Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Jack W. Murphy, Esq.
One New York Plaza	Dechert LLP
New York, New York 10004	1775 I Street, NW
	Washington, D.C. 20006
(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: August 31

Date of reporting period: February 28, 2009

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Trust

Institutional Liquid Assets^SM

► Federal Portfolio

► Money Market Portfolio

► Prime Obligations Portfolio

► Tax-Exempt California Portfolio

► Tax-Exempt Diversified Portfolio

► Tax-Exempt New York Portfolio

► Treasury Instruments Portfolio

► Treasury Obligations Portfolio

SEMIANNUAL REPORT

February 28, 2009

Goldman Sachs Trust Institutional Liquid Assets Portfolios

TABLE OF CONTENTS

Letter to shareholders	1
Sector Allocations	4
Schedules of Investments	6
Financial Statements	40
Notes to Financial Statements	52
Financial Highlights	66
Other Information	74

Letter to Shareholders

Dear Shareholders:

The Goldman Sachs Institutional Liquid Assets (ILA) Portfolios (the “Portfolios”) have changed their fiscal year end from December 31 to August 31. As a result, this report provides an overview on the performance of the Portfolios during the two-month reporting period that ended February 28, 2009.

Economic and Money Market Review

Conditions in some financial markets began to improve in the beginning of 2009, in part reflecting government efforts to provide liquidity and strengthen financial institutions. However, credit conditions for households and firms remain extremely tight. Not surprisingly, economic data have weakened further. The Conference Board Consumer Confidence Index fell again in January 2009, making it the second consecutive month that it reached an all-time low. Fourth quarter GDP decreased at an annual rate of 0.8%, its largest contraction in over 25 years according to advance estimates. Meanwhile, near-term inflationary pressures continued to diminish. The headline Consumer Price Index (CPI) decreased 0.7% in December 2008, driven largely by further declines in energy prices. CPI ended 2008 a mere 0.1% higher than year-end 2007. The Federal Reserve Board (the “Fed”) continues to focus its efforts on unconventional monetary policy and the emerging consensus is that the Fed’s primary objective is the creation of credit. In other words, the Fed seems less concerned with whether Treasury yields rise or fall, and more focused on the narrowing of credit spreads. As market participants positioned themselves for a glut of stimulus-related issuance, Treasury yields rose in January, particularly further out along the curve, as concerns increased over the long-term inflationary impact of the government’s stimulus packages.

Economic data released in February 2009 underscored the severity of the U.S. recession. The economy contracted far more at the end of last year than initially anticipated, as fourth quarter GDP was revised downward to -6.2%, the worst reading since the 1982 recession. The Conference Board Consumer Confidence Index reached its lowest level in its history dating back to 1967. The employment picture also deteriorated significantly, with non-farm payroll employment declining 651,000 in February following January’s losses of 655,000. This marked the 14th consecutive month of declines and brought the total losses for the past four months to over 2.5 million. Not surprisingly, weakness persisted in the housing market. Through December 2008, the Case-Shiller 20-city composite home price index was down 27% from its 2006 peak. The financial markets responded with skepticism and uncertainty to a series of announcements regarding government interventions in financial and housing markets. Market participants expressed dismay over the vagueness of Treasury Secretary Timothy Geithner’s plan to deal with the troubled assets imperiling the financial system. The market’s response to the $787 billion American Recovery and Reinvestment Act was more muted. However, the Homeowner Affordability and Stability Plan, which aims to offer assistance to as many as seven to nine million homeowners also appeared to disappoint investors. Finally, the government announced that it will start conducting stress tests of the largest U.S. banking organizations. The Government vowed to provide these banks with an extra cushion of support if it is determined that they have insufficient capital buffers to withstand the impact of an economic environment that is more challenging than is currently anticipated. Overall, these measures provided little comfort to investors, leading to further sell-offs in riskier asset classes.

Strategy

Taxable Portfolios:

In the first two months of 2009, we primarily purchased short dated commercial paper for the Portfolios. We continued to maintain a high percentage in overnight liquidity and, as conditions in the markets

1

Letter to Shareholders

stabilized with the multiple actions by the Fed, we focused on buying paper in the three- and six-month sectors. We took advantage of additional issuance in the agency market throughout the period and purchased across the taxable and government funds. With the fed funds target rate in a low range of 0%-0.25%, we continue to see investors shifting assets back into the corporate funds. The current weighted average maturity target for the Portfolios is between 37-48 days.

Tax-Exempt Portfolios

In the first two months of 2009, we witnessed a relatively flat yield curve over much of the period. Overnight securities were in the 10-20 basis point range and the three- to six-month securities were in the 50-60 basis point range. We rolled tax-exempt commercial paper and purchased some one-year paper to add duration throughout the period. We focused on selling out of the names with less attractive valuations in the tax-exempt funds. Towards the end of the February, we increased our allocation in Variable Rate Demand Notes by swapping out of lower yielding tax-exempt commercial paper. The weighted average maturity is currently in the 35-42 day range.

Summary of ILA Portfolios Institutional

Units/Shares* as of

February 28, 2009

				SEC			SEC			SEC			Weighted
	7-Day			7-Day			7-Day			30-Day			Avg.
	Dist.			Current			Effective			Average			Maturity
ILA Portfolios	Yield			Yield			Yield			Yield			(days)
Federal Portfolio		0.28	%		0.26	%		0.26	%		0.32	%		46
Money Market Portfolio		0.34			0.34			0.35			0.47			37
Prime Obligation Portfolio		0.30			0.35			0.35			0.40			48
Tax-Exempt California Portfolio		0.15			0.15			0.15			0.07			41
Tax-Exempt Diversified Portfolio		0.36			0.36			0.36			0.30			42
Tax-Exempt N.Y. Portfolio		0.19			0.19			0.19			0.10			35
Treasury Instruments Portfolio		0.01			−0.07			−0.07			0.01			46
Treasury Obligations Portfolio		0.06			−0.08			−0.08			0.09			44

*  ILA offers three separate classes of units (Institutional, Administration, and Service) and one class of shares (Cash Management), each of which is subject to different fees and expenses that affect performance and entitle unitholders/shareholders to different services. The Institutional Class does not have a service fee. The Administration Units pay 0.15% of the average daily net assets attributable to Administration Units. The Service Units pay 0.40% of the average daily net assets attributable to Service Units. The Cash Management Shares pay a service fee of up to 0.50% and a distribution (12b-1) fee of up to 0.50% of the average daily net assets attributable to Cash Management Shares. Furthermore, in addition to these classes, Prime Obligations offers Class B and Class C Units, which are subject to distribution (12b-1) and personal and account maintenance service fees equal to 0.75% and 0.25%, respectively, of the average daily net assets attributable to Class B and Class C Units, and may be subject to contingent sales charges. If these fees and/or sub-charges were reflected in the above performance, performance would have been reduced. From time to time Goldman Sachs Asset Management may voluntarily waive a portion of the existing distribution and/or service fees of the Portfolios. An investment in any of the ILA Portfolios is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency (except for certain portfolio’s participating in the Treasury Guarantee Program). Although the Portfolios seek to preserve the value of your investment at $1.00 per unit/share, it is possible to lose money by investing in the Portfolios.

2

Letter to Shareholders

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund.

The Standardized 7-Day Current Yield and Standardized 7-Day Effective Yield of a fund are calculated in accordance with securities industry regulations and do not include capital gains. Standardized 7-Day Current Yield may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring. The Standardized 7-Day Effective Yield assumes reinvestment of dividends for one year.

In closing, we thank you for your continued support. As in the past, we will look for additional ways to improve our services while seeking to provide competitive performance.

Goldman Sachs Money Market Management Team

March 24, 2009

3

Sector Allocations†

Taxable Portfolios

As of February 28, 2009

Security Type				Money			Prime			Treasury			Treasury
(Percentage of Net Assets)	Federal			Market			Obligations			Instruments			Obligations
Bank Notes		—			—			1.6	%		—			—
Certificates of Deposit		—			0.4	%		0.7			—			—
Certificates of Deposit — Eurodollar		—			2.0			—			—			—
Certificates of Deposit — Yankeedollar		—			5.9			—			—			—
Commercial Paper & Corporate Obligations		—			27.0			36.6			—			—
Government Guarantee Commercial Paper		—			1.8			2.2			—			—
Government Guarantee Notes		—			—			0.3			—			—
Government Guarantee Variable Rate Obligations		—			2.0			0.6			—			—
Master Demand Notes		—			2.0			0.7			—			—
Repurchase Agreements		—			42.0			37.3			—			76.4	%
U.S. Government Agency Obligations		88.2	%		11.5			13.9			—			—
U.S. Treasury Obligations		12.0			—			—			100.0	%		23.6
Variable Rate Obligations		—			5.4			6.1			—			—

As of December 31, 2008

Security Type				Money			Prime			Treasury			Treasury
(Percentage of Net Assets)	Federal			Market			Obligations			Instruments			Obligations
Bank Notes		—			—			1.6	%		—			—
Certificates of Deposit		—			—			0.7			—			—
Certificates of Deposit — Yankeedollar		—			5.0	%		—			—			—
Commercial Paper & Corporate Obligations		—			62.4			63.3			—			—
Master Demand Notes		—			2.1			—			—			—
Repurchase Agreements		—			16.1			12.9			—			43.2	%
U.S. Government Agency Obligations		92.0	%		8.6			14.7			—			—
U.S. Treasury Obligations		11.8			—			—			100.0	%		56.8
Variable Rate Obligations		—			5.7			6.7			—			—

†  The Portfolios are actively managed and, as such, their composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the tables above may not sum to 100% due to the exclusion of other assets and liabilities.

4

Sector Allocations†

Tax-Exempt Portfolios

As of February 28, 2009

Security Type	Tax-Exempt			Tax-Exempt			Tax-Exempt
(Percentage of Net Assets)	California			Diversified			New York
Commercial Paper		16.5	%		19.0	%		6.6	%
General Obligation Bond		0.4			4.0			2.0
Put Bonds		3.8			5.9			1.3
Revenue Anticipation Notes		0.9			1.1			3.5
Revenue Bonds		0.8			2.1			9.9
Bond Anticipation Notes		—			0.2			—
Tax and Revenue Anticipation Notes		—			3.7			4.7
Tax Anticipation Notes		12.5			3.2			—
Variable Rate Obligations		65.0			60.8			71.8

As of December 31, 2008

Security Type	Tax-Exempt			Tax-Exempt			Tax-Exempt
(Percentage of Net Assets)	California			Diversified			New York
Commercial Paper		15.2	%		11.8	%		7.2	%
General Obligation Bond		0.5			4.3			1.6
Put Bonds		3.1			3.6			1.1
Revenue Anticipation Notes		0.7			1.0			3.0
Revenue Bonds		0.6			2.5			7.1
Bond Anticipation Notes		—			0.1			—
Tax and Revenue Anticipation Notes		10.2			2.8			—
Tax Anticipation Notes		—			3.2			4.1
Variable Rate Obligations		69.3			70.0			77.6

†  The Portfolios are actively managed and, as such, their composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the tables above may not sum to 100% due to the exclusion of other assets and liabilities.

5

Schedule of Investments
ILA Federal Portfolio
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—88.2%
Federal Farm Credit Bank
$	5,000,000		0.320	%(a)		03/02/09	$	4,999,171
	18,000,000		0.595	(a)		03/02/09		18,000,000
	15,000,000		0.480	(a)		03/02/09		15,000,000
	3,000,000		2.992	(a)		03/03/09		3,000,000
	5,000,000		0.150			03/04/09		4,999,937
	24,000,000		0.305	(a)		03/15/09		24,000,000
	50,000,000		0.645	(a)		03/15/09		50,000,000
	12,000,000		1.826	(a)		03/15/09		12,000,000
	28,000,000		0.260	(a)		03/16/09		27,990,576
	24,000,000		0.661	(a)		03/18/09		24,000,000
	2,500,000		0.190			03/23/09		2,499,710
	2,500,000		0.190			03/24/09		2,499,697
	5,000,000		0.190			03/25/09		4,999,367
	2,500,000		0.190			03/26/09		2,499,670
	4,000,000		0.200			03/27/09		3,999,422
	8,000,000		3.756	(a)		03/30/09		7,999,940
	15,000,000		0.596	(a)(b)		04/03/09		15,000,000
	13,000,000		1.100			04/14/09		12,982,522
	10,000,000		0.794	(a)		04/15/09		10,000,000
	5,000,000		0.320			04/20/09		4,997,778
	15,000,000		0.975	(a)		04/23/09		15,000,000
	25,000,000		0.310	(a)		05/01/09		25,000,000
	132,000,000		0.313	(a)		03/01/09		132,000,000
	5,000,000		1.700			05/15/09		4,982,292
	1,000,000		0.330			05/19/09		999,276
	3,000,000		0.450			07/02/09		2,995,387
	22,000,000		1.400			07/06/09		21,891,344
	9,000,000		0.370			07/08/09		8,988,067
	3,000,000		0.410			07/13/09		2,995,422
	1,000,000		0.410			07/16/09		998,440
	1,500,000		0.500			07/20/09		1,497,062
	2,500,000		0.490			07/29/09		2,494,896
	10,000,000		0.710			11/17/09		9,948,525
	7,000,000		0.790			12/15/09		6,955,606
	10,000,000		0.650			01/05/10		9,944,028
	9,000,000		0.780			01/07/10		8,939,160
	27,000,000		0.920			02/22/10		26,752,980
Federal Home Loan Bank
	46,600,000		0.090			03/02/09		46,599,883
	163,000,000		0.120			03/02/09		162,999,457
	50,000,000		0.200			03/02/09		49,999,722
	85,000,000		0.470	(a)		03/02/09		85,000,000
	20,000,000		0.520	(a)		03/02/09		20,000,000
	10,000,000		0.530	(a)		03/02/09		10,000,000
	25,000,000		0.610	(a)		03/02/09		25,000,000
	36,000,000		0.820	(a)		03/02/09		36,000,000
	26,000,000		0.850			03/02/09		25,999,386
	6,000,000		0.940	(a)(b)		03/02/09		6,000,000
	7,500,000		0.190			03/03/09		7,499,921
	90,000,000		0.200			03/03/09		89,999,000
	5,000,000		0.220			03/03/09		4,999,939
	27,000,000		0.100			03/04/09		26,999,775
	6,000,000		0.290			03/04/09		5,999,855
	36,000,000		2.040	(a)		03/04/09		36,005,457
	6,000,000		0.150			03/06/09		5,999,875
	65,000,000		0.700			03/06/09		64,993,681
	85,000,000		2.013	(a)		03/08/09		84,978,808
	19,000,000		0.550			03/09/09		18,997,678
	22,000,000		0.800			03/09/09		21,996,089
	5,000,000		2.080			03/09/09		4,997,689
	15,000,000		0.160			03/11/09		14,999,333
	6,000,000		0.290			03/11/09		5,999,517
	3,000,000		0.300			03/11/09		2,999,750
	3,645,000		1.000			03/11/09		3,643,987
	1,600,000		0.200			03/13/09		1,599,893
	3,000,000		0.290			03/13/09		2,999,710
	7,000,000		0.300			03/13/09		6,999,300
	40,000,000		1.741	(a)		03/15/09		39,986,548
	500,000		0.200			03/16/09		499,958
	45,000,000		0.250			03/16/09		44,995,312
	4,000,000		0.300			03/16/09		3,999,500
	10,000,000		0.180			03/17/09		9,999,200
	500,000		0.200			03/17/09		499,956
	58,000,000		2.500			03/17/09		57,998,103
	800,000		0.200			03/18/09		799,924
	17,147,000		0.230			03/18/09		17,145,138
	5,670,000		0.290			03/18/09		5,669,224
	4,000,000		0.300			03/18/09		3,999,433
	7,300,000		0.240			03/19/09		7,299,124
	22,000,000		0.290			03/20/09		21,996,633
	90,000,000		0.294			03/20/09		89,986,035
	28,000,000		2.900			03/24/09		27,993,819
	1,355,000		0.320			03/27/09		1,354,687
	66,000,000		1.466	(a)		03/27/09		66,000,000
	12,200,000		1.468	(a)		03/30/09		12,212,061
	1,000,000		0.300			03/31/09		999,750
	21,000,000		2.200			04/03/09		20,998,101
	20,000,000		3.240			04/03/09		20,050,518
	17,000,000		0.200			04/06/09		16,996,600
	29,000,000		0.360			04/06/09		28,989,560
	75,000,000		1.221	(a)		04/08/09		74,992,317
	12,000,000		1.900			04/09/09		12,018,608
	12,000,000		2.200			04/09/09		12,022,395
	20,000,000		0.354			04/13/09		19,991,543
	37,000,000		1.254	(a)		04/13/09		37,000,000
	93,000,000		0.985	(a)		04/14/09		93,000,000
	100,000,000		0.200			04/15/09		99,975,000
	30,000,000		0.364			04/15/09		29,986,350
	60,000,000		0.908	(a)		04/16/09		59,992,273
	9,000,000		0.400			04/27/09		8,994,300
	5,000,000		1.094	(a)		05/05/09		4,998,994
	15,000,000		2.550			05/05/09		14,999,698

The accompanying notes are an integral part of these financial statements.

6

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$	12,000,000		2.500	%		05/07/09	$	11,998,685
	50,000,000		0.390			05/08/09		49,963,167
	25,000,000		0.394			05/08/09		24,981,394
	50,000,000		1.171	(a)		05/10/09		49,919,396
	30,000,000		0.394			05/13/09		29,976,032
	13,000,000		1.800			05/14/09		12,951,900
	26,000,000		0.850			05/18/09		25,952,117
	75,000,000		0.400			05/22/09		74,931,667
	45,000,000		0.408			05/22/09		44,958,180
	75,000,000		0.390			05/26/09		74,930,125
	35,000,000		1.180			05/29/09		34,897,897
	10,000,000		0.500			06/01/09		9,987,222
	26,000,000		1.180			06/05/09		25,918,187
	44,000,000		0.500			06/22/09		43,930,944
	26,000,000		3.170			06/23/09		26,000,117
	29,000,000		0.500			06/25/09		28,953,278
	18,000,000		5.375			07/17/09		18,333,510
	10,000,000		0.538			07/24/09		9,978,331
	27,000,000		0.444			01/15/10		27,000,000
Total U.S. Government Agency Obligations							$	3,008,160,791
U.S. Treasury Obligations—12.0%
United States Treasury Bills
$	140,000,000		0.100	%		03/19/09	$	139,993,000
	3,000,000		0.125			03/19/09		2,999,813
	5,000,000		0.135	(b)		03/19/09		4,999,681
	5,000,000		0.140	(b)		03/19/09		4,999,669
	5,000,000		0.170			03/19/09		4,999,575
	5,000,000		0.245			03/19/09		4,999,388
	23,000,000		0.250			03/19/09		22,997,125
	72,000,000		0.290			03/26/09		71,985,420
	82,000,000		0.180			04/09/09		81,984,010
	34,000,000		0.320			05/21/09		33,975,520
	2,000,000		0.265			05/28/09		1,998,705
	3,000,000		0.275			05/28/09		2,997,983
	5,000,000		0.300			05/28/09		4,996,133
	25,000,000		0.705			12/17/09		24,857,531
Total U.S. Treasury Obligations							$	408,783,553
Total Investments—100.2%							$	3,416,944,344
Liabilities in Excess of Other Assets—(0.2)%								(8,374,607	)
Net Assets—100.0%							$	3,408,569,737

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	Variable or floating rate security index is based on either the U.S. Treasury Bill Rate, London Interbank Offering Rate, Prime Lending Rate or Federal Funds Rate. Interest rate disclosed is that which is in effect at February 28, 2009.
(b)	All or a portion represents a forward commitment.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The accompanying notes are an integral part of these financial statements.

7

Schedule of Investments
ILA Money Market Portfolio
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—27.0%
Aspen Funding Corp.
$	6,000,000		1.000	%		05/06/09	$	5,989,000
Atlantic Asset Securitization Corp.
	10,000,000		1.000			03/03/09		9,999,444
Atlantic Asset Securitization LLC
	5,000,000		0.720			05/08/09		4,993,200
Atlantis One Funding Corp.
	10,000,000		0.750			05/04/09		9,986,667
	5,000,000		0.750			05/14/09		4,992,292
Enterprise Funding Co. LLC
	5,000,000		1.150			03/17/09		4,997,444
Gemini Securitization Corp.
	5,000,000		0.800			03/18/09		4,998,111
	6,000,000		0.900			05/12/09		5,989,200
	4,000,000		0.900			05/20/09		3,992,000
Kitty Hawk Funding Corp.
	10,000,000		1.150			03/17/09		9,994,889
LMA Americas LLC
	6,000,000		0.720			04/24/09		5,993,520
Newport Funding Corp.
	6,000,000		1.000			05/06/09		5,989,000
Ranger Funding Co. LLC
	10,000,000		0.700			05/18/09		9,984,833
Regency Markets No. 1 LLC
	4,000,000		0.700			04/14/09		3,996,578
	10,300,000		1.000			05/08/09		10,280,545
Ticonderoga Funding LLC
	5,000,000		0.700			05/14/09		4,992,806
Tulip Funding Corp.
	7,000,000		1.000			05/20/09		6,984,444
Variable Funding Capital Corp.
	5,000,000		1.700			03/25/09		4,994,333
Windmill Funding Corp.
	10,000,000		0.880			05/08/09		9,983,378
	5,000,000		0.930			05/14/09		4,990,442
Total Commercial Paper and Corporate Obligations							$	134,122,126
Certificate of Deposit—0.4%
Bank of America N.A.
$	2,000,000		0.750	%		07/06/09	$	2,000,000
Certificates of Deposit-Yankeedollar—5.9%
Banco Bilbao Vizcaya Argentaria SA
$	10,000,000		2.230	%		03/04/09	$	10,000,008
BNP Paribas SA
	5,000,000		0.790			04/17/09		5,000,000
	4,000,000		1.075			07/09/09		4,000,072
Lloyds TSB Group PLC
	5,000,000		1.340			04/08/09		5,000,000
	5,000,000		1.170			05/13/09		5,000,000
Total Certificates of Deposit-Yankeedollar							$	29,000,080
Certificates of Deposit-Eurodollar—2.0%
HSBC Bank PLC
$	4,000,000		1.200	%		07/09/09	$	4,000,000
Societe Generale
	6,000,000		1.010			05/05/09		6,000,108
Total Certificates of Deposit-Eurodollar							$	10,000,108
U.S. Government Guarantee Commercial Paper*—1.8%
General Electric Capital Corp.
$	2,000,000		0.600	%		06/05/09	$	1,996,800
	2,000,000		0.600			06/08/09		1,996,700
	2,000,000		0.850			07/22/09		1,993,247
	2,000,000		0.850			07/23/09		1,993,200
	1,000,000		0.850			07/27/09		996,506
Total U.S. Government Guarantee Commercial Paper							$	8,976,453
U.S. Government Guarantee Variable Rate Obligations*(a)—2.0%
Bank of America N.A.(b)
$	3,000,000		1.234	%		04/29/09	$	3,000,000
Royal Bank of Scotland Group PLC
	7,000,000		1.341			05/09/09		7,000,000
Total U.S. Government Guarantee Variable Rate Obligations							$	10,000,000
Master Demand Note—2.0%
Bank of America Securities LLC
$	10,000,000		0.650	%		03/11/09	$	10,000,000
U.S. Government Agency Obligations—11.5%
Federal Home Loan Bank
$	5,000,000		0.335	%(a)		03/02/09	$	4,999,612
	2,000,000		0.610	(a)		03/02/09		2,000,000
	3,000,000		2.013	(a)		03/08/09		2,999,252
	5,000,000		2.189	(a)		03/10/09		5,000,000
	1,000,000		0.329	(a)		03/28/09		999,622
	4,000,000		3.125			06/19/09		3,999,488
	3,000,000		2.720			09/18/09		3,000,000

The accompanying notes are an integral part of these financial statements.

8

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Mortgage Corp.
$	5,000,000		0.446	%(a)		03/19/09	$	5,000,000
	5,000,000		1.254	(a)		04/13/09		5,000,000
	7,000,000		0.670			11/20/09		6,965,607
	4,000,000		0.850			12/29/09		3,971,383
Federal National Mortgage Association
	3,000,000		0.460	(a)		03/02/09		2,999,847
	5,000,000		1.244	(a)		04/13/09		4,997,942
	5,000,000		0.650			12/28/09		4,972,736
Total U.S. Government Agency Obligations							$	56,905,489
Variable Rate Obligations(a)—5.4%
ANZ National Bank Limited
$	7,000,000		2.409	%		03/10/09	$	7,000,000
Deutsche Bank AG
	5,000,000		1.635			04/06/09		5,000,000
National Australia Bank Ltd.
	5,000,000		2.402			03/06/09		5,000,000
Rabobank Nederland
	5,000,000		1.431			05/11/09		5,000,000
Royal Bank of Canada
	5,000,000		1.537			05/15/09		5,000,000
Total Variable Rate Obligations							$	27,000,000
Total Investments Before Repurchase Agreement							$	288,004,256
Repurchase Agreement(c)—42.0%
Joint Repurchase Agreement Account II
$	208,400,000		0.274	%		03/02/09	$	208,400,000
Maturity Value: $208,404,758
Total Investments—100.0%							$	496,404,256
Other Assets in Excess of Liabilities—0.0%								146,067
Net Assets—100.0%							$	496,550,323

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*	Securities issued under the Federal Deposit Insurance Corporation Temporary Liquidity Guarantee Program.
(a)	Variable or floating rate security index is based on either the U.S. Treasury Bill Rate, London Interbank Offering Rate, Prime Lending Rate or the Federal Funds Rate. Interest rate disclosed is that which is in effect at February 28, 2009.
(b)	This security is not registered under the Securities Act of 1933, as amended. This security has been determined to be illiquid by the Investment Adviser. At February 28, 2009, this security amounted to $3,000,000 or approximately 0.6% of net assets.
(c)	Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 39.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The accompanying notes are an integral part of these financial statements.

9

Schedule of Investments
ILA Prime Obligations Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Bank Notes—1.6%
Wells Fargo & Co.
$	6,023,500		3.552	%		05/01/09	$	6,024,010
Wells Fargo Bank N.A.
	5,000,000		2.950			05/29/09		5,000,000
Total Bank Notes							$	11,024,010
Commercial Paper and Corporate Obligations—36.6%
Amsterdam Funding Corp.
$	10,000,000		0.850	%		05/27/09	$	9,979,458
Aspen Funding Corp.
	10,000,000		1.000			05/06/09		9,981,667
Atlantic Asset Securitization Corp.
	25,000,000		1.000			03/03/09		24,998,611
Atlantis One Funding Corp.
	15,000,000		0.750			05/04/09		14,980,000
	5,000,000		0.750			05/14/09		4,992,292
Enterprise Funding Co. LLC
	10,000,000		1.150			03/17/09		9,994,889
Gemini Securitization Corp.
	5,000,000		0.770			04/16/09		4,995,080
	10,000,000		0.900			05/12/09		9,982,053
	6,000,000		0.900			05/20/09		5,988,000
JPMorgan Chase Funding, Inc.
	10,000,000		0.850			08/10/09		9,961,750
Kitty Hawk Funding Corp.
	20,000,000		1.150			03/17/09		19,989,778
LMA Americas LLC
	10,000,000		0.720			04/24/09		9,989,200
Newport Funding Corp.
	10,000,000		1.000			05/06/09		9,981,667
Old Line Funding Corp.
	7,000,000		0.650			07/09/09		6,983,569
Ranger Funding Co. LLC
	14,905,000		0.700			05/18/09		14,882,394
Regency Markets No. 1 LLC
	7,574,000		0.700			04/14/09		7,567,520
	16,300,000		1.000			05/08/09		16,269,211
Ticonderoga Funding LLC
	10,000,000		0.700			05/14/09		9,985,611
Tulip Funding Corp.
	14,164,000		1.000			05/20/09		14,132,524
Variable Funding Capital Corp.
	10,000,000		1.700			03/25/09		9,988,667
	5,000,000		1.150			08/10/09		4,974,125
Windmill Funding Corp.
	15,000,000		0.880			05/08/09		14,975,067
	5,000,000		0.930			05/14/09		4,990,442
	5,000,000		0.900			05/18/09		4,990,250
Total Commercial Paper and Corporate Obligations							$	255,553,825
Certificate of Deposit—0.7%
Bank of America N.A.
$	5,000,000		0.750	%		07/06/09	$	5,000,000
U.S. Government Guarantee Commercial Paper*—2.2%
General Electric Capital Corp.
$	2,000,000		0.600	%		06/05/09	$	1,996,800
	2,000,000		0.600			06/08/09		1,996,700
	1,000,000		0.600			06/09/09		998,333
	3,000,000		0.850			07/22/09		2,989,871
	3,000,000		0.850			07/23/09		2,989,800
	4,000,000		0.850			07/27/09		3,986,022
Total U.S. Government Guarantee Commercial Paper							$	14,957,526
U.S. Government Guarantee Note*—0.3%
Bank of America N.A.
$	2,000,000		0.700	%		08/05/09	$	2,000,000
U.S. Government Guarantee Variable Rate Obligation*(a)(b)—0.6%
Bank of America N.A.
$	4,000,000		1.234	%		04/29/09	$	4,000,000
Master Demand Note—0.7%
Bank of America Securities LLC
$	5,000,000		0.650	%		03/11/09	$	5,000,000
U.S. Government Agency Obligations—13.9%
Federal Home Loan Bank
$	5,000,000		0.335	%(a)		03/02/09	$	4,999,612
	3,000,000		0.610	(a)		03/02/09		3,000,000
	5,000,000		2.013	(a)		03/08/09		4,998,753
	10,000,000		2.189	(a)		03/10/09		10,000,000
	2,000,000		0.329	(a)		03/28/09		1,999,244
	7,000,000		3.125			06/19/09		6,999,103
	2,000,000		2.700			07/07/09		1,999,895
	5,000,000		2.720			09/18/09		5,000,000
Federal Home Loan Mortgage Corp.
	10,000,000		1.254	(a)		04/13/09		10,000,000
	11,000,000		0.670			11/20/09		10,945,953
	8,000,000		0.850			12/29/09		7,942,767

The accompanying notes are an integral part of these financial statements.

