Money Market Funds - COUNTRY Financial

Schedule of INVESTMENTS August 31, 2008, all dollars are rounded to thousands (000)Tax Free Obligations Fund (continued)DESCRIPTION PAR VALUERichmond Industrial Development Authority,Church Schools (LOC: Suntrust Bank)2.413%, 09/01/2008 $ 1,335 $ 1,335Virginia College Building Authority EducationalFacilities, Shenandoah University Project(LOC: Branch Banking & Trust)2.423%, 09/01/2008 1,400 1,40070,566Washington – 3.3%King County School District (GeneralObligation) (INS: School Bond Guaranty)4.000%, 06/01/2009 4,750 4,828Seattle, Series D250 (General Obligation) (SPA:Wachovia bank)1.915%, 09/05/2008 m 7,000 7,000Washington State (General Obligation)1.805%, 09/05/2008 m 2,795 2,795Washington State Housing Finance CommunityNonprofit Housing, Franke Tobey Jones Project(LOC: Wells Fargo Bank)2.403%, 09/01/2008 6,650 6,650Washington State Housing Financial NonprofitRevenue, Judson Park Project (LOC: SovereignBank) (LOC: KBC Bank)1.845%, 09/05/2008 16,210 16,210Washington State Housing Financial NonprofitRevenue, Kenney Home Project (LOC: WellsFargo Bank)1.795%, 09/05/2008 17,620 17,620Washington State Housing Financial NonprofitRevenue, Open Window School Project(LOC: Bank of America)1.945%, 09/05/2008 5,730 5,730Washington State Housing Financial NonprofitRevenue, Skyline at First Hill Project,Series C (LOC: Bank of America)1.795%, 09/05/2008 1,000 1,000Washington State, Series 2000A,Pre-refunded 07/01/2009 @ 100 (GeneralObligation)5.625%, 07/01/2009 2,000 2,066Washington State, Series 2465 (GeneralObligation)1.865%, 09/05/2008 m 5,785 5,785Washington State, Series 2480 (GeneralObligation)1.865%, 09/05/2008 m 1,225 1,225Washington State, Series C28 (GeneralObligation) (SPA: Bank of New York)2.064%, 09/05/2008 m 5,000 5,000Washington State, Series R3087 (GeneralObligation)1.785%, 09/05/2008 m 2,000 2,00077,909West Virginia – 0.5%Monongalia County, Trinity Christian School(LOC: Fifth Third Bank)1.795%, 09/05/2008 8,815 8,815West Virginia State Hospital Financing Authority,Pallottine Health, Series A1 (LOC: Fifth ThirdBank)1.895%, 09/05/2008 2,075 2,07510,890Tax Free Obligations Fund (concluded)DESCRIPTION PAR/SHARES VALUEWisconsin – 2.2%City of Milwaukee (Commercial Paper)0.000%, 10/09/2008 $ 6,000 $ 6,000Pleasant Prairie Pollution Control (LOC: WellsFargo Bank)1.850%, 09/05/2008 8,000 8,000Wisconsin State Health & Educational Facilities,Community Health, Series B (LOC: Fifth ThirdBank)1.815%, 09/05/2008 4,560 4,560Wisconsin State Health & Educational Facilities,Goodwill Industries (LOC: Wells Fargo Bank)1.835%, 09/05/2008 100 100Wisconsin State Health & Educational Facilities,Marshfield (LOC: Morgan Guaranty)1.795%, 09/05/2008 8,000 8,000Wisconsin State Health & Educational Facilities,St. Norbert College (LOC: J.P. Morgan ChaseBank)1.865%, 09/05/2008 21,750 21,750Wisconsin State Health & Educational Facilities,Watertown Memorial Hospital Project(LOC: Bank One)1.825%, 09/05/2008 3,520 3,52051,930Total Municipal Bonds(Cost $2,305,195) 2,305,195Money Market Fund – 2.0%AIM TFIT-Tax-Free Cash Reserve Portfolio(Cost $46,521) 46,521,000 46,521Total Investments – 98.7%(Cost $2,351,716) 2,351,716Other Assets and Liabilities, Net – 1.3% 31,671Total Net Assets – 100.0% $ 2,383,387 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.m Security sold within the terms of a private placement memorandum, exempt fromregistration under Rule 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in that program or other “qualified institutional buyers.” Asof August 31, 2008, the value of these investments was $247,355 or 10.4% oftotal net assets.( Illiquid Security – A security may be considered illiquid if it lacks a readilyavailable market. As of August 31, 2008 the value of these investments was$18,385 or 0.8% of total net assets. See note 2 in Notes to Financial Statements. Pre-refunded issues are typically backed by U.S. government obligations, whichsecure the timely payment of principal and interest. These bonds mature at thecall date and price indicated.FHLMC – Federal Home Loan Mortgage CorporationFNMA – Federal National Mortgage AssociationINS – InsuredLOC – Letter of CreditPSF – Permanent School FundSPA – Standby Purchase AgreementThe accompanying notes are an integral part of the financial statements.20 FIRST AMERICAN FUNDS 2008 Annual Report