[Adopted in Release No. IC-17085 ( 84,434), effective September 25, 1989,
54 F.R.32048]
U.S. Securities and Exchange Commission
Washington DC 20549
FORM N-17F-2
Form N-17f-2
Certificate of Accounting of Securities and Similar Investments in the Custody
of Management Investment Companies
Pursuant to Rule 17f-2 [17CFR 270.17f-2]
- --------------------------------------------------------------------------------
1. Investment Company Act File Number: 811-3313 Date Examination Complete:
First American Funds, Inc. 11/30/97
- ----------------------------------------------------------------------------
2. State Identification Number
(See attached Exhibit A - State Registration
Report for a list of portfolios and classes)
- --------------------------------------------------------------------------
3. Exact number of investment company as specified in registration statement:
002-74747
- ----------------------------------------------------------------------------
4. Address of principal executive office: (number, street, city, state, zip
code)
1 Freedom Valley Road, Oaks, PA 19456
- ----------------------------------------------------------------------------
INSTRUCTIONS
This form must be completed by the investment companies that have custody of
securities or similar investments.
Investment Company
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors of
First American Funds Inc.:
We have examined management's assertion, included in its representation letter,
that Tax Free Obligations Fund of First American Funds, Inc. (the Fund) complied
with the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 as of November 30, 1997. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 30, 1997, and with respect to agreement of security
purchases and sales, for the period from November 25, 1997 (commencement of
operations) through November 30, 1997:
* Confirmation of all securities held by The Depository Trust Company in
book entry form and examination of selected security position
reconciliations;
* Confirmation or examination of underlying documentation, on a test basis,
for securities purchased but not received;
* Reconciliation of all such securities to the books and records of the
Funds and the Custodian; and
* Test of security transactions since commencement of operations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
the specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1997 with respect to securities reflected in the
investment accounts of the Fund is fairly stated, in all material respects.
<PAGE>
This report is intended solely for the information and use of management of
First American Funds, Inc. and the Securities and Exchange Commission and should
not be used for any other purpose.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
January 23, 1998
<PAGE>
CLEAR SKY DIVISION
STATE REGISTRATION REPORT AS OF: 12/15/97 @ 16:00:06
<TABLE>
<CAPTION>
GROUP: FAF
FUND NAMES FUND CODE AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY
<S> <C>
FA - Tax Free Obligations Fund - Class A |FA04A | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X | X |
SEC effective 10-8-97 | | | | | | | | | | | | | | | | | | | |
FA - Tax Free Obligations Fund - Class C |FA04C | | | | X | X | X | | X | | X | X | | | | X | X | | |
SEC effective 10-8-97 | | | | | | | | | | | | | | | | | | | |
FA - Tax Free Obligations Fund - Class D |FA04D | | | | | | | | X | | X | | | | | | | | |
Sales are Blue Sky exempt | | | | | | | | | | | | | | | | | | | |
FUND NAMES FUND CODE MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN
FA - Tax Free Obligations Fund - Class A |FA04A | X | X | X | X | X | X | X | X | X | X | X | X | X | | X | X | X | X |
SEC effective 10-8-97 | | | | | | | | | | | | | | | | | | | |
FA - Tax Free Obligations Fund - Class C |FA04C | X | X | X | | | X | | | | | | | X | | | | X | |
SEC effective 10-8-97 | | | | | | | | | | | | | | | | | | | |
FA - Tax Free Obligations Fund - Class D |FA04D | | | | | | X | | | | | | | | | | | | |
Sales are Blue Sky exempt | | | | | | | | | | | | | | | | | | | |
(wide table continued from above)
LA MA MD ME MI MN MO MS
| X | X | X | X | X | X | X | X |
| | | | | | | | |
| | | | | | X | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
TX UT VA VT WA WI WV WY
| X | X | X | X | X | X | X | X |
| | | | | | | | |
| X | | X | | | X | | X |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
</TABLE>
