UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number (811-05309)

First American Investment Funds, Inc.

(Exact name of registrant as specified in charter)

800 Nicollet Mall

Minneapolis, MN 55402

(Address of principal executive offices) (Zip code)

Charles D. Gariboldi, Jr.

800 Nicollet Mall Minneapolis, MN 55402

(Name and address of agent for service)

800-677-3863

Registrant's telephone number, including area code

Date of fiscal year end: 06/30/09

Date of reporting period:  03/31/09

Item 1. Schedule of Investments.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Arizona Tax Free Fund
DESCRIPTION	PAR		VALUE s
Municipal Bonds - 95.0%
Revenue Bonds - 73.5%
Continuing Care Retirement Communities - 8.4%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ¸	$	200	$	241
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		400		220
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		71
Maricopa County Industrial Development Authority, Senior Living Health Care Revenue, Immanuel Care, Series A (GNMA)
4.850%, 08/20/2026		750		674
5.000%, 08/20/2035		750		654
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		157		144
				2,004
Education - 5.5%
Anderson, Indiana, Economic Development, Anderson University Project
5.000%, 10/01/2032		425		271
Glendale Industrial Development Authority, Midwestern University
5.250%, 05/15/2014		140		148
5.000%, 05/15/2031		500		419
Glendale Industrial Development Authority, Midwestern University, Series A, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2021 ¸		250		275
Pima County Industrial Development Authority, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		275		197
				1,310
Healthcare - 22.3%
Arizona Health Facilities Authority, Banner Health, Series A
5.000%, 01/01/2021		280		266
Arizona Health Facilities Authority, Banner Health, Series D
5.375%, 01/01/2032		150		136
Arizona Health Facilities Authority, Blood Systems Incorporated
4.750%, 04/01/2025		300		258
Arizona Health Facilities Authority, John C. Lincoln Health Network, Pre-refunded 12/01/2012 @ 101
5.750%, 12/01/2032 ¸		150		172
Glendale Industrial Development Authority
4.625%, 12/01/2027		200		141
Glendale Industrial Development Authority, John C. Lincoln Health Network
5.000%, 12/01/2032		100		71
Halifax Florida Hospital, Medical Center, Series A
5.000%, 06/01/2038		375		258
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		400		309
Johnson City, Tennessee Health & Educational Facilities Board, Series A, Pre-refunded 07/01/2012 @ 103
7.500%, 07/01/2025 ¸		100		114
Maricopa County Hospital, Sun Health Corporation, Pre-refunded 04/01/2024 @ 100
5.000%, 04/01/2025 ¸		200		217
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.375%, 07/01/2023		500		460
5.250%, 07/01/2032		100		81
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Pre-refunded 12/01/2011 @ 101
5.700%, 12/01/2021 ¸		1,000		1,119
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
5.250%, 09/01/2030		550		455
University Medical Center Corporation, Hospital Revenue
5.000%, 07/01/2016		250		238
5.000%, 07/01/2024		500		406
Yavapai County Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
5.250%, 08/01/2021		375		311
6.000%, 08/01/2033		100		76
Yuma Industrial Development Authority, Yuma Regional Medical Center, Escrowed to Maturity (NATL)
5.500%, 08/01/2017 §		250		268
				5,356
Housing - 4.2%
Douglas Community Housing Corporation, Rancho La Perilla, Series A (GNMA)
5.900%, 07/20/2020		500		514
6.000%, 07/20/2025		475		482
				996
Lease Revenue - 4.1%
Arizona Game & Fish Department, Administration Building Project
4.500%, 07/01/2032		200		159
Mohave County Industrial Development Authority, Correctional Facilities Contract, Mohave Prison Expansion Project
8.000%, 05/01/2025		250		258
Peoria Municipal Development Authority
5.000%, 07/01/2015		310		352
Pinal County Industrial Development Authority Correctional Facilities Contract, Florence West Prison Project, Series A (ACA)
5.000%, 10/01/2016		250		220
				989
Miscellaneous - 3.4%
Arizona Student Loan Acquisition Authority, Series A-1 (AMT)
5.900%, 05/01/2024		100		97
Greater Arizona Development Authority, Infrastructure Revenue, Series B
5.250%, 08/01/2026		750		722
				819
Tax Revenue - 12.5%
Gilbert Public Facilities Municipal Property Corporation
5.500%, 07/01/2027		500		505
Greater Arizona Development Authority, Infrastructure Revenue, Pinal County Road Project, Series 1 (NATL)
4.500%, 08/01/2025		750		705
Marana Municipal Property Corporation, Series A
5.000%, 07/01/2028		250		246
Marana Tangerine Farms Road Improvement District
4.600%, 01/01/2026		241		168
Peoria Improvement District #0601
4.250%, 01/01/2022		465		428
Queen Creek Improvement District #001
5.000%, 01/01/2020		300		246
Scottsdale Municipal Property Corporation, Excise Tax, Convertible CABs, Series C (AMBAC)
0.000% through 06/30/2013, thereafter 4.550%, 07/01/2021 »		500		423
Yuma Improvement District #68
4.700%, 01/01/2021		365		289
				3,010
Utilities - 13.1%
Cottonwood Water Revenue (SGI)
5.000%, 07/01/2017		250		238
Gilbert Water Resource Municipal Property Corporation, Wastewater System & Utility Revenue
5.000%, 04/01/2017		165		165
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2028		1,000		947
Salt River Project, Agricultural Improvement and Power District Electric System, Series A
5.000%, 01/01/2034		1,000		989
Salt Verde Financial Corporation, Gas Revenue
5.000%, 12/01/2037		550		322
Tucson Water, Series 1994-A (NATL)
6.250%, 07/01/2016		170		193
Yavapai County Industrial Development Authority, Waste Management Incorporated Project, Series A-1 (AMT)
4.900%, 03/01/2028		400		289
				3,143
Total Revenue Bonds				17,627
General Obligations - 16.3%
Centerra Community Facilities Distributors
5.500%, 07/15/2029		188		113
Chandler
4.375%, 07/01/2028		500		476
Chandler, Pre-refunded 07/01/2010 @ 101
5.800%, 07/01/2018 ¸		250		269
Greenlee County School District #18, Morenci School Improvement
5.000%, 07/01/2012		165		172
Phoenix, Pre-refunded 07/01/2010 @ 100
5.250%, 07/01/2019 ¸		350		370
5.375%, 07/01/2025 ¸		250		265
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC)
5.000%, 07/01/2027		1,000		980
Pinal County Unified School District #1, Florence School Improvement Project 2006, Series A (FGIC)
5.000%, 07/01/2027		1,000		980
Tucson
5.500%, 07/01/2018		250		296
Total General Obligations				3,921
Certificates of Participation - 5.2%
Arizona School Facilities Board
5.250%, 09/01/2023		500		499
Northern Arizona University, Research Projects (AMBAC)
5.000%, 09/01/2023		140		135
Pinal County
5.000%, 12/01/2014		400		417
Tucson (NATL)
5.500%, 07/01/2015		200		202
Total Certificates of Participation				1,253
Total Municipal Bonds
(Cost $24,687)				22,801
Short-Term Investment - 4.2%	SHARES
First American Tax Free Obligations Fund, Class Z ±
(Cost $1,018)		1,018,308		1,018
Total Investments Ө - 99.2%
(Cost $25,705)				23,819
Other Assets and Liabilities, Net - 0.8%				182
Total Net Assets - 100.0%			$	24,001

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
»	Convertible Capital Appreciation Bonds (Convertible CABs) - These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor for this fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $25,705. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$514
	Gross unrealized depreciation	(2,400	)
	Net unrealized depreciation	$(1,886	)
ACA -	ACA Financial Guaranty Corporation
AGTY -	Assured Guaranty
AMBAC -	American Municipal Bond Assurance Corporation
AMT -	Alternative Minimum Tax. As of March 31, 2009, the aggregate market value of securities subject to AMT was $386 which represents 1.6% of total net assets.
FGIC -	Financial Guaranty Insurance Corporation
GNMA -	Government National Mortgage Association
NATL -	National Public Finance Guarantee Corporation
RAAI -	Radian Asset Assurance Inc.
SGI -	Syncora Guarantee Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            1,018
Level 2 - Other significant observable inputs	22,801
Level 3 - Significant unobservable inputs	—
Total	$          23,819

Schedule ofINVESTMENTS  March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
California Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 97.3%
Revenue Bonds - 69.2%
Continuing Care Retirement Communities - 1.8%
Association of Bay Area Governments Financial Authority, Lincoln Glen Manor Senior Citizens (CMI)
6.100%, 02/15/2025	$	250	$	250
California Health Facilities Financing Authority, Paradise Valley Estates (CMI)
4.375%, 01/01/2012		540		549
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		500		519
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		300		186
La Verne, Brethren Hillcrest Homes, Series B (ACA)
5.600%, 02/15/2033		500		294
				1,798
Economic Development - 1.0%
Port of Oakland, Series B (NATL)
5.000%, 11/01/2018		1,000		1,003
Education - 13.1%
Association of Bay Area Governments Financial Authority, Schools of the Sacred Heart, Series A, Escrowed to Maturity
5.900%, 06/01/2010 §		200		212
California Educational Facilities Authority, Claremont Graduate University, Series A
4.750%, 03/01/2020		755		777
5.000%, 03/01/2020		240		238
5.000%, 03/01/2023		865		880
5.125%, 03/01/2028		500		491
California Educational Facilities Authority, Fresno Pacific University, Series A
6.750%, 03/01/2019		380		342
California Educational Facilities Authority, Golden Gate University
5.000%, 10/01/2020		505		399
California Educational Facilities Authority, Lutheran University, Series C
4.750%, 10/01/2015		675		615
California Educational Facilities Authority, Pooled College & University, Series A, Escrowed to Maturity
5.550%, 06/01/2009 §		225		227
California Educational Facilities Authority, Pooled College & University, Series A, Pre-refunded 06/01/2010 @ 101
5.700%, 06/01/2011 ¸		250		267
5.750%, 06/01/2012 ¸		260		278
California Educational Facilities Authority, Series B, Escrowed to Maturity
6.000%, 06/01/2010 §		85		90
6.000%, 06/01/2010 §		410		436
California Educational Facilities Authority, Series B, Pre-refunded 06/01/2010 @ 101
6.625%, 06/01/2020 ¸		35		38
6.625%, 06/01/2020 ¸		180		194
California Educational Facilities Authority, University of Redlands, Series A
5.000%, 10/01/2020		1,000		991
5.000%, 08/01/2028		1,000		966
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2015		300		308
5.000%, 11/01/2030		1,000		817
California Educational Facilities Authority, Woodbury University
4.400%, 01/01/2015		450		398
4.500%, 01/01/2016		470		406
California Municipal Finance Authority, American Heritage Education Foundation Project, Series A
5.250%, 06/01/2026		400		281
California Municipal Finance Authority, Biola University
5.000%, 10/01/2018		1,000		868
5.625%, 10/01/2023		500		425
California Municipal Finance Authority, Loma Linda University
4.250%, 04/01/2018		300		288
4.375%, 04/01/2019		300		285
California State University, Series C (NATL)
5.000%, 11/01/2025		1,000		981
California Statewide Communities Development Authority, Viewpoint School (ACA)
4.125%, 10/01/2014		405		356
				12,854
Healthcare - 17.9%
Association of Bay Area Governments Financial Authority, Children's Hospital & Research, Series A
4.500%, 12/01/2019		425		385
4.750%, 12/01/2022		350		308
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		350		349
California Health Facilities Financing Authority, Catholic Healthcare West, Series G
5.500%, 07/01/2025		1,000		966
California Health Facilities Financing Authority, Catholic Healthcare West, Series I, Mandatory Put 07/01/2014 @ 100
4.950%, 07/01/2026		450		449
California Health Facilities Financing Authority, Marshall Medical Center, Series A (CMI)
4.750%, 11/01/2019		1,760		1,673
California Health Facilities Financing Authority, Scripps Health, Series A
5.000%, 10/01/2022		200		179
California Health Facilities Financing Authority, Sutter Health, Series A
5.000%, 08/15/2038		250		216
California Statewide Communities Development Authority, Adventist Health, Series A
5.000%, 03/01/2030		300		245
California Statewide Communities Development Authority, Catholic Healthcare West, Series C
5.625%, 07/01/2035		1,000		909
California Statewide Communities Development Authority, Daughters of Charity Health, Series A
5.250%, 07/01/2030		100		67
California Statewide Communities Development Authority, Daughters of Charity Health, Series G
5.250%, 07/01/2013		400		376
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		410		444
California Statewide Communities Development Authority, Enloe Medical Center, Series A (CMI)
5.250%, 08/15/2019		125		125
5.500%, 08/15/2023		500		484
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital (CMI)
5.000%, 10/01/2020		500		483
5.000%, 10/01/2027		400		348
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial, Series B (AMBAC) (CMI)
5.200%, 10/01/2037		500		417
California Statewide Communities Development Authority, Jewish Home (CMI)
4.500%, 11/15/2019		560		521
5.000%, 11/15/2037		500		399
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		900		899
California Statewide Communities Development Authority, Redlands Community Hospital, Series A (RAAI)
5.000%, 04/01/2015		500		477
California Statewide Communities Development Authority, St. Joseph, Series B (FGIC)
5.500%, 07/01/2027		1,100		1,053
California Statewide Communities Development Authority, St. Joseph, Series C (FGIC)
5.500%, 07/01/2027		500		479
Loma Linda University Medical Center, Hospital Revenue, Series A
5.000%, 12/01/2015		1,000		895
8.250%, 12/01/2038		1,000		973
Marysville Hospital Revenue, Fremont Rideout Health, Series A (AMBAC)
5.000%, 01/01/2010		500		504
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities, Hospital de la Concepcion, Series A
5.500%, 11/15/2009		650		662
Sierra View Health Care District
5.250%, 07/01/2024		1,000		823
5.300%, 07/01/2026		1,000		809
Turlock Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		1,000		664
				17,581
Housing - 3.0%
Aztec Shops, California Auxiliary Organization, San Diego State University
5.400%, 09/01/2011		1,035		1,006
California Department of Veterans Affairs, Series C (AMT)
5.500%, 12/01/2019		180		180
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series B (AMT) (FNMA) (GNMA)
5.650%, 06/01/2010		5		5
California Rural Home Mortgage Finance Authority, Single Family Mortgage, Series D (AMT) (FNMA) (GNMA)
5.250%, 06/01/2010		5		5
California Statewide Communities Development Authority, Equity Residential, Series B, Mandatory Put 06/15/2009 @ 100
5.200%, 12/01/2029		500		500
California Statewide Communities Development Authority, UCI East Campus
5.500%, 05/15/2026		410		333
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.150%, 12/01/2031		1,000		884
				2,913
Lease Revenue - 8.1%
Apple Valley Public Financing Authority, Town Hall Annex Project, Series A (AMBAC)
4.500%, 09/01/2017		535		528
5.000%, 09/01/2027		500		461
California Public Works Board, California Community Colleges, Series A
4.875%, 12/01/2018		200		196
California Public Works Board, California Community Colleges, Series B
5.500%, 06/01/2019		1,035		1,041
California Public Works Board, Department of Corrections & Rehabilitation, Series F (FGIC) (NATL)
5.000%, 11/01/2016		1,500		1,524
California Public Works Board, Department of Health Services, Series A (NATL)
5.200%, 11/01/2012		500		510
California Public Works Board, Department of Mental Health, Coalinga, Series A
5.500%, 06/01/2016		540		555
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Convertible CABs, Series A (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 »		1,900		1,604
Los Angeles Community Redevelopment Agency, Manchester Social Services Project (AMBAC)
5.000%, 09/01/2016		1,200		1,238
Yuba Levee Financing Authority, Series A (AGTY)
5.000%, 09/01/2038		250		229
				7,886
Miscellaneous - 3.9%
California Infrastructure & Economic Development, Salvation Army Western (AMBAC)
4.000%, 09/01/2018		1,000		997
Golden West Schools Financing Authority, Series A (NATL)
5.700%, 02/01/2013		720		781
5.750%, 02/01/2014		770		837
5.800%, 08/01/2022		320		337
5.800%, 08/01/2023		345		360
Golden West Schools Financing Authority, Series A, Zero Coupon Bond (NATL)
3.586%, 02/01/2012 		535		484
				3,796
Recreational Facility Authority - 1.4%
California Infrastructure & Economic Development, Performing Arts Center
4.000%, 12/01/2015		220		225
California State University Fresno Association, Auxiliary Organization Event Center,  Pre-refunded 07/01/2012 @ 101
6.000%, 07/01/2022 ¸		1,000		1,159
				1,384
Tax Revenue - 8.9%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
4.000%, 08/01/2018		1,000		880
Corona Redevelopment Agency, Tax Allocation, Temescal Canyon Project Area, Series A (AGTY)
4.125%, 11/01/2017		205		191
Grass Valley Redevelopment Agency, Tax Allocation
6.400%, 12/01/2034		400		354
Los Angeles County Community Facilities District #3, Special Tax, Improvement Area B, Series A (AMBAC)
5.250%, 09/01/2018		715		722
Los Angeles Special Assessment, Landscaping & Lighting, District #96-1
5.625%, 03/01/2019		200		208
Murrieta Community Facilities, Special Tax, District #2, The Oaks Improvement Area, Series A
5.750%, 09/01/2020		375		320
Norco, Special Tax, Community Facilities District #97-1 (AGTY)
4.500%, 10/01/2016		260		255
4.875%, 10/01/2030		500		421
Palm Desert Financing Authority, Tax Allocation, Project Area #4, Series A (NATL)
4.750%, 10/01/2013		500		514
5.000%, 10/01/2029		1,000		841
Poway Unified School District, Special Tax, Community Facilities District #6, 4S Ranch
5.000%, 09/01/2023		650		540
Rancho Cucamonga Redevelopment Agency, Tax Allocation, Series A (NATL)
4.125%, 09/01/2018		310		276
5.000%, 09/01/2034		500		400
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine  Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		850		789
San Francisco City & County Redevelopment Financing Authority, Tax Allocation, Mission Bay North Redevelopment Project, Series B (RAAI)
4.000%, 08/01/2012		295		279
4.100%, 08/01/2014		325		289
4.250%, 08/01/2016		250		211
4.375%, 08/01/2018		380		306
Sand City Redevelopment Agency, Tax Allocation, Series A (AGTY)
4.000%, 11/01/2019		315		309
Soledad Redevelopment Agency, Tax Allocation, Series A (SGI)
4.500%, 12/01/2016		205		188
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.400%, 10/01/2015		120		105
4.500%, 10/01/2016		125		105
4.600%, 10/01/2018		280		222
				8,725
Transportation - 1.1%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
5.639%, 10/01/2014 		1,000		736
Puerto Rico Commonwealth Highway & Transportation Authority, Series X (IBC) (NATL)
5.500%, 07/01/2015		100		99
San Francisco City & County Airports Commission, SFO Fuel, Series A (AMT) (FSA)
5.625%, 01/01/2012		250		253
				1,088
Utilities - 9.0%
Banning Water Utility Authority, Enterprise Revenue, Referendum and Improvement  Projects (FGIC) (NATL)
5.000%, 11/01/2020		1,025		1,018
5.000%, 11/01/2023		1,040		1,005
California Municipal Finance Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		525		523
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series A-2 (AMT)
5.400%, 04/01/2025		500		417
California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Series B (AMT)
5.000%, 07/01/2027		500		381
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series A, Mandatory Put 04/01/2013 @ 100  (SGI)
4.100%, 04/01/2028		500		496
California Statewide Communities Development Authority, Water Revenue, Series B  (FSA)
4.250%, 10/01/2017		250		261
Chino Basin Regional Financing Authority, Inland Empire Utility Agency Sewer Project, Pre-refunded 11/01/2009 @ 101 (NATL)
5.200%, 11/01/2011 ¸		405		420
Compton Sewer (IBC) (NATL)
5.375%, 09/01/2023		1,150		1,175
Imperial, Wastewater Treatment Facility (FGIC) (NATL)
5.000%, 10/15/2020		1,000		919
Norco, Financing Authority, Enterprise Revenue (FSA)
5.625%, 10/01/2034		1,000		987
Richmond Wastewater, Pre-refunded 08/01/2009 @ 102 (FGIC)
5.200%, 08/01/2011 ¸		500		518
Signal Hill, Water Revenue (NATL)
4.375%, 11/01/2018		345		352
Whittier Utility Authority, Water Revenue, Series A (NATL)
4.400%, 06/01/2017		305		293
4.500%, 06/01/2018		65		62
				8,827
Total Revenue Bonds				67,855
General Obligations - 22.9%
Baldwin Park Unified School District, Election of 2002, Zero Coupon Bond (AMBAC)
5.543%, 08/01/2020 		1,000		538
California
5.000%, 02/01/2017		1,000		1,025
5.000%, 02/01/2024		500		479
5.125%, 04/01/2024		500		485
5.625%, 04/01/2026		600		601
Central Unified School District, Election of 2008, Series A (AGTY)
5.625%, 08/01/2033		500		502
College of the Sequoias, Visalia Area Improvement District #2, Election of 2008, Series A (AGTY)
5.250%, 08/01/2029		1,000		980
Corona-Norco Unified School District, Election of 2006, Series B (AGTY)
5.375%, 02/01/2034		500		489
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		350		364
Foothill-De Anza Community College District
6.000%, 08/01/2011		300		321
Grant Joint Union High School District, Election of 2006, Zero Coupon Bond (FSA)
6.131%, 08/01/2026 		300		105
Hemet Unified School District, Election of 2006, Series B (AGTY)
5.000%, 08/01/2030		600		573
Jefferson Union High School District, San Mateo County, Series A (NATL)
6.250%, 02/01/2014		300		332
6.250%, 08/01/2020		460		506
Los Angeles Unified School District, Election of 2002, Series B (AMBAC)
4.500%, 07/01/2025		1,375		1,274
Los Angeles Unified School District, Election of 2005, Series C (AMBAC)
5.000%, 07/01/2015		1,000		1,100
Los Angeles Unified School District, Series D
5.000%, 01/01/2034		100		94
Lucia Mar Unified School District (FGIC) (NATL)
5.250%, 08/01/2022		100		103
Oakland, Series A (NATL)
5.000%, 01/15/2026		435		433
Palm Springs Unified School District, Election of 2004, Series B (FSA)
4.750%, 08/01/2035		105		94
Pomona Unified School District, Series A (NATL)
6.150%, 08/01/2015		500		561
5.950%, 02/01/2017		855		940
Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond
6.300%, 08/01/2029 		5,000		1,417
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		200		189
Puerto Rico Commonwealth, Series B (FSA)
6.500%, 07/01/2015		1,000		1,086
Redondo Beach Unified School District, Election of 2008, Series A
4.250%, 08/01/2021		545		534
Roseville Joint Union High School District, Election of 2004, Series B (FGIC) (NATL)
5.000%, 08/01/2018		550		597
Roseville Joint Union High School District, Series E
5.200%, 08/01/2020		600		619
San Bernardino Community College District, Election of 2002, Series A
6.500%, 08/01/2027		1,265		1,404
San Mateo Unified High School District, Election of 2000, Series B, Zero Coupon Bond (FGIC) (NATL)
4.603%, 09/01/2017 		1,000		682
Santa Ana Unified School District, Election of 2008, Series A
5.250%, 08/01/2028		1,000		1,008
Santa Barbara Community College District, Election of 2008, Series A
5.250%, 08/01/2027		1,000		1,008
West Covina Unified School District, Series A (NATL)
5.350%, 02/01/2020		770		790
West Contra Costa Unified School District, Election of 2005, Series B
6.000%, 08/01/2024		1,100		1,190
Total General Obligations				22,423
Certificates of Participation - 5.2%
Escondido, Series A (FGIC) (NATL)
5.625%, 09/01/2020		140		147
Kern County Board of Education, Series A (NATL)
5.200%, 05/01/2012		325		329
Los Angeles, Sonnenblick del Rio, West Los Angeles (AMBAC)
5.375%, 11/01/2010		210		216
6.000%, 11/01/2019		330		350
Oakdale Irrigation District, Water Facilities Project
5.500%, 08/01/2034		805		778
Pasadena, Series C
4.500%, 02/01/2026		200		183
Poway (AMBAC)
4.500%, 08/01/2016		585		584
Ramona Unified School District, Convertible CABs (FGIC) (NATL)
0.000% through 05/01/2012,  thereafter 5.000%, 05/01/2032 »		500		382
Roseville Water Utility (NATL)
4.750%, 12/01/2023		250		249
Rowland Water District, Recycled Water Project
5.750%, 12/01/2024		565		588
5.750%, 12/01/2025		480		496
6.250%, 12/01/2039		500		513
Travis Unified School District (FGIC) (NATL)
4.500%, 09/01/2016		300		283
Total Certificates of Participation				5,098
Total Municipal Bonds
(Cost $99,856)				95,376
Short-Term Investments - 2.1%	SHARES
Money Market Fund - 2.0%
First American Tax Free Obligations Fund, Class Z ±		1,962,059		1,962
Variable Rate Demand Note v - 0.1%
California Educational Facilities Authority, San Francisco Conservatory (LOC: Wells Fargo Bank)	PAR
0.320%, 03/01/2025	$	100		100
Total Short-Term Investments
(Cost $2,062)				2,062
Total Investments Ө - 99.4%
(Cost $101,918)				97,438
Other Assets and Liabilities, Net - 0.6%				634
Total Net Assets - 100.0%			$	98,072

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund's board of directors.
	Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations
	obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not
	readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.
	Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.  As of
	March 31, 2009, the fund held no fair valued securities.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
»	Convertible Capital Appreciation Bonds (Convertible CABs) - These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $101,918.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$1,247
	Gross unrealized depreciation	(5,727	)
	Net unrealized depreciation	$(4,480	)
	ACA - ACA Financial Guaranty Corporation
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate
	market value of securities subject to the AMT was $2,648, which
	represents 2.7% of total net assets.
	CMI - California Mortgage Insurance Program
	FGIC - Financial Guaranty Insurance Corporation
	FNMA - Federal National Mortgage Association
	FSA - Financial Security Assurance
	GNMA - Government National Mortgage Association
	IBC - International Bank of Commerce
	LOC - Letter of Credit
	NATL - National Public Finance Guarantee Corporation
	RAAI - Radian Asset Assurance Inc.
	SGI - Syncora Guarantee Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and variable rate demand notes.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has just begun and it  may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            1,962
Level 2 - Other significant observable inputs	95,476
Level 3 - Significant unobservable inputs	—
Total	$          97,438

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Colorado Tax Free Fund
DESCRIPTION	PAR		VALUE s
Municipal Bonds - 97.8%
Revenue Bonds - 72.5%
Continuing Care Retirement Communities - 2.0%
Colorado Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014	$	250	$	242
5.750%, 01/01/2026		100		76
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		404
5.250%, 12/01/2025		200		138
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		350		264
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		225		124
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		71
				1,319
Education - 15.1%
Adams State College, Auxiliary Facilities Improvement, Series A (STAID)
5.500%, 05/15/2034		440		444
Anderson, Indiana, Economic Development, Anderson University Project
5.000%, 10/01/2032		350		224
Colorado Educational & Cultural Facilities Authority, Academy Charter School Project, Series A (SMO)
4.625%, 12/15/2028		330		273
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.750%, 12/01/2014		220		199
4.750%, 12/01/2015		230		203
4.850%, 12/01/2025		250		179
Colorado Educational & Cultural Facilities Authority, Ave Marie School Project, Pre-refunded 12/01/2010 @ 100 (RAAI)
6.000%, 12/01/2016 ¸		200		214
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project, Series A, Escrowed to Maturity
6.250%, 09/15/2011 §		175		186
Colorado Educational & Cultural Facilities Authority, Charter School
5.625%, 05/01/2040		1,000		775
Colorado Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
5.000%, 08/01/2027		250		244
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
5.000%, 06/15/2018		240		246
5.000%, 06/15/2019		255		257
5.000%, 06/15/2020		265		263
5.250%, 06/15/2029		500		452
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School, Escrowed to Maturity
6.375%, 12/01/2011 §		650		699
Colorado Educational & Cultural Facilities Authority, Core Knowledge Charter School Project, Pre-refunded 11/01/2009  @ 100
6.850%, 11/01/2016 ¸		440		454
Colorado Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
4.500%, 04/01/2018		225		225
4.500%, 04/01/2019		240		235
5.000%, 04/01/2037		750		643
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene
4.500%, 11/01/2015		690		615
Colorado School Mines Enterprise, Series A (STAID)
5.000%, 12/01/2029		475		469
Fort Lewis College Board, Trustees Enterprise Revenue, Series A (FGIC) (NATL)
4.375%, 10/01/2020		100		97
Fort Lewis College Board, Trustees Enterprise Revenue, Series B-1 (FGIC) (NATL)
4.250%, 10/01/2019		525		511
4.375%, 10/01/2020		725		706
University of Colorado Enterprise System Revenue, University of Colorado Regents (NATL)
5.000%, 06/01/2032		500		495
University of Colorado Enterprise System, Series A
5.750%, 06/01/2028		335		356
5.375%, 06/01/2032		500		511
				10,175
Healthcare - 17.7%
Aspen Valley Hospital District
4.375%, 10/15/2014		560		506
Boulder County Longmont United Hospital Project (RAAI)
5.300%, 12/01/2010		330		332
Colorado Health Facilities Authority, Adventist Health, Series E
5.000%, 11/15/2012		475		490
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
5.125%, 10/01/2017		500		519
6.250%, 10/01/2033		500		512
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2016		350		334
6.900%, 12/01/2025		195		190
Colorado Health Facilities Authority, Evangelical Lutheran, Pre-refunded 12/01/2010 @ 102
6.900%, 12/01/2025 ¸		305		341
Colorado Health Facilities Authority, Evangelical Lutheran, Series A
5.250%, 06/01/2034		230		172
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America, Series A
5.000%, 07/01/2015		500		399
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
5.250%, 12/01/2013		860		837
4.625%, 12/01/2024		325		231
Colorado Health Facilities Authority, National Jewish Medical & Research Center
5.375%, 01/01/2016		1,000		877
Colorado Health Facilities Authority, Parkview Medical Center Project, Series B
5.000%, 09/01/2018		500		483
5.000%, 09/01/2029		355		287
Colorado Health Facilities Authority, Parkview Medical Center Project, Escrowed to Maturity
5.600%, 09/01/2011 §		300		332
Colorado Health Facilities Authority, Portercare Adventist Health, Pre-refunded 11/15/2011 @ 101
6.500%, 11/15/2023 ¸		600		686
Colorado Health Facilities Authority, Poudre Valley Health Care, Series F
5.000%, 03/01/2025		350		286
Colorado Health Facilities Authority, The Devereux Foundation (RAAI)
4.200%, 11/01/2013		80		75
Colorado Health Facilities Authority, Vail Valley Medical Center Project
5.750%, 01/15/2022		250		234
Colorado Health Facilities Authority, Valley View Hospital Association
5.500%, 05/15/2028		400		319
Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		165		163
5.000%, 05/15/2013		500		491
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		410		392
Colorado Health Facilities Authority, Series B (FSA)
5.250%, 03/01/2036		600		517
Colorado Springs Hospital (FSA)
5.250%, 12/15/2022		400		404
Delta County Memorial Hospital District Enterprise
5.350%, 09/01/2017		720		658
Denver Health & Hospital Authority, Healthcare, Series A
4.750%, 12/01/2027		250		176
Halifax Florida Hospital, Medical Center, Series A
5.000%, 06/01/2038		325		224
La Junta, Arkansas Valley Regional Medical Center Project
6.100%, 04/01/2024		100		88
Montrose Memorial Hospital
5.450%, 12/01/2014		315		301
6.375%, 12/01/2023		130		116
				11,972
Housing - 4.3%
Colorado Educational & Cultural Facilities Authority, Student Housing, Campus Village Apartment
5.000%, 06/01/2022		810		755
5.500%, 06/01/2038		120		102
Colorado Housing & Finance Authority, Multifamily Project, Series B-4, Class I
5.900%, 04/01/2031		100		100
Colorado Housing & Finance Authority, Series E-2 (AMT)
7.000%, 02/01/2030		35		37
Colorado Housing & Finance Authority, Single Family Program, Series B-2 (AMT)
7.100%, 04/01/2017		15		16
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AMT) (FSA)
4.000%, 05/01/2012		270		269
4.000%, 11/01/2012		270		268
4.550%, 11/01/2017		1,000		926
5.200%, 11/01/2027		500		458
				2,931
Lease Revenue - 0.7%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		500		454
Miscellaneous - 5.2%
Colorado Educational & Cultural Facilities Authority, Colorado Public Radio
4.900%, 07/01/2010		265		267
Colorado Educational & Cultural Facilities Authority
5.250%, 06/01/2013		700		726
5.250%, 06/01/2021		750		751
Denver City & County, Helen G. Bonfils Foundation Project, Series B
5.125%, 12/01/2017		1,000		1,003
High Plains Metropolitan District, Series B (LOC:  Compass Bank)
4.375%, 12/01/2015		770		782
				3,529
Recreational Facility Authority - 0.7%
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		300		268
Hyland Hills Metropolitan Park & Recreation District, Special Revenue, Series A
6.100%, 12/15/2009		210		210
				478
Revolving Fund - 0.1%
Colorado Water Resource & Power Development Authority, Small Water Resources, Series A (FGIC) (NATL)
5.700%, 11/01/2015		55		56
Tax Revenue - 2.9%
Douglas County Sales & Use Tax (FSA)
5.625%, 10/15/2020		200		210
Larimer County Sales & Use Tax, Pre-refunded 12/15/2010 @ 100 (AMBAC)
5.625%, 12/15/2018 ¸		100		108
Lone Tree Sales & Use Tax, Recreational Projects, Series A
5.000%, 12/01/2020		340		366
Longmont Sales & Use Tax, Pre-refunded 11/15/2010 @ 100
5.500%, 11/15/2015 ¸		500		537
Park Meadows Business Improvement District, Shared Sales Tax
5.000%, 12/01/2017		250		198
5.300%, 12/01/2027		475		297
Superior Open Space Sales & Use Tax
5.000%, 06/01/2026		330		258
				1,974
Transportation - 13.4%
E-470 Public Highway Authority, Series B, Zero Coupon Bond (NATL)
6.994%, 09/01/2017 		1,575		883
7.337%, 09/01/2019 		960		453
7.844%, 09/01/2022 		1,000		356
E-470 Public Highway Authority, Convertible CABs, Series C (NATL)
0.000% through  09/01/2011, thereafter 5.000%, 09/01/2017 »		500		480
E-470 Public Highway Authority, Series D1 (NATL)
5.500%, 09/01/2024		300		248
Eagle County Air Terminal, Airport Terminal Improvement Project, Series B (AMT)
5.250%, 05/01/2020		205		137
Northwest Parkway Public Highway Authority, Convertible  CABs, Escrowed to Maturity  (FSA)
0.000% through 06/15/2011, thereafter 5.200%, 06/15/2014 » §		1,500		1,531
0.000% through 06/15/2011, thereafter 5.350%, 06/15/2016 »§		1,000		1,039
Northwest Parkway Public Highway Authority, Convertible  CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 »§		2,500		2,575
Northwest Parkway Public Highway Authority, Convertible CABs, Pre-refunded 06/15/2016 @ 100 (AMBAC)
0.000% through 06/15/2011, thereafter 5.700%, 06/15/2021 » ¸		1,000		1,054
Walker Field Public Airport Authority
4.500%, 12/01/2016		275		232
4.750%, 12/01/2027		75		51
				9,039
Utilities - 10.4%
Arapahoe County Water & Wastewater Authority, Pre-refunded 12/01/2009 @ 100
6.000%, 12/01/2011 ¸		185		192
Arkansas River Power Authority
6.000%, 10/01/2040		225		189
Aurora Water System, First Lien, Series A
4.750%, 08/01/2026		1,500		1,494
4.750%, 08/01/2027		125		123
Boulder Water & Sewer, Pre-refunded 12/01/2010 @ 100
5.700%, 12/01/2019 ¸		300		324
Broomfield Water Activity Enterprise (NATL)
5.500%, 12/01/2017		500		533
5.500%, 12/01/2019		400		423
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		250		225
Colorado Springs Utilities, Series C
5.500%, 11/15/2048		1,200		1,178
Colorado Water Resource & Power Development Authority, Series A, Pre-refunded 11/01/2010 @ 100 (FGIC)
5.700%, 11/01/2015 ¸		45		48
Denver City & County Wastewater (FGIC) (NATL)
5.250%, 11/01/2017		1,060		1,151
Fort Collins Wastewater Utility Enterprise (FSA)
5.500%, 12/01/2020		300		316
Platte River Power Authority, Series HH
5.000%, 06/01/2029		100		101
Public Authority for Colorado Energy Natural Gas
6.250%, 11/15/2028		425		309
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		500		437
				7,043
Total Revenue Bonds				48,970
General Obligations - 17.6%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2021		300		330
5.500%, 12/01/2025		165		175
Antelope Water Systems, General Improvement District
4.875%, 12/01/2025		175		154
Boulder, Larimer & Weld Counties, St. Vrain Valley School District #RE1J (STAID)
5.000%, 12/15/2033		2,000		1,997
Denver City & County School District #1, Series A (STAID)
5.000%, 12/01/2028		1,000		1,002
Denver West Metropolitan School District
4.125%, 12/01/2014		150		134
4.200%, 12/01/2015		480		418
Gunnison Watershed School District, #RE1J, Series 2009 (STAID)
5.250%, 12/01/2026		1,000		1,041
5.250%, 12/01/2033		1,800		1,824
North Range Metropolitan District #1 (ACA)
4.250%, 12/15/2018		560		355
4.500%, 12/15/2031		300		135
Pueblo County School District #70, Pueblo Rural (FGIC) (NATL) (STAID)
5.000%, 12/01/2019		910		969
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026		375		304
Puerto Rico Commonwealth, Series A
5.500%, 07/01/2018		500		459
Puerto Rico Commonwealth, Series C-7 (NATL)
6.000%, 07/01/2027		250		242
Rio Blanco County School District, #RE1, Meeker (STAID)
5.250%, 12/01/2022		500		531
5.250%, 12/01/2024		150		157
SBC Metropolitan School District (ACA)
4.250%, 12/01/2015		445		446
Westglenn Metropolitan School District
6.000%, 12/01/2014		1,220		1,231
Total General Obligations				11,904
Certificates of Participation - 7.7%
Broomfield Open Space Park & Recreation Facilities (AMBAC)
5.500%, 12/01/2020		800		835
Broomfield Westminster Open Space Foundation
4.625%, 12/01/2025		330		287
Colorado Higher Education Capital Construction Lease
5.500%, 11/01/2019		425		464
5.500%, 11/01/2027		1,720		1,760
Colorado Springs, Public Facilities Authority, Old City Hall Project (FSA)
5.500%, 12/01/2017		200		211
5.500%, 12/01/2020		200		210
Garfield County Building Corporation (AMBAC)
5.300%, 12/01/2011		400		412
Pueblo County, Capital Construction
4.400%, 12/01/2016		410		409
5.000%, 12/01/2024		200		186
Rangeview Library District Projects (AGTY)
4.250%, 12/15/2021		395		393
Total Certificates of Participation				5,167
Total Municipal Bonds
(Cost $68,459)				66,041
Short-Term Investment - 1.1%
Money Market Fund - 1.1%	SHARES
First American Tax Free Obligations Fund, Class Z ±
(Cost $749)		749,344		749
Total Investments Ө - 98.9%
(Cost $69,208)				66,790
Other Assets and Liabilities, Net - 1.1%				771
Total Net Assets - 100.0%			$	67,561

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s
	board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists,
	are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation
	system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures
	established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at
	their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value.  The rate shown is the effective yield as of March 31, 2009.
»	Convertible Capital Appreciation Bonds (Convertible CABs) - These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $69,208.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$1,942
	Gross unrealized depreciation	(4,360	)
	Net unrealized depreciation	$(2,418	)
	ACA - ACA Financial Guaranty Corporation
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax.  As of March 31, 2009, the aggregate market value of securities subject to the AMT was
	$2,336, which represents 3.5% of total net assets.
	CIFG - CDC IXIS Financial Guaranty
	COMGTY - Commonwealth Guaranty
	FGIC - Financial Guaranty Insurance Corporation
	FSA - Financial Security Assurance
	LOC - Letter of Credit
	NATL - National Public Finance Guarantee Corporation
	RAAI - Radian Asset Assurance Inc.
	SMO - State Moral Obligation
	STAID - State Aid Withholding

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$               749
Level 2 - Other significant observable inputs	66,041
Level 3 - Significant unobservable inputs	—
Total	$          66,790

