investment advisor, First American Asset Management manages the funds' business
and investment activities, subject to the authority of the board of directors.

The fund pays the investment advisor a monthly fee for providing investment
advisory services equal, on an annual basis, to 0.70% of the fund's average
daily net assets.

DIRECT CORRESPONDENCE:
First American Funds
P.O. Box 1330
Minneapolis, Minnesota 55440-1330

INVESTMENT ADVISOR
First American Asset Management
601 Second Avenue South
Minneapolis, Minnesota 55402

DISTRIBUTOR
SEI Investments Distribution Co.
Oaks, Pennsylvania 19456

PENDING ACQUISITION

On October 4, 2000, U.S. Bancorp, the parent company of the fund's investment
advisor, announced that it had entered into an agreement to be acquired by
Firstar Corporation. It is anticipated that this acquisition will be completed
in the first quarter of 2001, subject to regulatory approval, the approval of
U.S. Bancorp shareholders and the satisfaction of customary closing conditions.

ADDITIONAL COMPENSATION

U.S. Bank and other affiliates of U.S. Bancorp may act as fiduciary with
respect to plans subject to the Employee Retirement Income Security Act of 1974
(ERISA) and other trust and agency accounts that invest in the funds. As
described above, U.S. Bank receives compensation for acting as the First
American fund's investment advisor. U.S. Bank and its affiliates also receive
compensation in connection with the following:

CUSTODY SERVICES. U.S. Bank provides or compensates others to provide custody
services to the funds. U.S. Bank is paid monthly fees equal, on an annual
basis, to 0.03% of a fund's average daily net assets. In addition, U.S. Bank is
reimbursed for its out-of-pocket expenses incurred while providing custody
services to the funds.

ADMINISTRATION SERVICES. U.S. Bank provides or compensates others to provide
administrative services to all open-end funds in the First American Family of
funds. These services include general administrative and accounting services,
transfer agency and dividend disbursing services, and shareholder services. U.S.
Bank receives total fees equal, on an annual basis, to 0.12% of the aggregate
average daily net assets of all open-end mutual funds in the First American fund
family up to $8 billion and 0.105% of the aggregate average daily net assets of
all open-end mutual funds in the First American fund family in excess of $8
billion. These fees are allocated among the funds in the First American family
of funds on the basis of their relative net asset values. The funds also pay
U.S. Bank fees based upon the number of funds and accounts maintained. In
addition, U.S. Bank is reimbursed for its out-of-pocket expenses incurred while
providing administrative services to the funds.

SECURITIES LENDING SERVICES. In connection with lending their portfolio
securities, the funds pay administrative and custodial fees to U.S. Bank which
are equal to 40% of the funds' income from these securities lending
transactions.

BROKERAGE TRANSACTIONS. When purchasing and selling portfolio securities for
the funds, the funds' investment advisor may place trades through its
affiliates, U.S. Bancorp Investment, Inc. and U.S. Bancorp Piper Jaffray Inc.,
which will earn commissions on these transactions.

SHAREHOLDER SERVICING FEES. To the extent that fund shares are held through U.S.
Bank or its broker-dealer affiliates, U.S. Bancorp Investments, Inc. and U.S.
Bancorp Piper Jaffray Inc., those entities may receive shareholder servicing
fees from the funds' distributor.

PORTFOLIO MANAGEMENT

The fund's investments are managed by a team of persons associated with First
American Asset Management.

11 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Additional Information
MORE ABOUT THE FUND

--------------------------------------------------------------------------------
OBJECTIVES

High Yield Bond Fund's objective, described in the "Fund Summary" section, may
be changed without shareholder approval. If the fund's objective changes, you
will be notified at least 30 days in advance. Please remember: There is no
guarantee that the fund will achieve its objective.

--------------------------------------------------------------------------------
INVESTMENT STRATEGIES

High Yield Bond Fund's main investment strategies are discussed in the "Fund
Summary" section. These are the strategies that the fund's investment advisor
believes are most likely to be important in trying to achieve the fund's
objective. You should be aware that the fund may also use strategies and invest
in securities that are not described in this prospectus, but that are described
in the Statement of Additional Information (SAI). For a copy of the SAI, call
Investor Services at 1-800-637-2548.

TEMPORARY INVESTMENTS. In an attempt to respond to adverse market, economic,
political, or other conditions, the fund may temporarily invest without limit in
cash and in U.S. dollar-denominated high quality money market instruments and
other short-term securities, including money market funds advised by the fund's
advisor. These investments may result in a lower yield than would be available
from investments with a lower quality or longer term and may prevent the fund
from achieving its investment objectives.

