Money Market Funds - COUNTRY Financial

Prime Obligations Fund (concluded)DESCRIPTION PAR VALUERepurchase Agreements – 3.7%UBS Warburg1.980%, dated 08/31/2008, matures09/02/2008,repurchase price $459,177(collateralized by Various securities:Total market value $468,252) $ 459,076 $ 459,076UBS Warburg2.090%, dated 08/31/2008, matures09/02/2008,repurchase price $427,058(collateralized by Various securities:Total market value $435,501) 426,959 426,959Total Repurchase Agreements(Cost $886,035) 886,035Total Investments – 100.0%(Cost $24,170,991) 24,170,991Other Assets and Liabilities, Net – 0.0% 11,785Total Net Assets – 100.0% $ 24,182,776m Securities sold within the terms of a private placement memorandum, exemptfrom registration under Rule 144A of the Securities Act of 1933, as amended, andmay be sold only to dealers in that program or other “qualified institutionalbuyers.” As of August 31, 2008, the value of these investments was $8,148,183or 33.7% of total net assets. Variable Rate Security – The rate shown is the rate in effect as of August 31,2008. The date shown is the next projected 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.Tax Free Obligations FundDESCRIPTION PAR VALUEMunicipal Bonds – 96.7%Alabama – 1.7%Birmingham Public Educational BuildingAuthority, Student Housing UAB II,Series A (LOC: Regions Bank)1.855%, 09/05/2008 $ 5,800 $ 5,800Infirmary Health Systems Special Care FacilitiesFinancing Authority, Series B (LOC: RegionsBank)1.845%, 09/05/2008 15,000 15,000Mobile Educational Building Authority, SpringHill College (LOC: Regions Bank)1.835%, 09/05/2008 20,000 20,00040,800Arizona – 1.5%Arizona Health Facilities Authority, The Terraces(LOC: Sovereign Bank) (LOC: Lloyd’s Bank)1.825%, 09/05/2008 2,500 2,500Phoenix Industrial Development Authority(LOC: Wells Fargo Bank)1.835%, 09/05/2008 950 950Pima County Industrial Development Authority,Harvest Preparatory Project (LOC: J.P. MorganChase Bank)1.795%, 09/05/2008 8,700 8,700Tempe Industrial Development Authority,Friendship Village, Series C (LOC: SovereignBank) (LOC: Fortis Bank)1.825%, 09/05/2008 23,900 23,90036,050Arkansas – 0.3%Little Rock Residential Housing & PublicFacilities Board, Pleasant Woods Project (INS:FNMA)1.915%, 09/05/2008 6,390 6,390California – 1.5%California Infrastructure & EconomicDevelopment Bank, Goodwill Industries OrangeCounty (LOC: Wells Fargo Bank)1.566%, 09/05/2008 1,100 1,100California State Economic Recovery, Series C-11(General Obligation) (LOC: BNP Paribas)1.446%, 09/05/2008 23,100 23,100Chino Basin Regional Financing Authority, InlandEmpire Utilities, Series B (LOC: Dexia Bank)1.536%, 09/05/2008 5,150 5,150Los Angeles Wastewater System Revenue,Series A (LOC: Bank of Nova Scotia)1.576%, 09/05/2008 7,400 7,40036,750Colorado – 2.2%Colorado Educational & Cultural Facilities, FirstAcademy Project (LOC: Fifth Third Bank)1.795%, 09/05/2008 7,250 7,250Colorado Educational & Cultural Facilities,Mesivta L.A. (LOC: Bank of America)1.865%, 09/05/2008 4,885 4,885Colorado Educational & Cultural Facilities, RegisJesuit High School Project (LOC: Wells FargoBank)1.835%, 09/05/2008 1,100 1,100FIRST AMERICAN FUNDS 2008 Annual Report 13