UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004 Copies to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, NW
Washington, DC 20006

(Name and address of agent for service)

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

Date of fiscal year end:        December 31

Date of reporting period: March 31, 2008

Item 1. Schedule of Investments.

ILA PRIME OBLIGATIONS PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Bank Note — 1.3%
Bank of America N.A.
$	5,000,000		5.250	%	05/02/08	$	5,000,000
U.S. Bank NA
	5,000,000		3.000		05/06/08		5,000,000
TOTAL BANK NOTE						$	10,000,000
Commercial Paper and Corporate Obligations — 42.3%
Amstel Funding Corp.
$	10,000,000		4.300	%	04/10/08	$	9,989,250
	6,000,000		3.000		06/12/08		5,964,000
Amsterdam Funding Corp.
	5,000,000		3.110		04/17/08		4,993,089
Aspen Funding Corp.
	5,000,000		4.270		04/11/08		4,994,069
Atlantic Asset Securitization Corp.
	6,000,000		3.000		05/07/08		5,982,000
Atlantis One Funding Corp.
	5,000,000		3.120		05/21/08		4,978,333
BA Credit Card Trust (Emerald)
	10,000,000		4.520		04/07/08		9,992,467
	5,000,000		4.600		04/11/08		4,993,611
Bank of America Corp.
	4,000,000		4.106		06/12/08		3,967,152
	4,000,000		4.017		07/07/08		3,956,706
Cafco LLC
	5,000,000		3.330		04/22/08		4,990,287
	10,000,000		3.000		05/02/08		9,974,167
Cancara Asset Securitization LLC
	5,000,000		2.630		06/20/08		4,970,778
Chariot Funding LLC
	5,439,000		3.250		04/25/08		5,427,215
	10,000,000		2.500		06/16/08		9,947,222
Charta LLC
	5,000,000		2.900		05/14/08		4,982,681
Citibank Credit Card Issuance Trust (Dakota Corp.)
	5,000,000		4.440		04/07/08		4,996,300
	5,000,000		4.350		04/14/08		4,992,146
	5,000,000		3.350		04/24/08		4,989,299
Citigroup Funding, Inc.
	5,000,000		4.375		04/14/08		4,992,101
Clipper Receivables Co. LLC
	5,000,000		3.250		04/18/08		4,992,326
CRC Funding LLC
	5,000,000		3.330		04/22/08		4,990,287
Fairway Finance Corp.
	10,000,000		2.830		04/21/08		9,984,278
Falcon Asset Securitization Corp.
	5,000,000		3.140		05/27/08		4,975,578
	10,000,000		2.670		06/27/08		9,935,475
Gemini Securitization Corp.
	5,000,000		2.820		06/17/08		4,969,842
General Electric Capital Services, Inc.
	5,000,000		2.870		08/04/08		4,950,174
	5,000,000		2.780		08/05/08		4,951,350

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Grampian Funding LLC
$	10,000,000		5.125	%	04/07/08	$	9,991,458
JPMorgan Chase & Co.
	20,000,000		4.973		04/01/08		20,000,000
Jupiter Securitization Corp.
	8,824,000		2.850		06/11/08		8,774,402
Kitty Hawk Funding Corp.
	10,000,000		2.800		05/16/08		9,965,000
Nieuw Amsterdam Receivables Corp.
	10,000,000		3.180		04/30/08		9,974,383
	10,000,000		2.950		06/27/08		9,928,708
Scaldis Capital LLC
	10,000,000		3.300		04/15/08		9,987,167
	5,000,000		3.350		04/28/08		4,987,438
Sheffield Receivables Corp.
	5,000,000		2.770		06/06/08		4,974,608
Thames Asset Global Securitization, Inc.
	5,000,000		3.050		04/21/08		4,991,528
Ticonderoga Funding LLC
	6,546,000		3.090		05/09/08		6,524,649
	5,000,000		3.120		05/09/08		4,983,533
Tulip Funding Corp.
	12,192,000		3.150		05/07/08		12,153,595
Variable Funding Capital Corp.
	5,000,000		4.700		04/14/08		4,991,514
Windmill Funding Corp.
	5,000,000		3.140		05/15/08		4,980,811
Yorktown Capital LLC
	7,494,000		4.220		04/25/08		7,472,917
	5,000,000		2.550		06/18/08		4,972,375
	5,000,000		2.700		06/18/08		4,970,750
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	314,447,019
Certificates of Deposit — 2.7%
Bank of America N.A.
$	5,000,000		2.800	%	08/05/08	$	5,000,000
	5,000,000		2.540		09/26/08		5,000,000
Wachovia Bank NA
	10,000,000		4.870		05/30/08		10,000,000
TOTAL CERTIFICATES OF DEPOSIT						$	20,000,000
U.S. Government Agency Obligations — 10.1%
Federal Home Loan Bank
$	30,000,000	2.340%(a)			04/01/08	$	30,000,000
	5,000,000	2.335(a)			04/01/08		4,998,718
	10,000,000	2.860(a)			05/19/08		10,000,000
	5,000,000		2.760		02/11/09		5,000,000
	5,000,000		2.800		02/25/09		5,000,000
Federal Home Loan Mortgage Corp.(a)
	15,000,000		2.539		04/19/08		15,000,000

ILA PRIME OBLIGATIONS PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — (continued)
Federal National Mortgage Association(a)
$	5,000,000		2.330	%	04/01/08	$	4,999,290
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	74,998,008
Variable Rate Obligations(a) — 16.9%
Allstate Life Global Funding
$	10,000,000		3.000	%	04/11/08	$	10,000,000
Bank of America N.A.
	5,000,000		2.764		06/18/08		5,005,658
	5,000,000		3.208		07/03/08		5,000,000
General Electric Capital Corp.
	10,000,000		2.619		04/25/08		10,000,000
JPMorgan Chase & Co.
	5,000,000		4.742		04/03/08		5,000,148
Lehman Brothers Holdings, Inc.
	4,000,000		3.120		04/01/08		4,000,388
MassMutual Global Funding II LLC
	5,000,000		4.822		04/03/08		5,000,000
Merrill Lynch & Co., Inc.
	10,000,000		3.191		04/04/08		10,000,000
MetLife, Inc.(b)
	10,000,000		3.288		05/22/08		10,000,000
Metropolitan Life Global Funding I
	5,000,000		4.247		04/09/08		5,000,000
Morgan Stanley
	5,000,000		3.269		04/03/08		5,000,000
National City Bank
	8,000,000		3.179		04/02/08		8,000,600
Procter & Gamble Co.
	5,000,000		3.140		05/19/08		5,000,000
SunTrust Bank
	5,000,000		3.894		04/21/08		5,000,099
Union Hamilton Reinsurance Co.
	5,000,000		3.100		06/16/08		5,000,000
Wachovia Asset Securitization, Inc.(b)
	18,725,683		2.749		04/25/08		18,725,683
Wells Fargo & Co.
	10,000,000		2.855		04/18/08		10,000,000
TOTAL VARIABLE RATE OBLIGATIONS						$	125,732,576
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	545,177,603

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Repurchase Agreement(c) — 26.6%
Joint Repurchase Agreement Account II
$	198,000,000		2.496	%	04/01/08	$	198,000,000
Maturity Value: $198,013,729
TOTAL REPURCHASE AGREEMENT						$	198,000,000
TOTAL INVESTMENTS — 99.9%						$	743,177,603
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%						$	393,465
NET ASSETS — 100.0%						$	743,571,068

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 London Interbank Offered Rate, Federal Funds Rate or Prime Lending Rate. Interest rate disclosed is that which is in effect at March 31, 2008.

(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 March 31, 2008, these securities amounted to $28,725,683 or approximately 3.9% of net assets.

(c) Unless noted, all repurchase agreements were entered into on March 31, 2008. Additional information on Joint Repurchase Agreement Account II appears in the Notes to the Schedule of Investments section.

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.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

ILA MONEY MARKET PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — 33.1%
Amstel Funding Corp.
$	5,000,000		4.300	%	04/10/08	$	4,994,625
	5,000,000		3.000		06/12/08		4,970,000
Atlantic Asset Securitization Corp.
	5,000,000		3.000		05/07/08		4,985,000
Atlantis One Funding Corp.
	5,000,000		3.120		05/21/08		4,978,333
Cafco LLC
	5,000,000		3.030		05/01/08		4,987,375
Cancara Asset Securitisation LLC
	5,000,000		2.850		06/11/08		4,971,896
Chariot Funding LLC
	5,000,000		2.500		06/16/08		4,973,611
Charta LLC
	5,000,000		2.900		05/14/08		4,982,681
Citibank Credit Card Issuance Trust (Dakota Corp.)
	5,000,000		4.350		04/14/08		4,992,146
	5,000,000		4.000		04/18/08		4,990,556
Citigroup Funding, Inc.
	5,000,000		2.980		06/12/08		4,970,200
Clipper Receivables Co. LLC
	5,000,000		3.250		04/18/08		4,992,326
CRC Funding LLC
	3,000,000		3.330		04/22/08		2,994,172
Danske Bank
	5,000,000		2.730		05/01/08		4,988,625
Fairway Finance Corp.
	5,000,000		2.830		04/21/08		4,992,139
Falcon Asset Securitization Corp.
	5,000,000		2.800		04/28/08		4,989,500
	5,000,000		2.670		06/27/08		4,967,737
Gemini Securitization Corp.
	10,000,000		3.100		05/19/08		9,958,667
General Electric Capital Services, Inc.
	10,000,000		2.780		08/05/08		9,902,700
Grampian Funding LLC
	3,000,000		5.125		04/07/08		2,997,437
Jupiter Securitization Corp.
	5,000,000		2.850		06/11/08		4,971,896
Kitty Hawk Funding Corp.
	5,000,000		2.800		05/16/08		4,982,500
Ranger Funding Co. LLC
	5,000,000		3.220		04/24/08		4,987,000
	5,000,000		3.900		04/25/08		4,989,714
Scaldis Capital LLC
	5,000,000		3.300		04/15/08		4,993,583
Thames Asset Global Securitization, Inc.
	5,000,000		3.050		04/21/08		4,991,528
Unicredito Italiano Bank (Ireland) PLC
	10,000,000		4.655		04/28/08		9,965,087
Variable Funding Capital Corp.
	5,000,000		3.160		04/24/08		4,989,906

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Yorktown Capital LLC
$	5,000,000		3.900	%	04/25/08	$	4,987,000
	5,000,000		2.550		06/18/08		4,972,375
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	160,410,315
Certificates of Deposit-Yankeedollar — 11.1%
Barclays Bank PLC
$	5,000,000		4.430	%	07/07/08	$	5,000,000
	5,000,000		2.750		09/12/08		5,000,000
Calyon
	5,000,000		4.650		04/30/08		5,000,000
Credit Suisse First Boston, Inc.
	2,000,000		5.300		04/17/08		2,000,000
	3,000,000		5.310		05/22/08		3,000,000
Credit Suisse, Inc.
	5,000,000		4.900		06/04/08		5,000,000
HBOS Treasury Services PLC
	5,000,000		5.130		04/07/08		5,000,000
Landesbank Hessen-Thueringen Girozentrale
	5,000,000		3.080		05/06/08		5,000,048
Norinchukin Bank NY
	5,000,000		3.190		04/30/08		5,000,000
	5,000,000		3.070		05/08/08		5,000,000
Royal Bank of Scotland PLC
	4,000,000		4.905		06/10/08		4,000,038
Toronto-Dominion Bank
	5,000,000		4.860		06/20/08		5,000,054
TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	54,000,140
Certificates of Deposit-Eurodollar — 1.5%
ABN Amro Bank
$	5,000,000		3.020	%	08/28/08	$	5,000,204
Societe Generale London
	2,000,000		4.805		06/24/08		2,000,023
TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	7,000,227
Master Demand Note — 1.0%
Bank of America Securities LLC
$	5,000,000		3.100	%	04/01/08	$	5,000,000
U.S. Government Agency Obligations — 5.8%
Federal Home Loan Bank
$	5,000,000	2.335%(a)			04/01/08	$	4,998,718
	5,000,000	2.860(a)			05/19/08		5,000,000
	5,000,000		2.800		02/25/09		5,000,000
Federal Home Loan Mortgage Corp.(a)
	10,000,000		2.539		04/19/08		10,000,000

ILA MONEY MARKET PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — (continued)
Federal National Mortgage Association(a)
$	3,000,000		2.330	%	04/01/08	$	2,999,574
Total U.S. Government Agency Obligations						$	27,998,292
Variable Rate Obligations(a) — 21.5%
ANZ National Bank Limited
$	7,000,000		3.210	%	06/10/08	$	7,000,000
Australia and New Zealand Banking Group Ltd.
	4,000,000		2.619		04/25/08		4,000,000
Bank of Ireland
	20,000,000		2.546		04/20/08		20,000,000
Barclays Bank PLC
	5,000,000		3.017		04/16/08		5,000,000
Commonwealth Bank of Australia
	2,000,000		2.619		04/25/08		2,000,000
Deutsche Bank AG
	5,000,000		4.753		04/04/08		5,000,000
HSBC Finance Corp.
	7,000,000		3.203		04/09/08		6,999,732
Merrill Lynch & Co., Inc.
	10,000,000		3.191		04/04/08		10,000,000
National Australia Bank Ltd.
	5,000,000		3.306		05/11/08		5,000,000
New York Life Insurance Co.(b)
	5,000,000		3.000		06/30/08		5,000,000
Skandinaviska Enskilda Banken AB
	10,000,000		3.068		04/09/08		10,000,000
Societe Generale
	15,000,000		3.119		04/02/08		15,000,000
Svenska Handelsbanken AB
	4,000,000		2.860		04/14/08		4,000,000
Union Hamilton Reinsurance Co.
	5,000,000		3.100		06/16/08		5,000,000
TOTAL VARIABLE RATE OBLIGATIONS						$	103,999,732
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	358,408,706
Repurchase Agreement(c) — 26.0%
Joint Repurchase Agreement Account II
$	126,300,000		2.496	%	04/01/08	$	126,300,000
Maturity Value: $126,308,757
TOTAL INVESTMENTS — 100.0%						$	484,708,706
OTHER ASSETS IN EXCESS OF LIABILITIES — (0.0)%						$	230,718
NET ASSETS — 100.0%						$	484,939,424

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 the London Interbank Offered Rate or the Federal Funds Rate. Interest rate disclosed is that which is in effect at March 31, 2008.

