bsp_113008nq.htm

DESCRIPTION	DATE ACQUIRED	PAR		COST		VALUE ¶

(Percentages of each investment category relate to total net assets)
U.S. Government Agency Mortgage-Backed Securities ■ — 3.6%
Fixed Rate — 3.6%
Federal Home Loan Mortgage Corporation,
5.50%, 1/1/18, #E93231		$	2,728,510	$	2,790,808	$	2,787,222
9.00%, 7/1/30, #C40149			125,084		127,955		137,453
Federal National Mortgage Association,
6.00%, 10/1/16, #607030			204,578		205,368		209,820
5.50%, 6/1/17, #648508			229,425		230,261		235,007
5.00%, 9/1/17, #254486			407,299		408,092		415,991
5.00%, 11/1/17, #657356			832,389		835,633		850,152
6.50%, 6/1/29, #252497			977,115		971,439		1,013,309
7.50%, 5/1/30, #535289			105,844		102,772		111,394
8.00%, 5/1/30, #538266			41,249		40,798		43,731
8.00%, 6/1/30, #253347			130,546		129,119		138,401
Total U.S. Government Agency Mortgage-Backed Securities					5,842,245		5,942,480
Corporate Notes ∞ ¶ — 12.8%
Fixed Rate — 12.8%
Sarofim South and Bland, 6.90%, 1/1/11	12/21/07		8,511,612		8,511,612		8,403,515
Stratus Properties II, 6.56%, 12/31/11	6/14/01		5,000,000		5,000,000		4,822,500
Stratus Properties III, 6.56%, 12/31/11	12/12/06		8,000,000		8,000,000		7,716,000
Total Corporate Notes					21,511,612		20,942,015
Whole Loans ∞ & — 103.6%
Commercial Loans — 60.3%
5555 East Van Buren I, Phoenix, AZ, 5.68%, 7/1/11 µ	6/23/04		6,312,448		6,312,448		5,888,950
5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11 µ	8/18/06		1,471,002		1,471,002		1,408,477
American Mini-Storage, Memphis, TN, 6.80%, 12/1/10 ¶	11/5/07		3,060,000		3,060,000		2,951,788
Bigelow Office Building, Las Vegas, NV, 6.50%, 4/1/17 µ	3/31/97		1,128,720		1,128,720		913,502
Cypress Point Office Park I, Tampa, FL, 5.30%, 6/1/09 µ	5/19/04		4,422,610		4,422,610		4,233,942
Cypress Point Office Park II, Tampa, FL, 5.30%, 6/1/09 µ	5/19/04		4,296,822		4,296,822		4,113,519
Hickman Road, Clive, IA, 6.78%, 1/1/13 ¶ µ	12/3/07		5,500,000		5,500,000		5,008,769
LaCosta Centre, Austin, TX, 5.20%, 3/1/09 µ	2/27/04		4,241,250		4,241,250		4,183,159
Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13 µ	9/17/03		1,508,377		1,508,377		1,340,044
Office City Plaza, Houston, TX, 6.43%, 6/1/12 µ	5/25/07		5,519,528		5,519,528		5,103,463
Oyster Point Office Park, Newport News, VA, 6.68%, 2/1/11 µ	1/4/06		12,112,531		12,112,531		11,571,719
PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11 µ	3/30/06		1,442,212		1,442,212		1,369,661
Perkins - Blaine, Blaine, MN, 6.63%, 1/1/17 ¶ µ	12/13/06		1,825,000		1,825,000		1,463,217
Raveneaux Country Club, Spring, TX, 6.93%, 12/1/08 ¶	12/19/05		8,800,000		8,800,000		8,764,784
Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12 µ	6/28/02		2,457,232		2,457,232		2,351,859
Robberson Auto Dealerships, Bend & Prineville, OR, 6.40%, 4/1/17 µ	3/30/07		7,215,056		7,215,056		5,958,345
Signal Butte, Mesa, AZ, 6.90%, 7/1/17 ¶ µ	6/20/07		15,000,000		15,000,000		12,228,180
Station Square, Pompano Beach, FL, 6.33%, 2/1/14 ¶ µ	1/19/07		12,000,000		12,000,000		8,923,242
Waste Connections Warehouse, Englewood, CO, 6.58%, 3/1/14 µ	2/15/07		1,278,942		1,278,942		1,179,979
Woodmen Corporate Center, Colorado Springs, CO, 5.26%, 1/1/09 ¶ µ r	8/8/05		9,950,000		9,950,000		9,950,000
					109,541,730		98,906,599
Multifamily Loans — 43.2%
Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12 ¶ µ	7/20/07		7,875,000		7,875,000		7,144,295
Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13 µ	6/5/03		3,890,030		3,890,030		3,410,983
Lake Point Terrace Apartments, Madison, WI, 6.33%, 5/1/17 µ u	4/13/07		4,965,956		4,965,956		3,723,969
Meadows Point, College Station, TX, 7.93%, 2/1/13 ¶ ¿	1/24/08		5,400,000		5,400,000		4,347,529