10

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Federal National Mortgage Association
$	5,000,000		0.460	(a)%		03/02/09	$	4,999,746
	10,000,000		1.244	(a)		04/13/09		9,995,884
	7,000,000		0.650			12/28/09		6,961,831
	7,000,000		1.000			02/04/10		6,933,889
Total U.S. Government Agency Obligations							$	96,776,677
Variable Rate Obligations(a)—6.1%
Bank of America N.A.
$	5,000,000		1.625	%		04/03/09	$	5,000,000
General Electric Capital Corp.
	10,000,000		0.512			03/24/09		10,000,000
JPMorgan Chase & Co.
	2,417,000		2.337			03/02/09		2,416,862
	5,000,000		1.465			04/03/09		5,000,013
MetLife, Inc.(b)
	10,000,000		1.571			03/17/09		10,000,000
Metropolitan Life Global Funding I
	5,000,000		1.667			04/09/09		5,000,000
Wells Fargo & Co.
	5,000,000		1.667			03/23/09		5,001,916
Total Variable Rate Obligations							$	42,418,791
Total Investments Before Repurchase Agreement							$	436,730,829
Repurchase Agreement(c)—37.3%
Joint Repurchase Agreement Account II
$	260,400,000		0.274	%		03/02/09	$	260,400,000
Maturity Value: $260,405,946
Total Investments—100.0%							$	697,130,829
Other Assets in Excess of Liabilities—0.0%								294,524
Net Assets—100.0%							$	697,425,353

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*	Securities issued under the Federal Deposit Insurance Corporation Temporary Liquidity Guarantee Program.
(a)	Variable or floating rate security index is based on either the U.S. Treasury Bill Rate, London Interbank Offered Rate, Prime Lending Rate or Federal Funds Rate. Interest rate disclosed is that which is in effect at February 28, 2009.
(b)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At February 28, 2009, these securities amounted to $14,000,000 or approximately 2.0% of net assets.
(c)	Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 39.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The accompanying notes are an integral part of these financial statements.

11

Schedule of Investments
ILA Tax-Exempt California Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California—99.9%
Bay Area Toll Authority California Toll Bridge VRDN RB Eagle Series 2007-0053 A (Landesbank Hessen Thueringen SPA) (A-1)(a)
$	3,465,000		0.630	%		03/05/09	$	3,465,000
Bay Area Toll Authority California Toll Bridge VRDN RB Eagle Series 2008-0056 (Citibank N.A. SPA) (A-1+)(a)
	6,600,000		0.560			03/05/09		6,600,000
Bay Area Toll Authority California Toll Bridge VRDN RB ROCS RR-II R-11453 Series 2008 (Citigroup N.A. SPA) (A-1+)(a)
	1,600,000		0.630			03/05/09		1,600,000
Bay Area Toll Authority California Toll Bridge VRDN RB ROCS RR-II R-12016 Series 2007 (Citibank N.A. SPA) (A-1+/VMIG1)(a)
	4,000,000		0.680			03/05/09		4,000,000
Bay Area Toll Authority California Toll Bridge VRDN RB Series 2003 C RMKT (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	1,240,000		0.550			03/05/09		1,240,000
Bay Area Toll Authority California Toll Bridge VRDN RB Series 2008 E-1 (Bank of America N.A. SPA) (A-1+/VMIG1)
	2,500,000		0.300			03/05/09		2,500,000
California Communities Note Program TRANS Series 2008 A-3 (SP-1+/MIG1)
	3,000,000		3.000			06/30/09		3,013,303
California Educational Facilities Authority Austin Trust VRDN RB Certificates for Claremont McKenna CollegeSeries 2009-1208 (Bank of America SPA) (VMIG1)(a)
	5,000,000		0.570			03/05/09		5,000,000
California Educational Facilities Authority Austin Trust VRDN RB Certificates Series 2007-1012 (Bank of America N.A. SPA) (A-1+)(a)
	5,000,000		0.570			03/05/09		5,000,000
California Educational Facilities Authority VRDN RB California Institute of Technology Series 2006 B (A-1+/VMIG1)
	1,000,000		0.300			03/05/09		1,000,000
California Educational Facilities Authority VRDN RB for Stanford University Putters Series 2008-2937Z (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	4,295,000		0.550			03/05/09		4,295,000
California Educational Facilities Authority VRDN RB for Stanford University Series 1997 L-5 (A-1+/VMIG1)
	3,900,000		0.190			03/04/09		3,900,000
California Educational Facilities Authority VRDN RB Putters Series 2008-2953 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	2,955,000		0.550			03/05/09		2,955,000
California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1995 L-3 (A-1+/VMIG1)
	1,400,000		0.190			03/04/09		1,400,000
California Health Facilities Financing Authority for Kaiser Permanente CP Series 2008 E (A-1)
	1,500,000		1.620			03/05/09		1,500,000
California Health Facilities Financing Authority VRDN RB Catholic West Series 2005 H (Bank of America N.A. LOC) (A-1+/VMIG1)
	1,500,000		0.440			03/04/09		1,500,000
California Health Facilities Financing Authority VRDN RB Catholic West Series 2008 B (Bank of America N.A. LOC) (A-1+/VMIG1)
	750,000		0.440			03/04/09		750,000
California Health Facilities Financing Authority VRDN RB Catholic West Series 2008 C (Bank of America N.A. LOC) (A-1+/VMIG1)
	2,500,000		0.440			03/04/09		2,500,000
California Health Facilities Financing Authority VRDN RB for Scripps Health Series 2001 A (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
	4,600,000		0.250			03/04/09		4,600,000
California Health Facilities Financing Authority VRDN RB for Sutter Health Series 2007-1858 (Wells Fargo Bank N.A. SPA) (VMIG1)(a)
	13,200,000		0.620			03/05/09		13,200,000
California Health Facilities Financing Authority VRDN RB Refunding for Lucille Packard Children’s Hospital Series 2008 C (A-1+/VMIG1)
	10,510,000		0.300			03/05/09		10,510,000
California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Series 2008 B-1 (A-1/VMIG1)
	13,900,000		0.350			03/04/09		13,900,000
California Health Facilities Financing Authority VRDN RB ROCS-RR-II-11007 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	3,200,000		0.630			03/05/09		3,200,000
California Infrastructure & Economic Development Bank VRDN RB Refunding for J Paul Getty Trust Series 2008 A2 RMKT (A-1+/VMIG1)
	10,000,000		1.700			04/01/09		10,000,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-10 (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	4,355,000		0.500			03/05/09		4,355,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-14 (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	4,400,000		0.400			03/05/09		4,400,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-8 (Bayerische Landesbank LOC) (A-1+/VMIG1)
	3,000,000		0.350			03/05/09		3,000,000
California State Department of Water Resources Power Supply VRDN RB Series 2005 Subseries F-4 (Bank of America N.A. LOC) (A-1+/VMIG1)
	7,700,000		0.350			03/02/09		7,700,

The accompanying notes are an integral part of these financial statements.

12

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California (continued)
California State University VRDN RB ROCS RR-II R-11568 Series 2008 (BHAC) (Citibank N.A.) (A-1)(a)
$	3,000,000		0.690	%		03/05/09	$	3,000,000
California Statewide Communities Development Authority for Kaiser Permanente CP Series 2009 S-K
	4,000,000		0.550			08/24/09		4,000,000
California Statewide Communities Development Authority VRDN RB for Cottage Health System Series 2008 B (A-1)
	18,500,000		0.300			03/05/09		18,500,000
California Statewide Communities Development Authority VRDN RB for John Muir Health Series 2008 B (UBS AG LOC) (A-1/VMIG1)
	1,800,000		0.300			03/05/09		1,800,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2008 C (A-1)
	5,000,000		1.950			05/28/09		5,000,000
California Statewide Communities Development Authority VRDN RB Refunding for St. Joseph Health System Series 2008 A (A-1+/VMIG1)
	20,900,000		0.300			03/05/09		20,900,000
California Statewide Communities Development Authority VRDN RB ROCS-RR-II R-1563 Series 2008 (BHAC) (Citibank N.A.) (A-1)(a)
	800,000		0.700			03/05/09		800,000
East Bay Municipal Utility District CP Series 2008 (JPMorgan Chase & Co SPA.) (P-1/A-1+)
	6,800,000		0.650			03/02/09		6,800,000
Eastern Municipal Water District California Water & Sewer VRDN COPS Refunding Series 2008 E (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	400,000		0.400			03/04/09		400,000
Eastern Municipal Water District California Water & Sewer VRDN COPS Refunding Series 2008 G (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	400,000		0.400			03/04/09		400,000
Eastern Municipal Water District California Water & Sewer VRDN COPS Series 2008 B (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
	11,175,000		0.370			03/04/09		11,175,000
Fresno California VRDN RB for Trinity Health Credit Series 2000 C (Landesbank Hessen-Thueringen and Chase Bank USA N.A. SPA) (A-1+/VMIG1)
	1,800,000		0.700			03/05/09		1,800,000
Fresno County TRANS Series 2008 (SP-1+)
	5,000,000		3.000			06/30/09		5,022,339
Glendale California VRDN COPS for Police Building Project Series 2000 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	13,700,000		0.350			03/05/09		13,700,000
Huntington Beach California MF Hsg. VRDN RB Refunding Series 1996 RMKT (FHLMC) (VMIG1)
	825,000		0.470			03/04/09		825,000
Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB Series 1985 RMKT (FNMA) (VMIG1)
	5,000,000		0.600			03/04/09		5,000,000
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA) (A-1+)
	4,059,000		0.450			03/05/09		4,059,000
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA) (A-1+)
	4,661,000		0.450			03/05/09		4,661,000
Los Angeles County TRANS Series 2008 A (SP-1+/MIG1)
	8,000,000		3.000			06/30/09		8,037,071
Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Series 2002 C1 (BNP Paribas LOC) (A-1+/VMIG1)
	500,000		0.400			03/04/09		500,000
Los Angeles Department of Water & Power RB Power System Series 2005 Subseries A-1 (AA-/Aa3)
	1,125,000		4.000			07/01/09		1,135,572
Los Angeles Department of Water & Power System CP Series 2008 (Banco Bilbao Vizcaya SPA) (A-1)
	4,000,000		0.600			03/13/09		4,000,000
Los Angeles Department of Water & Power VRDN RB Putters Series 2008-3154 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	6,660,000		0.550			03/05/09		6,660,000
Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-5 (Royal Bank of Canada, California State Teachers Retirement and California Public Employees Retirement System SPA) (A-1+/VMIG1)
	1,300,000		0.350			03/05/09		1,300,000
Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-7 (Royal Bank of Canada, California State Teachers Retirement and California Public Employees Retirement System SPA) (A-1+/VMIG1)
	2,000,000		0.350			03/05/09		2,000,000
Los Angeles GO Bonds Series 2008 A (AA/Aa2)
	2,000,000		4.000			09/01/09		2,024,345
Los Angeles GO TRANS Series 2008 (SP-1+/MIG1)
	9,325,000		3.000			06/30/09		9,380,577
Los Angeles Unified School District VRDN COPS Administration Building Project Series 2008 A (Bank of America N.A. LOC) (A-1+/VMIG1)
	2,500,000		0.400			03/04/09		2,500,000
Metropolitan Water District Southern California Waterworks RB Refunding Series 2001 A (AAA/Aa2)
	2,920,000		5.125			07/01/09		2,949,852
Metropolitan Water District Southern California Waterworks VRDN RB Putters Series 2009-3289 (JPMorgan Chase & Co.) (A-1+)(a)
	2,225,000		0.550			03/05/09		2,225,001

The accompanying notes are an integral part of these financial statements.

13

Schedule of Investments
ILA Tax-Exempt California Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California (continued)
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2002 A (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
$	1,770,000		0.350	%		03/05/09	$	1,770,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2004 A-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	2,600,000		0.350			03/05/09		2,600,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2004 A-2 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	1,290,000		0.350			03/05/09		1,290,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2006 A-1 (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	5,380,000		0.300			03/05/09		5,380,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2006 A-2 (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	1,700,000		0.300			03/05/09		1,700,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2008 A-1 (Bank of America N.A. SPA) (A-1+/VMIG1)
	700,000		0.300			03/05/09		700,000
Metropolitan Water District Southern California Waterworks VRDN RB ROCS-RR-II R-11301 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	2,880,000		0.630			03/05/09		2,880,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	2,000,000		0.450			03/02/09		2,000,000
Municipal Improvement Corp. of Los Angeles CP Series 2008 (Bank of America N.A. LOC) (A-1)
	1,000,000		0.600			03/02/09		1,000,000
Municipal Improvement Corp. of Los Angeles CP Series 2009 (Bank of America N.A. LOC)
	1,500,000		0.350			03/04/09		1,500,000
Napa Valley Unified School District GO TRANS Series 2008 (SP-1+)
	7,750,000		3.000			06/30/09		7,794,799
Newport Beach California VRDN RB Refunding for Hoag Memorial Hospital Series 2008 A (VMIG1)
	5,000,000		1.800			06/01/09		5,000,000
Oakland California GO TRANS Series 2008 (SP-1+/MIG1)
	5,000,000		3.000			07/17/09		5,026,975
Orange County Apartment Development VRDN RB for Park Ridge Villas Series 1998 (FNMA) (A-1+)
	2,830,000		0.450			03/05/09		2,830,000
Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC) (VMIG1)
	9,550,000		0.450			03/05/09		9,550,000
Orange County Sanitation District COPS Refunding RANS Series 2008 C (Bank of America N.A. SPA) (SP-1+)
	4,500,000		2.500			12/10/09		4,552,696
Orange County Water District VRDN COPS Series 2003 A (Lloyds TSB Bank PLC SPA) (VMIG1)
	1,150,000		0.340			03/04/09		1,150,000
Pasadena California Certificates Partner VRDN COPS Series 2008 A (Bank of America N.A. LOC) (A-1+)
	10,000,000		0.400			03/05/09		10,000,000
Riverside VRDN COPS Refunding Series 2008 (Bank of America N.A. LOC) (A-1+)
	6,300,000		0.400			03/05/09		6,300,000
Riverside Water Revenue VRDN RB Refunding Series 2008 A (Bank of America N.A. SPA) (A-1+)
	2,700,000		0.400			03/05/09		2,700,000
Sacramento County Sanitation District Financing Authority VRDN RB Refunding Subordinated Lien Series 2008 A (Bank of America N.A. LOC) (A-1+/VMIG1)
	2,900,000		0.450			03/02/09		2,900,000
Sacramento County Sanitation District Financing Authority VRDN RB Refunding Subordinated Lien Series 2008 C (Bank of America N.A. LOC) (A-1+/VMIG1)
	1,500,000		0.450			03/02/09		1,500,000
Sacramento County Sanitation District Financing Authority VRDN RB Refunding Subordinated Lien Series 2008 D (Bank of America N.A.) (A-1+/VMIG1)
	8,710,000		0.450			03/02/09		8,710,000
San Bernadino County Flood Control District VRDN RB Series 2008 (UBS AG LOC) (A-1/VMIG1)
	5,500,000		0.400			03/05/09		5,500,000
San Diego County & School District TRANS Series 2008 (SP-1+/MIG1)
	13,000,000		3.500			06/30/09		13,107,006
San Diego County Water Authority CP Series 2008 (BNP Paribas SPA) (A-1/P-1)
	3,000,000		0.750			03/02/09		3,000,000
San Diego Unified School District GO TRANS Series 2008 (SP-1+/MIG1)
	5,350,000		3.000			07/01/09		5,374,105
San Diego Water Authority CP Series 2009 (Bayerische Landesbank SPA)
	15,000,000		0.550			06/11/09		15,000,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-11251 (Citibank N.A. SPA) (A-1)(a)
	7,290,000		0.630			03/05/09		7,290,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS-RR-II R-11285 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	4,765,000		0.630			03/05/09		4,765,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS-RR-II R-12223 Series 2007 (Citibank N.A. SPA) (A-1/VMIG1)(a)
	3,600,000		0.630			03/05/09		3,600,000

The accompanying notes are an integral part of these financial statements.

14

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California (continued)
San Francisco Bay Area Rapid Transportation District GO VRDN Eagle Series 2007-0100 A (Landesbank Hessen-Wurttemberg SPA) (A-1)(a)
$	9,900,000		0.630	%		03/05/09	$	9,900,000
San Francisco Transportation Authority CP Series 2009 A (Landesbank Baden-Wurttemberg SPA)
	25,650,000		0.500			07/28/09		25,650,000
San Mateo County Community College District GO VRDN ROCS RR-II-R-12120 Series 2007 (Citibank N.A. SPA) (A-1+/VMIG1)(a)
	5,000,000		0.630			03/05/09		5,000,000
San Ramon Valley Unified School District GO TRANS Series 2008 (SP-1+)
	5,000,000		3.250			11/17/09		5,069,516
Santa Clara County Financing Authority Lease VRDN RB Refunding for Multiple Facilities Projects Series 2008 M (Bank of America N.A. LOC) (A-1+/VMIG1)
	7,050,000		0.400			03/04/09		7,050,000
Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	800,000		0.400			03/05/09		800,000
Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 C (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	4,100,000		0.350			03/05/09		4,100,000
Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 D (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	2,000,000		0.300			03/05/09		2,000,000
Southern California Public Power Authority VRDN RB for Mead Adelanto Project Series 2008 A (JPMorgan Chase & Co. SPA) (VMIG1)
	3,100,000		0.350			03/02/09		3,100,000
Southern California Public Power Authority VRDN RB for Mead Phoenix Project Series 2008 A (JPMorgan Chase & Co. SPA) (VMIG1)
	6,000,000		0.350			03/02/09		6,000,000
University of California Regents CP Series 2009
	10,000,000		0.300			03/02/09		10,000,000
	4,700,000		0.400			03/10/09		4,700,000
	10,000,000		0.450			06/11/09		10,000,000
University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank SPA) (VMIG1)(a)
	1,900,000		0.550			03/05/09		1,900,000
University of Southern California Educational Facilities Authority VRDN RB ROCS-RR-II R-11064 Series 2007 (Citibank N.A.) (A-1+)(a)
	3,235,000		0.630			03/05/09		3,235,000
Ventura County TRANS Series 2008 (SP-1+/MIG1)
	4,380,000		3.500			07/01/09		4,407,377
Total Investments—99.9%							$	527,020,534
Other Assets in Excess of Liabilities—0.1%								479,696
Net Assets—100.0%							$	527,500,230

The percentage shown for each category reflects the value of investments in that category as a percentage of net assets.

^(a) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2009, these securities amounted to $100,570,001 or approximately 19.1% of net assets.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities or the prerefunded date for those types of securities.

Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited. A description of the ratings is available in the Portfolio’s Statement of Additional Information.

The accompanying notes are an integral part of these financial statements.

15

Schedule of Investments
ILA Tax-Exempt California Portfolio (continued)
February 28, 2009 (Unaudited)

Investment Abbreviations:
BHAC	—	Berkshire Hathaway Assurance Corp.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
FHLMC	—	Insured by Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
LOC	—	Letter of Credit
MF Hsg.	—	Multi-Family Housing
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

The accompanying notes are an integral part of these financial statements.

16

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Alabama—1.9%
Alabama State Public School & College Authority RB for Capital Improvement Series 2007 (AA/Aa2)
$	3,000,000		5.000	%		12/01/09	$	3,083,966
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
	6,500,000		0.650			03/02/09		6,500,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 C (A-1/VMIG1)
	3,500,000		0.600			03/02/09		3,500,000
Huntsville Health Care Authority CP Series 2008 (A-1)
	6,000,000		1.750			03/02/09		6,000,000
Mobile City IDB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/VMIG1)
	4,600,000		0.720			03/05/09		4,600,000
Parrish IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1)
	1,800,000		0.650			03/02/09		1,800,000
							$	25,483,966
Alaska—0.2%
Alaska State Housing Finance Corp. VRDN RB Housing Development Series 2000 B (A-1+)
$	2,595,000		0.500	%		03/04/09	$	2,595,000
Arizona—1.3%
Arizona Health Facilities Authority VRDN RB for Catholic Health Care West Series 2008 A (Bank of America N.A. LOC) (A-1+/VMIG1)
$	2,000,000		0.580	%		03/04/09	$	2,000,000
Arizona School District TANS Financing Program COPS Series 2008 (SP-1+/MIG1)
	2,700,000		3.000			07/30/09		2,715,099
Arizona State Transportation Board Highway Revenue VRDN RB Putters Series 2008-3151 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	6,605,000		0.600			03/05/09		6,605,000
Arizona Water Infrastructure Finance Authority VRDN RB Putters Series 2008-2745 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	775,000		0.600			03/05/09		775,000
Banner Health Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4511 Series 2008 (Well Fargo Bank N.A. SPA) (A-1+)(a)
	1,500,000		0.640			03/05/09		1,500,000
Gilbert Arizona GO Bonds Projects of 2006 & 2007 Series 2008 (AA/Aa2)
	1,000,000		3.500			07/01/09		1,005,770
Salt River Project Agricultural Improvement & Power District Electric Systems RB Refunding Series 2001 A (AA/Aa1)
	1,720,000		5,000			01/01/10		1,782,298
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB ROCS-RR-II R-11712 Series 2009 (Citibank N.A. SPA) (VMIG1)(a)
	2,000,000		0.680			03/05/09		2,000,000
							$	18,383,167
California—0.8%
Bay Area Toll Authority California Toll Bridge VRDN RB Eagle Series 2008-0056 Class A (Citibank N.A. SPA) (A-1+)(a)
$	2,000,000		0.560	%		03/05/09	$	2,000,000
California Infrastructure & Economic Development Bank VRDN RB Refunding for J Paul Getty Trust Series 2008 A2 RMKT (A-1+/VMIG1)
	2,000,000		1.700			04/01/09		2,000,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-14 (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	1,020,000		0.400			03/05/09		1,020,000
California Statewide Communities Development Authority for Kaiser Permanente CP Series 2009 S-K
	2,300,000		0.550			08/24/09		2,300,000
San Diego Water Authority CP Series 2009 (Bayerische Landesbank SPA)
	1,600,000		0.550			06/11/09		1,600,000
	1,400,000		0.550			06/24/09		1,400,000
							$	10,320,000
Colorado—1.3%
Colorado Educational & Cultural Facilities Authority VRDN RB Nature Conservancy Series 2003 A-TE Convertible (Bank of America N.A. SPA) (A-1+)
$	1,000,000		0.650	%		03/05/09	$	1,000,000
Colorado Health Facilities Authority VRDN RB for Catholic Health Care Series 2004 B-1 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	600,000		0.400			03/04/09		600,000
Colorado Health Facilities Authority VRDN RB for Catholic Health Series 2004 B-4 (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
	1,930,000		0.300			03/04/09		1,930,000
Colorado Health Facilities Authority VRDN RB for Sisters of Charity Health Systems Series 2003 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	5,680,000		0.630			03/04/09		5,680,000
Colorado Springs Utilities Systems VRDN RB Improvement Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	2,200,000		0.700			03/05/09		2,200,000

The accompanying notes are an integral part of these financial statements.

17

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Colorado (continued)
Colorado Springs Utilities Systems VRDN RB Subordinated Lien Series 2000 A (Bayerische Landesbank SPA) (A-1+/VMIG1)
$	500,000		0.550	%		03/05/09	$	500,000
Platte River Power Authority Electric VRDN RB Subordinated Lien Series 1993 S-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	5,345,000		0.590			03/04/09		5,345,000
							$	17,255,000
Connecticut(a)—0.4%
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University ROCS-RR-II-R-10347 Series 2009 (Citibank N.A. SPA) (A-1+)
$	4,600,000		0.660	%		03/05/09	$	4,600,000
Connecticut State Lehman Municipal Trust Receipts VRDN RB for Yale University Floater Series 2008 K34W Reg. D (Citibank N.A. SPA) (VMIG1)
	1,165,000		0.660			03/05/09		1,165,000
							$	5,765,000
Delaware—0.1%
Delaware GO Bonds Series 2008 (AAA/Aaa)
$	700,000		5.000	%		03/01/09	$	700,054
University of Delaware VRDN RB Series 2004 B (Bank of America N.A. SPA) (A-1+)
	1,000,000		0.600			03/02/09		1,000,000
							$	1,700,054
District of Columbia—1.4%
District of Columbia GO VRDN Series 2001 C (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
$	2,055,000		0.530	%		03/05/09	$	2,055,000
District of Columbia VRDN RB George Washington University Series 2000 B RMKT (Bank of America N.A. LOC) (A-1+/VMIGI)
	2,500,000		0.530			03/04/09		2,500,000
District of Columbia VRDN RB George Washington University Series 2000 C RMKT (Bank of America N.A. LOC) (A-1+)
	3,780,000		0.530			03/04/09		3,780,000
District of Columbia VRDN RB Refunding Series 2008 B (Bank of America N.A. LOC) (A-1+/VMIG1)
	8,315,000		0.650			03/05/09		8,315,000
District of Columbia Water & Sewer Systems VRDN RB Putters Series 2009-3317 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,000,000		0.600			03/05/09		2,000,000
							$	18,650,000
Florida—2.9%
Florida State Board of Education Austin Trust Certificates GO VRDN Series 2008-1083 (Bank of America N.A. SPA) (A-1+)(a)
$	4,000,000		0.620	%		03/05/09	$	4,000,000
Florida State Board of Education GO Bonds Series 2002 F (AAA/Aa1)
	1,000,000		5.250			06/01/09		1,008,217
Florida State Board of Education GO Bonds Series 2005 A (AAA/Aa1)
	600,000		5.000			01/01/10		621,461
Florida State Board of Education GO VRDN ROCS-RR-II R-11302 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	1,990,000		0.680			03/05/09		1,990,000
Florida State Board of Education Lottery RB Series 2008 A (AAA/A2)
	500,000		5.000			07/01/09		505,023
Florida State Board of Education Lottery RB Series 2008 B (AAA/A2)
	620,000		3.500			07/01/09		623,499
Florida State Turnpike Authority VRDN RB Putters Series 2008-2539 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	890,000		0.600			03/05/09		890,000
Florida State Turnpike Authority VRDN RB Putters Series 2008-2996 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	4,100,000		0.600			03/05/09		4,100,000
Jacksonville Capital Project VRDN RB Series 2008 A (Bank of America N.A. LOC) (VMIG1)
	3,630,000		0.650			03/05/09		3,630,000
Jacksonville Electric Authority CP Series 2009 C-1 (JPMorgan Chase & Co. SPA)
	3,710,000		0.400			03/06/09		3,710,000
Jacksonville Electric Authority VRDN RB Subordinated Electric System Series 2001 B (Bank of America N.A. SPA) (A-1/VMIG1)
	1,560,000		0.650			03/02/09		1,560,000
Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 Subseries A-1 (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	1,200,000		0.400			03/04/09		1,200,000
Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 Subseries A-1 (Bank of New York SPA) (A-1+/VMIG1)
	5,810,000		0.400			03/04/09		5,810,000
Orlando Utilities Commission System RB Refunding Series 2004 (AA/Aa1)
	5,600,000		5.250			07/01/09		5,652,093
Palm Beach County School District CP Series 2008 (Bank of America N.A. LOC)
	3,000,000		0.650			03/12/09		3,000,000

The accompanying notes are an integral part of these financial statements.

