The board of directors of the First Funds has fired Investment Advisers of Minneapolis, Minn. as the co-investment adviser to the First Funds Capital Appreciation Portfolio, one of the nine proprietary mutual funds of the First Tennessee Bank of Memphis, Tenn., an affiliate of the First Tennessee Bank National Association. The disclosure was made in a proxy statement the fund filed with the SEC April 14.

The fund's board has recommended replacing IAI with Delaware Management Corp. of Philadelphia. If shareholders approve the change, IAI will no longer manage the equity fund as of May 31. A shareholder vote to approve the advisory change will take place at a shareholder meeting May 17.

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