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 98.3%
Alabama - 1.6%
Revenue Bonds - 1.3%
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project, Escrowed to Maturity
8.000%, 07/01/2011 §	$	890	$	963
Health Care Authority for Baptist Health, Series D
5.000%, 11/15/2015		755		732
Huntsville Electric System Revenue (FSA)
4.000%, 12/01/2018		1,130		1,165
University of Alabama at Birmingham Hospital Revenue, Series A
5.000%, 09/01/2018		1,500		1,469
5.750%, 09/01/2022		4,000		3,988
				8,317
General Obligation - 0.3%
Mobile, Series B
5.000%, 02/15/2020		2,000		2,165
				10,482
Alaska - 0.1%
Revenue Bond - 0.1%
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
4.375%, 06/01/2015		400		333
Arizona - 4.5%
Revenue Bonds - 2.6%
Arizona Game & Fish Department, AGF Administration Building Project
4.500%, 07/01/2015		150		153
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ¸		3,300		3,971
Gilbert Public Facilities Municipal Property Corporation
5.500%, 07/01/2027		6,000		6,056
Phoenix Street & Highway User, Escrowed to Maturity
6.500%, 07/01/2009 §		180		183
6.250%, 07/01/2011 §		900		916
Scottsdale Industrial Development Authority Hospital Revenue, Scottsdale Healthcare, Series A
5.000%, 09/01/2020		1,000		938
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,022		937
Tucson Airport Authority (FSA)
5.000%, 06/01/2013		3,760		4,156
				17,310
General Obligations - 1.2%
Coconino & Yavapai Counties Joint Unified School District #9, Sedona School Improvement Project 2007, Series B
5.375%, 07/01/2028		1,350		1,346
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2016		1,000		1,046
1.000% through 07/01/2009, thereafter 5.000%, 07/01/2017		1,050		1,090
Maricopa County School District #69, Paradise Valley (NATL)
5.300%, 07/01/2011		1,000		1,069
Maricopa County Unified School District #48, Scottsdale School Improvement Project 2004, Series B (FSA)
4.750%, 07/01/2018		1,150		1,239
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (NATL)
4.375%, 07/01/2018		1,000		1,021
4.500%, 07/01/2019		1,000		1,015
				7,826
Certificate of Participation - 0.7%
Arizona Board of Regents, Series B (AMBAC)
4.500%, 06/01/2018		4,120		4,383
				29,519
Arkansas - 0.7%
Revenue Bonds - 0.7%
North Little Rock Health Facilities Board, Baptist Health, Series B
5.750%, 12/01/2021		1,000		1,007
Pulaski County, Residential Housing Facilities Board, Escrowed to Maturity (FGIC) (FHA) (VA)
7.250%, 06/01/2010 §		875		908
University of Arkansas, Fayetteville, Series B (FGIC) (NATL)
4.500%, 11/01/2016		1,500		1,609
Washington County Hospital Revenue, Regional Medical Center, Series B
5.000%, 02/01/2016		1,145		1,101
				4,625
California - 6.6%
Revenue Bonds - 3.3%
Alameda Corridor Transportation Authority, Zero Coupon Bond (AMBAC)
5.639%, 10/01/2014 		2,000		1,473
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC)
4.500%, 06/01/2018		920		853
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Children's Hospital, Series A
4.500%, 12/01/2018		1,525		1,409
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
4.500%, 08/15/2012		335		339
5.000%, 08/15/2017		1,215		1,217
California Department of Water Resources and Power Supply Revenue, Series H (FSA)
5.000%, 05/01/2022		1,000		1,033
California Educational Facilities Authority, Lutheran University, Series C
5.000%, 10/01/2024		1,000		801
California Municipal Financial Authority, Solid Waste Disposal Revenue, Waste Management Incorporated Project, Mandatory Put 09/01/2009 @ 100 (AMT)
4.100%, 09/01/2014		250		249
California Statewide Communities Development Authority, Elder Care Alliance, Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		795		862
California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
5.000%, 03/01/2030		700		571
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial, Series B (AMBAC) (CMI)
5.200%, 10/01/2037		1,000		833
California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,180		1,179
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		1,210		1,255
California Statewide Communities Development Authority, Pollution Control Revenue, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
4.250%, 11/01/2033		500		454
Golden State Tobacco Securitization Corporation, California Tobacco Settlement, Series A, Convertible CABs (FSA)
0.000% through 06/01/2010, thereafter 4.550%, 06/01/2022 »		2,350		1,984
Golden State Tobacco Securitization Corporation, Pre-refunded 06/01/2010 @ 100
5.600%, 06/01/2028 ¸		2,450		2,581
Port Oakland, Series B (NATL)
5.000%, 11/01/2018		1,470		1,475
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project, Series A (RAAI)
5.000%, 09/01/2016		575		533
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
4.250%, 09/01/2026		1,100		830
Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation, Series A (AMBAC)
5.000%, 11/01/2021		995		930
Woodland Financial Authority (SGI)
4.700%, 03/01/2019		815		797
				21,658
General Obligations - 3.3%
ABC Unified School District, Series A (NATL)
4.900%, 02/01/2020		1,565		1,547
California
5.000%, 02/01/2016		1,000		1,032
5.000%, 02/01/2017		2,000		2,050
4.000%, 08/01/2017		2,000		1,939
5.000%, 11/01/2018		245		247
5.000%, 08/01/2019		500		506
5.000%, 02/01/2021		1,500		1,484
5.000%, 12/01/2023		1,000		966
5.125%, 04/01/2024		500		485
California, Pre-refunded 11/01/2011 @ 100
5.000%, 11/01/2018 ¸		15		16
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		500		521
5.000%, 08/01/2024		2,000		2,023
Grant Joint Union High School District, Capital Appreciation, Election of 2006, Zero Coupon Bond (FSA)
6.131%, 08/01/2026 		1,300		456
Roseville Joint Unified High School District
5.100%, 08/01/2019		390		403
San Bernardino Community College District, Election of 2002, Series A
6.500%, 08/01/2027		1,000		1,110
San Mateo Unified High School District, Series B, Zero Coupon Bond (FGIC) (NATL)
4.603%, 09/01/2017 		1,000		682
Santa Ana Unified School District, Election of 2008, Series A
5.250%, 08/01/2028		1,000		1,008
Santa Monica Community College District, Capital Appreciation, 2002 Election, Series C, Zero Coupon Bond (NATL)
3.443%, 08/01/2016 		2,000		1,542
Victor Elementary School District, Series A, Zero Coupon Bond (FGIC) (NATL)
5.837%, 08/01/2023 		2,030		890
West Contra Costa Unified School District, Election of 2005, Series B
6.000%, 08/01/2025		2,500		2,687
				21,594
				43,252
Colorado - 8.7%
Revenue Bonds - 7.9%
Adams County Pollution Control Revenue, Public Service Company Colorado Project, Series A (NATL)
4.375%, 09/01/2017		5,000		4,250
Arapahoe County, Single Family, Escrowed to Maturity, Zero Coupon Bond (IMI)
1.555%, 09/01/2010 § 		9,320		9,118
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project, Pre-refunded 09/15/2011 @ 100
6.750%, 09/15/2015 ¸		1,200		1,360
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
4.750%, 06/15/2022		175		164
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Escrowed to Maturity
6.375%, 12/01/2011 §		390		420
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Project, Pre-refunded 12/01/2011 @ 100
6.750%, 12/01/2016 ¸		1,500		1,720
7.250%, 12/01/2021 ¸		1,500		1,738
Colorado Educational & Cultural Facilities Authority, Pinnacle Charter School Project, Escrowed to Maturity
5.250%, 12/01/2011 §		630		670
Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
5.125%, 10/01/2017		1,500		1,556
Colorado Health Facilities Authority, Catholic Health, Series C-7 (FSA)
4.350%, 09/01/2020		725		693
Colorado Health Facilities Authority, Christian Living Communities Project, Series A
5.250%, 01/01/2014		600		582
5.250%, 01/01/2015		620		590
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		404
Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
4.250%, 12/01/2015		1,250		1,097
Colorado Health Facilities Authority, Parkview Medical Center
5.000%, 09/01/2016		640		638
Colorado Health Facilities Authority, Retirement Facilities, Escrowed to Maturity, Zero Coupon Bond
4.188%, 07/15/2020 § 		10,000		6,263
Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
5.000%, 05/15/2012		500		494
5.000%, 05/15/2013		405		397
Colorado Springs Hospital Revenue, Series B (AMBAC)
10.700%, 12/15/2024 Y		5,000		5,000
E-470 Public Highway Authority, Series C, Convertible CABs (NATL)
0.000% through  09/01/2011, thereafter 5.000%, 09/01/2017 »		1,500		1,438
High Plains Metropolitan District, Series B (LOC: Compass Bank)
4.375%, 12/01/2015		320		325
Hyland Hills Metropolitan Park & Recreation District, Special Revenue (ACA)
5.000%, 12/15/2015		500		447
Mesa County, Escrowed to Maturity, Zero Coupon Bond
1.821%, 12/01/2011 § 		5,500		5,241
Montrose Memorial Hospital
5.700%, 12/01/2017		2,170		2,029
Northwest Parkway Public Highway Authority, Escrowed to Maturity, Convertible CABs (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 § »		2,750		2,833
Platte River Power Authority, Series GG (FSA)
4.500%, 06/01/2017		1,725		1,881
Walker Field Public Airport Authority Revenue
5.000%, 12/01/2022		1,000		781
				52,129
General Obligations - 0.3%
Adams & Arapahoe Counties School District #28J, Aurora (STAID)
5.500%, 12/01/2021		1,125		1,238
North Range Metropolitan District #1 (ACA)
4.300%, 12/15/2019		1,000		606
				1,844
Certificates of Participation - 0.5%
Colorado Higher Education, Capital Construction Lease Program
5.250%, 11/01/2023		1,500		1,552
Rangeview Library District Projects (AGTY)
4.500%, 12/15/2020		1,465		1,512
				3,064
				57,037
Connecticut - 0.1%
Revenue Bond - 0.1%
Connecticut Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
5.000%, 07/01/2014		1,000		961
Florida - 1.8%
Revenue Bonds - 1.5%
Halifax Hospital Medical Center, Series A
5.250%, 06/01/2026		2,000		1,633
Highlands County Health Facilities Authority, Adventist Health/Sunbelt, Series A, Mandatory Put 11/17/2015 @ 100
6.500%, 11/15/2038		2,000		2,027
Miami-Dade County Educational Facilities Authority, University of Miami, Series A
5.150%, 04/01/2023		2,520		2,492
North Brevard County Hospital, Parrish Medical Center Project
5.500%, 10/01/2028		2,100		1,737
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
5.250%, 10/01/2013		1,400		1,323
Vero Beach Electric Revenue, Series A (FSA)
4.000%, 12/01/2019		350		347
				9,559
Certificate of Participation - 0.3%
Clay County School Board, Series B (NATL)
5.000%, 07/01/2018		2,205		2,187
				11,746
Georgia - 1.3%
Revenue Bonds - 1.1%
Atlanta Tax Allocation, Atlantic Station Project (AGTY)
4.375%, 12/01/2018		2,000		1,923
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
5.800%, 02/15/2018		4,500		3,703
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health, Series A
5.250%, 08/01/2023		2,000		1,864
				7,490
General Obligations - 0.2%
Fayette County School District, Convertible CABs (FSA)
0.000% through 09/01/2010,  thereafter 4.150%, 03/01/2014 »		500		506
0.000% through 09/01/2010,  thereafter 4.250%, 03/01/2015 »		265		269
0.000% through 09/01/2010,  thereafter 4.350%, 03/01/2016 »		300		305
				1,080
				8,570
Idaho - 0.8%
Revenue Bonds - 0.6%
Idaho Health Facilities Authority, Trinity Health Group, Series B
6.000%, 12/01/2023		3,000		3,129
University of Idaho, University Revenue, Series B, Mandatory Put 04/01/2018 @ 100 (FSA)
4.500%, 04/01/2041		1,000		1,092
				4,221
Certificates of Participation - 0.2%
Madison County Hospital Revenue
5.000%, 09/01/2012		500		484
5.250%, 09/01/2015		195		182
5.250%, 09/01/2016		500		461
				1,127
				5,348
Illinois - 18.6%
Revenue Bonds - 8.2%
Chicago, Midway Airport Project, Series C (NATL)
5.500%, 01/01/2014		1,300		1,411
Chicago Water, Zero Coupon Bond (FGIC) (NATL)
1.312%, 11/01/2009 		6,450		6,401
Granite Single Family Mortgage, Escrowed to Maturity
7.750%, 10/01/2011 §		395		436
Illinois Development Finance Authority, Elgin School District, Zero Coupon Bond (FSA)
4.240%, 01/01/2018 		2,750		1,905
Illinois Development Finance Authority, Elmhurst Community School District #205, Pre-refunded 01/01/2011 @ 100 (FSA)
6.375%, 01/01/2013 ¸		1,025		1,116
Illinois Development Finance Authority, Midwestern University, Series B, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2016 ¸		350		385
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2016 @ 100
4.125%, 03/01/2030		500		512
Illinois Educational Facilities Authority, Art Institute of Chicago, Mandatory Put 03/01/2017 @ 100
4.750%, 03/01/2030		1,000		1,061
Illinois Finance Authority, Clare at Water Tower Project, Series A
5.400%, 05/15/2014		1,000		837
5.500%, 05/15/2015		1,000		797
Illinois Finance Authority, Edward Hospital, Series A (AMBAC)
6.000%, 02/01/2025		1,200		1,142
6.000%, 02/01/2026		875		830
6.000%, 02/01/2028		500		472
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		621
Illinois Finance Authority, Friendship Village Schaumburg, Series A
5.000%, 02/15/2015		2,500		2,173
Illinois Finance Authority, Landing at Plymouth Project, Series A
5.250%, 05/15/2014		1,320		1,182
Illinois Finance Authority, OSF Healthcare Systems, Series A
7.000%, 11/15/2029		4,000		3,974
Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
4.300%, 06/01/2035		1,500		1,553
Illinois Finance Authority, Roosevelt University
5.250%, 04/01/2022		500		431
5.400%, 04/01/2027		1,750		1,458
Illinois Finance Authority, Rush University Medical Center, Series A
6.750%, 11/01/2024		2,000		2,008
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.500%, 02/15/2014		2,430		2,233
Illinois Health Facilities Authority, Evangelical, Escrowed to Maturity
6.750%, 04/15/2012 §		1,090		1,158
Illinois Health Facilities Authority, Mercy Hospital & Medical Center, Escrowed to Maturity
10.000%, 01/01/2015 §		525		662
Illinois Sales Tax
6.000%, 06/15/2009		2,500		2,527
5.100%, 06/15/2010		2,000		2,102
Illinois Sports Facilities Authority, State Tax Supported, Convertible CABs (AMBAC)
0.000%  through 06/15/2010, thereafter 4.750%, 06/15/2013 »		1,405		1,445
0.000%  through 06/15/2010, thereafter 5.100%, 06/15/2016 »		1,620		1,677
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A (FGIC) (NATL)
5.550%, 12/15/2011		675		699
Metropolitan Pier & Exposition Authority, State Sales Tax, Series A, Escrowed to Maturity, Zero Coupon Bond (FGIC)
1.024%, 06/15/2009 § 		1,465		1,462
Metropolitan Pier & Exposition Authority, State Sales Tax, Series B, Convertible CABs (NATL)
0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 »		1,000		963
Morton Grove, Residential Housing, Escrowed to Maturity (NATL)
7.350%, 09/01/2009 §		5,570		5,729
Southwestern Illinois Development Authority Revenue, Anderson Hospital
5.125%, 08/15/2026		2,000		1,520
Southwestern Illinois Development Authority Revenue, Local Government, Triad School District #2 (NATL)
5.000%, 10/01/2018		1,000		1,054
				53,936
General Obligations - 10.4%
Bolingbrook Park District, Series A (CIFG)
4.500%, 01/01/2017		1,840		1,917
Chicago City Colleges, Zero Coupon Bond (FGIC) (NATL)
3.261%, 01/01/2015 		10,000		8,303
Chicago Park District, Limited Tax, Series B (AMBAC)
5.000%, 01/01/2020		5,545		5,769
Chicago Project & Refunding, Series A (FGIC) (NATL)
5.250%, 01/01/2011		2,345		2,486
Chicago, Project & Refunding, Series A, Escrowed to Maturity (FGIC)
5.250%, 01/01/2011 §		2,655		2,857
Chicago, Series A, Convertible CABs (NATL)
0.000% through 01/01/2011, thereafter 5.300%, 01/01/2016 »		2,000		2,090
Cook County Community Unit School District #65, Evanston, Series A (FSA)
6.375%, 05/01/2009		3,000		3,014
Cook County Community Unit School District #102, La Grange, Zero Coupon Bond (FGIC) (NATL)
3.291%, 12/01/2013 		2,440		2,095
Cook County Community Unit School District #401, Elmwood Park, Zero Coupon Bond (FSA)
2.671%, 12/01/2011 		3,625		3,378
Cook County High School District #205, Thornton Township (AGTY)
5.250%, 12/01/2021		3,465		3,716
Cook County High School District #209, Proviso Township (FSA)
5.000%, 12/01/2016		1,000		1,110
Cook County School District #88, Bellwood, Series B (FSA)
5.000%, 12/01/2017		1,675		1,797
Cook County School District #123, Oak Lawn, Capital Appreciation, Zero Coupon Bond (NATL)
4.240%, 12/01/2015 		2,250		1,701
Cook County, Series A (NATL)
6.250%, 11/15/2011		1,000		1,114
Du Page County Community High School District #94, West Chicago (FSA)
7.250%, 11/01/2009		1,780		1,846
Elk Grove Village (NATL)
4.125%, 01/01/2019		1,000		1,026
Grundy & Will Counties Community School District #1
5.875%, 02/01/2019		1,550		1,730
5.875%, 02/01/2022		2,100		2,290
5.875%, 02/01/2024		2,545		2,727
Illinois, First Series
5.500%, 08/01/2015		4,500		4,705
Lake County School District #56, Gurnee (FGIC) (NATL)
8.375%, 01/01/2010		1,290		1,354
Madison & Jersey Counties Unit School District #11, Alton, Capital Appreciation, Zero Coupon Bond (FSA)
4.832%, 12/01/2019 		2,100		1,262
McCook
5.000%, 12/01/2026		500		496
5.100%, 12/01/2028		1,000		966
Rockford School District #205 (FGIC) (NATL)
5.000%, 02/01/2014		500		540
Southwestern Illinois Development Authority Revenue, Edwardsville Community (FSA)
5.000%, 12/01/2017		1,000		1,095
Will & Grundy Counties Community College, District #525, Joliet Junior College
6.250%, 06/01/2024		535		598
5.750%, 06/01/2025		1,150		1,232
5.750%, 06/01/2026		310		330
Will County School District #86, Joliet, Zero Coupon Bond (FSA)
4.172%, 11/01/2017 		3,870		2,715
Winnebago County School District #122, Harlem-Love Park, Zero Coupon Bond (FSA)
4.310%, 01/01/2017 		3,000		2,156
				68,415
				122,351
Indiana - 1.4%
Revenue Bonds - 1.2%
Anderson Economic Development Revenue, Anderson University Project
5.000%, 10/01/2017		710		615
Avon Community School Building, First Mortgage (AMBAC) (STAID)
4.500%, 07/15/2020		1,000		995
Indiana Transportation Finance Authority, Escrowed to Maturity (AMBAC)
5.750%, 06/01/2012 §		180		196
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		1,820		2,036
Indiana University, Series K, Zero Coupon Bond (NATL)
1.969%, 08/01/2011 		250		239
Portage Multi-School Building, First Mortgage (NATL) (STAID)
4.000%, 07/15/2018		1,250		1,291
St. Joseph County Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A
5.750%, 05/15/2016		450		389
5.550%, 05/15/2019		230		180
St. Joseph County Hospital Authority (NATL)
4.750%, 08/15/2012		1,000		1,006
Zionsville Community Schools Building, First Mortgage Bonds, Pre-refunded 01/15/2012 @ 100 (FGIC) (STAID)
5.750%, 07/15/2015 ¸		775		870
				7,817
General Obligation - 0.2%
Gary Sanitation District, Special Tax District (RAAI)
3.750%, 02/01/2011		1,260		1,232
				9,049
Iowa - 1.4%
Revenue Bonds - 1.4%
Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
5.750%, 11/15/2019		500		396
Iowa Higher Education Authority, Central College (RAAI)
5.450%, 10/01/2026		1,000		909
Iowa Higher Education Authority, Wartburg College Project, Pre-refunded 10/01/2012 @ 100 (ACA)
5.500%, 10/01/2028 ¸		2,000		2,278
Iowa Higher Education Authority, Wartburg College Project, Series A
4.700%, 10/01/2016		925		857
4.750%, 10/01/2017		1,100		1,004
4.800%, 10/01/2018		1,155		1,038
5.000%, 10/01/2023		1,475		1,235
Muscatine Electric, Escrowed to Maturity
9.700%, 01/01/2013 §		1,140		1,344
				9,061
Kansas - 3.0%
Revenue Bonds - 2.3%
Johnson County Residual Housing, Escrowed to Maturity, Zero Coupon Bond
1.986%, 05/01/2012 § 		7,500		7,057
Kansas Development Finance Authority, Health Facilities Revenue, Hays Medical Center, Series L
4.500%, 11/15/2017		1,405		1,348
Kansas Development Finance Authority, Health Facilities Revenue, Stormont-Vail Healthcare Services, Series F
5.000%, 11/15/2021		500		463
Kansas Development Finance Authority, Kansas State Projects, Series K (NATL)
4.500%, 11/01/2019		1,850		1,949
La Cygne Environmental Improvement Revenue, Kansas City Power & Light (SGI)
4.050%, 03/01/2015		1,000		1,019
Olathe Health Facilities Revenue, Olathe Medical Center
5.125%, 09/01/2021		1,000		957
Olathe Senior Living Facility Revenue, Catholic Care Campus, Series A
5.750%, 11/15/2013		700		658
5.750%, 11/15/2014		765		709
5.750%, 11/15/2015		820		739
Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
6.700%, 06/01/2029		255		260
				15,159
General Obligations - 0.7%
Johnson County Unified School District #231, Series B (AMBAC)
4.000%, 10/01/2017		500		504
Johnson County Unified School District #232, Series A (FSA)
4.250%, 09/01/2016		500		527
Johnson County Unified School District #512, Shawnee Mission
4.875%, 10/01/2019		2,000		2,180
Sedgwick County School District #267 (AMBAC)
5.250%, 11/01/2012		1,045		1,144
				4,355
				19,514
Kentucky - 0.6%
Revenue Bonds - 0.6%
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue, Sub-Series A-1 (AGTY)
5.750%, 12/01/2028		2,000		2,021
Kentucky Turnpike Authority, Escrowed to Maturity
7.200%, 07/01/2009 §		245		249
6.000%, 07/01/2011 §		365		392
Louisville/Jefferson County Metropolitan Government College Revenue, Bellarmine University, Series A
6.000%, 05/01/2028		1,135		981
				3,643
Louisiana - 0.6%
Revenue Bonds - 0.3%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
6.650%, 01/01/2025		475		371
St. Tammany Parish Sales Tax Revenue, District #3, Sales & Use Tax (CIFG)
5.000%, 06/01/2017		1,405		1,452
				1,823
General Obligations - 0.3%
Calcasieu Parish School District #23, Public School Improvement
4.600%, 02/15/2020		500		483
4.800%, 02/15/2022		200		191
Louisiana, Series B (CIFG)
5.000%, 07/15/2015		1,300		1,408
				2,082
				3,905
Maine - 0.4%
Revenue Bond - 0.1%
Maine Health & Higher Education Facilities Authority, Series B (FGIC) (NATL)
4.125%, 07/01/2018		740		759
General Obligation - 0.3%
Maine Municipal Bond Bank, Series B (FSA)
5.750%, 11/01/2010		2,000		2,144
				2,903
Maryland - 0.2%
Revenue Bonds - 0.2%
Westminster Educational Facilities Revenue, McDaniel College
5.000%, 11/01/2013		350		367
4.000%, 11/01/2015		700		677
				1,044
Massachusetts - 2.5%
Revenue Bonds - 2.3%
Massachusetts Bay Transportation Authority, General Transportation System Project, Series C (FGIC) (NATL)
5.750%, 03/01/2010		1,100		1,150
Massachusetts Bay Transportation Authority, Series A (COMGTY)
6.250%, 03/01/2012		1,875		2,115
Massachusetts Commonwealth, Special Obligation, Series A
5.500%, 06/01/2013		1,000		1,133
Massachusetts Development Finance Agency, Health Care Facilities Revenue, Adventcare Project, Series A
6.650%, 10/15/2028		2,500		1,853
Massachusetts Health & Educational Facilities Authority, Berkshire Health System, Series F (AGTY)
5.000%, 10/01/2015		2,000		2,065
Massachusetts Health & Educational Facilities Authority, Caregroup, Series E-1
5.000%, 07/01/2028		300		234
Massachusetts Health & Educational Facilities Authority, Partners Healthcare System, Series A (NATL)
5.100%, 07/01/2010		3,000		3,018
Massachusetts Port Authority, Escrowed to Maturity
13.000%, 07/01/2013 §		2,935		3,708
				15,276
General Obligation - 0.2%
Springfield, State Qualified Municipal Purpose (FSA) (STAID)
4.500%, 08/01/2020		1,400		1,476
				16,752
Michigan - 3.3%
Revenue Bonds - 2.5%
Detroit Water Supply, Escrowed to Maturity (FGIC)
6.250%, 07/01/2012 §		230		247
Kalamazoo Hospital Finance Authority, Bronson Hospital, Series A (FSA)
5.000%, 05/15/2020		2,675		2,632
Michigan Grant Anticipation Bonds (FSA)
4.500%, 09/15/2015		1,000		1,025
Michigan Hospital Finance Authority, Henry Ford Health Systems, Series A, Pre-refunded 03/01/2013 @ 100
5.500%, 03/01/2015 ¸		3,150		3,563
Michigan Municipal Board Authority, Local Government Loan Program, Series B, Group A (AMBAC)
5.000%, 12/01/2018		600		605
Romulus Economic Development Corporation, Partnership Project, Escrowed to Maturity
7.000%, 11/01/2015 §		1,300		1,634
Wayne Charter County Airport, Series A (AMT) (NATL)
5.250%, 12/01/2009		5,000		5,052
Western Michigan University Revenue (FSA)
5.000%, 11/15/2023		1,300		1,333
				16,091
General Obligations - 0.8%
Algonac Community Schools, School Building & Site, Series I (FSA) (MQSBLF)
4.000%, 05/01/2019		840		830
Constantine Public Schools (MQSBLF)
5.000%, 05/01/2016		1,075		1,168
Detroit (AMT) (FSA)
5.750%, 04/01/2009		1,255		1,255
Rochester Community School District, Series 1, Pre-refunded 05/01/2010 @ 100 (FGIC) (MQSBLF)
5.375%, 05/01/2011 ¸		2,000		2,101
				5,354
				21,445
Minnesota - 1.9%
Revenue Bonds - 1.9%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.375%, 02/01/2017		1,590		1,364
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (NATL)
5.000%, 01/01/2019		1,165		1,205
Minneapolis Health Care System, Fairview Health Services, Series A
6.375%, 11/15/2023		2,000		2,082
Minneapolis Hospital & Rehabilitation, Escrowed to Maturity
10.000%, 06/01/2013 §		660		778
Minnesota Agricultural & Economic Development Board, Health Care Systems, Series A
5.875%, 11/15/2011		2,135		2,219
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2020		1,255		1,126
5.500%, 05/01/2021		815		714
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2012		295		307
Monticello Big Lake Community Hospital District, Health Care Facilities, Series C
5.250%, 12/01/2011		1,485		1,444
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (NATL)
5.000%, 11/15/2019		1,235		1,212
				12,451
Mississippi - 0.2%
Revenue Bond - 0.2%
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems, Series A
5.000%, 08/15/2016		1,440		1,385
Missouri - 1.9%
Revenue Bonds - 1.8%
Hannibal Industrial Development Authority, Health Facilities Revenue, Hannibal Regional Hospital
4.350%, 03/01/2014		1,405		1,341
Kansas City Special Obligation, East Village Project, Series B (AGTY)
5.000%, 04/15/2022		505		527
Missouri Development Finance Board Infrastructure Revenue, Independence-Crackerneck Creek, Series B
5.125%, 03/01/2022		2,000		1,669
Missouri Development Finance Board, Independence Electric System Project, Series  D
5.625%, 06/01/2029		1,250		1,217
Missouri Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2016		1,130		981
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran, Series B
4.350%, 02/01/2015		850		766
4.375%, 02/01/2016		930		819
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Plum Point Project (NATL)
4.200%, 01/01/2018		1,000		866
Missouri Joint Municipal Electric Utilities, Commission Power Project Revenue, Series A (AMBAC)
5.000%, 01/01/2018		2,000		2,087
Osage Beach Tax Increment, Prewitts Project
4.800%, 05/01/2016		1,650		1,350
				11,623
Certificate of Participation - 0.1%
Missouri Development Finance Board Infrastructure Revenue, Independence-Centerpoint, Series F
5.375%, 04/01/2024		1,000		837
				12,460
Montana - 0.5%
Revenue Bonds - 0.5%
Montana Facilities Finance Authority Revenue, Health Care Facilities, Master Loan Project, Northeast Montana, Series B
4.500%, 05/01/2018		405		401
Montana Facilities Finance Authority Revenue, Senior Living, St. Johns Lutheran, Series A
5.750%, 05/15/2016		1,800		1,520
6.000%, 05/15/2025		1,675		1,204
				3,125
Nebraska - 1.5%
Revenue Bonds - 1.5%
Douglas County Hospital Authority #2, Nebraska Medical Center, Clarkson Regional Health Guaranty (AGTY)
5.000%, 11/15/2011		2,860		2,941
Douglas County Hospital Authority #3, Methodist Health
5.750%, 11/01/2028		1,000		892
Douglas County Zoo Facilities Revenue, Omaha's Henry Doorly Zoo Project
4.750%, 09/01/2017		745		754
4.750%, 09/01/2018		740		741
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
4.000%, 06/01/2018		2,000		1,820
Nebraska Investment Financial Authority, Great Plains Regional Medical Center Project (RAAI)
4.700%, 11/15/2011		500		513
4.800%, 11/15/2012		500		513
4.900%, 11/15/2013		600		614
Omaha Public Power District, Nebraska Electric Revenue, Series A
4.100%, 02/01/2019		1,370		1,401
				10,189
Nevada - 0.5%
Revenue Bonds - 0.3%
Carson City Hospital Revenue, Carson-Tahoe Hospital
5.750%, 09/01/2011		550		540
5.750%, 09/01/2012		580		565
Carson City Hospital Revenue, Carson-Tahoe Hospital, Escrowed to Maturity
5.750%, 09/01/2011 §		450		496
5.750%, 09/01/2012 §		475		539
				2,140
General Obligation - 0.2%
Washoe County, Escrowed to Maturity
9.875%, 08/01/2009 §		820		846
				2,986
New Hampshire - 0.5%
Revenue Bonds - 0.5%
New Hampshire Health & Education Facilities Authority
5.375%, 07/01/2024		1,250		1,112
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.500%, 07/01/2025		1,000		760
New Hampshire Municipal Bond Bank, Series A (NATL)
4.500%, 02/15/2020		1,300		1,379
				3,251
New Jersey - 0.3%
Revenue Bond - 0.3%
New Jersey Economic Development Authority, Cigarette Tax
5.500%, 06/15/2016		2,000		1,819
New York - 2.0%
Revenue Bond - 0.6%
Long Island Power Authority, Series B
5.250%, 12/01/2013		4,000		4,277
General Obligations - 1.4%
New York, Series A
5.750%, 08/01/2015		3,220		3,537
New York, Series C
5.500%, 03/15/2014		3,000		3,176
New York, Series D
5.500%, 06/01/2012		2,000		2,180
				8,893
				13,170
North Carolina - 1.9%
Revenue Bonds - 1.8%
North Carolina Eastern Power Agency, Series A (AGTY)
5.250%, 01/01/2022		1,700		1,697
North Carolina Eastern Power Agency, Series D
5.375%, 01/01/2013		2,955		3,098
North Carolina Finance Agency Education Facilities Revenue, Meredith College
5.250%, 06/01/2020		900		805
North Carolina Medical Care Commission Health Care Facilities Revenue, First Mortgage Presbyterian, Series B
4.875%, 10/01/2013		2,035		1,894
5.000%, 10/01/2014		2,120		1,939
North Carolina Power Agency #1, Series A (FSA)
5.250%, 01/01/2016		2,000		2,104
				11,537
Certificate of Participation - 0.1%
Randolph County (AMBAC)
5.000%, 02/01/2018		815		864
				12,401
North Dakota - 0.2%
Revenue Bond - 0.1%
Ward County Health Care Facilities Revenue, Trinity Obligated Group
5.000%, 07/01/2014		1,180		1,086
General Obligation - 0.1%
Mandan, Series D (NATL)
4.000%, 05/01/2017		460		465
				1,551
Ohio - 1.4%
Revenue Bonds - 0.8%
Lake County Hospital Facilities Revenue, Lake Hospital System, Series C
5.500%, 08/15/2024		1,230		1,039
Lorain County Hospital Facilities, Catholic Healthcare Partners, Series B (NATL)
5.375%, 09/01/2009		1,000		1,013
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2016		750		698
Ohio Higher Education Facilities Revenue, John Carroll University Project
4.000%, 04/01/2014		1,135		1,140
4.500%, 04/01/2015		1,000		1,024
Ohio Water Development Authority, Escrowed to Maturity
9.375%, 12/01/2010 §		380		407
				5,321
General Obligations - 0.4%
Barberton City School District (OSDCEP)
4.750%, 12/01/2021		1,260		1,316
Mason City School District (FSA)
4.375%, 12/01/2019		1,095		1,162
Richland County, Limited Tax, Correctional Facilities Improvement (AGTY)
5.875%, 12/01/2024		500		535
				3,013
Certificate of Participation - 0.2%
Akron (AGTY)
5.000%, 12/01/2015		1,000		1,097
				9,431
Oklahoma - 1.3%
Revenue Bonds - 1.3%
Cherokee County Economic Development Authority, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
1.790%, 11/01/2011 § 		3,340		3,190
McClain County Economic Development Authority, Educational Facilities Lease Revenue, Newcastle Public Schools Project
5.000%, 09/01/2009		510		513
5.000%, 09/01/2011		345		345
5.000%, 09/01/2012		355		350
4.125%, 09/01/2013		250		232
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
5.750%, 01/01/2023		1,430		1,017
South Oklahoma City, Pre-refunded 02/01/2010 @ 100
9.750%, 02/01/2013 ¸		2,145		2,288
Tulsa Educational Facilities Authority, Holland Hall School Project, Series B
4.600%, 12/01/2009		610		617
				8,552
Oregon - 0.4%
General Obligations - 0.4%
Lane County School District #52, Bethel (SBG)
5.500%, 06/15/2009		1,000		1,010
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2019		1,415		1,573
				2,583
Pennsylvania - 1.4%
Revenue Bonds - 1.4%
Allegheny County Hospital Revenue, University of Pittsburgh Medical Center, Series B
5.000%, 06/15/2018		3,000		3,064
Delaware County College Revenue, Neumann College
5.250%, 10/01/2020		535		462
5.375%, 10/01/2021		565		487
Delaware County Hospital Revenue Authority, Crozer-Chester Medical Center (RAAI)
5.000%, 12/15/2015		1,275		1,139
5.000%, 12/15/2017		1,405		1,213
Montgomery County Industrial Development Authority, Whitemarsh Continued Care Project
6.125%, 02/01/2028		1,000		645
Westmoreland County Industrial Development Authority Revenue, Retirement Community, Redstone, Series A
5.375%, 01/01/2014		1,100		1,002
5.500%, 01/01/2016		1,200		1,010
				9,022
General Obligation - 0.0%
Ephrata Area School District (FGIC) (NATL) (STAID)
4.500%, 04/15/2018		400		410
				9,432
Puerto Rico - 0.6%
Revenue Bond - 0.1%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		907
General Obligation - 0.5%
Puerto Rico Commonwealth, Public Improvement, Series A
5.000%, 07/01/2020		4,000		3,402
				4,309
South Carolina - 1.4%
Revenue Bonds - 1.4%
Charleston Educational Excellence Financing Corporation, Charleston County School District Project
5.000%, 12/01/2013		2,000		2,155
Lexington County Health Services District, Lexington Medical Center, Pre-refunded 11/01/2013 @ 100
5.500%, 11/01/2023 ¸		2,000		2,313
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.000%, 08/01/2013		1,000		1,014
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
6.000%, 08/01/2013		2,000		2,027
South Carolina Public Service Authority, Series A (NATL)
5.500%, 01/01/2010		1,665		1,725
				9,234
South Dakota - 1.1%
Revenue Bonds - 0.8%
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGTY)
5.125%, 08/01/2028		1,500		1,484
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
4.750%, 09/01/2011		530		534
5.000%, 09/01/2012		1,000		1,009
5.000%, 09/01/2013		1,000		1,006
5.000%, 09/01/2025		1,770		1,479
				5,512
Certificate of Participation - 0.3%
Deadwood (ACA)
5.000%, 11/01/2018		2,385		2,006
				7,518
Tennessee - 3.8%
Revenue Bonds - 3.5%
Chattanooga Health, Educational & Housing Facilities Board, Catholic Health Initiatives, Series D
6.125%, 10/01/2028		2,265		2,343
Jackson Hospital Revenue, Jackson-Madison Project
5.250%, 04/01/2023		4,000		3,934
Memphis-Shelby Counties Sports Authority Revenue, Memphis Arena Project, Series C (NATL)
5.000%, 11/01/2017		3,175		3,415
Metropolitan Government Nashville & Davidson County, Escrowed to Maturity
6.400%, 04/01/2011 §		1,030		1,140
Shelby County Health, Educational & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.000%, 09/01/2016 ¸		565		643
6.000%, 09/01/2016 ¸		935		1,063
Shelby County Health, Educational & Housing Facilities Board, St. Jude's Children's Research
5.000%, 07/01/2009		100		101
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project (RAAI)
5.000%, 09/01/2016		2,000		1,756
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Escrowed to Maturity
6.250%, 09/01/2011 §		1,465		1,637
6.250%, 09/01/2012 §		1,085		1,254
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health Systems Project, Pre-refunded 09/01/2012 @ 101
6.500%, 09/01/2013 ¸		2,215		2,564
Tennessee Energy Acquisition Corporation, Gas Revenue, Series A
5.000%, 09/01/2014		3,500		2,950
				22,800
General Obligation - 0.3%
Memphis (NATL)
5.000%, 10/01/2016		2,000		2,233
				25,033
Texas - 10.6%
Revenue Bonds - 4.3%
Brazos River Harbor District, Dow Chemical, Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
5.700%, 05/15/2033		1,000		893
El Paso Water & Sewer Revenue, Series A (FSA)
4.000%, 03/01/2018		650		667
Grapevine Industrial Development, Air Cargo (AMT)
6.500%, 01/01/2024		480		373
Gregg County Health Facilities Development, Good Shepherd Medical Center, Series A
5.750%, 10/01/2009		2,895		2,905
5.000%, 10/01/2013		1,230		1,193
Harris County Health Facilities Development Corporation, Hospital Revenue, Memorial Hermann Healthcare System, Series B
7.125%, 12/01/2031		1,950		2,022
Houston Health Facilities Development, Buckingham Senior Living Community, Series A, Pre-refunded 02/15/2014 @ 101
7.000%, 02/15/2023 ¸		2,000		2,377
League City Waterworks & Sewer System Revenue (FSA)
4.000%, 02/15/2018		1,230		1,245
4.375%, 02/15/2023		1,315		1,279
Lubbock Educational Facilities Revenue, Lubbock Christian University
5.000%, 11/01/2016		1,000		909
North Texas Tollway Revenue, First Tier, Series A
6.000%, 01/01/2024		2,500		2,596
North Texas Tollway Revenue, First Tier, Series E-3, Mandatory Put 01/01/2016 @  100
5.750%, 01/01/2038		3,000		3,077
Odessa Housing Finance, Escrowed to Maturity, Zero Coupon Bond (NATL)
2.014%, 06/01/2012 § 		1,465		1,375
San Leanna Educational Facilities Higher Education Revenue Tax, Saint Edwards University Project
5.000%, 06/01/2019		575		478
Tarrant County Cultural Education Financial Corporation Retirement Facilities, Northwest Senior Housing, Edgemere Project, Series A
5.750%, 11/15/2014		1,235		1,145
Texas Transportation Commission, First Tier
5.000%, 04/01/2017		2,000		2,275
Travis County Health Facilities, Development Retirement Facilities Revenue, Querencia Barton Creek Project
5.250%, 11/15/2017		1,000		755
5.500%, 11/15/2025		900		579
Tyler Health Facilities, Mother Frances Hospital
5.250%, 07/01/2012		1,000		961
Victoria Utilities Systems Revenue (AMBAC)
4.400%, 12/01/2019		1,000		1,006
				28,110
General Obligations - 6.3%
Alvin Independent School District, Schoolhouse (PSFG)
4.125%, 02/15/2019		1,110		1,160
Brownsville (NATL)
5.000%, 02/15/2017		2,125		2,249
Corinth (NATL)
4.500%, 02/15/2019		1,180		1,200
Dallas (NATL)
4.500%, 02/15/2027		5,000		4,952
Dallas County Utilities & Reclamation District, Series A (AMBAC)
5.150%, 02/15/2022		5,715		5,314
El Paso County (NATL)
5.000%, 02/15/2018		2,440		2,699
Elgin Independent School District, School Building (PSFG)
4.375%, 08/01/2019		1,120		1,196
Frisco (AMBAC)
4.500%, 02/15/2016		2,045		2,218
Frisco (FGIC) (NATL)
5.000%, 02/15/2018		1,125		1,159
5.000%, 02/15/2019		1,675		1,725
Galena Park Independent School District, School Building (PSFG)
4.000%, 08/15/2019		1,070		1,115
Giddings Independent School District, School Building, Series A (PSFG)
4.250%, 02/15/2019		875		927
Grand Prairie Independent School District, School Building, Series A (PSFG)
4.500%, 02/15/2018		635		694
Howard County Junior College (AMBAC)
4.250%, 02/15/2018		715		725
Kaufman County (FSA)
5.000%, 02/15/2017		1,000		1,065
Lubbock, Water Works System, Series A (FSA)
4.500%, 02/15/2019		300		316
Mansfield Independent School District, School Building (PSFG)
5.000%, 02/15/2022		770		821
Montgomery County (FSA)
4.000%, 03/01/2017		320		332
North Harris Montgomery Community College District (FGIC) (NATL)
5.375%, 02/15/2015		95		103
Northwest Texas Independent School District (PSFG)
4.500%, 02/15/2026		1,500		1,501
Plano Independent School District, School Building, Series A
5.000%, 02/15/2025		1,000		1,049
San Angelo, Series A (NATL)
4.400%, 02/15/2019		875		917
San Antonio
4.125%, 02/01/2019		1,000		1,041
4.250%, 02/01/2020		1,140		1,181
Sunnyvale School District, School Building (PSFG)
4.400%, 02/15/2020		870		917
Teague Independent School District, School Building (PSFG)
5.000%, 02/15/2019		2,210		2,480
Texas, Water Financial Assistance, Series A
5.000%, 08/01/2017		1,500		1,708
Victoria School District, School Building (PSFG)
5.000%, 02/15/2018		500		564
				41,328
				69,438
Utah - 0.7%
Revenue Bonds - 0.7%
Salt Lake & Sandy Metropolitan Water District, Series A (AMBAC)
5.000%, 07/01/2015		2,500		2,790
South Jordan, Sales Tax, Pre-refunded 08/15/2011 @ 100 (AMBAC)
5.500%, 08/15/2018 ¸		1,000		1,105
Weber Basin Water Conservancy District, Series A (AMBAC)
4.375%, 10/01/2018		400		422
				4,317
General Obligation - 0.0%
Ashley Valley Water & Sewer, Escrowed to Maturity (AMBAC)
10.900%, 01/01/2010 §		315		336
				4,653
Washington - 3.9%
Revenue Bonds - 0.6%
Snohomish County Housing Authority
6.300%, 04/01/2016		880		890
Washington Housing Community Nonprofit Revenue, Skyline at First Hill Project, Series B
5.100%, 01/01/2013		3,000		2,794
				3,684
General Obligations - 3.3%
Clark County School District #37, Vancouver (FSA)
5.250%, 12/01/2014		1,515		1,706
King County School District #401, Highline Public Schools (FSA) (SBG)
5.250%, 12/01/2025		500		526
King County School District #412, Shoreline (SBG)
5.750%, 12/01/2021		265		299
Snohomish County (NATL)
5.375%, 12/01/2019		5,000		5,294
Spokane County School District #81, Spokane (NATL) (SBG)
5.000%, 06/01/2016		1,000		1,100
Spokane County School District #356, Central Valley, Series B, Zero Coupon Bond  (FGIC) (NATL)
3.413%, 12/01/2014 		5,690		4,697
Washington, Series C
5.500%, 07/01/2014		2,275		2,626
Washington, Series S-5, Zero Coupon Bond (FGIC) (NATL)
3.420%, 01/01/2016 		3,000		2,386
Washington, Various Purpose, Series R-A (AMBAC)
5.000%, 01/01/2025		3,000		3,092
				21,726
				25,410
Wisconsin - 1.8%
Revenue Bonds - 1.5%
Franklin Solid Waste Disposal Revenue, Waste Management Wisconsin, Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
4.950%, 11/01/2016		2,000		1,753
Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Series A
5.500%, 02/15/2020		1,500		1,252
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Income Project
5.750%, 12/01/2019		2,000		1,550
Wisconsin Health & Educational Facilities Authority, Fort Healthcare Income Project
5.375%, 05/01/2018		1,250		1,149
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic, Series B
5.500%, 02/15/2013		850		829
Wisconsin Health & Educational Facilities Authority, Southwest Health Center, Series  A
6.125%, 04/01/2024		1,500		1,189
Wisconsin Health & Educational Facilities Authority, Vernon Memorial Healthcare Project
4.650%, 03/01/2015		910		808
Wisconsin Health & Educational Facilities Authority, Wisconsin Medical College (NATL)
5.000%, 12/01/2015		1,450		1,488
				10,018
General Obligation - 0.3%
Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
5.125%, 09/01/2016 z		1,720		1,850
				11,868
Wyoming - 0.3%
Revenue Bond - 0.3%
Lincoln County, Pacificorp Project, Mandatory Put 06/03/2013 @ 100 (AMT)
4.125%, 11/01/2025		2,250		2,223
Total Municipal Bonds
(Cost $643,602)				646,012
Short-Term Investments - 0.9%
Money Market Fund - 0.6%	SHARES
First American Tax Free Obligations Fund, Class Z ±		3,706,182		3,706
Variable Rate Demand Notes v - 0.3%	PAR
Colorado Educational & Cultural Facilities Authority, National Jewish Federation Board Project, Class A-9 (LOC:  Bank of America)
0.350%, 09/01/2036	$	300		300
Minnesota Higher Education Facilities Authority, Carleton College, Series 5-G (SPA:  Wells Fargo)
0.470%, 11/01/2029		2,000		2,000
				2,300
Total Short-Term Investments
(Cost $6,006)				6,006
Total Investments Ө - 99.2%
(Cost $649,608)				652,018
Other Assets and Liabilities, Net - 0.8%				5,462
Total Net Assets - 100.0%			$	657,480

