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<NAME> FIRST AMERICAN FUNDS
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Independent Auditors Report on Internal Accounting Control
The Board of Directors and Shareholders
First American Funds, Inc.:
In planning and performing our audits of the financial statements
of Prime Obligations Fund, Government Obligations Fund, and
Treasury Obligations Fund (funds within First American Funds, Inc.)
for the year ended September 30, 1996, we considered their internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing
our opinions on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Company is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are
to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above
as of September 30, 1996.
This report is intended solely for the use of management and the Securities
and Exchange Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 8, 1996
77J
The amounts of distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations, which may differ from those amounts determined under
generally accepted accounting principles. These book/tax differences are
either temporary or permanent in nature. These differences are primarily
due to wash sales, foreign currency gains, and losses, the "market-to-market"
of certain Passive Foreign Investment Companies(PFICs) for tax purposes,
the character of distribution made during the year from net investment
income or net realized gains, and the timing of distributions where the fiscal
year in which the amounts are distributed may differ from the year that the
income for realized gains(losses) were recorded by the fund. To the extent
these differences are permanent, adjustments are made to the appropriate
accounts in the period that the difference arises.
<TABLE>
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<S> <C> <C> <C>
On the Statement of Net Assets the following adjustments were made (000):
Accumulated Undistributed
Net Realized Net Investment
Gains (Loss) Income Paid-in-Capital
Prime Obligations Fund $ (9) $ 9 $ -
Government Obligations Fund $ (35) $ 35 $ -
</TABLE>
