Money Market Funds - COUNTRY Financial

Government Obligations Fund (concluded)DESCRIPTION PAR VALUEBNP Paribas2.120%, dated 08/31/2008, matures09/02/2008, repurchase price$2,000,471 (collateralized by U.S.Treasury Obligations: Total market value$2,040,000) $ 2,000,000 $ 2,000,000CS First Boston2.120%, dated 08/31/2008, matures09/02/2008, repurchase price $700,165(collateralized by U.S. TreasuryObligations: Total market value$714,003) 700,000 700,000UBS Warburg2.090%, dated 08/31/2008, matures09/02/2008, repurchase price $198,087(collateralized by U.S. TreasuryObligations: Total market value$202,005) 198,041 198,041Total Repurchase Agreements(Cost $3,848,041) 3,848,041Total Investments – 101.5%(Cost $12,847,506) 12,847,506Other Assets and Liabilities, Net – (1.5)% (195,231)Total Net Assets – 100.0% $ 12,652,275 Variable Rate Security – The rate shown is the rate in effect as of August 31,2008. The date shown is the next reset date.Zero coupon bonds make no periodic interest payments, but are issued at deepdiscounts from par value. The rate shown is the effective yield as of August 31,2008.Prime Obligations FundDESCRIPTION PAR VALUECommercial Paper – 32.3%Asset-Backed m – 17.8%Atlantic Asset Securitization2.650%, 09/29/2008 $ 50,000 $ 49,8912.650%, 10/06/2008 38,340 38,2382.650%, 10/09/2008 126,000 125,6342.650%, 10/14/2008 45,327 45,1782.650%, 10/16/2008 37,267 37,141Barton Capital2.700%, 09/12/2008 47,500 47,4612.700%, 09/12/2008 50,399 50,3582.760%, 10/01/2008 80,000 79,8162.750%, 11/10/2008 52,834 52,5522.750%, 11/14/2008 50,000 49,717Bryant Park Funding2.650%, 09/02/2008 34,932 34,9292.650%, 09/02/2008 72,015 72,0102.820%, 09/23/2008 23,500 23,4602.750%, 11/12/2008 16,553 16,462Chariot Funding2.600%, 09/02/2008 75,000 74,9952.750%, 09/25/2008 25,000 24,9542.650%, 10/06/2008 25,129 25,0642.720%, 10/06/2008 125,000 124,6692.650%, 10/14/2008 44,871 44,729Fairway Finance (Guarantor: Bank of Montreal)2.820%, 09/09/2008 37,000 36,9772.800%, 09/10/2008 40,000 39,9722.770%, 10/09/2008 70,000 69,7952.790%, 10/10/2008 23,000 22,931Falcon Asset Securitization2.600%, 09/02/2008 34,000 33,9982.650%, 09/04/2008 75,000 74,9832.580%, 09/05/2008 15,000 14,9962.750%, 09/30/2008 37,293 37,2102.650%, 10/06/2008 50,000 49,8712.650%, 10/10/2008 72,983 72,774Govco2.710%, 09/15/2008 160,000 159,8322.720%, 10/20/2008 50,000 49,8152.730%, 11/03/2008 26,398 26,2722.700%, 11/12/2008 27,500 27,3522.725%, 11/12/2008 24,102 23,971Kitty Hawk Funding (Guarantor: Bank ofAmerica)2.730%, 09/16/2008 62,037 61,9662.710%, 10/10/2008 125,000 124,6332.730%, 11/03/2008 50,000 49,761Market Street Funding2.850%, 09/08/2008 40,000 39,9782.850%, 09/15/2008 50,000 49,9452.850%, 09/30/2008 50,000 49,885Old Line Funding2.850%, 09/15/2008 50,000 49,9472.750%, 10/07/2008 20,924 20,8662.750%, 10/15/2008 64,627 64,4102.730%, 10/17/2008 75,000 74,7382.770%, 11/07/2008 40,000 39,794Ranger Funding2.600%, 09/02/2008 20,124 20,1232.680%, 09/08/2008 30,000 29,9842.680%, 09/09/2008 32,049 32,0302.750%, 09/16/2008 60,000 59,9312.700%, 10/08/2008 24,000 23,9332.730%, 10/20/2008 75,000 74,7212.750%, 11/19/2008 50,000 49,698FIRST AMERICAN FUNDS 2008 Annual Report 9