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s
	board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists,
	are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation
	system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures
	established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at
	their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  These bonds mature at the call date and price indicated.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value.  The rate shown is the effective yield as of March 31, 2009.
»	Convertible Capital Appreciation Bonds (Convertible CABs) - These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
Y	Auction rate security.  The coupon rate shown represents the rate as of March 31, 2009.
z	Crossover Refunded securities are backed by the credit of the refunding issuer.  These bonds mature at the call date and price indicated.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates.  The coupon rate shown represents the rate as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $649,608.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$25,628
	Gross unrealized depreciation	(23,218	)
	Net unrealized appreciation	$2,410
	ACA - ACA Financial Guaranty Corporation
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate market value of securities subject to the AMT was $13,186, which represents 2.0% of total net assets.
	CIFG - CDC IXIS Financial Guaranty
	CMI - California Mortgage Insurance Program
	COMGTY - Commonwealth Guaranty
	FGIC - Financial Guaranty Insurance Corporation
	FHA - Federal Housing Authority
	FSA - Financial Security Assurance
	GNMA - Government National Mortgage Association
	IMI - Investors Mortgage Insurance Company
	LOC - Letter of Credit
	MQSBLF - Michigan Qualified School Board Loan Fund Program
	NATL - National Public Finance Guarantee Corporation
	OSDCEP - Ohio School District Credit Enhancement Program
	PSFG - Permanent School Fund Guarantee
	RAAI - Radian Asset Assurance Inc.
	SBG - School Board Guaranty
	SGI - Syncora Guarantee Inc.
	SMO - State Moral Obligation
	SPA - Standby Purchase Agreement
	STAID - State Aid Withholding
	VA - Veterans Administration

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and variable rate demand notes.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies, information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            3,706
Level 2 - Other significant observable inputs	648,312
Level 3 - Significant unobservable inputs	—
Total	$        652,018

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Minnesota Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 90.7%
Revenue Bonds - 63.6%
Continuing Care Retirement Communities - 1.0%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.550%, 07/01/2027	$	1,000	$	681
Glencoe Health Care Facilities, Pre-refunded 04/01/2011 @ 101
7.400%, 04/01/2021 ¸		1,000		1,131
				1,812
Economic Development - 1.5%
Minneapolis Community Development Agency, Series G-3, Pre-refunded 12/01/2011 @ 100
5.350%, 12/01/2021 ¸		1,000		1,105
Minneapolis Development Revenue, Common Bond, Series 1A (AMT)
4.550%, 12/01/2013		480		496
4.625%, 12/01/2014		505		518
Minneapolis Supported Development Revenue, Common Bond, Series 2A (AMT)
5.125%, 06/01/2022		1,000		833
				2,952
Education - 10.1%
Minneapolis, The Blake School Project
5.000%, 09/01/2012		445		466
Minnesota Higher Education Facilities Authority, Augsburg College, Series 4
5.000%, 10/01/2011		500		495
5.000%, 10/01/2012		500		486
Minnesota Higher Education Facilities Authority, Augsburg College, Series 6-C
4.750%, 05/01/2018		1,075		931
Minnesota Higher Education Facilities Authority, Augsburg College, Series 6-J1
5.000%, 05/01/2013		320		334
5.000%, 05/01/2016		375		380
5.000%, 05/01/2020		1,295		1,238
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2018		1,125		1,044
5.500%, 05/01/2019		1,185		1,078
5.500%, 05/01/2024		1,050		878
Minnesota Higher Education Facilities Authority, College of Art and Design, Series 5-K
5.000%, 05/01/2011		250		256
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2013		310		323
5.000%, 05/01/2014		320		330
5.000%, 05/01/2015		340		349
5.000%, 05/01/2016		355		360
5.000%, 05/01/2017		370		371
Minnesota Higher Education Facilities Authority, St. Benedict College, Series V
4.500%, 03/01/2017		1,585		1,503
Minnesota Higher Education Facilities Authority, St. Catherine College, Series 5-N1
5.250%, 10/01/2022		500		459
Minnesota Higher Education Facilities Authority, St. John's University, Series 6-U
4.200%, 10/01/2019		290		280
4.300%, 10/01/2020		385		370
4.500%, 10/01/2022		145		137
Minnesota Higher Education Facilities Authority, St. Olaf College, Series 6-O
5.000%, 10/01/2016		500		531
4.500%, 10/01/2019		250		240
Minnesota Higher Education Facilities Authority, St. Scholastica College, Series 5-J
5.250%, 12/01/2011		300		298
Minnesota Higher Education Facilities Authority, St. Scholastica College, Series 6-S
4.375%, 12/01/2016		360		313
4.500%, 12/01/2017		380		326
Minnesota Higher Education Facilities Authority, University of St. Thomas, Series 6-I
4.000%, 04/01/2014		1,045		1,072
Moorhead Educational Facilities, Concordia College, Series A
4.100%, 12/15/2014		500		506
4.200%, 12/15/2015		880		883
4.300%, 12/15/2016		925		921
5.000%, 12/15/2018		1,005		1,026
5.000%, 12/15/2019		1,060		1,068
				19,252
Healthcare - 26.0%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.250%, 02/01/2015		735		667
Bemidji Health Care Facilities, North County Health Services
4.125%, 09/01/2013		300		296
4.250%, 09/01/2015		500		480
5.000%, 09/01/2017		500		499
5.000%, 09/01/2018		1,050		1,034
5.000%, 09/01/2019		1,110		1,077
Cuyuna Range Hospital District
5.000%, 06/01/2016		425		362
5.000%, 06/01/2017		1,340		1,117
5.000%, 06/01/2019		1,320		1,050
Duluth Economic Development Authority, Benedictine Health System, Pre-refunded 02/15/2014 @ 100
5.375%, 02/15/2022 ¸		2,045		2,355
Glencoe Health Care Facilities, Regional Health Services Project
5.000%, 04/01/2013		760		745
5.000%, 04/01/2014		800		772
5.000%, 04/01/2015		845		802
5.000%, 04/01/2017		1,815		1,666
Hastings Health Care Facility, Regina Medical Center (ACA)
5.000%, 09/15/2013		500		467
Maple Grove Health Care Facilities, Maple Grove Hospital
5.000%, 05/01/2017		1,000		1,005
Maple Grove Health Care Facilities, North Memorial
4.500%, 09/01/2017		1,730		1,665
Marshall Medical Center Gross Revenue, Avera Marshall Regional Medical Center Project
4.500%, 11/01/2013		345		336
4.750%, 11/01/2020		1,155		1,003
Meeker County Hospital Facilities, Memorial Hospital Project
5.625%, 11/01/2022		1,000		805
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 ¸		2,500		2,910
5.750%, 11/15/2032 ¸		1,300		1,502
Minneapolis Healthcare System, Fairview Health Services, Series A
6.375%, 11/15/2023		4,000		4,165
Minneapolis Healthcare System, Fairview Health Services, Series A, Escrowed to Maturity
5.000%, 05/15/2012 §		605		673
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
5.500%, 02/01/2011		280		287
5.500%, 02/01/2012		200		206
5.500%, 02/01/2015		730		745
Minnesota Agricultural & Economic Development Board, Healthcare Systems, Series A (NATL)
5.500%, 11/15/2017		305		309
5.750%, 11/15/2026		10		9
Monticello, Big Lake Community Hospital, Series C
5.750%, 12/01/2015		2,320		2,147
Northfield Hospital Revenue
5.000%, 11/01/2013		880		873
5.000%, 11/01/2014		920		901
5.500%, 11/01/2017		1,080		1,053
Plymouth Health Facilities, Westhealth Project, Series A (FSA)
6.200%, 06/01/2011		1,360		1,364
Redwood Falls Hospital Facilities Revenue
5.000%, 12/01/2021		1,015		742
Shakopee Health Care Facilities, St. Francis Regional Medical Center
4.000%, 09/01/2012		305		296
5.000%, 09/01/2017		1,785		1,712
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series C
5.625%, 07/01/2026		2,500		2,437
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (NATL)
5.000%, 11/15/2015		500		509
5.000%, 11/15/2019		1,000		981
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2019		1,000		936
St. Paul Housing & Redevelopment Authority, HealthEast Project
5.150%, 11/15/2020		1,840		1,419
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.250%, 05/01/2015		1,500		1,316
5.750%, 05/01/2025		2,000		1,519
Stillwater Health Care, Health Systems Obligation Group
4.250%, 06/01/2015		500		479
4.250%, 06/01/2016		260		245
Todd, Morrison, Cass & Wadena Counties, United Hospital District
4.000%, 12/01/2013		400		406
Winona Health Care Facilities, Series A
5.300%, 07/01/2017		525		501
Winona Health Care Facilities, Winona Health Obligated Group
5.000%, 07/01/2020		1,000		887
				49,732
Housing - 1.2%
Dakota County Housing & Redevelopment Authority, Single Family Mortgages (AMT) (FNMA) (GNMA)
5.125%, 10/01/2020		35		35
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.600%, 04/01/2025		2,000		1,413
Worthington Housing Authority, Meadows Worthington Project, Series A
5.000%, 11/01/2017		1,000		804
				2,252
Lease Revenue - 2.8%
Andover Economic Development Authority Public Facilities Lease Revenue, Community Center, Crossover Refunded 02/01/2014 @ 100
5.000%, 02/01/2019 z		730		793
5.000%, 02/01/2019 z		495		537
Pine County Housing & Redevelopment Authority, Series A
4.500%, 02/01/2016		465		470
4.500%, 02/01/2017		385		384
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.500%, 12/01/2019		180		179
4.500%, 12/01/2020		290		285
St. Paul Housing & Redevelopment Authority, Smith Avenue Transit Center
4.000%, 06/01/2012		195		198
St. Paul Port Authority, Office Building
5.000%, 12/01/2019		2,415		2,514
				5,360
Miscellaneous - 0.8%
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,500		1,503
Tax Revenue - 2.1%
Hennepin County Sales Tax, Ballpark Project, Series B
4.375%, 12/15/2022		555		568
5.000%, 12/15/2029		1,000		1,016
Minneapolis Tax Increment Revenue, Grant Park Project
5.200%, 02/01/2022		1,000		725
Minneapolis, St. Anthony Falls Project
5.000%, 02/01/2017		1,040		811
5.300%, 02/01/2021		570		399
St. Anthony Housing & Redevelopment Authority, Silver Lake Village Project
5.000%, 08/01/2015		705		586
				4,105
Transportation - 7.4%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (NATL)
5.000%, 01/01/2019		1,000		1,034
5.000%, 01/01/2020		2,200		2,266
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMBAC) (AMT)
5.000%, 01/01/2020		2,125		1,783
Minneapolis & St. Paul Metropolitan Airports Commission, Series B (AMT) (FGIC) (NATL)
5.750%, 01/01/2010		2,380		2,430
5.625%, 01/01/2014		1,000		1,011
Minneapolis & St. Paul Metropolitan Airports Commission, Series C, Pre-refunded 01/01/2011 @ 100 (FGIC)
5.125%, 01/01/2020 ¸		3,095		3,317
Minnesota Public Facilities Authority Transportation
5.000%, 03/01/2012		970		998
Puerto Rico Commonwealth, Highway Transportation Authority, Series X (IBC) (NATL)
5.500%, 07/01/2013		1,250		1,253
				14,092
Utilities - 10.7%
Chaska Electric, Series A
5.650%, 10/01/2009		720		733
5.650%, 10/01/2010		760		798
4.200%, 10/01/2015		1,000		1,027
Cohasset Pollution Control, Allete Project (IBCC) (RAAI)
4.950%, 07/01/2022		2,230		2,035
Minnesota State Municipal Power Agency
4.125%, 10/01/2017		420		420
5.250%, 10/01/2022		1,000		1,021
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AGTY)
5.000%, 01/01/2019		1,000		1,033
5.000%, 01/01/2021		2,000		2,020
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AMBAC)
5.000%, 01/01/2013		380		406
5.000%, 01/01/2017		460		479
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2016		500		534
Shakopee Public Utilities, Series A (FSA)
4.250%, 02/01/2018		295		302
Southern Minnesota Municipal Power Agency, Series A (AMBAC)
5.000%, 01/01/2011		1,270		1,285
5.250%, 01/01/2014		2,000		2,153
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (NATL)
4.150%, 01/01/2020 		3,500		2,250
4.340%, 01/01/2021 		5,000		3,019
Western Minnesota Municipal Power Agency, Series A (AMBAC)
5.500%, 01/01/2011		1,000		1,003
				20,518
Total Revenue Bonds				121,578
General Obligations - 25.5%
Anoka County Capital Improvements, Series A
4.100%, 02/01/2018		610		640
5.000%, 02/01/2020		1,000		1,102
Anoka County Capital Improvements, Series B
4.550%, 01/01/2011		1,335		1,377
Anoka County Capital Improvements, Series C
4.100%, 02/01/2018		285		303
4.200%, 02/01/2019		595		628
Anoka County, Series D
5.000%, 02/01/2024		500		517
Anoka-Hennepin Independent School District #11, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.000%, 02/01/2014 z		2,000		2,115
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2010 @ 100 (MSDCEP)
5.375%, 02/01/2013 z		600		624
Anoka-Hennepin Independent School District #11, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.000%, 02/01/2012 z		1,000		1,057
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP)
4.250%, 02/01/2020		1,200		1,259
Chaska Independent School District #112, Series A (MSDCEP) (NATL)
4.250%, 02/01/2019		1,000		1,059
Chatfield Independent School District #227, Series A (FSA) (MSDCEP)
4.000%, 02/01/2018		450		481
Dakota County, Capital Improvements, Series C
4.850%, 02/01/2010		1,000		1,036
Dakota County Community Development Agency, Senior Housing Facilities, Series A
4.375%, 01/01/2019		510		535
4.500%, 01/01/2020		215		225
Dassel Cokato Independent School District #466, Series A (MSDCEP)
4.000%, 03/01/2014		300		322
Duluth Independent School District #709, Series A (FSA) (MSDCEP)
4.250%, 02/01/2022		1,150		1,176
Duluth, Series A
4.500%, 02/01/2021		1,160		1,207
4.500%, 02/01/2022		465		478
4.625%, 02/01/2024		1,100		1,120
Lakeville Independent School District #194, Series A, Crossover Refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
5.000%, 02/01/2022 z		1,260		1,366
Minneapolis Special School District #1 (MSDCEP)
4.000%, 02/01/2018		1,135		1,196
Moorhead Independent School District #152, Crossover Refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
5.000%, 04/01/2015 z		3,450		3,719
5.000%, 04/01/2016 z		2,510		2,705
Mounds View Independent School District #621, Series A (MSDCEP) (NATL)
5.000%, 02/01/2018		2,340		2,404
Mounds View Independent School District #621, Series A (MSDCEP)
5.000%, 02/01/2019		2,565		2,693
Mounds View Independent School District #621, Series A, Crossover Refunded 02/01/2011 @ 100 (MSDCEP)
5.250%, 02/01/2012 z		1,000		1,063
Pequot Lakes Independent School District #186, Crossover Refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
5.125%, 02/01/2018 z		500		539
Perham, Disposal System (AMT)
5.850%, 05/01/2015		1,205		1,211
Puerto Rico Commonwealth (NATL)
6.000%, 07/01/2014		1,605		1,635
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		945
Puerto Rico Commonwealth, Series A
5.500%, 07/01/2018		1,000		917
5.500%, 07/01/2018		575		528
Puerto Rico Commonwealth, Series A (SGI)
5.500%, 07/01/2017		1,000		931
Robbinsdale Independent School District #281, Alternative Facilities, Series B (MSDCEP)
4.500%, 02/01/2021		500		534
Rochester Wastewater, Series A
4.000%, 12/01/2018		1,140		1,219
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 89.37 (FSA) (MSDCEP)
2.248%, 02/01/2013 z		1,055		905
Sauk Rapids Independent School District #47, Series B, Zero Coupon Bond, Crossover Refunded 02/01/2011 @ 94.63 (FSA) (MSDCEP)
2.246%, 02/01/2012 z		1,790		1,626
South Washington County, Independent School District #833, Series B (FSA) (MSDCEP)
5.000%, 02/01/2015		1,030		1,105
St. Cloud Library Sales Tax, Series B (FSA)
4.000%, 02/01/2018		1,000		1,050
St. Michael Independent School District #885, Crossover Refunded 02/01/2012 @ 100 (FSA) (MSDCEP)
5.000%, 02/01/2014 z		1,190		1,278
5.000%, 02/01/2017 z		1,000		1,074
Wright County Jail, Series A (MCCEP)
4.500%, 12/01/2020		640		683
Zumbrota-Mazeppa Independent School District #2805, Series A (MSDCEP)
4.000%, 02/01/2019		200		210
				48,797
Certificates of Participation - 1.6%
Duluth Independent School District #709, Series B (MSDCEP)
4.000%, 02/01/2019		1,890		1,938
Northeast Metropolitan Intermediate School District #916
4.250%, 01/01/2015		1,000		1,009
				2,947
Total Municipal Bonds
(Cost $175,269)				173,322
Short-Term Investments - 8.4%
Money Market Fund - 4.8%	SHARES
First American Tax Free Obligations Fund, Class Z±		9,108,313		9,108
Variable Rate Demand Note v - 3.6%	PAR
Cohasset Power & Light Company Project, Series A
0.550%, 06/01/2020	$	7,000		7,000
Total Short-Term Investments
(Cost $16,108)				16,108
Total Investments Ө - 99.1%
(Cost $191,377)				189,430
Other Assets and Liabilities, Net - 0.9%				1,782
Total Net Assets - 100.0%			$	191,212

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
z	Crossover Refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates.  The coupon rate shown represents the rate as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $191,377.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$5,673
	Gross unrealized depreciation	(7,620	)
	Net unrealized depreciation	$(1,947	)
	ACA - ACA Financial Guaranty Corporation
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate market value of securities subject to the AMT was $8,317, which represents 4.3% of total net assets.
	FGIC - Financial Guaranty Insurance Corporation
	FNMA - Federal National Mortgage Association
	FSA - Financial Security Assurance
	GNMA - Government National Mortgage Association
	IBC - Insured Bond Certificates
	IBCC - Insured Bond Custodial Certificate
	MCCEP - Minnesota County Credit Enhancement Program
	MSDCEP - Minnesota School District Credit Enhancement Program
	NATL - National Public Finance Guarantee Corporation
	RAAI - Radian Asset Assurance Inc.
	SGI - Syncora Guarantee Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and variable rate demand notes.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies, information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$             9,108
Level 2 - Other significant observable inputs	180,322
Level 3 - Significant unobservable inputs	—
Total	$          189,430

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Minnesota Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 92.7%
Revenue Bonds - 82.7%
Continuing Care Retirement Communities - 2.5%
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation Projects, Series A
5.700%, 07/01/2042	$	1,750	$	1,103
Golden Valley, Covenant Retirement Communities, Series A
5.500%, 12/01/2029		1,450		1,098
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		1,275		701
Prior Lake Senior Housing Revenue, Shepherds Path, Series B
5.700%, 08/01/2036		1,000		692
				3,594
Economic Development - 1.0%
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program, Series A (AMT)
5.550%, 08/01/2016		500		438
Minnesota Agricultural & Economic Development Board, Small Business Development, Series D (AMT)
7.250%, 08/01/2020		1,065		1,018
				1,456
Education - 4.8%
Baytown Lease Revenue, St. Croix Preparatory Academy, Series A
7.000%, 08/01/2038		1,500		1,162
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2026		1,725		1,403
5.500%, 05/01/2027		820		659
Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
5.000%, 05/01/2026		30		26
Minnesota Higher Education Facilities Authority, Vermilion Community College, Series 3-T
6.000%, 01/01/2013		290		290
St. Paul Housing & Redevelopment Authority, Community Peace Academy, Series A
5.000%, 12/01/2036		800		480
St. Paul Housing & Redevelopment Authority, St. Paul Academy & Summit School Project
5.000%, 10/01/2024		2,000		1,943
University of Minnesota, Series A
5.125%, 04/01/2034		1,000		1,014
				6,977
Healthcare - 28.9%
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		1,500		1,014
Cuyuna Range Hospital District
5.000%, 06/01/2029		3,150		2,066
5.500%, 06/01/2035		350		227
Duluth Economic Development Authority, Benedictine Health System, Pre-refunded 02/15/2014 @ 100
5.250%, 02/15/2028 ¸		1,065		1,220
Glencoe Health Care Services Facilities Project, Glencoe Regional Health
5.000%, 04/01/2031		2,000		1,425
Maple Grove Health Care Facilities, North Memorial Health Care
5.000%, 09/01/2035		2,000		1,615
Maple Grove Health Care System, Maple Grove Hospital
4.500%, 05/01/2023		1,500		1,306
5.250%, 05/01/2025		1,000		937
Marshall Medical Center, Weiner Memorial Medical Center Project, Series A
5.250%, 11/01/2016		305		296
5.850%, 11/01/2023		875		812
Meeker County Hospital Facilities, Memorial Hospital Project
5.750%, 11/01/2027		1,000		776
Minneapolis Healthcare System, Allina Health System, Series A, Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 ¸		1,500		1,746
5.750%, 11/15/2032 ¸		2,400		2,772
Minneapolis Healthcare System, Fairview Health Services, Series A
6.625%, 11/15/2028		3,000		3,087
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A
6.375%, 11/15/2029		125		124
Minnesota Agricultural & Economic Development Board, Fairview Hospital Project, Series A, Pre-refunded 11/15/2010 @ 101
6.375%, 11/15/2029 ¸		3,875		4,234
Monticello, Big Lake Community Hospital, Series A
5.750%, 12/01/2019		1,000		813
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022		1,000		789
New Hope Housing & Healthcare Facilities Authority, Masonic Home North Ridge
5.750%, 03/01/2015		1,600		1,456
Redwood Falls Hospital Revenue, Redwood Area Hospital Project
5.125%, 12/01/2036		3,000		1,809
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		2,000		1,579
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series B, Pre-refunded 07/01/2014 @ 100
5.500%, 07/01/2025 ¸		2,000		2,332
St. Louis Park Health Care Facilities, Park Nicollet Health Services, Series C
5.750%, 07/01/2030		1,000		953
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (NATL)
5.000%, 11/15/2012		2,500		2,584
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
5.630%, 10/01/2033		2,304		1,466
St. Paul Housing & Redevelopment Authority, Health Partners Obligation Group
5.250%, 05/15/2026		2,000		1,661
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030		800		585
St. Paul Housing & Redevelopment Authority, Regions Hospital
5.250%, 05/15/2018		500		466
St. Paul Port Authority, HealthEast Midway Campus, Series A
5.875%, 05/01/2030		900		650
St. Paul Port Authority, HealthEast Midway Campus, Series B
6.000%, 05/01/2030		1,800		1,322
				42,122
Housing - 12.3%
Cottage Grove Senior Housing Revenue, PHS/Cottage Grove Inc. Project, Series A
5.000%, 12/01/2031		850		541
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
5.900%, 04/20/2042		2,000		2,020
Hopkins Elderly Housing, St. Theresa Project, Series A (FHA) (GNMA)
5.600%, 11/20/2017		460		464
Maplewood Multifamily Housing, Carefree Cottages ll, Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
4.800%, 04/15/2034		2,000		1,999
Minneapolis & St. Paul Housing Financing Board, Single Family, Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
5.000%, 11/01/2038		974		890
Minneapolis Housing Revenue, Keeler Apartments, Series A
5.000%, 10/01/2037		1,350		844
Minneapolis Multifamily Housing Revenue, Vantage Flats Project (AMT) (GNMA)
5.200%, 10/20/2048		875		809
Minnesota Housing Finance Agency, Residential Housing, Series B (AMT)
5.650%, 07/01/2033		665		641
Minnesota Housing Finance Agency, Residential Housing, Series B1-RMK (AMT)
5.350%, 07/01/2033		1,305		1,208
Minnesota Housing Finance Agency, Residential Housing, Series D (AMT)
4.700%, 07/01/2027		3,465		3,024
Minnesota Housing Finance Agency, Residential Housing, Series F (AMT)
5.400%, 07/01/2030		2,185		2,064
Minnesota Housing Finance Agency, Single Family Mortgage, Series C (AMT)
6.100%, 07/01/2030		280		282
Moorhead Senior Housing Revenue, Sheyenne Crossing Project
5.650%, 04/01/2041		1,620		1,016
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller, Series A
5.250%, 10/01/2042		1,100		655
White Bear Lake, Multifamily Housing, Lake Square, Series A (FHA)
6.000%, 08/01/2020		1,020		1,021
Worthington Housing Authority, Meadows Worthington Project, Series A
5.375%, 05/01/2037		880		526
				18,004
Lease Revenue - 4.7%
Lakeville Housing & Redevelopment Authority, Ice Arena Project
4.625%, 02/01/2032		585		503
New Brighton Economic Development Authority, Public Safety Facility, Leasing Project, Series A
4.900%, 02/01/2015		850		857
5.000%, 02/01/2016		895		902
5.100%, 02/01/2017		900		906
Pine County Housing & Redevelopment Authority, Series A
5.000%, 02/01/2028		1,000		889
5.000%, 02/01/2031		1,890		1,625
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.750%, 12/01/2026		500		459
St. Paul Port Authority, Regions Hospital Parking Ramp Project, Series 1
5.000%, 08/01/2036		1,375		736
				6,877
Miscellaneous - 1.3%
Little Canada Commercial Development, RLF Minnesota Project
7.100%, 04/01/2013		790		771
Seaway Port Authority of Duluth, Cargill Income Project
4.200%, 05/01/2013		1,130		1,133
				1,904
Recreational Facility Authority - 1.1%
Moorhead, Golf Course, Series B
5.875%, 12/01/2021		2,000		1,679
Tax Revenue - 0.3%
Minneapolis, St. Anthony Falls Project
5.650%, 02/01/2027		400		252
5.750%, 02/01/2027		300		192
				444
Transportation - 6.6%
Minneapolis & St. Paul Metropolitan Airports Commission, Series A (AMBAC)
5.000%, 01/01/2017		1,000		1,075
5.000%, 01/01/2019		3,250		3,407
5.000%, 01/01/2020		5,000		5,208
				9,690
Utilities - 19.2%
Chaska Electric, Series A
6.100%, 10/01/2030		45		45
Minnesota Public Facilities Authority, Clean Water, Series B
5.000%, 03/01/2018		2,000		2,299
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AGTY)
5.000%, 01/01/2018		1,985		2,077
Northern Municipal Power Agency, Minnesota Electric Systems, Series A (AMBAC)
5.000%, 01/01/2026		2,000		1,984
Puerto Rico Electric Power Authority, Series SS (NATL)
5.000%, 07/01/2024		2,000		1,712
Southern Minnesota Municipal Power Agency, Series A, Zero Coupon Bond (NATL)
3.940%, 01/01/2019 		4,000		2,734
4.340%, 01/01/2021 		5,000		3,019
4.650%, 01/01/2023 		3,000		1,595
4.780%, 01/01/2024 		11,000		5,480
4.949%, 01/01/2025 		4,250		1,968
5.040%, 01/01/2026 		6,300		2,737
5.131%, 01/01/2027 		3,000		1,221
Western Minnesota Municipal Power Agency (AMBAC)
5.500%, 01/01/2015		550		578
Western Minnesota Municipal Power Agency, Escrowed to Maturity (NATL)
9.750%, 01/01/2016 §		410		573
				28,022
Total Revenue Bonds				120,769
General Obligations - 8.6%
Burnsville Independent School District #191, Alternative Facilities, Series A (MSDCEP)
4.500%, 02/01/2022		1,430		1,489
Minneapolis Sports Arena
5.100%, 04/01/2013		500		502
5.100%, 10/01/2013		250		251
Minnesota
5.000%, 08/01/2013		2,000		2,273
Minnesota Highway & Various Purpose
5.000%, 08/01/2020		3,800		4,231
Minnesota, Series A
5.000%, 06/01/2018		2,000		2,318
Perham, Disposal System (AMT)
6.000%, 05/01/2022		1,500		1,481
				12,545
Certificate of Participation - 1.4%
Duluth Independent School District #709, Series B (MSDCEP)
4.000%, 02/01/2019		2,000		2,051
Total Municipal Bonds
(Cost $146,561)				135,365
Short-Term Investments - 6.2%
Money Market Fund - 0.5%	SHARES
First American Tax Free Obligations Fund, Class Z ±		779,348		779
U.S. Treasury Obligation - 0.0%	PAR
U.S. Treasury Bill
0.020%, 04/09/2009 U	$	40		40
Variable Rate Demand Notes v - 5.7%
Brown County, Martin Luther College Project
0.420%, 09/01/2024		200		200
Cohasset Power & Light Company Project, Series A
0.550%, 06/01/2020		7,000		7,000
Maple Grove Multifamily Housing Revenue (LOC: Wells Fargo Bank)
0.420%, 11/01/2031		460		460
Minneapolis, Guthrie Theater Project, Series A (LOC: Wells Fargo Bank)
0.420%, 10/01/2023		395		395
Minneapolis Multifamily Housing Revenue, Hedwigs Assisted Project
0.420%, 12/01/2027		215		215
				8,270
Total Short-Term Investments
(Cost $9,089)				9,089
Total Investments Ө - 98.9%
(Cost $155,650)				144,454
Other Assets and Liabilities, Net - 1.1%				1,580
Total Net Assets - 100.0%			$	146,034

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s
	board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists,
	are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation
	system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures
	established and approved by the fund’s board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at
	their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
U	Yield shown is effective yield as of March 31, 2009.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates.  The coupon rate shown represents the rate as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $155,650.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$3,918
	Gross unrealized depreciation	(15,114	)
	Net unrealized depreciation	$(11,196	)
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate market value of securities subject to the AMT was $13,854, which represents 9.5% of total net assets.
	FHA - Federal Housing Administration
	FHLMC - Federal Home Loan Mortgage Corporation
	FNMA - Federal National Mortgage Association
	GNMA - Government National Mortgage Association
	LOC - Letter of Credit
	MSDCEP - Minnesota School District Credit Enhancement Program
	NATL - National Public Finance Guarantee Corporation

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds, U.S. treasury bills, and variable rate demand notes.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$                  779
Level 2 - Other significant observable inputs	143,675
Level 3 - Significant unobservable inputs	—
Total	$           144,454

Schedule ofINVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Missouri Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 99.6%
Revenue Bonds - 81.6%
Continuing Care Retirement Communities - 3.8%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
5.250%, 02/01/2024	$	2,000	$	1,577
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		500		310
Lee's Summit Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A
5.000%, 08/15/2014		1,035		951
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior, Series A
5.375%, 02/01/2035		1,500		1,055
St. Louis County Industrial Development Authority, Friendship Village West, Series A
5.500%, 09/01/2028		2,000		1,527
				5,420
Education - 7.2%
Curators University System Facilities, Series A
5.000%, 11/01/2033		1,000		989
Lincoln University Auxiliary System Revenue (AGTY)
5.125%, 06/01/2037		1,000		951
Missouri Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2017		1,185		1,003
Missouri Health & Educational Facilities Authority, University of Missouri-Columbia Arena Project
5.000%, 11/01/2019		2,540		2,658
Missouri Health & Educational Facilities Authority, Washington University, Series A
5.000%, 02/15/2019		1,465		1,607
5.375%, 03/15/2039		3,000		3,129
				10,337
Healthcare - 17.2%
Boone County Hospital
5.050%, 08/01/2020		1,200		1,107
5.625%, 08/01/2038		2,000		1,707
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital
5.625%, 06/01/2022		245		222
Cape Girardeau County Industrial Development Authority, Health Care Facilities Revenue, Southeast Missouri Hospital,
Pre-refunded 06/01/2012 @ 100
5.625%, 06/01/2022¸		1,255		1,412
Carthage Hospital Revenue
6.000%, 04/01/2038		1,000		615
Cass County Hospital Revenue
5.500%, 05/01/2027		2,000		1,391
Clinton County Industrial Development Authority, Health Facilities Revenue, Cameron Regional Medical Center
5.000%, 12/01/2037		1,000		535
Hannibal Industrial Development Authority Health Facilities
4.300%, 03/01/2013		1,345		1,305
5.000%, 03/01/2022		1,000		865
Indiana Financial Authority Health Systems, Sisters of St. Francis Health
5.250%, 11/01/2024		1,000		945
Joplin Industrial Development Authority Healthcare Facilities, Freeman Health Systems Project
5.500%, 02/15/2024		2,000		1,696
Missouri Health & Educational Facilities Authority, BJC Health Systems, Series A, Escrowed to Maturity
6.750%, 05/15/2012  §		3,310		3,864
Missouri Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
5.000%, 08/15/2019		2,300		2,172
Missouri Health & Educational Facilities Authority, Lake Regional Health System Project
5.000%, 02/15/2012		515		511
Missouri Health & Educational Facilities Authority, SSM Health Care, Series A
5.000%, 06/01/2036		2,000		1,795
Missouri Health & Educational Facilities Authority, SSM Health Care, Series B (NATL)
5.000%, 06/01/2018		445		447
Missouri Health & Educational Facilities Authority, St. Lukes Health, Series 2003-B (FSA)
5.500%, 11/15/2032		2,000		1,923
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
5.625%, 12/01/2035		1,000		600
St. Louis County Industrial Development Authority, Ranken-Jordan Project
4.250%, 11/15/2014		125		108
5.000%, 11/15/2027		670		387
5.000%, 11/15/2035		1,300		691
St. Louis County Industrial Development Authority, Ranken-Jordan Project, Series A, Pre-refunded 11/15/2013 @ 100
6.625%, 11/15/2035¸		500		602
				24,900
Housing - 3.9%
Missouri Housing Development Commission, Homeownership Loan Program, Series A1 (AMT) (FHLMC) (FNMA) (GNMA)
5.300%, 03/01/2039		655		604
Missouri Housing Development Commission, Homeownership Loan Program, Series B (AMT) (FNMA) (GNMA)
4.800%, 09/01/2031		2,175		1,897
Missouri Housing Development Commission, Homeownership Loan Program, Series C1 (AMT) (FNMA) (GNMA)
5.000%, 09/01/2037		520		459
Riverside Industrial Development Authority, Riverside Horizons Project, Series A (ACA)
5.000%, 05/01/2027		1,500		1,260
University City Industrial Development Authority, Multifamily Housing, Series A (GNMA)
5.950%, 12/20/2025		1,400		1,400
				5,620
Lease Revenue - 16.0%
Cape Girardeau County, Jackson School District #R-2 (NATL)
5.250%, 03/01/2026		1,000		1,010
Clay County, Public Building Authority (FSA)
5.125%, 05/15/2014		2,000		2,005
Kansas City Municipal Assistance, Capital Appreciation Leasehold, Series B-1, Zero Coupon Bond (AMBAC)
5.568%, 04/15/2027 		2,000		743
Kansas City Special Facilities Revenue, MCI Overhaul Base Project, Series G (AMT)
4.750%, 09/01/2028		4,000		2,836
Missouri Board of Public Buildings, Series A
5.000%, 10/15/2027		1,000		1,016
Missouri Board of Public Buildings, State Office Building Special Obligation, Series A
5.000%, 05/01/2017		1,000		1,056
5.125%, 05/01/2026		5,000		5,088
Missouri Board of Public Buildings, State Office Building Special Obligation, Series A (NATL)
5.000%, 05/01/2024		5,000		5,096
Missouri Development Finance Board, Branson, Series A
5.000%, 12/01/2017		1,000		890
5.375%, 12/01/2022		750		638
Missouri Development Finance Board, Infrastructure Facilities, Independence Water System, Series C
5.750%, 11/01/2029		500		494
Platte County School District #R-3 (MDDP)
5.000%, 03/01/2028		200		197
Springfield Public Building, Capital Improvement Project (AMBAC)
5.000%, 03/01/2024		2,000		2,039
				23,108
Miscellaneous - 2.3%
Kennett Industrial Development Authority, Manac Trailers USA Project (LOC: Region's Bank) (AMT)
4.250%, 03/01/2022		1,500		1,283
4.250%, 03/01/2024		500		409
Missouri Development Finance Board, Eastland Center Project, Series A
4.250%, 04/01/2015		1,010		1,015
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		630
				3,337
Revolving Funds - 8.2%
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series A
4.750%, 07/01/2020		2,000		2,164
5.750%, 01/01/2029		1,000		1,092
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series B
5.250%, 01/01/2015		1,225		1,241
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control, Series C
4.750%, 07/01/2023		410		430
5.000%, 07/01/2023		6,655		6,883
				11,810
Tax Revenue - 9.1%
Belton Increment Tax Revenue, Town Center Project
5.625%, 03/01/2025		550		401
Columbia Electric Utility Improvement, Series A
5.000%, 10/01/2021		400		427
5.000%, 10/01/2023		445		467
5.125%, 10/01/2030		500		503
Fenton Tax Increment Revenue, Gravois Bluffs Redevelopment Project
5.000%, 04/01/2014		1,000		998
Harrisonville Towne Center Project
4.375%, 11/01/2017		340		335
4.500%, 11/01/2022		715		648
Howard Bend Levee District (SGI)
5.500%, 03/01/2026		1,745		1,581
Jackson County Harry Truman Sports Complex (AMBAC)
5.000%, 12/01/2028		3,000		2,898
Kansas City Tax Increment Financing Commission, Maincor Project, Series A
5.250%, 03/01/2018		500		413
Missouri Development Finance Board, Independence Centerpoint Project, Series E
5.125%, 04/01/2025		1,000		936
Missouri Development Finance Board, Independence Crackerneck Creek Project, Series B
5.000%, 03/01/2025		1,000		793
Osage Beach Tax Increment Revenue, Prewitt's Point Project
5.000%, 05/01/2023		1,455		967
Raytown Live Redevelopment Plan, Project #1
5.125%, 12/01/2031		1,000		900
Riverside Tax Increment Revenue, L-385 Levee Project
5.250%, 05/01/2020		1,000		880
				13,147
Transportation - 5.0%
Kansas City Airport Revenue, Series A
4.000%, 09/01/2014		590		604
Missouri Highways & Transportation Commission
4.750%, 05/01/2027		360		366
Missouri Highways & Transportation Commission, Series A, Pre-refunded 02/01/2011 @ 100
5.250%, 02/01/2020 ¸		5,000		5,393
Puerto Rico Commonwealth Highway & Transportation Authority, Series K
5.000%, 07/01/2017		1,000		900
				7,263
Utilities - 8.9%
Kansas City Sanitary Sewer System Revenue, Series A
5.250%, 01/01/2034		2,000		2,018
Kansas City Water Revenue, Series A
5.250%, 12/01/2032		500		504
Metropolitan St. Louis Sewer District, Wastewater Systems Revenue, Series A
5.750%, 05/01/2038		500		523
Metropolitan St. Louis Sewer District, Wastewater Systems Revenue, Series A (NATL)
5.000%, 05/01/2023		1,075		1,103
Missouri Development Finance Board, Independence Water System (AMBAC)
5.000%, 11/01/2024		1,000		1,007
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue, Iatan 2 Project, Series A
6.000%, 01/01/2039		2,000		1,975
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue, Iatan 2 Project, Series A (AMBAC)
5.000%, 01/01/2028		1,000		943
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue, Plum Point Project (NATL)
5.000%, 01/01/2016		1,500		1,456
North Central Regional Water Commission, Waterworks Systems Revenue
5.000%, 01/01/2037		2,070		1,589
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		1,000		874
St. Joseph Industrial Development Authority, Sewer System Improvements Project
4.750%, 04/01/2020		500		481
4.750%, 04/01/2021		390		372
				12,845
Total Revenue Bonds				117,787
General Obligations - 10.8%
Blue Springs Neighborhood Improvement
5.000%, 02/15/2029		850		850
Jackson County School District #4, Blue Springs, Series A
4.750%, 03/01/2026		2,000		2,036
Jackson County School District #7, Lee's Summit
4.750%, 03/01/2027		1,000		1,009
Jefferson City School District, Series A, Escrowed to Maturity
6.700%, 03/01/2011  §		525		564
Ladue School District
5.000%, 03/01/2023		1,500		1,576
North Kansas City School District #74 (MDDP)
5.000%, 03/01/2019		500		563
Platte County School District #R-3 (NATL)
5.000%, 03/01/2024		685		708
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026		1,000		811
Puerto Rico Municipal Finance Agency, Pre-refunded 08/01/2009 @ 101 (FSA)
5.500%, 08/01/2023 ¸		2,000		2,054
Richmond Heights, Manhasset Village Neighborhood
4.500%, 04/01/2026		690		619
St. Charles Community College (NATL)
5.250%, 02/15/2018		1,220		1,375
St. Charles County, Francis Howell School District (FGIC) (MDDP) (NATL)
5.250%, 03/01/2018		2,095		2,428
St. Charles County, Francis Howell School District (MDDP)
5.000%, 03/01/2027		1,000		1,037
Total General Obligations				15,630
Certificates of Participation - 7.2%
Belton Refunding & Improvement
5.250%, 03/01/2029		355		279
Belton Refunding & Improvement (NATL)
4.375%, 03/01/2019		500		440
4.500%, 03/01/2022		500		423
Cottleville
5.125%, 08/01/2026		200		164
5.250%, 08/01/2031		1,700		1,309
Hazelwood School District, Energy Improvements Project
4.500%, 03/01/2017		515		532
4.500%, 03/01/2018		445		454
Kansas City Metropolitan Junior College District
4.500%, 07/01/2021		1,375		1,413
Missouri School Boards Association, Liberty Public School District #53 (FSA)
5.250%, 03/01/2025		1,015		1,058
Ozark R-6 School District Lease (FSA)
5.000%, 09/01/2025		645		652
Texas County Justice Center Project (AGTY)
4.500%, 12/01/2025		3,535		3,161
Union, Series A
5.200%, 07/01/2023		520		486
Total Certificates of Participation				10,371
Total Municipal Bonds
(Cost $153,110)				143,788
Short-Term Investments - 3.8%
First American Tax Free Obligations Fund, Class Z ±	SHARES
(Cost $5,557)		5,556,728		5,557
Total Investments Ө - 103.4%
(Cost $158,667)				149,345
Other Assets and Liabilities, Net - (3.4)%				(4,934	)
Total Net Assets - 100.0%			$	144,411

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund's board of directors.
	Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations
	obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not
	readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.
	Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value.  As of
	March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $158,667.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$3,398
	Gross unrealized depreciation	(12,720	)
	Net unrealized depreciation	$(9,322	)
	ACA - ACA Financial Guaranty Corporation
	AGTY - Assured Guaranty
	AMBAC - American Municipal Bond Assurance Corporation
	AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate
	market value of securities subject to the AMT was $8,118, which
	represents 5.6% of total net assets.
	FGIC - Financial Guaranty Insurance Corporation
	FHLMC - Federal Home Loan Mortgage Corporation
	FNMA - Federal National Mortgage Association
	FSA - Financial Security Assurance
	GNMA - Government National Mortgage Association
	LOC - Letter of Credit
	MDDP - Missouri Direct Deposit Program
	NATL - National Public Finance Guarantee Corporation
	RAAI - Radian Asset Assurance Inc.
	SGI - Syncora Guarantee Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies, information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$               5,557
Level 2 - Other significant observable inputs	143,788
Level 3 - Significant unobservable inputs	—
Total	$           149,345