(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 March 31, 2008, this security amounted to $5,000,000 or approximately 1.0% of net assets.

(c) Unless noted, all repurchase agreements were entered into on March 31, 2008. Additional information on Joint Repurchase Agreement appears in the Notes to the Schedule of Investments section.

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.

For information on the mutual funds please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

ILA TREASURY OBLIGATIONS PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Treasury Obligations — 32.8%
United States Treasury Bills
$	15,000,000		1.751	%(a)	04/16/08	$	14,989,063
	22,000,000		1.781	(a)	04/16/08		21,983,683
	100,000,000		1.801	(a)	04/16/08		99,925,000
	7,000,000		1.841	(a)	04/16/08		6,994,633
	16,000,000		1.872	(a)	04/16/08		15,987,533
	15,500,000		1.150		07/24/08		15,443,554
	10,000,000		1.190		09/18/08		9,943,806
	10,000,000		1.195		09/18/08		9,943,569
	20,000,000		1.250		09/18/08		19,881,945
	8,000,000		1.520		09/18/08		7,942,578
	2,000,000		1.455		09/25/08		1,985,693
	500,000		1.481	(a)	09/25/08		496,386
	5,500,000		1.490		09/25/08		5,459,708
	6,500,000		1.510		09/25/08		6,451,743
United States Treasury Notes
	5,000,000		5.000		07/31/08		5,008,790
TOTAL U.S. TREASURY OBLIGATIONS						$	242,437,684
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	242,437,684
Repurchase Agreements(b) — 80.8%
Joint Repurchase Agreement Account I
$	493,300,000		1.433	%	04/01/08	$	493,300,000
Maturity Value: $493,319,636
Lehman Brothers Holdings, Inc.
	50,000,000		1.380		04/01/08		50,000,000
Maturity Value: $50,001,917
Collateralized by U.S. Treasury Bond, 6.250%, due 08/15/23. The market value of the collateral, including accrued interest, was $51,004,467.
UBS Securities LLC
	33,500,000		1.350		04/01/08		33,500,000
Maturity Value: $33,501,256
Collateralized by U.S. Treasury Notes, 0.000%, due 01/15/12 to 02/15/14. The aggregated market value of the collateral, including accrued interest, was $34,171,451.

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Repurchase Agreements — (continued)
UBS Securities LLC — (continued)
$	20,000,000		4.400	%	06/30/08	$	20,000,000
Maturity Value: $20,660,000
Settlement Date: 10/04/07
Collateralized by U.S. Treasury Note, 0.000%, due 02/15/14 to 08/15/17. The aggregated market value of the collateral, including accrued interest, was $20,401,991.
TOTAL REPURCHASE AGREEMENTS						$	596,800,000
TOTAL INVESTMENTS — 113.6%						$	839,237,684
Liabilities in Excess of Other Assets — (13.6)%						$	(100,451,406	)
NET ASSETS — 100.0%						$	738,786,278

The percentage shown for each investment category reflects the value of the respective investment or category as a percentage of net assets.

(a) All or portion represents a forward commitment.

(b) Unless noted, all repurchase agreements were entered into on March 31, 2008. Additional information on Joint Repurchase Agreement Account I appears in the Notes to the Schedule of Investments section.

Interest rates represent the annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset date, 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.

For information on the mutual funds please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

ILA TREASURY INSTRUMENTS PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Treasury Obligations(a) — 100.0%
United States Treasury Bills
$	10,000,000		0.350	%	04/15/08	$	9,998,639
	2,300,000		2.200		04/15/08		2,298,032
	2,100,000		2.270		04/15/08		2,098,146
	4,300,000		2.280		04/15/08		4,296,187
	8,000,000		1.741	(b)	04/16/08		7,994,200
	43,000,000		1.751	(b)	04/16/08		42,968,646
	5,000,000		1.781	(b)	04/16/08		4,996,292
	10,500,000		1.801	(b)	04/16/08		10,492,125
	11,000,000		1.856	(b)	04/16/08		10,991,498
	28,000,000		0.280		04/17/08		27,996,515
	1,000,000		0.450		04/17/08		999,800
	13,000,000		0.610		04/17/08		12,996,476
	1,000,000		0.650		04/17/08		999,711
	50,000,000		1.270		04/21/08		49,964,722
	12,000,000		1.340		04/21/08		11,991,067
	21,000,000		1.350		04/21/08		20,984,250
	29,000,000		1.360		04/21/08		28,978,089
	32,000,000		0.480		04/24/08		31,990,187
	1,000,000		0.650		04/24/08		999,585
	16,000,000		0.700		04/24/08		15,992,844
	3,500,000		1.180		04/24/08		3,497,361
	103,000,000		1.210		04/24/08		102,920,241
	13,000,000		1.250		04/24/08		12,989,618
	10,000,000		1.260		04/24/08		9,991,950
	8,800,000		1.265		04/24/08		8,792,663
	3,200,000		1.280		04/24/08		3,196,971
	12,000,000		1.395		04/24/08		11,989,305
	9,000,000		1.400		04/24/08		8,991,950
	15,500,000		1.440		04/24/08		15,485,740
	2,000,000		1.150		05/01/08		1,998,083
	13,500,000		1.240		05/01/08		13,486,050
	11,000,000		1.261	(b)	05/01/08		10,989,220
	7,000,000		1.305		05/08/08		6,990,611
	18,000,000		1.400		05/08/08		17,974,100
	18,000,000		1.400		05/15/08		17,969,200
	7,500,000		1.550		05/15/08		7,485,792
	4,100,000		0.500		05/22/08		4,097,096
	3,000,000		0.900		05/22/08		2,996,175
	11,300,000		1.230		05/22/08		11,280,310
	4,500,000		1.490		05/22/08		4,490,501
	4,000,000		1.470		05/29/08		3,990,527
	14,600,000		1.545		05/29/08		14,563,658
	4,000,000		1.390		06/05/08		3,989,961
	8,500,000		1.520		06/05/08		8,476,672
	500,000		0.850		06/19/08		499,067
	2,000,000		0.950		06/19/08		1,995,831
	2,500,000		0.960		06/19/08		2,494,733
	500,000		0.970		06/19/08		498,936
	15,000,000		0.900		06/26/08		14,967,750
	20,000,000		0.940		06/26/08		19,955,089
	10,000,000		0.950		06/26/08		9,977,306
	7,000,000		1.180		06/26/08		6,980,268
	33,000,000		1.190		06/26/08		32,902,918
	10,000,000		1.304	(b)	07/03/08		9,967,139

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Treasury Obligations — (continued)
United States Treasury Bills — (continued)
$	20,000,000		1.345	(b)%	07/03/08	$	19,932,256
	10,000,000		1.355	(b)	07/03/08		9,965,875
	5,000,000		1.400	(b)	07/03/08		4,982,369
	3,000,000		1.425	(b)	07/03/08		2,989,232
	44,000,000		1.100		07/17/08		43,856,144
	15,000,000		1.460		07/17/08		14,934,908
	3,000,000		1.670		07/17/08		2,985,109
	5,500,000		1.080		07/24/08		5,481,190
	20,000,000		1.150		07/24/08		19,927,167
	5,500,000		1.680		07/24/08		5,470,740
	5,500,000		1.080		07/31/08		5,480,035
	5,500,000		1.690		07/31/08		5,468,758
	15,000,000		1.240		08/14/08		14,930,250
	15,000,000		1.450		08/21/08		14,914,208
United States Treasury Notes
	8,000,000		5.625		05/15/08		8,036,567
TOTAL U.S. TREASURY OBLIGATIONS						$	888,254,611
TOTAL INVESTMENTS — 100.0%						$	888,254,611
Liabilities in Excess of Other Assets — (0.0)%						$	(290,438	)
NET ASSETS — 100.0%						$	887,964,173

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

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

(b) All or portion represents a forward commitment.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com/funds.

ILA FEDERAL PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — 99.7%
Federal Farm Credit Bank
$	42,000,000		2.200	%(a)	04/01/08	$	41,996,717
	82,000,000		2.210	(a)	04/01/08		81,994,513
	25,000,000		2.240	(a)	04/01/08		24,998,546
	25,000,000		2.310	(a)	04/01/08		25,000,000
	30,000,000		2.320	(a)	04/01/08		29,996,264
	65,000,000		2.330	(a)	04/01/08		65,000,000
	132,000,000		2.845	(a)	04/01/08		132,000,000
	20,000,000		2.979	(a)	04/01/08		19,997,406
	15,000,000		2.989	(a)	04/02/08		14,999,510
	1,000,000		4.900		04/07/08		1,000,349
	15,000,000		2.755	(a)	04/13/08		14,999,225
	28,000,000		2.622	(a)	04/16/08		27,967,599
	25,000,000		2.678	(a)	04/17/08		24,996,938
	15,975,000		2.830		04/23/08		15,947,372
	80,000,000		2.396	(a)	04/24/08		79,988,231
	3,000,000		2.849	(a)	09/03/08		3,000,000
	8,000,000		2.510	(a)	09/30/08		7,999,244
	3,632,000		2.625		02/04/09		3,637,643
	8,000,000		2.700		02/13/09		8,000,000
	10,000,000		2.375		02/19/09		9,995,662
Federal Home Loan Bank
	9,000,000		2.220	(a)	04/01/08		8,998,171
	145,000,000		2.340	(a)	04/01/08		145,000,000
	3,000,000		1.900		04/02/08		2,999,842
	25,000,000		1.750		04/07/08		24,992,708
	75,000,000		4.430	(a)	04/08/08		74,972,423
	2,200,000		2.350		04/09/08		2,198,851
	12,000,000		4.345	(a)	04/10/08		11,997,574
	7,000,000		3.880		04/11/08		6,992,456
	12,800,000		4.600		04/11/08		12,797,926
	25,000,000		1.920		04/14/08		24,982,667
	93,000,000		4.202	(a)	04/14/08		93,000,854
	20,000,000		1.820		04/15/08		19,985,844
	105,000,000		3.880	(a)	04/16/08		104,972,539
	21,000,000		1.900		04/18/08		20,981,158
	37,200,000		3.630		04/18/08		37,136,233
	13,320,000		4.480		04/18/08		13,318,845
	7,900,000		2.120		04/23/08		7,889,765
	10,000,000		2.830		04/23/08		9,982,706
	100,000,000		2.880		04/23/08		99,824,000
	73,000,000		2.910		04/23/08		72,870,182
	63,000,000		2.900		04/30/08		62,852,825
	40,000,000		2.902		04/30/08		39,906,491
	17,000,000		2.680		05/02/08		16,960,768
	15,000,000		2.660		05/07/08		14,960,100
	100,000,000		2.976	(a)	05/11/08		100,000,000
	2,000,000		2.710		05/14/08		1,993,526
	15,000,000		1.850		05/16/08		14,965,312
	8,000,000		2.730		05/16/08		7,972,700
	15,000,000		2.935	(a)	05/17/08		15,003,752
	50,000,000		2.945	(a)	05/18/08		50,000,000
	14,699,000		2.700		05/21/08		14,643,879
	20,000,000		5.125		05/21/08		19,996,685
	55,000,000		2.938	(a)	05/22/08		55,024,180