PORTFOLIO TURNOVER. The fund may trade securities frequently, resulting, from
time to time, in an annual portfolio turnover rate of over 100%. Trading of
securities may produce capital gains, which are taxable to shareholders when
distributed. Active trading may also increase the amount of commissions or
mark-ups to broker-dealers that the fund pays when it buys and sells securities.

--------------------------------------------------------------------------------
RISKS

The main risks of investing in the fund are summarized in the "Fund Summary"
section. More information about the fund is presented below.

INTEREST RATE RISK. Debt securities in the fund will fluctuate in value with
changes in interest rates. In general, debt securities will increase in value
when interest rates fall and decrease in value when interest rates rise.
Longer-term debt securities are generally more sensitive to interest rate
changes. Securities which do not pay interest on a current basis, such as zero
coupon securities and delayed interest securities may be highly volatile as
interest rates rise or fall. Payment-in-kind bonds, which pay interest in other
securities rather than in cash, also may be highly volatile.

INCOME RISK. The fund's income could decline due to falling market interest
rates. This is because, in a falling interest rate environment, the fund
generally will have to invest the proceeds from sales of fund shares, as well as
the proceeds from maturing portfolio securities (or portfolio securities that
have been called, see "Call Risk") in lower-yielding securities.

RISKS OF HIGH-YIELD SECURITIES. The fund will invest primarily in securities
rated lower than investment grade or in unrated securities of comparable
quality. These securities are commonly referred to as "high yield" securities
or "junk bonds." Although these securities usually offer higher yields than
investment grade securities, they also involve more risk. High-yield bonds
generally have a higher risk of default, which is the failure to make required
interest or principal payments. High-yield bonds also involve greater risk of
price changes due to changes in the credit quality of the issuer, and they may
be more susceptible to real or perceived adverse economic conditions than
investment grade bonds. In addition, the secondary trading market may be less
liquid. High yield securities generally have more volatile prices and carry more
risk to principal than investment grade securities.

LIQUIDITY RISK. The fund is exposed to liquidity risk because of its investments
in high yield bonds. Trading opportunities are more limited for debt securities
that have received ratings below investment grade. These features may make it
more difficult to sell or buy a security at a favorable price or time.
Consequently, this fund may have to accept a lower price to sell a security,
sell other securities to raise cash or give up an investment opportunity, any of
which could have a negative effect on a fund's performance. Infrequent trading
may also lead to greater price volatility.

CREDIT RISK. The fund is subject to the risk that the issuers of debt securities
held by the fund will not make payments on the securities, or that the other
party to a contract (such as a securities lending agreement or repurchase
agreement) will default on its obligations. There is also the risk that an
issuer could suffer adverse changes in financial condition that could lower the
credit quality of a security. This could lead to greater volatility in the price
of the security and in shares of the fund. Also, a change in the credit quality
rating of a bond could affect the bond's liquidity and make it more difficult
for the fund to sell. When a fund purchases unrated securities, it will depend
on the advisor's analysis of credit risk more heavily than usual.

CALL RISK. Many corporate bonds may be redeemed at the option of the issuer, or
"called," before their stated maturity date. In general, an issuer will call its
bonds if they can be refinanced by issuing new bonds which bear a lower interest
rate. The fund is subject to the possibility that during periods of falling
interest rates, a bond issuer will call its high-yielding bonds. The fund would
then be forced to invest the unanticipated proceeds at lower interest rates,
resulting in a decline in its income.

12 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Additional Information
MORE ABOUT THE FUND CONTINUED

RISKS OF SECURITIES LENDING. When the fund loans its portfolio securities, it
will receive collateral equal to at least 100% of the value of the loaned
securities. Nevertheless, the fund risks a delay in the recovery of the loaned
securities, or even the loss of rights in the collateral deposited by the
borrower if the borrower should fail financially. To reduce these risks, the
fund enters into loan arrangements only with institutions which the fund's
advisor has determined are creditworthy under guidelines established by the
fund's board of directors.

RISKS OF ACTIVE MANAGEMENT. The fund is actively managed and its performance
therefore will reflect in part the advisor's ability to make investment
decisions which are suited to achieving the fund's investment objectives. Due to
its active management, the fund could underperform other mutual funds with
similar investment objectives.