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Nebraska Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 97.9%
Revenue Bonds - 75.5%
Continuing Care Retirement Communities - 2.3%
Colorado Health Facilities Authority, Christian Living Communities Project, Series A
5.750%, 01/01/2026	$	100	$	76
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		275		151
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		200		142
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		600		501
				870
Education - 19.6%
Anderson, Indiana, Economic Development, Anderson University Project
5.000%, 10/01/2032		575		367
Colorado Educational & Cultural Facilities Authority, Charter School
5.625%, 05/01/2040		990		768
Missouri Health & Educational Facilities Authority, Washington University, Series A
5.375%, 03/15/2039		500		521
Nebraska Educational Finance Authority (RAAI)
5.000%, 04/01/2017		605		550
Nebraska Elementary & Secondary School Finance Authority, Boy's Town Project
4.750%, 09/01/2028		500		473
Nebraska Utility Corporation, University of Nebraska, Lincoln Project
5.250%, 01/01/2015		1,045		1,121
University of Nebraska Facility Corporation, Medical Center Research Project
5.000%, 02/15/2015		500		530
University of Nebraska, Lincoln Memorial Stadium, Series A
5.000%, 11/01/2015		500		525
University of Nebraska, Lincoln Student Fees
5.000%, 07/01/2022		750		769
University of Nebraska, Omaha Health & Recreation Project
5.000%, 05/15/2033		1,000		988
University of Nebraska, Omaha Student Facilities Project
5.000%, 05/15/2032		350		347
University of Nebraska, Omaha Student Housing Project
5.000%, 05/15/2023		500		515
				7,474
Healthcare - 18.7%
Adams County Hospital Authority #1, Mary Lanning Memorial Hospital Project (RAAI)
5.250%, 12/15/2033		1,000		795
Douglas County Hospital Authority #2, Boy's Town Project
4.750%, 09/01/2028		1,000		878
Douglas County Hospital Authority #2, Children's Hospital
6.000%, 08/15/2028		1,000		980
Douglas County Hospital Authority #3, Methodist Health
5.500%, 11/01/2038		1,000		813
Halifax Florida Hospital, Medical Center, Series A
5.000%, 06/01/2038		600		413
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		600		463
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project, Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC)
5.000%, 06/01/2019 ¸		500		543
Madison County Hospital Authority #1, Faith Regional Health Services Project, Pre-refunded 01/01/2012 @ 100 (RAAI)
5.500%, 07/01/2021 ¸		500		552
Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI)
5.200%, 11/15/2016		250		253
5.300%, 11/15/2017		805		816
Platte County Hospital Authority #1, Columbus Community Hospital Project (RAAI)
5.850%, 05/01/2014		650		655
				7,161
Housing - 2.7%
Nebraska Investment Finance Authority, Single Family Housing, Series D (AMT)
4.950%, 09/01/2026		450		423
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
5.150%, 11/20/2022		595		599
				1,022
Miscellaneous - 3.0%
Forsyth, Montana, Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		585		477
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Project (AMT)
4.850%, 04/01/2035		500		387
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		300		282
				1,146
Recreational Facility Authority - 3.2%
Douglas County Zoo Facility, Omaha's Henry Doorly Zoo Project
4.750%, 09/01/2024		1,365		1,231
Revolving Funds - 1.5%
Nebraska Investment Finance Authority, Drinking Water System
5.150%, 01/01/2016		580		581
Tax Revenue - 3.1%
Omaha Special Tax Revenue
5.250%, 10/15/2028		650		667
Omaha Special Tax Revenue, Series A
5.125%, 02/01/2032		500		501
				1,168
Utilities - 21.4%
Burt County Public Power District Electric Systems
4.850%, 07/01/2026		335		293
Central Plains Energy Project, Nebraska Gas Project #1, Series A
5.250%, 12/01/2021		750		554
Grand Island Electrical Systems (NATL)
5.125%, 08/15/2016		750		795
Hastings Electrical Systems (FSA)
5.000%, 01/01/2015		250		263
Lincoln Electrical Systems
5.000%, 09/01/2026		250		253
Municipal Energy Agency of Nebraska, Power Supply Systems, Series A  (BHAC)
5.375%, 04/01/2039		150		153
Nebraska Public Power District, Series B
5.000%, 01/01/2033		500		480
Omaha Public Power District, Electric Revenue, Series A
5.500%, 02/01/2033		1,000		1,029
5.500%, 02/01/2035		1,200		1,233
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2025		500		491
Puerto Rico Electric Power Authority, Series WW
5.250%, 07/01/2025		1,000		874
South Sioux City Combined Electric, Water & Sewer
4.750%, 08/01/2027		250		213
Southern Nebraska Public Power District, Electric Systems
5.250%, 12/15/2028		1,500		1,524
				8,155
Total Revenue Bonds				28,808
General Obligations - 22.4%
Brown County
4.350%, 06/15/2026		200		190
4.700%, 12/15/2026		400		378
Buffalo County (AGTY)
6.000%, 12/15/2028		195		207
Douglas County School District #10, Elkhorn Public Schools
6.000%, 06/15/2028		500		523
Douglas County School District #17, Millard Public Schools
4.000%, 06/15/2017 «		1,000		1,039
Douglas County School District #54, Ralston Public Schools (FSA)
5.000%, 12/15/2016		845		901
La Vista
4.800%, 12/15/2026		345		330
Lancaster County Correctional Facility, Joint Public Agency Building
2.000%, 12/01/2010		1,000		1,015
Lancaster County School District #1, Lincoln Public Schools
5.250%, 07/15/2019		220		229
Lincoln-Lancaster County Public Building Community, Tax Supported Lease Rental
4.500%, 10/15/2026		750		729
Omaha
5.750%, 10/15/2028		450		493
Omaha-Douglas Public Building
4.900%, 05/01/2016		500		528
5.100%, 05/01/2020		300		313
Puerto Rico Commonwealth, Public Improvement, Series A
5.250%, 07/01/2026		375		304
Puerto Rico Commonwealth, Series C-7 (NATL)
6.000%, 07/01/2027		250		242
Saunders County (FSA)
5.000%, 11/01/2030		650		647
Scotts Bluff County
4.550%, 01/15/2026		500		496
Total General Obligations				8,564
Total Municipal Bonds
(Cost $38,996)				37,372
Short-Term Investments - 3.8%	SHARES
Money Market Fund - 3.6%
First American Tax Free Obligations Fund, Class Z ±		1,373,501		1,374
U.S. Treasury Obligation - 0.2%	PAR
U.S. Treasury Bill
0.070%, 04/09/2009 U	$	100		100
Total Short-Term Investments
(Cost $1,474)				1,474
Total Investments Ө 101.7%
(Cost $40,470)				38,846
Other Assets and Liabilities, Net - (1.7)%				(658	)
Total Net Assets - 100.0%			$	38,188

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  These bonds mature at the call date and price indicated.
«	Security purchased on a when-issued basis. On March 31, 2009, the total cost of investments purchased on a when-issued basis was $1,034 or 2.7% of total net assets.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor for this fund.
U	Yield shown is effective yield as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $40,470. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$871
	Gross unrealized depreciation	(2,495	)
	Net unrealized depreciation	$(1,624	)
AGTY -	Assured Guaranty
AMBAC-	American Municipal Bond Assurance Corporation
AMT-	Alternative Minimum Tax.  As of March 31, 2009, the aggregate market value of securities subject to the AMT was $1,092, which
	represents 2.9% of total net assets.
BHAC -	Berkshire Hathaway Assurance Corporation
FSA-	Financial Security Assurance
GNMA-	Government National Mortgage Association
NATL -	National Public Finance Guarantee Corporation
RAAI-	Radian Asset Assurance Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and U.S. treasury bills.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$             1,374
Level 2 - Other significant observable inputs	37,472
Level 3 - Significant unobservable inputs	—
Total	$           38,846

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Ohio Tax Free Bond Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 96.9%
Revenue Bonds - 64.0%
Continuing Care Retirement Communities - 2.7%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A
5.000%, 07/01/2026	$	800	$	514
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian, Series A (RAAI)
5.125%, 07/01/2022		500		436
Hamilton County Health Care, Life Enriching Communities Project, Series A
5.000%, 01/01/2027		400		276
				1,226
Education - 17.5%
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
5.000%, 10/01/2025		250		213
Ohio Higher Educational Facilities, Baldwin-Wallace College Project
5.000%, 12/01/2013		750		788
Ohio Higher Educational Facilities, College of Wooster Project
5.000%, 09/01/2020		400		403
Ohio Higher Educational Facilities, John Carroll University Project
5.000%, 04/01/2019		1,000		1,007
Ohio Higher Educational Facilities, Mount Union College Project
5.000%, 10/01/2031		1,000		855
Ohio Higher Educational Facilities, Ohio Northern University Project
5.000%, 05/01/2026		1,000		909
Ohio Higher Educational Facilities, Otterbein College Project, Series A
5.500%, 12/01/2028		500		488
Ohio Higher Educational Facilities, University of Dayton Project
5.375%, 12/01/2029		645		633
Ohio Higher Educational Facilities, Wittenburg University 2005 Project
5.000%, 12/01/2024		505		384
Ohio Higher Educational Facilities, Xavier University Project, Pre-refunded 05/01/2013 @ 100 (FGIC)
5.250%, 05/01/2016 ¸		1,000		1,129
University of Cincinnati, Series A (FGIC) (NATL)
5.500%, 06/01/2014		1,000		1,076
				7,885
Healthcare - 13.0%
Akron, Bath & Copley Joint Township Hospital Facilities, Summa Health Systems, Series A (RAAI)
5.250%, 11/15/2016		800		772
Fairfield County Hospital Facilities, Fairfield Medical Center Project (RAAI)
5.000%, 06/15/2022		500		435
Franklin County Hospital, Nationwide Childrens, Series A
4.750%, 11/01/2023		365		339
Lake County Hospital Facilities, Lake Hospital System, Series C
5.625%, 08/15/2029		750		606
Lorain County Hospital, Catholic Healthcare
5.500%, 10/01/2017		350		375
Lucas County Hospital Revenue, Promedica Healthcare, Series D
5.000%, 11/15/2038		400		336
Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		779
Montgomery County Revenue, Catholic Health Initiatives, Series D
6.250%, 10/01/2033		100		102
Ohio Higher Educational Facilities, University Hospital Health System, Series 2009A
6.750%, 01/15/2039		500		492
Richland County Hospital Facilities, Medcentral Health Systems
5.250%, 11/15/2036		600		468
Ross County Hospital Revenue, Adena Health Systems
5.500%, 12/01/2028		500		461
Scioto County Hospital Revenue, Southern Ohio Medical Center
5.750%, 02/15/2038		800		696
				5,861
Housing - 3.6%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series E (AMT) (FNMA) (GNMA)
4.850%, 09/01/2026		645		615
Ohio Housing Finance Agency, Residential Mortgage Backed Securities, Series F (FHLMC) (FNMA) (GNMA)
5.450%, 09/01/2033		995		1,005
				1,620
Lease Revenue - 4.5%
Cleveland-Cuyahoga County Port Authority, Rita Project (RAAI)
5.000%, 11/15/2019		750		649
Riversouth Authority Revenue, Lazarus Building Redevelopment, Series A
5.750%, 12/01/2027		400		282
Riversouth Authority Revenue, Riverfront Area Redevelopment, Series A
5.250%, 12/01/2017		1,000		1,086
				2,017
Miscellaneous - 2.3%
Toledo-Lucas County Port Authority Facilities, Cargill Income Project, Series B
4.500%, 12/01/2015		1,000		1,026
Revolving Funds - 2.5%
Ohio Water Development Authority, Water Pollution Control, Pre-refunded 06/01/2012 @ 100
5.050%, 12/01/2021 ¸		1,000		1,116
Tax Revenue - 1.0%
Buckeye Tobacco Settlement, Series A-2
5.875%, 06/01/2030		200		121
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		400		333
				454
Transportation - 2.1%
Columbus Regional Airport Authority (NATL)
5.000%, 01/01/2028		1,000		932
Utilities - 14.8%
American Municipal Power, Prairie State Energy Campus Project, Series A
5.000%, 02/15/2031		1,000		949
Columbus Sewer System, Series A
4.250%, 06/01/2030		1,000		902
Hamilton County Sewer System, Metropolitan Sewer District, Series A (NATL)
5.000%, 12/01/2026		930		942
Hamilton Electric Systems, Series A (FSA)
4.300%, 10/15/2016		1,000		1,056
Montgomery County Water, Greater Moraine Beaver (AMBAC)
5.375%, 11/15/2016		1,000		1,077
Northeast Ohio Regional Sewer District, Wastewater Revenue (NATL)
4.500%, 11/15/2037		700		625
Ohio Water Development Authority, Fresh Water Services, Escrowed to Maturity (AMBAC)
5.800%, 12/01/2011 §		750		752
Puerto Rico Electric Power Authority, Series WW
5.375%, 07/01/2023		400		359
				6,662
Total Revenue Bonds				28,799
General Obligations - 32.9%
Cincinnati City School District, Classroom Construction & Improvement (FGIC) (NATL)
5.250%, 12/01/2019		535		591
5.250%, 12/01/2027		380		397
Dayton City School District, School Facilities Construction & Improvement, Series D (FGIC) (NATL)
5.000%, 12/01/2011		500		536
Franklin County
4.500%, 12/01/2027		690		693
Gahanna (NATL)
5.000%, 12/01/2027		400		405
Greene County, General Infrastructure (AMBAC)
5.250%, 12/01/2026		1,000		1,035
Highland School District, Zero Coupon Bond (OSDCEP)
4.839%, 12/01/2022 		100		51
Highland School District, School Facilities Construction & Improvement (OSDCEP)
5.375%, 12/01/2033		1,000		1,028
Ohio Common Schools, Series A
5.125%, 09/15/2022		1,000		1,041
Ohio Higher Education, Series A
5.000%, 08/01/2022		1,000		1,026
Ohio Higher Education, Series A, Pre-refunded 02/01/2011 @ 100
5.000%, 02/01/2019 ¸		1,000		1,072
Ohio Higher Education, Series B
5.000%, 11/01/2015		1,000		1,072
Ohio State Infrastructure Improvement, Series A
5.500%, 02/01/2020		1,000		1,138
Ohio State Parks & Recreational Facilities, Series II-A (FSA)
5.250%, 02/01/2020		1,000		1,082
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		260		246
Sidney City School District (FGIC) (NATL)
4.375%, 12/01/2027		755		671
Solon Rebuilding & Improvement
5.000%, 12/01/2021		1,000		1,061
St. Marys City School District, Construction & Improvement (FSA) (OSDCEP)
5.000%, 12/01/2028		600		601
Toledo City School District, School Facilities Improvement (FSA) (OSDCEP)
5.000%, 12/01/2014		1,000		1,078
Total General Obligations				14,824
Total Municipal Bonds
(Cost $45,236)				43,623
Short-Term Investments - 2.0%
Money Market Fund - 1.9%	SHARES
First American Tax Free Obligations Fund, Class Z ±		856,383		856
U.S. Treasury Obligation - 0.1%	PAR
U.S. Treasury Bill U
0.045%, 04/09/2009	$	40		40
Total Short-Term Investments
(Cost $896)				896
Total Investments Ө - 98.9%
(Cost $46,132)				44,519
Other Assets and Liabilities, Net - 1.1%				482
Total Net Assets - 100.0%			$	45,001

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.
	If callable, these bonds may still be subject to call prior to maturity.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value.  The rate shown is the effective yield as of March 31, 2009.
U	Yield shown is effective yield as of March 31, 2009.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $46,132.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$989
	Gross unrealized depreciation	(2,602	)
	Net unrealized depreciation	$(1,613	)
AMBAC - American Municipal Bond Assurance Corporation
AMT- Alternative Minimum Tax.  As of March 31, 2009 the aggregate market value of securities subject to the AMT was $615, which represents 1.4% of total net assets.
FGIC - Financial Guaranty Insurance Corporation
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance
GNMA - Government National Mortgage Association
NATL - National Public Finance Guarantee Corporation
OSDCEP - Ohio School District Credit Enhancement Program
RAAI - Radian Asset Assurance Inc.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and U.S. treasury bills.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$               856
Level 2 - Other significant observable inputs	43,663
Level 3 - Significant unobservable inputs	—
Total	$          44,519

Schedule of INVESTMENTS  March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Oregon Intermediate Tax Free Fund
DESCRIPTION	PAR		VALUE s
Municipal Bonds - 98.1%
Revenue Bonds - 43.1%
Continuing Care Retirement Communities - 2.1%
Clackamas County Hospital Facilities Authority, Robison Jewish Home
5.125%, 10/01/2024	$	1,000	$	651
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		621
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project, Series A
5.250%, 12/01/2026		1,000		634
Oregon Health, Housing, Educational & Cultural Facilities Authority, Oregon Baptist Retirement Homes
8.000%, 11/15/2026		890		785
				2,691
Education - 4.6%
Forest Grove Campus Improvement, Pacific University Project, Series A (RAAI)
5.000%, 05/01/2022		2,500		2,112
Oregon Facilities Authority, Linfield College Project, Series A
5.000%, 10/01/2025		1,000		882
Oregon Facilities Authority, University of Portland Project, Series A
4.500%, 04/01/2021		2,000		1,717
Oregon Facilities Authority, Willamette University Projects, Series A
4.300%, 10/01/2021		1,085		983
				5,694
Healthcare - 8.5%
Clackamas County Hospital Facilities Authority, Legacy Health Systems
5.250%, 02/15/2011		2,000		2,036
5.375%, 02/15/2012		1,000		1,009
Deschutes County Facility Authority, Cascade Healthcare
7.375%, 01/01/2023		1,500		1,613
Deschutes County Facility Authority, Cascade Healthcare, Series B (AMBAC)
5.000%, 01/01/2016		250		249
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGTY)
4.750%, 09/01/2020		1,925		1,837
Medford Hospital Facilities Authority, Asante Health Systems, Series A (NATL)
5.250%, 08/15/2011		325		326
5.375%, 08/15/2012		320		321
Multnomah County Hospital Facilities Authority, Providence Health Systems
5.250%, 10/01/2022		1,000		1,012
Salem Hospital Facilities Authority, Series A
5.750%, 08/15/2023		1,500		1,487
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
5.000%, 03/01/2012		690		723
				10,613
Housing - 1.5%
Oregon Housing & Community Services, Series A
6.000%, 07/01/2016		5		5
6.400%, 07/01/2018		190		190
Oregon Housing & Community Services, Series D
4.750%, 07/01/2022		1,250		1,244
Oregon Housing & Community Services, Series E (FHA)
5.750%, 07/01/2013		245		250
Oregon Housing & Community Services, Single Family, Series A
4.050%, 01/01/2018		245		243
				1,932
Lease Revenue - 0.7%
Puerto Rico Public Buildings Authority, Government Facilities, Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		907
Recreational Facility Authority - 0.8%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
5.750%, 06/15/2015		1,000		1,037
Tax Revenue - 6.4%
Keizer Assessment Area A
5.200%, 06/01/2031		1,000		924
Medford Urban Renewal Agency
4.500%, 06/01/2013		1,010		1,061
Oregon Department of Administrative Services Lottery, Series A (FSA)
5.000%, 04/01/2012		1,050		1,084
Portland Economic Development Revenue, Broadway Project, Series A
5.125%, 04/01/2016		880		944
6.250%, 04/01/2023		1,355		1,496
Portland Urban Renewal & Redevelopment, South Park Blocks, Series B
5.000%, 06/15/2021		2,030		2,184
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
4.750%, 06/01/2015		280		276
				7,969
Transportation - 6.9%
Oregon Department of Transportation, Highway User Tax, Pre-refunded 11/15/2010 @ 100
5.125%, 11/15/2014 ¸		2,260		2,415
Oregon Department of Transportation, Highway User Tax, Series A
5.000%, 11/15/2024		1,000		1,034
Oregon Department of Transportation, Highway User Tax, Series A, Pre-refunded 11/15/2012 @ 100
5.500%, 11/15/2016 ¸		1,000		1,146
Port Morrow
4.875%, 06/01/2020		1,000		762
Portland International Airport, Series 12-A (FGIC) (NATL)
5.250%, 07/01/2011		1,165		1,180
5.250%, 07/01/2012		2,000		2,025
				8,562
Utilities - 11.6%
Eugene Electric Utilities (FSA)
5.000%, 08/01/2011		1,305		1,309
Lane County Metropolitan Wastewater Management
5.000%, 11/01/2022		1,500		1,549
Lane County Metropolitan Wastewater Management (FGIC) (NATL)
5.000%, 11/01/2021		820		849
Port of St. Helens Pollution Control, Portland General Electric
4.800%, 04/01/2010		2,450		2,423
4.800%, 06/01/2010		400		395
Portland Sewer Systems, First Lien, Series A
4.750%, 06/15/2024		1,000		1,035
Portland Sewer Systems, Second Lien, Series B (NATL)
5.000%, 06/15/2023		1,175		1,240
Portland Water Systems, Second Lien, Series A (NATL)
4.375%, 10/01/2024		500		502
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGTY)
5.000%, 07/01/2025		1,500		1,472
Puerto Rico Electric Power, Series WW
5.375%, 07/01/2023		800		718
Washington County Clean Water Services (FGIC) (NATL)
5.125%, 10/01/2014		1,790		1,889
Washington County Clean Water Services (NATL)
5.000%, 10/01/2014		1,000		1,112
				14,493
Total Revenue Bonds				53,898
General Obligations - 51.6%
Chemeketa Community College District (SBG)
5.500%, 06/15/2024		1,000		1,087
Chemeketa Community College District, Escrowed to Maturity (FGIC)
5.500%, 06/01/2013 §		2,170		2,501
Clackamas & Washington Counties School District #3JT, West Linn-Wilsonville (SBG)
4.125%, 06/15/2025		1,250		1,206
Clackamas Community College District (NATL)
5.000%, 05/01/2019		1,145		1,253
Clackamas County School District #7J, Lake Oswego (FSA)
5.250%, 06/01/2025		200		219
Clackamas County School District #12, North Clackamas, Convertible CABs, Deferred Interest, Series B (FSA) (SBG)
0.000% through 06/14/2011, thereafter 5.000%, 06/15/2022 »		3,135		2,960
Clackamas County School District #86, Canby (FSA) (SBG)
5.000%, 06/15/2018		1,000		1,088
5.000%, 06/15/2021		1,305		1,380
Clackamas County School District #115, Series B (NATL) (SBG)
4.500%, 06/15/2021		1,975		2,039
The Dalles
4.000%, 06/01/2017		130		134
4.000%, 06/01/2018		140		143
4.000%, 06/01/2019		75		75
Deschutes & Jefferson Counties School District #2-J, Redmond, Series A (FGIC) (NATL) (SBG)
5.000%, 06/15/2013		1,250		1,388
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (FGIC) (NATL) (SBG)
4.437%, 06/15/2021 		1,000		585
Deschutes & Jefferson Counties School District #2-J, Redmond, Series B, Zero Coupon Bond (SBG)
5.416%, 06/15/2022 		3,030		1,671
Deschutes & Jefferson Counties School District #6, Pre-refunded 06/15/2011 @ 100 (FGIC) (SBG)
5.500%, 06/15/2014 ¸		1,725		1,894
Deschutes County (FSA)
5.000%, 12/01/2014		1,755		1,913
Hood River County School District (SBG)
5.250%, 06/15/2016		1,030		1,100
Jackson County School District #549, Medford (SBG)
5.000%, 06/15/2012		2,000		2,199
Josephine County Unit School District, Three Rivers (FGIC) (NATL) (SBG)
5.000%, 12/15/2019		1,000		1,107
Lane County School District #40, Creswell (SBG)
5.000%, 06/15/2011		1,120		1,168
Linn County Community School District, Pre-refunded 06/15/2013 @ 100 (FGIC) (SBG)
5.550%, 06/15/2021 ¸		1,000		1,156
Marion & Clackamas Counties School District #4J, Silver Falls (NATL) (SBG)
4.500%, 06/15/2022		1,305		1,334
McMinnville School District #40 (FSA)
5.500%, 06/15/2013		1,000		1,145
Metro
5.250%, 09/01/2014		1,000		1,069
5.000%, 06/01/2020		1,635		1,805
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
5.625%, 06/15/2015 ¸		1,000		1,100
Multnomah-Clackamas County School District #10, Gresham-Barlow, Pre-refunded 06/15/2011 @ 100 (FSA) (SBG)
5.500%, 06/15/2013 ¸		1,780		1,954
Multnomah-Clackamas County School District #10JT, Gresham-Barlow (FSA) (SBG)
5.250%, 06/15/2017		1,000		1,159
Multnomah-Clackamas County School District #28JT, Zero Coupon Bond (AMBAC) (SBG)
4.497%, 06/01/2016 		1,000		727
North Lincoln Fire & Rescue District #1 (FSA)
4.250%, 02/01/2018		125		132
Pacific City Joint Water Sanitation Authority
4.650%, 07/01/2022		455		426
Portland Community College Services, Pre-refunded 06/01/2011 @ 100
5.375%, 06/01/2015 ¸		1,375		1,504
Portland Emergency Facilities, Series A
5.000%, 06/01/2012		1,060		1,066
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000		945
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
5.000%, 07/01/2036		1,000		964
Salem-Keizer School District #24J, Deferred Interest, Series B, Zero Coupon Bond (SBG)
4.908%, 06/15/2022 		2,500		1,318
Tualatin Hills Park & Recreation District (FGIC) (NATL)
5.750%, 03/01/2013		870		986
Umatilla County School District #16-R, Pendleton (FGIC) (NATL)
5.250%, 07/01/2014		1,540		1,686
Wasco County School District #12 (FSA) (SBG)
5.500%, 06/15/2014		1,080		1,248
Washington & Clackamas Counties School District #23-J, Tigard (FGIC) (NATL)
5.500%, 06/01/2013		1,000		1,131
Washington & Clackamas Counties School District #23-J, Tigard, Zero Coupon Bond
2.946%, 06/15/2014 		1,030		885
Washington County
5.000%, 06/01/2022		1,525		1,641
Washington County School District #48-J, Beaverton, Series A (FSA)
5.000%, 06/01/2014		1,600		1,812
5.000%, 06/01/2016		1,500		1,671
Washington, Multnomah & Yamhill Counties School District #1-J
5.000%, 11/01/2014		1,000		1,125
Washington, Multnomah & Yamhill Counties School District #1-J, Hillsboro (NATL)
5.000%, 06/15/2019		2,490		2,713
Yamhill County School District #29-J, Newberg (FGIC) (NATL) (SBG)
5.250%, 06/15/2015		1,260		1,454
5.250%, 06/15/2016		1,835		2,120
Yamhill County School District #40, McMinnville (FSA) (SBG)
5.000%, 06/15/2023		1,005		1,070
Total General Obligations				64,456
Certificates of Participation - 3.4%
Multnomah County
4.750%, 08/01/2011		1,685		1,704
Oregon Department of Administrative Services, Series A
4.700%, 05/01/2025		1,500		1,468
Oregon Department of Administrative Services, Series A (FGIC) (NATL)
5.000%, 11/01/2018		1,060		1,117
Total Certificates of Participation				4,289
Total Municipal Bonds
(Cost $121,222)				122,643
Short-Term Investments - 1.1%	SHARES
Money Market Fund - 1.0%
First American Tax Free Obligations Fund, Class Z ±		1,255,647		1,256
U.S. Treasury Obligation - 0.1%	PAR
U.S. Treasury Bill
0.053%, 04/09/2009 U	$	120		120
Total Short-Term Investments
(Cost $1,376)				1,376
Total Investments Ө - 99.2%
(Cost $122,598)				124,019
Other Assets and Liabilities, Net - 0.8%				1,058
Total Net Assets - 100.0%			$	125,077

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  These bonds mature at the call date and price indicated.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
»	Convertible Capital Appreciation Bonds (Convertible CABs) - These bonds initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund.
U	Yield shown is effective yield as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $122,598.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$4,613
	Gross unrealized depreciation	(3,192	)
	Net unrealized appreciation	$1,421
AGTY - Assured Guaranty
AMBAC - American Municipal Bond Assurance Corporation
COMGTY - Commonwealth Guaranty
FGIC - Financial Guaranty Insurance Corporation
FHA - Federal Housing Administration
FSA - Financial Security Assurance
NATL - National Public Finance Guarantee Corporation
RAAI - Radian Asset Assurance Inc.
SBG - School Bond Guaranty Program

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.

FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are

investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment

speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and U.S. treasury bills.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs

available, and as such the fair value is determined through independent broker's quotations or management's fair value procedures established

by the fund's board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data

 relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer

or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities

are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has

just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in

interpreting this information and/or using it for comparison with other mutual funds.

As of March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            1,256
Level 2 - Other significant observable inputs	122,763
Level 3 - Significant unobservable inputs	—
Total	$        124,019

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Tax Free Fund
DESCRIPTION	PAR		VALUEs
Municipal Bonds - 86.4%
Alaska - 1.2%
Revenue Bond - 1.2%
Alaska Railroad Corporation Capital Grant Receipts (FGIC) (NATL)
5.000%, 08/01/2012	$	1,825	$	1,945
Arizona - 7.3%
Revenue Bonds - 3.1%
Maricopa County Hospital, Sun Health Corporation, Escrowed to Maturity
5.000%, 04/01/2011 §		3,815		4,110
Salt River Project, Arizona Agriculture Improvement & Power District Electric Systems, Series A
5.000%, 01/01/2020		500		543
University Medical Center Corporation, Hospital Revenue
5.000%, 07/01/2009		500		501
				5,154
Certificate of Participation - 4.2%
Arizona School Facilities Board Certificates, Series A (NATL)
5.000%, 09/01/2009		7,000		7,122
				12,276
Arkansas - 1.6%
Revenue Bond - 1.6%
North Little Rock Health Facilities Board, Baptist Health, Series B
5.375%, 12/01/2019		2,750		2,753
California - 0.3%
Revenue Bond - 0.3%
California Statewide Communities Development Authority, Daughters of Charity Health, Series F
5.000%, 07/01/2009		500		500
Colorado - 3.6%
Revenue Bonds - 2.3%
Colorado Health Facilities Authority, Covenant Retirement Communities
4.500%, 12/01/2009		500		496
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2010		435		439
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		1,000		957
Denver City & County Airport, Subseries A2, Mandatory Put 05/15/2010 @ 100 (AMT)
5.250%, 11/15/2032		2,000		2,030
				3,922
General Obligation - 1.3%
Denver City & County School District #1, Series A (STAID)
5.250%, 12/01/2023 «		2,000		2,131
				6,053
Florida - 13.7%
Revenue Bonds - 13.7%
Florida Department of Environmental Protection Preservation, Florida Forever, Series B (NATL)
5.000%, 07/01/2011		10,000		10,566
Florida Hurricane Catastrophe Fund Financial Corporation, Series A
5.000%, 07/01/2010		4,000		4,082
5.250%, 07/01/2012		4,000		4,158
Miami-Dade County Health Facilities Authority, Mandatory Put 08/01/2011 @ 100 (NATL)
4.125%, 08/01/2046		1,000		997
South Miami Health Facilities Authority, Baptist Health South Florida Group
5.000%, 08/15/2012		2,000		2,075
Tallahassee Energy Systems (NATL)
5.000%, 10/01/2012		1,000		1,102
				22,980
Georgia - 6.6%
Revenue Bond - 3.3%
Gwinnett County Water & Sewer Authority
5.000%, 08/01/2022		5,000		5,503
General Obligation - 3.3%
Georgia, Series B
5.000%, 07/01/2021		5,000		5,565
				11,068
Illinois - 2.5%
Revenue Bonds - 2.5%
Illinois Finance Authority, Clare at Water Tower Project, Series A
5.100%, 05/15/2011		1,000		954
Illinois Finance Authority, Landing at Plymouth Place Project, Series A
5.000%, 05/15/2011		500		488
Illinois Finance Authority, Rush University Medical Center, Series A
5.000%, 11/01/2013		1,630		1,631
5.000%, 11/01/2014		1,105		1,093
				4,166
Indiana - 0.5%
Revenue Bond - 0.5%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2012		990		960
Iowa - 5.7%
Revenue Bonds - 5.7%
Iowa Finance Authority Health Facilities, Care Initiatives Project, Series A
5.000%, 07/01/2009		1,000		998
Iowa Higher Education, Private College Facility, Grinnell
2.100%, 12/01/2011		4,000		4,030
Muscatine Electric, Series A (AMBAC)
5.500%, 01/01/2010		4,385		4,513
				9,541
Kansas - 1.5%
Revenue Bonds - 1.5%
Olathe Health Facilities, Olathe Medical Center
4.000%, 09/01/2012		1,150		1,144
Olathe Health Facilities, Olathe Medical Center, Series A, Mandatory Put 03/01/2013 @ 100
4.125%, 09/01/2037		1,350		1,378
				2,522
Louisiana - 1.2%
Revenue Bond - 1.2%
Tangipahoa Parish Hospital District #1, North Oaks Medical Center Project, Series A
5.000%, 02/01/2011		2,035		1,984
Michigan - 3.0%
Revenue Bonds - 3.0%
Michigan Hospital Finance Authority, Ascension, Series B3, Mandatory Put 08/15/2010 @ 100
2.750%, 11/15/2033		5,000		5,011
Michigan Hospital Finance Authority, Harper-Grace Hospitals, Escrowed to Maturity
7.125%, 05/01/2009 §		90		90
				5,101
Minnesota - 3.1%
Revenue Bonds - 1.3%
Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
5.500%, 05/01/2016		910		873
5.500%, 05/01/2017		1,065		1,008
St. Paul Port Authority Lease Revenue, HealthEast Midway Campus, Series 3-A
5.000%, 05/01/2010		250		244
				2,125
General Obligation - 1.8%
Bemidji Temporary Sales Tax
4.500%, 02/01/2012		3,000		3,069
				5,194
Missouri - 2.2%
Revenue Bonds - 2.2%
Bi-state Development Agency, Missouri-Illinois Metropolitan District, Metrolink, Series A, Mandatory Put 10/01/2009 @ 100 (LOC: JP Morgan Chase Bank)
		2,500		2,534
Osage Beach Tax Increment, Prewitt's Point Project
4.625%, 05/01/2011		1,290		1,230
				3,764
Nebraska - 1.3%
Revenue Bond - 1.3%
Central Plains Energy Project #1, Series A
5.250%, 12/01/2021		3,000		2,218
New Hampshire - 2.7%
Revenue Bonds - 2.7%
New Hampshire Health & Education Facilities Authority, Concord Hospital, Series D2
5.000%, 05/01/2010		1,915		1,928
5.000%, 05/01/2011		2,585		2,590
				4,518
New York - 2.2%
General Obligation - 2.2%
New York, Series A
5.000%, 08/01/2011		3,435		3,663
North Carolina - 3.3%
General Obligation - 3.3%
North Carolina Public Improvement, Series A
5.000%, 03/01/2020		5,000		5,568
Oregon - 3.1%
Revenue Bond - 3.1%
Oregon Department of Administrative Services, Lottery Revenue, Series A
5.000%, 04/01/2022 «		5,000		5,292
South Carolina - 3.4%
Revenue Bonds - 1.4%
Georgetown County Pollution Control Facilities, International Paper Company Project, Series A
5.125%, 02/01/2012		1,500		1,391
Richland County Environmental Improvement, Series A
4.600%, 09/01/2012		1,000		889
				2,280
Certificate of Participation - 2.0%
Scago Public Facilities Corporation, Lancaster County Project
3.500%, 12/01/2011		3,315		3,420
				5,700
Texas - 5.9%
Revenue Bonds - 3.2%
Lower Colorado River Authority (AMBAC)
5.000%, 05/15/2012		2,685		2,878
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.000%, 11/01/2009		1,000		992
5.000%, 11/01/2010		1,500		1,470
				5,340
General Obligation - 2.7%
Texas Public Finance Authority
5.000%, 10/01/2010		4,275		4,529
				9,869
Virginia - 9.3%
Revenue Bonds - 9.3%
Amelia County Industrial Development Authority, Solid Waste Disposal, Waste Management Project, Mandatory Put 04/01/2010 @ 100 (AMT)
4.800%, 04/01/2027		2,000		1,963
Virginia Housing Development Authority, Commonwealth Mortgage, Subseries D1 (AMT)
4.300%, 01/01/2014		7,000		7,080
Virginia Public Building Authority, Series A
5.000%, 08/01/2014		6,000		6,670
				15,713
Wisconsin - 1.2%
Revenue Bond - 1.2%
Wisconsin Health & Educational Facilities Authority, Froedtert & Community Health, Series A
5.000%, 04/01/2010		1,940		1,982
Total Municipal Bonds
(Cost $144,398)				145,330
Short-Term Investments - 16.5%
Money Market Fund - 8.1%	SHARES
First American Tax Free Obligations Fund, Class Z ±		13,743,644		13,744
U.S. Treasury Obligation - 0.1%	PAR
U.S. Treasury Bill U
0.120%, 04/09/2009	$	150		150
Variable Rate Demand Notes v - 8.3%
Cohasset Power & Light Company Project, Series A (LOC: Bank of America)
0.550%, 06/01/2020		5,830		5,830
Milwaukee Redevelopment Authority, Yankee Hill Apartments (LOC: Wells Fargo  Bank)
0.420%, 09/01/2025		1,100		1,100
South Fulton Municipal Regional Water & Sewer Authority (LOC: Bank of America)
0.550%, 01/01/2033		7,000		7,000
				13,930
Total Short-Term Investments
(Cost $27,824)				27,824
Total Investments Ө - 102.9%
(Cost $172,222)				173,154
Other Assets and Liabilities, Net - (2.9)%				(4,955	)
Total Net Assets - 100.0%			$	168,199

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure timely the payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
«	Security purchased on a when-issued basis.  On March 31, 2009, the total cost of investments purchased on a when-issued basis was $7,316 or 4.3% of total net assets.
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
U	Yield shown is effective yield as of March 31, 2009.
v	Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates.  The coupon rate shown represents the rate as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $172,222.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$2,460
	Gross unrealized depreciation	(1,528	)
	Net unrealized appreciation	$932
AMBAC - American Municipal Bond Assurance Corporation
AMT - Alternative Minimum Tax.  As of March 31, 2009, the aggregate market value of securities subject to the AMT was $11,073, which represents 6.6% of total net assets.
FGIC - Financial Guaranty Insurance Corporation
LOC - Letter of Credit
NATL - National Public Finance Guarantee Corporation
STAID - State Aid Withholding

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008. FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds, U.S. treasury bills, and variable rate demand notes.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of  March 31, 2009, the fund's investments were classified as follows:
		Investments
		in
		Securities
	Level 1 - Quoted prices in active markets for identical assets	$              13,744
	Level 2 - Other significant observable inputs	159,410
	Level 3 - Significant unobservable inputs	—
	Total	$            173,154