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — (continued)
Federal Home Loan Bank — (continued)
$	50,300,000		2.700	%	05/23/08	$	50,103,830
	3,600,000		5.125		05/23/08		3,599,414
	20,000,000		2.874	(a)	05/27/08		20,007,233
	90,000,000		2.910	(a)	05/28/08		89,992,505
	40,000,000		2.600		05/30/08		39,829,556
	45,000,000		2.884	(a)	06/05/08		45,029,091
	50,000,000		2.200		06/06/08		49,798,333
	48,000,000		2.250		06/06/08		47,802,000
	12,000,000		2.330		06/06/08		11,948,740
	50,000,000		2.755	(a)	06/10/08		50,000,000
	25,000,000		2.100		06/11/08		24,896,458
	6,000,000		1.910		06/13/08		5,976,762
	6,000,000		2.125		06/13/08		5,974,146
	10,000,000		1.910		06/18/08		9,958,617
	15,000,000		2.594	(a)	06/18/08		14,998,219
	50,000,000		5.125		06/18/08		50,338,143
	32,000,000		2.429	(a)	06/19/08		31,995,656
	77,000,000		2.100		06/25/08		76,618,208
	18,000,000		2.070		06/27/08		17,909,955
	40,000,000		2.090		06/27/08		39,797,967
	25,000,000		2.100		06/27/08		24,873,125
	29,000,000		3.780		07/09/08		28,698,545
	28,000,000		3.680		07/11/08		27,710,916
	3,000,000		5.125		08/08/08		3,013,711
	9,000,000		5.250		08/14/08		9,047,194
	100,000,000		2.789	(a)	08/22/08		100,000,000
	3,000,000		5.125		12/29/08		3,057,721
	12,000,000		5.250		01/14/09		12,258,392
	12,000,000		2.750		02/04/09		12,029,245
TOTAL INVESTMENTS — 99.7%						$	2,750,953,863
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%						$	7,088,114
NET ASSETS — 100.0%						$	2,758,041,977

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 U.S. Treasury Bill Rate, London Interbank Offered Rate or Prime Rate. Interest rate disclosed is that which is in effect at March 31, 2008.

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.

For information on the mutual funds, please call our toll-free shareholder services line at 1-800-526-7384 or visit us on the web at www.gs.com/funds.

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Alabama — 2.8%
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 C (A-1/VMIG1)
$	2,100,000		1.450	%	04/01/08	$	2,100,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (VMIG1)
	10,200,000		1.300		04/01/08		10,200,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
	6,500,000		1.300		04/01/08		6,500,000
Gadsden IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1)
	6,150,000		1.300		04/01/08		6,150,000
Mobile City IDB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/VMIG1)
	4,600,000		2.370		04/03/08		4,600,000
Mobile IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/VMIG1)
	600,000		1.300		04/01/08		600,000
Parrish IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1)
	1,000,000		1.300		04/01/08		1,000,000
Southeast Alabama Gas District VRDN RB Supply Project Series 2007 A (Societe Generale SPA) (VMIG1)
	1,100,000		1.180		04/01/08		1,100,000
West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998 (A-1/VMIG1)
	1,500,000		1.180		04/01/08		1,500,000
						$	33,750,000
Arizona — 1.5%
Arizona Health Facilities Authority VRDN RB Floaters Series 2007-1782 (Morgan Stanley SPA) (F1+)(a)
$	5,700,000		2.160	%	04/03/08	$	5,700,000
Arizona School District TANS Financing Program COPS Series 2007 (SP-1+/MIG1)
	1,500,000		4.500		07/30/08		1,504,094
Arizona State Transportation Board VRDN RB Floaters Series 2008 2545 (A-1+)(a)
	4,190,000		2.160		04/03/08		4,190,000
Salt River Project Agricultural Improvement & Power District Electric Systems Revenue RB Refunding Series 2002 D (AA/Aa1)
	5,000,000		5.000		01/01/09		5,101,545
Salt River Project Agricultural Improvement & Power District Electric Systems Revenue VRDN RB Floaters Series 2006-1430 (Morgan Stanley SPA)(A-1+)(a)
	1,500,000		2.160		04/03/08		1,500,000
						$	17,995,639
California — 4.8%
California Infrastructure & Economic Development Bank VRDN RB Refunding for J Paul Getty Trust Series 2008 A2 RMKT 03/28/08 (A-1+/VMIG1)
$	2,000,000		1.700	%	04/01/09	$	2,000,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
California State GO CP Series 2008 (Bayerische Landesbank, Dexia Credit Local, California Public Employees Retirement System, California State Teachers Retirement, DePfa Bank PLC, Landesbank Hessen-Thueringen, Royal Bank of Canada, Calyon, and Wells Fargo Bank SPA) (P-1, A-1)
$	1,000,000		1.550	%	05/02/08	$	1,000,000
	1,000,000		1.400		05/05/08		1,000,000
	1,000,000		1.200		05/06/08		1,000,000
	2,000,000		1.550		05/08/08		2,000,000
	2,000,000		1.500		06/12/08		2,000,000
California State GO VRDN for Weekly Kindergarten Universal Public Series 2004 A-7 (Citibank N.A. and California State Teachers Retirement LOC) (A-1+/VMIG1)
	4,250,000		1.920		04/03/08		4,250,000
California State GO VRDN Subseries 2005 B-2 (Societe Generale LOC) (A-1+/VMIG1)
	200,000		1.600		04/02/08		200,000
California State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1174 Series 2007 (Merrill Lynch Capital Services LOC) (A-1)(a)
	24,275,000		3.300		04/03/08		24,275,000
California State RANS Series 2007 (SP-1+/MIG1)
	8,000,000		4.000		06/30/08		8,012,169
East Bay Municipal Utility District Wastewater Systems VRDN RB Refunding Subseries 2008 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,150,000		1.750		04/02/08		3,150,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding 2008 A-1 (Bank of America N.A. SPA) (A-1+/VMIG1)
	5,000,000		1.850		04/03/08		5,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-1 (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	1,000,000		1.090		04/01/08		1,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2005 B-1 (Citibank N.A. SPA) (A-1+/VMIG1)
	770,000		1.850		04/03/08		770,000
San Diego County Regional Transportation Commission Sales Tax VRDN RB Limited Tax Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	2,000,000		1.800		04/03/08		2,000,000
						$	57,657,169
Colorado — 2.2%
Colorado Health Facilities Authority VRDN RB for Catholic Health Series 2004 B-1 (Bayerische Landesbank SPA) (A-1+/VMIG1)
$	4,795,000		2.150	%	04/02/08	$	4,795,000
Colorado Health Facilities Authority VRDN RB for Sisters of Charity Health Systems Series 2003 B (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	2,700,000		2.100		04/02/08		2,700,000
Colorado Regional Transportation District BB&T Municipal Trust VRDN RB Floaters Series 2017 (Branch Banking & Trust) (VMIG1)(a)
	2,605,000		2.270		04/03/08		2,605,000
Colorado Regional Transportation District CP Series 2008-01A (Westdeutsche Landesbank AG LOC)
	1,800,000		2.000		06/24/08		1,800,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Colorado — (continued)
Colorado Springs Utilities Systems VRDN RB Refunding Subordinated Lien Improvement Series 2006 A (Dexia Credit Local SPA) (A-1+/VMIG1)
$	2,200,000		2.070	%	04/03/08	$	2,200,000
Colorado Springs Utilities Systems VRDN RB Subordinated Lien Series 2000 A (Bayerische Landesbank SPA) (A-1+/VMIG1)
	3,700,000		2.150		04/03/08		3,700,000
Colorado Springs VRDN RB for Colorado College Project Series 2006 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	1,500,000		1.400		04/01/08		1,500,000
Colorado State General Fund RANS Series 2007 A (SP-1+/MIG1)
	6,025,000		4.250		06/27/08		6,032,387
Platte River Power Authority Electric VRDN RB Subordinated Lien Series 1993 S-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	500,000		2.070		04/02/08		500,000
						$	25,832,387
Connecticut — 0.6%
Connecticut State GO Bonds Series 2007 D (AA/Aa3)
$	1,000,000		4.000	%	12/01/08	$	1,006,640
Connecticut State GO VRDN Series 2005 A-1 (Dexia Credit Local SPA) (A-1+/VMIG1)
	505,000		1.850		04/03/08		505,000
Connecticut State Health & Educational Facilities Authority VDRN RB for Yale University Series 2001 V-1 (A-1+/VMIG1)
	2,500,000		1.150		04/01/08		2,500,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Ascension Health Credit Series 1999 B (A-1+/VMIG1)
	500,000		2.000		04/02/08		500,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2005 Y-2 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	1,300,000		1.150		04/01/08		1,300,000
Yale University CP Series 2008 S2 (A1+/VMIG1)
	1,000,000		1.200		04/08/08		1,000,000
						$	6,811,640
Delaware — 0.4%
Delaware GO Bonds Series 2008 (AAA/Aaa)
$	700,000		5.000	%	03/01/09	$	717,958
Delaware Transportation Authority Transit System VRDN RB Floaters Series 2005-1205 (Morgan Stanley SPA) (A-1+)(a)
	4,382,000		2.160		04/03/08		4,382,000
						$	5,099,958
District of Columbia — 0.2%
Washington DC Metropolitan Transit Authority CP Series 2007 A (Wachovia Bank N.A. LOC) (A-1+/P-1)
$	2,800,000		1.050	%	08/06/08	$	2,800,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Florida — 5.4%
Broward County GO Bonds Refunding Series 2001-B (AA+/Aa1)
$	2,685,000		5.000	%	01/01/09	$	2,758,586
Broward County School Board VRDN COPS Series 2004 D (A-1+/VMIG1)
	1,000,000		2.050		04/03/08		1,000,000
Broward County School District TANS Series 2007 (MIG1)
	5,000,000		4.000		09/30/08		5,014,478
Florida Local Government Pooled CP (Wachovia Bank N.A. LOC) (A-1/P-1)
	5,000,000		2.050		06/09/08		5,000,000
	1,000,000		2.250		07/10/08		1,000,000
Florida Municipal Power Agency CP Series 1995 A (Wachovia Bank N.A. LOC) (A1+/P1)
	1,500,000		2.600		05/19/08		1,500,000
	800,000		1.550		07/08/08		800,000
Florida State Board of Education Austin Trust Certificates GO VRDN Series 2007-137 (Bank of America N.A. SPA) (A-1+)(a)
	1,000,000		2.240		04/03/08		1,000,000
Florida State Board of Education Capital Outlay GO Bonds for Public Education Series 1998 A (AAA/Aa1)
	1,000,000		6.000		06/01/08		1,005,336
Florida State Board of Education GO Bonds Series 2005 A (AAA/Aa1)
	3,010,000		5.000		01/01/09		3,075,662
Florida State Board of Education GO VRDN MERLOTs Series 2008 C19 (Wachovia Bank N.A. SPA) (A-1+)(a)
	1,000,000		2.250		04/02/08		1,000,000
Florida State Board of Education GO VRDN ROCS RR II R-11302 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	2,000,000		2.240		04/03/08		2,000,000
Florida State Board of Education Lehman Municipal Trust Receipts GO VRDN Floater Trust Series 2008-K18W-Reg. D (Lehman Brothers Holdings, Inc. SPA)(A-1)(a)
	1,900,000		2.280		04/02/08		1,900,000
Florida State DOT GO Bonds Right of Way Series 2003 A (AAA/Aa1)
	500,000		5.000		07/01/08		501,609
Florida State Financial Department General Services RB for Environmental Protection Preservation 2000-B Series 1998 (AAA/Aaa)
	350,000		5.500		07/01/08		352,412
Florida State Turnpike Authority VRDN RB Putters Series 2008-2539 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	1,000,000		2.290		04/03/08		1,000,000
Jacksonville Electric Authority CP Series 2001 C (Dexia Credit Local SPA) (A-1)
	3,000,000		2.350		04/02/08		3,000,000
Jacksonville Electric Authority VRDN RB Series 2008 Three-B-4 (Dexia Credit Local SPA) (VMIG1)
	2,000,000		2.070		04/02/08		2,000,000
Jacksonville Electric Authority Water & Sewer System VRDN RB Subseries 2008-A-1 (Bank of New York SPA) (A-1+/VMIG1)
	2,500,000		1.800		04/02/08		2,500,000
Jacksonville Electric Authority Water & Sewer VRDN RB Subseries 2008-B-1 (State Street Bank & Trust Co. SPA) (A-1+/VMIG1)
	1,600,000		2.070		04/02/08		1,600,000
Miami-Dade County School District TANS Series 2007 (MIG1)
	9,000,000		4.000		10/03/08		9,026,393