18

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Florida (continued)
South Miami Austin Trust Certificates VRDN RB for Baptist Health Series 2008-1117 (Bank of America N.A. SPA) (A-1+)(a)
$	1,000,000		0.620	%		03/05/09	$	1,000,000
							$	39,300,293
Georgia—3.5%
Cobb County Development Authority VRDN PCRB Georgia Power Co. Plant Project Series 1991 (VMIG1)
$	1,830,000		0.610	%		03/02/09	$	1,830,000
Dekalb County Water & Sewer Systems VRDN RB ROCS-RR-II R-567 Series 2006 (Citibank N.A. SPA) (VMIG1)(a)
	3,135,000		0.680			03/05/09		3,135,000
Georgia State GO Bonds Series 1994 D (AAA/Aaa)
	2,000,000		6.700			08/01/09		2,050,883
Georgia State GO Bonds Series 2003 D (AAA/Aaa)
	1,090,000		5.250			12/01/09		1,124,221
Georgia State GO Bonds Series 2009 A (AAA/Aaa)
	3,800,000		2.000			01/01/10		3,847,664
Georgia State Road & Thruway Authority RB Federal Highway Grant Anticipation Bonds Series 2006 (AA-/Aa3)
	1,000,000		5.000			06/01/09		1,007,825
Gwinnett County Public School District GO VRDN Putters Series 2008-2868 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	1,060,000		0.600			03/05/09		1,060,000
Gwinnett County Water & Sewer Authority VRDN RB Series 2004 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	2,225,000		0.620			03/04/09		2,225,000
Gwinnett County Water & Sewer Authority VRDN RB Series 2004 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	10,525,000		0.620			03/04/09		10,525,000
Municipal Electric Authority of Georgia General Resources CP Series 1997 B (Bayerische Landesbank, Westdeutsche Landesbank AG and Wachovia Bank N.A. LOC)
	1,437,000		0.550			03/26/09		1,437,000
Municipal Electric Authority of Georgia Project One CP Series 1997 B (Bayerische Landesbank, Westdeutsche Landesbank AG and Wachovia Bank N.A. LOC)
	5,731,000		1.250			03/02/09		5,731,000
	2,424,000		0.550			03/26/09		2,424,000
	1,800,000		2.250			04/01/09		1,800,000
Municipal Electric Authority of Georgia VRDN RB Series 1985 B RMKT (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	1,400,000		3.500			03/04/09		1,400,000
Private Colleges & Universities Facilities Authority VRDN RB for Emory University Series 2002 B (A-1+/VMIG1)
	1,030,000		0.350			03/04/09		1,030,000
Private Colleges & Universities Facilities Authority VRDN RB for Emory University Series 2005 C-2 RMKT (A-1+/VMIG1)
	6,855,000		0.400			03/05/09		6,855,000
							$	47,482,593
Hawaii—1.4%
Hawaii State GO VRDN ROCS-RR-II R-11694 Series 2008 (Citibank N.A. SPA) (A-1)(a)
$	4,760,000		0.690	%		03/05/09	$	4,760,000
Honolulu Hawaii GO CP Series 2009 (Westdeutsche Landesbank AG SPA)
	2,000,000		0.700			04/03/09		2,000,000
Honolulu Hawaii GO CP Series 2009 H (Landesbank Hessen-Thueringen SPA)
	8,000,000		0.650			04/02/09		8,000,000
	4,600,000		0.500			04/06/09		4,600,000
							$	19,360,000
Illinois—5.6%
Chicago GO VRDN Refunding Series 2007 F RMKT (Banco Bilbao Vizcaya SPA) (A-1+)
$	3,300,000		0.600	%		03/02/09	$	3,300,000
Chicago GO VRDN Refunding Series 2007 G RMKT (Banco Bilbao Vizcaya SPA) (A-1+)
	2,000,000		0.530			03/02/09		2,000,000
Chicago Metropolitan Water Reclamation District of Greater Chicago GO VRDN ROCS-RR-II R-11283 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	2,000,000		0.680			03/05/09		2,000,000
Chicago Metropolitan Water Reclamation District of Greater Chicago GO VRDN ROCS-RR-II R-11692 Series 2008 (Citibank N.A. SPA) (A-1)(a)
	2,000,000		0.680			03/05/09		2,000,000
Chicago Sales Tax VRDN RB Refunding Series 2002 RMKT (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	7,190,000		0.650			03/02/09		7,190,000
Chicago Wastewater Transmission VRDN RB Refunding Series 2008 Subseries C-3 (Northern Trust Co. LOC) (A-1+/VMIG1)
	4,000,000		0.650			03/02/09		4,000,000
Cook County GO TANS Series 2008 (SP-1+/MIG1)
	1,000,000		3.000			08/03/09		1,005,917
Illinois Development Finance Authority VRDN RB for Evanston Northwestern Series 2001 B Convertible (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	3,200,000		0.600			03/02/09		3,200,000
Illinois Educational Facilities Authority VRDN RB University of Chicago Series 2001 B-1 (VMIG1)
	1,000,000		1.850			07/28/09		1,000,000

The accompanying notes are an integral part of these financial statements.

19

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Illinois (continued)
Illinois Educational Facilities Authority VRDN RB University of Chicago Series 2003 B (A-1+/VMIG1)
$	350,000		0.300	%		03/05/09	$	350,000
Illinois Evanston Northwestern Health Care Corp. CP Series 2008-19 (A-1)
	3,000,000		1.500			04/02/09		3,000,000
Illinois Finance Authority VRDN RB Advocate Health Care Series 2008 A-1 (A-1+/VMIG1)
	2,835,000		0.650			01/14/10		2,835,000
Illinois Finance Authority VRDN RB Advocate Health Care Series 2008 Subseries B-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	4,450,000		0.600			03/04/09		4,450,000
Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C (A-1+/VMIG1)
	2,050,000		0.300			03/05/09		2,050,000
Illinois Finance Authority VRDN RB for Central Dupage Series 2004 A RMKT (JPMorgan Chase & Co. SPA) (A-1+)
	3,100,000		0.600			03/02/09		3,100,000
Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-1 (UBS AG SPA) (A-1/VMIG1)
	8,400,000		0.550			03/05/09		8,400,000
Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-3 (UBS AG SPA) (A-1/VMIG1)
	5,000,000		0.550			03/05/09		5,000,000
Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 B-1 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	1,900,000		0.550			03/05/09		1,900,000
Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries B (A-1+/VMIG1)
	4,000,000		0.600			02/01/10		4,000,000
Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B (A-1+/VMIG1)
	1,102,000		0.300			03/05/09		1,102,000
Illinois Health Facilities Authority VRDN RB for Northwestern Memorial Hospital Series 2002 C (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	1,000,000		0.600			03/02/09		1,000,000
Illinois Health System Sisters Hospital CP Series 2008 A
	3,500,000		0.400			04/02/09		3,500,000
	5,000,000		0.400			04/07/09		5,000,000
Illinois Health System Sisters Hospital CP Series 2008 A (A-1+/VMIG1)
	2,700,000		1.350			03/02/09		2,700,000
Illinois State GO Bonds Series 2007 (AA/Aa3)
	3,000,000		5.000			04/01/09		3,007,440
							$	77,090,357
Indiana—1.0%
Indiana Health Facilities Finance Authority VRDN RB Ascension Health Series 2003 E-6 (AA/Aa1)
$	3,000,000		1.750	%		04/01/09	$	3,000,000
Indiana State Finance Authority RB for Revolving Fund Program Series 2006 A (AAA/Aaa)
	500,000		5.000			02/01/10		519,231
Indiana State Finance Authority VRDN RB Ascension Health Credit Series 2008 E-1 (A-1+/VMIG1)
	1,000,000		0.350			03/04/09		1,000,000
Indiana State Health System Finance Authority VRDN RB for Sisters of St. Francis Health Series 2008 G (Bank of New York LOC) (VMIG1)
	1,250,000		0.400			03/05/09		1,250,000
Indiana University VRDN RB Putters Series 2008-2494 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	1,115,000		0.600			03/05/09		1,115,000
Purdue University VRDN RB Student Fee Series 2004 T (JPMorgan Chase Bank N.A. SPA) (A-1+/VMIG1)
	475,000		0.250			03/04/09		475,000
Reid Hospital & Health Care Services, Inc. Richmond Hospital Authority VRDN RB for Reid Hospital Project Series 2005 B (FSA) (A-1+)
	3,175,000		2.000			03/04/09		3,175,000
St. Joseph County Educational Facilities VRDN RB for University of Notre Dame Du Lac Series 1998 (Wells Fargo Bank N.A. SPA) (VMIG1)
	3,000,000		0.350			03/05/09		3,000,000
							$	13,534,231
Kansas—0.9%
Kansas State DOT Highway VRDN RB Series 2000 C-1 (Kansas State LOC) (A-1+/VMIG1)
$	8,800,000		0.500	%		03/04/09	$	8,800,000
Kansas State Development Finance Authority VRDN RB Sisters of Charity Series 2006 D (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	3,000,000		0.650			03/02/09		3,000,000
							$	11,800,000
Kentucky—0.3%
Kentucky Asset/Liability Community General Fund TRANS Series 2008 A (SP-1+/MIG1)
$	1,600,000		3.000	%		06/25/09	$	1,606,095
Kentucky Economic Development Finance Authority VRDN RB for Catholic Health Series 2004 C (A-1+/VMIG1)
	3,000,000		0.350			03/04/09		3,000,000
							$	4,606,095

The accompanying notes are an integral part of these financial statements.

20

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Louisiana—1.0%
Louisiana Public Facilities Authority Hospital VRDN RB Refunding for Franciscan Mission Series 2008 A (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
$	4,000,000		0.700	%		03/05/09	$	4,000,000
Louisiana Public Facilities Authority VRDN RB Refunding for Christus Health Series 2008 D-1 (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	3,000,000		0.550			03/04/09		3,000,000
Louisiana State Offshore Terminal Authority Deepwater Port VRDN RB Refunding for First Stage Loop LLC Series 1997 A (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
	6,140,000		0.600			03/02/09		6,140,000
							$	13,140,000
Maryland—2.1%
John Hopkins CP Series 2009 B
$	2,200,000		0.500	%		04/07/09	$	2,200,000
	1,125,000		0.500			08/24/09		1,125,000
Johns Hopkins Economic Development CP Series 2009 E (Bank of America N.A. LOC)
	2,500,000		0.450			04/02/09		2,500,000
	2,500,000		0.600			04/03/09		2,500,000
Johns Hopkins University Health System CP Series 2009 B (Wachovia Bank N.A. SPA)
	3,000,000		0.700			03/02/09		3,000,000
	5,800,000		0.700			05/18/09		5,800,000
	2,000,000		0.700			05/19/09		2,000,000
Maryland State Austin Trust Certificates GO VRDN Series 2008-1194 (Bank of America N.A. SPA) (A-1+)(a)
	4,875,000		0.620			03/05/09		4,875,000
Maryland State GO Bonds Local Facilities Second Series 2003 (AAA/Aaa)
	2,865,000		5.000			08/01/09		2,900,506
Montgomery County GO Bonds Public Improvement Series 2006 A (AAA/Aaa)
	600,000		5.000			05/01/09		602,864
Washington Suburban Sanitation District GO Bonds Series 2002 (AAA/Aaa)
	1,000,000		5.000			06/01/09		1,007,850
							$	28,511,220
Massachusetts—3.0%
Boston Water & Sewer System CP Series 2009 (Bank of America N.A. SPA)
$	500,000		0.600	%		07/07/09	$	500,000
Massachusetts Bay Transportation Authority RB General Transportation System Series 1998 B (AA/Aa2)
	2,000,000		5.125			03/01/09		2,000,163
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	3,595,000		0.580			03/05/09		3,595,000
Massachusetts Bay Transportation Sales Tax Austin Trust Certificates VRDN RB Series 2008-1111 (Bank of America N.A. SPA) (A-1+)(a)
	1,500,000		0.570			03/05/09		1,500,000
Massachusetts School Building Authority CP Series 2009 A (Bank of Nova Scotia SPA)
	500,000		0.450			03/06/09		500,000
Massachusetts State Austin Trust Certificates VRDN RB for Harvard University Series 2008-3320 (Bank of America N.A. SPA) (A-1+)(a)
	1,560,000		0.570			03/05/09		1,560,000
Massachusetts State GO Notes Series 1999 C (AAA/Aa2)
	1,000,000		5.750			09/01/09		1,027,462
Massachusetts State GO RANS Series 2008 C (SP-1+/MIG1)
	10,000,000		4.000			05/29/09		10,043,285
Massachusetts State Health & Education Facilities Authority for Partners Healthcare System CP Series 2008 H-1 (A-1+)
	2,500,000		1.570			03/02/09		2,500,000
Massachusetts State Health & Education Facilities Authority for Partners Healthcare System CP Series 2009 H-2
	1,000,000		0.400			04/02/09		1,000,000
	4,000,000		0.550			05/18/09		4,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2005 F-4 (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,735,000		0.450			03/05/09		1,735,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Series 1995 G (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,400,000		0.530			03/04/09		1,400,000
Massachusetts Water Resources Authority CP Series 2009-94 (Bayerische Landesbank LOC)
	1,800,000		0.650			03/10/09		1,800,000
	2,500,000		0.900			03/10/09		2,500,000
	5,000,000		0.450			04/01/09		5,000,000
							$	40,660,910
Michigan—4.7%
Central Michigan University VRDN RB Refunding General Series 2008 A (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
$	2,000,000		0.530	%		03/05/09	$	2,000,000
Lenawee County Hospital Finance Authority VRDN RB Refunding & Improvement Promedica Healthcare Series 2008 C (UBS AG LOC) (A-1/VMIG1)
	1,000,000		0.720			03/04/09		1,000,000

The accompanying notes are an integral part of these financial statements.

21

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Michigan (continued)
Michigan Municipal Bond Authority RANS Clean Water Revolving Series 2008 (SP-1+/MIG1)
$	2,000,000		3.000	%		07/15/09	$	2,015,773
Michigan Municipal Bond Authority RB for Clean Water Revolving Series 1999 (AAA/Aaa)
	2,170,000		5.500			10/01/09		2,227,803
Michigan State GO RANS Series 2008 B (SP-1+/MIG1)
	5,000,000		3.000			09/30/09		5,038,852
Michigan State GO TANS Series 2008 A (SP-1+/MIG1)
	26,000,000		3.000			09/30/09		26,155,436
Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit Series 2008 B-3 (A-1+/VMIG1)
	1,000,000		0.350			03/04/09		1,000,000
Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit Series 2008 B-8 (A-1+/VMIG1)
$	6,950,000		0.420	%		03/04/09		6,950,000
Michigan State Hospital Finance Authority for Trinity Health Credit CP Series 2009
	8,000,000		0.650			05/18/09		8,000,000
Michigan State University VRDN RB Refunding General Series 2003 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	1,150,000		0.530			03/04/09		1,150,000
Michigan State University VRDN RB Series 2005 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	490,000		0.530			03/04/09		490,000
University of Michigan VRDN RB Hospital Series 2005 B (A-1+/VMIG1)
	3,310,000		0.300			03/05/09		3,310,000
University of Michigan VRDN RB Hospital Series 2007 B (A-1+/VMIG1)
	4,650,000		0.400			03/05/09		4,650,000
							$	63,987,864
Minnesota—3.3%
Minneapolis Health Care System VRDN RB for Fairview Health Services Series 2008 C (Wells Fargo Bank N.A. LOC) (A-1+/VMIG1)
$	2,000,000		0.530	%		03/04/09	$	2,000,000
Minneapolis Health Care System VRDN RB for Fairview Health Services Series 2008 D (Wells Fargo Bank N.A. LOC) (A-1+/VMIG1)
	2,300,000		0.570			03/04/09		2,300,000
Minnesota State GO Bonds Highway & Various Purpose Series 2007 (AAA/Aa1)
	1,000,000		5.000			08/01/09		1,012,812
Minnesota State GO Bonds Refunding Series 2007 (AAA/Aa1)
	1,245,000		5.000			08/01/09		1,261,958
Minnesota State GO Bonds Series 1999 (AAA/Aa1)
	620,000		5.250			08/01/09		628,745
Minnesota State GO Bonds Series 2001 (AAA/Aa1)
	4,810,000		5.000			10/01/09		4,892,750
Minnesota State GO Bonds Series 2005 (AAA/Aa1)
	3,000,000		5.000			10/01/09		3,051,415
Minnesota State GO Bonds Series 2009 A (AAA/Aa1)
	1,000,000		3.000			12/01/09		1,018,773
Minnesota State GO VRDN Putters Series 2008-3265 (JPMorgan Chase & Co. SPA) (A-1)(a)
	8,000,000		0.600			03/05/09		8,000,000
Minnesota State Higher Education Facilities VRDN RB for Carleton College Series 2005 6-D (Wells Fargo Bank N.A. SPA) (VMIG1)
	1,425,000		0.500			03/05/09		1,425,000
Rochester Health Care Facilities Mayo Clinic CP Series 2000 B (U.S. Bank N.A. SPA)
	2,500,000		0.450			03/09/09		2,500,000
Rochester Health Care Facilities VRDN RB Mayo Clinic Series 2008 E (A-1+)
	3,500,000		1.680			05/07/09		3,500,000
University of Minnesota CP Series 2008
	1,700,000		0.450			03/02/09		1,700,000
University of Minnesota CP Series 2008 (A-1)
	4,000,000		1.600			03/02/09		4,000,000
University of Minnesota CP Series 2009
	1,700,000		0.650			04/03/09		1,700,000
	4,500,000		0.450			05/18/09		4,500,000
University of Minnesota VRDN RB Series 1999 A (Landesbank Hessen-Thueringen SPA) (A-1/VMIG1)
	2,000,000		0.350			03/04/09		2,000,000
							$	45,491,453
Mississippi—0.5%
Mississippi Business Finance Corp. Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 E (A-1+/VMIG1)
$	7,000,000		0.500	%		03/02/09	$	7,000,000
Missouri—2.5%
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Hall Family Foundation Series 2004 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
$	5,000,000		0.600	%		03/02/09	$	5,000,000
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Hall Family Foundation Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+)
	3,300,000		0.650			03/02/09		3,300,000
Missouri State Health & Educational Facilities Authority RB for Ascension Health Series 2008 C-4 (VMIG1)
	1,000,000		3.500			11/15/09		1,018,717

The accompanying notes are an integral part of these financial statements.

22

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Missouri (continued)
Missouri State Health & Educational Facilities Authority VRDN RB for Ascension Health Series 2008 C-5 (VMIG1)
$	1,000,000		3.500	%		11/15/09	$	1,013,663
Missouri State Health & Educational Facilities Authority VRDN RB for BJC Health Systems Series 2008 B (U.S. Bank N.A. SPA) (A-1+/VMIG1)
	6,000,000		0.430			03/05/09		6,000,000
Missouri State Health & Educational Facilities Authority VRDN RB for BJC Health Systems Series 2008 C (JPMorgan Chase Bank N.A. and Bank of America N.A. SPA) (A-1+/VMIG1)
	1,175,000		0.530			03/05/09		1,175,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 A-1 RMKT (Bank of America N.A. LOC) (A-1+)
	3,000,000		0.580			03/04/09		3,000,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 C-2 RMKT (Bank of America N.A. LOC) (A-1+)
	3,100,000		0.580			03/04/09		3,100,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 C-3 RMKT (UBS AG SPA) (A-1+)
	3,200,000		0.570			03/04/09		3,200,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 C-5 RMKT (U.S. Bank N.A. SPA) (A-1+)
	5,500,000		0.570			03/04/09		5,500,000
Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Project Series 1984 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	700,000		1.110			03/04/09		700,000
University of Missouri VRDN RB for Systems Facilities Series 2001 A (A-1+/VMIG1)
	1,600,000		0.600			03/02/09		1,600,000
							$	34,607,380
Montana—0.5%
Montana Facilities Finance Authority VRDN RB for Sisters of Charity Series 2006 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
$	6,400,000		0.650	%		03/02/09	$	6,400,000
Nebraska—0.4%
Nebraska Educational Finance Authority VRDN RB Refunding for Creighton University Projects Series 2008 (JPMorgan Chase & Co. LOC) (VMIG1)
$	1,100,000		0.600	%		03/02/09	$	1,100,000
Omaha GO VRDN Eagle Tax-Exempt Trust Series 2004-011 Class A (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	4,000,000		0.690			03/05/09		4,000,000
							$	5,100,000
Nevada—1.6%
Clark County Bond Bank Austin Trust Certificates GO VRDN Series 2008-1171 (Bank of America N.A. SPA) (A-1+)(a)
$	9,770,000		0.620	%		03/05/09	$	9,770,000
Clark County GO VRDN ROCS-RR-II R-11507 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	2,900,000		0.680			03/05/09		2,900,000
Clark County School District GO Bonds Tax Building Series 2008 A (AA/Aa2)
	7,000,000		5.000			06/15/09		7,063,552
Nevada State GO Bonds Refunding for Capital Improvement Series 2005 A (AA+/Aa1)
	1,000,000		5.000			02/01/10		1,039,660
Nevada State GO Bonds Series 1999 A (AA+/Aa1)
	1,000,000		5.000			07/01/09		1,010,077
							$	21,783,289
New Hampshire—0.3%
New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2002 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
$	3,000,000		0.430	%		03/04/09	$	3,000,000
New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2003 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	1,000,000		0.430			03/04/09		1,000,000
							$	4,000,000
New Jersey—0.1%
New Jersey State Environmental Infrastructure RB Series 2007 A (AAA/Aaa)
$	1,090,000		5.000	%		09/01/09	$	1,110,980
New Mexico—0.7%
Bernalillo County TRANS Series 2008 (SP-1+/MIG1)
$	3,000,000		0.975	%		12/31/09	$	3,035,986
New Mexico Finance Authority Transportation VRDN RB Refunding for Subordinated Lien Series 2008 Subseries B-2 (UBS AG LOC) (A-1/VMIG1)
	2,000,000		0.570			03/05/09		2,000,000
University of New Mexico VRDN RB Refunding Subordinated Lien Systems Series 2003 B (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	3,965,000		0.680			03/04/09		3,965,000
							$	9,000,986

The accompanying notes are an integral part of these financial statements.

23

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York—13.5%
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 1A RMKT (Bayerische Landesbank and Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
$	1,800,000		0.580	%		03/04/09	$	1,800,000
New York City Austin Trust Certificates GO VRDN Series 2008-1064 (Bank of America N.A. SPA) (A-1+)(a)
	1,160,000		0.570			03/05/09		1,160,000
New York City GO VRDN Series 1994 Subseries B-9 RMKT (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
	1,200,000		0.510			03/04/09		1,200,000
New York City GO VRDN Series 1996 Subseries J-3 RMKT (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
	12,600,000		0.510			03/04/09		12,600,000
New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC) (A-1+/VMIG1)
	8,380,000		0.510			03/04/09		8,380,000
New York City GO VRDN Series 2002 Subseries C-4 (BNP Paribas LOC) (A-1+/VMIG1)
	750,000		0.480			03/04/09		750,000
New York City GO VRDN Series 2002 Subseries C-5 (Bank of New York LOC) (A-1+/VMIG1)
	3,380,000		0.480			03/04/09		3,380,000
New York City GO VRDN Series 2003 Subseries A-3 (BNP Paribas LOC) (A-1+/VMIG1)
	2,000,000		0.510			03/04/09		2,000,000
New York City GO VRDN Series 2003 Subseries G-3 (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	4,500,000		0.400			03/04/09		4,500,000
New York City GO VRDN Series 2004 Subseries H-2 (Bank of New York LOC) (A-1+/VMIG1)
	1,025,000		0.480			03/04/09		1,025,000
New York City GO VRDN Series 2004 Subseries H-8 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	4,575,000		0.600			03/04/09		4,575,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA) (A-1+)
	1,900,000		0.480			03/04/09		1,900,000
New York City Municipal Water Finance Authority CP Series 2009 (Bayerische Landesbank and Westdeutsche Landesbank AG SPA)
	3,000,000		0.300			03/09/09		3,000,000
	3,000,000		0.300			03/13/09		3,000,000
New York City Municipal Water Finance Authority CP Series 5 A (Bayerische Landesbank and Westdeutsche Landesbank SPA)
	4,500,000		0.400			03/12/09		4,500,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-2559 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	1,780,000		0.580			03/05/09		1,780,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-3026 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,215,000		0.580			03/05/09		2,215,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB ROCS-RR-II R-406 Series 2005 (Citibank N.A. SPA) (A-1)(a)
	8,000,000		0.670			03/05/09		8,000,000
New York City Transitional Finance Authority RB Future Tax Secured Series 1999 B (AAA/Aa1)
	1,570,000		5.125			05/01/09		1,593,251
New York City Transitional Finance Authority RB Prerefunded Future Tax Series 2005 C (AAA/Aa1)
	4,595,000		5.500			05/01/09		4,665,900
New York City Transitional Finance Authority RB Unrefunded Balance Future Tax Secured Series 1998 A (AAA/Aa1)
	1,000,000		5.000			05/15/09		1,015,659
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 2001 C (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	500,000		0.350			03/04/09		500,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 2002 Subseries C-2 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	4,400,000		0.550			03/02/09		4,400,000
New York City Transitional Finance Authority VRDN RB Putters Series 2008-3283 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,820,000		0.580			03/05/09		2,820,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)(b)
	8,935,000		0.530			03/04/09		8,935,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1E (Bayerische Landesbank SPA) (A-1+/VMIG1)
	1,400,000		0.600			03/04/09		1,400,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3E (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	5,640,000		0.550			03/02/09		5,640,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3G (Bank of New York SPA) (A-1+/VMIG1)
	5,000,000		0.350			03/04/09		5,000,000
New York City Transitional Finance Authority VRDN RB Series 2001 N-11 Reg. D (Citibank N.A. SPA) (VMIG1)(a)
	3,500,000		0.670			03/05/09		3,500,000
New York State Dormitory Authority VRDN RB Rockefeller University Putters Series 2009-3320 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,000,000		0.580			03/05/09		2,000,000

The accompanying notes are an integral part of these financial statements.

24

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
New York State Dormitory Authority Austin Trust Certificates VRDN RB Series 2008-1189 (Bank of America N.A. SPA) (A-1+)(a)
$	6,750,000		0.570	%		03/05/09	$	6,750,000
New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3160 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	6,660,000		0.580			03/05/09		6,660,000
New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-10393 Series 2009 (Citibank N.A. SPA) (A-1)(a)
	5,340,000		0.670			03/05/09		5,340,000
New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-11560 for Memorial Sloan-Kettering Hospital Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	2,100,000		0.680			03/05/09		2,100,000
New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II-R-11720 Series 2009 (Citibank N.A. SPA) (A-1)(a)
	3,750,000		0.670			03/05/09		3,750,000
New York State Dormitory Authority VRDN RB Vassar College Putters Series 2008-3204 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	1,790,000		0.580			03/05/09		1,790,000
New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3171 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	3,750,000		0.580			03/05/09		3,750,000
New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3201 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	10,020,000		0.580			03/05/09		10,020,000
New York State Environmental Facilities Clean Water & Drinking Putters Series 2008-2871 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	3,640,000		0.580			03/05/09		3,640,000
New York State Environmental Facilities GO CP Series 1997 A (Bayerische Landesbank, Landesbank Hessen-Thueringen LOC) (A-1)
	3,000,000		1.000			04/01/09		3,000,000
New York State Environmental Facilities GO CP Series 1998 A (Bayerische Landesbank, JPMorgan Chase & Co. and Landesbank Hessen-Thuringen LOC)
	6,000,000		1.000			04/01/09		6,000,000
New York State GO VRDN Environmental Quality Series 1998 G (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	4,600,000		1.500			03/05/09		4,600,000
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 E (BNP Paribas LOC) (A-1+)
	900,000		0.530			03/04/09		900,000
New York State Local Government Assistance Corp. VRDN RB Refunding Senior Lien Series 2008 B-CV (Royal Bank of Canada SPA) (A-1+/VMIG1)
	6,000,000		0.400			03/04/09		6,000,000
New York State Local Government Assistance Corp. VRDN RB Series 1993 A (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	6,800,000		0.530			03/04/09		6,800,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 G (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	1,400,000		0.470			03/04/09		1,400,000
New York State Museum of Modern Art VRDN RB Putter Series 2008-3119 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	4,335,000		0.580			03/05/09		4,335,000
							$	184,069,810
North Carolina—6.2%
Cary GO VRDN Public Improvement Series 2006 (Bank of New York SPA) (A-1+/VMIG1)
$	1,870,000		0.570	%		03/04/09	$	1,870,000
Charlotte Water & Sewer Systems VRDN RB Refunding Series 2002 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	780,000		0.650			03/05/09		780,000
East Carolina University VRDN RB Series 2004 (Wachovia Bank N.A. SPA) (VMIG1)
	1,095,000		0.610			03/05/09		1,095,000
Greensboro Enterprise System VRDN RB Series 2005 B (Bank of America N.A. SPA) (A-1+/VMIG1)
	2,425,000		0.650			03/05/09		2,425,000
Guilford County GO VRDN Series 2004 (Bank of America N.A. SPA) (A-1+/VMIG1)
	3,300,000		0.600			03/04/09		3,300,000
Guilford County GO VRDN Series 2004 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	5,000,000		0.600			03/04/09		5,000,000
Guilford County GO VRDN Series 2005 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	600,000		0.650			03/05/09		600,000
Mecklenburg County GO VRDN Series 1996 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,600,000		0.600			03/05/09		1,600,000
Mecklenburg County GO VRDN Series 2002 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	3,015,000		0.650			03/04/09		3,015,000
Mecklenburg County GO VRDN Series 2003 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	2,250,000		0.650			03/04/09		2,250,000
Mecklenburg County GO VRDN Series 2004 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	2,350,000		0.580			03/05/09		2,350,000

The accompanying notes are an integral part of these financial statements.