Schedule of INVESTMENTS  March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Tax Free Fund
DESCRIPTION	PAR		VALUE s
Municipal Bonds - 97.6%
Alabama - 0.4%
Revenue Bonds - 0.4%
Camden Industrial Development Board, Weyerhaeuser Company, Series A, Pre-refunded 12/01/2013 @ 100
6.125%, 12/01/2024 ¸	$	1,000	$	1,176
Camden Industrial Development Board, Weyerhaeuser Company, Series B, Pre-refunded 12/01/2013 @ 100 (AMT)
6.375%, 12/01/2024 ¸		350		407
				1,583
Alaska - 1.4%
Revenue Bonds - 1.4%
Alaska Energy Authority, Bradley Lake, Third Series (FSA)
6.000%, 07/01/2010		1,000		1,043
6.000%, 07/01/2011		4,040		4,319
				5,362
Arizona - 7.3%
Revenue Bonds - 5.6%
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ¸		3,000		3,610
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series  A
5.250%, 07/01/2032		3,500		2,842
Mohave County Industrial Development Authority, Correctional Facilities Contract, Mohave Prison Expansion Project
8.000%, 05/01/2025		4,500		4,641
Pima County Industrial Development Authority, Education Revenue, American Charter Schools Foundation, Series A
5.500%, 07/01/2026		3,555		2,548
Scottsdale Municipal Property Corporation, Excise Tax, Water and Sewer Development Project, Series A
5.000%, 07/01/2021		4,300		4,720
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
5.000%, 09/01/2022		1,000		896
5.250%, 09/01/2030		2,000		1,653
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,021		936
				21,846
General Obligation - 1.7%
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
1.000% through 07/01/2009, thereafter 5.250%, 07/01/2022		6,630		6,687
				28,533
Arkansas - 0.2%
Revenue Bond - 0.2%
Washington County Arkansas Hospital, Regional Medical Center, Series B
5.000%, 02/01/2030		1,000		756
California - 5.2%
Revenue Bonds - 4.8%
California Department of Water Reserves, Central Water Revenue
5.000%, 12/01/2021		2,000		2,146
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project, Series B (AMT) (AGTY)
5.000%, 07/01/2027		2,500		1,904
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project, Series C (AMT)
5.125%, 11/01/2023		5,000		4,132
California Statewide Communities Development Authority, St. Joseph, Series B (FGIC)
5.450%, 07/01/2026		1,050		1,005
California Statewide Communities Development Authority, St. Joseph, Series C (FGIC)
5.450%, 07/01/2026		1,050		1,005
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
4.900%, 03/01/2023		2,500		2,204
Loma Linda University Medical Center, Hospital Revenue, Series A
8.250%, 12/01/2038		1,500		1,459
Southern California Public Power Authority, Transmission Project Revenue, Series A
5.000%, 07/01/2020		4,000		4,168
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.000%, 12/01/2022		1,000		946
				18,969
General Obligation - 0.4%
Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond
5.837%, 08/01/2023 		3,775		1,655
				20,624
Colorado - 3.8%
Revenue Bonds - 3.6%
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School, Pre-refunded 12/01/2011 @ 100
7.250%, 12/01/2021 ¸		1,500		1,738
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		1,150		869
Colorado Health Facilities Authority, Evangelical Lutheran
5.900%, 10/01/2027		2,500		2,201
5.000%, 06/01/2029		2,000		1,513
Colorado Health Facilities Authority, Parkview Medical Center Project, Pre-refunded  09/01/2011 @ 100
6.500%, 09/01/2020 ¸		1,000		1,125
Colorado Health Facilities Authority, Vail Valley Medical Center
5.800%, 01/15/2027		450		397
Colorado Housing & Finance Authority, Waste Disposal Management Income Project (AMT)
5.700%, 07/01/2018		1,590		1,431
La Junta Hospital, Arkansas Valley Medical Center Project
6.000%, 04/01/2019		1,000		952
Montrose Memorial Hospital
6.000%, 12/01/2028		900		718
Northwest Parkway Public Highway Authority, Zero Coupon Bond, Pre-refunded 06/15/2011 @ 33.455 (AMBAC)
2.026%, 06/15/2029 ¸		10,000		3,199
				14,143
General Obligation - 0.2%
Antelope Water Systems General Improvement District
5.125%, 12/01/2035		1,000		805
				14,948
Delaware - 1.4%
Revenue Bond - 1.4%
Delaware Transportation Authority Revenue
5.000%, 07/01/2019		5,000		5,657
Florida - 4.5%
Revenue Bonds - 3.8%
Halifax Hospital Medical Center, Series B-1 (FSA)
5.500%, 06/01/2038		6,000		5,429
Palm Beach County Health Facilities Authority Retirement Community, Acts Retirement Life, Series A
4.500%, 11/15/2036		10,000		5,463
Palm Beach County Health Facilities Authority, Waterford Project
5.875%, 11/15/2037		5,700		4,102
				14,994
Certificate of Participation - 0.7%
Palm Beach County School Board (FGIC) (NATL)
5.000%, 08/01/2018		2,415		2,509
				17,503
Georgia - 1.4%
Revenue Bonds - 1.4%
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
5.125%, 03/01/2026		2,300		1,956
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
6.125%, 02/15/2026		1,500		1,080
6.125%, 02/15/2034		2,500		1,626
Georgia Municipal Electric Authority Power, Series BB (NATL)
5.250%, 01/01/2025		1,000		1,007
				5,669
Idaho - 0.6%
Revenue Bond - 0.2%
Idaho Health Facilities Authority Revenue, Trinity Health Group, Series B
6.250%, 12/01/2033		750		763
Certificates of Participation - 0.4%
Madison County Hospital
5.250%, 09/01/2026		1,000		746
5.250%, 09/01/2030		1,000		703
				1,449
				2,212
Illinois - 5.8%
Revenue Bonds - 4.7%
Bolingbrook, Residential Mortgages, Escrowed to Maturity (FGIC) (VEREX)
7.500%, 08/01/2010 §		625		661
Illinois Finance Authority, Landing at Plymouth Place Project, Series A
6.000%, 05/15/2037		2,300		1,435
Illinois Finance Authority, Luther Oaks Project, Series A
6.000%, 08/15/2039		2,000		1,236
Illinois Finance Authority, Roosevelt University
5.500%, 04/01/2037		2,800		2,213
Illinois Finance Authority, Rush University Medical Center, Series A
7.250%, 11/01/2030		3,680		3,748
Illinois Finance Authority, Silver Cross Hospital
5.500%, 08/15/2030		3,230		2,641
Illinois Health Facilities Authority, Covenant Retirement Communities
5.875%, 12/01/2031		4,500		3,237
Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
5.500%, 12/01/2022		4,000		3,102
Northern Illinois University, Auxiliary Facilities Systems (FGIC) (NATL)
5.700%, 04/01/2016		120		120
				18,393
General Obligations - 1.1%
Chicago Illinois Board of Education, Series C
5.000%, 12/01/2020		2,000		2,055
Grundy & Will Counties Community School District #001
5.875%, 08/01/2028		2,250		2,339
				4,394
				22,787
Indiana - 2.4%
Revenue Bonds - 2.4%
Indiana Health & Educational Facilities Financing Authority, Community Foundation
5.500%, 03/01/2037		2,830		2,124
Indiana Municipal Power Agency, Power Supply, Series B (NATL)
6.000%, 01/01/2012		1,000		1,087
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		2,000		2,238
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project (AGTY) (AMT)
5.100%, 01/15/2017		3,000		2,637
Portage Economic Development, Ameriplex Project
5.000%, 07/15/2023		1,000		811
5.000%, 01/15/2027		775		601
				9,498
Iowa - 0.1%
Revenue Bond - 0.1%
Muscatine Electric, Escrowed to Maturity
6.700%, 01/01/2013 §		530		586
Kansas - 0.5%
Revenue Bonds - 0.5%
Kansas Department of Transportation, Highway Revenue, Series B-2
5.000%, 09/01/2022		500		546
Olathe Senior Living Facility, Catholic Care Campus, Series A
6.000%, 11/15/2038		2,000		1,291
				1,837
Louisiana - 0.8%
Revenue Bonds - 0.8%
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) (VA)
7.100%, 08/01/2011 §		1,000		1,126
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
4.700%, 11/01/2036		3,000		1,921
				3,047
Maryland - 1.5%
General Obligation - 1.5%
Prince Georges County Public Improvement
5.000%, 07/15/2017		5,000		5,776
Massachusetts - 0.7%
Revenue Bonds - 0.7%
Massachusetts Development Finance Agency Health Care Facilities, Adventcare, Series A
6.750%, 10/15/2037		2,850		2,001
Massachusetts Health & Educational Facilities Authority, UMass Memorial Issue, Series D
5.000%, 07/01/2033		1,000		676
				2,677
Michigan - 2.8%
Revenue Bonds - 2.8%
Kalamazoo Hospital Financial Authority, Bronson Hospital (FSA)
5.000%, 05/15/2026		7,665		7,028
Michigan Hospital Financial Authority, McLaren Health Care, Series A
5.250%, 05/15/2018		1,000		966
Royal Oak Hospital Finance Authority, William Beaumont Hospital
8.000%, 09/01/2029		3,000		3,191
				11,185
Minnesota - 7.5%
Revenue Bonds - 7.5%
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		4,000		2,704
Columbia Heights Multifamily & Health Care Facilities, Crest View Corporation  Projects, Series A
5.700%, 07/01/2042		2,795		1,761
Cuyuna Range Hospital District
5.200%, 06/01/2025		1,000		714
5.000%, 06/01/2029		1,500		984
Minneapolis Healthcare System, Fairview Health Services, Series A
6.625%, 11/15/2028		3,000		3,087
Minnesota Agriculture & Economic Development Board, Health Care System,  Fairview, Series A
6.375%, 11/15/2029		95		94
Monticello, Big Lake Community Hospital, Series C
6.200%, 12/01/2022		2,995		2,363
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		1,000		790
St. Paul Housing & Redevelopment Authority, Allina Health Systems, Series A (NATL)
5.000%, 11/15/2019		4,500		4,416
St. Paul Housing & Redevelopment Authority, Health Care Facilities, HealthPartners Obligated Group Project
5.250%, 05/15/2026		1,500		1,246
5.250%, 05/15/2036		3,900		2,921
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030		2,000		1,464
6.000%, 11/15/2035		1,000		695
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
5.250%, 11/15/2014		990		885
6.000%, 11/15/2025		2,000		1,575
St. Paul Sales Tax, Series B (SGI)
5.650%, 11/01/2017		2,290		2,256
Stillwater Health Care, Health System Obligation Group
5.000%, 06/01/2035		2,000		1,566
				29,521
Mississippi - 1.8%
Revenue Bond - 1.8%
Mississippi Development Bank Special Obligation, Jackson Public School District (FSA)
5.500%, 04/01/2020		6,350		6,939
Missouri - 3.6%
Revenue Bonds - 3.6%
Bi-State Development Agency, Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project (FSA)
5.250%, 07/01/2027		3,185		3,318
Boone County Hospital
5.625%, 08/01/2038		5,500		4,695
St. Louis Industrial Development Authority, Sewer and Solid Waste Disposal Facilities (AMT)
4.875%, 03/01/2032		8,000		5,392
Sugar Creek, Lafarge North America, Series A (AMT)
5.650%, 06/01/2037		1,000		630
				14,035
Montana - 0.9%
Revenue Bonds - 0.9%
Forsyth Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		2,500		2,039
Montana Facilities Financial Authority, Senior Living St. John's Lutheran, Series A
6.125%, 05/15/2036		2,500		1,598
				3,637
Nebraska - 4.8%
Revenue Bonds - 4.8%
Central Plains Energy Project, Nebraska Gas Project #1, Series A
5.250%, 12/01/2021		5,000		3,697
Nebraska Public Power District, Series B
5.000%, 01/01/2020		2,750		2,889
Omaha Public Power District, Electric Revenue, Series A
5.500%, 02/01/2039		1,000		1,026
Washington County Wastewater Facilities, Cargill Project (AMT)
5.900%, 11/01/2027		1,700		1,596
4.850%, 04/01/2035		12,500		9,683
				18,891
Nevada - 1.9%
Revenue Bonds - 1.9%
Carson City Hospital Revenue, Carson-Tahoe Hospital
5.750%, 09/01/2031		2,740		2,010
Carson City Hospital Revenue, Carson-Tahoe Hospital, Pre-refunded 9/01/2012 @ 101
5.750%, 09/01/2031 ¸		2,260		2,585
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMBAC) (AMT)
5.250%, 07/01/2034		4,000		2,718
Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMT) (FGIC)
4.750%, 09/01/2036		80		47
				7,360
New Hampshire - 0.4%
Revenue Bonds - 0.4%
New Hampshire Health & Educational Facilities Authority, Covenant Health
5.375%, 07/01/2024		1,250		1,112
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.875%, 07/01/2034		800		585
				1,697
North Carolina - 1.6%
Revenue Bonds - 1.6%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
5.200%, 10/01/2021		1,500		1,219
North Carolina Medical Care Community Health Care Facilities, Pennybyrn at Maryfield, Series A
6.000%, 10/01/2023		2,800		2,079
North Carolina Medical Care Community Retirement Facilities, Southminster Project, Series A
5.750%, 10/01/2037		4,150		2,970
				6,268
North Dakota - 0.7%
Revenue Bond - 0.4%
North Dakota State Board of Higher Education, Bismarck State College
5.350%, 05/01/2030		2,500		1,848
General Obligations - 0.3%
West Fargo, Series A (AGTY)
4.000%, 05/01/2017		550		561
4.000%, 05/01/2018		540		546
				1,107
				2,955
Ohio - 2.1%
Revenue Bonds - 2.1%
Cincinnati Water System, Pre-refunded 06/01/2011 @ 100
5.000%, 12/01/2020 ¸		125		136
Lake County Hospital Facilities, Lake Hospital System, Series C
5.625%, 08/15/2029		3,250		2,627
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		778
Ohio Higher Educational Facility, Baldwin-Wallace College Project
5.125%, 12/01/2017		1,490		1,509
5.250%, 12/01/2019		1,540		1,543
Toledo-Lucas County Port Authority, Crocker Park Public Improvement Project
5.250%, 12/01/2023		2,000		1,663
				8,256
Oregon - 0.3%
Revenue Bond - 0.3%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
5.250%, 07/01/2029		1,500		1,136
Pennsylvania - 1.4%
Revenue Bonds - 1.4%
Delaware County Authority College Revenue, Neumann College
6.125%, 10/01/2034		1,000		852
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
5.000%, 11/01/2018		1,350		937
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care
6.250%, 02/01/2035		2,090		1,257
State Public School Building Authority, Delaware County Community College Project (FSA)
5.000%, 10/01/2024		1,600		1,662
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
5.750%, 01/01/2026		1,200		820
				5,528
Puerto Rico - 2.8%
Revenue Bond - 2.5%
Puerto Rico Electric Power Authority, Series VV (NATL)
5.250%, 07/01/2029		11,785		9,927
General Obligations - 0.3%
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		550		427
Puerto Rico Commonwealth, Public Improvement (NATL)
5.750%, 07/01/2026		500		532
				959
				10,886
South Carolina - 0.8%
Revenue Bonds - 0.8%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
5.550%, 12/01/2029		700		405
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
6.125%, 08/01/2023		1,250		1,142
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, Pre-refunded 08/01/2013 @ 100
6.375%, 08/01/2034 ¸		135		159
6.375%, 08/01/2034 ¸		1,115		1,301
				3,007
South Dakota - 4.1%
Revenue Bonds - 3.8%
Sioux Falls, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
6.625%, 11/15/2023 ¸		2,270		2,672
South Dakota Economic Development Finance Authority, Pooled Loan DTS Program, Series A (AMT)
5.500%, 04/01/2019		1,055		1,023
South Dakota Economic Development Finance Authority, Pooled Loan Program-Davis Family, Series 4-A (AMT)
6.000%, 04/01/2029		1,400		1,327
South Dakota Economic Development Finance Authority, Pooled Loan Program-Spearfish Forest, Series A (AMT)
5.875%, 04/01/2028		2,000		1,879
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGTY)
5.500%, 08/01/2038		7,000		7,004
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2031		1,250		959
				14,864
Certificate of Participation - 0.3%
Deadwood (ACA)
5.000%, 11/01/2020		1,500		1,197
				16,061
Tennessee - 1.9%
Revenue Bonds - 1.6%
Johnson City Health & Educational Facilities Board, Mountain States Health, Series A, Pre-refunded 7/01/2012 @ 103
7.500%, 07/01/2033 ¸		2,500		2,856
Shelby County Health, Educational, & Housing Facilities Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.500%, 09/01/2021 ¸		1,875		2,163
6.500%, 09/01/2021 ¸		1,125		1,298
				6,317
General Obligation - 0.3%
Shelby County
5.000%, 04/01/2020		1,000		1,114
				7,431
Texas - 15.1%
Revenue Bonds - 12.4%
Abilene Health Facilities Development, Sears Methodist Retirement Project
5.875%, 11/15/2018		500		427
Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
5.875%, 11/15/2018		2,500		2,136
7.000%, 11/15/2033		4,000		2,873
Bexar County Housing Finance Corporation, American Opportunity Housing, Series A (NATL)
5.800%, 01/01/2031		2,000		1,371
Brazos County Health Facilities, Franciscan Services Corporation, St. Joseph Regional
5.000%, 01/01/2023		3,635		3,082
Crawford Education Facilities, University of St. Thomas Project
5.250%, 10/01/2022		1,300		1,092
5.375%, 10/01/2027		1,750		1,417
Dallas Area Rapid Transit Sales Tax, Senior Lien
5.000%, 12/01/2018		2,000		2,272
Harris County Health Facilities Development Corporation, Hospital Revenue, Memorial Hermann Healthcare System, Series B
7.250%, 12/01/2035		2,000		2,080
Lubbock Educational Facilities Authority, Lubbock Christian University
5.125%, 11/01/2027		1,000		784
5.250%, 11/01/2037		2,500		1,846
North Texas Tollway Revenue, First Tier, Series E-3, Mandatory Put 01/01/2016 @ 100
5.750%, 01/01/2038		4,500		4,616
Red River Authority Sewer & Solidwaste Disposal, Excel Corporation Project (AMT)
6.100%, 02/01/2022		3,775		3,457
San Antonio Electric & Gas
5.000%, 02/01/2025		4,000		4,094
San Antonio Electric & Gas, Series A
5.250%, 02/01/2025		10,000		10,444
San Marcos Waterworks & Wastewater Systems (FSA)
5.000%, 08/15/2026		1,000		1,005
Tarrant County Cultural Education Retirement Facilities, Northwest Senior Housing Edgemere Project, Series A
6.000%, 11/15/2026		1,600		1,188
Travis County Health Facilities, Querencia Barton Creek Project
5.500%, 11/15/2025		1,300		836
5.650%, 11/15/2035		4,100		2,464
Tyler Health Facilities Development, East Texas Medical Center, Series A
5.375%, 11/01/2037		2,000		1,330
				48,814
General Obligations - 2.7%
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
5.000%, 02/15/2014 §		500		569
Humble Independent School District, Series A (AGTY)
5.250%, 02/15/2022		2,635		2,822
San Marcos Certificates of Obligation (FSA)
5.000%, 08/15/2025		1,000		1,027
5.000%, 08/15/2027		1,000		1,013
Texas Transportation Commission, Mobility Fund
5.000%, 04/01/2028		5,000		5,077
				10,508
				59,322
Utah - 1.2%
Revenue Bonds - 1.2%
Intermountain Power Agency, Utah Power Supply, Series A (AMBAC)
6.500%, 07/01/2011		365		397
Intermountain Power Agency, Utah Power Supply, Series A, Escrowed to Maturity (AMBAC)
6.500%, 07/01/2011 §		635		712
Uintah County Municipal Building Authority, Lease Revenue
5.500%, 06/01/2037		4,000		3,664
				4,773
Vermont - 0.2%
Revenue Bond - 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
5.250%, 05/01/2026		1,000		642
Virginia - 0.3%
Revenue Bond - 0.3%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
5.850%, 12/01/2020		1,000		1,036
Washington - 0.2%
Revenue Bond - 0.2%
Washington Public Power Supply System, Nuclear Project #3, Series B
7.125%, 07/01/2016		600		749
Wisconsin - 2.5%
Revenue Bonds - 2.5%
Wisconsin Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
6.750%, 08/15/2034		2,000		1,392
Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin
5.250%, 08/15/2024		2,000		1,963
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Income Project
6.000%, 12/01/2024		1,000		721
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic, Series B
6.000%, 02/15/2025		3,500		2,985
Wisconsin Health & Educational Facilities Authority, New Castle Place Project, Series A
7.000%, 12/01/2031		2,000		1,482
Wisconsin Health & Educational Facilities Authority, Southwest Health Center, Series A
6.250%, 04/01/2034		2,000		1,358
				9,901
Wyoming - 0.7%
Revenue Bonds - 0.7%
Teton County Hospital District, St. John's Medical Center
6.750%, 12/01/2022		2,100		1,705
6.750%, 12/01/2027		1,500		1,136
				2,841
Total Municipal Bonds
(Cost $438,006)				383,112
Short-Term Investments - 1.1%	SHARES
Money Market Fund - 1.0%
First American Tax Free Obligations Fund, Class Z ±		4,128,992		4,129
U.S. Treasury Obligation - 0.1%	PAR
U.S. Treasury Bill U
0.026%, 04/09/2009	$	310		310
Total Short-Term Investments
(Cost $4,439)				4,439
Total Investments Ө - 98.7%
(Cost $442,445)				387,551
Other Assets and Liabilities, Net - 1.3%				5,166
Total Net Assets - 100.0%			$	392,717

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
¸	Pre-refunded issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
§	Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest.  If callable, these bonds may still be subject to call prior to maturity.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
U	Yield shown is effective yield as of March 31, 2009.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $442,445.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$7,956
	Gross unrealized depreciation	(62,850	)
	Net unrealized depreciation	$(54,894	)
ACA - ACA Financial Guaranty Corporation
AGTY - Assured Guaranty
AMBAC - American Municipal Bond Assurance Corporation
AMT - Alternative Minimum Tax. As of March 31, 2009, the aggregate value of securities subject to the AMT was $48,804 which represents 12.4% of total net assets.
FGIC - Financial Guaranty Insurance Corporation
FHA - Federal Housing Administration
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance
NATL - National Public Finance Guarantee Corporation
PSFG - Permanent School Fund Guarantee
RAAI - Radian Asset Assurance Inc.
SGI - Syncora Guarantee Inc.
VA - Veterans Administration
VEREX - Verex Assurance

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.

FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are

investments in open end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment

speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are municipal bonds and U.S. treasury bills.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs

available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by

the fund's board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the

investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies;

information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased

and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments. Industry implementation has

just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in

interpreting this information and/or using it for comparison with other mutual funds.

As of March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            4,129
Level 2 - Other significant observable inputs	383,422
Level 3 - Significant unobservable inputs	—
Total	$        387,551

Schedule ofINVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Core Bond Fund
DESCRIPTION	PAR		VALUE s
Corporate Bonds - 34.7%
Banking - 7.5%
Bank of America
5.750%, 12/01/2017	$	8,035	$	6,748
5.650%, 05/01/2018		5,870		4,897
8.000%, 12/29/2049 r		8,730		3,496
Citigroup
6.125%, 11/21/2017		5,430		4,708
8.400%, 04/29/2049 r		5,830		3,295
Citigroup Capital XXI
8.300%, 12/21/2057 r		12,620		6,076
Fifth Third Bancorp
6.250%, 05/01/2013 q		6,410		6,120
First National Bank of Chicago
8.080%, 01/05/2018		1,248		1,346
HSBC Holdings
6.800%, 06/01/2038		6,370		5,417
JPMorgan Chase
5.150%, 10/01/2015		8,115		7,154
Series 1
7.900%, 04/29/2049 r		9,800		6,298
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		2,510		1,611
JPMorgan Chase Capital XXII
Series V
6.450%, 02/02/2037		2,110		1,334
Lloyds TSB Group
6.267%, 12/31/2049 rn		5,000		1,075
National City Preferred Capital Trust I
12.000%, 12/29/2049 r		3,355		2,303
Sovereign Bank
8.750%, 05/30/2018 r		3,675		2,958
UBS Preferred Funding Trust V
6.243%, 05/29/2049 r		2,525		690
Wachovia
5.750%, 06/15/2017		3,990		3,561
5.750%, 02/01/2018		1,410		1,249
Wells Fargo
5.625%, 12/11/2017		4,140		3,777
7.980%, 12/31/2049 r		6,630		3,116
Wells Fargo Bank
5.950%, 08/26/2036		3,415		2,518
Wells Fargo Capital X
5.950%, 12/15/2036		2,760		1,863
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 r		9,600		4,573
Wells Fargo Capital XV
9.750%, 12/29/2049 r		3,305		2,413
				88,596
Basic Industry - 2.2%
Arcelormittal
6.125%, 06/01/2018		6,200		4,485
BHP Billiton Finance
6.500%, 04/01/2019		2,995		3,034
Celulosa Arauco y Constitucion
5.625%, 04/20/2015		3,000		2,872
Georgia-Pacific
7.125%, 01/15/2017 n		1,500		1,388
International Paper
8.700%, 06/15/2038		2,300		1,529
Rio Tinto Financial U.S.A.
6.500%, 07/15/2018		3,385		2,962
Southern Copper
7.500%, 07/27/2035		2,640		1,915
Teck Cominco Limited
6.125%, 10/01/2035		2,785		1,365
U.S. Steel
7.000%, 02/01/2018		3,650		2,491
Vale Overseas
6.250%, 01/11/2016		2,380		2,403
Vedanta Resources
9.500%, 07/18/2018 n		2,055		1,295
				25,739
Brokerage - 4.5%
Bear Stearns
7.250%, 02/01/2018		3,750		3,873
Goldman Sachs Capital II
5.793%, 12/29/2049 r		2,415		1,006
Goldman Sachs Group
6.150%, 04/01/2018		13,020		11,893
6.750%, 10/01/2037		3,685		2,492
Merrill Lynch
6.050%, 05/16/2016		9,935		6,094
Series MTN
6.150%, 04/25/2013		7,020		5,901
Morgan Stanley
5.375%, 10/15/2015		8,270		7,471
Series MTN
6.625%, 04/01/2018		15,160		14,455
				53,185
Capital Goods - 1.0%
Boeing
6.875%, 03/15/2039		1,895		1,896
Caterpillar
8.250%, 12/15/2038		2,630		2,850
Caterpillar Financial
Series MTN
7.150%, 02/15/2019		4,730		4,326
Siemens Financiering
6.125%, 08/17/2026 n		3,070		3,023
				12,095
Communications - 3.6%
AT&T
6.550%, 02/15/2039		5,530		5,016
British Sky Broadcasting
6.100%, 02/15/2018 n		3,450		3,002
British Telecom
5.950%, 01/15/2018		5,345		4,350
Comcast
6.300%, 11/15/2017		4,142		4,030
Deutsche Telekom
6.750%, 08/20/2018		5,055		5,077
DirecTV Holdings
7.625%, 05/15/2016		1,790		1,754
Embarq
7.082%, 06/01/2016		2,575		2,318
News America
6.650%, 11/15/2037		3,590		2,690
Rogers Communications
6.800%, 08/15/2018		2,220		2,219
Time Warner Cable
8.750%, 02/14/2019		3,000		3,185
7.300%, 07/01/2038		1,725		1,559
Verizon Communications
6.900%, 04/15/2038		5,870		5,677
Vodafone Group
6.150%, 02/27/2037		2,000		1,886
				42,763
Consumer Cyclical - 1.6%
Home Depot
5.875%, 12/16/2036		3,570		2,528
MGM Mirage
6.625%, 07/15/2015		620		220
R.R. Donnelley & Sons
11.250%, 02/01/2019 q		3,000		2,595
Royal Caribbean Cruises
7.000%, 06/15/2013		1,300		730
Target
7.000%, 01/15/2038		4,285		4,014
Viacom
6.875%, 04/30/2036		4,105		2,995
Wal-Mart Stores
6.200%, 04/15/2038		1,215		1,228
Whirlpool
Series MTN
5.500%, 03/01/2013		4,905		4,038
				18,348
Consumer Non Cyclical - 2.3%
Altria Group
9.950%, 11/10/2038		4,055		4,046
Anheuser-Busch InBev
8.200%, 01/15/2039 n		3,730		3,660
Constellation Brands
7.250%, 05/15/2017		1,000		950
HCA
9.250%, 11/15/2016		1,190		1,083
Kraft Foods
6.500%, 08/11/2017		7,700		7,929
Roche Holdings
6.000%, 03/01/2019 n		1,870		1,925
7.000%, 03/01/2039 n		3,230		3,380
Smithfield Foods
7.000%, 08/01/2011		1,600		1,232
UnitedHealth Group
6.875%, 02/15/2038		3,185		2,825
				27,030
Electric - 2.5%
Energy Future Holdings
10.875%, 11/01/2017		2,875		1,854
MidAmerican Energy Holdings
6.125%, 04/01/2036		5,185		4,598
Ohio Power
Series K
6.000%, 06/01/2016		4,100		3,942
Oncor Electric Delivery
7.000%, 05/01/2032		5,115		4,595
Pacific Gas & Electric
6.050%, 03/01/2034		4,650		4,550
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 qn		4,315		3,896
Transalta
6.650%, 05/15/2018		3,470		3,097
Virginia Electric Power
5.950%, 09/15/2017		2,880		2,999
				29,531
Energy - 2.7%
Canadian National Resources
5.900%, 02/01/2018		3,355		3,005
ConocoPhillips
6.500%, 02/01/2039		7,215		7,038
Encana
6.500%, 02/01/2038		2,670		2,295
Marathon Oil
5.900%, 03/15/2018		1,945		1,776
Nabors Industries
9.250%, 01/15/2019 n		2,545		2,413
Nexen
6.400%, 05/15/2037		3,475		2,465
Petro-Canada
6.800%, 05/15/2038		6,235		4,682
Suncor Energy
6.100%, 06/01/2018		2,525		2,153
Tengizchevroil Finance
6.124%, 11/15/2014 n		3,991		3,153
Weatherford International
7.000%, 03/15/2038		1,755		1,276
XTO Energy
6.375%, 06/15/2038		2,450		2,183
				32,439
Finance - 2.4%
American Express Credit
Series C
7.300%, 08/20/2013		4,730		4,391
CIT Group
5.650%, 02/13/2017		2,650		1,535
Countrywide Financial
6.250%, 05/15/2016		4,390		3,652
Credit Agricole
6.637%, 05/29/2049 rn		3,270		982
General Electric Capital
Series MTN
6.875%, 01/10/2039		4,915		4,009
International Lease Finance
6.375%, 03/25/2013		3,855		2,130
Rockies Express Pipeline
7.500%, 07/15/2038 n		2,635		2,481
SLM
Series MTN
5.400%, 10/25/2011		4,705		2,917
Transcapitalinvest
5.670%, 03/05/2014 n		8,475		6,822
				28,919
Insurance - 1.4%
Allied World Assurance
7.500%, 08/01/2016		6,480		4,123
American International Group
8.175%, 05/15/2058 rn		7,005		597
Chubb
5.750%, 05/15/2018		1,930		1,906
Genworth Financial
Series MTN
6.515%, 05/22/2018		3,940		1,266
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		5,860		3,318
Metlife
7.717%, 02/15/2019		2,095		1,878
MetLife Capital Trust IV
7.875%, 12/15/2037 n		3,735		1,979
ZFS Finance USA Trust V
6.500%, 05/09/2037 rn		2,860		1,173
				16,240
Natural Gas - 0.4%
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		3,060		2,618
NGPL Pipeco
7.119%, 12/15/2017 n		2,640		2,421
				5,039
Other Utility - 0.2%
American Water Capital
6.085%, 10/15/2017		3,105		2,898
Real Estate - 0.8%
Health Care Properties - REIT
Series MTN
6.300%, 09/15/2016		8,270		5,759
Prologis 2006 - REIT
5.750%, 04/01/2016		6,835		3,756
				9,515
Technology - 1.4%
Chartered Semiconductor
6.375%, 08/03/2015		1,715		982
Computer Sciences
6.500%, 03/15/2018 n		3,835		3,636
Jabil Circuit
5.875%, 07/15/2010		8,160		7,793
National Semiconductor
6.600%, 06/15/2017		5,345		3,520
NXP BV/NXP Funding
9.500%, 10/15/2015		455		50
				15,981
Transportation - 0.2%
Erac USA Finance
6.375%, 10/15/2017 n		2,945		1,896
Hertz
8.875%, 01/01/2014		500		303
				2,199
Total Corporate Bonds
(Cost $512,312)				410,517
U.S. Government Agency Mortgage-Backed Securities - 29.4%
Adjustable Rate r - 3.5%
Federal Home Loan Mortgage Corporation Pool
6.602%, 05/01/2025, #846757		218		221
6.422%, 04/01/2029, #847190		1,224		1,248
6.681%, 03/01/2030, #847180		1,464		1,488
5.602%, 07/01/2030, #847240		2,004		2,025
6.380%, 06/01/2031, #846984		759		764
5.769%, 07/01/2036, #1K1238		9,652		9,971
Federal National Mortgage Association Pool
6.675%, 08/01/2030, #555843		4,644		4,730
6.716%, 03/01/2031, #545359		309		307
5.085%, 09/01/2033, #725553		1,686		1,693
5.266%, 11/01/2034, #735054		9,054		9,365
5.853%, 09/01/2037, #946441		9,225		9,599
Government National Mortgage Association Pool
4.750%, 08/20/2023, #008259		1		1
				41,412
Fixed Rate - 25.9%
Federal Home Loan Mortgage Corporation Pool
4.500%, 03/01/2018, #P10023		2,119		2,195
4.500%, 05/01/2018, #P10032		4,076		4,229
6.500%, 01/01/2028, #G00876		877		934
6.500%, 11/01/2028, #C00676		1,761		1,875
6.500%, 12/01/2028, #C00689		1,263		1,344
6.500%, 04/01/2029, #C00742		714		759
6.500%, 07/01/2031, #A17212		3,197		3,398
6.000%, 11/01/2033, #A15521		2,571		2,700
7.000%, 08/01/2037, #H09059		7,610		7,998
5.966%, 09/01/2037, #1G2163		9,305		9,690
7.000%, 09/01/2037, #H01292		4,012		4,216
Federal National Mortgage Association Pool
3.790%, 07/01/2013, #386314		16,604		16,822
5.500%, 02/01/2014, #440780		1,313		1,380
7.000%, 02/01/2015, #535206		322		336
7.000%, 08/01/2016, #591038		447		469
5.500%, 12/01/2017, #673010		3,071		3,225
6.000%, 10/01/2022, #254513		3,132		3,304
5.500%, 01/01/2025, #255575		7,451		7,777
7.000%, 04/01/2026, #340798		270		292
7.000%, 05/01/2026, #250551		341		368
6.000%, 08/01/2027, #256852		7,951		8,332
6.500%, 02/01/2029, #252255		1,489		1,588
6.500%, 12/01/2031, #254169		3,417		3,603
6.000%, 04/01/2032, #745101		7,772		8,037
7.000%, 07/01/2032, #254379		2,054		2,206
7.000%, 07/01/2032, #545813		885		953
7.000%, 07/01/2032, #545815		559		602
6.000%, 09/01/2032, #254447		3,614		3,797
6.000%, 03/01/2033, #688330		5,778		6,070
5.500%, 04/01/2033, #694605		7,457		7,772
6.500%, 05/01/2033, #555798		4,666		4,958
5.500%, 07/01/2033, #709446		8,717		9,086
5.500%, 10/01/2033, #555800		5,470		5,702
6.000%, 11/01/2033, #772130		637		669
6.000%, 11/01/2033, #772256		897		942
5.000%, 03/01/2034, #725248		3,188		3,300
5.000%, 03/01/2034, #725250		5,840		6,046
4.500%, 04/01/2034 «		43,735		44,692
5.000%, 06/01/2034, #782909		2		2
6.500%, 06/01/2034, #735273		7,121		7,558
6.000%, 10/01/2034, #781776		1,634		1,714
6.500%, 04/01/2036, #831377		4,814		5,077
6.500%, 07/01/2036, #831683		6,898		7,275
6.000%, 08/01/2036, #885536		3,440		3,599
6.500%, 08/01/2036, #893318		6,244		6,625
6.000%, 09/01/2036, #900555		5,973		6,314
6.500%, 09/01/2036, #831799		7,309		7,709
6.500%, 08/01/2037, #256845		2,465		2,599
6.000%, 09/01/2037, #256890		5,577		5,803
5.000%, 04/01/2038 «		40,180		41,461
5.500%, 04/14/2038 «		17,285		17,939
6.000%, 06/01/2038, #889706		844		883
Government National Mortgage Association Pool
7.500%, 11/15/2030, #537699		318		342
				306,566
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $338,786)				347,978
Asset-Backed Securities - 19.5%
Automotive - 2.5%
BMW Vehicle Owner Trust
Series 2006-A, Class A4
5.070%, 08/25/2011		2,775		2,808
Ford Credit Auto Owner Trust
Series 2009-A, Class A3A
3.960%, 05/15/2013		6,500		6,519
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		5,246		5,167
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n		14,145		12,224
Honda Auto Receivables Owner Trust
Series 2006-3, Class A4
5.110%, 04/15/2012		1,431		1,457
Nissan Auto Receivables Owner Trust
Series 2006-B, Class A4
5.220%, 11/15/2011		1,276		1,294
				29,469
Credit Cards - 1.6%
American Express Issuance Trust
Series 2005-1, Class C
0.791%, 08/15/2011 r		4,125		2,956
Capital One Multi-Asset Execution Trust
Series 2005-A3, Class A3
4.050%, 03/15/2013		4,500		4,464
Discover Card Master Trust I
Series 2007-C1, Class C1
0.775%, 01/15/2013 r		4,150		2,789
Series 2003-4, Class B2
0.986%, 05/15/2013 r		697		495
Series 2005-4, Class B1
0.806%, 06/18/2013 r		1,430		994
Series 2007-A1, Class A1
5.650%, 03/16/2020		5,275		4,584
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
0.855%, 05/15/2014 rn¥		4,075		2,936
				19,218
Home Equity - 0.0%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		54		53
Countrywide Asset-Backed Certificates
Series 2003-SC1, Class M2
2.724%, 09/25/2023 r		766		323
Saxon Asset Securities Trust
Series 2004-1, Class A
1.014%, 03/25/2035 r¥		178		90
				466
Manufactured Housing - 0.3%
Green Tree Financial
Series 2008-MH1, Class A1,
7.000%, 04/25/2038 n¥		3,535		3,102
Other - 14.6%
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041		14,830		12,455
Series 2006-2, Class A4
5.741%, 05/10/2045 r		4,085		3,028
Series 2005-5, Class AM
5.176%, 10/10/2045		7,055		3,501
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
6.177%, 09/11/2042 rn		3,165		386
Series 2007-PW18, Class AJ
6.413%, 06/11/2050 r		4,115		1,080
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.095%, 12/10/2049 r		4,950		1,176
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		4,700		3,768
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		9,225		7,824
Series 2004-RS1, Class A
4.018%, 03/03/2041 n¥		4,355		2,745
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		10,765		10,119
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		11,590		10,893
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		11,480		11,308
Series 2006-1, Class C
5.707%, 02/15/2036 n		8,093		7,405
GMAC Commercial Mortgage Securities
Series 2005-C1, Class A2
4.471%, 05/10/2043		9,110		8,997
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		6,893		6,767
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 r		8,685		2,237
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.993%, 08/10/2045 r		14,045		9,585
Series 2006-RR2, Class A1
5.816%, 06/23/2046 rn¥		4,312		949
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044		2,750		877
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		95		95
Series 2005-C7, Class A2
5.103%, 11/15/2030		12,940		11,957
Series 2008-C1, Class AJ
6.149%, 04/15/2041 r		2,350		729
Series 2007-C7, Class AM
6.166%, 09/15/2045 r		4,775		2,157
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.305%, 07/12/2038 r		3,102		932
Series 2005-LC1, Class AM
5.264%, 01/12/2044 r		5,938		2,639
Series 2008-C1, Class A4
5.690%, 02/12/2051		13,520		8,563
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
6.156%, 08/12/2049 r		7,670		3,215
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 r		1,340		438
Series 2005-HQ6, Class C
5.172%, 08/13/2042 r		1,270		412
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		12,505		12,200
Small Business Administration
Series 2006-P10B, Class 1
5.681%, 08/10/2016		11,140		11,820
Wachovia Bank Commercial Mortgage Trust
Series 2005-C19, Class A5
4.661%, 05/15/2044		13,390		10,854
Series 2007-C34, Class AJ
5.952%, 05/15/2046 r		5,184		1,037
Series 2007-C33, Class AJ
6.100%, 02/15/2051 r		4,945		1,019
				173,167
Utilities - 0.5%
PG & E Energy Recovery Funding
Series 2005-2, Class A2,
5.030%, 03/25/2014		5,455		5,667
Total Asset-Backed Securities
(Cost $301,114)				231,089
Collateralized Mortgage Obligation - Private Mortgage-Backed Securities - 14.4%
Adjustable Rate r - 4.0%
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.862%, 09/25/2035		7,636		4,885
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.665%, 12/20/2046		6,162		1,989
Countrywide Home Loans
Series 2004-2, Class 2A1
5.296%, 02/25/2034		2,636		2,209
Series 2006-HYB5, Class 3A1A
6.041%, 09/20/2036		11,432		4,455
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.706%, 03/19/2036		10,202		3,714
Series 2007-4, Class 2A1
0.686%, 07/19/2047		11,293		4,390
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.444%, 03/25/2035		1,865		858
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.802%, 04/25/2047		4,402		2,404
JPMorgan Mortgage Trust
Series 2005-A1, Class 3A2
5.048%, 02/25/2035		5,346		2,900
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		1,431		278
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.891%, 08/25/2036		10,782		6,798
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		424		330
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
4.995%, 10/20/2035		5,780		3,928
Washington Mutual
Series 2007-HY2, Class 3A2
5.887%, 09/25/2036		1,960		396
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
4.397%, 02/25/2033		1,237		1,076
Series 2006-AR1, Class 2A2
5.570%, 03/25/2036		9,297		6,913
				47,523
Fixed Rate - 10.4%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		3,020		1,624
Banc of America Mortgage Securities
Series 2003-6, Class 1A30
4.750%, 08/25/2033		7,350		7,059
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		10,925		9,107
Chase Mortgage Finance
Series 2004-S3, Class 3A1
6.000%, 03/25/2034		5,903		5,398
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		4,916		4,360
Series 2004-J1, Class 1A1
6.000%, 02/25/2034		754		697
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		2,327		2,054
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		3,990		3,569
Series 2006-19CB, Class A15
6.000%, 08/25/2036		3,667		2,414
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		13,000		7,337
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		5,412		4,830
Series 2003-8, Class DB1
6.247%, 04/25/2033		4,528		3,185
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		7,348		5,456
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		352		348
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		6,602		6,094
Series 2006-J1, Class A1
5.750%, 04/25/2036		4,551		3,115
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		8,343		6,457
Master Alternative Loans Trust
Series 2004-1, Class 3A1
7.000%, 01/25/2034		1,024		874
Series 2005-2, Class 1A3
6.500%, 03/25/2035		2,517		1,956
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.206%, 11/25/2034		4,792		4,232
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		12,055		5,959
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		7,574		6,375
Series 2004-SL4, Class A3
6.500%, 07/25/2032		2,256		2,038
Washington Mutual Mortgage Pass-Through Certificates
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		8,307		7,790
Series 2007-2, Class 3A1
5.500%, 04/25/2022		6,414		5,724
Wells Fargo Mortgage Backed Securities Trust
Series 2005-14, Class 2A1
5.500%, 12/25/2035		1,674		1,285
Series 2007-10, Class 1A1
6.000%, 07/25/2037		8,648		5,486
Series 2007-13, Class A8
6.000%, 09/25/2037		10,267		8,054
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		46		47
				122,924
Total Collateralized Mortgage Obligation - Private Mortgage-Backed Securities
(Cost $240,856)				170,447
Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities - 3.7%
Fixed Rate - 3.6%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011		5,889		6,000
Series 6, Class C
9.050%, 06/15/2019		17		19
Series 1022, Class J
6.000%, 12/15/2020		30		30
Series 162, Class F
7.000%, 05/15/2021		84		84
Series 188, Class H
7.000%, 09/15/2021		173		183
Series 1790, Class A
7.000%, 04/15/2022		60		63
Series 2901, Class UB
5.000%, 03/15/2033		5,000		5,208
Federal National Mortgage Association
Series 2003-3, Class BC
5.000%, 02/25/2018		14,030		14,834
Series 1988-24, Class G
7.000%, 10/25/2018		43		45
Series 1989-24, Class H
9.000%, 07/25/2019		38		42
Series 1989-90, Class E
8.700%, 12/25/2019		5		6
Series 1990-30, Class E
6.500%, 03/25/2020		25		26
Series 1990-61, Class H
7.000%, 06/25/2020		30		32
Series 1990-72, Class B
9.000%, 07/25/2020		23		25
Series 1990-102, Class J
6.500%, 08/25/2020		29		31
Series 1990-105, Class J
6.500%, 09/25/2020		290		316
Series 1991-56, Class M
6.750%, 06/25/2021		92		96
Series 1992-120, Class C
6.500%, 07/25/2022		36		37
Series 2005-44, Class PC
5.000%, 11/25/2027		5,900		6,129
Series 2005-62, Class JE
5.000%, 06/25/2035		8,716		9,037
				42,243
Z-Bonds S - 0.1%
Federal Home Loan Mortgage Corporation
Series 1118, Class Z
8.250%, 07/15/2021		49		52
Federal National Mortgage Association
Series 1991-134, Class Z
7.000%, 10/25/2021		205		222
Series 1996-35, Class Z
7.000%, 07/25/2026		945		1,021
				1,295
Total Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities
(Cost $40,942)				43,538
U.S. Government & Agency Securities - 1.0%
U.S. Treasuries - 1.0%
U.S. Treasury Bonds
4.375%, 02/15/2038 q		415		471
4.500%, 05/15/2038		690		806
U.S. Treasury Notes
0.875%, 02/28/2011 q		4,245		4,253
1.875%, 02/28/2014		6,475		6,546
Total U.S. Government & Agency Securities
(Cost $11,918)				12,076
Preferred Stocks - 0.1%	SHARES
Financials - 0.1%
Bank of America
Series MER		79,000		825
Sovereign - 0.0%
Fannie Mae
Series S		218,000		155
Total Preferred Stocks
(Cost $7,148)				980
Short-Term Investments - 7.0%
Money Market Fund - 5.6%
First American Prime Obligations Fund, Class Z ±		66,357,165		66,357
U.S. Treasury Obligations - 1.4%
U.S. Treasury Bills £	PAR
0.180%, 04/09/2009	$	5,595		5,595
0.375%, 09/24/2009		8,605		8,589
0.460%, 10/22/2009		1,690		1,686
				15,870
Total Short-Term Investments
(Cost $82,201)				82,227
Investment Purchased with Proceeds from Securities Lending - 1.4%	SHARES
Mount Vernon Securities Lending Prime Portfolio †
(Cost $16,216)		16,216,024		16,216
Total Investments Ө - 111.2%
(Cost $1,551,493)				1,315,068
Other Assets and Liabilities, Net - (11.2)%				(132,121	)
Total Net Assets - 100.0%			$	1,182,947