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Florida — (continued)
Orange County School District TANS Series 2007 (MIG1)
$	4,000,000		4.000	%	09/30/08	$	4,011,548
Orlando Utilities Commission Water & Electric VRDN RB Series 2002 A (Bayerische Landesbank SPA) (A-1+/VMIG1)
	1,050,000		2.150		04/02/08		1,050,000
Orlando Utilities Commission Water & Electric VRDN RB Series 2002 B (SunTrust Bank SPA) (A-1+/VMIG1)
	2,500,000		2.090		04/02/08		2,500,000
Palm Beach County School District CP Series 2008 (Bank of America N.A. LOC) (A-1, P-1)
	1,000,000		1.750		04/01/08		1,000,000
	700,000		2.650		04/01/08		700,000
	500,000		2.680		04/01/08		500,000
	1,500,000		1.200		10/09/08		1,500,000
Sunshine State Governmental Funding CP Series 2008 H (JPMorgan Chase & Co. SPA) (A-1+/P-1)
	600,000		1.200		06/10/08		600,000
Sunshine State Governmental Funding for Miami-Dade CP Series 2007-1 (DePfa Bank PLC SPA) (A-1+/P-1)
	5,990,000		6.000		04/01/08		5,990,000
						$	64,886,024
Georgia — 3.7%
Albany Dougherty Payroll Development Authority VRDN PCRB for Georgia Power Co. Plant Project Series 1991 (VMIG1)
$	2,120,000		1.300	%	04/01/08	$	2,120,000
Burke County Development Authority VRDN PCRB for Georgia Power Plant Co. Project Series 1996 RMKT 03/26/08 (A-1/VMIG1)
	5,700,000		1.300		04/01/08		5,700,000
Cobb County Hospital Authority VRDN RB Anticipation Certificates for Wellstar Health Equipment Pool Project Series 2006 (SunTrust Bank LOC)(A-1+/VMIG1)(a)
	1,000,000		2.230		04/03/08		1,000,000
Dekalb County Private Hospital Authority VRDN RB RANS for Childrens Healthcare Series 2008 (Landesbank Hessen-Thueringen SPA) (A-1/VMIG1)
	4,000,000		2.070		04/02/08		4,000,000
Dekalb County Public Safety & Judicial Facilities Authority VRDN Floaters Series 2006-1459 (Morgan Stanley SPA) (A-1+)(a)
	1,844,000		2.160		04/03/08		1,844,000
Forsyth County Water & Sewer Authority VRDN RB Series 2005 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,000,000		1.900		04/03/08		1,000,000
Georgia State GO Bonds Series 2002 D (AAA/Aaa)
	1,545,000		5.250		08/01/08		1,552,968
Georgia State GO Bonds Series 2007 G (AAA/Aaa)
	1,000,000		5.000		12/01/08		1,012,095
Georgia State GO VRDN Putters Series 2008-2592 (JP Morgan Chase & Co. SPA) (VMIG1)(a)
	5,710,000		2.290		04/03/08		5,710,000
Georgia State Road & Tollway CP Series 2007 A (State Street Bank & Trust SPA) (F1+)
	600,000		3.180		04/01/08		600,000
Georgia State Road & Tollway CP Series 2007 A (State Street Bank & Trust SPA) (F1+)
	1,000,000		2.100		07/10/08		1,000,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Georgia — (continued)
Gwinnett County Water & Sewer Authority VRDN RB Series 2004 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
$	2,225,000		2.070	%	04/02/08	$	2,225,000
Metropolitan Atlanta Rapid Transit Authority CP Series 2004 (Dexia Credit Local SPA) (A-1, P-1)
	600,000		3.050		08/12/08		600,000
Municipal Electric Authority of Georgia CP General Resources Series 1997 B (Bayerische Landesbank, Wachovia Bank N.A. and Westdeutsche Landesbank AG LOC) (P-1, A-1+)
	1,000,000		2.300		05/30/08		1,000,000
Municipal Electric Authority of Georgia Project One CP Series 1997 B (Bayerische Landesbank, Wachovia Bank N.A. and Westdeutsche Landesbank AG LOC) (A-1+)
	1,000,000		1.750		04/01/08		1,000,000
	1,000,000		2.850		04/01/08		1,000,000
	1,000,000		2.850		04/07/08		1,000,000
	655,000		2.650		05/08/08		655,000
	3,994,000		2.100		05/30/08		3,994,000
Municipal Electric Authority VRDN RB Project One Series 1994 B RMKT 04/11/97 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,350,000		2.250		04/02/08		2,350,000
Private Colleges & Universities Facilities Authority VRDN RB for Emory University Series 2005 B-2 (A-1+/VMIG1)(b)
	700,000		2.040		04/03/08		700,000
Private Colleges & University Facilities Authority VRDN RB for Emory University Series 2000 B (A-1+/VMIG1)
	1,000,000		1.950		04/02/08		1,000,000
Richmond County Development Authority VRDN RB for MCG Health, Inc. Project Series 2008 B (Landesbank Baden-Wurttemberg LOC) (A-1/VMIG1)(b)
	2,000,000		1.950		04/01/08		2,000,000
Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/VMIG1)
	1,300,000		1.300		04/01/08		1,300,000
						$	44,363,063
Hawaii — 0.1%
Hawaii State GO Bonds Series 2002 CY (FSA) (AAA/Aaa)
$	510,000		4.000	%	02/01/09	$	515,372
Honolulu CP Series 2008 (Westdeutsche Landesbank AG SPA)
	500,000		2.250		05/02/08		500,000
						$	1,015,372
Idaho — 0.2%
Idaho State GO TANS Series 2007 (SP-1+/MIG1)
$	2,900,000		4.500	%	06/30/08	$	2,905,577
Illinois — 4.5%
Chicago Board of Education GO VRDN ROCS RR II R-3075 Series 2007 (FSA) (Citigroup Global Markets SPA) (A-1+)(a)
$	1,300,000		2.300	%	04/03/08	$	1,300,000
Chicago Board of Education GO VRDN Series 2000 D (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,200,000		2.150		04/03/08		1,200,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Illinois — (continued)
Chicago Metropolitan Water Reclamation District ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-29 (Bank of America N.A. SPA)(VMIG1)(a)
$	2,600,000		2.230	%	04/03/08	$	2,600,000
Chicago Metropolitan Water Reclamation District BB&T Municipal Trust GO VRDN Floater Series 2007 (Branch Banking & Trust N.A. SPA) (VMIG1)(a)
	1,500,000		2.270		04/03/08		1,500,000
Chicago Metropolitan Water Reclamation District GO VRDN ROCS RR II R-11283 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	2,000,000		2.240		04/03/08		2,000,000
Chicago O’Hare International Airport Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2008-K27W Reg. D (FSA) (Lehman Liquidity Co. SPA)(A-1)(a)
	1,000,000		2.250		04/02/08		1,000,000
Chicago O’Hare International Airport VRDN RB Floater Series 2008-2362 (FSA) (Morgan Stanley SPA) (F1+)(a)
	3,300,000		2.210		04/03/08		3,300,000
City of Chicago GO VRDN ROCS RR II R-12217 Series 2007 (FSA) (Bayerische Landesbank SPA) (A-1/VMIG1)(a)
	1,800,000		2.280		04/03/08		1,800,000
Cook County GO VRDN Capital Improvement Series 2004 E (Depfa Bank PLC SPA) (A-1/VMIG1)
	1,300,000		2.100		04/03/08		1,300,000
Illinois Finance Authority RB Advocate Health Care Series 2008 A-1 (A-1+/VMIG1)(b)
	1,500,000		1.900		01/15/09		1,500,000
Illinois Finance Authority VRDN RB Floaters Series 2006-1489 (Morgan Stanley Municipal Products SPA) (F1+)(a)
	4,810,000		2.160		04/03/08		4,810,000
Illinois Finance Authority VRDN RB for Central Dupage Health Series 2004-A RMKT 03/24/08 (A-1+)
	2,000,000		1.250		04/01/08		2,000,000
Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B (A-1+/VMIG1)
	1,000,000		2.000		04/03/08		1,000,000
Illinois Finance Authority VRDN RB Northwestern Memorial Hospital Series 2007-B-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	5,700,000		1.300		04/01/08		5,700,000
Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C (A-1+/VMIG1)
	850,000		2.000		04/03/08		850,000
Illinois Health System Evanston Hospital CP Series 1987 D (VMIG-1, A-1+)
	1,500,000		2.650		04/03/08		1,500,000
Illinois State GO VRDN P-Floats-MT-262 Series 2006 (FSA) (Bayerische Landesbank SPA)(a)
	6,945,000		2.240		04/03/08		6,945,000
Illinois State GO VRDN Series 2003 B (DePfa Bank PLC SPA) (A-1/VMIG1)
	2,000,000		2.130		04/02/08		2,000,000
Illinois State Toll Highway Authority Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2008-P21W Reg. D (FSA) (Lehman Liquidity Co. SPA)(VMIG1)(a)
	4,000,000		2.250		04/02/08		4,000,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Illinois — (continued)
Illinois State Toll Highway Authority VRDN RB Refunding Series 1998 B (FSA) (Landesbank Hessen Thueringen SPA) (VMIG1)
$	1,200,000		2.250	%	04/03/08	$	1,200,000
Illinois State Toll Highway Authority VRDN RB Refunding Series 1998 B (FSA) (Landesbank Hessen-Thueringen SPA) (VMIG1)
	2,100,000		2.250		04/03/08		2,100,000
Illinois State Toll Highway Authority VRDN RB Senior Priority Series 2007 A-2 Tender 03/20/08 (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,000,000		2.050		04/03/08		3,000,000
University of Illinois VRDN RB Auxiliary Facility System Series 2005 B (FSA) (State Street Bank & Trust Co. SPA) (A-1+/VMIG1)
	1,600,000		2.050		04/02/08		1,600,000
						$	54,205,000
Indiana — 1.7%
Indiana Ascension Health & Educational Facilities Financing Authority VRDN RB Floaters Series 2007-2138 (Morgan Stanley Municipal Products SPA)(F1+)(a)
$	3,000,000		2.160	%	04/03/08	$	3,000,000
Indiana State Finance Authority VRDN RB Lease Appropriation Series 2005 A-3 RMKT 03/31/08 (A-1+/VMIG1)
	2,000,000		2.000		04/03/08		2,000,000
Indiana State Financing Authority VRDN RB Lease Appropriation Series 2007 A-1 RMKT 04/01/08 (A-1+)(b)
	4,000,000		1.900		04/09/08		4,000,000
Indiana Toll Road Commission VRDN RB MERLOTs Series 2001 A-104 (Bank of New York N.A. SPA) (A-1+)(a)
	3,140,000		2.250		04/02/08		3,140,000
Indiana Transportation Finance Authority Highway VRDN RB ROCS-RR-II-R-10083 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	800,000		2.240		04/03/08		800,000
Indiana University VRDN RB Putters Series 2008-2494 (JP Morgan Chase Bank SPA) (VMIG1)(a)
	1,490,000		2.290		04/03/08		1,490,000
Indianapolis Local Public Improvement Bond Bank Limited Recourse Notes Series 2007 F (SP-1+)
	450,000		4.000		01/12/09		452,892
Purdue University VRDN RB Student Fee Series 2004 T (Bank One N.A. SPA) (A-1+/VMIG1)
	4,255,000		2.080		04/02/08		4,255,000
Reid Hospital & Health Care Service, Inc. VRDN RB for Richmond Hospital Authority Project Series 2005-A (FSA) (JP Morgan Chase & Co. SPA) (A-1+)
	650,000		2.050		04/02/08		650,000
						$	19,787,892
Iowa — 1.0%
Iowa State TRANS Series 2007 (SP-1+/MIG1)
$	2,000,000		4.000	%	06/30/08	$	2,003,626

