UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule
17f-2
[17 CFR
270.17f-2]
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1. Investment Company Act File Number:
811-03313,
811-07680,
811-21193,
811-07678,
811-05642,
811-06404,
811-06640,
811-07444,
811-07838,
811-21824
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Date examination completed:
July 31, 2013
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2. State identification Number:
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AL
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AK
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AZ
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AR
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CA
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CO
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CT
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DE
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DC
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FL
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GA
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HI
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ID
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IL
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IN
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IA
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KS
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KY
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LA
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ME
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MD
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MA
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MI
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MN
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MS
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MO
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MT
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NE
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NV
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NH
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NJ
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NM
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NY
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NC
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ND
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OH
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OK
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OR
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PA
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RI
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SC
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SD
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TN
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TX
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UT
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VT
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VA
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WA
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WV
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WI
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WY
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PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in
registration statement:
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First American Funds, Inc., Minnesota Municipal Income Portfolio Inc., First American Minnesota Municipal Income Fund II, Inc., American Municipal Income Portfolio
Inc., American Income Fund, Inc., American Strategic Income Portfolio Inc., American Strategic Income Portfolio Inc. II, American Strategic Income Portfolio Inc. III, American Select Portfolio Inc., Mount Vernon Securities Lending
Trust
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4. Address of principal executive office (number, street,
city, state, zip code):
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800 Nicollet Mall
Minneapolis, MN 55402
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INSTRUCTIONS
This Form must be completed by investment companies that have custody of securities or similar investments.
Investment Company
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1.
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All items must be completed by the investment company.
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2.
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Give this Form to the independent public accountant who, in compliance with Rule
17f-2
under the Act and applicable state law,
examines securities and similar investments in the custody of the investment company.
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Accountant
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3.
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Submit this Form to the Securities and Exchange Commission and appropriate state securities administrators when filing the certificate of accounting required by Rule
17f-2
under the Act and applicable state law. File the original and one copy with the Securities and Exchange Commission’s principal office in Washington, D.C., one copy with the regional office for the region
in which the investment company’s principal business operations are conducted, and one copy with the appropriate state administrator(s), if applicable.
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Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Strategic Income Portfolio Inc.
(the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I
am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of rule
17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Fund
was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
American Strategic Income Portfolio
Inc.
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Report of Independent Registered Public Accounting Firm
The Board of Directors
American Strategic
Income Portfolio Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance
With Certain Provisions of the Investment Company Act of 1940 (the Act), that American Strategic Income Portfolio Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered
Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from
August 31, 2012 (the date of our last examination) through April 30, 2013:
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Count and inspection of underlying documentation of securities in whole loans designated as being held in the vault of U.S. Bank National Association
(the Custodian) in St. Paul, Minnesota, without prior notice to management;
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company and Federal Reserve Bank of Boston);
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Reconciliation of all such securities to the books and records of the Fund and the Custodian;
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Confirmation of all reverse repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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Review of one security purchase since our last report from the books and records of the Funds, noting that it has been accurately reported and
subsequently settled.
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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 specified requirements.
In our opinion, management’s assertion that the
Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and
Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/
Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Strategic Income Portfolio Inc.
II (the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act).
I am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of
rule 17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the
Fund was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
American Strategic Income Portfolio
Inc. II
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Report of Independent Registered Public Accounting Firm
The Board of Directors
American Strategic
Income Portfolio Inc. II
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance
With Certain Provisions of the Investment Company Act of 1940 (the Act), that American Strategic Income Portfolio Inc. II (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by
Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted
in accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from
August 31, 2012 (the date of our last examination) through April 30, 2013:
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Count and inspection of underlying documentation of securities in whole loans designated as being held in the vault of U.S. Bank National Association
(the Custodian) in St. Paul, Minnesota, without prior notice to management;
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company and Federal Reserve Bank of Boston);
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Reconciliation of all such securities to the books and records of the Fund and the Custodian;
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Confirmation of all repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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Review of one security purchase since our last report from the books and records of the Funds, noting that it has been accurately reported and
subsequently settled.