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
q	This security or a portion of this security is out on loan at March 31, 2009. Total loaned securities had a value of $15,839 at March 31, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2009, the value of these investments was $109,195 or 9.2% of total net assets.
«	Security purchased on a when-issued basis.  On March 31, 2009, the total cost of investments purchased on a when-issued basis was $102,159 or 8.6% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued. As of March 31, 2009, the value of these investments was $9,922 or 0.8% of total net assets:
			Dates
	Security	Par	Acquired	Cost Basis
	Amresco Residential Security Mortgage, Series 1997-3, Class A9	$54	10/02	$                 55
	Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A	4,355	2/07	4,233
	Green Tree Financial, Series 2008-MH1, Class A1	3,535	9/08	3,412
	GS Mortgage Securities II, Series 2006-RR2, Class A1	4,312	7/06	4,230
	Saxon Asset Securities Trust, Series 2004-1, Class A	178	1/04	178
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1	4,075	8/07	3,912
	Westam Mortgage Financial, Series 11, Class A	46	9/97	45
S	Z-Bonds - Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. The rate shown is the effective yield as of March 31, 2009.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities.  The fund maintains collateral equal to at least 100% of the value of the securities loaned.  The adequacy of the collateral is monitored on a daily basis.  The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $1,551,493.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$    16,913
	Gross unrealized depreciation	(253,338	)
	Net unrealized depreciation	$(236,425	)
REIT - Real Estate Investment Trust

Schedule of Open Futures Contracts
		Number of
		Contracts	Notional	Unrealized
	Settlement	Purchased	Contract	Appreciation
Description	Month	(Sold)	Value	(Depreciation)
Australian Dollar Currency Futures	June 2009	26	$1,800	$                   112
Canadian Dollar Currency Futures	June 2009	37	2,938	28
U.S. Treasury 2 Year Note Futures	June 2009	786	171,262	794
U.S. Treasury 5 Year Note Futures	June 2009	465	55,226	699
U.S. Treasury 10 Year Note Futures	June 2009	(531)	(65,885)	(1,612)
U.S. Treasury Long Bond Futures	June 2009	(276)	(35,798)	(833)
				$(812)
Credit Default Swap Agreements
Credit Default Swaps on Corporate Issues -
Buy Protection1				Implied Credit
	Reference	Pay	Expiration	Spread at	Notional	Unrealized
Counterparty	Entity	Fixed Rate	Date	March 31, 20093	Amount4	Appreciation
JPMorgan	Deutsche Bank AG	0.525%	09/20/2012	1.259%	$            4,200	$               101
Credit Default Swaps on Corporate Issues -
Sell Protection2				Implied Credit
	Reference	Receive	Expiration	Spread at	Notional	Unrealized
Counterparty	Entity	Fixed Rate	Date	March 31, 20093	Amount4	Depreciation
Deutsche Bank	General Electric Capital Corporation	6.300%	12/20/2013	7.440%	$          10,000	$             (383)
Credit Default Swaps on Credit Indices -
Sell Protection2
					Unrealized
	Reference	Receive	Expiration	Notional	Appreciation
Counterparty	Index	Fixed Rate	Date	Amount4	(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	$49,850	$(1,840)
Deutsche Bank	Dow Jones CDX IG12 Index	1.000%	06/20/2014	10,000	(18)
JPMorgan	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	19,000	(379)
JPMorgan	Dow Jones CDX IG12 Index	1.000%	06/20/2014	15,800	(22)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index	6.500%	06/20/2013	1,800	(360)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index	5.000%	12/20/2013	3,600	20
UBS	Dow Jones CDX IG11 Index	1.500%	12/20/2013	24,000	(553)
UBS	Dow Jones iTraxx Asia ex-Japan Index	6.500%	06/20/2013	2,900	(614)
UBS	Dow Jones iTraxx Asia ex-Japan Index	5.000%	12/20/2013	1,000	(7)
UBS	Markit ABX AAA071 Index	0.090%	08/25/2037	9,300	(2,078)
					$(5,851)
1 If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2 If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity.
4 The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
Interest Rate Swap Agreements
	Floating					Unrealized
	Rate	Pay/Receive		Expiration	Notional	Appreciation
Counterparty	Index	Floating Rate	Fixed Rate	Date	Amount	(Depreciation)
JPMorgan	3-Month LIBOR	Pay	4.135%	09/24/2013	$          12,000	$            1,045
UBS	3-Month LIBOR	Pay	4.070%	09/25/2013	15,000	1,264
UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	8,000	(819)
						$            1,490

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in preferred stocks, open -end funds, and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are corporate bonds, mortgage-backed securities, asset-backed securities,  collateralized mortgage obligations, U.S. government and agency securitiesU.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$          83,553	$(812)
	Level 2 - Other significant observable inputs	1,198,989	(4,643)
	Level 3 - Significant unobservable inputs	32,526	—
	Total	$     1,315,068	$(5,455)
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$          36,736	$                   —
	Accrued discounts/ premiums	1	—
	Realized gain (loss)	—	—
	Change in net unrealized appreciation (depreciation)	(4,137)	—
	Net purchases (sales)	(27)	—
	Transfers in and/or out of Level 3	(47)	—
	Balance as of  March 31, 2009	$          32,526	$                   —
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
High Income Bond Fund
DESCRIPTION	PAR		VALUEs
High Yield Corporate Bonds - 76.4%
Basic Industry - 7.9%
AbitibiBowater
9.000%, 08/01/2009	$	500	$	125
AK Steel
7.750%, 06/15/2012		550		432
Aleris International
10.000%, 12/15/2016 è		1,000		1
Berry Plastics
9.503%, 02/15/2015		1,725		1,251
Bowater Canada Finance
7.950%, 11/15/2011 Æ		500		45
Coalcorp Mining
Series A
12.000%, 08/31/2011 Æ		375		214
Domtar
5.375%, 12/01/2013		750		502
Exopack Holding
11.250%, 02/01/2014 ¥		500		227
Georgia Gulf
7.125%, 12/15/2013		275		44
Georgia-Pacific
7.125%, 01/15/2017 n		1,250		1,156
Graham Packaging
9.875%, 10/15/2014		900		580
Griffin Coal Mining
9.500%, 12/01/2016 Æ n		1,000		353
Hexion US Finance
9.750%, 11/15/2014		750		165
Industrias Metal
11.250%, 10/22/2014 Æ n		750		300
Ineos Group Holdings
8.500%, 02/15/2016 Æ n		600		35
Intertape Polymer Group
8.500%, 08/01/2014 ¥		1,850		1,124
Mercer International
9.250%, 02/15/2013		750		236
Newark Group
9.750%, 03/15/2014 ¥		800		70
Noble Group Limited
6.625%, 03/17/2015 Æ n		750		488
Nortek
10.000%, 12/01/2013		1,000		417
Nova Chemicals
6.500%, 01/15/2012 Æ		500		435
7.561%, 11/15/2013 Æ r		500		375
Owens Corning
6.500%, 12/01/2016		1,400		1,027
Ply Gem Industries
11.750%, 06/15/2013		1,125		501
USG
7.750%, 01/15/2018		1,000		610
Vedanta Resources
8.750%, 01/15/2014 Æ n		1,410		1,043
				11,756
Capital Goods - 2.2%
BE Aerospace
8.500%, 07/01/2018		1,000		834
Hawker Beechcraft Acquisition
9.750%, 04/01/2017		1,200		204
Terex
7.375%, 01/15/2014		1,050		908
United Rentals North America
6.500%, 02/15/2012		1,000		800
Vought Aircraft
8.000%, 07/15/2011		1,500		585
				3,331
Communications - 11.7%
Central European Media Entertainment
3.500%, 03/15/2013 Æ n		750		378
Charter Communications Holdings II
Class A
10.250%, 10/01/2013 èn		1,655		1,440
Citizens Communications
9.000%, 08/15/2031		1,300		892
Clear Channel Communications
6.875%, 06/15/2018		1,000		140
Crown Castle International
9.000%, 01/15/2015		1,250		1,253
CSC Holdings
8.500%, 04/15/2014 n		1,000		985
8.625%, 02/15/2019 nq		1,000		962
Dex Media West
Series B
8.500%, 08/15/2010		500		250
Fairpoint Communications
13.125%, 04/01/2018 n		1,000		190
Inmarsat Finance II
10.375%, 11/15/2012 Æ		1,425		1,461
Intelsat Bermuda
11.250%, 06/15/2016 Æ		1,850		1,794
Intelsat Intermediate Holdings, 0.000% through 02/01/10
thereafter 9.500%, 02/01/2015 Æ n		900		747
Level 3 Financing
12.250%, 03/15/2013		500		375
Metropcs Wireless
9.250%, 11/01/2014		350		339
Nextel Communications
Series E
6.875%, 10/31/2013		1,000		570
Nielsen Finance, 0.000% through 08/1/2011
thereafter 12.500%, 08/01/2016 r		550		228
Qwest Capital Funding
7.250%, 02/15/2011		1,300		1,242
Sprint Capital
8.375%, 03/15/2012		1,500		1,350
8.750%, 03/15/2032		850		570
Vimpelcom
8.250%, 05/23/2016 Æ n		1,000		610
Windstream
8.125%, 08/01/2013		1,750		1,724
Young Broadcasting
10.000%, 03/01/2011 è		500		-
				17,500
Consumer Cyclical - 16.6%
Burlington Coat Factory
11.125%, 04/15/2014 q		1,000		310
Centex
7.875%, 02/01/2011		1,100		1,039
Denny's
10.000%, 10/01/2012 q		1,150		995
Dollar General
10.625%, 07/15/2015		1,200		1,197
Fontainebleau Las Vegas
11.000%, 06/15/2015 n		1,000		30
Ford Motor
7.450%, 07/16/2031		1,325		421
Ford Motor Credit
9.875%, 08/10/2011		4,000		3,028
General Motors
8.250%, 07/15/2023		2,600		305
General Nutrition Center
6.404%, 03/15/2014		770		474
Goodyear Tire & Rubber
7.857%, 08/15/2011		500		410
Greektown Holdings
10.750%, 12/01/2013 nè		30		1
Hanesbrands
5.698%, 12/15/2014 r		750		499
Harrahs
10.000%, 12/15/2018 n		1,150		345
Host Hotels & Resorts
Series Q
6.750%, 06/01/2016		1,000		730
Isle of Capri Casinos
7.000%, 03/01/2014		279		165
Lear
Series B
8.500%, 12/01/2013		850		191
Levi Strauss & Co.
9.750%, 01/15/2015		1,150		989
Marfrig Overseas
9.625%, 11/16/2016 Æ n		1,000		600
MGM Mirage
13.000%, 11/15/2013 nq		2,300		1,713
Mohawk Industries
6.125%, 01/15/2016		1,500		1,105
Mohegan Tribal Gaming Authority
6.375%, 07/15/2009		500		410
Neiman Marcus Group
10.375%, 10/15/2015		700		224
OSI Restaurant Partners
10.000%, 06/15/2015		500		167
Oxford Industries
8.875%, 06/01/2011		1,055		770
Parkson Retail Group
7.125%, 05/30/2012 Æ		1,600		1,296
Pep Boys-Manny, Moe & Jack
7.500%, 12/15/2014		900		500
Pinnacle Entertainment I
7.500%, 06/15/2015		1,000		620
Realogy
10.500%, 04/15/2014		500		140
Rite Aid
10.375%, 07/15/2016		2,000		1,200
Royal Caribbean Cruises
7.000%, 06/15/2013 Æ		750		421
Sally Holdings
10.500%, 11/15/2016 q		1,300		1,138
Seminole Hard Rock Entertainment
3.820%, 03/15/2014 n r		1,000		520
Snoqualmie Entertainment
9.125%, 02/01/2015 n		1,000		260
Susser Holdings
10.625%, 12/15/2013		800		776
Tenneco
8.125%, 11/15/2015		750		150
Ticketmaster
10.750%, 07/28/2016 n		1,100		748
Toys R Us
7.875%, 04/15/2013		1,000		351
Trimas
9.875%, 06/15/2012		1,000		490
TRW Automotive
7.250%, 03/15/2017 n		250		104
				24,832
Consumer Non Cyclical - 10.8%
Albertson's
8.700%, 05/01/2030		1,000		900
Cardinal Health
9.500%, 04/15/2015		750		180
Constellation Brands
7.250%, 05/15/2017		1,000		950
Del Monte
8.625%, 12/15/2012		800		804
HCA
6.750%, 07/15/2013		4,150		3,102
Health Management Association
6.125%, 04/15/2016		1,300		1,063
Pantry
7.750%, 02/15/2014		1,000		780
Pilgrim's Pride
8.375%, 05/01/2017 è		750		281
Select Medical
7.625%, 02/01/2015		700		453
10.820%, 09/15/2015 rq		1,000		535
Smithfield Foods
7.000%, 08/01/2011		1,600		1,232
4.000%, 06/30/2013		500		349
Stater Brothers Holdings
7.750%, 04/15/2015		1,250		1,200
SUPERVALU
7.500%, 05/15/2012 q		1,750		1,719
Surgical Care Affiliates
8.875%, 07/15/2015 n		1,000		580
Tenet Healthcare
7.375%, 02/01/2013		1,500		1,193
Tyson Foods
7.850%, 04/01/2016		1,000		861
				16,182
Electric - 8.9%
AES
9.750%, 04/15/2016 n		1,000		940
AES Red Oak
Series B
9.200%, 11/30/2029		1,000		870
Ava Capital Trust III
6.500%, 04/01/2034		3,335		3,335
CMS Energy
3.741%, 01/15/2013 r		1,000		780
Dynegy Holdings
7.500%, 06/01/2015		500		341
Edison Mission Energy
7.750%, 06/15/2016		700		532
Energy Future Holdings
10.875%, 11/01/2017		1,000		645
Intergen NV
9.000%, 06/30/2017 Æ n		1,000		905
Majapahit Holding
7.750%, 10/17/2016 Æ n		1,000		735
Mirant Americas Generation
8.500%, 10/01/2021		1,300		962
NRG Energy
7.375%, 02/01/2016		850		791
Reliant Energy
7.625%, 06/15/2014		1,000		810
Texas Competitive Electric Holdings
Series A
10.250%, 11/01/2015		3,300		1,650
				13,296
Energy - 4.5%
Chesapeake Energy
9.500%, 02/15/2015		1,250		1,216
Forest Oil
8.500%, 02/15/2014 n		1,500		1,391
Indo Integrated Energy B
8.500%, 06/01/2012		500		382
Lupatech Finance
9.875%, 07/10/2049 Æ n		1,000		652
Mariner Energy
8.000%, 05/15/2017		1,000		660
Petrohawk Energy
9.125%, 07/15/2013		1,000		960
Sabine Pass LNG
7.500%, 11/30/2016		745		499
Seitel
9.750%, 02/15/2014		470		208
Tesoro
6.625%, 11/01/2015		1,000		790
				6,758
Finance - 2.1%
GMAC
3.399%, 05/15/2009 r		500		475
6.625%, 05/15/2012 n		2,000		1,342
6.750%, 12/01/2014 n		800		465
Nuveen Investments
5.500%, 09/15/2015		2,050		400
Residential Capital
8.500%, 05/15/2010 n		500		372
				3,054
Industrial Other - 1.4%
Aramark
8.500%, 02/01/2015		425		391
Crown Cork & Seal
7.375%, 12/15/2026		1,000		830
RBS Global & Rexnord
9.500%, 08/01/2014		1,000		810
				2,031
Natural Gas - 4.7%
Copano Energy
7.750%, 06/01/2018 n		750		596
El Paso
12.000%, 12/12/2013		500		526
El Paso Energy
Series MTN
7.800%, 08/01/2031		650		486
Enterprise Products
8.375%, 08/01/2066 r		2,800		1,876
Knight
6.500%, 09/01/2012		1,452		1,354
Plains Exploration & Production
7.750%, 06/15/2015		850		731
Southern Union
7.200%, 11/01/2066 r		1,600		800
Targa Resources
8.500%, 11/01/2013		1,000		620
				6,989
Real Estate - 1.7%
Agile Property Holdings
9.000%, 09/22/2013 Æ n		750		540
American Real Estate
4.000%, 08/15/2013 ¥ n r +		1,250		838
Greentown China Holdings
9.000%, 11/08/2013 Æ n		1,050		546
Lippo Karawaci Finance
8.875%, 03/09/2011		1,000		670
				2,594
Technology - 0.9%
Freescale Semiconductor
9.125%, 12/15/2014		3,350		251
Magnachip Semiconductor
6.875%, 12/15/2011  èÆ		750		8
NXP BV/NXP Funding
9.500%, 10/15/2015 Æ		775		85
Seagate Technology
6.375%, 10/01/2011 Æ		500		365
6.800%, 10/01/2016 Æ		500		290
Spansion
5.345%, 06/01/2013 è n r		1,500		338
				1,337
Transportation - 3.0%
American Airlines
Series 2001-1
7.379%, 11/23/2017 ¥		1,257		585
BLT Finance BV
7.500%, 05/15/2014 Æ ¥ n		300		75
Continental Airlines
Series C
7.339%, 04/19/2014		1,500		982
Series 1997-1A
7.461%, 04/01/2015		614		430
Delta Airlines
Series 2001-1
7.711%, 09/18/2011		1,600		1,120
Series 2007-1
8.954%, 08/10/2014		459		319
Hertz
8.875%, 01/01/2014		500		303
Swift Transportation
12.500%, 05/15/2017 n		250		55
United Airlines 2007 Pass Trust
Series A
6.636%, 01/02/2024		931		614
				4,483
Total High Yield Corporate Bonds
(Cost $156,342)				114,143
Investment Grade Corporate Bonds - 7.2%
Basic Industry - 1.5%
Arcelormittal
6.125%, 06/01/2018 Æ		1,000		723
Freeport-McMoran Copper & Gold
8.250%, 04/01/2015		600		575
International Paper
7.400%, 06/15/2014		1,150		949
				2,247
Consumer Cyclical - 0.3%
Macys Retail Holdings
7.450%, 07/15/2017		750		475
Consumer Non Cyclical - 1.6%
CVS Caremark
6.302%, 06/01/2037 r		1,000		600
Delhaize America
9.000%, 04/15/2031		356		378
Delhaize Group
5.875%, 02/01/2014 Æ		1,500		1,500
				2,478
Energy - 0.9%
Gazprom International
7.201%, 02/01/2020 Æ n		563		491
TNK-BP Finance
6.125%, 03/20/2012 Æ n		1,000		830
				1,321
Finance - 1.4%
American General Finance
Series MTN
5.850%, 06/01/2013		345		137
Discover Financial Services
1.861%, 06/11/2010 r		1,000		864
SLM
Series MTN
5.515%, 07/26/2010 r		1,500		1,065
				2,066
Real Estate - 0.8%
Simon Property Group - REIT
10.350%, 04/01/2019		1,190		1,156
Transportation - 0.7%
Con-way
7.250%, 01/15/2018		1,300		1,009
Total Investment Grade Corporate Bonds
(Cost $11,857)				10,752
Convertible Securities - 3.4%	SHARES/PAR
Basic Industry - 0.3%
Peabody Energy
4.750%, 12/15/2041	$	750		527
Consumer Cyclical - 0.2%
UAL
4.500%, 06/30/2021	$	850		277
Consumer Non Cyclical - 0.7%
Bunge Limited Æ		6,900		527
Chiquita Brands
4.250%, 08/15/2016	$	1,000		555
				1,082
Energy - 0.3%
Headwaters
2.875%, 06/01/2016 ¥	$	1,500		427
Finance - 0.6%
CIT Group
Series C		21,000		382
Wells Fargo
Series L		1,000		479
				861
Insurance - 0.3%
American Equity Investment Life
5.250%, 12/06/2024	$	750		465
Real Estate - 0.8%
Boston Properties
2.875%, 02/15/2037	$	1,000		779
Hospitality Properties Trust
3.800%, 03/15/2027	$	500		367
				1,146
Technology - 0.2%
Hutchinson Technology
3.250%, 01/15/2026	$	1,000		255
Total Convertible Securities
(Cost $7,518)				5,040
Preferred Stocks - 2.5%	SHARES
Communications - 0.4%
US Cellular		32,000		570
Energy - 0.4%
Constellation Energy Group
Series A		25,000		452
Nexen
Series B Æ		10,600		175
				627
Finance - 0.1%
Bank of America		15,000		93
Freddie Mac q		20,000		9
Regions Financing Trust III		1,300		21
				123
Insurance - 1.0%
Aspen Insurance Holdings Æ		50,000		671
Endurance Specialty Holdings
Series A Æ		20,900		279
Metlife
Series B		15,000		220
Renaissancere Holdings
Series D Æ		21,440		340
				1,510
Real Estate - 0.6%
American Home Mortgage Investments - REIT
Series B ¥ è		10,000		-
Ashford Hospitality Trust - REIT
Series D		4,500		31
Duke Realty - REIT
Series O		24,600		280
First Industrial Realty Trust - REIT
Series J		14,000		101
Hospitality Properties Trust - REIT
Series C		20,000		233
National Retail Properties - REIT
Series C		12,600		192
				837
Transportation - 0.0%
Delta Air Contingent Value l		8,000,000		48
Total Preferred Stocks
(Cost $7,152)				3,715
Closed-End Funds - 2.2%
Aberdeen Asia-Pacific Income Fund q		51,000		243
DCA Total Return Fund		50,000		60
Franklin Templeton Limited Duration Income Trust		50,100		447
Gabelli Global Gold Natural Resources & Income Trust q		25,000		392
Highland Credit Strategies Fund		76,000		353
ING Clarion Global Real Estate Income Fund		28,000		89
Nuveen Equity Premium Opportunity Fund		48,600		493
Nuveen Multi-Strategy Income and Growth Fund		55,000		200
Pioneer Diversified High Income Trust		17,000		201
Pioneer Floating Rate Trust		60,000		439
Western Asset Global Partners Income Fund		63,000		432
Total Closed-End Funds
(Cost $4,627)				3,349
Exchange-Traded Funds - 1.3%
iShares iBoxx $ High Yield Corporate Bond Fund q		15,000		1,017
iShares iBoxx $ Investment Grade Corporate Bond Fund		3,000		282
Powershares Financial Preferred Portfolio q		20,000		188
SPDR DB International Government Inflation-Protected Bond q		10,900		506
Total Exchange-Traded Funds
(Cost $2,018)				1,993
Asset-Backed Securities - 0.8%	PAR
Manufactured Housing - 0.0%
Green Tree Financial
Series 1998-1, Class A4
6.040%, 11/01/2029 ¥	$	7		5
Other - 0.8%
Bear Stearns Commercial Mortgage Securities
Series 2007-PW18, Class AJ
6.413%, 06/11/2050 r		460		121
Exum
Series 2007-1A, Class C
4.327%, 03/22/2014 ¥ n r +		1,012		541
Series 2007-2A, Class C
4.727%, 06/22/2014 ¥ n r +		1,033		570
				1,232
Total Asset-Backed Securities
(Cost $2,384)				1,237
Common Stocks - 0.3%	SHARES
Communications - 0.0%
Adelphia Recovery Trust l		958,406		12
Viatel Holding Bermuda Æ ¥ + l		1		-
				12
Consumer Discretionary - 0.1%
Target q		2,900		100
Energy - 0.2%
Pengrowth Energy Trust Æ q		42,000		234
Industrials - 0.0%
Delta Air Lines l		12,066		68
Total Common Stocks
(Cost $633)				414
Short-Term Investments - 4.1%
Money Market Fund - 3.9%
First American Prime Obligations Fund, Class Z ±		5,761,842		5,762
U.S. Treasury Obligations - 0.2%	PAR
U.S. Treasury Bills £
0.180%, 04/09/2009	$	170		170
0.190%, 06/24/2009		150		150
				320
Total Short-Term Investments
(Cost $6,082)				6,082
Investments Purchased with Proceeds from Securities Lending - 5.2%	SHARES
Mount Vernon Securities Lending Prime Portfolio †
(Cost $7,811)		7,810,602		7,811
Total Investments Ө - 103.4%
(Cost $206,424)				154,536
Other Assets and Liabilities, Net - (3.4)%				(5,125	)
Total Net Assets - 100.0%			$	149,411

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held fair valued securities disclosed in footnote +.
è	Security in default at March 31, 2009.
Ø	Represents a foreign high yield (non-investment grade) U.S. dollar denominaed security.  On March 31, 2009, the value of these investments was $20,566, which represents 13.8% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments was $4,462 or 3.0% of total net assets:
			Dates
	Security	Par/Shares	Acquired	Cost Basis
	American Airlines, Series 2001-1	$1,257	12/05-1/07	$                    1,192
	American Home Mortgage Investments	10,000	7/07	190
	American Real Estate	$1,250	4/07-3/08	1,239
	BLT Finance BV	$300	4/07	300
	Exopack Holding	$500	6/08	476
	Exum, Series 2007-1A, Class C	$1,012	2/07-12/08	1,012
	Exum, Series 2007-2A, Class C	$1,033	4/07-12/08	1,033
	Green Tree Financial, Series 1998-1, Class A4	$7	5/99	7
	Headwaters	$1,500	7/07-2/08	1,325
	Intertape Polymer Group	$1,850	4/08-5/08	1,639
	Newark Group	$800	6/05	761
	Viatel Holding Bermuda	1	6/08	—
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2009, the value of these investments was $25,810 or 17.3% of total net assets.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
q	This security or a portion of this security is out on loan at March 31, 2009.  Total loaned securities had a value of $7,604 at March 31, 2009.
+	Security is fair valued. As of March 31, 2009, the value of these investments was $1,949 or 1.3% of total net assets.
l	Non-income producing security.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements.  Yield shown is effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities.  The fund maintains collateral equal to at least 100% of the value of the securities loaned.  The adequacy of the collateral is monitored on a daily basis.  The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $206,424. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$2,493
	Gross unrealized depreciation	(54,381	)
	Net unrealized depreciation	$ (51,888	)
REIT -	Real Estate Investment Trust
	Schedule of Open Futures Contracts
			Number of	Notional
		Settlement	Contracts	Contract	Unrealized
	Description	Month	Purchased	Value	Appreciation
	U.S. Treasury 5 Year Note Futures	June 2009	50	$                  5,938	$                     73
	U.S. Treasury 10 Year Note Futures	June 2009	10	1,241	27
					$                  100
	Credit Default Swap Agreements
	Credit Default Swaps on Corporate Issues -
	Buy Protection1
					Implied Credit
		Reference	Pay	Expiration	Spread at	Notional	Unrealized
	Counterparty	Entity	Fixed Rate	Date	March 31, 20092	Amount3	Appreciation
	JPMorgan	Deutsche Bank AG	0.525%	09/20/2012	1.259%	$            400	$                 10
	1 If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
	2 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity.
	3 The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open- and closed-end funds, exchange-traded funds, common stocks, preferred stocks, convertible stocks, and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are corporate bonds, asset-backed securities, convertible bonds, U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.   Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$                23,905	$                      100
	Level 2 - Other significant observable inputs	125,222	10
	Level 3 - Significant unobservable inputs	5,409	—
	Total	$              154,536	$                       110
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$                  3,374	$                           —
	Accrued discounts/ premiums	20	—
	Realized gain (loss)	—	—
	Change in net unrealized appreciation (depreciation)	(597)	—
	Net purchases (sales)	428	—
	Transfers in and/or out of Level 3	2,184	—
	Balance as of  March 31, 2009	$                  5,409	$                           —
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule ofINVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Inflation Protected Securities Fund
DESCRIPTION	PAR		VALUEs
U.S. Government & Agency Securities - 89.8%
Inflation Protected U.S. Treasuries t - 89.8%
U.S. Treasury Bonds
2.375%, 01/15/2025	$	16,520	$	17,165
2.000%, 01/15/2026		3,483		3,444
2.375%, 01/15/2027		576		601
3.625%, 04/15/2028		12,987		16,011
3.875%, 04/15/2029		14,415		18,515
U.S. Treasury Notes
4.250%, 01/15/2010		878		902
0.875%, 04/15/2010		15,924		15,845
3.500%, 01/15/2011 q		5,731		5,984
2.375%, 04/15/2011		10,743		11,021
3.000%, 07/15/2012 q		2,642		2,811
1.875%, 07/15/2013 q		7,586		7,776
2.000%, 01/15/2014		19,549		20,142
2.000%, 07/15/2014 q		3,360		3,469
1.625%, 01/15/2015 q		6,606		6,672
1.875%, 07/15/2015		6,528		6,698
2.000%, 01/15/2016 q		4,893		5,047
2.500%, 07/15/2016 q		4,929		5,268
2.375%, 01/15/2017		10,003		10,622
2.625%, 07/15/2017		4,227		4,591
1.625%, 01/15/2018 q		4,232		4,277
1.375%, 07/15/2018		636		631
Total U.S. Government & Agency Securities
(Cost $167,532)				167,492
Asset-Backed Securities - 3.7%
Credit Cards - 1.0%
Citibank Credit Card Issuance Trust
Series 2007-A8, Class A8
5.650%, 09/20/2019		1,075		1,022
Discover Card Master Trust I
Series 2007-C1, Class C1
0.876%, 01/15/2013 r		500		336
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
0.956%, 05/15/2014 rn ¥		625		450
				1,808
Other - 2.7%
Global Signal Trust
Series 2006-1, Class C
5.707%, 02/15/2036 n		1,330		1,217
GMAC Commercial Mortgage Securities
Series 2003-C3, Class A2
4.223%, 04/10/2040		926		913
Greenwich Capital Commercial Funding
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,000		719
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 r		2,000		515
GS Mortgage Securities II
Series 2007-GG10, Class A4
5.799%, 08/10/2045 r		1,010		689
Merrill Lynch Mortgage Trust
Series 2008-C1, Class A4
5.690%, 02/12/2051		1,000		634
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 r		1,000		200
Series 2007-C33, Class AJ
6.100%, 02/15/2051 r		1,000		206
				5,093
Total Asset-Backed Securities
(Cost $11,099)				6,901
Corporate Bonds - 2.6%
Basic Industry - 0.9%
FMG Finance
10.000%, 09/01/2013 n		500		425
Georgia-Pacific
7.125%, 01/15/2017 n		150		139
Griffin Coal Mining
9.500%, 12/01/2016 n		300		106
Southern Copper
7.500%, 07/27/2035		950		689
USG
9.250%, 01/15/2018		100		61
Vedanta Resources
9.500%, 07/18/2018 n		400		252
				1,672
Consumer Cyclical - 0.1%
MGM Mirage
6.625%, 07/15/2015		130		46
Mohawk Industries
6.125%, 01/15/2016		100		74
				120
Consumer Non Cyclical - 0.2%
HCA
9.250%, 11/15/2016		100		91
Smithfield Foods
7.000%, 08/01/2011		275		212
				303
Electric - 0.1%
Energy Future Holdings
10.875%, 11/01/2017		250		161
Insurance - 1.3%
Allstate Life Global Funding Trust
Series MTN
4.500%, 03/01/2010 r		900		865
Pacific Life Global Funding
4.000%, 02/06/2016 rn		1,000		872
Principal Life
Series MTN
4.656%, 03/01/2012 r		900		769
				2,506
Total Corporate Bonds
(Cost $5,902)				4,762
Collateralized Mortgage Obligation - Private Mortgage-Backed Security - 0.9%
Fixed Rate - 0.9%
Wells Fargo Mortgage Backed Securities Trust
Series 2007-13, Class A8
6.000%, 09/25/2037
(Cost $2,197)		2,240		1,757
Municipal Bond - 0.4%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $845)		845		799
Convertible Securities - 0.1%	SHARES/PAR
Basic Industry - 0.1%
Freeport-McMoran Copper & Gold		1,500		97
Consumer Non Cyclical - 0.0%
Bunge Limited		1,000		76
Energy - 0.0%
Headwaters
2.875%, 06/01/2016 ¥	$	280		80
Total Convertible Securities
(Cost $590)				253
Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Security - 0.1%	PAR
Fixed Rate - 0.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011
(Cost $206)	$	205		209
Preferred Stocks - 0.1%	SHARES
Finance - 0.1%
Bank of America
Series MER		8,400		88
Sovereign - 0.0%
Fannie Mae
Series S		16,000		11
Total Preferred Stocks
(Cost $610)				99
Short-Term Investments - 1.6%
Money Market Fund - 1.3%
First American Prime Obligations Fund, Class Z ±		2,309,133		2,309
U.S. Treasury Obligations - 0.3%	PAR
U.S. Treasury Bills £
0.180%, 04/09/2009	$	530		530
0.375%, 09/24/2009		55		55
				585
Total Short-Term Investments
(Cost $2,894)				2,894
Investment Purchased with Proceeds from Securities Lending - 15.5%	SHARES
Mount Vernon Securities Lending Prime Portfolio †
(Cost $28,952)		28,952,318		28,952
Total Investments Ө - 114.8%
(Cost $220,827)				214,118
Other Assets and Liabilities, Net - (14.8)%				(27,692	)
Total Net Assets - 100.0%			$	186,426

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
t	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
q	This security or a portion of this security is out on loan at March 31, 2009.  Total loaned securities had a value of $28,269 at March 31, 2009.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2009, the value of these investments was $3,461 or 1.9% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments was $1,329 or 0.7% of total net assets:
					Dates
	Security			Par	Acquired	Cost Basis
	Headwaters			$280	7/07-11/07	$255
	Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B			845	6/06	845
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1			625	8/07	600
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements.  Yield shown is the effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities.  The fund maintains collateral equal to at least 100% of the value of the securities loaned.  The adequacy of the collateral is monitored on a daily basis.  The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $220,827. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$2,751
	Gross unrealized depreciation	(9,460	)
	Net unrealized depreciation	$ (6,709	)

	Schedule of Open Futures Contracts
			Number of
			Contracts	Notional	Unrealized
		Settlement	Purchased	Contract	Appreciation
	Description	Month	(Sold)	Value	(Depreciation)
	Australian Dollar Currency Futures	June 2009	4	$                     277	$                             17
	Canadian Dollar Currency Futures	June 2009	6	476	4
	U.S. Treasury 2 Year Note Futures	June 2009	68	14,817	62
	U.S. Treasury 5 Year Note Futures	June 2009	(8)	(950)	1
	U.S. Treasury 10 Year Note Futures	June 2009	(8)	(993)	(2)
	U.S. Treasury Long Bond Futures	June 2009	4	519	1
					$                 83
	Credit Default Swap Agreements
	Credit Default Swaps on Credit Indices -
	Sell Protection 1
		Reference	Receive	Expiration	Notional	Unrealized
	Counterparty	Entity	Fixed Rate	Date	Amount 2	(Depreciation)
	UBS	Dow Jones iTraxx Asia ex-Japan Index	6.500%	06/20/2013	$                       1,300	$             (293)
1	If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2	The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
	Interest Rate Swap Agreements
			Pay/Receive				Unrealized
		Floating	Floating		Expiration	Notional	Appreciation
	Counterparty	Rate Index	Rate	Fixed Rate	Date	Amount	(Depreciation)
	JPMorgan	3-Month LIBOR	Pay	4.135%	09/24/2013	$               2,000	$                174
	UBS	3-Month LIBOR	Pay	4.070%	09/25/2013	3,000	253
	UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	1,000	(102)
							$               325

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open-end funds,  preferred stocks, convertible stocks, and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are U.S. government and agency securities, asset-backed securities,  corporate bonds, collateralized mortgage obligations, convertible bonds, municipal bonds,   U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.   Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$                 31,457	$                        83
	Level 2 - Other significant observable inputs	181,444	32
	Level 3 - Significant unobservable inputs	1,217	—
	Total	$                214,118	$                       115
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$                   1,275	$                           —
	Accrued discounts/ premiums	—	—
	Realized gain (loss)	—	—
	Change in net unrealized appreciation (depreciation)	(58)	—
	Net purchases (sales)	—	—
	Transfers in and/or out of Level 3	—	—
	Balance as of  March 31, 2009	$                    1,217	$                           —
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Government Bond Fund
DESCRIPTION	PAR		VALUEs
U.S. Government & Agency Securities - 96.9%
U.S. Agency Debentures - 44.2%
Federal Farm Credit Bank
4.125%, 07/17/2009	$	1,100	$	1,112
4.500%, 10/05/2009		1,000		1,018
4.125%, 11/13/2009		1,560		1,588
4.750%, 05/07/2010		1,500		1,560
2.250%, 07/01/2010		1,365		1,384
5.250%, 09/13/2010		1,000		1,056
3.750%, 12/06/2010		1,575		1,638
5.750%, 01/18/2011		1,800		1,940
4.875%, 02/18/2011		1,600		1,702
3.000%, 03/03/2011		4,715		4,854
2.625%, 04/21/2011		1,500		1,534
3.875%, 08/25/2011		3,600		3,785
2.000%, 01/17/2012		3,055		3,063
2.250%, 04/24/2012		2,740		2,736
4.500%, 10/17/2012		1,565		1,677
3.875%, 10/07/2013		1,350		1,419
Federal Home Loan Bank
4.875%, 03/12/2010		870		902
3.500%, 07/16/2010		1,400		1,434
3.375%, 08/13/2010		1,430		1,473
5.125%, 09/10/2010		900		954
4.375%, 09/17/2010		710		743
3.760%, 10/15/2010		3,000		3,003
4.250%, 06/10/2011		1,500		1,586
2.250%, 04/13/2012		2,500		2,519
4.625%, 10/10/2012		910		986
3.625%, 10/18/2013		2,055		2,143
5.375%, 05/18/2016		495		562
4.875%, 05/17/2017		2,685		2,914
5.000%, 11/17/2017		1,865		2,038
Tennessee Valley Authority
1.230%, 01/15/2010 		1,135		1,124
5.625%, 01/18/2011		2,000		2,146
6.790%, 05/23/2012		3,175		3,616
6.000%, 03/15/2013		2,725		3,071
				63,280
U.S. Treasuries - 52.7%
U.S. Treasury Bonds
11.750%, 11/15/2014		1,575		1,682
8.750%, 05/15/2017		1,135		1,637
9.125%, 05/15/2018		1,260		1,907
9.000%, 11/15/2018		1,125		1,705
8.875%, 02/15/2019		1,555		2,346
8.125%, 08/15/2019		1,665		2,414
8.500%, 02/15/2020		1,250		1,866
8.750%, 08/15/2020		3,300		5,035
U.S. Treasury Notes
3.000%, 07/15/2012 t		663		706
4.000%, 11/15/2012		6,820		7,476
3.375%, 11/30/2012		1,815		1,948
3.625%, 12/31/2012		5,615		6,086
2.750%, 02/28/2013		1,000		1,054
3.375%, 07/31/2013		9,955		10,770
4.750%, 05/15/2014		6,250		7,217
4.250%, 08/15/2014		12,165		13,769
7.500%, 11/15/2016		3,500		4,699
1.375%, 07/15/2018 t		357		354
4.000%, 08/15/2018		2,420		2,689
				75,360
Total U.S. Government & Agency Securities
(Cost $134,388)				138,640
Short -Term Investments - 1.3%	SHARES
First American Government Obligations Fund, Class Z ±		1,240,909		1,241
First American U.S. Treasury Money Market Fund, Class Z ±		614,538		614
Total Short - Term Investments
(Cost $1,855)				1,855
Total Investments Ө - 98.2%
(Cost $136,243)				140,495
Other Assets and Liabilities, Net - 1.8%				2,545
Total Net Assets - 100.0%			$	143,040

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
	Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of March 31, 2009.
t	U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $136,243. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$4,635
	Gross unrealized depreciation	(383	)
	Net unrealized appreeciation	$4,252

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open-end funds.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are U.S. government and agency securities.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

As of March 31, 2009, the fund's investments were classified as follows:
	Investments
	in
	Securities
Level 1 - Quoted prices in active markets for identical assets	$            1,855
Level 2 - Other significant observable inputs	138,640
Level 3 - Significant unobservable inputs	—
Total	$        140,495