RISKS OF FOREIGN INVESTING. Up to 25% of the fund's total assets may be invested
in securities of foreign issuers. Securities of foreign issuers, even when
dollar-denominated and publicly traded in the United States, may involve risk
not associated with securities of domestic issuers. For certain foreign
countries, political or social instability or diplomatic developments could
adversely affect the securities. There is also the risk of loss due to
governmental actions such as a change in tax statutes or the modification of
individual property rights. In addition, individual foreign economies may differ
favorably or unfavorably from the U.S. economy.

13 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

Additional Information
FINANCIAL HIGHLIGHTS

--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS

High Yield Bond Fund had not commenced operations prior to the date of this
prospectus.

14 PROSPECTUS - First American High Yield Bond Fund
Class A, Class B, and Class C Shares
<PAGE>

--------------------------------------------------------------------------------
FOR MORE INFORMATION

More information about the funds is available in the fund's Statement of
Additional Information, and annual and semiannual reports, and on the First
American funds' Internet Web site.

--------------------------------------------------------------------------------
FIRST AMERICAN FUNDS WEB SITE

Information about the First American funds may be viewed on the funds' Internet
Web site at http://www.firstamericanfunds.com.

--------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI provides more details about the fund and its policies. A current SAI is
on file with the Securities and Exchange Commission (SEC) and is incorporated
into this prospectus by reference (which means that it is legally considered
part of this prospectus).

--------------------------------------------------------------------------------
ANNUAL AND SEMIANNUAL REPORTS

Additional information about the fund's investments will be available in the
fund's annual and semiannual reports to shareholders. In the fund's annual
report, you will find a discussion of the market conditions and investment
strategies that significantly affected the fund's performance during its last
fiscal year.

You can obtain a free copy of the fund's SAI and/or free copies of the fund's
most recent annual or semiannual reports by calling Investor Services at
1-800-637-2548. The material you request will be sent by first-class mail or
other means designed to ensure equally prompt delivery, within three business
days of receipt of the request.

You can also obtain copies of this information, after paying a duplicating fee,
by electronic request at the following email address: [email protected], or by
writing the SEC's Public Reference Section, Washington, D.C. 20549-0102. For
more information, call 1-202-942-8090.

Information about the fund is also available on the Internet. Text-only versions
of fund documents can be viewed online or downloaded from the EDGAR Database on
the SEC's Internet site at http://www.sec.gov.

FIRST AMERICAN FUNDS P.O. Box 1330, Minneapolis, MN 55440-1330

First American Asset Management, a division of U.S. Bank National Association,
serves as the investment advisor to the First American Funds.

First American Funds are distributed by SEI Investments Distribution Co. which
is located in Oaks, PA 19456 and is not an affiliate of U.S. Bank.

2/2001 HYBY

SEC file number: 811-05309

[LOGO] FIRST AMERICAN FUNDS(R)
THE POWER OF DISCIPLINED INVESTING(R)

<PAGE>

FEBRUARY 28, 2001

ASSET CLASSES

* EQUITY FUNDS
* FUNDS OF FUNDS
(*) BOND FUNDS
* TAX FREE FUNDS
* MONEY MARKET FUNDS

PROSPECTUS

FIRST AMERICAN INVESTMENT FUNDS, INC.

FIRST AMERICAN

BOND
FUNDS

CLASS Y SHARES

HIGH YIELD BOND FUND

[LOGO] FIRST AMERICAN FUNDS(R)
THE POWER OF DISCIPLINED INVESTING(R)

<PAGE>

Table of
CONTENTS

--------------------------------------------------------------------------------
FUND SUMMARY
--------------------------------------------------------------------------------
High Yield Bond Fund 2
--------------------------------------------------------------------------------
POLICIES & SERVICES
--------------------------------------------------------------------------------
Buying and Selling Shares 4
--------------------------------------------------------------------------------
Managing Your Investment 5
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
Management 6
--------------------------------------------------------------------------------
More About The Fund 7
--------------------------------------------------------------------------------
Financial Highlights 9
--------------------------------------------------------------------------------
FOR MORE INFORMATION Back Cover
--------------------------------------------------------------------------------

<PAGE>

Fund Summary
INTRODUCTION

AN INVESTMENT IN THE FUND IS NOT A DEPOSIT OF U.S. BANK NATIONAL ASSOCIATION AND
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

1 PROSPECTUS - First American High Yield Bond Fund
Class Y Shares
<PAGE>