EXHIBIT (17)(b)


PROXY CARD                                                            PROXY CARD

                      FIRST AMERICAN INVESTMENT FUNDS, INC.
                               Relative Value Fund

                  SPECIAL MEETING OF SHAREHOLDERS MAY 14, 2002

         This Proxy is Solicited on Behalf of the Board of Directors. The
undersigned revoke(s) all previous proxies and appoint(s) ____________________,
_____________________or __________________ or either one of them, attorneys,
with full power of substitution, to vote all shares of Relative Value Fund, a
series of First American Investment Funds, Inc. ("FAIF"), which the undersigned
is entitled to vote at the Special Meeting of Shareholders of the Relative Value
Fund to be held at the offices of FAIF at 800 Nicollet Mall, Minneapolis,
Minnesota 55402, on Tuesday, May 14, 2002 at 10:00 a.m. Central time, and at any
adjournments or postponements thereof.

         I (we) acknowledge receipt of the Notice of Special Meeting of
Shareholders, the Prospectus/Proxy Statement and the various accompanying
materials, as referenced in the Prospectus/Proxy Statement relating to the
proposed reorganization of Relative Value Fund with and into Large Cap Value
Fund, a separate series of FAIF.

                  VOTE VIA FACSIMILE: ____________________________
                  VOTE VIA THE INTERNET: _________________________
                  VOTE VIA THE TELEPHONE: 1-800-__________________

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                       CONTROL NUMBER: __________________
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NOTE: Please sign your name exactly as it appears in the registration on the
proxy card. If signing for an estate, trust or corporation, please state your
title or capacity. If joint owners, EITHER may sign.


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                       Signature and Title, if applicable


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                                      Date

      PLEASE VOTE ON THE REVERSE SIDE, SIGN AND DATE THIS PROXY AND RETURN
               IT PROMPTLY IN THE POSTAGE-PAID ENVELOPE PROVIDED.




TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK.  Example: [X]
IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.
As to any other matter, said attorneys will vote in accordance with their best
judgment. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE PROPOSAL.



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1.       To approve an Agreement and Plan of      FOR      AGAINST     ABSTAIN
         Reorganization, attached to the
         Prospectus/Proxy Statement for the       [__]       [__]        [__]
         Special Meeting, which provides for
         and contemplates (a) the acquisition
         of all of the assets of Relative
         Value Fund by Large Cap Value Fund
         and the assumption of all identified
         and stated liabilities of Relative
         Value Fund by Large Cap Value Fund
         in exchange for shares of Large Cap
         Value Fund and (b) the subsequent
         liquidation of Relative Value Fund
         and the pro rata distribution of
         Large Cap Value Fund shares to
         Relative Value Fund shareholders.
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2.       To transact such other business as
         may properly come before the Special
         Meeting or any adjournment or
         postponements thereof.
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Please refer to the Prospectus/Proxy Statement for a discussion of this matter.
Check here if you plan to attend the Special Meeting. __________

        PLEASE VOTE, SIGN AND DATE THIS PROXY AND RETURN PROMPTLY IN THE
                         POSTAGE-PAID ENVELOPE PROVIDED.