Money Market Funds - COUNTRY Financial

Treasury Obligations FundDESCRIPTION PAR VALUEU.S. Treasury Obligation – 5.3%U.S. Treasury Note4.875%, 05/15/2009(Cost $1,020,412) $ 1,000,000 $ 1,020,412Repurchase Agreements – 94.8%ABN AMRO2.000%, dated 08/29/2008, matures09/02/2008, repurchase price$3,300,733(collateralized by U.S. TreasuryObligations: Total market value$3,366,000) 3,300,000 3,300,000Bank of America2.000%, dated 08/29/2008, matures09/02/2008, repurchase price$1,050,233(collateralized by U.S. TreasuryObligations: Total market value$1,071,000) 1,050,000 1,050,000Barclays2.010%, dated 08/29/2008, matures09/02/2008, repurchase price$2,400,536(collateralized by U.S. TreasuryObligations: Total market value$2,448,000) 2,400,000 2,400,000Barclays2.020%, dated 08/29/2008, matures10/01/2008, repurchase price $500,000(collateralized by U.S. TreasuryObligations: Total market value$510,000) 500,000 500,000Calyon2.010%, dated 08/29/2008, matures09/02/2008, repurchase price $700,156(collateralized by U.S. TreasuryObligations: Total market value$714,000) 700,000 700,000CS First Boston2.030%, dated 08/29/2008, matures09/02/2008, repurchase price$2,000,451(collateralized by U.S. TreasuryObligations: Total market value$2,040,009) 2,000,000 2,000,000Deutsche Bank2.020%, dated 08/29/2008, matures09/02/2008, repurchase price$3,750,842(collateralized by U.S. TreasuryObligations: Total market value$3,825,000) 3,750,000 3,750,000Fortis Bank2.010%, dated 08/29/2008, matures09/02/2008, repurchase price $500,112(collateralized by U.S. TreasuryObligations: Total market value$510,000) 500,000 500,000Greenwich Capital2.000%, dated 08/29/2008, matures09/02/2008, repurchase price$1,400,311(collateralized by U.S. TreasuryObligations: Total market value$1,428,001) 1,400,000 1,400,000Treasury Obligations Fund (concluded)DESCRIPTION PAR VALUEHSBC2.000%, dated 08/29/2008, matures09/02/2008, repurchase price$1,000,222(collateralized by U.S. TreasuryObligations: Total market value$1,020,001) $ 1,000,000 $ 1,000,000Merrill Lynch2.000%, dated 08/29/2008, matures09/02/2008, repurchase price $400,089(collateralized by U.S. TreasuryObligations: Total market value$408,006) 400,000 400,000UBS Warburg1.980%, dated 08/29/2008, matures09/02/2008, repurchase price$1,191,186(collateralized by U.S. TreasuryObligations: Total market value$1,214,747) 1,190,924 1,190,924Total Repurchase Agreements(Cost $18,190,924) 18,190,924Total Investments – 100.1%(Cost $19,211,336) 19,211,336Other Assets and Liabilities, Net – (0.1)% (15,345)Total Net Assets – 100.0% $ 19,195,991Illiquid Security – A security may be considered illiquid if it lacks a readilyavailable market. As of August 31, 2008 the value of these investments was$500,000 or 2.6% of total net assets. See note 2 in Notes to Financial Statements.FIRST AMERICAN FUNDS 2008 Annual Report 21