25

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
North Carolina (continued)
Mecklenburg County GO VRDN Series 2006 A (VMIG1)
$	1,000,000		2.000	%		11/05/09	$	1,006,728
Mecklenburg County GO VRDN for Public Improvement Series 2000 C (A-1+/VMIG1)
	3,600,000		0.610			03/04/09		3,600,000
Mecklenburg County GO VRDN for Public Improvement Series 2000 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,600,000		0.610			03/04/09		1,600,000
Mecklenburg County VRDN COPS Series 2001 (Bank of America N.A. SPA) (A-1+/VMIG1)
	370,000		0.660			03/05/09		370,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Putters Series 2009-3333 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	2,000,000		0.600			03/05/09		2,000,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2007-0016 Class A (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	2,950,000		0.720			03/05/09		2,950,000
North Carolina Capital Facilities Finance Agency VRDN RB for Wake Forest University Series 2004 B (A-1+/VMIG1)
	3,580,000		0.560			03/05/09		3,580,000
North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1987 A (A-1+/VMIG1)
	650,000		0.350			03/05/09		650,000
North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1992 A (A-1+/VMIG1)
	4,400,000		0.350			03/05/09		4,400,000
North Carolina Medical Care Commission VRDN RB Refunding for Baptist Hospital Series 2009 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	2,000,000		0.700			03/05/09		2,000,000
North Carolina Medical Care Commission Health Care Facilities VRDN RB Refunding for Duke University Health Systems Series 2005 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,500,000		0.580			03/04/09		1,500,000
North Carolina Medical Care Commission Health Care Facilities VRDN RB for Novant Health Group Series 2004 A (JPMorgan Chase & Co. SPA) (A-1/VMIG1)
	1,000,000		0.530			03/04/09		1,000,000
North Carolina State GO Bonds Highway Series 2004 (AAA/Aaa)
	765,000		5.000			05/01/09		769,082
North Carolina State GO VRDN Refunding Series 2002 D (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	2,525,000		0.530			03/04/09		2,525,000
North Carolina State GO VRDN Refunding Series 2002 E (Bayerische Landesbank SPA) (A-1+/VMIG1)
	2,400,000		0.550			03/04/09		2,400,000
North Carolina State GO VRDN for Public Improvement Series 2002 D (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	1,750,000		0.650			03/04/09		1,750,000
North Carolina State GO VRDN for Public Improvement Series 2002 E (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)(b)
	6,400,000		0.380			03/04/09		6,400,000
Raleigh Comb Enterprise System VRDN RB Series 2008 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	900,000		0.580			03/04/09		900,000
Raleigh VRDN COPS for Downtown Improvement Project Series 2004 A (A-1+/VMIG1)
	1,800,000		2.500			01/20/10		1,829,170
Raleigh VRDN COPS for Downtown Improvement Project Series 2005 B-1 RMKT (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	2,000,000		0.580			03/04/09		2,000,000
University of North Carolina CP Series 2008 A (A-1)
	1,000,000		1.000			03/02/09		1,000,000
University of North Carolina CP Series 2009 A
	2,000,000		0.600			09/09/09		2,000,000
University of North Carolina Hospital Chapel Hill VRDN RB Refunding Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,275,000		0.650			03/05/09		1,275,000
University of North Carolina Hospital Chapel Hill VRDN RB Refunding Series 2003 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	440,000		0.580			03/05/09		440,000
University of North Carolina VRDN RB Eagle Tax-Exempt Trust Series 2005-3014 Class A (Citibank N.A. SPA) (A-1+)(a)
	5,000,000		0.690			03/05/09		5,000,000
University of North Carolina VRDN RB Series 2001 B (A-1+/VMIG1)
	2,585,000		0.350			03/04/09		2,585,000
University of North Carolina VRDN RB Series 2001 C (A-1+/VMIG1)
	1,460,000		0.350			03/04/09		1,460,000
Wake County GO BANS Series 2008 (SP-1+/MIG1)
	1,500,000		3.500			10/15/09		1,516,583
Wake County GO VRDN Public Improvements Series 2003 C (LLoyds TSB Bank PLC SPA) (A-1+/VMIG1)
	800,000		0.600			03/05/09		800,000
Wilmington VRDN RB Refunding Series 2002 (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	1,000,000		0.610			03/04/09		1,000,000
							$	84,591,563

The accompanying notes are an integral part of these financial statements.

26

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Ohio—3.5%
Cleveland Clinic VRDN RB Floater Certificates Series 2008-59C (Wells Fargo & Co. SPA) (VMIG1)(c)
$	2,800,000		1.000	%		07/23/09	$	2,800,000
Cleveland Waterworks VRDN RB Series 2008 Q (Bank of America N.A. LOC) (A-1+/VMIG1)
	1,500,000		0.650			03/05/09		1,500,000
Columbus GO VRDN Sanitation Sewer System Series 2006-1 (A-1+/VMIG1)
	1,250,000		0.350			03/05/09		1,250,000
Columbus Sewer System VRDN RB Refunding Series 2008 B (A-1+/VMIG1)
	1,000,000		0.430			03/05/09		1,000,000
Franklin County Hospital VRDN RB Improvement for Nationwide Children’s Hospital Project Series 2008 B (VMIG1)
	3,250,000		0.350			03/05/09		3,250,000
Montgomery County VRDN RB for Catholic Healthcare Initiative Series 2006 B-2 (A-1+/VMIG1)
	9,300,000		0.560			03/04/09		9,300,000
Ohio State GO Bonds Series 2007 A (AA+/Aa1)
	500,000		5.000			06/15/09		504,880
Ohio State GO VRDN Common Schools Series 2005 B (A-1+/VMIG1)
	500,000		0.350			03/04/09		500,000
Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 B (A-1+/VMIG1)
$	6,900,000		0.400	%		03/04/09		6,900,000
Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 D (A-1+/VMIG1)
	4,585,000		0.400			03/04/09		4,585,000
Ohio State GO VRDN for Infrastructure Improvement Series 2001 B (A-1+/VMIG1)
	3,700,000		0.350			03/04/09		3,700,000
Ohio State Higher Educational Facility VRDN RB for Cleveland Clinic Putters Series 2008-3140 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	3,190,000		0.600			03/05/09		3,190,000
Ohio State University General Receipts VRDN RB Series 1999 B (A-1+/VMIG1)
	9,400,000		0.400			03/04/09		9,400,000
							$	47,879,880
Oregon—1.3%
Clackamas County Oregon Providence Health Services CP Series 2008 (A-1)
$	1,500,000		1.200	%		03/02/09	$	1,500,000
	1,000,000		2.050			03/02/09		1,000,000
	3,000,000		0.800			03/11/09		3,000,000
	2,500,000		0.800			04/02/09		2,500,000
Clackamas County Oregon Providence Health Services CP Series 2009
	1,000,000		0.350			04/07/09		1,000,000
Oregon State GO VRDN Series 1985 73-E (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	2,100,000		0.350			03/04/09		2,100,000
Oregon State GO VRDN Series 1985 73-F (Bayerische Landesbank SPA) (VMIG1)
	4,650,000		0.350			03/04/09		4,650,000
Oregon State GO VRDN Welfare Series 1985 73-H (Bayerische Landesbank SPA) (A-1+/VMIG1)
	2,400,000		0.480			03/04/09		2,400,000
							$	18,150,000
Pennsylvania—2.3%
Pennsylvania State GO Bonds First Series 2008 (AA/Aa2)
$	1,000,000		5.000	%		05/15/09	$	1,006,606
Pennsylvania State GO VRDN ROCS-RR-II R-11505 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	3,400,000		0.680			03/05/09		3,400,000
Pennsylvania State Turnpike Commission VRDN RB Multi-Modal Series 2008 C (Bank of America N.A. LOC) (A-1+/VMIG1)
	3,000,000		0.600			03/05/09		3,000,000
Philadelphia GO TRANS Series 2008 A (SP-1+/MIG1)
	12,000,000		3.500			06/30/09		12,059,218
Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital Project Series 2008 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	800,000		0.500			03/02/09		800,000
Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital Series 2008 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	4,700,000		0.500			03/02/09		4,700,000
Philadelphia Water & Wastewater Systems VRDN RB Series 1997 B RMKT (Bank of America N.A. LOC) (A-1+/VMIG1)
	5,000,000		0.620			03/04/09		5,000,000
St. Mary’s Hospital Authority Bucks County VRDN RB for Catholic Healthcare Series 2004 C (A-1+/VMIG1)
	1,300,000		0.300			03/04/09		1,300,000
Washington County Authority VRDN RB Refunding for University of Pennsylvania Series 2004 (A-1+/VMIG1)
	735,000		0.350			03/05/09		735,000
							$	32,000,824
Rhode Island—2.5%
Rhode Island Health & Education Building Corp. Higher Educational Facilities VRDN RB for Brown University Series 2001 B (A-1+/VMIG1)
$	7,115,000		0.400	%		03/05/09	$	7,115,000

The accompanying notes are an integral part of these financial statements.

27

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Rhode Island (continued)
Rhode Island Health & Education Building Corp. Higher Educational Facilities VRDN RB for Brown University Series 2003 B (A-1+/VMIG1)
$	1,400,000		0.350	%		03/05/09	$	1,400,000
Rhode Island Health & Educational Building Corp. Higher Educational Facilities VRDN RB Refunding for Rhode Island School of Design Series 2008 A (Bank of America N.A. LOC) (VMIG1)
	3,890,000		0.750			03/04/09		3,890,000
Rhode Island Health & Educational Building Corp. Higher Educational Facilities VRDN RB Refunding for Rhode Island School of Design Series 2008 B (Bank of America N.A. LOC) (VMIG1)
	3,000,000		0.530			03/04/09		3,000,000
Rhode Island State & Providence Plantations GO TANS Series 2008 (SP-1+)
	18,400,000		3.500			06/30/09		18,480,211
							$	33,885,211
South Carolina—0.4%
Charleston Waterworks & Sewer VRDN RB Capital Improvements Series 2006 B (Wachovia Bank N.A. SPA) (A-1+)
$	700,000		0.650	%		03/05/09	$	700,000
Charleston Waterworks & Sewer VRDN RB Refunding & Capital Improvement Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,650,000		0.650			03/05/09		1,650,000
Greenville Hospital System Facilities VRDN RB Refunding Series 2008 C (Bank of America N.A. LOC) (A-1+/VMIG1)
	3,000,000		0.650			03/05/09		3,000,000
South Carolina Transportation Infrastructure Bank VRDN RB Refunding Series 2003 B3 RMKT (Wachovia Bank N.A. LOC) (VMIG1)
	600,000		0.510			03/04/09		600,000
							$	5,950,000
Tennessee—5.5%
City of Memphis GO CP Series 2001 (Westdeutsche Landesbank AG SPA)
$	1,000,000		0.600	%		03/12/09	$	1,000,000
	9,000,000		0.650			03/12/09		9,000,000
	2,000,000		0.750			03/20/09		2,000,000
City of Memphis GO CP Series 2001 (Westdeutsche Landesbank AG SPA) (A-1)
	2,500,000		1.200			03/12/09		2,500,000
Knoxville Tennessee GO Bonds Refunding Series 2004 B (AA+/Aa2)
	2,335,000		5.000			05/01/09		2,347,059
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2000 B (A-1+/VMIG1)
	12,990,000		0.350			03/05/09		12,990,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2005 A-2 (A-1+/VMIG1)
	1,100,000		0.300			03/05/09		1,100,000
Shelby County Health Educational & Housing Facilities Board VRDN RB for Baptist Memorial Healthcare Series 2004 A (AA)
	27,595,000		2.500			04/02/09		27,595,000
Tennessee State GO CP Series 2009 A (Tennessee Consolidated Retirement System SPA)
	3,000,000		0.400			03/02/09		3,000,000
	2,300,000		0.600			04/06/09		2,300,000
	5,000,000		0.550			06/11/09		5,000,000
Vanderbilt University CP Series 2005 B-1 (MBIA)
	4,000,000		1.000			05/18/09		4,000,000
Vanderbilt University CP Series 2009 A
	2,500,000		0.550			04/13/09		2,500,000
							$	75,332,059
Texas—14.2%
Cypress-Fairbanks ISD GO VRDN Putters Series 2008-3084Z (PSF-GTF) (JPMorgan Chase & Co. SPA) (VMIG1)(a)
$	2,500,000		0.670	%		03/05/09	$	2,500,000
Dallas Area Rapid Transit Sales Tax VRDN RB ROCS-RR-II R-11716 Series 2009 (Citibank N.A.) (A-1+)(a)
	1,500,000		0.680			03/05/09		1,500,000
Dallas Waterworks & Sewer Systems RB Series 2005 (AAA/Aa2)
	2,500,000		5.000			10/01/09		2,548,586
Denton ISD GO VRDN Putters Series 2008-2765 (PSF-GTD) (JPMorgan Chase & Co. SPA) (A-1)(a)
	630,000		0.670			03/05/09		630,000
Eagle Mountain and Saginaw ISD GO VRDN Floater Certificates Series 2008 53C (PSF-GTD) (Wells Fargo & Co. SPA) (F1+)(c)
	2,770,000		1.000			07/23/09		2,770,000
Fort Bend ISD GO VRDN Series 2008 25C-1 3C7 (PSF-GTD) (Wells Fargo & Co. SPA) (F1+)(a)
	9,905,000		1.000			07/23/09		9,905,000
Garland CP Series 2009 (Bank of America N.A. SPA)
	1,000,000		0.700			07/07/09		1,000,000
Harris County Flood Control District GO VRDN ROCS-RR-II R-11313 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	760,000		0.680			03/05/09		760,000
Harris County GO VRDN ROCS-RR-II R-10360 Series 2009 (Citibank N.A.) (A-1)(a)
	3,000,000		0.680			03/05/09		3,000,000

The accompanying notes are an integral part of these financial statements.

28

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
Harris County Metropolitan Transit Authority CP Series 2009 A (Compass Bank and JPMorgan Chase & Co. SPA)
$	6,000,000		0.500	%		03/02/09	$	6,000,000
Houston GO Bonds Refunding and Public Improvement Series 1999 A (AA/Aa3)
	2,000,000		5.250			03/01/09		2,000,164
Houston GO CP Series 2009 E-1 (Banco Bilbao Vizcaya SPA)
	4,500,000		0.600			04/01/09		4,500,000
	600,000		0.650			04/01/09		600,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Eagle Series 2007-0077 A (Citibank N.A. SPA) (A-1)(a)
	3,430,000		0.670			03/05/09		3,430,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Floaters Series 2007-2042 (Wells Fargo Bank N.A. SPA) (VMIG1)(c)
	3,300,000		1.000			08/13/09		3,300,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Project Series 2008 B (A-1+/VMIG1)
	1,760,000		0.600			03/02/09		1,760,000
Houston Utility Systems VRDN RB Refunding First Lien Series 2008 A-1 (Bank of America N.A. LOC) (A-1+/VMIG1)
	2,500,000		0.650			03/05/09		2,500,000
Longview ISD GO VRDN Putters Series 2008-3059 (PSF-GTD) (JPMorgan Chase Bank SPA) (A-1)(a)
	2,295,000		0.670			03/05/09		2,295,000
Lower Colorado River Authority VRDN RB Putters Series 2008-2994 (BHAC) (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,710,000		0.750			03/05/09		2,710,000
Lubbock Health Facilities Development Corp. VRDN RB Refunding for St. Joseph Health Systems Series 2008 A (A-1+/VMIG1)
	3,955,000		0.450			03/05/09		3,955,000
North East ISD Eclipse Funding Trust GO VRDN Solar Eclipse Series 2007-0101 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+)(a)
	1,000,000		0.520			03/05/09		1,000,000
Plano GO VRDN Floater Series 2007-1862 (Wells Fargo & Co. SPA) (VMIG1)(a)
	2,915,000		0.620			03/05/09		2,915,000
Rice University CP Series 2008 (A-1)
	1,000,000		0.900			03/02/09		1,000,000
	1,200,000		0.800			03/03/09		1,200,000
San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-2957 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	1,780,000		0.600			03/05/09		1,780,000
San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-3247 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	2,730,000		0.600			03/05/09		2,730,000
San Antonio Electric & Gas Systems VRDN RB Systems Junior Lien Series 2003 (Bank of America N.A. SPA) (A-1+/VMIG1)
	5,350,000		0.600			03/04/09		5,350,000
San Antonio IDA GO VRDN ROCS-RR-II R-10333 Series 2009 (PSF—GTD) (Citibank N.A. SPA) (A-1)(a)
	2,000,000		0.680			03/05/09		2,000,000
Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Refunding for Scott and White Memorial Hospital Series 2008 A (Bank of America N.A. LOC) (A-1+/VMIG1)
	1,900,000		0.550			03/05/09		1,900,000
Texas Municipal Power Authority CP Series 2005 (Bayerische Landesbank and Bank of America N.A. LOC)
	8,955,000		0.350			03/02/09		8,955,000
	12,000,000		0.650			03/04/09		12,000,000
	2,000,000		0.500			04/07/09		2,000,000
Texas State Austin Trust Certificates VRDN GO Series 2008-1147 (Bank of America N.A. SPA) (A-1+)(a)
	5,000,000		0.620			03/05/09		5,000,000
Texas State GO Bonds Refunding for Public Finance Authority Series 2008 A (AA/Aa1)
	2,250,000		5.000			10/01/09		2,293,865
Texas State Public Finance Authority CP Series 2002
	1,200,000		0.530			07/28/09		1,200,000
Texas State Public Finance Authority CP Series 2002 (A-1+/P-1)
	1,100,000		0.650			03/23/09		1,100,000
Texas State Public Finance Authority CP Series 2003 C
	1,550,000		0.400			04/01/09		1,550,000
	1,800,000		0.500			08/24/09		1,800,000
Texas State Public Finance Authority GO CP Series 2009
	500,000		0.550			06/11/09		500,000
Texas State TRANS Series 2008 (SP-1+/MIG1)
	26,300,000		3.000			08/28/09		26,480,616
Texas State Transportation Commission Austin Trust Certificates GO VRDN Series 2007-1026 (Bank of America N.A. SPA) (A-1+)(a)
	3,000,000		0.620			03/05/09		3,000,000
Texas State Transportation Commission State Highway Fund VRDN RB First Tier Series 2006 B (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
	700,000		0.590			03/04/09		700,000
Texas State Transportation GO VRDN Floaters Series 2007-2043 (Wells Fargo Bank N.A. SPA) (F1+)(c)
	1,270,000		1.000			08/13/09		1,270,000
Texas Technical University CP Series 2008 A-1 (A-1+/P-1)
	2,529,000		1.050			04/01/09		2,529,000
Texas Technical University CP Series 2009 A-1
	1,000,000		0.400			03/05/09		1,000,000
Texas Water Development Board Austin Trust Certificates VRDN RB Series 2008-1173 (Bank of America N.A. SPA) (A-1+)
	1,500,000		0.620			03/05/09		1,500,000
University of Texas CP Series 2008 (A-1+/P-1)
	5,000,000		1.600			03/02/09		5,000,000

The accompanying notes are an integral part of these financial statements.

29

Schedule of Investments
ILA Tax-Exempt Diversified Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
University of Texas CP Series 2009
$	4,576,000		0.450	%		05/18/09	$	4,576,000
	1,000,000		0.500			06/11/09		1,000,000
	4,000,000		0.500			07/28/09		4,000,000
	3,500,000		0.500			08/24/09		3,500,000
University of Texas Permanent University Fund VRDN RB ROCS-RR-II R-11290 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	1,000,000		0.680			03/05/09		1,000,000
University of Texas Permanent University Fund VRDN RB Series 2007-1574 (Rabobank Netherland SPA) (F1+)(a)
	4,987,500		0.670			03/05/09		4,987,500
University of Texas VRDN RB Financing System Series 2008 B (A-1+/VMIG1)
	1,550,000		0.350			03/05/09		1,550,000
University of Texas VRDN RB ROCS-RR-II R-11077 Series 2007 (Citibank N.A. SPA) (A-1)(a)
	4,090,000		0.680			03/05/09		4,090,000
University of Texas VRDN RB Refunding Financing System Series 2007 B (A-1+/VMIG1)
	9,845,000		0.300			03/05/09		9,845,000
	3,000,000		0.400			03/05/09		3,000,000
Waco Texas Educational Finance Corp. VRDN RB for Baylor University Series 2008 B (JPMorgan Chase & Co. SPA) (A-1+)
	1,465,000		0.530			03/04/09		1,465,000
							$	194,430,731
Utah—1.8%
Jordan School District GO Bonds for Utah School Bond Guaranty Program Series 2007 (State of Utah SPA) (Aaa)
$	500,000		4.000	%		06/15/09	$	503,265
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 C (A-1+)
	2,500,000		0.650			03/02/09		2,500,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D (A-1+)
	1,200,000		0.650			03/02/09		1,200,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2005 C (Northern Trust Co. SPA) (A-1+/VMIG1)
	2,700,000		0.600			03/02/09		2,700,000
Riverton Hospital Revenue VRDN RB for IHC Health Services, Inc. Putters Series 2007-1762 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	5,000,000		0.600			03/05/09		5,000,000
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	5,000,000		0.480			03/05/09		5,000,000
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	5,800,000		0.530			03/05/09		5,800,000
Weber County Hospital VRDN RB for IHC Health Services Series 2000 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	1,620,000		0.650			03/02/09		1,620,000
Weber County Hospital VRDN RB for IHC Health Services Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	700,000		0.650			03/02/09		700,000
							$	25,023,265
Virginia—1.9%
Arlington County Public Improvement GO Bonds Series 2007 (AAA/Aaa)
$	1,000,000		5.000	%		03/15/09	$	1,001,314
Fairfax County Economic Development Authority VRDN RB for Smithsonian Institution Series 2003 B (Bank of America N.A. SPA) (A-1+/VMIG1)
	900,000		0.430			03/05/09		900,000
Fairfax County IDA VRDN RB for Inova Health System Project Series 2005 A-2 (A-1/VMIG1)
	8,040,000		0.540			03/04/09		8,040,000
Fairfax County IDA VRDN RB for Inova Health System Project Series 2008 C-2 (A-1+/VMIG1)
	6,490,000		1.600			04/20/09		6,490,000
Loudoun County IDA VRDN RB for Howard Hughes Medical Series 2003 E (A-1+/VMIG1)
	4,000,000		0.420			03/04/09		4,000,000
Loudoun County IDA VRDN RB for Howard Hughes Medical Series 2003 F (A-1+/VMIG1)
	1,875,000		0.420			03/04/09		1,875,000
Virginia College Building Authority Educational Facilities RB for 21st Century College & Equipment Series 2008 A (AA+/Aa1)
	500,000		5.000			02/01/10		519,468
Virginia Small Business Financing Authority Hospital VRDN RB for Carilion Clinic Obligation Series 2008 B (Bank of America N.A. SPA) (VMIG1)
	1,950,000		0.600			03/02/09		1,950,000
Virginia State Public School Authority RB Refunding School Financing 1997 Series 2003 D (AA+/Aa1)
	550,000		5.000			02/01/10		570,634
Virginia State Resources Authority Clean Water RB Refunding Subordinated State Revolving Fund Series 2005 (AAA/Aaa)
	1,000,000		5.000			10/01/09		1,016,722
							$	26,363,138
Washington—2.1%
Energy Northwest Electric VRDN RB Refunding Project No. 3 Series 2003 E (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
$	6,825,000		0.480	%		03/04/09	$	6,825,000

The accompanying notes are an integral part of these financial statements.

30

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Washington (continued)
King County CP Series 2008 (Bayerische Landesbank SPA) (A-1/P-1)
$	2,000,000		0.950	%		03/19/09	$	2,000,000
King County GO Bonds Refunding Series 2003 (AAA/Aaa)
	500,000		5.000			06/01/09		504,198
King County Sewer System VRDN RB Junior Lien Series 2001 A (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	1,300,000		0.450			03/04/09		1,300,000
King County Sewer System VRDN RB Junior Lien Series 2001 B (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	4,600,000		0.400			03/04/09		4,600,000
Washington State GO Bonds for Motor Vehicle Fuel Tax Series 2009 D (AA+/Aa1)
	2,680,000		2.500			02/01/10		2,724,195
Washington State GO VRDN ROCS-RR-II R-12023 Series 2007 (Citibank N.A. SPA) (VMIG1)(a)
	4,180,000		0.730			03/05/09		4,180,000
Washington State GO VRDN Series 1996 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	5,300,000		0.500			03/04/09		5,300,000
Washington State Health Austin Trust Certificates VRDN RB Series 2008-1180 (Bank of America N.A. SPA) (VMIG1)(a)
	1,000,000		0.620			03/05/09		1,000,000
							$	28,433,393
Wisconsin—1.1%
Milwaukee GO Promissory Notes Series 2009 N1 (AA/Aa2)
$	3,400,000		2.500	%		02/15/10	$	3,461,825
Wisconsin Health System Sisters Hospital CP Series 2003 B (FSA)
	4,300,000		1.500			05/18/09		4,300,000
	5,800,000		1.500			05/19/09		5,800,000
Wisconsin Health System Sisters Hospital CP Series 2009
	1,000,000		0.400			04/03/09		1,000,000
							$	14,561,825
Total Investments—100.0%							$	1,364,791,537
Liabilities in Excess of Other Assets—0.0%								(557,258	)
Net Assets—100.0%							$	1,364,234,279

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2009, these securities amounted to $234,457,500 or approximately 17.2% of net assets.
(b)	All or a portion represents a forward commitment.
(c)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At February 28, 2009, these securities amounted to $10,140,000 or approximately 0.7% of net assets.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities or the prerefunded date for those types of securities.

Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service/Fitch. A description of the ratings is available in the Portfolio’s Statement of Additional Information.

Investment Abbreviations:
BANS	—	Bond Anticipation Notes
BHAC	—	Berkshire Hathaway Assurance Corp.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
DOT	—	Department of Transportation
FNMA	—	Insured by Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance Co.
GO	—	General Obligation
GTD	—	Guaranteed
IDA	—	Industrial Development Authority
IDB	—	Industrial Development Bond
ISD	—	Independent School District
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investors Assurance
MF Hsg.	—	Multi-Family Housing
PCRB	—	Pollution Control Revenue Bond
PSF	—	Guaranteed by Permanent School Fund
PSF-GTD	—	Guaranteed by Permanent School Fund
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RMKT	—	Remarketed
SPA	—	Stand-by Purchase Agreement
TANS	—	Tax Anticipation Notes
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

The accompanying notes are an integral part of these financial statements.