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Intermediate Term Bond Fund
DESCRIPTION	PAR		VALUEs
Corporate Bonds - 52.1%
Banking - 7.3%
Bank of America
5.750%, 12/01/2017	$	4,015	$	3,372
5.650%, 05/01/2018		1,745		1,456
8.000%, 12/29/2049 r		7,810		3,128
Citigroup
6.125%, 11/21/2017		4,590		3,980
6.125%, 05/15/2018		1,100		949
8.400%, 04/29/2049 r		3,155		1,783
Citigroup Capital XXI
8.300%, 12/21/2057 r		1,475		710
Deutsche Bank AG London
4.875%, 05/20/2013		2,660		2,609
Fifth Third Bancorp
6.250%, 05/01/2013 q		3,745		3,576
Fifth Third Bank
Series BKNT
4.200%, 02/23/2010		1,250		1,196
JPMorgan Chase
5.150%, 10/01/2015		3,290		2,900
Series 1
7.900%, 04/29/2049 r		4,085		2,625
JPMorgan Chase Capital XXII
Series V
6.450%, 02/02/2037		1,750		1,106
Keycorp
6.500%, 05/14/2013		1,000		976
National City Preferred Capital Trust I
12.000%, 12/29/2049 r		1,560		1,071
North Fork Bancorp
5.875%, 08/15/2012		3,130		2,591
Sovereign Bank
8.750%, 05/30/2018		2,040		1,642
UBS Preferred Funding Trust V
6.243%, 05/29/2049 r		1,170		320
Wachovia
5.750%, 06/15/2017		2,065		1,843
5.750%, 02/01/2018		560		496
Wells Fargo
4.375%, 01/31/2013		4,050		3,775
5.625%, 12/11/2017		2,385		2,176
Series K
7.980%, 12/31/2049 r		3,365		1,581
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 r		3,545		1,688
Wells Fargo Capital XV
9.750%, 12/29/2049 r		1,760		1,285
				48,834
Basic Industry - 2.7%
Arcelormittal
5.375%, 06/01/2013		7,835		6,082
BHP Billiton Finance
6.500%, 04/01/2019		1,650		1,672
Celulosa Arauco Constitucion
5.625%, 04/20/2015		2,000		1,915
E.I. Du Pont de Nemours
5.000%, 01/15/2013		1,315		1,369
Rio Tinto Financial
5.875%, 07/15/2013		3,300		2,959
Teck Cominco
5.375%, 10/01/2015		2,810		1,489
U.S. Steel
7.000%, 02/01/2018		1,750		1,194
Vale Overseas
6.250%, 01/11/2016		1,525		1,540
				18,220
Brokerage - 4.6%
Goldman Sachs Capital II
5.793%, 12/29/2049 r		1,165		485
Goldman Sachs Group
6.150%, 04/01/2018		11,900		10,870
Merrill Lynch
5.450%, 02/05/2013		2,950		2,418
6.050%, 05/16/2016		4,625		2,837
Series MTN
6.150%, 04/25/2013		1,860		1,564
Morgan Stanley
5.375%, 10/15/2015		6,550		5,917
Series MTN
6.625%, 04/01/2018		6,700		6,388
				30,479
Capital Goods - 1.1%
Boeing
6.000%, 03/15/2019		2,670		2,743
Caterpillar
7.150%, 02/15/2019		2,565		2,346
John Deere Capital
Series MTN
4.500%, 04/03/2013		1,990		1,952
				7,041
Communications - 5.8%
AT&T
5.800%, 02/15/2019		3,350		3,279
British Sky Broadcasting
6.100%, 02/15/2018 n		1,845		1,605
British Telecom
5.950%, 01/15/2018		2,415		1,966
Comcast
6.300%, 11/15/2017		6,315		6,145
Deutsche Telekom
5.875%, 08/20/2013		6,560		6,673
Embarq
7.082%, 06/01/2016		1,170		1,053
Rogers Communications
6.800%, 08/15/2018		1,390		1,389
Time Warner Cable
8.250%, 02/14/2014		2,000		2,091
6.750%, 07/01/2018		2,025		1,901
Verizon Communications
5.250%, 04/15/2013		6,900		7,043
8.750%, 11/01/2018		3,270		3,741
Vodafone Group
5.625%, 02/27/2017		2,000		1,982
				38,868
Consumer Cyclical - 3.2%
American Honda Finance
Series MTN
4.625%, 04/02/2013 n		3,660		3,291
Home Depot
5.875%, 12/16/2036		1,775		1,257
McDonald's
Series MTN
5.350%, 03/01/2018		1,740		1,836
Quest Diagnostic
5.125%, 11/01/2010		3,490		3,503
Target
5.125%, 01/15/2013		6,025		6,276
Whirlpool
Series MTN
5.500%, 03/01/2013		3,165		2,605
Yum! Brands
8.875%, 04/15/2011		2,740		2,923
				21,691
Consumer Non Cyclical - 6.1%
Altria Group
9.700%, 11/10/2018		3,000		3,265
Anheuser-Busch InBev
7.750%, 01/15/2019 n		3,450		3,440
Covidien International
5.450%, 10/15/2012		2,240		2,301
General Mills
5.700%, 02/15/2017		4,410		4,535
5.650%, 02/15/2019		1,635		1,664
Kellogg
5.125%, 12/03/2012		3,315		3,503
Kraft Foods
6.750%, 02/19/2014		1,290		1,395
6.500%, 08/11/2017		3,800		3,913
Philip Morris
4.875%, 05/16/2013		5,000		5,055
Roche Holdings
6.000%, 03/01/2019 n		2,100		2,161
Schering-Plough
5.550%, 12/01/2013		4,595		4,829
UnitedHealth Group
4.875%, 02/15/2013		2,965		2,888
6.000%, 02/15/2018		2,000		1,922
				40,871
Electric - 3.0%
MidAmerican Energy Holdings
5.875%, 10/01/2012		3,445		3,576
National Rural Utilities
10.375%, 11/01/2018		3,100		3,589
Ohio Power
Series K
6.000%, 06/01/2016		2,100		2,019
Oncor Electric Delivery
6.375%, 01/15/2015		3,140		3,079
PPL Energy Supply
6.300%, 07/15/2013 q		2,000		2,001
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 q n		2,030		1,833
Virginia Electric Power
5.950%, 09/15/2017		3,780		3,936
				20,033
Energy - 3.4%
Canadian National Resources
5.900%, 02/01/2018		660		591
Hess
8.125%, 02/15/2019		2,750		2,835
Marathon Oil
5.900%, 03/15/2018		1,420		1,297
7.500%, 02/15/2019		2,060		2,075
Nexen
5.650%, 05/15/2017		4,180		3,520
Suncor Energy
6.100%, 06/01/2018		1,275		1,087
Tengizchevroil Finance
6.124%, 11/15/2014 n		2,653		2,096
Weatherford International
5.950%, 06/15/2012		3,690		3,531
XTO Energy
4.625%, 06/15/2013 q		3,000		2,905
5.650%, 04/01/2016		3,295		3,145
				23,082
Finance - 4.0%
American Express Centurion
Series BKNT
5.550%, 10/17/2012		2,035		1,811
American Express Credit
Series C
7.300%, 08/20/2013		2,405		2,233
Capital One Financial
6.150%, 09/01/2016		1,775		1,124
CIT Group
5.650%, 02/13/2017		1,955		1,132
Countrywide Financial
6.250%, 05/15/2016		2,395		1,993
Credit Agricole
6.637%, 05/29/2049 rn		1,635		491
General Electric Capital
4.800%, 05/01/2013 q		6,235		5,843
Series MTN
5.625%, 09/15/2017		3,955		3,466
International Lease Finance
6.375%, 03/25/2013		2,635		1,456
Janus Capital Group
6.700%, 06/15/2017		1,620		803
Rockies Express Pipeline
6.850%, 07/15/2018 n		2,000		1,965
SLM
Series MTN
5.400%, 10/25/2011		2,270		1,407
Transcapitalinvest
5.670%, 03/05/2014 n		4,125		3,321
				27,045
Industrial Other - 0.7%
Johnson Controls
5.250%, 01/15/2011 q		4,720		4,573
Insurance - 2.2%
Ace INA Holdings
5.700%, 02/15/2017		2,765		2,506
Allied World Assurance
7.500%, 08/01/2016		3,040		1,934
American International
8.250%, 08/15/2018 n		3,000		1,284
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,055		1,730
Met Life Global Funding I
5.125%, 04/10/2013 n		3,730		3,406
Metlife
7.717%, 02/15/2019		1,170		1,049
Pacific Life Global Funding
5.150%, 04/15/2013 n		2,205		2,077
ZFS Finance USA Trust V
6.500%, 05/09/2037 rn		1,530		627
				14,613
Natural Gas - 0.6%
Kinder Morgan Energy Partners
5.000%, 12/15/2013		4,560		4,306
Other Utility - 0.2%
American Water Capital
6.085%, 10/15/2017		1,420		1,326
Real Estate - 1.6%
Health Care - REIT
5.875%, 05/15/2015		3,775		2,911
Health Care Properties - REIT
Series MTN
6.300%, 09/15/2016		4,300		2,994
iStar Financial - REIT
5.650%, 09/15/2011		2,000		820
Prologis - REIT
5.500%, 04/01/2012		3,080		1,923
Prologis 2006 - REIT
5.750%, 04/01/2016		3,525		1,937
				10,585
Sovereign - 0.2%
United Mexican States
5.625%, 01/15/2017 q		1,400		1,369
Technology - 2.1%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,334
Computer Sciences
6.500%, 03/15/2018 n		3,490		3,309
Jabil Circuit
5.875%, 07/15/2010		4,200		4,011
Motorola
8.000%, 11/01/2011		3,900		3,577
National Semiconductor
6.600%, 06/15/2017		2,930		1,930
				14,161
Transportation - 3.3%
AEP Texas Central
Series A-2
4.980%, 07/01/2013		9,695		10,183
Burlington Northern Santa Fe
5.650%, 05/01/2017		3,485		3,430
Erac USA Finance
6.375%, 10/15/2017 n		1,445		930
FedEx
8.000%, 01/15/2019		2,000		2,105
Union Pacific
5.750%, 11/15/2017		3,320		3,170
United Parcel Service
3.875%, 04/01/2014		2,460		2,466
				22,284
Total Corporate Bonds
(Cost $395,722)				349,381
Asset-Backed Securities - 26.5%
Automotive - 7.0%
Capital One Prime Auto Receivables Trust
Series 2007-2, Class A3
4.890%, 01/15/2012		2,397		2,416
Ford Credit Auto Owner Trust
Series 2009-A, Class A3A
3.960%, 05/15/2013		4,000		4,012
Harley-Davidson Motorcycle Trust
Series 2005-4, Class A2
4.850%, 06/15/2012		3,037		2,990
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n		8,425		7,281
Honda Auto Receivables Owner Trust
Series 2005-5, Class A4
4.690%, 02/15/2011		5,775		5,780
Series 2005-6, Class A4
4.930%, 03/18/2011		5,396		5,467
Huntington Auto Trust
Series 2009-1A, Class A2
3.500%, 07/15/2011 n		3,375		3,377
USAA Auto Owner Trust
Series 2007-1, Class A3
5.430%, 10/15/2011		1,592		1,613
Series 2006-2, Class A4
5.370%, 02/15/2012		1,051		1,068
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		4,716		4,720
Wachovia Auto Owner Trust
Series 2005-B, Class A4
4.840%, 04/20/2011		5,063		5,104
Series 2006-2, Class A4
5.230%, 03/20/2012 n		1,800		1,813
World Omni Auto Receivables Trust
Series 2007-B, Class A3A
5.280%, 01/17/2012		1,208		1,222
				46,863
Credit Cards - 4.6%
American Express Issuance Trust
Series 2005-1, Class C
1.525%, 08/15/2011 r		1,930		1,383
Bank of America Credit Card Trust
Series 2007-A8, Class A8
5.590%, 11/17/2014		5,865		5,831
Capital One Multi-Asset Execution Trust
Series 2005-A3, Class A3
4.050%, 03/15/2013		2,500		2,480
Series 2008-3A, Class A3
5.050%, 02/15/2016		4,095		3,830
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		11,195		11,394
Discover Card Master Trust I
Series 2007-C1, Class C1
1.515%, 01/15/2013 r		1,940		1,304
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,530		3,067
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
1.595%, 05/15/2014 rn¥		1,920		1,383
				30,672
Equipment Leases - 0.7%
Caterpillar Financial Asset Trust
Series 2007-A, Class A3A
5.340%, 06/25/2012		4,645		4,664
Home Equity - 0.4%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		37		36
Contimortgage Home Equity Loan Trust
Series 1997-2, Class A9
7.900%, 04/15/2028 ¥		29		29
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		3,760		2,281
Saxon Asset Securities Trust
Series 2004-1, Class A
1.935%, 03/25/2035 r¥		142		72
				2,418
Manufactured Housing - 0.7%
Green Tree Financial
Series 1996-9, Class A5
7.200%, 01/15/2028 ¥		110		102
Series 2008-MH1, Class A1
7.000%, 04/25/2038 rn¥		1,899		1,666
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		3,108		3,013
				4,781
Other - 10.8%
Banc of America Commercial Mortgage
Series 2005-5, Class AM
5.176%, 10/10/2045 r		3,370		1,672
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
5.991%, 09/11/2042 rn		1,470		180
Series 2007-PW15, Class A2
5.205%, 02/11/2044		3,605		2,953
Series 2007-PW18, Class AJ
6.210%, 06/11/2050 r		1,775		466
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.095%, 12/10/2049 r		2,145		509
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		2,340		1,876
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		5,040		4,275
Series 2004-RS1, Class A
4.018%, 03/03/2041 n¥		2,349		1,481
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		7,390		7,279
Series 2006-1, Class C
5.707%, 02/15/2036 n		4,420		4,044
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		2,432		2,388
Series 2007-GG11, Class AJ
6.003%, 12/10/2049 r		4,150		1,069
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.560%, 04/10/2038		11,945		10,889
Series 2006-GG8, Class A2
5.479%, 11/10/2039		15,495		13,675
Series 2007-GG10, Class A4
5.993%, 08/10/2045 r		5,490		3,747
Series 2006-RR2, Class A1
5.689%, 06/23/2046 n¥		2,245		494
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 r		1,230		392
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.305%, 07/12/2038 r		1,455		437
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 r		630		206
Series 2005-HQ6, Class C
5.172%, 08/13/2042 r		590		191
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%, 12/15/2043		10,280		7,693
Series 2007-C34, Class AJ
5.952%, 05/15/2046		2,375		475
Series 2007-C34, Class A2
5.569%, 05/15/2046		7,210		5,831
Series 2007-C33, Class AJ
5.902%, 02/15/2051		2,315		477
				72,699
Utilities - 2.3%
Centerpoint Energy Transition
Series 2008-A, Class A1
4.192%, 02/01/2020		5,834		5,961
PG&E Energy Recovery Funding
Series 2005-1, Class A3
4.140%, 09/25/2012		9,615		9,761
				15,722
Total Asset-Backed Securities
(Cost $211,335)				177,819
Collateralized Mortgage Obligation - Private Mortgage-Backed Securities - 7.5%
Adjustable Rate r - 3.0%
Countrywide Home Loans
Series 2006-HYB5, Class 3A1A
5.944%, 09/20/2036		6,132		2,390
CS First Boston Mortgage Securities
Series 2003-AR24, Class 2A4
4.814%, 10/25/2033		6,466		5,060
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
0.801%, 07/19/2047		5,302		2,061
Structured Mortgage Loan Trust
Series 2004-11, Class A
5.329%, 08/25/2034		293		228
Wells Fargo Mortgage Backed Securities Trust
Series 2003-J, Class 2A5
4.451%, 10/25/2033		6,125		5,896
Series 2004-E, Class A5
3.662%, 05/25/2034		4,435		4,429
				20,064
Fixed Rate - 4.5%
Banc of America Mortgage Securities
Series 2003-6, Class 1A29
4.250%, 08/25/2033		1,276		1,255
Series 2005-5, Class 1A21
5.000%, 06/25/2035		7,898		7,771
BCAP LLC Trust
Series 2006-RR1, Class PB
5.000%, 11/25/2036		4,970		4,143
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		1,580		1,394
Series 2006-19CB, Class A15
6.000%, 08/25/2036		1,725		1,136
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		3,465		3,257
Salomon Brothers Mortgage Securities
Series 1986-1, Class A
6.000%, 12/25/2011 ¥		12		12
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-2, Class 3A1
5.500%, 04/25/2022		3,152		2,813
Wells Fargo Mortgage Backed Securities Trust
Series 2005-3, Class A9
5.500%, 05/25/2035		3,440		2,808
Series 2007-2, Class 1A8
5.750%, 03/25/2037		6,267		5,275
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		28		28
				29,892
Total Collateralized Mortgage Obligation - Private Mortgage-Backed Securities
(Cost $57,608)				49,956
U.S. Government & Agency Securities - 4.0%
U.S. Agency Debentures - 2.2%
Federal Agricultural Mortgage Corporation
5.500%, 07/15/2011 nq		13,900		14,892
U.S. Treasuries - 1.8%
U.S. Treasury Notes
0.875%, 02/28/2011 q		5,360		5,370
2.750%, 10/31/2013 q		2,400		2,531
1.875%, 02/28/2014		505		511
2.750%, 02/15/2019 q		3,190		3,207
				11,619
Total U.S. Government & Agency Securities
(Cost $25,443)				26,511
Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities - 3.1%
Fixed Rate - 3.1%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011		3,986		4,062
Series 2780, Class QC
4.500%, 03/15/2017		10,203		10,431
Series 2750, Class HE
5.000%, 02/15/2019		5,930		6,262
Series 1167, Class E
7.500%, 11/15/2021		20		20
Series 1286, Class A
6.000%, 05/15/2022		54		54
Federal National Mortgage Association
Series 1990-89, Class K
6.500%, 07/25/2020		14		15
Total Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities
(Cost $19,830)				20,844
U.S. Government Agency Mortgage-Backed Securities - 2.1%
Adjustable Rate r - 1.5%
Federal Home Loan Mortgage Corporation Pool
5.307%, 01/01/2028, #786281		807		815
5.150%, 04/01/2029, #847190		1,146		1,168
5.451%, 10/01/2030, #847209		2,825		2,859
5.192%, 05/01/2031, #847161		970		977
5.341%, 09/01/2033, #847210		2,426		2,469
Federal National Mortgage Association Pool
5.303%, 09/01/2033, #725111		1,657		1,669
				9,957
Fixed Rate - 0.6%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		4,060		4,255
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $14,223)				14,212
Municipal Bond - 0.2%
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $1,800)		1,800		1,701
Preferred Stocks - 0.1%	SHARES
Banking - 0.1%
Bank of America
Series MER		34,300		358
Sovereign - 0.0%
Fannie Mae
Series S		104,000		74
Total Preferred Stocks
(Cost $3,330)				432
Short-Term Investments - 5.1%
Money Market Fund - 4.3%
First American Prime Obligations Fund, Class Z ±		28,655,758		28,656
U.S. Treasury Obligations - 0.8%	PAR
U.S. Treasury Bills £
0.180%, 04/09/2009	$	1,865		1,865
0.375%, 09/24/2009		3,510		3,503
				5,368
Total Short-Term Investments
(Cost $34,023)				34,024
Investment Purchased with Proceeds from Securities Lending - 6.5%	SHARES
Mount Vernon Securities Lending Prime Portfolio †
(Cost $43,825)		43,825,088		43,825
Total Investments Ө - 107.2%
(Cost $807,139)				718,705
Other Assets and Liabilities, Net - (7.2)%				(48,379	)
Total Net Assets - 100.0%			$	670,326

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
q	This security or a portion of this security is out on loan at March 31, 2009.  Total loaned securities had a value of $43,055 at March 31, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2009, the value of these investments was $83,258 or 12.4% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold of disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments was $7,004 or 1.0% of total net assets:
					Dates
	Security			Par	Acquired	Cost Basis
	Amresco Residential Security Mortgage, Series 1997-3, Class A9			$                     37	10/02	$                 38
	Commercial Mortgage Pass -Through Certificates, Series 2004-RS1, Class A			2,349	02/07	2,284
	Contimortgage Home Equity Loan Trust, Series 1997-2, Class A9			29	10/02	30
	Green Tree Financial, Series 1996-9, Class A5			110	04/00	109
	Green Tree Financial, Series 2008-MH1, Class A1			1,899	09/08	1,833
	GS Mortgage Securities II, Series 2006-RR2, Class A1			2,245	07/06	2,203
	Salomon Brothers Mortgage Securities, Series 1986-1, Class A			12	08/97	11
	Saxon Asset Securities Trust, Series 2004-1, Class A			142	01/04	142
	Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B			1,800	06/06	1,800
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1			1,920	08/07	1,843
	Westam Mortgage Financial, Series 11, Class A			28	11/97	27
±	Investment in affiliated security.  This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements.  Yield shown is the effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities.  The fund maintains collateral equal to at least 100% of the value of the securities loaned.  The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $807,139.  The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$8,086
	Gross unrealized depreciation	(96,520	)
	Net unrealized depreciation	$(88,434	)
REIT - Real Estate Investment Trust

Schedule of Open Futures Contracts
			Number of
			Contracts	Notional	Unrealized
		Settlement	Purchased	Contract	Appreciation
Description		Month	(Sold)	Value	(Depreciation)
U.S. Treasury 2 Year Note Futures		June 2009	434	$              94,565	$               425
U.S. Treasury 5 Year Note Futures		June 2009	448	53,207	680
U.S. Treasury 10 Year Note Futures		June 2009	(39)	(4,839)	(10)
U.S. Treasury Long Bond Futures		June 2009	(106)	(13,749)	(349)
					$               746
Credit Default Swap Agreements
Credit Default Swaps on Corporate Issues -
Buy Protection1				Implied Credit
	Reference	Pay	Expiration	Spread at	Notional	Unrealized
Counterparty	Entity	Fixed Rate	Date	March 31, 20093	Amount4	Appreciation
JPMorgan	Deutsche Bank AG	0.525%	09/20/2012	1.259%	$800,000	$19
Credit Default Swaps on Credit Indices -
Sell Protection2
	Reference	Receive	Expiration	Notional	Unrealized
Counterparty	Index	Fixed Rate	Date	Amount4	Depreciation
Deutsche Bank	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	$27,700	$(1,019)
Deutsche Bank	Dow Jones CDX IG12 Index	1.000%	06/20/2014	21,800	(67)
JPMorgan	Dow Jones CDX IG12 Index	1.000%	06/20/2014	8,000	(11)
UBS	Markit ABX AAA071 Index	0.090%	08/25/2037	4,700	(1,050)
					$(2,147)
1 If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2 If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity.
4 The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Interest Rate Swap Agreements
	Floating					Unrealized
	Rate	Pay/Receive		Expiration	Notional	Appreciation
Counterparty	Index	Floating Rate	Fixed Rate	Date	Amount	(Depreciation)
JPMorgan	3-Month LIBOR	Pay	4.135%	09/24/2013	$            6,000	$               522
UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	4,000	(409)
UBS	3-Month LIBOR	Pay	4.070%	09/25/2013	8,000	674
						$               787

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open-end funds, preferred stocks, and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are corporate bonds, asset-backed securities, collateralized mortgage obligations, U.S. government and agency securities, mortgage-backed securities,  municipal bonds, U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$        72,913	$             746
	Level 2 - Other significant observable inputs	629,237	(1,341)
	Level 3 - Significant unobservable inputs	16,555	—
	Total	$      718,705	$            (595)
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$        18,683	$                  —
	Accrued discounts/ premiums	—	—
	Realized gain (loss)	—	—
	Change in net unrealized appreciation (depreciation)	(2,116)	—
	Net purchases (sales)	(12)	—
	Transfers in and/or out of Level 3	—	—
	Balance as of  March 31, 2009	$        16,555	$                  —
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Short Term Bond Fund
DESCRIPTION	PAR		VALUE s
Asset-Backed Securities - 33.5%
Automotive - 9.6%
Bank of America Auto Trust
Series 2008-1A, Class A3A
4.970%, 09/20/2012 n	$	4,000	$	4,023
BMW Vehicle Owner Trust
Series 2006-A, Class A4
5.070%, 08/25/2011		1,247		1,262
Capital One Prime Auto Receivables Trust
Series 2007-2, Class A3
4.890%, 01/15/2012		1,917		1,933
DaimlerChrysler Auto Trust
Series 2006-C, Class A3
5.200%, 07/08/2010		823		824
Series 2006-C, Class A4
4.980%, 11/08/2011		1,000		995
Series 2008-A, Class A3A
3.700%, 06/08/2012		1,600		1,516
Ford Credit Auto Owner Trust
Series 2009-A, Class A3A
3.960%, 05/15/2013		1,750		1,755
Harley-Davidson Motorcycle Trust
Series 2006-1, Class A2
5.040%, 10/15/2012 n		1,853		1,823
Honda Auto Receivables Owner Trust
Series 2005-5, Class A4
4.690%, 02/15/2011		76		76
Huntington Auto Trust
Series 2009-1A, Class A2
3.480%, 07/15/2011 n		1,625		1,626
JPMorgan Auto Receivables Trust
Series 2007-A, Class A3
5.190%, 02/15/2011 n		2,299		2,307
Nissan Auto Lease Trust
Series 2006-A, Class A3
5.110%, 03/15/2010		1,036		1,036
Nissan Auto Receivables Owner Trust
Series 2009-A, Class A2
2.940%, 07/15/2011		3,000		3,002
USAA Auto Owner Trust
Series 2005-2, Class A4
4.170%, 02/15/2011		171		171
Volkswagen Auto Loan Enhanced Trust
Series 2005-1, Class A4
4.860%, 04/20/2012		3,231		3,234
Wachovia Auto Loan Owner Trust
Series 2006-2A, Class A3
5.230%, 08/20/2011 n		101		101
Series 2006-2, Class A4
5.230%, 03/20/2012 n		1,000		1,007
Wachovia Auto Owner Trust
Series 2007-A, Class A3
5.390%, 09/20/2011		2,104		2,127
World Omni Auto Receivables Trust
Series 2006-A, Class A4
5.030%, 10/17/2011		301		303
Series 2007-B, Class A3A
5.280%, 01/17/2012		1,655		1,674
				30,795
Credit Cards - 8.7%
American Express Issuance Trust
Series 2008-2, Class A
4.020%, 01/18/2011		800		795
Series 2005-1, Class C
0.791%, 08/15/2011 r		905		649
Bank One Issuance Trust
Series 2004-B2, Class B2
4.370%, 04/15/2012		1,200		1,170
Capital One Multi-Asset Execution Trust
Series 2007-A9, Class A9
4.950%, 08/15/2012		1,000		1,004
Series 2008-A1, Class A
1.080%, 11/15/2012 r		1,265		1,239
Series 2005-A3, Class A3
4.050%, 03/15/2013		5,241		5,200
Series 2008-3A, Class A3
5.050%, 02/15/2016		2,000		1,871
Chase Issuance Trust
Series 2008-A7, Class A7
1.110%, 11/15/2011 r		220		217
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		5,245		5,338
Discover Card Master Trust
Series 2007-C1, Class C1
0.775%, 01/15/2013 r		885		595
Discover Card Master Trust I
Series 2003-4, Class B2
0.986%, 05/15/2013 r		185		132
Series 2005-4, Class B1
0.806%, 06/18/2013 r		380		264
Household Credit Card Master Note Trust I
Series 2006-1, Class A
5.100%, 06/15/2012		4,950		4,934
MBNA Credit Card Master Note Trust
Series 2005-A3, Class A3
4.100%, 10/15/2012		1,825		1,823
Series 2005-A6, Class A6
4.500%, 01/15/2013		1,500		1,503
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
0.855%, 05/15/2014 nr¥		1,855		1,336
				28,070
Equipment Leases - 0.8%
Caterpillar Financial Asset Trust
Series 2007-A, Class A3A
5.340%, 06/25/2012		2,173		2,182
MBNA Practice Solutions Owner Trust
Series 2005-2, Class A4
4.470%, 06/15/2013 n		500		499
				2,681
Home Equity - 0.9%
Countrywide Asset-Backed Certificates
Series 2003-5, Class AF5
5.739%, 02/25/2034		2,133		1,294
Equivantage Home Equity Loan Trust
Series 1996-1, Class A
6.550%, 10/25/2025 ¥		34		32
Series 1996-4, Class A
7.250%, 01/25/2028 ¥		206		175
IMC Home Equity Loan Trust
Series 1998-3, Class A7
6.720%, 08/20/2029 ¥		1,438		1,289
				2,790
Manufactured Housing - 1.3%
Green Tree Financial
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n¥		816		716
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		924		895
Series 2005-B, Class A2
5.247%, 12/15/2018		2,899		2,661
				4,272
Other - 9.3%
Bear Stearns Commercial Mortgage Securities
Series 2002-TOP6, Class A1
5.920%, 10/15/2036		948		949
Series 2007-PW18, Class AJ
6.413%, 06/11/2050 r		730		192
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,385		1,110
Commercial Mortgage Pass-Through Certificates
Series 2004-RS1, Class A
4.018%, 03/03/2041 n¥		1,242		783
GE Capital Commercial Mortgage Corporation
Series 2001-2, Class A2
5.850%, 08/11/2033		2,617		2,618
Series 2001-3, Class A2
6.070%, 06/10/2038		3,250		3,177
Global Signal Trust
Series 2004-2A, Class A
4.232%, 12/15/2014 n		4,380		4,314
Series 2006-1, Class C
5.707%, 02/15/2036 n		2,750		2,516
GMAC Commercial Mortgage Securities
Series 2004-C1, Class A2
4.100%, 03/10/2038		2,040		2,000
Greenwich Capital Commercial Funding
Series 2005-GG5, Class A2
5.117%, 04/10/2037		8,840		7,924
LB-UBS Commercial Mortgage Trust
Series 2003-C3, Class A2
3.086%, 05/15/2027		30		30
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		4,555		4,444
				30,057
Utilities - 2.9%
Centerpoint Energy
Series 2005-A, Class A2
4.970%, 08/01/2014		4,144		4,310
Oncor Electric Delivery Transition Bond Company
Series 2003-1, Class A2
4.030%, 02/15/2012		956		966
Peco Energy Transition Trust
Series 2001-A, Class A1
6.520%, 12/31/2010		2,240		2,344
PG&E Energy Recovery Funding
Series 2005-1, Class A2
3.870%, 06/25/2011		219		220
PSE&G Transition Funding
Series 2001-1, Class A6
6.610%, 06/15/2015		1,190		1,315
				9,155
Total Asset-Backed Securities
(Cost $111,069)				107,820
Corporate Bonds - 27.2%
Banking - 8.2%
Bank of America
7.800%, 02/15/2010		2,500		2,402
2.100%, 04/30/2012		1,500		1,503
Bank One
7.875%, 08/01/2010		2,700		2,773
Citigroup
4.125%, 02/22/2010		2,000		1,930
2.125%, 04/30/2012		1,500		1,505
5.300%, 10/17/2012		2,500		2,203
Credit Suisse
4.875%, 08/15/2010		1,500		1,502
Fifth Third Bank
Series BKNT
4.200%, 02/23/2010		1,000		956
First Union National Bank
7.800%, 08/18/2010		1,000		996
HSBC Finance
6.750%, 05/15/2011		2,345		2,090
JPMorgan Chase
2.200%, 06/15/2012		1,500		1,512
Key Bank
3.200%, 06/15/2012 q		1,500		1,557
M&I Bank
Series BKNT
4.400%, 03/15/2010		1,000		968
National City Bank
Series MTN
4.500%, 03/15/2010		1,000		1,002
Union Planters
4.375%, 12/01/2010		1,000		956
Wells Fargo
4.625%, 08/09/2010		2,750		2,716
				26,571
Basic Industry - 0.5%
BHP Billiton Finance
5.500%, 04/01/2014		1,000		1,007
Georgia-Pacific
8.125%, 05/15/2011		500		497
Vedanta Resources
9.500%, 07/18/2018 n		420		264
				1,768
Brokerage - 2.8%
Goldman Sachs Group
6.875%, 01/15/2011		3,000		3,031
1.625%, 07/15/2011		1,580		1,581
Merrill Lynch
5.450%, 02/05/2013		1,250		1,025
Morgan Stanley
4.000%, 01/15/2010		2,000		1,986
2.250%, 03/13/2012		1,525		1,537
				9,160
Communications - 2.7%
AT&T
7.300%, 11/15/2011		1,500		1,612
Comcast Cable Communications
6.875%, 06/15/2009		2,305		2,320
DirecTV Holdings
7.625%, 05/15/2016		360		353
Time Warner Cable
5.400%, 07/02/2012		1,250		1,207
Verizon New England
6.500%, 09/15/2011		1,500		1,554
Vodafone Airtouch
7.750%, 02/15/2010		1,500		1,556
				8,602
Consumer Cyclical - 1.6%
Harrahs Operating
10.000%, 12/15/2015 n		2,000		620
MGM Mirage
6.625%, 07/15/2015		250		89
Quest Diagnostic
5.125%, 11/01/2010		1,990		1,997
Staples
9.750%, 01/15/2014		1,000		1,047
Yum! Brands
8.875%, 04/15/2011		1,260		1,344
				5,097
Consumer Non Cyclical - 2.9%
Anheuser-Busch InBev
7.200%, 01/15/2014 n		1,000		1,048
Cardinal Health
6.750%, 02/15/2011		1,250		1,272
Covidien International
5.150%, 10/15/2010		3,000		3,096
Eli Lilly & Co.
3.550%, 03/06/2012		1,000		1,022
Kraft Foods
5.625%, 11/01/2011		1,500		1,562
Pfizer
4.450%, 03/15/2012		1,000		1,027
Smithfield Foods
7.000%, 08/01/2011		320		246
				9,273
Electric - 1.1%
Arizona Public Service
6.375%, 10/15/2011		2,000		1,973
MidAmerican Energy Holdings
5.875%, 10/01/2012		1,555		1,615
				3,588
Energy - 0.3%
ConocoPhillips
4.750%, 02/01/2014		900		936
Finance - 3.6%
American Express Travel
5.250%, 11/21/2011 n		2,450		2,211
Ameriprise Financial
5.350%, 11/15/2010		1,000		929
CIT Group
5.650%, 02/13/2017		100		58
Countrywide Financial
Series MTNA
4.500%, 06/15/2010		2,000		1,848
General Electric Capital
2.200%, 06/08/2012		1,510		1,520
Series MTN
5.250%, 10/19/2012		3,000		2,888
ILFC E-Capital Trust I
5.900%, 12/21/2065 nr		1,000		151
International Lease Finance
5.000%, 04/15/2010 q		2,525		2,006
				11,611
Insurance - 0.8%
Allstate Life Global Funding
Series MTN
4.250%, 02/26/2010		2,500		2,465
Natural Gas - 0.5%
Consolidated Natural Gas
Series C
6.250%, 11/01/2011		1,575		1,620
Real Estate - 0.3%
iStar Financial - REIT
6.000%, 12/15/2010		1,500		840
Technology - 1.3%
Chartered Semiconductor
5.750%, 08/03/2010		1,500		1,334
Jabil Circuit
5.875%, 07/15/2010		1,795		1,714
Motorola
8.000%, 11/01/2011		1,200		1,101
				4,149
Transportation - 0.6%
FedEx
7.375%, 01/15/2014		1,000		1,060
United Parcel Service
3.875%, 04/01/2014		1,000		1,003
				2,063
Total Corporate Bonds
(Cost $92,958)				87,743
Collateralized Mortgage Obligation - Private Mortgage-Backed Securities - 14.3%
Adjustable Rate r - 6.5%
Banc of America Mortgage Securities
Series 2004-F, Class 2A6
4.145%, 07/25/2034		3,000		2,962
Citigroup Mortgage Loan Trust
Series 2005-7, Class 2A1A
4.862%, 09/25/2035		2,576		1,648
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.665%, 12/20/2046		4,509		1,455
Countrywide Home Loans
Series 2004-2, Class 2A1
5.296%, 02/25/2034		530		445
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.903%, 01/25/2035		1,996		533
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.706%, 03/19/2036		4,621		1,682
Series 2007-4, Class 2A1
0.686%, 07/19/2047		2,522		981
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.444%, 03/25/2035		656		302
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
5.090%, 02/25/2034		1,391		1,153
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		715		139
Sequoia Mortgage Trust
Series 2007-1, Class 2A1
5.824%, 02/20/2047		933		529
Structured Mortgage Loan Trust
Series 2004-11, Class A
7.195%, 08/25/2034		231		180
Washington Mutual
Series 2007-HY2, Class 3A2
5.887%, 09/25/2036		794		160
Wells Fargo Mortgage Backed Securities Trust
Series 2004-E, Class A5
3.662%, 05/25/2034		2,888		2,884
Series 2005-AR10, Class 2A5
4.111%, 06/25/2035		838		789
Series 2006-AR10, Class 5A2
5.595%, 07/25/2036		2,897		2,225
Series 2006-AR14, Class 2A3
6.132%, 10/25/2036		5,258		2,965
				21,032
Fixed Rate - 7.8%
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035		1,745		1,579
Countrywide Alternative Loan Trust
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,066		1,360
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		2,438		2,292
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		99		98
GMAC Commercial Mortgage Securities
Series 2003-C2, Class A2
5.446%, 05/10/2040		3,500		3,379
GMAC Mortgage Corporation Loan Trust
Series 2006-J1, Class A1
5.750%, 04/25/2036		1,950		1,335
GS Commercial Mortgage
Series 2007-GG10
5.690%, 08/10/2045		1,234		1,210
JPMorgan Chase Commercial Mortgage Securities
Series 2001-CIB2, Class A3
6.429%, 04/15/2035		7,905		7,849
Master Alternative Loans Trust
Series 2004-13, Class 10A1
8.000%, 01/25/2035		639		539
Residential Accredit Loans
Series 2006-QS4, Class A9
6.000%, 04/25/2036		2,693		1,331
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1
6.201%, 09/25/2037		2,142		1,339
Wells Fargo Mortgage Backed Securities Trust
Series 2006-3, Class A1
5.500%, 03/25/2036		960		789
Series 2007-2, Class 1A8
5.750%, 03/25/2037		2,367		1,992
				25,092
Total Collateralized Mortgage Obligation - Private Mortgage-Backed Securities
(Cost $61,452)				46,124
U.S. Government Agency Mortgage-Backed Securities - 10.4%
Adjustable Rate r - 8.6%
Federal Home Loan Mortgage Corporation Pool
4.500%, 05/01/2018, #G11618		4,739		4,912
7.250%, 12/01/2026, #756591		537		547
6.569%, 01/01/2029, #846946		440		447
7.045%, 10/01/2029, #786853		275		276
6.806%, 04/01/2030, #972055		328		337
5.962%, 05/01/2030, #847014		262		264
6.501%, 06/01/2031, #847367		190		192
6.544%, 08/01/2032, #847331		2,585		2,636
5.175%, 09/01/2032, #847652		1,442		1,460
6.550%, 10/01/2032, #847063		232		237
4.223%, 05/01/2033, #780456		1,039		1,035
Federal National Mortgage Association Pool
4.500%, 04/01/2024, #AA4312		5,000		5,153
6.586%, 11/01/2025, #433988		628		627
6.579%, 10/01/2030, #847241		1,765		1,807
5.841%, 06/01/2031, #625338		307		316
6.766%, 12/01/2031, #535363		1,522		1,551
6.902%, 03/01/2032, #545791		53		53
6.671%, 05/01/2032, #545717		374		376
7.110%, 05/01/2032, #634948		144		147
4.494%, 10/01/2032, #661645		99		102
4.702%, 12/01/2032, #671884		282		288
5.377%, 04/01/2034, #775389		219		223
4.258%, 07/01/2034, #795242		2,970		3,015
5.937%, 08/01/2036, #555369		277		280
Government National Mortgage Association Pool
4.750%, 08/20/2021, #008824		149		151
4.750%, 07/20/2022, #008006		212		213
4.750%, 09/20/2025, #008699		113		114
5.375%, 04/20/2026, #008847		92		94
4.750%, 08/20/2027, #080106		32		32
5.375%, 01/20/2028, #080154		51		52
5.375%, 05/20/2029, #080283		155		157
4.875%, 11/20/2030, #80469		228		229
5.375%, 04/20/2031, #080507		98		100
4.500%, 08/20/2031, #80535		322		322
5.500%, 02/20/2032, #080580		82		85
				27,830
Fixed Rate - 1.8%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		2,256		2,364
Federal National Mortgage Association Pool
5.500%, 05/01/2012, #254340		489		501
5.000%, 03/01/2013, #254682		339		347
4.000%, 12/01/2013, #255039		2,522		2,571
				5,783
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $33,494)				33,613
U.S. Government & Agency Securities - 4.5%
U.S. Agency Debentures - 2.1%
Federal Home Loan Bank
2.750%, 06/18/2010		755		770
2.250%, 04/13/2012		6,000		6,046
				6,816
U.S. Treasuries - 2.4%
U.S. Treasury Notes
4.875%, 04/30/2011 q		3,075		3,332
4.625%, 10/31/2011		1,235		1,350
4.125%, 08/31/2012 q		2,795		3,061
				7,743
Total U.S. Government & Agency Securities
(Cost $14,218)				14,559
Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities - 3.6%
Fixed Rate - 3.6%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000%, 03/15/2011		2,913		2,968
Series 2780, Class QC
4.500%, 03/15/2017		5,000		5,112
Series 1022, Class J
6.000%, 12/15/2020		30		30
Series 2738, Class UA
3.570%, 12/15/2023		640		641
Series 2589, Class GK
4.000%, 03/15/2026		51		50
Federal National Mortgage Association
Series 1992-150, Class MA
5.500%, 09/25/2022		79		84
Series 2004-90, Class GA
4.350%, 03/25/2034		2,715		2,771
Total Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities
(Cost $11,203)				11,656
Short -Term Investments - 6.7%	SHARES
Money Market Fund - 5.4%
First American Prime Obligations Fund, Class Z ±		17,225,460		17,225
U.S. Treasury Obligations - 1.3%	PAR
U.S. Treasury Bills £
0.700%, 04/02/2009	$	360		360
0.189%, 04/09/2009		1,145		1,145
0.375%, 09/24/2009		2,140		2,137
0.460%, 10/22/2009		635		633
				4,275
Total Short -Term Investments
(Cost $21,497)				21,500
	SHARES
Investment Purchased with Proceeds from Securities Lending - 2.6%
Mount Vernon Securities Lending Prime Portfolio †
(Cost $8,260)		8,259,581		8,260
Total Investments Ө - 102.8%
(Cost $354,151)				331,275
Other Assets and Liabilities, Net - (2.8)%				(9,015	)
Total Net Assets - 100.0%			$	322,260

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
n	Security purchased within terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of March 31, 2009, the value of these investments was $27,637 or 8.6% of total net assets.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments were $4,331 or 1.3% of total net assets:
			Dates
	Security	Par	Acquired	Cost Basis
	Commericial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A	$1,242	02/07	$            1,207
	Equivantage Home Equity Loan Trust, Series 1996-1, Class A	34	02/99	35
	Equivantage Home Equity Loan Trust, Series 1996-4, Class A	206	01/00	202
	Green Tree Financial, Series 2008-MH1, Class A1	816	09/08	787
	IMC Home Equity Loan Trust, Series 1998-3, Class A7	1,438	10/02	1,512
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1	1,855	08/07	1,781
q	This security or a portion of this security is out on loan at March 31, 2009. Total loaned securities had a value of $8,104 at March 31, 2009.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor to this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan ) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $354,151. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$3,913
	Gross unrealized depreciation	(26,789	)
	Net unrealized depreciation	$ (22,876	)
REIT- Real Estate Investment Trust

Schedule of Open Futures Contracts
		Number of
		Contracts	Notional	Unrealized
	Settlement	Purchased	Contract	Appreciation
Description	Month	(Sold)	Value	(Depreciation)
Australian Dollar Currency Futures	June 2009	7	$               485	$                        30
Canadian Dollar Currency Futures	June 2009	6	476	4
U.S. Treasury 2 Year Note Futures	June 2009	423	92,168	435
U.S. Treasury 5 Year Note Futures	June 2009	(64)	(7,601)	(113)
U.S. Treasury 10 Year Note Futures	June 2009	10	1,241	41
U.S. Treasury Long Bond Futures	June 2009	(28)	(3,632)	(92)
				$                      305
Credit Default Swap Agreements
Credit Default Swaps on Corporate Issues - Buy Protection1
				Implied
	Reference	Pay	Expiration	Credit Spread	Notional	Unrealized
Counterparty	Entity	Fixed Rate	Date	at March 31, 20093	Amount4	Appreciation
JPMorgan	Deutsche Bank AG	0.525%	09/20/2012	1.259%	$               700	$                 17
Credit Default Swaps on Credit Indices - Sell Protection2
	Reference	Receive	Expiration	Notional	Unrealized
Counterparty	Index	Fixed Rate	Date	Amount4	Depreciation
Deutsche Bank	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	$                 11,000	$             (405)
JPMorgan	Dow Jones CDX IG7 Index	0.250%	12/20/2009	24,400	(786)
JPMorgan	Dow Jones iTRAXX Asia ex-Japan Index	6.500%	06/20/2013	600	(120)
UBS	Dow Jones iTRAXX Asia ex-Japan Index	6.500%	06/20/2013	1,700	(383)
UBS	Markit ABX AAAO71 Index	0.090%	08/25/2037	1,900	(424)
					$(2,118)
1If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity.
4The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Interest Rate Swap Agreements
	Floating
	Rate	Pay/Receive		Expiration	Notional	Unrealized
Counterparty	Index	Floating Rate	Fixed Rate	Date	Amount	Depreciation
UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	$            2,000	$             (205)