FIRST AMERICAN MORTGAGE FUNDS 2008 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio II (BSP)

DESCRIPTION			DATE ACQUIRED		PAR/ SHARES		COST		VALUE ¶

		RP-Plaza Development, Oxnard, CA, 5.98%, 3/1/10 ¶ r	2/23/05	$	5,000,000	$	5,000,000	$	5,032,640
		Sapphire Skies, Cle Elum, WA, 6.26%, 1/1/09 ¶ r	12/23/05		8,805,908		8,805,908		8,805,908
		Summit Chase Apartments I, Coral Springs, FL, 6.75%, 1/1/09 ¶	7/7/05		12,670,000		12,670,000		8,869,000
		Summit Chase Apartments II, Coral Springs, FL, 10.00%, 1/1/09 ¶ ¿ ‡	7/7/05		3,234,000		3,234,000		2,263,800
		Sussex Club Apartments I, Athens, GA, 6.33%, 5/1/10 ¶	4/17/07		9,126,000		9,126,000		8,849,005
		Sussex Club Apartments II, Athens, GA, 6.88%, 5/1/10 ¶ ¿ ‡	4/17/07		2,165,000		2,165,000		1,897,769
		Trinity Oaks Apartments I, Dallas, TX, 6.53%, 4/1/09 ¶	3/30/06		7,000,000		7,000,000		5,736,363
		Trinity Oaks Apartments II, Dallas, TX, 7.88%, 4/1/09 ¶ ¿ ‡	3/30/06		1,690,000		1,690,000		1,183,000
		Vista Bonita Apartments, Denton, TX, 5.87%, 12/1/08	3/4/05		2,713,171		2,713,171		2,139,655
		Windy Meadows, Arlington, TX, 6.93%, 5/1/10 ¶ µ	4/27/07		6,380,000		6,380,000		6,238,221
		Winterland Apartments I, Grand Forks, ND, 9.23%, 7/1/12	6/6/97		526,758		526,758		483,316
		Winterland Apartments II, Grand Forks, ND, 9.23%, 7/1/12	6/6/97		1,009,619		1,009,619		751,786
							82,451,442		70,877,239
	Single Family Loans — 0.1%
		Merchants Bank, 2 loans, Vermont, 10.48%, 12/1/20	12/18/92		55,826		56,285		57,501
		PHH U.S. Mortgage, 2 loans, California & Delaware, 8.65%, 1/1/12	12/30/92		166,132		161,160		159,997
							217,445		217,498
Total Whole Loans							192,210,617		170,001,336
Preferred Stocks — 13.0%
	Real Estate Investment Trusts — 13.0%
		AMB Property, Series L ■			99,600		2,326,357		1,161,336
		AMB Property, Series M			14,360		367,561		165,714
		AMB Property, Series O ■			13,459		336,475		175,388
		BRE Properties, Series C			94,000		1,867,780		1,354,540
		BRE Properties, Series D			7,450		148,032		115,475
		Developers Diversified Realty, Series H			37,600		770,800		207,552
		Developers Diversified Realty, Series I			6,050		126,143		33,275
		Duke Realty, Series J ■			38,244		974,588		374,791
		Duke Realty, Series L			27,260		521,211		252,155
		Duke Realty, Series M ■			83,200		1,704,000		1,089,920
		Duke Realty, Series O			63,150		1,490,340		911,254
		Equity Residential Properties, Series N			55,000		1,067,250		891,550
		Health Care Properties, Series E			5,100		131,070		85,986
		Health Care Properties, Series F ■			40,485		1,020,755		668,003
		Kimco Realty, Series F ■			78,000		1,823,500		975,000
		Kimco Realty, Series G			20,800		467,376		316,160
		ProLogis Trust, Series F ■			26,120		630,278		195,900
		ProLogis Trust, Series G			11,700		245,700		102,375
		PS Business Parks, Series H			37,600		752,000		558,736
		PS Business Parks, Series I			13,200		259,644		185,460
		PS Business Parks, Series M			37,600		774,560		611,000
		PS Business Parks, Series P			11,650		223,330		160,304
		Public Storage, Series A ■			40,000		977,346		674,000
		Public Storage, Series B			22,200		543,900		408,480
		Public Storage, Series E ■			28,200		641,550		493,782
		Public Storage, Series I			37,600		817,800		752,000
		Public Storage, Series K			24,850		540,487		515,638
		Public Storage, Series X ■			20,000		502,366		331,200
		Public Storage, Series Z			20,000		497,779		323,200
		Realty Income, Series D			90,000		2,281,500		1,710,000
		Realty Income, Series E			37,600		812,160		665,520
		Regency Centers, Series C			37,600		812,912		601,600
		Regency Centers, Series E			84,200		1,912,340		1,347,200

