<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 0000356134
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FIRST AMERICAN FUNDS
001 B000000 811-3313
001 C000000 8006372548
002 A000000 2 OLIVER STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010500 5
007 C020500 TAX FREE OBLIGATIONS FUND
007 C030500 N
021 000000 0
022 A000001 MERRILL LYNCH
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022 D000001 7200
022 A000002 FIRST BOSTON
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<PAGE> PAGE 2
022 A000009 BANKAMERICA
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008 A000501 U.S. BANK NATIONAL ASSOCIATION
008 B000501 A
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008 D020501 MN
008 D030501 55480
010 A000501 SEI INVESTMENTS
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011 A000501 SEI DISTRIBUTIONS CO.
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<PAGE> PAGE 3
011 C030501 19456
012 A000501 DST SYSTEM, INC.
012 B000501 84-0000
012 C010501 KANSAS CITY
012 C020501 MO
012 C030501 64105
013 A000501 KPMG PEAT MARWICK LLP
013 B010501 MINNEAPOLIS
013 B020501 MN
013 B030501 55402
015 A000501 FIRST TRUST NATIONAL ASSOCIATION
015 B000501 C
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024 000500 N
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<PAGE> PAGE 4
030 A000500 0
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030 C000500 0.00
034 000500 N
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036 B000500 0
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039 000500 N
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
<PAGE> PAGE 5
053 A000500 Y
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054 A000500 Y
054 B000500 Y
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054 D000500 N
054 E000500 N
054 F000500 N
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054 H000500 N
054 I000500 N
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054 M000500 N
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055 A000500 N
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056 000500 N
057 000500 N
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<PAGE> PAGE 6
068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
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070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 Y
070 L010500 Y
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070 M020500 N
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070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
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070 R020500 N
071 A000500 0
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<PAGE> PAGE 7
072 I000500 13
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<PAGE> PAGE 8
074 T000500 39366
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080 A000500 CONTINENTAL INSURANCE COMPANY
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SIGNATURE STEPHEN G. MEYER
TITLE CONTROLLER
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</TABLE>
Shareholders Voting Results
A special meeting of shareholders was called for October 31, 1997 and
adjourned until November 14, 1997 with respect to the Qualivest Tax
Free Money Market Fund, at which the shareholders of the following
Qualivest Funds voted on a proposal to approve an agreement and plan
for reorganization. The plan provided for the acquisition of all the
assets and the assumption of all liabilities of the Qualivest Fund to a
corresponding FAF or FAIF fund. The results of the voting were as
follows:
Tax Free Money International Small Companies
Fund Opportunities Value Fund
Fund
For 17,882,516 14,787,631 26,419,411
Against 313,550 38,898 1,507,379
Abstained 3,744,539 36,370 109,405
A vote also took place to ratify and approve an interim advisory agreement
between Qualivest, on behalf of the fund, and U.S. Bank National
Association, formerly First Bank National Association for the period
August 1, 1997 forward. The voting results were as follows:
Tax Free Money International Opportunities Small Companies
Fund Fund Value Fund
For 18,033,776 14,787,696 20,443,439
Against 264,046 38,975 1,490,171
Abstained 3,642,784 36,420 112,970
There were no other proposals voted on at such meeting.
Independent Auditors' Report
The Board of Directors and Shareholders
First American Funds, Inc.:
In planning and performing our audits of the
financial statements of Tax Free Obligations Fund
(fund within First American Funds, Inc.) for the
four-month period ended November 30, 1997, we
considered internal control, including control
activities 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 internal
control.
The management of First American Funds, Inc.
is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of internal control activities.
Generally, control activities that are relevant
to an audit pertain to the entity's objective of
preparing financial statements for external
purposes that are fairly presented in conformity
with generally accepted accounting principles.
Those control activities include the safeguarding
of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be
detected. Also, projection of any evaluation of
internal control 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 internal control would not
necessarily disclose all matters in internal
control 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 any specific internal control
components 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 internal control, including
control activities for safeguarding securities,
that we consider to be material weaknesses as
defined above as of November 30, 1997.
2
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 9, 1998