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open-end funds and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are asset-backed securities, corporate bonds, collateralized mortgage obligations, mortgage-backed securities, U.S. government and agency securities, U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments (or other investments).  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$          25,485	$               305
	Level 2 - Other significant observable inputs	295,885	(2,306)
	Level 3 - Significant unobservable inputs	9,905	—
	Total	$        331,275	$          (2,001)
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$          12,409	$                   —
	Accrued discounts/ premiums	—	—
	Realized gain (loss)	(29)	—
	Change in net unrealized appreciation (depreciation)	(504)	—
	Net purchases (sales)	(1,971)	—
	Transfers in and/or out of Level 3	—	—
	Balance as of  March 31, 2009	$            9,905	$                   —
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
Total Return Bond Fund
DESCRIPTION	PAR		VALUEs
Corporate Bonds - 52.1%
Banking - 10.8%
Bank of America
5.750%, 12/01/2017	$	1,460	$	1,226
5.650%, 05/01/2018		2,110		1,760
8.000%, 12/29/2049 r		12,355		4,948
Citigroup
6.125%, 11/21/2017		2,360		2,046
6.875%, 03/05/2038		2,550		2,223
8.400%, 04/29/2049 r		3,085		1,743
Citigroup Capital XXI
8.300%, 12/21/2057 r		10,465		5,039
Fifth Third Bancorp
6.250%, 05/01/2013 q		4,105		3,919
HSBC Holdings
6.800%, 06/01/2038		3,020		2,568
JPMorgan Chase
Series 1
7.900%, 04/29/2049 r		15,535		9,983
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2036		8,390		5,387
Key Bank
7.413%, 05/06/2015		1,485		1,354
Keycorp
6.500%, 05/14/2013		450		439
Lloyds
6.267%, 12/31/2049 rnÆ		3,260		701
National City Preferred Capital Trust I
12.000%, 12/29/2049 r		2,060		1,414
PNC Financial Services
8.250%, 05/29/2049 r		3,510		1,718
Sovereign Bank
8.750%, 05/30/2018		2,350		1,892
UBS Preferred Funding Trust V
6.243%, 05/29/2049 r		4,265		1,165
Wells Fargo Bank
5.950%, 08/26/2036		710		524
Series K
7.980%, 02/28/2049 r		8,585		4,035
Wells Fargo Capital X
5.950%, 12/15/2036		945		638
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 r		13,650		6,502
				61,224
Basic Industry - 4.4%
Arcelormittal
5.375%, 06/01/2013		3,145		2,441
6.125%, 06/01/2018		3,155		2,283
Berry Plastics
9.503%, 02/15/2015 r		1,750		1,269
BHP Billiton Finance
6.500%, 04/01/2019		1,425		1,444
Braskem Finance
7.250%, 06/05/2018 qnÆ		1,470		1,073
Celulosa Arauco Y Constitucion
8.625%, 08/15/2010		1,500		1,557
FMG Finance
10.000%, 09/01/2013 nÆ		1,130		961
Freeport-McMoran Copper & Gold
8.375%, 04/01/2017		1,595		1,491
Georgia-Pacific
7.125%, 01/15/2017 n		1,200		1,110
Griffin Coal Mining
9.500%, 12/01/2016 nÆ		1,100		388
International Paper
8.700%, 06/15/2038		1,545		1,027
Noble Group Limited
6.625%, 03/17/2015 nÆ		1,385		900
Nova Chemicals
6.500%, 01/15/2012 Æ		1,175		1,022
Rio Tinto Financial U.S.A.
6.500%, 07/15/2018		2,325		2,035
Southern Copper
7.500%, 07/27/2035		1,265		917
Teck Cominco Limited
6.125%, 10/01/2035 Æ		1,575		772
USG
7.750%, 01/15/2018		1,150		702
U.S. Steel
7.000%, 02/01/2018		2,250		1,535
Vale Overseas
6.250%, 01/11/2016		1,020		1,030
Vedanta Resources
9.500%, 07/18/2018 nÆ		1,400		882
				24,839
Brokerage - 5.1%
Goldman Sachs Capital II
5.793%, 12/29/2049 r		8,975		3,737
Goldman Sachs Group
6.150%, 04/01/2018		6,140		5,608
6.750%, 10/01/2037		6,085		4,116
Merrill Lynch
5.450%, 02/05/2013		2,490		2,041
6.050%, 05/16/2016		6,235		3,824
Morgan Stanley
5.375%, 10/15/2015		3,895		3,519
Series MTN
6.625%, 04/01/2018		6,625		6,317
				29,162
Capital Goods - 0.8%
Caterpillar Financial
Series MTN
7.150%, 02/15/2019		2,550		2,332
Martin Marietta Material
6.600%, 04/15/2018		850		706
Siemens Financiering
6.125%, 08/17/2026 n		1,350		1,329
				4,367
Communications - 5.4%
AT&T
5.800%, 02/15/2019		2,205		2,159
6.550%, 02/15/2039		3,010		2,730
British Sky Broadcasting
6.100%, 02/15/2018 n		1,975		1,719
British Telecom
5.950%, 01/15/2018		2,050		1,668
Comcast
6.300%, 11/15/2017		735		715
6.400%, 05/15/2038		1,630		1,422
Deutsche Telekom
8.250%, 06/15/2030		2,235		2,388
DirecTV Holdings
7.625%, 05/15/2016		1,265		1,240
Embarq
7.082%, 06/01/2016		1,545		1,390
News America
6.650%, 11/15/2037		4,800		3,597
Rogers Communications
6.800%, 08/15/2018		1,870		1,869
Telefonica Emisiones
7.045%, 06/20/2036		2,475		2,543
Time Warner Cable
7.300%, 07/01/2038		1,180		1,066
Verizon Communications
6.900%, 04/15/2038		3,620		3,501
Vimpelcom
8.250%, 05/23/2016 nÆ		550		336
Vodafone Group
6.150%, 02/27/2037		2,470		2,329
				30,672
Consumer Cyclical - 2.0%
Galaxy Entertainment
9.875%, 12/15/2012 nÆ		575		379
Home Depot
5.875%, 12/16/2036		1,540		1,091
Mohawk Industries
6.125%, 01/15/2016		1,675		1,234
Rite Aid
7.500%, 03/01/2017		595		306
Royal Caribbean Cruises
7.000%, 06/15/2013 Æ		500		281
Shimao Property Holdings
8.000%, 12/01/2016 nÆ		620		335
Target
7.000%, 01/15/2038		3,875		3,630
Viacom
6.875%, 04/30/2036		1,975		1,441
Whirlpool
Series MTN
5.500%, 03/01/2013		2,920		2,404
				11,101
Consumer Non Cyclical - 3.9%
Altria Group
9.950%, 11/10/2038		2,625		2,619
Anheuser-Busch InBev
8.200%, 01/15/2039 n		2,135		2,095
Constellation Brands
7.250%, 05/15/2017		1,000		950
CVS Caremark
6.302%, 06/01/2037 r		2,660		1,596
Fisher Scientific International
6.750%, 08/15/2014		785		791
HCA
9.250%, 11/15/2016		1,215		1,106
Kraft Foods
6.500%, 08/11/2017		3,100		3,192
Roche Holdings
6.000%, 03/01/2019 n		4,190		4,313
7.000%, 03/01/2039 n		1,770		1,852
Smithfield Foods
7.000%, 08/01/2011		2,200		1,694
UnitedHealth Group
6.875%, 02/15/2038		1,970		1,747
				21,955
Electric - 3.2%
Dynegy Holdings
7.750%, 06/01/2019		1,190		773
Energy Future Holdings
10.875%, 11/01/2017		2,480		1,600
ISA Capital Brasil
8.800%, 01/30/2017 nÆ		1,150		1,029
Majapahit Holding
7.750%, 10/17/2016 nÆ		1,850		1,360
MidAmerican Energy Holdings
6.125%, 04/01/2036		2,630		2,332
Ohio Power
Series K
6.000%, 06/01/2016		1,685		1,620
Oncor Electric Delivery
7.000%, 05/01/2032		2,210		1,985
Pacific Gas & Electric
6.050%, 03/01/2034		1,590		1,556
Taqa Abu Dhabi National Energy
6.165%, 10/25/2017 qn		2,455		2,217
Transalta
6.650%, 05/15/2018		2,305		2,057
Virginia Electric Power
5.950%, 09/15/2017		1,550		1,614
				18,143
Energy - 4.3%
Canadian National Resources
5.900%, 02/01/2018		1,370		1,227
Chesapeake Energy
9.500%, 02/15/2015		1,385		1,347
ConocoPhillips
6.500%, 02/01/2039		3,915		3,819
Encana
6.500%, 02/01/2038		1,495		1,285
Gazprom International
7.201%, 02/01/2020 n		751		655
Lukoil International Finance
6.356%, 06/07/2017 n		670		502
6.656%, 06/07/2022 n		2,585		1,887
Marathon Oil
5.900%, 03/15/2018		1,175		1,073
Mariner Energy
7.500%, 04/15/2013		1,330		984
Nabors Industries
9.250%, 01/15/2019 n		1,455		1,380
Nexen
6.400%, 05/15/2037		2,240		1,589
Petro-Canada
6.800%, 05/15/2038		1,570		1,179
Pioneer Natural Resource
6.650%, 03/15/2017		1,445		1,096
Suncor Energy
6.100%, 06/01/2018		1,700		1,450
Tengizchevroil Finance
6.124%, 11/15/2014 n		1,016		803
Tesoro
6.625%, 11/01/2015		1,315		1,039
Weatherford International
7.000%, 03/15/2038		1,260		916
Whiting Petroleum
7.000%, 02/01/2014		1,115		836
XTO Energy
6.375%, 06/15/2038		1,640		1,461
				24,528
Finance - 3.5%
American Express Credit
Series C
7.300%, 08/20/2013		2,470		2,293
Capital One Financial
6.150%, 09/01/2016		2,265		1,434
CIT Group
5.650%, 02/13/2017		1,735		1,005
Countrywide Financial
6.250%, 05/15/2016		2,885		2,400
Credit Agricole
6.637%, 05/29/2049 rn		2,190		658
General Electric Capital
Series MTN
6.875%, 01/10/2039		2,690		2,194
ILFC E-Capital Trust I
5.900%, 12/21/2065 rn		2,815		425
International Lease Finance
6.375%, 03/25/2013		2,615		1,445
Janus Capital Group
6.700%, 06/15/2017		1,700		843
Rockies Express Pipeline
7.500%, 07/15/2038 n		1,760		1,657
RSHB Capital
7.750%, 05/29/2018 n		2,120		1,512
SLM
Series MTN
5.400%, 10/25/2011		1,935		1,199
Transcapitalinvest
5.670%, 03/05/2014 n		3,490		2,809
				19,874
Insurance - 2.7%
Allied World Assurance
7.500%, 08/01/2016		3,070		1,953
American International Group
8.175%, 05/15/2058 rn		5,405		461
Chubb
5.750%, 05/15/2018		4,440		4,384
Genworth Financial
Series MTN
6.515%, 05/22/2018		2,640		848
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,275		1,854
Liberty Mutual Group
7.000%, 03/15/2037 rn		1,705		615
Metlife
7.717%, 02/15/2019		1,135		1,018
MetLife Capital Trust IV
7.875%, 12/15/2037 n		2,220		1,177
Prudential Financial
5.500%, 03/15/2016		1,650		1,012
ZFS Finance USA Trust V
6.500%, 05/09/2037 rn		5,495		2,253
				15,575
Natural Gas - 0.7%
Enterprise Products
8.375%, 08/01/2066		860		576
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		1,920		1,643
NGPL Pipeco
7.119%, 12/15/2017 n		1,585		1,453
Southern Union
7.200%, 11/01/2066		545		273
				3,945
Other Utility - 0.3%
American Water Capital
6.085%, 10/15/2017		1,730		1,615
Real Estate - 1.7%
Agile Property Holdings - REIT
9.000%, 09/22/2013 nÆ		1,715		1,235
Greentown China Holdings - REIT
9.000%, 11/08/2013 nÆ		1,685		876
Health Care Properties - REIT
Series MTN
6.300%, 09/15/2016		5,200		3,621
iStar Financial - REIT
8.625%, 06/01/2013		1,950		624
Lippo Karawaci Finance
8.875%, 03/09/2011 Æ		1,000		670
Prologis 2006 - REIT
5.750%, 04/01/2016		3,395		1,866
Simon Property Group - REIT
10.350%, 04/01/2019		820		797
				9,689
Technology - 1.4%
Chartered Semiconductor
6.375%, 08/03/2015 Æ		590		338
Computer Sciences
6.500%, 03/15/2018 n		2,485		2,356
Jabil Circuit
5.875%, 07/15/2010		980		936
LG Electronics
5.000%, 06/17/2010 n¥		785		743
National Semiconductor
6.600%, 06/15/2017		3,245		2,137
NXP BV/NXP Funding
9.500%, 10/15/2015 Æ		980		108
Seagate Technology
6.375%, 10/01/2011 Æ		1,035		755
6.800%, 10/01/2016 Æ		765		444
Spansion
5.345%, 06/01/2013 nè		500		112
				7,929
Transportation - 1.9%
Canadian Pacific Railroad
6.500%, 05/15/2018		4,880		4,390
CSX
7.375%, 02/01/2019		2,325		2,154
Erac USA Finance
6.375%, 10/15/2017 n		1,915		1,233
Union Pacific
6.125%, 02/15/2020		3,175		3,090
				10,867
Total Corporate Bonds
(Cost $392,393)				295,485
U.S. Government Agency Mortgage-Backed Securities - 21.6%
Adjustable Rate r - 2.1%
Federal Home Loan Mortgage Corporation Pool
6.052%, 10/01/2029, #1L0117		761		781
5.602%, 07/01/2030, #847240		850		858
5.140%, 05/01/2033, #847411		585		590
5.769%, 07/01/2036, #1K1238		2,557		2,642
Federal National Mortgage Association Pool
5.085%, 09/01/2033, #725553		352		354
5.199%, 01/01/2035, #745548		832		841
5.310%, 12/01/2035, #850865		5,550		5,735
				11,801
Fixed Rate - 19.5%
Federal Home Loan Mortgage Corporation Pool
6.500%, 07/01/2031, #A17212		2,163		2,299
7.000%, 08/01/2037, #H09059		4,172		4,385
Federal National Mortgage Association Pool
5.500%, 02/01/2025, #255628		2,140		2,234
5.500%, 10/01/2025, #255956		10,320		10,745
5.500%, 03/01/2027, #256640		7,604		7,920
6.000%, 04/01/2032, #745101		739		764
5.500%, 06/01/2033, #843435		944		984
5.000%, 03/01/2034, #725205		1,049		1,086
5.000%, 03/01/2034, #725250		944		978
6.000%, 03/01/2034, #745324		1,421		1,494
4.500%, 04/01/2034 «		24,760		25,302
5.500%, 09/01/2034, #725773		1,592		1,657
6.500%, 04/01/2036, #831377		1,092		1,152
6.500%, 04/01/2036, #852909		684		722
6.500%, 07/01/2036, #831683		1,692		1,784
6.500%, 08/01/2036, #893318		1,600		1,698
6.500%, 09/01/2036, #897129		6,760		7,130
6.000%, 09/01/2037, #256890		2,571		2,675
5.000%, 04/01/2038 «		16,960		17,501
5.500%, 04/14/2038 «		6,635		6,886
6.000%, 04/14/2038 «		10,540		11,008
				110,404
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $118,905)				122,205
Collateralized Mortgage Obligation - Private Mortgage-Backed Securities - 16.1%
Adjustable Rate r - 4.7%
Citigroup Mortgage Loan Trust
Series 2004-HYB4, Class HAII
5.337%, 10/25/2034		8,565		5,034
Series 2005-7, Class 2A1A
4.862%, 09/25/2035		1,322		846
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.665%, 12/20/2046		3,758		1,213
Countrywide Home Loans
Series 2004-2, Class 2A1
5.296%, 02/25/2034		1,453		1,218
Series 2006-HYB5, Class 3A1A
6.041%, 09/20/2036		6,454		2,515
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.903%, 01/25/2035		2,041		545
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.706%, 03/19/2036		6,121		2,229
Series 2007-4, Class 2A1
0.686%, 07/19/2047		6,000		2,332
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
5.444%, 03/25/2035		754		347
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.802%, 04/25/2047		2,625		1,433
JPMorgan Mortgage Trust
Series 2004-A1, Class 3A1
5.090%, 02/25/2034		3,330		2,760
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		2,554		496
Residential Funding Mortgage Securities I
Series 2006-SA2, Class 4A1
5.891%, 08/25/2036		2,576		1,624
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
4.995%, 10/20/2035		941		639
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR10, Class 2A5
4.111%, 06/25/2035		1,020		961
Series 2006-AR1, Class 2A2
5.570%, 03/25/2036		3,246		2,414
				26,606
Fixed Rate - 11.4%
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.474%, 04/25/2037		2,297		1,270
Chase Mortgage Finance
Series 2003-S11, Class 1A1
5.000%, 10/25/2033		2,280		2,010
Series 2003-S13, Class A16
5.000%, 11/25/2033		6,971		6,634
Chaseflex Trust
Series 2005-2, Class 4A1
5.000%, 05/25/2020		4,213		3,737
Citigroup Mortgage Loan Trust
Series 2005-WF1, Class A2
4.490%, 02/25/2035		525		475
Countrywide Alternative Loan Trust
Series 2004-12CB, Class 1A1
5.000%, 07/25/2019		1,030		913
Series 2004-24CB, Class 2A1
5.000%, 11/25/2019		1,277		1,133
Series 2006-19CB, Class A15
6.000%, 08/25/2036		1,928		1,269
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		6,903		3,896
Credit Suisse First Boston Mortgage Securities
Series 2005-3, Class 5A1
5.500%, 07/25/2020		1,484		1,325
Deutsche Alt-A Securities
Series 2006-AR5, Class 22A
5.500%, 10/25/2021		4,820		3,579
First Horizon Mortgage Pass-Through Trust
Series 2004-4, Class 2A1
4.500%, 07/25/2019		94		93
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.931%, 03/25/2043		2,847		2,449
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.725%, 05/25/2035		2,253		1,245
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030		2,596		2,514
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		5,985		4,632
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.206%, 11/25/2034		2,321		2,050
Residential Accredit Loans
Series 2005-QS12, Class A7
5.500%, 08/25/2035		2,448		1,795
Series 2006-QS4, Class A9
6.000%, 04/25/2036		8,071		3,990
Washington Mutual Mortgage Pass-Through Certificates
Series 2004-CB1, Class 1A
5.250%, 06/25/2019		1,649		1,547
Series 2004-RA3, Class 2A
6.609%, 08/25/2038		1,900		1,849
Series 2007-2, Class 3A1
5.500%, 04/25/2022		4,222		3,768
Wells Fargo Mortgage Backed Securities Trust
Series 2005-3, Class A9
5.500%, 05/25/2035		4,153		3,390
Series 2005-13, Class A1
5.000%, 11/25/2020		795		760
Series 2007-10, Class 1A1
6.000%, 07/25/2037		5,990		3,800
Series 2007-13, Class A8
6.000%, 09/25/2037		5,454		4,278
				64,401
Total Collateralized Mortgage Obligation - Private Mortgage-Backed Securities
(Cost $130,069)				91,007
Asset Backed Securities - 15.9%
Automotive - 1.2%
Hertz Vehicle Financing
Series 2005-2A, Class A6
5.080%, 11/25/2011 n		7,690		6,646
Credit Cards - 1.5%
American Express Issuance Trust
Series 2005-1, Class C
0.791%, 08/15/2011 r		2,250		1,612
Discover Card Master Trust I
Series 2003-4, Class B2
0.986%, 05/15/2013		380		270
Series 2005-4, Class B1
0.806%, 06/18/2013		790		549
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,655		3,176
Series 2007-C1, Class C1
0.775%, 01/15/2013 r		2,370		1,593
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
0.855%, 05/15/2014 rn¥		2,150		1,549
				8,749
Home Equity - 0.0%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 n¥		159		137
Manufactured Housing - 0.6%
Green Tree Financial
Series 1996-8, Class A7
8.050%, 10/15/2027 r		223		189
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n¥		2,522		2,213
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		725		703
				3,105
Other - 12.6%
Banc of America Commercial Mortgage
Series 2006-2, Class A4
5.741%, 05/10/2045 r		785		582
Series 2005-5, Class AM
5.176%, 10/10/2045 r		4,445		2,206
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 r		4,765		3,745
Series 2007-PW18, Class AJ
6.413%, 06/11/2050 r		2,335		613
Series 2007-T28, Class D
6.177%, 09/11/2042 rn		1,780		217
Citigroup Commercial Mortgage Trust
Series 2008-C7, Class AJ
6.095%, 12/10/2049 r		1,595		379
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,360		1,090
Commercial Mortgage Pass-Through Certificates
Series 2004-RS1, Class A,
4.018%, 03/03/2041 n¥		2,185		1,377
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		1,805		1,531
Crown Castle Towers
Series 2005-1A, Class B
4.878%, 06/15/2035 n		3,920		3,685
GE Capital Commercial Mortgage Corporation
Series 2005-C3, Class A2
4.853%, 07/10/2045		7,405		6,960
Greenwich Capital Commercial Funding
Series 2003-C1, Class A2
3.285%, 07/05/2035		730		716
Series 2005-GG5, Class A2
5.117%, 04/10/2037		3,805		3,411
Series 2005-GG5, Class A5
5.224%, 04/10/2037 r		4		3
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 r		4,810		1,239
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.506%, 04/10/2038 r		4,450		4,057
Series 2006-GG8, Class A2
5.479%, 11/10/2039		9,940		8,773
Series 2006-GG8, Class A4
5.560%, 11/10/2039		3,135		2,354
Series 2006-RR2, Class A1
5.816%, 06/23/2046 rn¥		1,515		333
Series 2007-GG10, Class A4
5.993%, 08/10/2045 r		11,005		7,510
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 r		1,490		475
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 r		2,085		480
LB-UBS Commercial Mortgage Trust
Series 2005-C7, Class A2
5.103%, 11/15/2030		2,500		2,310
Series 2007-C7, Class AM
6.166%, 09/15/2045		3,160		1,427
Series 2008-C1, Class AJ
6.149%, 04/15/2041 r		1,585		491
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.305%, 07/12/2038 r		1,730		520
Series 2005-LC1, Class AM
5.264%, 01/12/2044 r		3,500		1,555
Series 2008-C1, Class A4
5.690%, 02/12/2051		8,395		5,317
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
6.156%, 08/12/2049 r		4,400		1,844
Morgan Stanley Capital I
Series 2003-IQ6, Class A4
4.970%, 12/15/2041		5,112		4,432
Series 2005-HQ6, Class B
5.152%, 08/13/2042 r		745		244
Series 2005-HQ6, Class C
5.172%, 08/13/2042 r		705		228
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class AJ
6.100%, 02/15/2051 r		2,745		566
Series 2007-C34, Class AJ
5.952%, 05/15/2046 r		2,905		581
				71,251
Total Asset Backed Securities
(Cost $130,424)				89,888
Preferred Stocks - 0.4%	SHARES
Banking - 0.2%
Bank of America
Series MER q		98,700		1,031
Insurance - 0.2%
Aspen Insurance Holdings
Series A		84,500		1,135
Sovereign - 0.0%
Fannie Mae
Series S		217,000		154
Total Preferred Stocks
(Cost $9,718)				2,320
Municipal Bond - 0.3%	PAR
Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B
6.950%, 09/01/2016 ¥
(Cost $1,695)	$	1,695		1,602
Convertible Securities - 0.2%
Communications - 0.1%
Central European Media Entertainment
3.500%, 03/15/2013 nÆ		975		491
Energy - 0.1%
Headwaters
2.875%, 06/01/2016 ¥		1,925		549
(Cost $2,174)				1,040
U.S. Government & Agency Securities - 0.1%
U.S. Treasuries - 0.1%
U.S. Treasury Bonds
4.500%, 05/15/2038
(Cost $390)		340		397
Options Purchased - 0.0%	CONTRACTS
Call Options Purchased - 0.0%
US 10 Year Note Future, May 2009
Futures Call
Expires 04/24/2009
Exercise Price $124.000		152		168
US 10 Year Note Future, May 2009
Futures Call
Expires 04/24/2009
Exercise Price $126.000		130		49
Total Purchased Options
(Cost $184)				217
Short -Term Investments - 5.3%	SHARES
Money Market Fund - 1.6%
First American Prime Obligations Fund, Class Z±		9,140,042		9,140
U.S. Treasury Obligations - 3.7%	PAR
U.S. Treasury Bills £
0.354%, 04/09/2009	$	6,365		6,364
0.190%, 06/24/2009		280		280
0.375%, 09/24/2009		8,840		8,824
0.460%, 10/22/2009		5,535		5,521
				20,989
Total Short -Term Investments
(Cost $30,096)				30,129
Investment Purchased with Proceeds from Securities Lending - 1.1%
Mount Vernon Securities Lending Prime Portfolio †	SHARES
(Cost $6,381)		6,381,478		6,381
Total Investments Ө - 113.1%
(Cost $822,429)				640,671
Other Assets and Liabilities, Net - (13.1)%				(74,301	)
Total Net Assets - 100.0%			$	566,370

s	Security valuations for the fund’s investments are furnished by an independent pricing service that has been approved by the fund’s board of directors. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund’s board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
q	This security or a portion of this security is out on loan at March 31, 2009. Total loaned securities had a value of $6,254 at March 31, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of March 31, 2009, the value of these investments was $65,960 or 11.6% of total net assets.
Æ	Represents a foreign high yield (non-investment grade) U.S. dollar denominated security.  On March 31, 2009, the value of these investments was $15,336, which represents 2.7% of total net assets.
«	Security purchased on a when-issued basis.  On March 31, 2009, the total cost of investments purchased on a when-issued basis was $60,697 or 10.7% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments was $8,503 or 1.5% of total net assets:
				Dates
	Security		Par	Acquired	Cost Basis
	Commercial Mortgage Pass-Through Certificates, Series 2004-RS1, Class A		$           2,185	2/07	$                  2,124
	Green Tree Financial, Series 2008-MH1, Class A1		2,522	9/08	2,434
	GRMT Mortgage Loan Trust, Series 2001-1A, Class M1		159	5/01	159
	GS Mortgage Securities II, Series 2006-RR2, Class A1		1,515	7/06	1,486
	Headwaters		1,925	7/07-2/08	1,690
	LG Electronics		785	6/05	781
	Sullivan County Health, Education & Housing Facilities, Hospital Revenue, Wellmont Health, Class B		1,695	6/06	1,695
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1		2,150	8/07	2,064
è	Security in default at March 31, 2009.
±	Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements.  Yield shown is the effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities.  The fund maintains collateral equal to at least 100% of the value of the securities loaned.  The adequacy of the collateral is monitored on a daily basis.  The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $822,429.  The approximate aggregate gross unrealized appreciation and depreciation of investments,  based on this cost, were as follows:
	Gross unrealized appreciation	$7,679
	Gross unrealized depreciation	(189,437	)
	Net unrealized depreciation	$(181,758	)
REIT-	Real Estate Investment Trust

Schedule of Open Futures Contracts
		Number of
		Contracts	Notional	Unrealized
	Settlement	Purchased	Contract	Appreciation
Description	Month	(Sold)	Value	(Depreciation)
Australian Dollar Currency Futures	June 2009	130	$          9,001	$              559
Canadian Dollar Currency Futures	June 2009	117	9,291	87
Eurodollar 90 Day Futures	March 2010	426	420,462	45
Eurodollar 90 Day Futures	June 2010	134	132,050	82
Eurodollar 90 Day Futures	December 2009	143	141,220	(20)
U.S. Treasury 2 Year Note Futures	June 2009	(193)	(42,053)	(196)
U.S. Treasury 5 Year Note Futures	June 2009	308	36,580	540
U.S. Treasury 10 Year Note Futures	June 2009	(101)	(12,532)	(2)
U.S. Treasury Long Bond Futures	June 2009	(349)	(45,266)	(1,118)
				$               (23)
Credit Default Swap Agreements
Credit Default Swaps on Corporate Issues -
Buy Protection1				Implied Credit
	Reference	Pay	Expiration	Spread at	Notional	Unrealized
Counterparty	Entity	Fixed Rate	Date	March 31, 20093	Amount4	Appreciation
JPMorgan	Deutsche Bank AG	0.525%	09/20/2012	1.259%	$          2,700	$               65
Credit Default Swaps on Credit Indices -
Sell Protection2					Unrealized
	Reference	Receive	Expiration	Notional	Appreciation
Counterparty	Index	Fixed Rate	Date	Amount4	(Depreciation)
Deutsche Bank	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	$          52,700	$         (1,930)
JPMorgan	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	21,000	(419)
JPMorgan	Dow Jones CDX HY11 Index	5.000%	12/20/2013	6,816	(64)
JPMorgan	Dow Jones iTraxx Asia ex-Japan Index	6.500%	06/20/2013	9,600	(1,919)
UBS	Dow Jones CDX IG11 Index	1.500%	12/20/2013	25,600	330
UBS	Dow Jones iTraxx Asia ex-Japan Index	6.500%	06/20/2013	13,200	(2,739)
UBS	Markit ABX AAA071 Index	0.090%	08/25/2037	6,450	(1,442)
					$         (8,183)
1 If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference entity or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2 If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
3 Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity.
4 The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
Interest Rate Swap Agreements
	Floating					Unrealized
	Rate	Pay/Receive		Expiration	Notional	Appreciation
Counterparty	Index	Floating Rate	Fixed Rate	Date	Amount	(Depreciation)
UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	$          5,000	$            (512)
UBS	3-Month LIBOR	Receive	2.610%	01/12/2019	19,000	412
						$            (100)

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in preferred stocks, open-end funds, and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are corporate bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, collateralized mortgage obligations, convertible bonds, municipal bonds, U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$         17,841	$(23)
	Level 2 - Other significant observable inputs	617,435	(8,218)
	Level 3 - Significant unobservable inputs	5,395	—
	Total	$       640,671	$(8,241)
	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Balance as of June 30, 2008	$           8,784	$—
	Accrued discounts/ premiums	—	—
	Realized gain (loss)	(174)	—
	Change in net unrealized appreciation (depreciation)	(1,396)	—
	Net purchases (sales)	(1,819)	—
	Transfers in and/or out of Level 3	—	—
	Balance as of  March 31, 2009	$           5,395	$—
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Schedule of INVESTMENTS March 31, 2009 (unaudited), all dollars are rounded to thousands (000)
U.S. Government Mortgage Fund
DESCRIPTION	PAR		VALUE s
U.S. Government Agency Mortgage-Backed Securities - 92.6%
Adjustable Rate r - 6.1%
Federal Home Loan Mortgage Corporation Pool
5.570%, 05/01/2037, #1H1396	$	2,471	$	2,541
Federal National Mortgage Association Pool
5.453%, 03/01/2037, #914224		2,293		2,371
5.468%, 04/01/2037, #913187		2,114		2,130
				7,042
Fixed Rate - 86.5%
Federal Home Loan Mortgage Corporation Pool
7.000%, 07/01/2011, #E20252		9		9
7.500%, 09/01/2012, #G10735		56		59
6.000%, 10/01/2013, #E72802		118		123
5.500%, 01/01/2014, #E00617		449		466
7.000%, 09/01/2014, #E00746		78		82
6.000%, 09/01/2022, #C90580		668		704
6.500%, 01/01/2028, #G00876		279		297
6.500%, 11/01/2028, #C00676		623		663
7.500%, 01/01/2030, #C35768		36		39
6.500%, 03/01/2031, #G01244		482		514
5.000%, 09/01/2033, #C01622		1,700		1,760
6.000%, 08/01/2036, #A51416		946		990
Federal National Mortgage Association Pool
7.000%, 11/01/2011, #250738		5		5
7.000%, 11/01/2011, #349630		2		2
7.000%, 11/01/2011, #351122		7		7
6.000%, 04/01/2013, #425550		74		78
6.500%, 08/01/2013, #251901		59		62
6.000%, 11/01/2013, #556195		88		93
7.000%, 10/01/2014, #252799		53		55
5.500%, 04/01/2016, #580516		446		469
6.500%, 07/01/2017, #254373		561		588
7.000%, 07/01/2017, #254414		557		589
5.500%, 12/01/2017, #673010		430		451
5.500%, 04/01/2018, #695765		492		517
4.500%, 05/01/2018, #254720		2,024		2,099
5.500%, 09/01/2019, #725793		2,395		2,511
6.000%, 12/01/2021, #254138		372		393
6.000%, 01/01/2022, #254179		492		519
6.500%, 06/01/2022, #254344		458		486
6.000%, 10/01/2022, #254513		542		572
5.500%, 10/01/2025, #255956		2,749		2,862
7.000%, 12/01/2027, #313941		315		340
7.000%, 09/01/2031, #596680		751		801
6.500%, 12/01/2031, #254169		683		721
6.000%, 04/01/2032, #745101		2,426		2,509
6.500%, 06/01/2032, #596712		1,876		1,976
6.500%, 07/01/2032, #545759		975		1,034
7.000%, 07/01/2032, #545815		196		211
6.000%, 08/01/2032, #656269		628		649
5.500%, 03/01/2033, #689109		2,030		2,116
5.500%, 04/01/2033, #703392		2,379		2,479
5.500%, 05/01/2033, #704523		1,609		1,677
5.500%, 06/01/2033, #843435		1,761		1,836
5.500%, 07/01/2033, #726520		2,293		2,390
5.500%, 07/01/2033, #728667		1,238		1,291
4.500%, 08/01/2033, #555680		1,749		1,793
5.000%, 08/01/2033, #736158		2,297		2,377
5.000%, 09/01/2033, #734566		2,429		2,515
5.000%, 10/01/2033, #747533		2,287		2,368
5.500%, 11/01/2033, #555967		2,477		2,582
6.000%, 01/01/2034, #763687		1,970		2,065
6.000%, 03/01/2034, #745324		2,109		2,218
4.500%, 04/01/2034 «		4,870		4,977
5.000%, 05/01/2034, #780889		3,160		3,268
6.500%, 06/01/2034, #735273		1,350		1,432
4.500%, 09/01/2034, #725866		1,072		1,098
5.000%, 07/01/2035, #826305		2,669		2,760
5.000%, 03/01/2036, #745336		2,368		2,449
7.000%, 06/01/2037, #928519		4,170		4,441
6.000%, 09/01/2037, #952452		819		857
5.000%, 04/01/2038 «		6,535		6,743
5.500%, 04/14/2038 «		4,170		4,328
6.000%, 04/14/2038 «		2,365		2,470
6.500%, 04/01/2039 «		7,180		7,561
Government National Mortgage Association Pool
9.000%, 11/15/2009, #359559		3		3
8.000%, 10/15/2010, #414750		5		5
7.500%, 12/15/2022, #347332		59		63
7.000%, 09/15/2027, #455304		17		18
6.500%, 07/15/2028, #780825		496		529
6.500%, 08/20/2031, #003120		187		199
7.500%, 12/15/2031, #570134		151		162
6.000%, 09/15/2034, #633605 q		1,831		1,921
				99,296
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $103,099)				106,338
Collateralized Mortgage Obligation - Private Mortgage-Backed Securities - 14.3%
Adjustable Rate r - 2.1%
Countrywide Alternative Loan Trust
Series 2006-OA17, Class 1A1A
0.665%, 12/20/2046		902		291
Harborview Mortgage Loan Trust
Series 2006-1, Class 2A1A
0.706%, 03/19/2036		900		328
Wells Fargo Mortgage Backed Securities Trust
Series 2003-D, Class A1
4.397%, 02/25/2033		203		176
Series 2006-AR1, Class 2A2
5.570%, 03/25/2036		1,711		1,272
Series 2006-AR14, Class 2A3
6.132%, 10/25/2036		574		324
				2,391
Fixed Rate - 12.2%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037		912		490
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.474%, 04/25/2037		831		460
Countrywide Alternative Loan Trust
Series 2004-24CB, Class 1A1
6.000%, 11/25/2034		1,072		959
Countrywide Home Loans
Series 2007-17, Class 1A1
6.000%, 10/25/2037		1,221		689
GMAC Mortgage Corporation Loan Trust
Series 2004-J5, Class A7
6.500%, 01/25/2035		1,419		1,310
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.931%, 03/25/2043		943		812
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.725%, 05/25/2035		1,352		747
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030		446		432
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.553%, 07/25/2047		778		602
Master Alternative Loans Trust
Series 2005-2, Class 1A3
6.500%, 03/25/2035		603		468
Morgan Stanley Mortgage Loan Trust
Series 2004-9, Class 1A
6.206%, 11/25/2034		1,649		1,457
Residential Accredit Loans
Series 2003-QS12, Class M1
5.000%, 06/25/2018		781		583
Residential Asset Mortgage Products
Series 2003-SL1, Class M1
7.316%, 04/25/2031		2,477		2,085
Series 2004-SL4, Class A3
6.500%, 07/25/2032		1,178		1,063
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-2, Class 3A1
5.500%, 04/25/2022		428		382
Washington Mutual MSC Mortgage
Series 2003-MS9, Class CB1
7.464%, 04/25/2033		1,416		575
Wells Fargo Mortgage Backed Securities Trust
Series 2007-9, Class 1A4
5.500%, 07/25/2037		600		301
Series 2007-10, Class 1A1
6.000%, 07/25/2037		892		566
				13,981
Total Collateralized Mortgage Obligation - Private Mortgage-Backed Securities
(Cost $22,781)				16,372
Asset-Backed Securities - 7.3%
Credit Cards - 0.7%
American Express Issuance Trust
Series 2005-1, Class C
0.791%, 08/15/2011 r		355		255
Discover Card Master Trust
Series 2007-C1, Class C1
0.775%, 01/15/2013 r		375		252
Washington Mutual Master Note Trust
Series 2007-C1, Class C1
0.855%, 05/15/2014 rn¥		375		270
				777
Home Equity - 0.0%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
7.772%, 07/20/2031 ¥		53		46
Manufactured Housing - 0.4%
Origen Manufactured Housing
Series 2005-B, Class M1
5.990%, 01/15/2037		750		432
Other - 6.2%
Banc of America Commercial Mortgage
Series 2005-5, Class AM
5.176%, 10/10/2045		610		303
Bear Stearns Commercial Mortgage Securities
Series 2007-T28, Class D
6.177%, 09/11/2042 rn		285		35
Series 2007-PW18, Class AJ
6.413%, 06/11/2050		320		84
Greenwich Capital Commercial Funding
Series 2007-GG9, Class A4
5.444%, 03/10/2039		1,000		720
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,470		1,057
Series 2007-GG11, Class AJ
6.207%, 12/10/2049 r		800		206
GS Mortgage Securities II
Series 2006-GG8, Class A2
5.479%, 11/10/2039		2,000		1,765
Series 2007-GG10, Class A4
5.993%, 08/10/2045 r		3,000		2,047
JPMorgan Chase Commercial Mortgage Securities
Series 2005-LDP5, Class B
5.334%, 12/15/2044 r		255		81
Series 2007-CB20, Class AJ
6.099%, 02/12/2051 r		505		116
LB-UBS Commercial Mortgage Trust
Series 2008-C1, Class AJ
6.149%, 04/15/2041 r		495		153
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class C
5.305%, 07/12/2038 r		285		86
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class AM
6.156%, 08/12/2049 r		600		252
Morgan Stanley Capital I
Series 2005-HQ6, Class B
5.152%, 08/13/2042 r		120		39
Series 2005-HQ6, Class C
5.172%, 08/13/2042 r		110		36
Wachovia Bank Commercial Mortgage Trust
Series 2007-C34, Class AJ
5.952%, 05/15/2046 r		455		91
Series 2007-C33, Class AJ
6.100%, 02/15/2051 r		445		92
				7,163
Total Asset-Backed Securities
(Cost $14,157)				8,418
Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities - 2.5%
Fixed Rate - 2.5%
Federal Home Loan Mortgage Corporation
Series 2382, Class DA
5.500%, 10/15/2030		149		152
Federal National Mortgage Association
Series 2004-29, Class WG
4.500%, 05/25/2019		2,000		1,985
Series 2002-W1, Class 2A
7.500%, 02/25/2042		680		728
Total Collateralized Mortgage Obligation - U.S. Government Agency Mortgage-Backed Securities
(Cost $2,764)				2,865
Short-Term Investments - 6.3%	SHARES
Money Market Fund - 5.5%
First American Government Obligations Fund, Class Z ±		6,277,174		6,277
U.S. Treasury Obligations - 0.8%
U.S. Treasury Bills £	PAR
0.180%, 04/09/2009	$	545		545
0.375%, 09/24/2009		425		424
				969
Total Short-Term Investments
(Cost $7,247)				7,246
Investment Purchased with Proceeds from Securities Lending - 1.7%	SHARES
Mount Vernon Securities Lending Prime Portfolio †
(Cost $1,960)		1,959,529		1,960
Total Investments Ө - 124.7%
(Cost $152,008)				143,199
Other Assets and Liabilities, Net - (24.7)%				(28,337	)
Total Net Assets - 100.0%			$	114,862

s	Security valuations for the fund's investments are furnished by an independent pricing service that has been approved by the fund's board of directors.  Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system.  When market quotations are not readily available, securities are valued at fair value as determined in good faith by procedures established and approved by the fund's board of directors.  Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost, which approximates market value. As of March 31, 2009, the fund held no fair valued securities.
r	Variable Rate Security - The rate shown is the rate in effect as of March 31, 2009.
«	Security purchased on a when-issued basis. On March 31, 2009, the total cost of investments purchased on a when-issued basis was $26,079 or 22.7% of total net assets.
q	This security or a portion of this security is out on loan at March 31, 2009. Total loaned securities had a value of $1,921 at March 31, 2009.
n	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."  As of March 31, 2009, the value of these investments was $305 or 0.2% of total net assets.
¥	Illiquid security - A security is considered illiquid if it may not be sold or disposed of in the ordinary course of business within seven days at approximately the price at which it is valued.  As of March 31, 2009, the value of these investments was $316 or 0.3% of total net assets.
			Dates
	Security	Par	Acquired	Cost Basis
	GRMT Mortgage Loan Trust, Series 2001-1A, Class M1	$53	9/02	$                 54
	Washington Mutual Master Note Trust, Series 2007-C1, Class C1	375	8/07	360
±	Investment in affiliated security. This money market fund is advised by FAF Advisors Inc., which also serves as advisor to this fund.
£	Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is effective yield as of March 31, 2009.
†	In order to generate additional income, the fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers for securities. The fund maintains collateral equal to at least 100% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.
Ө	On March 31, 2009, the cost of investments for federal income tax purposes was approximately $152,008. The approximate aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$3,417
	Gross unrealized depreciation	(12,226	)
	Net unrealized depreciation	$ (8,809	)

Schedule of Open Futures Contracts
		Number of
		Contracts	Notional	Unrealized
	Settlement	Purchased	Contract	Appreciation
Description	Month	(Sold)	Value	(Depreciation)
U.S. Treasury 2 Year Note Futures	June 2009	9	$            1,961	$                   6
U.S. Treasury 5 Year Note Futures	June 2009	26	3,088	37
U.S. Treasury 10 Year Note Futures	June 2009	(95)	(11,787)	(326)
U.S. Treasury Long Bond Futures	June 2009	(6)	(778)	(19)
				$(302)
Credit Default Swap Agreements
Credit Default Swaps on Credit Indices -
Sell Protection1
	Reference	Receive	Expiration	Notional	Unrealized
Counterparty	Index	Fixed Rate	Date	Amount2	Depreciation
Deutsche Bank	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	$               300	$(11)
JPMorgan	Dow Jones CDX HVOL11 Index	3.850%	12/20/2013	1,600	(32)
UBS	Markit ABX AAA071 Index	0.090%	08/25/2037	850	(190)
					$(233)
1 If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.
2 The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
Interest Rate Swap Agreements
	Floating					Unrealized
	Rate	Pay/Receive		Expiration	Notional	Appreciation
Counterparty	Index	Floating Rate	Fixed Rate	Date	Amount	(Depreciation)
JPMorgan	3-Month LIBOR	Pay	4.135%	09/24/2013	$            1,000	$                 87
UBS	3-Month LIBOR	Pay	4.070%	09/25/2013	2,000	168
UBS	3-Month LIBOR	Receive	4.045%	11/14/2018	1,000	(102)
						$               153

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on July 1, 2008.  FAS 157 requires the fund to classify its securities based on valuation method, using the following three levels:

Level 1 - Quoted prices in active markets for identical securities.  Generally, the types of securities included within Level 1 of the fund are investments in open -end funds and futures with quoted prices.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.).  Generally, the types of securities included in Level 2 of the fund are  mortgage-backed securities,  collateralized mortgage obligations, asset-backed securities, U.S. treasury bills, and swaps.

Level 3 - Significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are securities for which there are limited or no observable fair value inputs available, and as such the fair value is determined through independent broker quotations or management's fair value procedures established by the fund's board of directors.  Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and/or an evaluation of the forces that influence the market in which the securities are purchased and sold.

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  Industry implementation has just begun and it may be some period of time before industry practices become more uniform.  For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.

	As of March 31, 2009, the fund's investments were classified as follows:
		Investments	Other
		in	Financial
		Securities	Instruments*
	Level 1 - Quoted prices in active markets for identical assets	$            8,237	$(302)
	Level 2 - Other significant observable inputs	134,962	(80)
	Level 3 - Significant unobservable inputs	—	—
	Total	$        143,199	$(382)
*	Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First American Investment Funds, Inc.

By:     /s/Thomas S. Schreier, Jr.                                                                                                                      

Thomas S. Schreier, Jr.

President

Date:   May 26, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/Thomas S. Schreier, Jr.                                                                                                                               

Thomas S. Schreier, Jr.

President

Date:   May 26, 2009

By:     /s/Charles D. Gariboldi, Jr.                                                                                                                   

Charles D. Gariboldi, Jr.

Treasurer

Date:   May 26, 2009