FIRST AMERICAN MORTGAGE FUNDS 2008 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio II (BSP)

DESCRIPTION	SHARES		COST		VALUE ¶

UDR, Series G		37,600	$	804,640	$	564,000
Weingarten Realty Investors, Series F ■		182,500		4,489,375		2,407,175
Total Preferred Stocks				33,662,905		21,385,669
Total Unaffiliated Investments				253,227,379		218,271,500
Short-Term Investment — 0.9%
First American Prime Obligations Fund, Class Z þ		1,416,091		1,416,091		1,416,091
Total Investments p — 133.9%			$	254,643,470	$	219,687,591
Other Assets and Liabilities, Net — (33.9)%						(55,559,165	)
Total Net Assets — 100.0%					$	164,128,426

Security valuations for the fund’s investments (other than whole loans, participation mortgages, and mortgage servicing rights) are furnished by an independent pricing service that has been approved by the fund’s board of directors. Investments in equity securities that are traded on a national securities exchange (or reported on the Nasdaq national market system) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on the Nasdaq national market system, the fund utilizes the Nasdaq Official Closing Price which compares the last trade to the bid/ask price of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, the ask price will be the closing price. If the last trade is below the bid, the bid will be the closing price. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. Investments in open-ended mutual funds are valued at their respective net asset values on the valuation date.

Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. 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. Debt obligations with 60 days or less remaining until maturity may be valued at their amortized cost which approximates market value.

The following investment vehicles, when held by the fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by FAF Advisors, Inc. (“FAF Advisors”), on the day the valuation is made. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on Nasdaq or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on Nasdaq or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts (other than currency forward contracts), swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available.

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. 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 an evaluation of the forces that influence the market in which the security is purchased or sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value.

The fund’s investments in whole loans (single family, multifamily, and commercial), participation mortgages, and mortgage servicing rights are generally not traded in any organized market and therefore, market quotations are not readily available. These investments are valued at fair value according to procedures adopted by the fund’s board of directors. Pursuant to these procedures, whole loan investments are initially fair valued at cost and adjusted using a FAF Advisors pricing model designed to incorporate, among other things, the present value of the projected stream of cash flows on such investments. The pricing model takes into account a number of relevant factors including the projected rate of prepayments, the delinquency profile, the historical payment record, the expected yield at purchase, changes in prevailing interest rates, and changes in the real or perceived liquidity of whole loans, participation mortgages, and mortgage servicing rights as the case may be. The results of the pricing model may be further subject to price ceilings due to the illiquid nature of the loans. Changes in prevailing interest rates, real or perceived liquidity, yield spreads, and creditworthiness are factored into the pricing model each week.

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio II (BSP)

Certain mortgage loan information is received once a month. This information includes, but is not limited to, the projected rate of prepayments, projected rate and severity of defaults, the delinquency profile, and the historical payment record. Valuations of whole loans, participation mortgages, and mortgage servicing rights are determined no less frequently than weekly. Although FAF Advisors believes the pricing model to be reasonable and appropriate, the actual values that may be realized upon the sale of whole loans, participation mortgages, and mortgage servicing rights can only be determined in negotiations between the fund and third parties.

In accordance with the valuation procedures adopted by the fund’s board of directors, real estate acquired through foreclosure, if any, is valued at estimated market value, as determined by independent third party appraisals, less estimated selling costs. As material capital improvements are made to the property, new market value appraisals are obtained.

As of November 30, 2008, the fund held fair valued securities with a value of $190,943,351 or 116.3% of total net assets.

■

Securities pledged as collateral for outstanding reverse repurchase agreements. On November 30, 2008, securities valued at $9,654,874 were pledged as collateral for the following outstanding reverse repurchase agreements:

Name of Broker

Acquisition

Accrued

and Description

Amount

Date

Rate*

Due

Interest

of Collateral

$ 5,202,000

11/28/08

1.75%

12/12/08

$ 759

(1)

2,022,000

11/05/08

4.11%

12/05/08

5,998

(2)

$ 7,224,000

$ 6,757

* Interest rate as of November 30, 2008. Rate is based on the London Interbank Offered Rate (“LIBOR”) plus a spread and reset monthly.