31

Schedule of Investments
ILA Tax-Exempt New York Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York—99.8%
Buffalo Municipal Water Finance Authority Water System VRDN RB Refunding Series 2008 (JPMorgan Chase & Co. LOC) (A-1+)
$	4,020,000		0.500	%		03/04/09	$	4,020,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 1A RMKT (Bayerische Landesbank and Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
	14,100,000		0.580			03/04/09		14,100,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 2B (Bayerische Landesbank LOC) (A-1+/VMIG1)
	3,250,000		0.520			03/02/09		3,250,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 3B RMKT (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	1,700,000		0.480			03/02/09		1,700,000
Metropolitan Transportation Authority VRDN RB Dedicated Tax Fund Refunding Series 2008 Subseries B-1 (Bank of Nova Scotia LOC) (A-1+)
	2,300,000		0.350			03/05/09		2,300,000
Metropolitan Transportation Authority VRDN RB Putters Series 2008-3005 (BHAC) (JPMorgan Chase & Co. SPA)(a)
	3,555,000		0.750			03/05/09		3,555,000
Metropolitan Transportation Authority VRDN RB Series 2008 Subseries G-1 RMKT (Bank of Nova Scotia LOC) (VMIG1)
	14,450,000		0.450			03/05/09		14,450,000
Nassau County GO RANS Series 2008 B (SP-1+/MIG1)
	15,000,000		3.000			05/15/09		15,042,564
Nassau County GO TANS Series 2008 (SP-1+/MIG1)
	10,000,000		2.000			09/30/09		10,069,560
New York City GO Bonds Fiscal 2008 Series 2007 Subseries C-1 (AA/Aa3)
	2,960,000		4.250			10/01/09		3,001,548
New York City GO Bonds Series 2002 E (AA/Aa3)
	2,620,000		5.250			08/01/09		2,653,624
New York City GO Bonds Series 2002 F (AA/Aa3)
	2,000,000		5.250			08/01/09		2,030,204
New York City GO Bonds Series 2004 G (AA/Aa3)
	1,000,000		5.000			08/01/09		1,018,073
New York City GO VRDN Series 1996 Subseries J-2 RMKT (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	2,300,000		0.560			03/04/09		2,300,000
New York City GO VRDN Series 2002 Subseries C-4 (BNP Paribas LOC) (A-1+/VMIG1)
	3,580,000		0.480			03/04/09		3,580,000
New York City GO VRDN Series 2003 Subseries G-3 (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	4,955,000		0.400			03/04/09		4,955,000
New York City GO VRDN Series 2004 Subseries H-2 (Bank of New York LOC) (A-1+/VMIG1)
	1,195,000		0.480			03/04/09		1,195,000
New York City GO VRDN Series 2004 Subseries H-4 (Bank of New York LOC) (A-1+/VMIG1)
	900,000		0.480			03/02/09		900,000
New York City Health & Hospital Corp. VRDN RB Health Systems Series 2008 B (GO of Corp.) (TD Banknorth LOC) (A-1+/VMIG1)
	2,000,000		0.350			03/04/09		2,000,000
New York City Health & Hospital Corp. VRDN RB Health Systems Series 2008 C (GO of Corp.) (TD Banknorth LOC) (A-1+/VMIG1)
	2,670,000		0.470			03/04/09		2,670,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA) (A-1+)
	1,800,000		0.480			03/04/09		1,800,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA) (A-1+)
	6,715,000		0.480			03/04/09		6,715,000
New York City IDA Civic Facility VRDN RB ROCS RR II R-11558 Series 2008 (BHAC) (Citibank N.A.) (A-1)(a)
	2,700,000		0.730			03/05/09		2,700,000
New York City Municipal Water Finance Authority Austin Trust Certificates VRDN RB Series 2007-1038 (Bank of America N.A. SPA) (A-1+)(a)
	1,548,000		0.570			03/05/09		1,548,000
New York City Municipal Water Finance Authority CP Series 2009 (Bayerische Landesbank and Westdeutsche Landesbank AG SPA)
	2,000,000		0.300			03/09/09		2,000,000
	5,000,000		0.300			03/13/09		5,000,000
New York City Municipal Water Finance Authority CP Series 5 A (Bayerische Landesbank and Westdeutsche Landesbank AG SPA) (A-1+)
	2,000,000		0.400			03/12/09		2,000,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-3026 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	1,780,000		0.580			03/05/09		1,780,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB ROCS RR II R-406 Series 2005 (Citibank N.A. SPA) (A-1)(a)
	240,000		0.670			03/05/09		240,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Second General Resolution Series 2006 CC-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	2,500,000		0.800			03/02/09		2,500,000
New York City Municipal Water Finance Authority Water & Sewer VRDN RB Series 2008 Subseries B-4 (BNP Paribas SPA) (A-1+/VMIG1)
	5,075,000		0.460			03/05/09		5,075,000
New York City Transitional Finance Authority RB Future Tax Secured Series 2000 B (AAA/Aa1)
	1,000,000		5.750			11/15/09		1,026,925

The accompanying notes are an integral part of these financial statements.

32

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
New York City Transitional Finance Authority RB Subordinated Future Tax Secured Series 2006 Subseries A-1 (AAA/Aa2)
$	5,440,000		5.000	%		08/01/09	$	5,530,042
New York City Transitional Finance Authority RB Unrefunded Balance Future Tax Secured Series 1998 A (AAA/Aa1)
	3,685,000		5.000			05/15/09		3,742,701
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	1,400,000		0.510			03/04/09		1,400,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3E (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	6,200,000		0.550			03/02/09		6,200,000
New York City Transitional Finance Authority VRDN RB Series 2001 N-11 Reg. D (Citibank N.A.) (VMIG1)(a)
	3,500,000		0.670			03/05/09		3,500,000
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT (VMIG1)
	18,100,000		0.300			03/05/09		18,100,000
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT (VMIG1)
	1,000,000		0.300			03/05/09		1,000,000
New York City Trust Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase & Co. SPA) (A-1+)
	7,775,000		0.430			03/05/09		7,775,000
New York City Trust Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2008 A1 (Bank of America N.A. SPA) (A-1+/VMIG1)
	11,700,000		0.400			03/02/09		11,700,000
New York State Dormitory Authority Austin Trust Certificates VRDN RB Series 2008-1195 (Bank of America N.A. SPA) (A-1+)(a)
	10,000,000		0.570			03/05/09		10,000,000
New York State Dormitory Authority for Columbia University CP Series 2002 C (A-1+)
	2,000,000		0.600			07/28/09		2,000,000
New York State Dormitory Authority for Cornell University CP Series 2009
	15,000,000		0.350			03/18/09		15,000,000
New York State Dormitory Authority for Memorial Sloan-Kettering Hospital VRDN RB Putter Series 2008-3171 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	10,455,000		0.580			03/05/09		10,455,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Columbia University Series 2003 B RMKT (A-1+/VMIG1)
	4,800,000		0.300			03/05/09		4,800,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2005 A Convertible (A-1+)
	10,860,000		0.300			03/05/09		10,860,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2005 A2 Convertible (A-1+)
	8,300,000		0.300			03/05/09		8,300,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for University of Rochester Series 2006 A-1 RMKT (Bank of America N.A. LOC) (VMIG1)
	4,000,000		0.510			03/04/09		4,000,000
New York State Dormitory Authority RB for Mental Health Services Facilities Series 2003 D-1 (AA-)
	2,255,000		5.000			02/15/10		2,329,881
New York State Dormitory Authority RB for Personal Income Tax Series 2003 A (AAA/Aa3)
	1,450,000		5.000			03/15/09		1,452,048
New York State Dormitory Authority RB for Personal Income Tax State Facilities and Equipment Series 2006 B (AAA)
	2,695,000		5.000			03/15/09		2,698,583
New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (HSBC Bank USA N.A. SPA) (A-1+/VMIG1)
	500,000		0.300			03/05/09		500,000
New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A. LOC) (A-1+/VMIG1)
	6,700,000		0.550			03/02/09		6,700,000
New York State Dormitory Authority VRDN RB for Columbia University Putter Series 2009-3304 (JPMorgan Chase & Co.) (VMIG1)(a)
	3,000,000		0.580			03/05/09		3,000,000
New York State Dormitory Authority VRDN RB for Mental Health Services Facilities Series 2003 Subseries D-2G (Bank of Nova Scotia SPA) (A-1+)
	1,100,000		0.530			03/05/09		1,100,000
New York State Dormitory Authority VRDN RB for Metropolitan Museum of Art Series 1993 A (A-1+/VMIG1)
	2,035,000		0.250			03/04/09		2,035,000
New York State Dormitory Authority VRDN RB for Metropolitan Museum of Art Series 1993 B (A-1+/VMIG1)
	2,890,000		0.250			03/04/09		2,890,000
New York State Dormitory Authority VRDN RB Putters Series 2008-3209 (JPMorgan Chase & Co. SPA) (A-1+)
	7,155,000		0.580			03/05/09		7,155,000
New York State Dormitory Authority VRDN RB Secondary Issues Eagle Series 2007-0096 Class A (Citibank N.A. SPA) (A-1)(a)
	885,000		0.660			03/05/09		885,000

The accompanying notes are an integral part of these financial statements.

33

Schedule of Investments
ILA Tax-Exempt New York Portfolio (continued)
February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
New York State Dormitory Authority VRDN RB Secondary Issues for Columbia University Trust Receipts Series 2006 K1 Reg. D (Citibank N.A. SPA) (VMIG1)(a)
$	8,535,000		0.670	%		03/05/09	$	8,535,000
New York State Dormitory Authority VRDN RB Secondary Issues ROCS RR II R-11535 Series 2008 (Citibank N.A.) (A-1)(a)
	2,270,000		0.670			03/05/09		2,270,000
New York State Dormitory Authority VRDN RB Secondary Issues Series 2007-1861 (Wells Fargo Bank) (A-1)(a)
	3,545,000		0.620			03/05/09		3,545,000
New York State Environmental Clean Water VRDN RB Putters Series 2008-3195Z (JP Morgan Chase & Co. SPA) (VMIG1)(a)
	1,295,000		0.700			03/02/09		1,295,000
New York State Environmental Facilities GO CP Series 1998 A (JPMorgan Chase & Co., Bayerische Landesbank and Landesbank Hessen-Thuringen LOC) (A-1)
	2,000,000		1.000			04/01/09		2,000,000
New York State Environmental Quality Facilities GO VRDN Series 1998 G (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	5,500,000		1.500			03/05/09		5,500,000
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 I (Landesbank Hessen-Thueringen LOC) (A-1+)
	500,000		0.580			03/04/09		500,000
New York State Housing Finance Agency VRDN RB 100 Maiden Lane Series 2004 A RMKT (FNMA) (VMIG1)
	8,900,000		0.550			03/04/09		8,900,000
New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (VMIG1)
	1,100,000		0.480			03/04/09		1,100,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA) (VMIG1)
	11,600,000		0.480			03/04/09		11,600,000
New York State Housing Finance Agency VRDN RB for Historic Front Street Housing Series 2003 A (Bank of New York LOC) (VMIG1)
	5,000,000		0.520			03/04/09		5,000,000
New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA) (VMIG1)
	6,000,000		0.430			03/04/09		6,000,000
New York State Housing Finance Agency VRDN RB for Tribeca Green Housing Series 2003 A (Landesbank Hessen-Thueringen LOC) (VMIG1)
	5,795,000		0.550			03/04/09		5,795,000
New York State Local Government Assistance Corp. RB Refunding Subordinated Lien Series 2003 A-2 (AAA/Aa3)
	2,945,000		5.000			04/01/09		2,953,563
New York State Local Government Assistance Corp. RB Series 2008 C (AAA)
	2,540,000		4.000			04/01/09		2,545,342
New York State Local Government Assistance Corp. VRDN RB Series 1993 A (Bayerische Landesbank and Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	6,725,000		0.530			03/04/09		6,725,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 B (Bank of Nova Scotia LOC) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	4,400,000		0.300			03/04/09		4,400,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	1,700,000		0.300			03/04/09		1,700,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 G (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	1,900,000		0.470			03/04/09		1,900,000
New York State Thruway Authority General Highway & Bridge Trust Fund RB Series 2008 B (AA)
	6,120,000		3.000			04/01/09		6,127,339
New York State Thruway Authority RB for Bridge Service Contract Refunding Series 2008 (AA-)
	1,600,000		4.000			04/01/09		1,602,805
New York State Thruway Authority Service Contract RB for Local Highway & Bridge Series 2002 (AA-/A1)
	1,500,000		5.250			04/01/09		1,503,927
Port Authority of New York & New Jersey VRDN RB Putters Series 1546 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	1,405,000		0.580			03/05/09		1,405,000
Port Authority of New York & New Jersey VRDN RB Putters Series 2008-3095 (JPMorgan Chase Bank) (VMIG1)(a)
	4,445,000		0.580			03/05/09		4,445,000
Port Authority of New York & New Jersey VRDN RB ROCS RR II R-664 Series 2006 (Citibank N.A.) (F1+)(a)
	3,660,000		0.670			03/05/09		3,660,000
Suffolk County GO TANS Series 2009 (SP-1+/MIG1)
	10,000,000		1.750			08/13/09		10,042,900
Tompkins County IDA VRDN RB for Cornell University Civic Facility Series 2002 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	4,900,000		0.450			03/05/09		4,900,000
Triborough Bridge & Tunnel Authority Austin Trust Certificates VRDN RB Series 2008-1188 (Bank of America N.A. SPA) (A-1+)(a)
	3,000,000		0.570			03/05/09		3,000,000
Triborough Bridge & Tunnel Authority RB for Convention Center Project Series 1990 E (AA-/A1)
	2,935,000		7.250			01/01/10		3,066,279
Triborough Bridge & Tunnel Authority RB Series 2008 C (AA-/Aa2)
	7,500,000		4.000			11/15/09		7,680,597
Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2008-2763 (JPMorgan Chase & Co. SPA) (A-1/VMIG1)(a)
	6,165,000		0.580			03/05/09		6,165,000

The accompanying notes are an integral part of these financial statements.

34

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2008-3093 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
$	5,775,000		0.580	%		03/05/09	$	5,775,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (Bank of America N.A. SPA) (A-1+/VMIG1)
	3,475,000		0.620			03/05/09		3,475,000
							$	427,396,505
Total Investments—99.8%							$	427,396,505
Other Assets in Excess of Liabilities—0.2%								792,819
Net Assets—100.0%							$	428,189,324

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

^(a) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2009, these securities amounted to $77,758,000 or approximately 18.2% of net assets.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.

Securities ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited. A description of the ratings is available in the Portfolio’s Statement of Additional Information.

Investment Abbreviations:

AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Berkshire Hathaway Assurance Corp.
CP	—	Commercial Paper
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
IDA	—	Industrial Development Authority
LOC	—	Letter of Credit
MF Hsg.	—	Multi-Family Housing
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
TANS	—	Tax Anticipation Notes
VRDN	—	Variable Rate Demand Notes

The accompanying notes are an integral part of these financial statements.

35

Schedule of Investments
ILA Treasury Instruments Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—100.0%
United States Treasury Bills
$	29,000,000		0.075	%		03/05/09	$	28,999,758
	13,000,000		0.090			03/05/09		12,999,870
	12,700,000		0.110			03/05/09		12,699,845
	12,500,000		0.120			03/05/09		12,499,833
	12,500,000		0.125			03/05/09		12,499,826
	4,000,000		0.130			03/05/09		3,999,942
	108,500,000		0.140			03/05/09		108,498,312
	100,000,000		0.085			03/12/09		99,997,403
	22,800,000		0.110			03/12/09		22,799,234
	3,000,000		0.235			03/12/09		2,999,785
	8,000,000		0.245			03/12/09		7,999,401
	150,000,000		0.250			03/12/09		149,988,542
	3,000,000		0.265			03/12/09		2,999,757
	105,000,000		0.100			03/19/09		104,994,750
	6,000,000		0.125			03/19/09		5,999,625
	10,000,000		0.135	(a)		03/19/09		9,999,362
	11,000,000		0.140	(a)		03/19/09		10,999,273
	11,000,000		0.170			03/19/09		10,999,065
	45,000,000		0.230			03/19/09		44,994,825
	7,000,000		0.245			03/19/09		6,999,142
	72,000,000		0.250			03/19/09		71,991,000
	39,000,000		0.255			03/19/09		38,995,027
	144,800,000		0.205			03/26/09		144,779,267
	61,900,000		0.180			04/09/09		61,887,929
	5,000,000		0.190			04/09/09		4,998,971
	5,900,000		0.520			05/15/09		5,893,608
	28,000,000		0.530			05/15/09		27,969,083
	14,900,000		0.535			05/15/09		14,883,393
	30,000,000		0.550			05/15/09		29,965,625
	2,000,000		0.560			05/15/09		1,997,667
	4,700,000		0.930			05/15/09		4,690,894
	11,000,000		0.300			05/21/09		10,992,575
	56,800,000		0.840			05/21/09		56,692,648
	3,000,000		0.265			05/28/09		2,998,057
	7,000,000		0.275			05/28/09		6,995,294
	4,000,000		0.295			05/28/09		3,996,788
	15,000,000		0.300			05/28/09		14,988,467
	26,000,000		0.313	(a)		06/04/09		25,979,462
	4,800,000		0.380			06/04/09		4,795,187
	20,000,000		0.400			06/04/09		19,978,889
	10,000,000		0.415			06/04/09		9,989,049
	30,000,000		0.425			06/04/09		29,966,354
	30,000,000		0.430			06/04/09		29,965,958
	16,000,000		0.380			07/02/09		15,979,227
	11,000,000		0.390			07/02/09		10,985,342
	7,000,000		0.315			07/09/09		6,992,038
	27,000,000		0.470			08/20/09		26,939,370
	20,000,000		0.645			11/19/09		19,905,758
Total Investments—100.0%							$	1,380,160,477
Liabilities in Excess of Other Assets—0.0%								(275,158	)
Net Assets—100.0%							$	1,379,885,319

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

^(a) All or a portion represents a forward commitment.

Interest rates represent the annualized yield on date of purchase for discounted securities.

The accompanying notes are an integral part of these financial statements.

36

Schedule of Investments
ILA Treasury Obligations Portfolio

February 28, 2009 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—23.6%
United States Treasury Bills
$	61,200		1.320	%		04/30/09	$	61,065
	100,000		0.520			05/15/09		99,892
	1,000,000		0.530			05/15/09		998,896
	600,000		0.535			05/15/09		599,331
	1,500,000		0.550			05/15/09		1,498,281
	2,000,000		0.930			05/15/09		1,996,125
	6,000,000		0.965			05/15/09		5,987,938
	2,100,000		0.990			05/15/09		2,095,669
	6,500,000		1.010			05/15/09		6,486,323
	5,000,000		0.300			05/21/09		4,996,625
	2,500,000		0.320			05/21/09		2,498,200
	1,000,000		0.275			05/28/09		999,328
	4,500,000		0.300			05/28/09		4,496,470
	7,000,000		0.313	(a)		06/04/09		6,994,470
	3,000,000		0.400			06/04/09		2,996,833
	200,000		0.410			06/04/09		199,784
	2,000,000		0.415			06/04/09		1,997,810
	7,000,000		0.425			06/04/09		6,992,149
	24,000,000		0.430			06/04/09		23,972,767
	2,000,000		0.380			07/02/09		1,997,403
	6,000,000		0.390			07/02/09		5,992,005
	17,000,000		1.330			07/02/09		16,922,749
	11,000,000		0.315			07/09/09		10,987,488
	29,000,000		0.375			08/06/09		28,952,271
	36,000,000		0.400			08/06/09		35,936,800
	4,000,000		0.430			08/13/09		3,992,117
	10,000,000		0.470			08/20/09		9,977,544
	20,000,000		0.645			11/19/09		19,905,758
	20,000,000		0.705			12/17/09		19,886,025
	10,000,000		0.610			02/11/10		9,941,203
Total Investments Before Repurchase Agreements							$	240,459,319
Repurchase Agreements(b)—76.4%
Barclays Capital, Inc.
$	55,000,000		0.190	%		04/09/09	$	55,000,000
Maturity Value: $55,026,125
Settlement Date: 01/09/09
Collateralized by U.S. Treasury Note, 3.125%, due 09/30/13. The market value of the collateral, including accrued interest, was $56,100,061.
Joint Repurchase Agreement Account I
	666,600,000		0.252			03/02/09		666,600,000
Maturity Value: $666,613,999
UBS Securities LLC
	54,900,000		0.230	%		03/02/09		54,900,000
Maturity Value: $54,901,052
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/09 to 08/15/16. The aggregate market value of the collateral, including accrued interest, was $55,998,387.
Total Repurchase Agreements							$	776,500,000
Total Investments—100.0%							$	1,016,959,319
Liabilities in Excess of Other Assets—0.0%								(283,417	)
Net Assets—100.0%							$	1,016,675,902

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)	All or a portion represents a forward commitment.
(b)	Unless noted, all repurchase agreements were entered into on February 27, 2009. Additional information on Joint Repurchase Agreement Account I appears on page 38.

Interest rates represent the annualized yield on date of purchase for discounted securities.

The accompanying notes are an integral part of these financial statements.

37

Schedule of Investments
ILA Portfolios

February 28, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Joint Repurchase Agreement Account I—At February 28, 2009, the Treasury Obligations Portfolio had an undivided interest in the following Joint Repurchase Agreement Account I which equaled $666,600,000 in principal amount.

Repurchase Agreements
	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	400,000,000		0.25	%		03/02/09	$	400,008,333
Banc of America Securities LLC		900,000,000		0.26			03/02/09		900,019,500
Barclays Capital, Inc.		3,561,900,000		0.26			03/02/09		3,561,977,174
Citigroup Global Markets, Inc.		1,000,000,000		0.25			03/02/09		1,000,020,833
Credit Suisse Securities (USA) LLC		1,500,000,000		0.25			03/02/09		1,500,031,250
Deutsche Bank Securities, Inc.		3,500,000,000		0.25			03/02/09		3,500,072,917
Greenwich Capital Markets		1,000,000,000		0.26			03/02/09		1,000,021,667
JPMorgan Securities		3,493,200,000		0.25			03/02/09		3,493,272,775
Merrill Lynch & Co., Inc.		400,000,000		0.26			03/02/09		400,008,667
UBS Securities LLC		1,000,000,000		0.23			03/02/09		1,000,019,167
UBS Securities LLC		175,000,000		0.25			03/02/09		175,003,646
TOTAL								$	16,930,455,929

At February 28, 2009, the Joint Repurchase Agreement Account I was fully collateralized by Cash, $400,000,000; U.S. Treasury Bills, 0.000%, due 04/23/09 to 06/18/09; U.S. Treasury Bonds, 5.000% to 8.750%, due 08/15/20 to 05/15/37; U.S. Treasury Inflation Protected Securities, 0.625% to 4.250%, due 01/15/10 to 04/15/32; U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/10 to 05/15/18; U.S. Treasury Notes, 1.125% to 13.250%, due 03/31/09 to 11/15/18 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 05/15/09 to 05/15/38. The aggregate market value of the collateral, including accrued interest, was $17,260,722,706.

The accompanying notes are an integral part of these financial statements.

38

ADDITIONAL INVESTMENT INFORMATION (continued)

Joint Repurchase Agreement Account II—At February 28, 2009, certain Portfolios had undivided interests in the Joint Repurchase Agreement Account II, as follows:

	Principal
Portfolio	Amount
Money Market	$	208,400,000
Prime Obligations		260,400,000

Repurchase Agreements
	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	5,600,000,000		0.28	%		03/02/09	$	5,600,130,667
Barclays Capital, Inc.		1,500,000,000		0.25			03/02/09		1,500,031,250
Barclays Capital, Inc.		7,500,000,000		0.27			03/02/09		7,500,168,750
Citigroup Global Markets, Inc.		1,000,000,000		0.29			03/02/09		1,000,024,167
Credit Suisse Securities (USA) LLC		500,000,000		0.25			03/02/09		500,010,416
Credit Suisse Securities (USA) LLC		2,000,000,000		0.28			03/02/09		2,000,046,667
Deutsche Bank Securities, Inc.		1,500,000,000		0.25			03/02/09		1,500,031,250
Deutsche Bank Securities, Inc.		1,475,000,000		0.27			03/02/09		1,475,033,187
Deutsche Bank Securities, Inc.		7,000,000,000		0.29			03/02/09		7,000,169,167
Greenwich Capital Markets		500,000,000		0.29			03/02/09		500,012,083
JPMorgan Securities		2,565,000,000		0.28			03/02/09		2,565,059,850
Merrill Lynch & Co., Inc.		1,000,000,000		0.28			03/02/09		1,000,023,333
Morgan Stanley & Co.		3,075,000,000		0.26			03/02/09		3,075,066,625
UBS Securities LLC		2,275,000,000		0.26			03/02/09		2,275,049,292
TOTAL								$	37,490,856,704

At February 28, 2009, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 1.950% to 6.900%, due 04/01/09 to 01/22/19; Federal Home Loan Bank, 2.650% to 6.270%, due 05/07/09 to 06/02/28; Federal Home Loan Mortgage Corp., 1.250% to 8.000%, due 04/09/09 to 02/01/48; Federal National Mortgage Association, 3.050% to 11.500%, due 04/01/09 to 02/01/49; Government National Mortgage Association, 3.500% to 7.500%, due 12/15/17 to 02/20/39; U.S. Treasury Bills, 0.000%, due 11/19/09 to 12/17/09; U.S. Treasury Bond, 6.250%, due 08/15/23; U.S. Treasury Inflation Protected Security, 3.000%, due 07/15/12; U.S. Treasury Notes, 1.125% to 5.125%, due 11/15/10 to 11/15/18; U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/10. The aggregate market value of the collateral, including accrued interest, was $38,331,216,272.

The accompanying notes are an integral part of these financial statements.

39

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Assets and Liabilities

February 28, 2009 (Unaudited)

			Money			Prime
	Federal		Market			Obligations
	Portfolio		Portfolio			Portfolio
Assets:
Investments in securities, at value based on amortized cost	$	3,416,944,344	$	288,004,256		$	436,730,829
Repurchase agreements, at value based on amortized cost		—		208,400,000			260,400,000
Cash		3,660,953		15,965			34,397
Receivables:
Investment securities sold		15,995,163		—			—
Interest		4,339,508		313,316			603,702
Portfolio units/shares sold		—		47,451			—
Reimbursement from investment adviser		—		12,150			27,480
Other assets		259,618		32,735			61,663
Total assets		3,441,199,586		496,825,873			697,858,071
Liabilities:
Due to Custodian		—		—			—
Payables:
Investment securities purchased		30,999,351		—			—
Amounts owed to affiliates		1,084,825		146,088			238,027
Portfolio units/shares redeemed		—		53,914			—
Dividend distribution		5,697		2,975			5,487
Accrued expenses		539,976		72,573			189,204
Total liabilities		32,629,849		275,550			432,718
Net Assets:
Paid-in capital		3,408,476,731		496,550,323			697,450,043
Undistributed (distributions in excess of) net investment income		25,797		68,267			187,533
Accumulated net realized gain (loss) from investment transactions		67,209		(68,267	)		(212,223	)
Net assets	$	3,408,569,737	$	496,550,323		$	697,425,353
Net asset value, offering and redemption price per unit/share		$1.00		$1.00			$1.00
Net Assets:
ILA Units	$	114,877,153	$	435,314,987		$	50,378,415
ILA Administration Units		2,864,386,589		7,361,587			45,172,678
ILA Service Units		96,166,149		53,872,033			476,718,067
ILA Class B Units		—		—			36,383,253
ILA Class C Units		—		—			59,160,798
ILA Cash Management Shares		333,139,846		1,716			29,612,142
Total Net Assets	$	3,408,569,737	$	496,550,323		$	697,425,353
Units/Shares outstanding $0.001 par value (unlimited number of units/shares authorized):
ILA Units		114,874,018		435,314,987			50,380,198
ILA Administration Units		2,864,308,432		7,361,587			45,174,277
ILA Service Units		96,163,526		53,872,033			476,731,350
ILA Class B Units		—		—			36,384,574
ILA Class C Units		—		—			59,162,415
ILA Cash Management Shares		333,130,755		1,716			29,613,190

The accompanying notes are an integral part of these financial statements.

40

Tax-Exempt			Tax-Exempt			Tax-Exempt			Treasury		Treasury
California			Diversified			New York			Instruments		Obligations
Portfolio			Portfolio			Portfolio			Portfolio		Portfolio
$	527,020,534		$	1,364,791,537		$	427,396,505		$	1,380,160,477	$	240,459,319
	—			—			—			—		776,500,000
	—			—			—			41,733		77,601
	—			95,009			—			46,981,086		6,995,427
	1,862,337			3,938,277			1,250,263			1,788		24,590
	—			220			—			—		—
	887			—			3,892			—		—
	51,308			109,930			38,850			17,008		6,465
	528,935,066			1,368,934,973			428,689,510			1,427,202,092		1,024,063,402
	1,201,928			271,772			291,205			—		—
	—			3,798,969			—			46,978,097		6,994,470
	164,662			428,176			137,989			296,728		309,954
	—			223			—			—		—
	3,639			3,469			213			527		5,691
	64,607			198,085			70,779			41,421		77,385
	1,434,836			4,700,694			500,186			47,316,773		7,387,500
	527,505,230			1,364,209,129			428,159,886			1,379,604,567		1,016,139,719
	—			(2,317	)		(1,934	)		250,441		(29,639	)
	(5,000	)		27,467			31,372			30,311		565,822
$	527,500,230		$	1,364,234,279		$	428,189,324		$	1,379,885,319	$	1,016,675,902
	$1.00			$1.00			$1.00			$1.00		$1.00
$	142,971,405		$	164,095,815		$	79,447,105		$	23,562,586	$	31,907,052
	384,526,033			1,181,310,812			348,665,413			1,178,084,025		295,905,016
	1,756			18,773,063			75,772			115,227,945		503,273,595
	—			—			—			—		—
	—			—			—			—		—
	1,036			54,589			1,034			63,010,763		185,590,239
$	527,500,230		$	1,364,234,279		$	428,189,324		$	1,379,885,319	$	1,016,675,902
	142,960,405			164,067,497			79,440,030			23,557,791		31,889,925
	384,496,445			1,181,107,130			348,634,949			1,177,844,300		295,745,508
	1,756			18,769,824			75,765			115,204,536		503,013,511
	—			—			—			—		—
	—			—			—			—		—
	1,036			54,580			1,034			62,997,940		185,490,775

41

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Operations

	Federal Portfolio
	For the Period
	January 1, 2009 to			For the
	February 28, 2009*			Year Ended
	(Unaudited)			December 31, 2008
Investment income:
Interest income	$	5,209,759		$	74,188,194
Expenses:
Portfolio-Level Expenses:
Management fees		2,038,766			9,897,346
Transfer Agent fees		233,003			1,131,126
Printing fees		29,779			51,314
Professional fees		21,676			80,444
Registration fees		26,599			75,653
Custody and accounting fees		17,903			222,021
Trustee fees		2,771			15,689
Other		264,222			371,469
Subtotal		2,634,719			11,845,062
Class Specific Expenses:
Administration Unit fees		731,522			3,481,776
Service Unit fees		69,901			362,156
Distribution fees—Cash Management Shares		277,226			1,629,245
Cash Management Share fees		277,226			1,629,245
Distribution and Service fees—Class B Units		—			—
Distribution and Service fees—Class C Units		—			—
Total expenses		3,990,594			18,947,484
Less—expense reductions		(364,376	)		(1,424,316	)
Net expenses		3,626,218			17,523,168
Net investment income		1,583,541			56,665,026
Net realized gain (loss) from investment transactions		143,429			704,899
Net increase in net assets resulting from operations	$	1,726,970		$	57,369,925

*  The Portfolios changed their fiscal year end from December 31 to August 31.