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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 specified requirements.
In our opinion, management’s assertion that the
Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and
Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/
Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Strategic Income Portfolio Inc.
III (the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act).
I am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of
rule 17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the
Fund was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
American Strategic Income Portfolio
Inc. III
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Report of Independent Registered Public Accounting Firm
The Board of Directors
American Strategic
Income Portfolio Inc. III
We have examined management’s assertion, included in the accompanying Management Statement Regarding
Compliance With Certain Provisions of the Investment Company Act of 1940 (the Act), that American Strategic Income Portfolio Inc. III (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of
Investments by Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the
period from August 31, 2012 (the date of our last examination) through April 30, 2013:
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Count and inspection of all securities located in the vault of U.S. Bank National Association (the Custodian) in Milwaukee, Wisconsin, without prior
notice to management;
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Count and inspection of underlying documentation of securities in whole loans designated as being held in the vault of the Custodian in St. Paul,
Minnesota, without prior notice to management;
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company and Federal Reserve Bank of Boston);
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Reconciliation of all such securities to the books and records of the Fund and the Custodian;
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Confirmation of all reverse repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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Review of one security purchase since our last report from the books and records of the Fund, noting that it has been accurately reported and
subsequently settled.
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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 specified requirements.
In our opinion, management’s assertion that the
Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and
Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/
Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
July 31, 2013
I, as a member of
management of the Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund of the First American Funds, Inc. (collectively the Funds), am responsible for complying
with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I am also responsible for establishing and
maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Funds’ compliance with the requirements of subsections (b) and (c) of rule 17f-2 as of April 30, 2013, and
from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment accounts of the Funds.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
First American Funds,
Inc.
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Report of Independent Registered Public Accounting Firm
The Board of Directors
First American Funds,
Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance With Certain
Provisions of the Investment Company Act of 1940 (the Act), that the Government Obligations Fund, Prime Obligations Fund, Tax Free Obligations Fund, Treasury Obligations Fund, and U.S. Treasury Money Market Fund of First American Funds, Inc.
(collectively the Funds) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012
through April 30, 2013. Management is responsible for the Funds’ compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about the Funds’ compliance based on our examination.
Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and,
accordingly, included examining, on a test basis, evidence about the Funds’ 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from August 31, 2012 (the date of our last examination) through April 30, 2013:
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company and Federal Reserve Bank of Boston), without prior
notice to management;
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Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
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Reconciliation of all such securities to the books and records of the Funds and U.S. Bank National Association (the Custodian);
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Confirmation of all repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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Review of six purchases and seven security sales or maturities since our last report from the books and records of the Funds, noting that they have
been accurately reported and subsequently settled.
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We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the Funds’ compliance with specified requirements.
In our opinion,
management’s assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Funds, is
fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors
of the Funds and the Securities and Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
July 31, 2013
I, as a member of
management of the Mount Vernon Securities Lending Prime Portfolio of the Mount Vernon Securities Lending Trust (the Portfolio), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of
Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have
performed an evaluation of the Portfolio’s compliance with the requirements of subsections (b) and (c) of rule 17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Portfolio was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the
Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment accounts of the Portfolio.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
Mount Vernon Securities Lending
Trust
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Report of Independent Registered Public Accounting Firm
The Board of Directors
Mount Vernon Securities
Lending Trust
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance With
Certain Provisions of the Investment Company Act of 1940 (the Act), that the Mount Vernon Securities Lending Prime Portfolio of Mount Vernon Securities Lending Trust (the Portfolio) complied with the requirements of subsections (b) and
(c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. Management is responsible for the Portfolio’s
compliance with those requirements. Our responsibility is to express an opinion on management’s assertion about the Portfolio’s compliance based on our examination.
Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the
Portfolio’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 April 30, 2013, and with respect to
agreement of security purchases and sales, for the period from August 31, 2012 (the date of our last examination) through April 30, 2013:
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company, Bank of New York Mellon and Federal Reserve Bank of
Boston), without prior notice to management;
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Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
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Reconciliation of all such securities to the books and records of the Portfolio and U.S. Bank National Association (the Custodian);
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Confirmation of all repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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Review of two security purchases and one security sale or maturity since our last report from the books and records of the Portfolio, noting that they
have been accurately reported and subsequently settled.
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We believe that our examination provides a reasonable basis for our opinion. Our examination does not
provide a legal determination on the Portfolio’s compliance with specified requirements.
In our opinion, management’s assertion
that the Portfolio complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Portfolio, is fairly stated, in all
material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Portfolio and
the Securities and Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Income Fund, Inc. (the Fund), am
responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I am also
responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of rule 17f-2
as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Fund was in
compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment accounts of
the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
American Income Fund,
Inc.
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Report of Independent Registered Public Accounting Firm
The Board of Directors
American Income Fund,
Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance With Certain
Provisions of the Investment Company Act of 1940 (the Act), that American Income Fund, Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30
,
2013, and with respect to agreement of security purchases and sales, for the period from August 31, 2012 (the date
of our last examination) through April 30, 2013:
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•
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Confirmation of all securities held by institutions in book entry form (Bank of New York, Depository Trust Company, and Federal Reserve Bank of
Boston), without prior notice to management;
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•
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Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
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•
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Reconciliation of all such securities to the books and records of the Fund and U.S. Bank National Association (the Custodian);
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•
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Confirmation of all reverse repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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•
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Review of one security purchase and one security sale or maturity since our last report from the books and records of the Fund, noting that it has been
accurately reported and subsequently settled.
|
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 specified requirements.
In our opinion, management’s assertion that the
Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and
Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/
Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the Minnesota Municipal Income Portfolio Inc.
(the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I
am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of rule
17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Fund
was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
Minnesota Municipal Income Portfolio
Inc.
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Report of Independent Registered Public Accounting Firm
The Board of Directors
Minnesota Municipal
Income Portfolio Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance
With Certain Provisions of the Investment Company Act of 1940 (the Act), that Minnesota Municipal Income Portfolio Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by
Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted
in accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from
August 31, 2012 (the date of our last examination) through April 30, 2013:
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•
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Confirmation of all securities held by institutions in book entry form (Depository Trust Company), without prior notice to management;
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•
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Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
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•
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Reconciliation of all such securities to the books and records of the Fund and the Custodian; and
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•
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Review of one security sale or maturity since our last report from the books and records of the Fund, noting that it has been accurately reported and
subsequently settled.
|
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 specified requirements.
In our opinion, management’s assertion that the Fund complied with the requirements of subsections
(b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and Exchange
Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/ Ernst &
Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the First American Minnesota Municipal Income
Fund II, Inc. (the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940
(the Act). I am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and
(c) of rule 17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I
assert that the Fund was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in
the investment accounts of the Fund.
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By:
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/s/ Jill Stevenson
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Jill Stevenson
Treasurer
First American Minnesota Municipal
Income Fund II, Inc.
|
Report of Independent Registered Public Accounting Firm
The Board of Directors
First American
Minnesota Municipal Income Fund II, Inc.
We have examined management’s assertion, included in the accompanying Management Statement
Regarding Compliance With Certain Provisions of the Investment Company Act of 1940 (the Act), that First American Minnesota Municipal Income Fund II, Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2,
Custody of Investments by Registered Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to
agreement of security purchases and sales, for the period from August 31, 2012 (the date of our last examination) through April 30, 2013:
|
|
•
|
|
Confirmation of all securities held by institutions in book entry form (Depository Trust Company), without prior notice to management;
|
|
|
•
|
|
Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
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|
•
|
|
Reconciliation of all such securities to the books and records of the Fund and U.S. Bank National Association (the Custodian); and
|
|
|
•
|
|
Review of one security sale or maturity since our last report from the books and records of the Fund, noting that it has been accurately reported and
subsequently settled.
|
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 specified requirements.
