Schedule of INVESTMENTS August 31, 2008, all dollars are rounded to thousands (000)U.S. Treasury <strong>Money</strong> <strong>Market</strong> FundDESCRIPTION PAR/SHARES VALUEU.S. Treasury Obligations – 96.5%U.S. Treasury Bills Ï1.712%, 09/04/2008 $ 148,711 $ 148,6901.679%, 09/11/2008 200,915 200,8211.889%, 09/15/2008 60,000 59,9561.724%, 09/18/2008 193,959 193,8011.414%, 09/25/2008 19,493 19,4751.473%, 10/02/2008 110,000 109,8601.682%, 10/09/2008 105,000 104,8141.544%, 10/16/2008 45,000 44,9131.492%, 10/23/2008 35,000 34,9251.664%, 10/30/2008 20,000 19,9451.825%, 11/06/2008 21,357 21,2851.826%, 11/13/2008 50,000 49,8151.690%, 11/20/2008 25,000 24,9061.716%, 11/28/2008 82,809 82,4622.170%, 12/04/2008 2,938 2,9211.742%, 12/11/2008 15,000 14,9271.835%, 12/26/2008 35,000 34,7931.813%, 01/02/2009 87,258 86,7181.785%, 01/08/2009 15,000 14,9041.860%, 02/19/2009 10,000 9,912Total U.S. Treasury Obligations(Cost $1,279,843) 1,279,843<strong>Money</strong> <strong>Market</strong> Fund – 3.6%Goldman Sachs <strong>Financial</strong> Square TreasuryInstruments Fund 48,157,062 48,157(Cost $48,157)Total Investments – 100.1%(Cost $1,328,000) 1,328,000Other Assets and Liabilities, Net – (0.1)% (1,827)Total Net Assets – 100.0% $ 1,326,173Ï Yield shown is effective yield as of August 31, 2008.The accompanying notes are an integral part of the financial statements.22 FIRST AMERICAN FUNDS 2008 Annual Report
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