Name of broker and description of collateral:

(1)

Goldman Sachs:

Federal Home Loan Mortgage Corporation, 5.50%, 1/1/18, $2,728,510 par

Federal Home Loan Mortgage Corporation, 9.00%, 7/1/30, $125,084 par

Federal National Mortgage Association, 6.00%, 10/1/16, $204,578 par

Federal National Mortgage Association, 5.50%, 6/1/17, $229,425 par

Federal National Mortgage Association, 5.00%, 9/1/17, $407,299 par

Federal National Mortgage Association, 5.00%, 11/1/17, $832,389 par

Federal National Mortgage Association, 6.50%, 6/1/29, $977,115 par

Federal National Mortgage Association, 7.50%, 5/1/30, $105,844 par

Federal National Mortgage Association, 8.00%, 5/1/30, $41,249 par

Federal National Mortgage Association, 8.00%, 6/1/30, $130,546 par

(2)

Dresdner Bank:

AMB Property, Series L, 37,600 shares

AMB Property, Series O, 13,459 shares

Duke Realty, Series J, 38,244 shares

Duke Realty, Series M, 8,000 shares

Health Care Properties, Series F, 40,485 shares

Kimco Realty, Series F, 20,000 shares

ProLogis Trust, Series F, 18,220 shares

Public Storage, Series A, 40,000 shares

Public Storage, Series E, 15,000 shares

Public Storage, Series X, 20,000 shares

Weingarten Realty Investors, Series F, 22,500 shares

The fund has entered into lending commitments with Goldman Sachs and Dresdner Bank. The monthly agreements permit the fund to enter into reverse repurchase agreements using U.S. government agency mortgage-backed securities and/or preferred stocks as collateral.

∞

Securities purchased as part of a private placement which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933 and which are considered to be illiquid. These securities are fair valued in accordance with the board approved valuation procedures. See ¶ footnote above.

Interest only - Represents securities that entitle holders to receive only interest payments on the mortgage. Principal balance on the loan is due at maturity. The interest rate disclosed represents the net coupon rate in effect as of November 30, 2008.

FIRST AMERICAN MORTGAGE FUNDS 2008 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio II (BSP)

Interest rates on commercial and multifamily loans are the net coupon rates in effect (after reducing the coupon rate by any mortgage servicing fees paid to mortgage servicers) on November 30, 2008. Interest rates and maturity dates disclosed on single family loans represent the weighted average coupon and weighted average maturity for the underlying mortgage loans as of November 30, 2008. For participating loans the rates are based on the annual cash flow payments expected at the time of purchase.

Securities pledged as collateral for outstanding borrowings under a loan agreement. On November 30, 2008, securities valued at $107,707,495 were pledged as collateral for the following outstanding borrowings:

Name of Broker

Acquisition

Accrued

and Description

Amount

Date

Rate*

Due

Interest

of Collateral

$50,000,000

11/28/08

5.00%

12/31/08

$ 20,833

(1)

* Interest rate as of November 30, 2008. Rate is based on the London Interbank Offered Rate (“LIBOR”) plus 2.625% and reset monthly.

Name of broker and description of collateral:

(1)

Massachusetts Mutual:

5555 East Van Buren I, Phoenix, AZ, 5.68%, 7/1/11, $6,312,448 par

5555 East Van Buren II, Phoenix, AZ, 7.13%, 7/1/11, $1,471,002 par

Bigelow Office Building, Las Vegas, NV, 6.50%, 4/1/17, $1,128,720 par

Carolina Square Apartments, Tallahassee, FL, 6.63%, 8/1/12, $7,875,000 par

Chardonnay Apartments, Tulsa, OK, 6.40%, 7/1/13, $3,890,030 par

Cypress Point Office Park I, Tampa, FL, 5.30%, 6/1/09, $4,422,610 par

Cypress Point Office Park II, Tampa, FL, 5.30%, 6/1/09, $4,296,822 par

Hickman Road, Clive, IA, 6.78%, 1/1/13, $5,500,000 par

LaCosta Centre, Austin, TX, 5.20%, 3/1/09, $4,241,250 par

Lake Point Terrace Apartments, Madison, WI, 6.33%, 5/1/17, $4,965,956 par

Oak Knoll Village Shopping Center, Austin, TX, 6.73%, 10/1/13, $1,508,377 par

Office City Plaza, Houston, TX, 6.43%, 6/1/12, $5,519,528 par

Oyster Point Office Park, Newport News, VA, 6.68%, 2/1/11, $12,112,531 par

PennMont Office Plaza, Albuquerque, NM, 6.63%, 4/1/11, $1,442,212 par

Perkins - Blaine, Blaine, MN, 6.63%, 1/1/17, $1,825,000 par

Redwood Dental Building, Taylorsville, UT, 7.40%, 7/1/12, $2,457,232 par

Robberson Auto Dealerships, Bend & Prineville, OR, 6.40%, 4/1/17, $7,215,056 par

Signal Butte, Mesa, AZ, 6.90%, 7/1/17, $15,000,000 par

Station Square, Pompano Beach, FL, 6.33%, 2/14/14, $12,000,000 par

Waste Connections Warehouse, Englewood, CO, 6.58%, 3/1/14, $1,278,942 par

Windy Meadows, Arlington, TX, 6.93%, 5/1/10, $6,380,000 par

Woodmen Corporate Center, Colorado Springs, CO, 5.26%, 1/1/09, $9,950,000 par

The fund has entered into a loan agreement with Massachusetts Mutual Life Insurance Company (“MMLIC”) under which MMLIC made a term loan to the fund of $45,100,000, which matures on July 31, 2011, and agreed to make revolving loans to the fund of up to $12,900,000. Loans made under the loan agreement are secured by whole loans in the fund’s portfolio and bear interest at the one-month LIBOR plus 2.625% with a floor interest rate of 5.00%. In addition, the fund pays an annual fee of 1.28% on any unused portion of the fund’s revolving loan commitment.

Variable Rate Security - The rate shown is the net coupon rate in effect as of November 30, 2008.

Loan is in default.

Participating Loan. A participating loan is one which contains provisions for the fund to participate in the income stream provided by the property including net cash flows and capital proceeds. Monthly cash flow proceeds are only required to the extent excess cash flow is generated by the property as determined by the loan documents.

‡

This participating loan is not currently making monthly cash flow payments.

Investment in affiliated security. This money market fund is advised by FAF Advisors, Inc., which also serves as advisor for the fund.

FIRST AMERICAN MORTGAGE FUNDS 2008 Quarterly Report

Schedule of INVESTMENTS (unaudited)

American Strategic Income Portfolio II (BSP)

p	On November 30, 2008, the cost of investments for federal income tax purposes was approximately $254,643,470. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were as follows:
	Gross unrealized appreciation	$	137,677
	Gross unrealized depreciation		(35,093,556	)
	Net unrealized depreciation	$	(34,955,879	)

Summary of Fair Value Exposure

The fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157"), on September 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 mutual funds and preferred stocks 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 securities.

Level 3 - Significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments). Generally, the types of securities included in Level 3 of the fund are whole loan and participation mortgages and corporate notes. These securities have limited observable fair value inputs available, and as such the fair value is determined through management's fair value procedures established by the board of directors. Pursuant to these procedures, whole loan investments are initially valued at cost and their values are subsequently monitored and adjusted using a FAF Advisors pricing model designed to incorporate, among other things, the present value of the projected stream of cash flows on such investments. The pricing model takes into account a number of relevant factors including the projected rate of prepayments, the prevailing interest rates, and changes in the real or perceived liquidity of whole loans and participation mortgages.

As of November 30, 2008, the fund's investments were classified as follows:

	Investments in
	Securities
Level 1 – Quoted prices in active markets for identical assets	$	22,801,761
Level 2 – Other significant observable inputs		5,942,479
Level 3 – Significant unobservable inputs		190,943,351
Total	$	219,687,591

The valuation levels are not necessarily an indication of the risk associated with investing in these securities. While uniformity of presentation is the objective of the standard, industry implementation has just begun and it is likely that there will be a range of practices utilized. 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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Investments in
	Securities
Balance as of August 31, 2008	$	205,914,723
Accrued discounts (premiums)		—
Realized gain (loss)		58
Net change in unrealized appreciation or depreciation		(12,161,039	)
Net purchases (sales)		(2,810,391	)
Net transfers in and/or (out) of Level 3		—
Balance as of November 30, 2008	$	190,943,351

Date: January 21, 2009	/s/Thomas S. Schreier, Jr.
	Thomas S. Schreier, Jr. President

Date: January 21, 2009	/s/Charles D. Gariboldi, Jr.
	Charles D. Gariboldi, Jr. Treasurer