In our opinion, management’s assertion that the Fund complied with the requirements of subsections
(b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and Exchange
Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/ Ernst &
Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance With Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Select Portfolio Inc. (the
Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I am
also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of rule
17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Fund
was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
|
|
|
|
|
By:
|
|
/s/ Jill Stevenson
|
|
|
|
Jill Stevenson
Treasurer
American Select Portfolio
Inc.
|
Report of Independent Registered Public Accounting Firm
The Board of Directors
American Select
Portfolio Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance With
Certain Provisions of the Investment Company Act of 1940 (the Act), that American Select Portfolio Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management
Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in accordance with
the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from August 31, 2012 (the date
of our last examination) through April 30, 2013:
|
|
•
|
|
Count and inspection of underlying documentation of securities in whole loans designated as being held in the vault of U.S. Bank National Association
(the Custodian) in St. Paul, Minnesota, without prior notice to management;
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•
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|
Confirmation of all securities held by institutions in book entry form (Depository Trust Company and Federal Reserve Bank of Boston);
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|
•
|
|
Reconciliation of all such securities to the books and records of the Fund and the Custodian;
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•
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Confirmation of all reverse repurchase agreements with brokers/banks and agreement of underlying collateral with the Custodian’s records; and
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|
•
|
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Review of one security purchase since our last report from the books and records of the Fund, noting that it has been accurately reported and
subsequently settled.
|
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 specified requirements.
In our opinion, management’s assertion that the
Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and
Exchange Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/
Ernst & Young LLP
Minneapolis, Minnesota
July 31, 2013
2
Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940
July 31, 2013
I, as a member of management of the American Municipal Income Portfolio Inc.
(the Fund), am responsible for complying with the requirements of subsections (b) and (c) of rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (the Act). I
am also responsible for establishing and maintaining effective internal controls over compliance with those requirements. I have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of rule
17f-2 as of April 30, 2013, and from August 31, 2012 through April 30, 2013.
Based on this evaluation, I assert that the Fund
was in compliance with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013, with respect to securities reflected in the investment
accounts of the Fund.
|
|
|
|
|
By:
|
|
/s/ Jill Stevenson
|
|
|
|
Jill Stevenson
Treasurer
American Municipal Income Portfolio
Inc.
|
Report of Independent Registered Public Accounting Firm
The Board of Directors
American Municipal
Income Portfolio Inc.
We have examined management’s assertion, included in the accompanying Management Statement Regarding Compliance
With Certain Provisions of the Investment Company Act of 1940 (the Act), that American Municipal Income Portfolio Inc. (the Fund) complied with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered
Management Investment Companies, under the Act as of April 30, 2013, and from August 31, 2012 through April 30, 2013. 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 conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States) 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 April 30, 2013, and with respect to agreement of security purchases and sales, for the period from
August 31, 2012 (the date of our last examination) through April 30, 2013:
|
|
•
|
|
Confirmation of all securities held by institutions in book entry form (Depository Trust Company), without prior notice to management;
|
|
|
•
|
|
Confirmation of all securities hypothecated, pledged, placed in escrow, or out for transfer with brokers, pledgees, or transfer agents;
|
|
|
•
|
|
Reconciliation of all such securities to the books and records of the Fund and U.S. Bank National Association (the Custodian); and
|
|
|
•
|
|
Review of one security sale or maturity since our last report from the books and records of the Fund, noting that it has been accurately reported and
subsequently settled.
|
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 specified requirements.
In our opinion, management’s assertion that the Fund complied with the requirements of subsections
(b) and (c) of Rule 17f-2 of the Act as of April 30, 2013, with respect to securities reflected in the investment accounts of the Fund, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and Exchange
Commission and is not intended to be, and should not be used by anyone other than these specified parties.
/s/ Ernst &
Young LLP
Minneapolis, Minnesota
July 31, 2013
2
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