The accompanying notes are an integral part of these financial statements.

42

Money Market Portfolio						Prime Obligations Portfolio						Tax-Exempt California Portfolio
For the Period						For the Period						For the Period
January 1, 2009 to			For the			January 1, 2009 to			For the			January 1, 2009 to			For the
February 28, 2009*			Year Ended			February 28, 2009*			Year Ended			February 28, 2009*			Year Ended
(Unaudited)			December 31, 2008			(Unaudited)			December 31, 2008			(Unaudited)			December 31, 2008
$	981,748		$	13,333,422		$	1,402,506		$	21,265,243		$	543,651		$	13,557,493
	274,554			1,633,586			394,401			2,640,470			332,485			2,375,291
	31,378			186,695			45,074			301,768			37,999			271,462
	5,892			20,064			10,387			28,911			7,048			23,570
	12,939			84,232			12,282			82,478			13,207			132,431
	15,560			45,955			43,086			122,639			10,734			29,152
	14,671			68,501			20,272			91,798			13,667			119,233
	2,771			15,689			2,771			15,689			2,771			15,689
	43,040			60,480			61,283			131,844			49,702			83,415
	400,805			2,115,202			589,556			3,415,597			467,613			3,050,243
	1,815			17,443			11,792			112,240			106,617			757,859
	26,055			158,433			303,974			1,809,515			183			925
	1			20			23,236			156,522			1			5
	1			20			23,236			156,522			1			5
	—			—			56,625			295,209			—			—
	—			—			96,191			527,218			—			—
	428,677			2,291,118			1,104,610			6,472,823			574,415			3,809,037
	(29,518	)		(44,499	)		(140,478	)		(222,451	)		(71,932	)		(86,514	)
	399,159			2,246,619			964,132			6,250,372			502,483			3,722,523
	582,589			11,086,803			438,374			15,014,871			41,168			9,834,970
	—			(68,267	)		—			(193,080	)		(5,000	)		137,775
$	582,589		$	11,018,536		$	438,374		$	14,821,791		$	36,168		$	9,972,745

43

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Operations

	Tax-Exempt Diversified Portfolio
	For the Period
	January 1, 2009 to			For the
	February 28, 2009*			Year Ended
	(Unaudited)			December 31, 2008
Investment income:
Interest income—from unaffiliated issuers	$	1,884,752		$	28,583,342
Interest income—from affiliated issuers		—			—
Total investment income		1,884,752			28,583,342
Expenses:
Portfolio-Level Expenses:
Management fees		842,103			4,693,895
Transfer Agent fees		96,241			536,445
Printing fees		21,069			24,161
Professional fees		27,793			119,024
Registration fees		15,698			56,676
Custody and accounting fees		29,043			182,757
Trustee fees		2,771			15,689
Other		115,958			169,808
Subtotal		1,150,676			5,798,455
Class Specific Expenses:
Administration Unit fees		316,210			1,726,464
Service Unit fees		14,076			81,373
Distribution fees—Cash Management Shares		47			2,266
Cash Management Share fees		47			2,266
Total expenses		1,481,056			7,610,824
Less—expense reductions		(17,705	)		(84,964	)
Net expenses		1,463,351			7,525,860
Net investment income (loss)		421,401			21,057,482
Net realized gain from investment transactions		41,588			64,487
Net increase (decrease) in net assets resulting from operations	$	462,989		$	21,121,969

*  The Portfolios changed their fiscal year end from December 31 to August 31.

The accompanying notes are an integral part of these financial statements.

44

Tax-Exempt New York Portfolio						Treasury Instruments Portfolio						Treasury Obligations Portfolio
For the Period						For the Period						For the Period
January 1, 2009 to			For the			January 1, 2009 to			For the			January 1, 2009 to			For the
February 28, 2009*			Year Ended			February 28, 2009*			Year Ended			February 28, 2009*			Year Ended
(Unaudited)			December 31, 2008			(Unaudited)			December 31, 2008			(Unaudited)			December 31, 2008
$	476,827		$	9,277,715		$	751,177		$	14,101,770		$	568,104		$	16,302,679
	—			—			—			—			—			383,688
	476,827			9,277,715			751,177			14,101,770			568,104			16,686,367
	275,442			1,570,854			889,941			4,055,310			553,591			3,205,364
	31,479			179,526			101,708			463,464			62,989			366,448
	5,682			19,255			9,753			25,830			11,474			23,792
	13,208			133,628			16,819			71,855			16,772			72,382
	9,507			23,241			32,009			41,228			650			60,860
	14,649			87,550			24,583			142,522			9,300			124,440
	2,771			15,689			2,771			15,689			2,771			15,689
	36,785			59,639			20,866			172,625			30,546			113,653
	389,523			2,089,382			1,098,450			4,988,523			688,093			3,982,628
	99,023			572,771			331,016			1,241,078			72,850			241,515
	49			343			76,805			1,155,331			293,573			1,865,575
	1			5			51,441			88,142			153,857			1,233,777
	1			5			51,441			88,142			153,857			1,233,777
	488,597			2,662,506			1,609,153			7,561,216			1,362,230			8,557,272
	(57,971	)		(134,365	)		(507,318	)		(296,149	)		(581,341	)		(1,526,708	)
	430,626			2,528,141			1,101,835			7,265,067			780,889			7,030,564
	46,201			6,749,574			(350,658	)		6,836,703			(212,785	)		9,655,803
	31,372			95,250			99,910			3,028,024			586,583			499,185
$	77,573		$	6,844,824		$	(250,748	)	$	9,864,727		$	373,798		$	10,154,988

45

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Changes in Net Assets

	Federal Portfolio
	For the Period
	January 1, 2009 to			For the			For the
	February 28, 2009*			Year Ended			Year Ended
	(Unaudited)			December 31, 2008			December 31, 2007
From operations:
Net investment income	$	1,583,541		$	56,665,026		$	90,351,001
Net realized gain (loss) from investment transactions		143,429			704,899			103,190
Net increase in net assets resulting from operations		1,726,970			57,369,925			90,454,191
Distributions to units/shareholders:
From net investment income:
ILA Units		(96,502	)		(1,944,949	)		(2,296,548	)
ILA Administration Units		(1,446,496	)		(48,077,578	)		(81,827,453	)
ILA Service Units		(16,442	)		(1,656,079	)		(4,876,533	)
ILA Class B Units		—			—			—
ILA Class C Units		—			—			—
ILA Cash Management Shares		(24,101	)		(4,986,420	)		(1,431,565	)
From net realized gains:
ILA Units		(2,775	)		(23,116	)		—
ILA Administration Units		(63,801	)		(575,265	)		—
ILA Service Units		(2,325	)		(22,303	)		—
ILA Cash Management Shares		(7,319	)		(82,130	)		—
Total distributions to unit/shareholders		(1,659,761	)		(57,367,840	)		(90,432,099	)
From units/share transactions (at $1.00 per unit/share):
Proceeds from sales of units/shares		600,524,213			5,493,454,019			4,066,200,277
Proceeds received in connection with merger		—			—			—
Reinvestment of distributions		1,633,444			55,965,563			88,111,960
Cost of units/shares redeemed		(749,855,494	)		(4,284,143,450	)		(3,845,299,187	)
Net increase (decrease) in net assets resulting from units/share transactions		(147,697,837	)		1,265,276,132			309,013,050
Net increase (decrease)		(147,630,628	)		1,265,278,217			309,035,142
Net assets:
Beginning of period		3,556,200,365			2,290,922,148			1,981,887,006
End of period	$	3,408,569,737		$	3,556,200,365		$	2,290,922,148
Undistributed net investment income	$	25,797		$	25,797		$	70,133

*  The Portfolios changed their fiscal year end from December 31 to August 31.

The accompanying notes are an integral part of these financial statements.

46

Money Market Portfolio									Prime Obligations Portfolio
For the Period									For the Period
January 1, 2009 to			For the			For the			January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended			Year Ended			February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007			(Unaudited)			December 31, 2008			December 31, 2007
$	582,589		$	11,086,803		$	20,654,849		$	438,374		$	15,014,871		$	32,700,194
	—			(68,267	)		721			—			(193,080	)		(1,657	)
	582,589			11,018,536			20,655,570			438,374			14,821,791			32,698,537
	(550,243	)		(9,914,570	)		(16,166,340	)		(65,079	)		(2,664,152	)		(9,157,871	)
	(7,746	)		(271,529	)		(516,010	)		(44,820	)		(1,833,868	)		(4,053,876	)
	(24,599	)		(832,369	)		(3,973,168	)		(258,354	)		(8,782,487	)		(16,376,304	)
	—			—			—			(3,126	)		(386,961	)		(725,335	)
	—			—			—			(5,461	)		(686,888	)		(1,389,299	)
	(1	)		(68	)		(52	)		(12,977	)		(540,679	)		(995,855	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(582,589	)		(11,018,536	)		(20,655,570	)		(389,817	)		(14,895,035	)		(32,698,540	)
	184,900,092			1,180,866,250			1,249,880,588			213,072,545			2,171,699,439			2,327,701,446
	—			—			—			—			—			120,763,136
	570,189			10,549,150			19,237,105			364,706			12,861,145			28,509,441
	(165,146,708	)		(1,168,392,392	)		(1,375,366,871	)		(223,703,211	)		(2,221,397,336	)		(2,405,695,010	)
	20,323,573			23,023,008			(106,249,178	)		(10,265,960	)		(36,836,752	)		71,279,013
	20,323,573			23,023,008			(106,249,178	)		(10,217,403	)		(36,909,996	)		71,279,010
	476,226,750			453,203,742			559,452,920			707,642,756			744,552,752			673,273,742
$	496,550,323		$	476,226,750		$	453,203,742		$	697,425,353		$	707,642,756		$	744,552,752
$	68,267		$	68,267		$	—		$	187,533		$	138,976		$	19,140

47

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Changes in Net Assets

	Tax-Exempt California Portfolio
	For the Period
	January 1, 2009 to			For the			For the
	February 28, 2009*			Year Ended			Year Ended
	(Unaudited)			December 31, 2008			December 31, 2007
From operations:
Net investment income	$	41,168		$	9,834,970		$	16,991,317
Net realized gain (loss) from investment transactions		(5,000	)		137,775			47,721
Net increase in net assets resulting from operations		36,168			9,972,745			17,039,038
Distributions to units/shareholders:
From net investment income:
ILA Units		(21,442	)		(2,688,492	)		(4,358,918	)
ILA Administration Units		(19,723	)		(7,144,806	)		(12,632,319	)
ILA Service Units		(3	)		(1,660	)		(47	)
ILA Cash Management Shares		—			(12	)		(33	)
From net realized gains:
ILA Units		—			(30,540	)		(10,843	)
ILA Administration Units		—			(113,884	)		(33,539	)
ILA Service Units		—			(88	)		—
ILA Cash Management Shares		—			—			—
Total distributions to unit/shareholders		(41,168	)		(9,979,482	)		(17,035,699	)
From units/share transactions (at $1.00 per unit/share):
Proceeds from sales of units/shares		212,118,691			3,900,399,008			3,804,253,403
Reinvestment of distributions		31,736			8,968,390			15,735,025
Cost of units/shares redeemed		(332,185,273	)		(3,932,735,958	)		(3,700,264,690	)
Net increase (decrease) in net assets resulting from units/share transactions		(120,034,846	)		(23,368,560	)		119,723,738
Net increase (decrease)		(120,039,846	)		(23,375,297	)		119,727,077
Net assets:
Beginning of period		647,540,076			670,915,373			551,188,296
End of period	$	527,500,230		$	647,540,076		$	670,915,373
Undistributed (distributions in excess of) net investment income	$	—		$	—		$	—

*  The Portfolios changed their fiscal year end from December 31 to August 31.

The accompanying notes are an integral part of these financial statements.

48

Tax-Exempt Diversified Portfolio									Tax-Exempt New York Portfolio
For the Period									For the Period
January 1, 2009 to			For the			For the			January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended			Year Ended			February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007			(Unaudited)			December 31, 2008			December 31, 2007
$	421,401		$	21,057,482		$	24,486,039		$	46,201		$	6,749,574		$	10,499,398
	41,588			64,487			170,879			31,372			95,250			36,945
	462,989			21,121,969			24,656,918			77,573			6,844,824			10,536,343
	(81,928	)		(2,902,971	)		(4,697,710	)		(16,543	)		(1,109,971	)		(1,637,832	)
	(338,679	)		(17,887,431	)		(19,135,362	)		(29,710	)		(5,638,323	)		(8,847,763	)
	(794	)		(261,844	)		(603,798	)		(2	)		(1,214	)		(12,877	)
	—			(5,236	)		(49,169	)		—			(12	)		(926	)
	—			(13,899	)		(20,069	)		—			(17,116	)		(2,676	)
	—			(108,034	)		(102,408	)		—			(99,934	)		(12,918	)
	—			(1,856	)		(3,002	)		—			(17	)		(23	)
	—			—			(219	)		—			—			—
	(421,401	)		(21,181,271	)		(24,611,737	)		(46,255	)		(6,866,587	)		(10,515,015	)
	629,258,096			8,572,292,192			5,388,870,889			394,420,293			3,919,710,279			2,321,520,992
	412,648			20,669,556			22,910,126			45,623			6,804,928			10,201,992
	(817,873,609	)		(7,933,833,424	)		(5,221,635,013	)		(462,173,078	)		(3,740,745,810	)		(2,391,904,911	)
	(188,202,865	)		659,128,324			190,146,002			(67,707,162	)		185,769,397			(60,181,927	)
	(188,161,277	)		659,069,022			190,191,183			(67,675,844	)		185,747,634			(60,160,599	)
	1,552,395,556			893,326,534			703,135,351			495,865,168			310,117,534			370,278,133
$	1,364,234,279		$	1,552,395,556		$	893,326,534		$	428,189,324		$	495,865,168		$	310,117,534
$	(2,317	)	$	(2,317	)	$	(2,317	)	$	(1,934	)	$	(1,880	)	$	(1,445	)

49

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Statements of Changes in Net Assets

	Treasury Instruments Portfolio
	For the Period
	January 1, 2009 to			For the			For the
	February 28, 2009*			Year Ended			Year Ended
	(Unaudited)			December 31, 2008			December 31, 2007
From operations:
Net investment income (loss)	$	(350,658	)	$	6,836,703		$	12,774,070
Net realized gain from investment transactions		99,910			3,028,024			480,524
Net increase (decrease) in net assets resulting from operations		(250,748	)		9,864,727			13,254,594
Distributions to units/shareholders:
From net investment income:
ILA Units		—			(126,926	)		(235,007	)
ILA Administration Units		—			(4,663,629	)		(1,332,456	)
ILA Service Units		—			(2,007,495	)		(11,071,157	)
ILA Cash Management Shares		—			(38,652	)		(135,450	)
From net realized gains:
ILA Units		(3,722	)		(46,147	)		(7,908	)
ILA Administration Units		(62,489	)		(1,964,405	)		(61,990	)
ILA Service Units		(2,181	)		(406,140	)		(371,645	)
ILA Cash Management Shares		(1,207	)		(50,368	)		(4,638	)
Total distributions to unit/shareholders		(69,599	)		(9,303,762	)		(13,220,251	)
From units/share transactions (at $1.00 per unit/share):
Proceeds from sales of units/shares		—			3,875,885,975			1,096,110,239
Reinvestment of distributions		67,216			6,891,053			1,621,898
Cost of units/shares redeemed		(449,364,251	)		(2,357,926,685	)		(985,070,514	)
Net increase (decrease) in net assets resulting from units/share transactions		(449,297,035	)		1,524,850,343			112,661,623
Net increase (decrease)		(449,617,382	)		1,525,411,308			112,695,966
Net assets:
Beginning of period		1,829,502,701			304,091,393			191,395,427
End of period	$	1,379,885,319		$	1,829,502,701		$	304,091,393
Undistributed net investment income (loss)	$	250,441		$	601,099		$	40,134

*  The Portfolios changed their fiscal year end from December 31 to August 31.

The accompanying notes are an integral part of these financial statements.

50

Treasury Obligations Portfolio
For the Period
January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007
$	(212,785	)	$	9,655,803		$	27,737,673
	586,583			499,185			77,630
	373,798			10,154,988			27,815,303
	—			(580,429	)		(1,514,386	)
	—			(1,368,398	)		(180,349	)
	—			(5,174,651	)		(21,077,797	)
	—			(2,532,325	)		(4,987,147	)
	(4,185	)		(14,061	)		—
	(5,256	)		(104,763	)		—
	(7,957	)		(164,367	)		—
	(3,363	)		(88,472	)		—
	(20,761	)		(10,027,466	)		(27,759,679	)
	458,884,444			3,344,131,061			2,787,181,226
	8,852			3,860,629			2,774,632
	(328,832,255	)		(3,314,653,922	)		(2,669,246,995	)
	130,061,041			33,337,768			120,708,863
	130,414,078			33,465,290			120,764,487
	886,261,824			852,796,534			732,032,047
$	1,016,675,902		$	886,261,824		$	852,796,534
$	(29,639	)	$	183,146		$	224,771

51

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements
February 28, 2009 (Unaudited)

1. Organization

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following are the Goldman Sachs Portfolios included in this report (collectively, the “Portfolios” or individually a “Portfolio”), the unit/share classes offered by each Portfolio and each Portfolio’s diversification status under the Act:

	Unit/Share Classes	Diversified/
Portfolio	Offered	Non-Diversified
Federal, Money Market, Tax-Exempt Diversified, Treasury Instruments, Treasury Obligations	ILA, ILA Administration, ILA Service, ILA Cash Management	Diversified
Prime Obligations	ILA, ILA Administration, ILA Service, ILA Class B, ILA Class C, ILA Cash Management	Diversified
Tax-Exempt California, Tax-Exempt New York	ILA, ILA Administration, ILA Service, ILA Cash Management	Non-Diversified

The Portfolios seek to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments. The Tax-Exempt Portfolios seek to provide unit/shareholders, to the extent consistent with the preservation of capital and prescribed portfolio standards, with a high level of income exempt from Federal income tax by investing primarily in municipal instruments.

Goldman Sachs Asset Management, L.P., (“GSAM”), an affiliate of Goldman Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Portfolios.

The Portfolios changed their fiscal year end from December 31 to August 31. GSAM has agreed to reimburse the Portfolios for any costs associated with changing the Portfolios’ fiscal year ends.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Portfolios. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation—

It is the Portfolios’ policy to use the amortized-cost method, as permitted by Rule 2a-7 under the Act, for valuing portfolio securities, which approximates market value. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity or reset date. To ensure the amortized-cost method approximates market value, GSAM will determine the difference between the net asset value per unit/share (“NAV”) based upon amortized cost of each Portfolio and the NAV based upon available market quotations (or permitted substitutes) at least once a week or more frequently, if deemed necessary or appropriate.

B. Security Transactions and Interest Income—

Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

Net investment income (other than class specific expenses) and accumulated realized gains or losses are allocated daily to each class of units/shares of the respective Portfolios based upon the relative proportion of settled shares of each class.

52

C. Expenses—

Expenses incurred by the Trust that do not specifically relate to an individual Portfolio of the Trust are allocated to the Portfolios on either a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

D. Federal Taxes and Distribution to Unit/Shareholders—

It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its unit/shareholders. Accordingly, no Federal income tax provisions are required. Income distributions to unit/shareholders are declared and recorded daily and paid monthly by the Portfolios. Long-term capital gain distributions, if any, are declared and paid annually.

The characterization of distributions to unit/shareholders for financial reporting purposes is determined in accordance with U.S. Federal income tax rules, which may differ from GAAP.

As of the Portfolios’ most recent fiscal year end, December 31, 2008, the following Portfolios had capital loss carryforwards for U.S. Federal income tax purposes of:

	Money		Prime
	Market		Obligations
Capital loss carryforward(1)
Expiring 2013	$	—	$	7,608
Expiring 2014		—		9,878
Expiring 2015		—		1,657
Expiring 2016		68,267		193,080
Capital loss carryforward	$	68,267	$	212,223

⁽¹⁾  Expiration occurs on December 31 of the year indicated.

The above capital loss carryforward amounts are available to be carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains.

The amortized cost for each Portfolio stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. Federal income tax purposes.

GSAM has reviewed the tax positions for the Portfolios for the open tax years (tax years ended December 31, 2005-2008) and determined that they did not have a material impact on the Portfolios’ financial statements.

E. Forward Commitment Transactions—

The Portfolios may enter into forward commitments.  These transactions involve a commitment by the Portfolios to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement. The purchased securities in the forward commitment transactions do not begin to accrue interest income until the settlement date of these securities. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction. When entering into a forward commitment, the Portfolios must set aside liquid assets, or engage in other appropriate measures to cover their obligations.

F. Repurchase Agreements—

Certain Portfolios may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Portfolios, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Portfolios may be delayed or limited and there may be a decline in the value of the collateral during the period that the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the

53

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)

Portfolios’ custodian or designated subcustodians under tri-party repurchase agreements. Under these arrangements, the Portfolios are permitted to deliver or re-pledge these securities.

Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Portfolios, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. In addition, the Portfolios’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Portfolios are not subject to any expenses in relation to these agreements.

3. Agreements

A. Management Agreement—

Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Board of Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”) computed daily and payable monthly, at an annual rate equal to 0.35% of each Portfolio’s average daily net assets. GSAM has voluntarily agreed to waive a portion of the management fees attributable to the ILA Treasury Instruments Portfolio. As of and for the period ended February 28, 2009, the Portfolio’s effective management fee, net of waivers, was 0.31%.

B. Distribution Agreement and Service Plan—

The Trust, on behalf of the Prime Obligations Portfolio for Class B and Class C Units, has adopted Distribution and Service Plans. Under the respective Distribution and Service Plans, Goldman Sachs is entitled to a monthly fee from the Prime Obligations Portfolio for distribution services and personal and account maintenance fees equal to, on an annual basis, 0.75% and 0.25%, respectively, of the average daily net assets attributable to both Class B and Class C Units which may be reallowed to Authorized Dealers. Goldman Sachs has voluntarily agreed to waive a portion of the Distribution and Service Plans fees attributable to the Class B and Class C Units of the Prime Obligations Portfolio. For the period ended February 28, 2009, the effective Distribution and Service Plans fees, net of waivers, were 0.66% for each class. As of February 28, 2009, the Distribution and Service Plans fees, net of waivers, were 0.27% for each class.

The Trust, on behalf of Cash Management Shares of each Portfolio, has adopted a Distribution Plan. Under the Distribution Plan, Goldman Sachs is entitled to a monthly fee from each Portfolio for distribution services equal to, on an annual basis, 0.50% of the average daily net assets attributable to Cash Management Shares. Goldman Sachs has voluntarily agreed to waive a portion of the Distribution fees attributable to Cash Management Shares. The Distribution fees, for Portfolios with a Distribution fee waiver, were as follows:

	Distribution Fees for
	Cash Management Shares
	Effective for the
	period ended			As of
Portfolio	February 28, 2009			February 28, 2009
Federal		0.07	%		0.07	%
Money Market		—			0.07
Prime Obligations		0.07			0.07
Tax-Exempt California		—			0.07
Tax-Exempt Diversified		0.07			0.07
Tax-Exempt New York		—			0.07
Treasury Instruments		0.03			—
Treasury Obligations		0.06			0.07

Goldman Sachs acts as each Portfolio’s distributor under a Distribution Agreement for which it receives no additional compensation other than amounts related to the Distribution and Service Plans except for a portion of the Prime Obligations Portfolio’s Class B and Class C Units’ contingent deferred sales

54

charges. During the period ended February 28, 2009, Goldman Sachs has advised the Portfolio that it retained approximately $900 in contingent deferred sales charges from Class C Units and did not retain any sales charges from Class B Units.

C. Transfer Agency Agreement—

Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to a Transfer Agency agreement. The fee charged for such transfer agency services are calculated daily and payable monthly at an annual rate of 0.04% of the average daily net assets of each Portfolio. Goldman Sachs has voluntarily agreed to waive a portion of the Transfer Agency fee attributable to the ILA Treasury Instruments Portfolio. For the period ended February 28, 2009, the Portfolio’s effective Transfer Agency fee, net of waivers, was 0.02%. As of February 28, 2009, Goldman Sachs was waiving all of its Transfer Agency fee for the ILA Treasury Instruments Portfolio.

D. Service Plan and Shareholder Administration Plan—

The Trust, on behalf of each Portfolio, has adopted Administration and Service Plans (“the Plans”). The Plans allow for Administration Units, Service Units and Cash Management Shares to compensate service organizations including affiliates of Goldman Sachs for providing varying levels of account administration and unitholder/shareholder liaison services to their customers who are beneficial owners of such units/shares. The Plans provide for compensation to the service organizations in an amount up to 0.15%, 0.40% and 0.50%, on an annualized basis, of the average daily net assets of the Administration Units, Service Units and Cash Management Shares, respectively.

Goldman Sachs has voluntarily agreed to waive a portion of the service fees attributable to the ILA Administration Units, ILA Service Units and ILA Cash Management Shares for certain Portfolios. For the period ended February 28, 2009, the effective service fees for Portfolios with a service fee waiver were as follows:

	Effective Service Fees
	­ ­
Portfolio	ILA Administration			ILA Service			ILA Cash Management
Federal		0.15	%		0.36	%		0.33	%
Money Market		0.15			0.39			0.38
Prime Obligations		0.15			0.38			0.41
Tax-Exempt California		0.06			0.08			—
Tax-Exempt Diversified		0.15			0.29			0.24
Tax-Exempt New York		0.09			0.12			0.04
Treasury Instruments		0.07			0.08			0.04
Treasury Obligations		0.07			0.07			0.01

For the year ended December 31, 2008, the effective service fees for Portfolios with a service fee waiver were as follows:

	Effective Service Fees
	­ ­
Portfolio	ILA Administration			ILA Service			ILA Cash Management
Tax-Exempt California		0.15	%		0.38	%		0.33	%
Tax-Exempt New York		0.15			0.40			0.39
Treasury Instruments		0.14			0.38			0.28
Treasury Obligations		0.14			0.35			0.41

As of February 28, 2009, the service fees for Portfolios with a service fee waiver were as follows:

	Net Service Fees
	­ ­
Portfolio	ILA Administration			ILA Service			ILA Cash Management
Federal		0.15	%		0.26	%		0.19	%
Money Market		0.15			0.30			0.23
Prime Obligations		0.15			0.27			0.20
Tax-Exempt California		0.15			0.15			0.08
Tax-Exempt Diversified		0.15			0.34			0.27
Tax-Exempt New York		0.15			0.18			0.11
Treasury Instruments		—			—			—
Treasury Obligations		0.07			0.07			—

E. Other Agreements—

GSAM has voluntarily agreed to reduce or limit the total operating expenses of each Portfolio (excluding Distribution and Service fees, Administration, Service plan and Shareholder Administration plan fees, taxes, interest, brokerage fees and litigation, indemnification,

55

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)

shareholder meeting costs and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) such that total operating expenses will not exceed 0.434% of the average daily net assets of each Portfolio. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

For the period ended February 28, 2009, GSAM has voluntarily agreed to waive certain fees and reimburse other expenses. In addition, the Portfolios have entered into certain offset arrangements with the custodian and transfer agent resulting in a reduction in the Portfolios’ expenses. These expense reductions were as follows (in thousands):

							Transfer		Distribution,
							Agent		Administration
			Other		Custody		Fee		and Service
	Management		Expense		Fee		Waiver/		Plans Fee
Portfolio	Fee Waivers		Reimbursements		Reductions		Reductions		Waivers		Total
Federal	$	—	$	16	$	6	$	—	$	342	$	364
Money Market		—		29		—		—		1		30
Prime Obligations		—		47		—		—*		93		140
Tax-Exempt California		—		11		—		—		61		72
Tax-Exempt Diversified		—		14		—		—		4		18
Tax-Exempt New York		—		15		—		—		43		58
Treasury Instruments		103		9		5		50		340		507
Treasury Obligations		—		8		—		—		573		581

* Amount is less than $500.

For the year ended December 31, 2008, these expense reductions were as follows, (in thousands):

							Distribution,
					Transfer		Administration
	Other		Custody		Agent		and Service
	Expense		Fee		Fee		Plans Fee
Portfolio	Reimbursements		Reductions		Reductions		Waivers		Total
Federal	$	—	$	23	$	—	$	1,401	$	1,424
Money Market		43		1		—		—*		44
Prime Obligations		81		1		6		134		222
Tax-Exempt California		41		46		—		—*		87
Tax-Exempt Diversified		—		83		—		2		85
Tax-Exempt New York		94		40		—		—*		134
Treasury Instruments		—		25		—		271		296
Treasury Obligations		—		3		—		1,524		1,527

* Amount is less than $500.