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Iowa — (continued)
Salix City VRDN PCRB Refunding for Midwest Power Systems, Inc. Project Series 1993 (A-1/VMIG1)
$	9,495,000		2.320	%	04/02/08	$	9,495,000
						$	11,498,626
Kansas — 1.1%
Kansas State Development Finance Authority VRDN RB for Sisters of Charity Series 2006 C (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
$	6,845,000		1.300	%	04/01/08	$	6,845,000
Kansas State DOT Highway VRDN RB Series 2004-C-2 (DePfa Bank PLC SPA) (A-1/VMIG1)
	600,000		2.040		04/02/08		600,000
Kansas State DOT VRDN RB Series 2000 C-1 (Kansas State LOC) (A-1+/VMIG1)
	1,050,000		1.780		04/02/08		1,050,000
Wyandotte County Unified Government of Kansas ABN AMRO Munitops VRDN RB Non-AMT Trust Certificates Series 2004-42 (FSA) (Bank of America N.A. SPA)(F1+)(a)
	5,000,000		2.240		04/03/08		5,000,000
						$	13,495,000
Kentucky — 0.1%
Kentucky Economic Development Finance Authority VRDN RB for Catholic Health Series 2004 C (A-1+/VMIG1)
$	1,500,000		2.050	%	04/02/08	$	1,500,000
Louisiana — 0.5%
Louisiana State Offshore Terminal Authority Deepwater Port VRDN RB Refunding for First Stage Loop LLC Series 1997 A (JP Morgan Chase & Co. LOC) (A-1+/VMIG1)
$	5,490,000		1.350	%	04/01/08	$	5,490,000
Maryland — 1.6%
John Hopkins University Health System CP Series 2007 B (A1+/P1)
$	350,000		3.200	%	04/03/08	$	350,000
Maryland Health & Education for John Hopkins University CP Series 2008 B (Wachovia Bank SPA) (P-1, A-1)
	1,400,000		1.100		04/02/08		1,400,000
	1,935,000		1.250		04/03/08		1,935,000
Maryland State DOT Consolidated Transportation VRDN RB ROCS-RR-II-R-3079 Series 2008 (Citigroup Financial Products) (A-1+)(a)
	5,395,000		2.240		04/03/08		5,395,000
Montgomery County CP Series 2002 (Fortis Bank SPA) (A1+/P1)
	2,400,000		2.820		04/07/08		2,400,000
	1,000,000		3.280		04/08/08		1,000,000
	500,000		2.780		05/08/08		500,000
	4,000,000		2.200		05/19/08		4,000,000
University of Maryland Systems Auxiliary Facilities & Tuition RB Series 1998 A (AA/Aa2)
	780,000		5.000		04/01/08		780,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Maryland — (continued)
Washington Suburban Sanitary District GO Refunding for Construction Series 2001 (AAA/Aaa)
$	1,000,000		5.000	%	06/01/08	$	1,006,465
						$	18,766,465
Massachusetts — 5.3%
Massachusetts Bay Transportation Authority CP Series 2008 B (Fortis Bank SPA) (P-1, A-1+)
$	1,125,000		1.800	%	06/25/08	$	1,125,000
	1,000,000		2.100		06/25/08		1,000,000
Massachusetts Bay Transportation Authority RB General Transportation System Series 1998 B (AA/Aa2)
	2,000,000		5.125		03/01/09		2,054,471
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2007-1825 (JPMorgan Chase Bank SPA) (A-1+)(a)
	5,670,000		2.290		04/03/08		5,670,000
Massachusetts Bay Transportation Authority VRDN RB Floaters Series 2008 DC-8030 (Dexia Credit Local SPA) (VMIG1)(a)
	8,030,000		2.150		04/03/08		8,030,000
Massachusetts State CP Series 2008 G (BNP Paribas SPA) (A1+/P1)
	2,000,000		2.200		04/04/08		2,000,000
Massachusetts State Development Finance Agency VRDN RB for Harvard University Issue Series 2003 HH (A-1+/VMIG1)
	5,385,000		1.500		04/03/08		5,385,000
Massachusetts State GO VRDN Construction Loan Series 2006 A (Dexia Credit Local SPA) (A-1+/VMIG1)
	750,000		1.470		04/01/08		750,000
Massachusetts State GO VRDN for Construction Loan Series 2006 B (Bank of America N.A. SPA) (A-1+/VMIG1)
	2,200,000		1.470		04/01/08		2,200,000
Massachusetts State GO VRDN P-Floats-PA-1290 Series 2005 (FSA) (Merrill Lynch Capital Services SPA) (VMIG1)(a)
	2,500,000		2.210		04/03/08		2,500,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2003 D-2 (A-1+/VMIG1)
	1,000,000		1.900		04/03/08		1,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2003 D-3 (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	1,000,000		2.100		04/03/08		1,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2005 F4 (A-1+/VMIG1)
	1,755,000		2.100		04/03/08		1,755,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-1-RMKT 03/12/2008 (A-1+/VMIG1)
	6,000,000		1.150		04/01/08		6,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Series 1995 G (Bank of America N.A. SPA) (A-1+/VMIG1)
	5,500,000		1.950		04/03/08		5,500,000
Massachusetts State Health Harvard University Lehman Municipal Trust Receipts VRDN RB Floaters Series 2006-06-P87 Reg. D (Lehman Brothers SPA) (A-1/VMIG1)(a)
	800,000		2.250		04/02/08		800,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Massachusetts — (continued)
Massachusetts State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4302 Series 2007 (FSA) (Merrill Lynch Capital Services SPA)(F1+)(a)
$	460,000		2.210	%	04/03/08	$	460,000
Massachusetts State Water Pollution Abatement Trust RB Series 2007-13 (AAA/Aaa)
	2,000,000		4.000		08/01/08		2,012,897
Massachusetts State Water Pollution Abatement Trust VRDN RB MERLOTs Series 2007-D77 (Wachovia Bank N.A. SPA) (A-1+)(a)
	3,600,000		2.300		04/02/08		3,600,000
Massachusetts State Water Pollution Abatement Trust VRDN RB P-Floats-PA-1221 Series 2003 (Merrill Lynch Capital Services SPA) (F1+)(a)
	2,500,000		2.280		04/03/08		2,500,000
Massachusetts State Water Resources Authority VRDN RB Floaters Series 2006 PA-1420 (Merrill Lynch Capital Services SPA) (F1+)(a)
	1,680,000		2.210		04/03/08		1,680,000
Massachusetts State Water Resources Authority VRDN RB Floaters Series 2008 DCL 005 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)(a)
	4,895,000		2.260		04/03/08		4,895,000
Massachusetts Water Resources Authority CP Series 2008-S94 (Bayerische Landesbank LOC) (A1+/P1)
	1,600,000		1.600		04/08/08		1,600,000
						$	63,517,368
Michigan — 2.4%
Detroit Water Supply Systems VRDN RB Putters Series 2007-2145 (FSA) (JPMorgan Chase & Co. SPA) (VMIG1)(a)
$	1,000,000		2.290	%	04/03/08	$	1,000,000
Detroit Water Suppy Systems VRDN RB Second Lien Series 2006 B (FSA) (DePfa Bank PLC SPA) (A-1/VMIG1)
	2,000,000		2.100		04/03/08		2,000,000
Michigan Municipal Bond Authority VRDN RB ROCS RR-II-R-10170 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	3,000,000		2.240		04/03/08		3,000,000
Michigan Municipal Bond Authority VRDN RB ROCS RR-II-R-8510 Series 2007 (Citigroup Financial Products SPA) (A-1+)(a)
	1,500,000		2.240		04/03/08		1,500,000
Michigan State GO Notes 2007 A (DePfa Bank PLC LOC) (SP-1+/MIG1)
	14,100,000		4.000		09/30/08		14,173,204
Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit Series 1999 B (A-1+)
	900,000		1.950		04/02/08		900,000
Michigan State Hospital Finance Authority VRDN RB Refunding for Hospital Henry Ford Health Series 2006 B (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	630,000		2.070		04/02/08		630,000
Michigan State University VRDN RB General Series 2002 A (DePfa Bank PLC SPA) (A-1/VMIG1)
	3,000,000		1.350		04/01/08		3,000,000
University of Michigan Regents CP Series 2008 F (P-1,A-1+)
	500,000		2.620		04/08/08		500,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Michigan — (continued)
University of Michigan VRDN RB General Series 2008 A (A-1+/VMIG1)
$	2,000,000		1.150	%	04/01/08	$	2,000,000
						$	28,703,204
Minnesota — 0.9%
Minnesota State GO Bonds Series 2005 (AAA/Aa1)
$	400,000		5.000	%	10/01/08	$	403,514
Minnesota State GO VRDN ROCS RR-II-R-11323 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	2,200,000		2.240		04/03/08		2,200,000
Minnesota State Higher Education Facilities VRDN RB for Carleton College Series 2005 6-D (Wells Fargo Bank N.A. SPA) (VMIG1)
	1,000,000		1.800		04/03/08		1,000,000
Rochester County Minnesota CP Series 2008 B (U.S. Bank N.A. SPA) (SP-1+)
	1,000,000		1.700		07/10/08		1,000,000
Rochester County Minnesota CP Series 2008-01C (U.S. Bank N.A. SPA) (SP-1+)
	1,400,000		2.000		06/05/08		1,400,000
St. Cloud Health Care VRDN RB for Centracare Health System Series 2008 A (FGIC) (JP Morgan Chase & Co. SPA) (VMIG1)
	1,775,000		2.070		04/03/08		1,775,000
University of Minnesota CP Series 2008 (A1+/P1)
	1,000,000		1.250		04/02/08		1,000,000
University of Minnesota VRDN RB Series 2001 C (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	870,000		2.080		04/02/08		870,000
University of Minnesota VRDN RB Weekly Series 1999 A (Landesbank Hessen-Thueringen SPA) (A-1/VMIG1)
	785,000		2.080		04/02/08		785,000
						$	10,433,514
Mississippi — 0.3%
Jackson County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (P-1)
$	1,400,000		1.350	%	04/01/08	$	1,400,000
Mississippi Development Bank Special Obligation VRDN RB for Municipal Gas Authority Natural Gas Project Series 2005 (Societe Generale SPA) (A-1+/VMIG1)
	1,000,000		1.800		04/03/08		1,000,000
Mississippi State GO Bonds Capital Improvement Series 2007 B (AA/Aa3)
	630,000		4.000		12/01/08		634,518
						$	3,034,518
Missouri — 2.4%
Bi-State Development Agency of Missouri-Illinois Metropolitan District VRDN RB for Mass Transit Metrolink Series 2005 Subseries A (JP Morgan Chase Bank LOC) (A-1+/VMIG1)
$	1,550,000		2.100	%	04/02/08	$	1,550,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Missouri — (continued)
Bi-State Development Agency of Missouri-Illinois Metropolitan District VRDN RB for Metrolink Cross County Project Series 2002 A (FSA) (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
$	2,000,000		2.250	%	04/02/08	$	2,000,000
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2004 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	5,500,000		1.250		04/01/08		5,500,000
Missouri Health & Educational Facilities Authority VRDN RB for SSM Health Care Series 2005 C-4 (FSA) (Citibank N.A. SPA) (A-1+)(a)
	9,285,000		2.050		04/02/08		9,285,000
Missouri Health & Educational Facilities Authority VRDN RB for Washington University Project Series 1984 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	600,000		2.050		04/02/08		600,000
Missouri Health & Educational Facility Authority VRDN RB for Washington University Series 2004 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,600,000		1.250		04/01/08		2,600,000
Missouri Health and Education Facilities Authority ABN AMRO Munitops Certificate Trust VRDN RB Non-AMT Series 2006-90 (Bank of America N.A. SPA)(VMIG1)(a)
	3,050,000		2.230		04/03/08		3,050,000
University of Missouri VRDN RB for Systems Facilities Series 2000 B (A-1+/VMIG1)
	2,900,000		1.250		04/01/08		2,900,000
University of Missouri VRDN RB for Systems Facilities Series 2001 A (A-1+/VMIG1)
	1,500,000		1.250		04/01/08		1,500,000
						$	28,985,000
Montana — 0.2%
Montana Facilities Finance Authority VRDN RB for Sister of Charity Series 2006 A (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
$	2,950,000		1.300	%	04/01/08	$	2,950,000
Nebraska(a) — 0.3%
Omaha GO VRDN Eagle Tax-Exempt Trust Series 2004-011 Class A (Landesbank Hessen-Thueringen SPA) (A-1)
$	4,000,000		2.240	%	04/03/08	$	4,000,000
Nevada — 1.0%
Clark County Airport VRDN RB Subordinated Lien Series 2008-D3 (A-1/VMIG1)
$	2,350,000		2.000	%	04/02/08	$	2,350,000
Clark County CP Series 2008 (BNP Paribas LOC) (P-1,A-1+)
	500,000		2.150		08/06/08		500,000
Clark County GO VRDN Lehman Municipal Trust Receipts Floater Trust Series 2007-K76W Reg. D (Lehman Brothers Holdings, Inc. SPA) (VMIG1)(a)
	1,000,000		2.280		04/02/08		1,000,000
Clark County Refunding GO Bonds for Public Safety Series 2004 A (FSA) (AAA/Aaa)
	800,000		4.000		06/01/08		800,732