As of February 28, 2009, the amounts owed to affiliates of the Portfolios were as follows (in thousands):

			Distribution		Transfer
	Management		and Service		Agent
Portfolio	Fees		Fees		Fees		Total
Federal	$	957	$	19	$	109	$	1,085
Money Market		131		—		15		146
Prime Obligations		185		28		25		238
Tax-Exempt California		148		—		17		165
Tax-Exempt Diversified		384		—		44		428
Tax-Exempt New York		124		—		14		138
Treasury Instruments		297		—		—		297
Treasury Obligations		270		9		31		310

F. Line of Credit Facility—

The Portfolios participate in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or affiliates. Pursuant to the terms of the facility, the portfolios and the other borrowers may increase the credit amount by an additional $300,000,000, for a total of up to $1 billion. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings

56

is based on the federal funds rate. The committed facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the period ended February 28, 2009, the Portfolios did not have any borrowings under the facility.

4.��Fair Value of Investments

Under FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), the fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Basis of Fair Value Measurement

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the levels within the fair value hierarchy in which the Portfolios invest:

	Investments in Securities Long-Assets
	­ ­
			Money		Prime		Tax-Exempt
Level	Federal		Market		Obligations		California
Level 1	$	408,783,553	$	—	$	—	$	—
Level 2(a)		3,008,160,791		496,404,256		697,130,829		527,020,534
Level 3		—		—		—		—
Total	$	3,416,944,344	$	496,404,256	$	697,130,829	$	527,020,534

	Investments in Securities Long-Assets
	­ ­
	Tax-Exempt		Tax-Exempt		Treasury		Treasury
Level	Diversified		New York		Instruments		Obligations
Level 1	$	—	$	—	$	1,380,160,477	$	240,459,319
Level 2(a)		1,364,791,537		427,396,505		—		776,500,000
Level 3		—		—		—		—
Total	$	1,364,791,537	$	427,396,505	$	1,380,160,477	$	1,016,959,319

^(a)  The Portfolios utilize amortized cost which approximates fair value to value money market investments. This results primarily in a Level 2 classification as amortized cost is considered a model-based price.

5. Other Risks

A. Indemnifications—

Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios believe the risk of loss under these arrangements to be remote.

B. Market and Credit Risks—

In the normal course of business, the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolios may also be exposed to credit risk in the event of the failure of an issuer to perform or that an

57

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)

institution or entity with which the Portfolios have unsettled or open transactions defaults.

C. Portfolio Concentrations—

As a result of the Tax-Exempt Portfolios’ ability to invest a large percentage of their assets in obligations of issuers within certain states, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting such states.

In particular, the ILA Tax-Exempt California and ILA Tax-Exempt New York Portfolios may be affected by the adverse events currently affecting their economies. If California, New York or any of their local governmental entities are unable to meet their financial obligations, the Portfolios’ income, NAV and ability to preserve capital or liquidity could be adversely affected.

6. Other Matters

A. Temporary Guarantee Program—

On October 3, 2008, the Board of Trustees of the Portfolios approved participation in the U.S. Treasury Department’s (the “Treasury”) Temporary Guarantee Program (the “Program”) for the Portfolios and the Financial Square and VIT Money Market Funds. Each of these Portfolios paid the Treasury a fee based on the number of shares outstanding as of September 19, 2008 to participate in the Program for the initial 3-month term that expired on December 18, 2008. On December 3, 2008, the Board of Trustees approved participation in the extension of the program through April 30, 2009, for the Federal, Money Market, Prime Obligations, Tax-Exempt California, Tax-Exempt Diversified and Tax-Exempt New York Portfolios. Subsequently, on April 9, 2009, the Board of Trustees approved further participation in the Program through September 18, 2009 for the Money Market, Prime Obligations, Tax-Exempt California, Tax-Exempt Diversified and Tax-Exempt New York Portfolios. With each extension of the Program, the participating Portfolios paid the Treasury an additional fee also based on the number of shares outstanding as of September 19, 2008.

Under the Program, if a participating Portfolio’s market value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held shares in the participating Portfolio on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the Portfolio. The fees are being amortized over the length of the participation in the Program. The expense is borne by the participating Portfolios without regard to any expense limitation in effect for those Portfolios. Such amounts are included in other expenses on the Statements of Operations.

B. Exemptive Orders—

Pursuant to SEC exemptive orders, the Goldman Sachs money market Portfolios may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.

C. Mergers and Reorganizations—

At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise Money Market Fund by the Prime Obligations Portfolio. The reorganization was completed on June 25, 2007 as of the close of business June 22, 2007.

Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Money Market Fund (“Acquired Fund”) Class B, Class C, Class A and Class Y were reorganized into Prime Obligations (“Survivor Portfolio”) Class B, Class C,

58

Service Class and Service Class, respectively, in a tax-free exchange as follows:

					Acquired
					Fund’s
					Shares
	Exchanged				Outstanding
	Shares of		Value of		as of
	Survivor		Exchanged		June 22,
Survivor /Acquired Fund	Issued		Shares		2007
Prime Obligations Class B/
AXA Enterprise Money Market Class B		20,692,010	$	20,691,977		20,692,010
Prime Obligations Class C/
AXA Enterprise Money Market Class C		9,678,595		9,679,073		9,678,595
Prime Obligations Service Class/
AXA Enterprise Money Market Class A		76,773,580		76,776,891		76,773,580
Prime Obligations Service Class/
AXA Enterprise Money Market Class Y		13,614,912		13,615,195		13,614,912

The following chart shows the Survivor Portfolio’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the reorganization).

					Survivor
	Survivor		Acquired		Portfolio’s
	Portfolio’s		Fund’s		Aggregate
	Aggregate		Aggregate		Net Assets
	Net Assets		Net Assets		immediately
	before		before		after
Survivor/Acquired Fund	reorganization		reorganization		reorganization
Prime Obligations/AXA Enterprise Money Market	$	367,979,094	$	120,763,136	$	488,742,230

59

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)

7. Summary of Unit/Share Transactions (at $1.00 per unit/share)

Unit/share activity is as follows:

	Federal Portfolio
	For the Period
	January 1, 2009 to			For the			For the
	February 28, 2009*			Year Ended			Year Ended
	(Unaudited)			December 31, 2008			December 31, 2007
ILA Units
Units sold		51,709,233			218,638,252			238,528,451
Reinvestment of distributions		84,152			1,462,621			2,102,478
Units redeemed		(56,684,769	)		(183,280,163	)		(185,280,798	)
		(4,891,384	)		36,820,710			55,350,131
ILA Administration Units
Units sold		311,281,190			2,794,724,701			2,250,491,335
Reinvestment of distributions		1,508,662			48,617,381			81,821,050
Units redeemed		(425,017,698	)		(1,872,448,581	)		(2,082,355,535	)
		(112,227,846	)		970,893,501			249,956,850
ILA Service Units
Units sold		125,848,944			865,435,007			1,150,810,640
Shares issued in connection with merger		—			—			—
Units converted from ILA Class B(a)		—			—			—
Reinvestment of distributions		11,308			894,795			2,756,873
Units redeemed		(146,426,829	)		(845,536,352	)		(1,255,980,462	)
		(20,566,577	)		20,793,450			(102,412,949	)
ILA Class B Units
Units sold		—			—			—
Shares issued in connection with merger		—			—			—
Units converted to ILA Service Units(a)		—			—			—
Reinvestment of distributions		—			—			—
Units redeemed		—			—			—
		—			—			—
ILA Class C Units
Shares sold		—			—			—
Shares issued in connection with merger		—			—			—
Reinvestment of distributions		—			—			—
Shares redeemed		—			—			—
		—			—			—
ILA Cash Management Shares
Shares sold		111,684,846			1,614,656,059			426,369,851
Reinvestment of distributions		29,322			4,990,766			1,431,559
Shares redeemed		(121,726,198	)		(1,382,878,354	)		(321,682,392	)
		(10,012,030	)		236,768,471			106,119,018
Net increase (decrease) in units/shares		(147,697,837	)		1,265,276,132			309,013,050

*	The Portfolios changed their fiscal year end from December 31 to August 31.
(a)	Class B Units will automatically convert into Service Units on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Portfolio or another Goldman Sachs Fund.

60

Money Market Portfolio									Prime Obligations Portfolio
For the Period									For the Period
January 1, 2009 to			For the			For the			January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended		��	Year Ended			February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007			(Unaudited)			December 31, 2008			December 31, 2007
	101,803,553			651,055,659			394,351,000			45,913,034			808,771,421			953,084,583
	546,864			9,781,810			15,942,966			44,053			905,137			5,596,566
	(98,899,666	)		(622,782,288	)		(310,414,161	)		(47,624,705	)		(878,821,247	)		(1,128,382,601	)
	3,450,751			38,055,181			99,879,805			(1,667,618	)		(69,144,689	)		(169,701,452	)
	15,342,706			108,648,220			75,760,439			18,281,114			157,637,411			185,774,657
	10			3,447			44,151			44,665			1,778,939			4,016,810
	(16,608,473	)		(114,407,759	)		(70,992,605	)		(19,760,438	)		(208,577,658	)		(167,779,328	)
	(1,265,757	)		(5,756,092	)		4,811,985			(1,434,659	)		(49,161,308	)		22,012,139
	67,753,833			421,108,154			779,769,149			82,162,962			739,510,256			822,109,499
	—			—			—			—			—			90,388,492
	—			—			—			—			3,732,186			2,944,065
	23,315			763,827			3,249,937			254,753			8,594,013			15,863,205
	(49,638,569	)		(431,148,669	)		(993,959,532	)		(73,616,420	)		(719,702,758	)		(773,683,207	)
	18,138,579			(9,276,688	)		(210,940,446	)		8,801,295			32,133,697			157,622,054
	—			—			—			4,555,343			33,986,143			11,047,825
	—			—			—			—			—			20,692,010
	—			—			—			—			(3,732,186	)		(2,944,065	)
	—			—			—			2,980			368,312			684,573
	—			—			—			(1,880,182	)		(21,445,659	)		(12,817,904	)
	—			—			—			2,678,141			9,176,610			16,662,439
	—			—			—			6,727,515			69,244,862			71,220,634
	—			—			—			—			—			9,678,595
	—			—			—			5,281			677,754			1,357,904
	—			—			—			(9,168,179	)		(51,987,595	)		(56,985,831	)
	—			—			—			(2,435,383	)		17,935,021			25,271,302
	—			54,217			—			55,432,577			362,549,346			282,636,629
	—			66			51			12,974			536,990			990,383
	—			(53,676	)		(573	)		(71,653,287	)		(340,862,419	)		(264,218,520	)
	—			607			(522	)		(16,207,736	)		22,223,917			19,408,492
	20,323,573			23,023,008			(106,249,178	)		(10,265,960	)		(36,836,752	)		71,274,974

61

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)

7. Summary of Unit/Share Transactions (at $1.00 per unit/share) (continued)
Unit/share activity is as follows:

	Tax-Exempt California Portfolio
	For the Period
	January 1, 2009 to			For the			For the
	February 28, 2009*			Year Ended			Year Ended
	(Unaudited)			December 31, 2008			December 31, 2007
ILA Units
Units sold		18,509,305			388,364,398			466,165,317
Reinvestment of distributions		12,091			1,841,373			4,136,157
Units redeemed		(22,890,311	)		(419,311,817	)		(424,158,138	)
		(4,368,915	)		(29,106,046	)		46,143,336
ILA Administration Units
Units sold		192,270,091			3,505,323,315			3,338,086,936
Reinvestment of distributions		19,645			7,126,986			11,598,789
Units redeemed		(307,511,907	)		(3,507,156,606	)		(3,276,096,489	)
		(115,222,171	)		5,293,695			73,589,236
ILA Service Units
Units sold		1,339,295			6,711,295			150
Reinvestment of distributions		—			21			48
Units redeemed		(1,783,055	)		(6,267,535	)		(210	)
		(443,760	)		443,781			(12	)
ILA Cash Management Shares
Shares sold		—			—			1,000
Reinvestment of distributions		—			10			31
Shares redeemed		—			—			(9,853	)
		—			10			(8,822	)
Net increase (decrease) in units/shares		(120,034,846	)		(23,368,560	)		119,723,738

*  The Portfolios changed their fiscal year end from December 31 to August 31.

62

Tax-Exempt Diversified Portfolio									Tax-Exempt New York Portfolio
For the Period									For the Period
January 1, 2009 to			For the			For the			January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended			Year Ended			February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007			(Unaudited)			December 31, 2008			December 31, 2007
	43,052,291			315,886,136			228,659,362			16,310,747			155,327,016			104,259,372
	81,439			2,874,882			4,636,168			16,061			1,086,664			1,586,163
	(50,061,502	)		(294,767,989	)		(211,421,550	)		(13,843,492	)		(135,805,178	)		(86,016,859	)
	(6,927,772	)		23,993,029			21,873,980			2,483,316			20,608,502			19,828,676
	579,990,515			8,185,735,991			5,071,224,271			378,109,546			3,764,383,166			2,216,969,652
	330,647			17,632,663			17,996,875			29,560			5,717,274			8,602,008
	(757,492,853	)		(7,569,902,994	)		(4,921,515,196	)		(448,329,586	)		(3,604,547,008	)		(2,304,090,205	)
	(177,171,691	)		633,465,660			167,705,950			(70,190,480	)		165,553,432			(78,518,545	)
	6,212,268			69,462,858			73,553,820			—			—			—
	562			161,943			277,083			2			978			12,901
	(10,313,151	)		(67,307,994	)		(71,011,757	)		—			(393,432	)		(1,000	)
	(4,100,321	)		2,316,807			2,819,146			2			(392,454	)		11,901
	3,022			1,207,207			15,433,436			—			97			291,968
	—			68			—			—			12			920
	(6,103	)		(1,854,447	)		(17,686,510	)		—			(192	)		(1,796,847	)
	(3,081	)		(647,172	)		(2,253,074	)		—			(83	)		(1,503,959	)
	(188,202,865	)		659,128,324			190,146,002			(67,707,162	)		185,769,397			(60,181,927	)

63

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)

7. Summary of Unit/Share Transactions (at $1.00 per unit/share) (continued)
Unit/share activity is as follows:

		Treasury Instruments Portfolio
		For the Period
		January 1, 2009 to			For the			For the
		February 28, 2009*			Year Ended			Year Ended
		(Unaudited)			December 31, 2008			December 31, 2007
ILA Units
Units sold			—			177,629,889			40,821,869
Reinvestment of distributions			3,513			153,053			234,875
Units redeemed			(4,545,521	)		(158,736,545	)		(35,604,952	)
			(4,542,008	)		19,046,397			5,451,792
ILA Administration Units
Units sold			—			2,639,237,676			221,320,061
Reinvestment of distributions			62,480			6,569,141			1,233,870
Units redeemed			(432,744,840	)		(1,147,894,376	)		(133,155,985	)
			(432,682,360	)		1,497,912,441			89,397,946
ILA Service Units
Units sold			—			957,193,277			818,892,274
Reinvestment of distributions			6			79,833			13,060
Units redeemed			(8,264,054	)		(1,008,941,821	)		(802,374,161	)
			(8,264,048	)		(51,668,711	)		16,531,173
ILA Cash Management Shares
Shares sold			—			101,825,133			15,076,035
Reinvestment of distributions			1,217			89,026			140,093
Shares redeemed			(3,809,836	)		(42,353,943	)		(13,935,416	)
			(3,808,619	)		59,560,216			1,280,712
Net increase (decrease) in units/shares	��		(449,297,035	)		1,524,850,343			112,661,623

*  The Portfolios changed their fiscal year end from December 31 to August 31.

64

Treasury Obligations Portfolio
For the Period
January 1, 2009 to			For the			For the
February 28, 2009*			Year Ended			Year Ended
(Unaudited)			December 31, 2008			December 31, 2007
	116,028,457			396,081,148			519,817,296
	2,313			240,984			359,516
	(119,867,864	)		(400,748,510	)		(505,198,092	)
	(3,837,094	)		(4,426,378	)		14,978,720
	99,819,649			856,257,204			75,754,697
	5,254			1,472,172			176,710
	(80,653,543	)		(598,065,203	)		(59,173,930	)
	19,171,360			259,664,173			16,757,477
	183,491,960			1,549,743,642			1,262,499,454
	12			10,711			24,862
	(69,210,171	)		(1,595,719,793	)		(1,475,114,322	)
	114,281,801			(45,965,440	)		(212,590,006	)
	59,544,378			542,049,067			929,109,779
	1,273			2,136,762			2,213,544
	(59,100,677	)		(720,120,416	)		(629,760,651	)
	444,974			(175,934,587	)		301,562,672
	130,061,041			33,337,768			120,708,863

65

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Federal Portfolio

																						Ratios assuming
																						no expense reductions
																									Ratio of
																			Ratio of						net investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			net investment			Ratio of			income
	value,		Net			from net			value,					end		expenses to			income to			total expenses			(loss) to
	beginning		investment			investment			end of		Total			of period		average			average			to average			average net
Year—Unit/Share Class	of period		income(a)			income			period		return(b)			(in 000’s)		net assets			net assets			net assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	0.001	(e)	$	(0.001)	(e)	$	1.00		0.07	%	$	114,877		0.42	%(d)		0.44	%(d)		0.42	%(d)		0.44	%(d)
2009-ILA Administration Units		1.00		0.001	(e)		(0.001)	(e)		1.00		0.05			2,864,387		0.57	(d)		0.30	(d)		0.57	(d)		0.30	(d)
2009-ILA Service Units		1.00		—	(c)(e)		—	(c)(e)		1.00		0.02			96,166		0.78	(d)		0.07	(d)		0.82	(d)		0.03	(d)
2009-ILA Cash Management Shares		1.00		—	(c)(e)		—	(c)(e)		1.00		0.01			333,140		0.82	(d)		0.04	(d)		1.42	(d)		(0.56	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.023	(f)		(0.023)	(f)		1.00		2.31			119,766		0.42			2.16			0.42			2.16
2008-ILA Administration Units		1.00		0.021	(f)		(0.021)	(f)		1.00		2.16			2,976,558		0.57			2.08			0.57			2.08
2008-ILA Service Units		1.00		0.019	(f)		(0.019)	(f)		1.00		1.90			116,731		0.82			1.83			0.82			1.83
2008-ILA Cash Management Shares		1.00		0.017	(f)		(0.017)	(f)		1.00		1.73			343,145		0.99			1.53			1.42			1.10
2007-ILA Units		1.00		0.047			(0.047)			1.00		4.85			82,946		0.41			4.67			0.42			4.66
2007-ILA Administration Units		1.00		0.046			(0.046)			1.00		4.69			2,005,664		0.56			4.60			0.57			4.59
2007-ILA Service Units		1.00		0.043			(0.043)			1.00		4.43			95,938		0.81			4.11			0.82			4.10
2007-ILA Cash Management Shares		1.00		0.042			(0.042)			1.00		4.25			106,375		0.98			3.77			1.42			3.33
2006-ILA Units		1.00		0.046			(0.046)			1.00		4.65			27,595		0.41			4.32			0.41			4.32
2006-ILA Administration Units		1.00		0.044			(0.044)			1.00		4.49			1,755,687		0.56			4.41			0.56			4.41
2006-ILA Service Units		1.00		0.042			(0.042)			1.00		4.23			198,350		0.81			4.18			0.81			4.18
2006-ILA Cash Management Shares		1.00		0.038			(0.038)			1.00		4.06			255		0.98			3.81			1.41			3.38
2005-ILA Units		1.00		0.028			(0.028)			1.00		2.82			784,191		0.41			2.74			0.41			2.74
2005-ILA Administration Units		1.00		0.026			(0.026)			1.00		2.67			1,481,451		0.56			2.64			0.56			2.64
2005-ILA Service Units		1.00		0.024			(0.024)			1.00		2.41			204,181		0.81			2.39			0.81			2.39
2005-ILA Cash Management Shares		1.00		0.022			(0.022)			1.00		2.24			124,382		0.98			2.13			1.41			1.70
2004-ILA Units		1.00		0.010			(0.010)			1.00		0.97			937,553		0.41			0.94			0.41			0.94
2004-ILA Administration Units		1.00		0.008			(0.008)			1.00		0.82			1,412,667		0.56			0.84			0.56			0.84
2004-ILA Service Units		1.00		0.006			(0.006)			1.00		0.57			230,227		0.81			0.54			0.81			0.54
2004-ILA Cash Management Shares		1.00		0.004			(0.004)			1.00		0.42			151,658		0.94			0.26			1.41			(0.21	)

*	The Portfolio changed its fiscal year end from December 31 to August 31.
(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.
(d)	Annualized.
(e)	Net investment income and distributions from net investment income contain $0.0002 and $(0.0002), of realized capital gains and distributions from net realized gains, respectively.

^(f) Net investment income and distributions from net investment income contain $0.0003 and $(0.0003), of realized capital gains and distributions from net realized gains, respectively.

The accompanying notes are an integral part of these financial statements.

66

Goldman Sachs Trust—Institutional Liquid Assets Portfolios
Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Money Market Portfolio

																						Ratios assuming
																						no expense reductions
																									Ratio of
																			Ratio of						net investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			net investment			Ratio of			income
	value,		Net			from net			value,					end		expenses to			income to			total expenses			(loss) to
	beginning		investment			investment			end of		Total			of period		average			average			to average			average net
Year—Unit/Share Class	of period		income(a)			income			period		return(b)			(in 000’s)		net assets			net assets			net assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	0.001		$	(0.001)		$	1.00		0.13	%	$	435,315		0.44	%(d)		0.78	%(d)		0.49	%(d)		0.73	%(d)
2009-ILA Administration Units		1.00		0.001			(0.001)			1.00		0.10			7,361		0.59	(d)		0.64	(d)		0.64	(d)		0.59	(d)
2009-ILA Service Units		1.00		0.001			(0.001)			1.00		0.06			53,872		0.83	(d)		0.39	(d)		0.89	(d)		0.33	(d)
2009-ILA Cash Management Shares		1.00		—	(c)		—	(c)		1.00		0.04			2		0.82	(d)		0.36	(d)		1.49	(d)		(0.31	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.024			(0.024)			1.00		2.40			431,864		0.44			2.41			0.45			2.40
2008-ILA Administration Units		1.00		0.022			(0.022)			1.00		2.25			8,627		0.59			2.35			0.60			2.34
2008-ILA Service Units		1.00		0.020			(0.020)			1.00		1.99			35,734		0.84			2.12			0.85			2.11
2008-ILA Cash Management Shares		1.00		0.018			(0.018)			1.00		1.82			2		1.01			1.67			1.45			1.23
2007-ILA Units		1.00		0.049			(0.049)			1.00		5.02			393,809		0.44			4.90			0.47			4.87
2007-ILA Administration Units		1.00		0.047			(0.047)			1.00		4.86			14,383		0.59			4.75			0.62			4.72
2007-ILA Service Units		1.00		0.045			(0.045)			1.00		4.60			45,010		0.84			4.52			0.87			4.49
2007-ILA Cash Management Shares		1.00		0.043			(0.043)			1.00		4.42			1		1.01			4.51			1.47			4.05
2006-ILA Units		1.00		0.046			(0.046)			1.00		4.72			293,929		0.43			4.54			0.43			4.54
2006-ILA Administration Units		1.00		0.045			(0.045)			1.00		4.57			9,571		0.57			4.31			0.57			4.31
2006-ILA Service Units		1.00		0.042			(0.042)			1.00		4.31			255,951		0.83			4.22			0.83			4.22
2006-ILA Cash Management Shares		1.00		0.040			(0.040)			1.00		4.13			2		0.99			3.87			1.42			3.44
2005-ILA Units		1.00		0.029			(0.029)			1.00		2.91			578,208		0.41			2.85			0.41			2.85
2005-ILA Administration Units		1.00		0.027			(0.027)			1.00		2.75			947,855		0.56			2.73			0.56			2.73
2005-ILA Service Units		1.00		0.025			(0.025)			1.00		2.50			262,445		0.81			2.48			0.81			2.48
2005-ILA Cash Management Shares		1.00		0.023			(0.023)			1.00		2.32			134,241		0.98			2.27			1.41			1.84
2004-ILA Units		1.00		0.010			(0.010)			1.00		1.03			546,525		0.42			1.02			0.42			1.02
2004-ILA Administration Units		1.00		0.009			(0.009)			1.00		0.88			832,256		0.57			0.91			0.57			0.91
2004-ILA Service Units		1.00		0.006			(0.006)			1.00		0.62			243,625		0.82			0.61			0.82			0.61
2004-ILA Cash Management Shares		1.00		0.005			(0.005)			1.00		0.48			111,984		0.95			0.36			1.42			(0.11	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per share.

^(d) Annualized.

The accompanying notes are an integral part of these financial statements.

67

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Prime Obligations Portfolio

																						Ratios assuming no
																						expense reductions
																									Ratio of net
																			Ratio of net						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			income to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	0.001		$	(0.001	)	$	1.00		0.12	%	$	50,378		0.44	%(d)		0.77	%(d)		0.49	%(d)		0.72	%(d)
2009-ILA Administration Units		1.00		0.001			(0.001	)		1.00		0.09			45,173		0.59	(d)		0.61	(d)		0.64	(d)		0.56	(d)
2009-ILA Service Units		1.00		0.001			(0.001	)		1.00		0.05			476,718		0.82	(d)		0.40	(d)		0.89	(d)		0.33	(d)
2009-ILA B Units		1.00		—	(c)		—	(c)		1.00		0.01			36,383		1.10	(d)		0.10	(d)		1.49	(d)		(0.29	)(d)
2009-ILA C Units		1.00		—	(c)		—	(c)		1.00		0.01			59,161		1.10	(d)		0.10	(d)		1.49	(d)		(0.29	)(d)
2009-ILA Cash Management Shares		1.00		—	(c)		—	(c)		1.00		0.04			29,612		0.92	(d)		0.32	(d)		1.49	(d)		(0.25	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.024			(0.024	)		1.00		2.38			52,042		0.44			2.37			0.45			2.36
2008-ILA Administration Units		1.00		0.022			(0.022	)		1.00		2.23			46,604		0.59			2.46			0.60			2.45
2008-ILA Service Units		1.00		0.020			(0.020	)		1.00		1.97			466,445		0.84			1.96			0.85			1.95
2008-ILA B Units		1.00		0.014			(0.014	)		1.00		1.36			35,144		1.44			1.33			1.45			1.32
2008-ILA C Units		1.00		0.014			(0.014	)		1.00		1.36			61,592		1.44			1.33			1.45			1.32
2008-ILA Cash Management Shares		1.00		0.018			(0.018	)		1.00		1.80			45,816		1.01			1.75			1.45			1.31
2007-ILA Units		1.00		0.049			(0.049	)		1.00		5.01			121,193		0.43			4.92			0.44			4.91
2007-ILA Administration Units		1.00		0.047			(0.047	)		1.00		4.86			95,770		0.58			4.75			0.59			4.74
2007-ILA Service Units		1.00		0.045			(0.045	)		1.00		4.59			434,359		0.83			4.49			0.84			4.48
2007-ILA B Units		1.00		0.039			(0.039	)		1.00		3.97			25,971		1.43			3.88			1.44			3.87
2007-ILA C Units		1.00		0.039			(0.039	)		1.00		3.97			43,663		1.43			3.89			1.44			3.88
2007-ILA Cash Management Shares		1.00		0.043			(0.043	)		1.00		4.42			23,597		1.00			4.32			1.44			3.88
2006-ILA Units		1.00		0.046			(0.046	)		1.00		4.73			290,894		0.43			4.70			0.46			4.67
2006-ILA Administration Units		1.00		0.045			(0.045	)		1.00		4.58			73,758		0.58			4.44			0.61			4.41
2006-ILA Service Units		1.00		0.042			(0.042	)		1.00		4.32			276,733		0.83			4.26			0.86			4.23
2006-ILA B Units		1.00		0.036			(0.036	)		1.00		3.69			9,308		1.43			3.63			1.46			3.60
2006-ILA C Units		1.00		0.036			(0.036	)		1.00		3.69			18,392		1.43			3.63			1.46			3.60
2006-ILA Cash Management Shares		1.00		0.041			(0.041	)		1.00		4.14			4,189		1.00			3.98			1.46			3.52
2005-ILA Units		1.00		0.029			(0.029	)		1.00		2.91			135,351		0.43			2.81			0.46			2.78
2005-ILA Administration Units		1.00		0.027			(0.027	)		1.00		2.75			110,480		0.58			2.79			0.61			2.76
2005-ILA Service Units		1.00		0.025			(0.025	)		1.00		2.50			228,238		0.83			2.45			0.86			2.42
2005-ILA B Units		1.00		0.019			(0.019	)		1.00		1.90			12,304		1.43			1.80			1.46			1.77
2005-ILA C Units		1.00		0.019			(0.019	)		1.00		1.90			19,781		1.43			1.87			1.46			1.84
2005-ILA Cash Management Shares		1.00		0.023			(0.023	)		1.00		2.32			5,585		1.00			2.29			1.46			1.83
2004-ILA Units		1.00		0.010			(0.010	)		1.00		1.00			160,780		0.43			1.00			0.47			0.96
2004-ILA Administration Units		1.00		0.008			(0.008	)		1.00		0.85			65,049		0.58			0.86			0.62			0.82
2004-ILA Service Units		1.00		0.006			(0.006	)		1.00		0.60			205,341		0.83			0.63			0.87			0.59
2004-ILA B Units		1.00		0.003			(0.003	)		1.00		0.35			18,080		1.07			0.35			1.47			(0.05	)
2004-ILA C Units		1.00		0.003			(0.003	)		1.00		0.35			15,068		1.07			0.36			1.47			(0.04	)
2004-ILA Cash Management Shares		1.00		0.004			(0.004	)		1.00		0.45			7,321		0.97			0.40			1.47			(0.10	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per share.