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Nevada — (continued)
Las Vegas Convention Center CP Series 2008 (Bank of Nova Scotia, Fortis Bank, and State Street Bank & Trust Co. LOC) (A1+/P1)
$	2,000,000		2.650	%	04/04/08	$	2,000,000
	1,000,000		2.850		04/07/08		1,000,000
Las Vegas Valley Water District CP Series 2008 (BNP Paribas & Lloyds TSB Bank PLC SPA) (P-1,A-1+)
	1,000,000		2.150		05/19/08		1,000,000
	500,000		2.100		06/04/08		500,000
Las Vegas Valley Water District GO Refunding & Improving Series 2008 A (AA+/Aa1)
	555,000		5.000		02/01/09		568,753
Nevada State GO Capital Improvements Series 1998 B (AA+/Aa2)
	400,000		5.000		06/01/08		400,825
Truckee Meadows Water Authority CP Series 2008 (Lloyds TSB Bank PLC LOC) (P-1,A-1+)
	1,500,000		1.250		10/07/08		1,500,000
						$	11,620,310
New Jersey — 1.1%
New Jersey State TRANS Series 2007 (SP-1+/MIG1)
$	4,000,000		4.500	%	06/24/08	$	4,008,052
New Jersey Transportation Trust Fund Authority VRDN RB Floaters Series 2008 DCL 012 (FSA) (Dexia Credit Local SPA) (A-1+)(a)
	9,645,000		2.260		04/03/08		9,645,000
						$	13,653,052
New Mexico — 0.4%
Bernalillo County TRANS Series 2007 (MIG1)
$	1,725,000		4.000	%	12/12/08	$	1,736,666
Farmington VRDN PCRB Refunding for Arizona Public Service Co. and Four Corners Project Series 1994 A (Barclays Bank PLC LOC) (A-1+/VMIG1)
	1,500,000		1.300		04/01/08		1,500,000
New Mexico State TRANS Series 2007 (SP-1+/MIG1)
	1,000,000		4.500		06/30/08		1,001,819
						$	4,238,485
New York — 10.3%
Jay Street Development Corporation Certificates Facilities Lease VRDN RB Project Series 2001 A-3 (Depfa Bank PLC LOC) (A-1/VMIG1)
$	1,000,000		2.000	%	04/02/08	$	1,000,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 1A RMKT 05/23/03 (Bayerische Landesbank and Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
	3,600,000		2.200		04/02/08		3,600,000
Metropolitan Transportation Authority VRDN RB Series 2005 Subseries G-2 (BNP Paribas LOC) (A-1+/VMIG1)
	2,800,000		1.250		04/01/08		2,800,000
New York City GO VRDN Fiscal 2008 Subseries J-7 (Landesbank Hessen-Thueringen LOC) (A-1/VMIG1)(b)
	1,500,000		1.700		04/01/08		1,500,000
New York City GO VRDN Floaters Series 2007-2256 (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	3,860,000		2.140		04/03/08		3,860,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City GO VRDN Series 2003 Subseries A-3 (BNP Paribas LOC) (A-1+/VMIG1)
$	1,000,000		1.920	%	04/02/08	$	1,000,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA) (A-1+)
	1,000,000		1.920		04/02/08		1,000,000
New York City Municipal Finance Authority Water & Sewer System VRDN RB Floaters Series 2007-1926 (Morgan Stanley Municipal Products SPA)(A-1+)(a)
	743,000		2.140		04/03/08		743,000
New York City Municipal Finance Authority Water & Sewer System VRDN RB for Second General Resolution Series 2006-CC-1 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	1,270,000		1.000		04/01/08		1,270,000
New York City Municipal Water Authority CP Series 1 (Dexia Credit Local & JP Morgan Chase Bank LOC) (P-1,A-1+)
	3,000,000		2.350		05/01/08		3,000,000
New York City Municipal Water Finance Authority Austin Trust Certificates VRDN RB Series 2007-1038 (Bank of America N.A. SPA) (A-1+)(a)
	3,000,000		2.220		04/03/08		3,000,000
New York City Municipal Water Finance Authority CP Series 6 (Landesbank Baden-Wurttemberg and Landesbank Hessen-Thueringen SPA) (P-1,A-1+)
	5,000,000		2.250		05/01/08		5,000,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB for Second General Resolution Series 2005-AA-3 (Dexia Credit Local SPA)(A-1+/VMIG1)
	2,400,000		2.090		04/03/08		2,400,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series F Subseries 2003 F-1 (Dexia Credit Local SPA) (A-1+/VMIG1)
	750,000		1.800		04/03/08		750,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Float-PA Series 2007-1022 (Bank of New York SPA) (A-1)(a)
	16,100,000		2.200		04/03/08		16,100,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB for Fiscal 2003 Subseries 2002 C-3 (DePfa Bank PLC SPA) (A-1/VMIG1)
	3,000,000		1.250		04/01/08		3,000,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-2559 (JP Morgan Chase & Co. SPA) (A-1+)(a)
	2,000,000		2.290		04/03/08		2,000,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB Series F Subseries 2003-F-2 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	500,000		1.060		04/01/08		500,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-1 (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	600,000		2.050		04/02/08		600,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-1 (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
$	2,000,000		2.050	%	04/02/08	$	2,000,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 C (Bayerische Landesbank SPA) (A-1+/VMIG1)
	1,000,000		1.200		04/01/08		1,000,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 1999 B-3 (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	3,620,000		2.050		04/02/08		3,620,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 2002-C3 (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,500,000		2.050		04/02/08		2,500,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 2006 A-3 (Dexia Credit Local SPA) (A-1+/VMIG1)
	550,000		1.750		04/02/08		550,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 2006 A3 (Dexia Credit Local SPA) (A-1+/VMIG1)
	685,000		1.750		04/02/08		685,000
New York City Transitional Finance Authority VRDN RB MERLOTs Series 2008 D73 (Wachovia Bank N.A. SPA) (A-1+)(a)
	2,000,000		2.250		04/02/08		2,000,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002 3 Subseries 3 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	975,000		1.800		04/02/08		975,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	10,385,000		1.920		04/02/08		10,385,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1E (Bayerische Landesbank SPA) (A-1+/VMIG1)
	650,000		1.800		04/02/08		650,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3 F (Royal Bank of Canada SPA) (A-1+/VMIG1)
	1,000,000		1.220		04/01/08		1,000,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3E (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	1,000,000		1.200		04/01/08		1,000,000
New York City Transitional Finance Authority VRDN RB Series 2002 Subseries 2E (Dexia Credit Local SPA) (A-1+/VMIG1)
	940,000		1.800		04/03/08		940,000
New York State Dormitory Authority VRDN RB ROCS RR II R-12040 Secondary Issues Series 2007 (Citigroup Global Markets SPA) (A-1+)(a)
	3,000,000		2.240		04/03/08		3,000,000
New York State Dormitory Authority VRDN RB Secondary Issues Floaters Series 2006-1525 (Morgan Stanley Municipal Products SPA) (A-1+)
	1,175,000		2.140		04/03/08		1,175,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York State Dormitory Authority VRDN RB Secondary Issues Putters Series 2008-2659 (JP Morgan Chase & Co. SPA) (A-1+)(a)
$	1,900,000		2.290	%	04/03/08	$	1,900,000
New York State Environmental Facilities Corp. Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4102 Series 2007 (Dexia Credit Local SPA)(F1+)(a)
	3,090,000		2.200		04/02/08		3,090,000
New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (VMIG1)
	2,050,000		2.020		04/02/08		2,050,000
New York State Local Government Assistance Corp. RB Refunding Senior Lien Series 2008 A (AAA/Aa3)
	2,490,000		5.000		04/01/09		2,558,038
New York State Local Government Assistance Corp. VRDN RB Refunding Subordinated Lien Series 2003 A-5V (FSA) (Bank of Nova Scotia SPA) (A-1+)
	3,200,000		1.700		04/02/08		3,200,000
New York State Local Government Assistance Corp. VRDN RB Series 1993 A (Bayerische Landesbank and Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	7,320,000		1.920		04/02/08		7,320,000
New York State Local Government Assistance Corp. VRDN RB Series 1994 B (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	3,500,000		2.000		04/02/08		3,500,000
New York State Power Authority CP Series 2 (Bank of Nova Scotia, Bank of New York, JPMorgan Chase & Co., State Street Bank & Trust Co., Bayerische Landesbank, Landesbank Baden-Wurttemberg, and BNP Paribas SPA) (A1/P1)
	800,000		2.640		04/09/08		800,000
New York State Power Authority CP Series 8 (Bank of Nova Scotia, JPMorgan Chase & Co., State Street Bank & Trust Co., Bayerische Landesbank, Landesbank Baden-Wurttemberg, Wachovia Bank N.A., and Bank of New York SPA) (A1/VMIG1)
	2,290,000		2.630		05/08/08		2,290,000
New York State Thruway Authority VRDN RB ROCS-RR-II-R-4076 Series 2005 (FSA) (Citigroup Financial SPA) (VMIG1)(a)
	995,000		2.260		04/03/08		995,000
New York State Urban Development Corp. VRDN RB Putters Series 2008-2450 (JP Morgan Chase & Co. SPA) (A-1+)(a)
	7,665,000		2.290		04/03/08		7,665,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2002 F (ABN AMRO Bank N.V. SPA) (A-1+/VMIG1)
	1,175,000		1.980		04/03/08		1,175,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Subseries 2005 B-1 (DePfa Bank PLC SPA) (A-1/VMIG1)
	2,500,000		2.050		04/03/08		2,500,000
						$	123,646,038
North Carolina — 6.7%
Charlotte GO Bonds Refunding Series 1993 (AAA/Aaa)
$	2,555,000		5.000	%	02/01/09	$	2,602,594
Charlotte-Mecklenburg Hospital Authority Health Care System VRDN RB Series 1996 D (Nationsbank N.A. SPA) (A-1+/VMIG1)(b)
	5,600,000		2.070		04/03/08		5,600,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
North Carolina — (continued)
Eastern Carolina University VRDN RB Series 2004 (Wachovia Bank N.A. SPA) (VMIG1)
$	4,285,000		2.130	%	04/03/08	$	4,285,000
Guilford County GO VRDN Series 2004 (Bank of America N.A. SPA) (A-1+/VMIG1)
	3,300,000		2.100		04/02/08		3,300,000
Guilford County GO VRDN Series 2005 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	4,715,000		2.100		04/03/08		4,715,000
Mecklenburg County GO VRDN for Public Improvement Series 2000 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,000,000		2.090		04/02/08		1,000,000
Mecklenburg County GO VRDN Series 2002 C (Bank of America N.A. SPA) (A-1+/VMIG1)
	2,115,000		2.100		04/02/08		2,115,000
Mecklenburg County GO VRDN Series 2004 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	1,350,000		2.080		04/03/08		1,350,000
Mecklenburg County VRDN COPS Series 2001 (Bank of America N.A. SPA) (A-1+/VMIG1)
	400,000		2.110		04/03/08		400,000
Mecklenburg County VRDN COPS Series 2005 (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	3,050,000		2.080		04/03/08		3,050,000
Mecklenburg County VRDN COPS Series 2006 (DePfa Bank PLC SPA) (A-1/VMIG1)(a)
	1,750,000		2.080		04/03/08		1,750,000
Mecklenburg County VRDN COPS Series 2008 A (Suntrust Bank SPA) (A-1+/VMIG1)
	1,000,000		2.250		04/03/08		1,000,000
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1895 (Morgan Stanley SPA) (A-1+)(a)
	5,904,000		2.160		04/03/08		5,904,000
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1923 (Morgan Stanley SPA) (A-1+)(a)
	148,500		2.160		04/03/08		148,500
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		2.230		04/03/08		2,950,000
North Carolina CP Duke University Series 2008 (A1-A2)
	1,482,000		2.150		04/15/08		1,482,000
North Carolina Infrastructure Finance Corp. VRDN COPS MERLOTs Series 2008 D80 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	3,600,000		2.250		04/02/08		3,600,000
North Carolina Medical Care Commission Health Care Facilities VRDN RB Refunding for Duke University Health System Series 2005 B (Citibank N.A. SPA)(A-1+/VMIG1)
	1,930,000		2.070		04/02/08		1,930,000
North Carolina Medical Care Community Health Care Facilities VRDN RB for Novant Health Group Series 2004 A (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	1,000,000		2.080		04/02/08		1,000,000
North Carolina Medical Care Community Hospital VRDN RB for Baptist Hospital Project Series 2000 (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	6,880,000		2.000		04/02/08		6,880,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
North Carolina — (continued)
North Carolina State GO VRDN for Public Improvement Series 2002 E (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
$	5,200,000		1.970	%	04/02/08	$	5,200,000
North Carolina State GO VRDN Refunding Series 2002 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	1,300,000		1.700		04/02/08		1,300,000
North Carolina State GO VRDN Refunding Series 2002 D (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	1,415,000		2.050		04/02/08		1,415,000
Raleigh VRDN COPS for Downtown Improvement Project Series 2004 A (DePfa Bank PLC SPA) (A-1/VMIG1)
	450,000		2.070		04/02/08		450,000
Raleigh VRDN COPS for Downtown Improvement Project Series 2005 B (DePfa Bank PLC SPA) (A-1/VMIG1)
	500,000		2.070		04/02/08		500,000
Union County GO VRDN Series 2005 B (DePfa Bank PLC SPA) (A-1/VMIG1)
	1,000,000		2.050		04/03/08		1,000,000
University of North Carolina Chapel Hill Hospital VRDN RB Refunding Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,280,000		2.100		04/03/08		1,280,000
University of North Carolina CP Series 2008 A (P-1,A-1+)
	1,000,000		2.200		08/06/08		1,000,000
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		2.250		04/03/08		5,000,000
University of North Carolina VRDN RB Series 2001 B (A-1+/VMIG1)
	2,200,000		2.080		04/02/08		2,200,000
Winston Salem VRDN COPS Series 2004 (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,625,000		2.070		04/03/08		1,625,000
Winston Salem Water & Sewer System VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,650,000		2.080		04/02/08		3,650,000
						$	79,682,094
Ohio — 0.2%
Columbus GO VRDN Sanitation Sewer Series 2006 1 (A-1+/VMIG1)
$	2,000,000		1.780	%	04/03/08	$	2,000,000
Oklahoma — 0.1%
Oklahoma Turnpike Authority VRDN RB Refunding for Second Series 2006 E-Convertible 03/27/2008 (VMIG1)
$	1,500,000		2.000	%	04/03/08	$	1,500,000
Oregon — 3.9%
Oregon State GO VRDN Veteran’s Welfare Series 2007-88B (Dexia Credit Local SPA) (VMIG1)
$	4,400,000		1.250	%	04/01/08	$	4,400,000
Oregon State DOT Highway User Tax VRDN RB Subordinated Lien Series 2007 B-1 (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,100,000		1.800		04/03/08		1,100,000
Oregon State GO TANS Series 2007 A (SP-1+/MIG1)
	5,500,000		4.500		06/30/08		5,511,405

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Oregon — (continued)
Oregon State GO VRDN Series 1985 73-E (JP Morgan Chase & Co. SPA) (VMIG1)
$	2,100,000		1.800	%	04/02/08	$	2,100,000
Oregon State GO VRDN Veteran’s Welfare Series 1985 73-H (Bayerische Landesbank SPA) (VMIG1)
	20,000,000		1.950		04/02/08		20,000,000
Oregon State GO VRDN Veteran’s Welfare Series 2006-85 (Dexia Credit Local SPA) (VMIG1)
	13,375,000		1.250		04/01/08		13,375,000
						$	46,486,405
Pennsylvania — 0.7%
Pennsylvania Higher Educational Facilities Authority VRDN RB for Thomas Jefferson University Series 2008 B (JP Morgan Chase & Co. LOC) (VMIG1)
$	1,000,000		2.050	%	04/03/08	$	1,000,000
Pennsylvania Turnpike Commission VRDN RB Series 1998 Q (Landesbank Baden-Wurttemberg, Bayerische Landesbank and Westdeutsche Landesbank AG SPA)(A-1+/VMIG1)
	4,350,000		1.700		04/01/08		4,350,000
Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital Project Series 2002 B (A-1+/VMIG1)
	1,300,000		1.250		04/01/08		1,300,000
St. Mary’s Hospital Authority Bucks County VRDN RB for Catholic Health Series 2004 C (A-1+/VMIG1)
	1,000,000		2.050		04/02/08		1,000,000
University of Pittsburgh of the Commonwealth System of Higher Education VRDN RB for University Capital Project Series 2005 C (DePfa Bank PLC SPA) (A-1/VMIG1)
	1,000,000		2.100		04/02/08		1,000,000
						$	8,650,000
Rhode Island — 0.7%
Rhode Island Health & Educational Building Corp. VRDN RB Refunding for Higher Education Facilities Rhode Island School of Design Series 2008 A (Bank of America N.A. LOC) (VMIG1)
$	2,000,000		2.100	%	04/02/08	$	2,000,000
Rhode Island State & Providence Plantations GO TANS Series 2007 (MIG1)
	5,000,000		3.750		06/30/08		5,009,315
Rhode Island State Health & Educational Building Corp. VRDN RB for Higher Educational Facilities Brown University Series 2001 B (A-1+/VMIG1)
	1,415,000		1.850		04/03/08		1,415,000
						$	8,424,315
South Carolina — 0.2%
South Carolina State Public Service Authority RB Series 2004 A (FSA) (AAA/Aaa)
$	825,000		5.000	%	01/01/09	$	848,193

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
South Carolina — (continued)
South Carolina State Public Services Revenue for Santee Cooper CP Series 2007 (BNP Paribas and Dexia Credit Local LOC) (A-1+/P-1)
$	1,000,000		2.700	%	04/01/08	$	1,000,000
	592,000		1.200		05/21/08		592,000
						$	2,440,193
Tennessee — 3.6%
Memphis City GO CP Series 2001 (Westdeutsche Landesbank AG SPA) (P-1,A-1+)
$	800,000		2.800	%	04/08/08	$	800,000
	2,100,000		1.850		05/02/08		2,100,000
	1,500,000		2.630		05/08/08		1,500,000
Metropolitan Government Nashville & Davidson County GO VRDN Series 2006 A (DePfa Bank PLC SPA) (A-1/VMIG1)
	2,000,000		1.900		04/03/08		2,000,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2000 B (A-1+/VMIG1)
	13,305,000		2.150		04/03/08		13,305,000
Sevier County Public Building Authority VRDN RB for Local Government Public Improvements Series 2007 VI-K-1 (DePfa Bank PLC SPA) (VMIG1)
	6,100,000		1.450		04/01/08		6,100,000
Shelby County GO VRDN Refunding Series 2006 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	10,000,000		2.000		04/03/08		10,000,000
Shelby County GO VRDN Refunding Series 2008 A (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,000,000		2.150		04/03/08		2,000,000
Tennessee State GO CP Series 2008 A (Tennessee Consolidated Retirement System) (A1+/P1)
	5,000,000		1.700		07/10/08		5,000,000
						$	42,805,000
Texas — 19.9%
Alvarado, TX Munitops II Trust Certificates GO VRDN Series 2007-24 (PSF-GTD) (Bank of America N.A. SPA) (F1+)(a)
$	4,000,000		2.230	%	04/03/08	$	4,000,000
Austin ISD CP Series 2008 A (Bank of America N.A. LOC) (P-1,A-1+)
	2,500,000		1.250		04/08/08		2,500,000
	1,000,000		2.250		05/22/08		1,000,000
Bastrop ISD Eclipse Funding Trust GO VRDN Series 2007-0087 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+)(c)
	1,610,000		3.200		06/12/08		1,610,000
Conroe ISD Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT Series 2007-4082 (PSF-GTD) (Merrill Lynch Capital Services SPA)(F1+)(a)
	5,550,000		2.240		04/03/08		5,550,000
Cypress-Fairbanks ISD GO VRDN P-Floats-PT-3405 Series 2006 (PSF-GTD) (Danske Bank AG SPA) (F1+)(a)
	490,000		2.230		04/01/08		490,000
Cypress-Fairbanks ISD GO VRDN Floaters Series 2008-2285 (PSF-GTD) (Morgan Stanley SPA) (A-1+)(a)
	725,500		2.210		04/03/08		725,500