^(d) Annualized.

The accompanying notes are an integral part of these financial statements.

68

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights (continued)

Selected Data for a Unit/Share Outstanding Throughout Each Period

Tax-Exempt California Portfolio

																						Ratios assuming no
																						expense reductions
																									Ratio of net
																			Ratio of net						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			income to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	—	(c)	$	—	(c)	$	1.00		0.01	%	$	142,971		0.44	%(d)		0.09	%(d)		0.46	%(d)		0.07	%(d)
2009-ILA Administration Units		1.00		—	(c)		—	(c)		1.00		—	(f)		384,526		0.50	(d)		0.03	(d)		0.61	(d)		(0.08	)(d)
2009-ILA Service Units		1.00		—	(c)		—	(c)		1.00		—	(f)		2		0.52	(d)		0.01	(d)		0.86	(d)		(0.33	)(d)
2009-ILA Cash Management Shares		1.00		—	(c)		—	(c)		1.00		—	(f)		1		0.44	(d)		0.21	(d)		1.46	(d)		(0.81	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.016			(0.016	)(e)		1.00		1.60			147,340		0.44			1.56			0.46			1.54
2008-ILA Administration Units		1.00		0.014			(0.014	)(e)		1.00		1.45			499,754		0.59			1.42			0.61			1.40
2008-ILA Service Units		1.00		0.012			(0.012	)(e)		1.00		1.21			445		0.82			0.72			0.86			0.68
2008-ILA Cash Management Shares		1.00		0.011			(0.011	)(e)		1.00		1.05			1		0.84			1.18			1.46			0.56
2007-ILA Units		1.00		0.031			(0.031	)(e)		1.00		3.20			176,449		0.43			3.14			0.44			3.13
2007-ILA Administration Units		1.00		0.030			(0.030	)(e)		1.00		3.05			494,463		0.58			2.99			0.59			2.98
2007-ILA Service Units		1.00		0.027			(0.027	)(e)		1.00		2.79			2		0.83			2.73			0.84			2.72
2007-ILA Cash Management Shares		1.00		0.026			(0.026	)(e)		1.00		2.62			1		1.00			2.64			1.44			2.20
2006-ILA Units		1.00		0.029			(0.029	)(e)		1.00		3.03			130,302		0.43			2.90			0.44			2.90
2006-ILA Administration Units		1.00		0.028			(0.028	)(e)		1.00		2.87			420,875		0.58			2.82			0.59			2.81
2006-ILA Service Units		1.00		0.026			(0.026	)(e)		1.00		2.62			2		0.83			2.56			0.84			2.56
2006-ILA Cash Management Shares		1.00		0.023			(0.023	)(e)		1.00		2.44			10		1.00			2.35			1.44			1.91
2005-ILA Units		1.00		0.020			(0.020	)		1.00		1.98			268,806		0.43			1.99			0.44			1.98
2005-ILA Administration Units		1.00		0.018			(0.018	)		1.00		1.83			300,545		0.58			1.79			0.59			1.78
2005-ILA Service Units		1.00		0.016			(0.016	)		1.00		1.57			2		0.83			1.60			0.83			1.60
2005-ILA Cash Management Shares		1.00		0.014			(0.014	)		1.00		1.40			27,385		1.00			1.45			1.44			1.01
2004-ILA Units		1.00		0.008			(0.008	)		1.00		0.78			208,139		0.43			0.74			0.45			0.72
2004-ILA Administration Units		1.00		0.006			(0.006	)		1.00		0.62			273,919		0.58			0.64			0.60			0.62
2004-ILA Service Units		1.00		0.004			(0.004	)		1.00		0.39			2		0.83			0.36			0.85			0.34
2004-ILA Cash Management Shares		1.00		0.003			(0.003	)		1.00		0.32			14,721		0.82			0.23			1.45			(0.40	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.

^(d) Annualized.

(e)	Amount includes $0.00021, $0.00007 and $0.00028 of distributions from net realized gains for the years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.
(f)	Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

69

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Tax-Exempt Diversified Portfolio

																						Ratios assuming no
																						expense reductions
																			Ratio of net						Ratio of net
																			investment						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			income			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			(loss) to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	0.001		$	(0.001	)	$	1.00		0.05	%	$	164,096		0.44	%(d)		0.31	%(d)		0.44	%(d)		0.31	%(d)
2009-ILA Administration Units		1.00		—	(c)		—	(c)		1.00		0.03			1,181,311		0.59	(d)		0.16	(d)		0.59	(d)		0.16	(d)
2009-ILA Service Units		1.00		—	(c)		—	(c)		1.00		—	(f)		18,773		0.73	(d)		0.02	(d)		0.84	(d)		(0.09	)(d)
2009-ILA Cash Management Shares		1.00		—	(c)		—	(c)		1.00		—	(f)		54		0.75	(d)		(0.02	)(d)		1.44	(d)		(0.67	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.017			(0.017)	(e)		1.00		1.74			171,017		0.43			1.72			0.44			1.71
2008-ILA Administration Units		1.00		0.016			(0.016)	(e)		1.00		1.59			1,358,448		0.58			1.56			0.59			1.55
2008-ILA Service Units		1.00		0.013			(0.013)	(e)		1.00		1.33			22,873		0.83			1.29			0.84			1.28
2008-ILA Cash Management Shares		1.00		0.012			(0.012)	(e)		1.00		1.17			58		1.00			1.16			1.44			0.72
2007-ILA Units		1.00		0.032			(0.032)	(e)		1.00		3.31			147,044		0.43			3.24			0.44			3.23
2007-ILA Administration Units		1.00		0.031			(0.031)	(e)		1.00		3.15			725,018		0.58			3.09			0.59			3.08
2007-ILA Service Units		1.00		0.028			(0.028)	(e)		1.00		2.90			20,559		0.83			2.85			0.84			2.84
2007-ILA Cash Management Shares		1.00		0.026			(0.026)	(e)		1.00		2.72			705		1.00			2.68			1.44			2.24
2006-ILA Units		1.00		0.029			(0.029)	(e)		1.00		3.08			125,168		0.41			2.92			0.42			2.92
2006-ILA Administration Units		1.00		0.028			(0.028)	(e)		1.00		2.93			557,264		0.57			2.84			0.57			2.84
2006-ILA Service Units		1.00		0.026			(0.026)	(e)		1.00		2.67			17,741		0.82			2.62			0.82			2.62
2006-ILA Cash Management Shares		1.00		0.024			(0.024)	(e)		1.00		2.50			2,963		0.98			2.38			1.41			1.95
2005-ILA Units		1.00		0.020			(0.020)			1.00		2.02			634,174		0.41			1.98			0.41			1.98
2005-ILA Administration Units		1.00		0.019			(0.019)			1.00		1.87			1,344,727		0.56			1.83			0.56			1.83
2005-ILA Service Units		1.00		0.016			(0.016)			1.00		1.61			24,328		0.81			1.59			0.81			1.59
2005-ILA Cash Management Shares		1.00		0.014			(0.014)			1.00		1.44			147,558		0.98			1.41			1.41			0.98
2004-ILA Units		1.00		0.008			(0.008)			1.00		0.82			697,374		0.41			0.80			0.41			0.80
2004-ILA Administration Units		1.00		0.007			(0.007)			1.00		0.67			1,338,658		0.56			0.69			0.56			0.69
2004-ILA Service Units		1.00		0.004			(0.004)			1.00		0.42			23,652		0.81			0.43			0.81			0.43
2004-ILA Cash Management Shares		1.00		0.003			(0.003)			1.00		0.33			139,086		0.87			0.28			1.41			(0.26	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.

^(d) Annualized.

(e)	Amount includes $0.00009, $0.00014 and $0.0004 of distributions from net realized gains for the years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.
(f)	Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

70

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Tax-Exempt New York Portfolio

																						Ratios assuming no
																						expense reductions
																			Ratio of net						Ratio of net
																			investment						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			income			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			(loss) to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	—	(c)	$	—	(c)	$	1.00		0.02	%	$	79,447		0.44	%(d)		0.13	%(d)		0.47	%(d)		0.10	%(d)
2009-ILA Administration Units		1.00		—	(c)		—	(c)		1.00		0.01			348,665		0.53	(d)		0.04	(d)		0.62	(d)		(0.05	)(d)
2009-ILA Service Units		1.00		—	(c)		—	(c)		1.00		—	(f)		76		0.56	(d)		0.02	(d)		0.87	(d)		(0.29	)(d)
2009-ILA Cash Management Shares		1.00		—	(c)		—	(c)		1.00		—	(f)		1		0.48	(d)		(0.01	)(d)		1.47	(d)		(0.98	)(d)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.017			(0.017	)(e)		1.00		1.70			76,958		0.44			1.67			0.47			1.64
2008-ILA Administration Units		1.00		0.015			(0.015	)(e)		1.00		1.55			418,830		0.59			1.48			0.62			1.45
2008-ILA Service Units		1.00		0.013			(0.013	)(e)		1.00		1.30			76		0.84			1.41			0.87			1.38
2008-ILA Cash Management Shares		1.00		0.011			(0.011	)(e)		1.00		1.14			1		0.90			1.11			1.47			0.54
2007-ILA Units		1.00		0.032			(0.032	)(e)		1.00		3.24			56,353		0.43			3.20			0.46			3.17
2007-ILA Administration Units		1.00		0.030			(0.030	)(e)		1.00		3.09			253,295		0.58			3.04			0.61			3.01
2007-ILA Service Units		1.00		0.028			(0.028	)(e)		1.00		2.83			468		0.83			2.79			0.86			2.76
2007-ILA Cash Management Shares		1.00		0.026			(0.026	)(e)		1.00		2.66			1		1.00			2.65			1.46			2.19
2006-ILA Units		1.00		0.030			(0.030	)(e)		1.00		3.04			36,521		0.43			2.92			0.45			2.90
2006-ILA Administration Units		1.00		0.029			(0.029	)(e)		1.00		2.89			331,793		0.58			2.86			0.60			2.85
2006-ILA Service Units		1.00		0.027			(0.027	)(e)		1.00		2.63			456		0.83			2.67			0.85			2.65
2006-ILA Cash Management Shares		1.00		0.023			(0.023	)(e)		1.00		2.46			1,507		1.00			2.33			1.45			1.88
2005-ILA Units		1.00		0.020			(0.020	)		1.00		1.99			100,268		0.43			1.94			0.45			1.92
2005-ILA Administration Units		1.00		0.018			(0.018	)		1.00		1.84			206,485		0.58			1.83			0.60			1.81
2005-ILA Service Units		1.00		0.016			(0.016	)		1.00		1.58			72		0.83			1.34			0.84			1.33
2005-ILA Cash Management Shares		1.00		0.014			(0.014	)		1.00		1.41			58,291		1.00			1.35			1.45			0.90
2004-ILA Units		1.00		0.008			(0.008	)		1.00		0.78			99,743		0.43			0.78			0.46			0.75
2004-ILA Administration Units		1.00		0.006			(0.006	)		1.00		0.63	��		174,135		0.58			0.65			0.61			0.62
2004-ILA Service Units		1.00		0.004			(0.004	)		1.00		0.40			156		0.82			0.41			0.86			0.37
2004-ILA Cash Management Shares		1.00		0.003			(0.003	)		1.00		0.33			59,693		0.87			0.30			1.46			(0.29	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.

^(d) Annualized.

(e)	Amount includes $0.0003, $0.00005 and $0.00008 of distributions from net realized gains for the years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.
(f)	Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

71

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Treasury Instruments Portfolio

																						Ratios assuming no
																						expense reductions
																			Ratio of net						Ratio of net
																			investment						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			income			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			(loss) to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	—	(c)(d)	$	—	(c)(d)	$	1.00		0.01	%	$	23,562		0.37	%(e)		(0.07	)%(e)		0.43	%(e)		(0.13	)%(e)
2009-ILA Administration Units		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		1,178,084		0.44	(e)		(0.14	)(e)		0.58	(e)		(0.28	)(e)
2009-ILA Service Units		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		115,228		0.45	(e)		(0.15	)(e)		0.83	(e)		(0.53	)(e)
2009-ILA Cash Management Shares		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		63,011		0.44	(e)		(0.15	)(e)		1.43	(e)		(1.14	)(e)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.013	(d)		(0.013	)(d)		1.00		1.31			28,109		0.43			0.68			0.43			0.68
2008-ILA Administration Units		1.00		0.012	(d)		(0.012	)(d)		1.00		1.17			1,611,056		0.57			0.56			0.58			0.55
2008-ILA Service Units		1.00		0.009	(d)		(0.009	)(d)		1.00		0.95			123,509		0.81			0.70			0.83			0.68
2008-ILA Cash Management Shares		1.00		0.008	(d)		(0.008	)(d)		1.00		0.80			66,829		0.78			0.22			1.43			(0.43	)
2007-ILA Units		1.00		0.042	(d)		(0.042	)(d)		1.00		4.32			9,055		0.43			3.94			0.46			3.91
2007-ILA Administration Units		1.00		0.041	(d)		(0.041	)(d)		1.00		4.16			112,629		0.58			3.68			0.61			3.65
2007-ILA Service Units		1.00		0.038	(d)		(0.038	)(d)		1.00		3.91			175,160		0.83			3.71			0.86			3.68
2007-ILA Cash Management Shares		1.00		0.037	(d)		(0.037	)(d)		1.00		3.73			7,247		1.00			3.34			1.46			2.88
2006-ILA Units		1.00		0.042			(0.042	)		1.00		4.42			3,602		0.43			4.19			0.48			4.14
2006-ILA Administration Units		1.00		0.041			(0.041	)		1.00		4.26			23,217		0.58			4.14			0.64			4.08
2006-ILA Service Units		1.00		0.039			(0.039	)		1.00		4.00			158,611		0.83			3.92			0.88			3.87
2006-ILA Cash Management Shares		1.00		0.035			(0.035	)		1.00		3.82			5,966		1.00			3.51			1.47			3.04
2005-ILA Units		1.00		0.026			(0.026	)		1.00		2.59			26,118		0.43			2.50			0.45			2.48
2005-ILA Administration Units		1.00		0.024			(0.024	)		1.00		2.44			37,744		0.58			2.43			0.60			2.41
2005-ILA Service Units		1.00		0.022			(0.022	)		1.00		2.18			325,678		0.83			2.15			0.85			2.13
2005-ILA Cash Management Shares		1.00		0.020			(0.020	)		1.00		2.01			26,741		1.00			2.00			1.45			1.55
2004-ILA Units		1.00		0.008			(0.008	)		1.00		0.85			33,836		0.43			0.79			0.44			0.78
2004-ILA Administration Units		1.00		0.007			(0.007	)		1.00		0.70			33,103		0.58			0.68			0.59			0.67
2004-ILA Service Units		1.00		0.004			(0.004	)		1.00		0.44			372,296		0.83			0.40			0.84			0.39
2004-ILA Cash Management Shares		1.00		0.004			(0.004	)		1.00		0.38			15,775		0.88			0.31			1.44			(0.25	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.

^(d) Net investment income and distributions from net investment income contain $0.0003, $(0.0003), $0.002, $(0.002), $0.001 and $(0.001) of realized capital gains and distributions from net realized gains, for the periods ended February 28, 2009, December 31, 2008 and December 31, 2007, respectively.

(e)	Annualized.
(f)	Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

72

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Financial Highlights

Selected Data for a Unit/Share Outstanding Throughout Each Period

Treasury Obligations Portfolio

																						Ratios assuming no
																						expense reductions
																			Ratio of net						Ratio of net
																			investment						investment
	Net asset					Distributions			Net asset					Net assets		Ratio of net			income			Ratio of total			income
	value,		Net			from net			value,					end		expenses to			(loss) to			expenses to			(loss) to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Unit/Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
FOR THE PERIOD JANUARY 1 TO FEBRUARY 28*, (UNAUDITED)
2009-ILA Units	$	1.00	$	—	(c)(d)	$	—	(c)(d)	$	1.00		0.01	%	$	31,907		0.43	%(e)		(0.07	)%(e)		0.43	%(e)		(0.07	)%(e)
2009-ILA Administration Units		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		295,905		0.50	(e)		(0.14	)(e)		0.58	(e)		(0.22	)(e)
2009-ILA Service Units		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		503,274		0.50	(e)		(0.14	)(e)		0.83	(e)		(0.47	)(e)
2009-ILA Cash Management Shares		1.00		—	(c)(d)		—	(c)(d)		1.00		—	(f)		185,590		0.50	(e)		(0.14	)(e)		1.43	(e)		(1.07	)(e)
FOR THE YEARS ENDED DECEMBER 31,
2008-ILA Units		1.00		0.014	(d)		(0.014)	(d)		1.00		1.43			35,732		0.43			1.46			0.43			1.46
2008-ILA Administration Units		1.00		0.013	(d)		(0.013)	(d)		1.00		1.28			276,631		0.57			0.85			0.58			0.84
2008-ILA Service Units		1.00		0.011	(d)		(0.011)	(d)		1.00		1.09			388,814		0.78			1.11			0.83			1.06
2008-ILA Cash Management Shares		1.00		0.010	(d)		(0.010)	(d)		1.00		0.96			185,085		0.91			1.03			1.43			0.51
2007-ILA Units		1.00		0.045			(0.045)			1.00		4.56			40,156		0.43			4.44			0.43			4.44
2007-ILA Administration Units		1.00		0.043			(0.043)			1.00		4.40			16,911		0.58			3.70			0.58			3.70
2007-ILA Service Units		1.00		0.041			(0.041)			1.00		4.14			434,726		0.83			4.11			0.83			4.11
2007-ILA Cash Management Shares		1.00		0.039			(0.039)			1.00		3.97			361,004		1.00			3.49			1.43			3.06
2006-ILA Units		1.00		0.043			(0.043)			1.00		4.62			25,175		0.43			4.34			0.43			4.34
2006-ILA Administration Units		1.00		0.042			(0.042)			1.00		4.46			152		0.58			4.23			0.58			4.23
2006-ILA Service Units		1.00		0.041			(0.041)			1.00		4.20			647,287		0.83			4.11			0.83			4.11
2006-ILA Cash Management Shares		1.00		0.039			(0.039)			1.00		4.02			59,418		1.00			3.87			1.43			3.44
2005-ILA Units		1.00		0.027			(0.027)			1.00		2.77			89,579		0.43			2.55			0.43			2.55
2005-ILA Administration Units		1.00		0.026			(0.026)			1.00		2.62			11,373		0.58			2.57			0.58			2.57
2005-ILA Service Units		1.00		0.023			(0.023)			1.00		2.36			756,424		0.83			2.41			0.83			2.41
2005-ILA Cash Management Shares		1.00		0.021			(0.021)			1.00		2.19			162,011		1.00			2.63			1.43			2.20
2004-ILA Units		1.00		0.009			(0.009)			1.00		0.91			156,027		0.43			0.92			0.43			0.92
2004-ILA Administration Units		1.00		0.008			(0.008)			1.00		0.76			12,900		0.58			0.74			0.58			0.74
2004-ILA Service Units		1.00		0.005			(0.005)			1.00		0.51			554,391		0.83			0.47			0.83			0.47
2004-ILA Cash Management Shares		1.00		0.004			(0.004)			1.00		0.40			8,035		0.92			0.26			1.43			(0.25	)

*   The Portfolio changed its fiscal year end from December 31 to August 31.

(a)	Calculated based on the average units/shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on Portfolio distributions. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.0005 per unit/share.

^(d) Net investment income and distributions from net investment income contain $0.0002, $(0.0002), $0.0004 and $(0.0004) of realized capital gains and distributions from net realized gains, for the periods ended February 28, 2009 and December 31, 2008, respectively.

(e)	Annualized.
(f)	Amount is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

73

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Portfolio Expenses — Six Month Period Ended February 28, 2009 (Unaudited)

As a unitholder/shareholder of ILA, ILA Administration, ILA Service, ILA B, ILA C Units or ILA Cash Management Shares of the Portfolios you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (load) (with respect to ILA B and C Units); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to ILA B Units, ILA C Units and Cash Management Shares); and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in ILA, ILA Administration, ILA Service, ILA B, ILA C Units or ILA Cash Management Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2008 through February 28, 2009.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the column heading entitled “Expenses Paid” to estimate the expenses you paid on your account for this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Federal Portfolio						Money Market Portfolio						Prime Obligations Portfolio						Tax-Exempt California Portfolio						Tax-Exempt Diversified Portfolio
					Expenses						Expenses						Expenses						Expenses						Expenses
					Paid for						Paid for						Paid for						Paid for						Paid for
	Beginning		Ending		the		Beginning		Ending		the		Beginning		Ending		the		Beginning		Ending		the		Beginning		Ending		the
	Account		Account		6 months		Account		Account		6 months		Account		Account		6 months		Account		Account		6 months		Account		Account		6 months
	Value		Value		ended		Value		Value		ended		Value		Value		ended		Value		Value		ended		Value		Value		ended
Share Class	9/1/08		2/28/09		2/28/09		9/1/08		2/28/09		2/28/09		9/1/08		2/28/09		2/28/09		9/1/08		2/28/09		2/28/09		9/1/08		2/28/09		2/28/09
ILA Units
Actual	$	1,000.00	$	1,006.40	$	2.09	$	1,000.00	$	1,006.70	$	2.19	$	1,000.00	$	1,006.50	$	2.19	$	1,000.00	$	1,005.40	$	2.19	$	1,000.00	$	1,006.40		$2.19
Hypothetical 5% return		1,000.00		1,022.71		2.11		1,000.00		1,022.61		2.21		1,000.00		1,022.61		2.21		1,000.00		1,022.61		2.11		1,000.00		1,022.61		2.21
ILA Administration Units
Actual		1,000.00		1,005.70		2.83		1,000.00		1,005.90		2.93		1,000.00		1,005.80		2.93		1,000.00		1,004.80		2.49		1,000.00		1,005.60		2.93
Hypothetical 5% return		1,000.00		1,021.97		2.86		1,000.00		1,021.87		2.96		1,000.00		1,021.87		2.96		1,000.00		1,022.32		2.51		1,000.00		1,021.87		2.96
ILA Service Units
Actual		1,000.00		1,004.50		3.88		1,000.00		1,004.70		4.13		1,000.00		1,004.60		4.08		1,000.00		1,004.00		2.58		1,000.00		1,004.60		3.63
Hypothetical 5% return		1,000.00		1,020.93		3.91		1,000.00		1,020.68		4.16		1,000.00		1,020.73		4.11		1,000.00		1,022.22		2.61		1,000.00		1,021.17		2.96
ILA B Units
Actual		1,000.00		N/A		N/A		N/A		N/A		N/A		1,000.00		1,002.10		5.46		N/A		N/A		N/A		N/A		N/A		N/A
Hypothetical 5% return		1,000.00		N/A		N/A		N/A		N/A		N/A		1,000.00		1,019.34		5.51		N/A		N/A		N/A		N/A		N/A		N/A
ILA C Units
Actual		1,000.00		N/A		N/A		N/A		N/A		N/A		1,000.00		1,002.10		5.46		N/A		N/A		N/A		N/A		N/A		N/A
Hypothetical 5% return		1,000.00		N/A		N/A		N/A		N/A		N/A		1,000.00		1,019.34		5.51		N/A		N/A		N/A		N/A		N/A		N/A
ILA Cash Management Shares
Actual		1,000.00		1,003.90		4.07		1,000.00		1,003.90		4.07		1,000.00		1,003.80		4.57		1,000.00		1,003.60		2.19		1,000.00		1,004.00		3.73
Hypothetical 5% return		1,000.00		1,020.73		4.11		1,000.00		1,020.73		4.11		1,000.00		1,020.23		4.61		1,000.00		1,022.61		2.21		1,000.00		1,021.08		3.76

74

Goldman Sachs Trust—Institutional Liquid Assets Portfolios

Portfolio Expenses — Six Month Period Ended February 28, 2009 (Unaudited)(continued)

	Tax-Exempt New York Portfolio						Treasury Instruments Portfolio						Treasury Obligations Portfolio
					Expenses						Expenses						Expenses
					Paid for						Paid for						Paid for
	Beginning		Ending		the		Beginning		Ending		the		Beginning		Ending		the
	Account		Account		6 months		Account		Account		6 months		Account		Account		6 months
	Value		Value		ended		Value		Value		ended		Value		Value		ended
Share Class	9/1/08		2/28/09		02/28/09		9/1/08		2/28/09		02/28/09		9/1/08		2/28/09		02/28/09
ILA Units
Actual	$	1,000.00	$	1,005.90	$	2.19	$	1,000.00	$	1,002.60	$	1.84	$	1,000.00	$	1,001.70	$	2.13
Hypothetical 5% return		1,000.00		1,022.61		2.21		1,000.00		1,022.96		1.86		1,000.00		1,022.66		2.16
ILA Administration Units
Actual		1,000.00		1,005.30		2.64		1,000.00		1,002.10		2.18		1,000.00		1,001.20		2.48
Hypothetical 5% return		1,000.00		1,022.17		2.66		1,000.00		1,022.61		2.21		1,000.00		1,022.32		2.51
ILA Service Units
Actual		1,000.00		1,004.40		2.78		1,000.00		1,001.50		2.23		1,000.00		1,000.90		2.48
Hypothetical 5% return		1,000.00		1,022.02		2.81		1,000.00		1,022.56		2.26		1,000.00		1,022.32		2.51
ILA Cash Management Shares
Actual		1,000.00		1,004.00		2.39		1,000.00		1,001.20		2.18		1,000.00		1,000.70		2.48
Hypothetical 5% return		1,000.00		1,022.41		2.41		1,000.00		1,022.61		2.21		1,000.00		1,022.32		2.51

*  Expenses for each share class are calculated using the Portfolios’ annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Portfolio	ILA Units			ILA Administration Units			ILA Service Units			ILA B Units			ILA C Units			ILA Cash Management Shares
Federal		0.42	%		0.57	%		0.78	%		N/A			N/A			0.82	%
Money Market		0.44			0.59			0.83			N/A			N/A			0.82
Prime Obligations		0.44			0.59			0.82			1.10	%		1.10	%		0.92
Tax-Exempt California		0.44			0.50			0.52			N/A			N/A			0.44
Tax-Exempt Diversified		0.44			0.59			0.73			N/A			N/A			0.75
Tax-Exempt New York		0.44			0.53			0.56			N/A			N/A			0.48
Treasury Instruments		0.37			0.44			0.45			N/A			N/A			0.44
Treasury Obligations		0.43			0.50			0.50			N/A			N/A			0.50

+  Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

75

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The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550; and (II) on the Securities and Exchange Commission (“SEC”) Web site at http://www.sec.gov.

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Form N-Q is available on the SEC’s website at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. The Portfolios’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Forms N-Q may be obtained upon request and without charge by calling 1-800-621-2550.

The Standardized 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 7-Day Current Yield may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring.

The Standardized 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 7-Day Effective Yield assumes reinvestment of dividends for one year.

The 30-Day Current Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 30-Day Current Yield may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include a Portfolio’s entire investment portfolio, which may change at any time. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Investors should consider a Portfolio’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing or sending money. The prospectus contains this and other information about the Portfolios.

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

Copyright 2009 Goldman, Sachs & Co. All rights reserved.

09-20771.MF.TMPL/44K/04-09

TRUSTEES

Ashok N. Bakhru, Chairman

John P. Coblentz, Jr.

Diana M. Daniels

Patrick T. Harker

James A. McNamara

Jessica Palmer

Alan A. Shuch

Richard P. Strubel

OFFICERS

James A. McNamara, President

John M. Perlowski, Senior Vice President and Treasurer

Peter V. Bonanno, Secretary

GOLDMAN, SACHS & CO.

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

ILA/SAR 2/09 Goldman Sachs Funds
32 Old Slip
New York, NY 10005

ITEM 2. CODE OF ETHICS.

(a) The information required by this Item is only required in an annual report on this Form N-CSR.

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this 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 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)		Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	May 6, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	May 6, 2009
By:	/s/ John M. Perlowski
	John M. Perlowski
	Treasurer/Principal Financial Officer
	Goldman Sachs Trust
Date:	May 6, 2009