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Cypress-Fairbanks ISD GO VRDN P-Floats-PT-2512 Series 2005 (PSF-GTD) (Merrill Lynch Capital Services SPA) (F1+)(a)
$	6,740,000		2.240	%	04/03/08	$	6,740,000
Dallas Area Rapid Transit CP Series 2007 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank & Trust Co., and Westdeutsche Landesbank AG SPA) (P-1,A-1+)
	1,500,000		3.450		07/23/08		1,500,000
Dallas Area Rapid Transit CP Series 2008 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank & Trust Co., and Westdeutsche Landesbank AG SPA) (P-1,A-1+)
	600,000		2.700		05/11/08		600,000
	1,000,000		2.300		05/19/08		1,000,000
	1,000,000		1.950		06/11/08		1,000,000
	1,200,000		2.830		06/25/08		1,200,000
	1,500,000		2.000		06/26/08		1,500,000
	2,000,000		2.150		06/30/08		2,000,000
	2,000,000		2.300		07/23/08		2,000,000
Dallas ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-MT Series 2005-1 (PSF-GTD) (Bank of America N.A. SPA) (VMIG1)(a)
	4,630,000		2.230		04/03/08		4,630,000
Dallas Water & Sewer CP Notes Series 2007 (Bank of America N.A. SPA) (P-1,A-1+)
	359,000		2.350		04/23/08		359,000
	639,000		2.900		04/23/08		639,000
	6,544,000		2.250		06/26/08		6,544,000
Eagle, TX ISD Munitops II Trust Certificates GO VRDN Series 2007-66 (PSF-GTD) (Bank of America N.A. SPA) (F1+)(a)
	2,470,000		2.240		04/03/08		2,470,000
Fort Worth Water & Sewer RB Refunding and Improvement Series 2003 (AA/Aa2)
	2,775,000		5.000		02/15/09		2,840,611
Frisco ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT (P-1,A-1) Series 2006-56 (PSF-GTD) (Bank of America N.A. SPA)(a)
	2,170,000		2.230		04/03/08		2,170,000
Frisco ISD GO VRDN Floaters Series 2008 2517 (FSA) (Morgan Stanley SPA) (A-1+)(a)
	2,655,000		2.210		04/03/08		2,655,000
Frisco ISD GO VRDN Putters Series 2007-2291 (PSF-GTD) (JPMorgan Chase & Co.) (VMIG1)(a)
	3,695,000		2.290		04/03/08		3,695,000
Garland Texas GO Certificates Obligation Series 2000 (AA/Aa2)
	3,120,000		5.500		02/15/12		3,208,560
Grapevine-Colleyville ISD GO VRDN Floaters Series 2008-2511 (PSF-GTD) (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	3,230,000		2.210		04/03/08		3,230,000
Harris County CP Series 2008 A-1 (Bank of Nova Scotia) (P-1,A-1+)
	2,000,000		1.750		05/07/08		2,000,000
Harris County Flood Control District GO VRDN Refunding Contract Series 2008 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,200,000		2.150		04/03/08		1,200,000
Harris County Flood Control District GO VRDN ROCS RR-II-R-11313 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	1,000,000		2.240		04/03/08		1,000,000
Harris County GO VRDN ROCS-RR-II-R-12191 Series 2007 (Bank of New York SPA) (A-1+)(a)
	3,000,000		2.270		04/03/08		3,000,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Harris County Health Facilities Development Corp VRDN RB Refunding for Hermann Healthcare System Series 2008 A (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
$	2,000,000		2.050	%	04/02/08	$	2,000,000
Harris County Metropolitan Transit Authority CP Series 2008 A (DePfa Bank PLC LOC) (A-1+, F1+)
	2,000,000		1.950		04/03/08		2,000,000
	500,000		1.950		04/30/08		500,000
Harris County Toll CP Series 2008-S-E01 (Dexia Credit Local SPA)(P-1, A-1+)
	2,400,000		1.800		07/10/08		2,400,000
Houston Airport CP Series 2007 (Dexia Credit Local LOC) (A1+/P1)
	250,000		2.900		04/02/08		250,000
Houston City CP Series D (DePfa Bank PLC SPA) (A1+/P1)
	2,000,000		2.100		04/01/08		2,000,000
	400,000		2.750		04/02/08		400,000
	500,000		1.500		05/07/08		500,000
	1,000,000		1.400		05/21/08		1,000,000
Houston City CP Series E (Bank of America N.A. SPA) (A1+/P1)
	4,450,000		2.000		04/01/08		4,450,000
	1,000,000		1.450		04/08/08		1,000,000
	2,000,000		1.800		07/01/08		2,000,000
Houston City CP Series F (DePfa Bank PLC SPA) (P-1, A-1+)
	1,000,000		1.680		06/10/08		1,000,000
Houston Community College System GO VRDN Floater Series 2008-2548 (FSA) (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	2,525,000		2.210		04/03/08		2,525,000
Houston GO Bonds Refunding and Public Improvement Series 1999 A (AA/Aa3)
	2,000,000		5.250		03/01/09		2,054,899
Houston Higher Education Finance Corp. VRDN RB Eagle Series 2007-0077 A (Banco Bilbao Vizcaya SPA) (A-1+)(a)
	3,430,000		2.230		04/03/08		3,430,000
Houston Higher Education Finance Corp. VRDN RB Refunding for Rice University Project Series 2006 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	770,000		1.700		04/02/08		770,000
Houston ISD GO Refunding Series 1999 A (PSF-GTD) (AAA/Aaa)
	3,700,000		5.250		02/15/18		3,814,416
Houston ISD GO VRDN Putters Series 1189 (PSF-GTD) (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	3,305,000		2.290		04/03/08		3,305,000
Houston Utility Systems Austin Trust Certificates VRDN RB Series 2007-164 (FSA) (Bank of America N.A. SPA) (A-1+)(a)
	114,000		2.240		04/03/08		114,000
Houston Water & Sewer CP Series 2008 A (Bayerische Landesbank, Dexia Credit Local, Landesbank Baden-Wurttemberg and Westdeutsche Landesbank AG SPA) (P-1, A-1+)
	1,500,000		1.100		06/02/08		1,500,000
	1,000,000		1.800		06/02/08		1,000,000
	500,000		1.650		06/10/08		500,000
Irving ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2007-8 (PSF-GTD) (Bank of America N.A. SPA) (VMIG1)(a)
	3,000,000		2.230		04/03/08		3,000,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Katy ISD GO VRDN ROCS-RR-II-R-910 Series 2007 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)(a)
$	665,000		2.240	%	04/03/08	$	665,000
Lake Travis ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-18 (PSF-GTD) (Bank of America N.A. SPA) (F1+)(a)
	2,800,000		2.230		04/03/08		2,800,000
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		2.270		04/03/08		1,000,000
Plano GO VRDN Floater Series 2007-1862 (Wells Fargo & Co.) (VMIG1)(a)
	2,915,000		2.160		04/03/08		2,915,000
Red River Education Finance VRDN RB for Higher Education Christian University Series 2006 (VMIG1)
	5,200,000		2.250		04/02/08		5,200,000
Rice University Munitops Certificates Trust VRDN RB Non AMT Single 144A Series 2008 2007-53 (Bank of America N.A. SPA) (VMIG1)(a)
	1,855,000		2.240		04/03/08		1,855,000
San Antonio Electric & Gas Systems CP Series 2008 (Bank of America N.A. SPA & State Street Bank & Trust Co. SPA) (P-1, A-1)
	1,400,000		1.100		06/02/08		1,400,000
San Antonio Electric & Gas Systems VRDN RB Floater Trust Series 2006 K15-Reg. D (Lehman Brothers SPA) (A-1/VMIG1)(a)
	2,670,000		2.250		04/02/08		2,670,000
San Antonio Electric & Gas Systems VRDN RB MERLOTs Series 2008 D65 (Wachovia Bank N.A. SPA) (VMIG1)(a)
	3,135,000		2.250		04/02/08		3,135,000
San Antonio Electric & Gas Systems VRDN RB P-Floats-PT 1498 Series 2002 (Merrill Lynch Capital Services SPA) (A-1)(a)
	2,990,000		2.240		04/03/08		2,990,000
San Antonio Electric & Gas Systems VRDN RB Systems Junior Lien Series 2003 (Bank of America N.A. SPA) (A-1+/VMIG1)
	4,900,000		2.130		04/02/08		4,900,000
San Antonio GO VRDN MERLOTs Series 2007-D85 (Wachovia Bank N.A. SPA) (A-1+)(a)
	2,700,000		2.250		04/02/08		2,700,000
San Antonio Water Revenue CP Series 2008 (Bank of America N.A. SPA) (P-1, A-1+)
	1,000,000		2.650		06/05/08		1,000,000
Socorro ISD Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4506 Series 2008 (PSF-GTD) (Merrill Lynch International SPA)(F1)(a)
	1,000,000		2.240		04/03/08		1,000,000
Texas A&M University CP Series 2008 B (P-1, A-1+)
	1,950,000		1.100		05/22/08		1,950,000
Texas DOT CP Series 2008 A (Bank of America N.A. and State Street Bank & Trust Co. LOC) (P-1, A-1+)
	2,000,000		1.650		06/06/08		2,000,000
Texas State GO TRANS Series 2007 (SP-1+/MIG1)
	5,800,000		4.500		08/28/08		5,819,366
Texas State GO VRDN Floaters Series 2008-2555 (Morgan Stanley Municipal Products SPA) (F1+)(a)
	5,050,000		2.160		04/03/08		5,050,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Texas State GO VRDN P-Floats-PT-2868 Series 2005 (Merrill Lynch Capital Services SPA) (F1+)(a)
$	610,000		2.240	%	04/03/08	$	610,000
Texas State GO VRDN ROCS RR II R-3077 Series 2008 (Citigroup Financial Products SPA) (A-1+)(a)
	1,200,000		2.210		04/03/08		1,200,000
Texas State Public Finance Authority CP Series 2002 (A-1+/P1)
	900,000		2.700		04/01/08		900,000
	1,300,000		3.200		04/03/08		1,300,000
	1,100,000		2.300		05/12/08		1,100,000
	1,000,000		1.100		05/22/08		1,000,000
Texas State Transportation Commission Austin Trust Certificates GO VRDN Series 2007-1026 (Bank of America N.A. SPA) (A-1+)(a)
	3,000,000		2.230		04/03/08		3,000,000
Texas State Transportation Commission VRDN RB Floaters Series 2007-2033 (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	1,492,000		2.160		04/03/08		1,492,000
Texas State Transportation Commission VRDN RB ROCS-RR-II-R-11273 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	1,430,000		2.240		04/03/08		1,430,000
Texas Technical University CP Series 2008 (P-1, A-1+)
	5,000,000		1.650		07/01/08		5,000,000
Texas Transportation Commission BB&T Municipal Securities Trust Certificates VRDN RB Floaters Series 2007-2058 (Branch Banking & Trust SPA)(VMIG1)(a)
	1,205,000		2.270		04/03/08		1,205,000
Texas Water Development Board Fund Austin Trust Certificates VRDN RB Series 2007-148 (Bank of America N.A. SPA) (A-1+)(a)
	1,000,000		2.240		04/03/08		1,000,000
Texas Water Development Board Fund Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2007-K26 Reg. D (Lehman Brothers Holdings, Inc. SPA)(VMIG1)(a)
	14,470,000		2.250		04/02/08		14,470,000
Texas Water Development Board Fund VRDN RB Refunding Revolving Subordinated Lien Series 2007 A (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	1,700,000		1.250		04/01/08		1,700,000
University of Texas CP Series 2007 (A1+/P1)
	500,000		3.150		04/09/08		500,000
	300,000		3.250		04/09/08		300,000
	1,050,000		3.300		04/09/08		1,050,000
	2,000,000		3.100		04/15/08		2,000,000
	1,450,000		3.370		04/15/08		1,450,000
	1,000,000		1.600		06/06/08		1,000,000
	800,000		2.000		06/06/08		800,000
	1,036,000		2.600		06/06/08		1,036,000
	2,000,000		2.700		06/06/08		2,000,000
	4,393,000		2.750		06/06/08		4,393,000
	1,000,000		2.825		06/06/08		1,000,000
University of Texas Lehman Municipal Trust Receipts VRDN RB Floaters Trust Series 2008-K1W Reg. D (Lehman Liquidity Co. SPA) (VMIG1)(a)
	1,995,000		2.250		04/02/08		1,995,000
University of Texas Permanent University Fund RB Series 1997 (AAA/Aaa)
	405,000		5.250		07/01/09		406,485

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
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		2.240	%	04/03/08	$	1,000,000
University of Texas VRDN RB Financing System Series 2008 B (A-1+/VMIG1)
	2,760,000		2.070		04/03/08		2,760,000
	1,175,000		2.100		04/03/08		1,175,000
University of Texas VRDN RB Putters Series 2007-2082 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,500,000		2.290		04/03/08		2,500,000
University of Texas VRDN RB ROCS RR-II-R-1080 Series 2007 (Citigroup Financial Products SPA) (VMIG1)(a)
	3,390,000		2.240		04/03/08		3,390,000
University of Texas VRDN RB ROCS-RR-II-R-11077 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	4,095,000		2.240		04/03/08		4,095,000
West Side Calhoun County Development VRDN RB for Sohio Chemical Co. Project Series 1985 (A-1+)
	5,800,000		1.300		04/01/08		5,800,000
						$	237,676,837
Utah — 1.5%
Jordan County School District GO Series 2007 (Aaa)
$	1,000,000		4.000	%	06/15/08	$	1,001,147
Riverton Hospital Revenue VRDN RB Putters Series 2007-1762 (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	5,000,000		2.290		04/03/08		5,000,000
Salt Lake City Sales Tax VRDN RB Refunding Series 2004 (State Street Bank & Trust Co. SPA) (VMIG1)
	2,000,000		2.130		04/02/08		2,000,000
Salt Lake County Sales Tax VRDN RB Floats PT-2901 Series 2005 (Merrill Lynch Capital Services SPA) (A-1)(a)
	3,230,000		2.330		04/03/08		3,230,000
Weber County Hospital VRDN RB for IHC Health Services Series 2000 B (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	4,400,000		1.300		04/01/08		4,400,000
Weber County Hospital VRDN RB for IHC Health Services Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	2,500,000		1.300		04/01/08		2,500,000
						$	18,131,147
Virginia — 0.8%
Arlington County Public Improvement GO Bonds Series 2007 (AAA/Aaa)
$	1,000,000		5.000	%	03/15/09	$	1,030,567
Fairfax County Economic Development Authority VRDN RB Smithsonian Institution Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	1,900,000		1.800		04/03/08		1,900,000
Montgomery County Industrial Development Authority VRDN RB for Virginia Technical Foundation Series 2005 (Bank of America N.A. LOC) (VMIG1)
	1,000,000		1.350		04/01/08		1,000,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Virginia — (continued)
Virginia College Building Authority Educational Facilities RB for 21st Century College & Equipment Series 2004 A (AA+/Aa1)
$	500,000		5.000	%	02/01/09	$	511,874
Virginia College Building Authority Educational Facilities VRDN RB for 21st Century College Series 2006 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	2,400,000		1.440		04/01/08		2,400,000
Virginia College Building Authority Educational Facilities VRDN RB for University of Richmond Project Series 2006 (SunTrust Bank SPA) (VMIG1)
	1,000,000		1.350		04/01/08		1,000,000
Virginia State Public Building Authority Public Facilities RB Refunding Series 2005 B (AA+/Aa1)
	600,000		5.000		08/01/08		603,018
Virginia State Public Building Authority Public Facilities RB Series 2007 A (AA+/Aa1)
	550,000		5.000		08/01/08		552,765
Virginia State Resources Authority Clean Water VRDN RB P-Floats-PA-790 Series 2000 (Merrill Lynch Capital Services SPA) (A-1)(a)
	955,000		2.200		04/03/08		955,000
						$	9,953,224
Washington — 3.8%
Energy Northwest Washington Electric Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4158 Series 2007 (Dexia Credit Local SPA)(F1+)(a)
$	1,110,000		2.230	%	04/02/08	$	1,110,000
Energy Northwest Washington Electric RB Unrefunded Columbia Series 2004 A (AAA/AA-)
	1,170,000		5.250		07/01/08		1,177,193
Energy Northwest Washington Electric VRDN RB Refunding Project No. 3 Series 2003 D-3-1 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,400,000		2.050		04/02/08		1,400,000
King County CP Series 2007 A (Bayerische Landesbank SPA) (A1/P1)
	1,000,000		3.100		04/03/08		1,000,000
King County Eclipse Funding Trust VRDN RB Series 2007-0095 (FSA) (U.S. Bank N.A. SPA) (A-1+)(a)
	3,340,000		2.200		04/03/08		3,340,000
King County School District No. 405 Bellevue GO Series 2005 (AA+/Aa1)
	1,000,000		5.000		12/01/08		1,019,711
Seattle Municipal Light & Power VRDN RB Refunding ROC Series 2001-II-R-47 (FSA) (Citibank N.A. SPA) (VMIG1)(a)
	7,920,000		2.270		04/03/08		7,920,000
Snohomish County Public Utilities District No. 001 Generation System VRDN RB Refunding Series 2002 A-2 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,300,000		2.050		04/02/08		2,300,000
Washington State BB&T Municipal Trust GO VRDN Floaters Series 2008-2 (Branch Banking & Trust) (VMIG1)(a)
	2,670,000		2.210		04/03/08		2,670,000
Washington State GO Series 1992 B & AT-7 (AA+/Aa1)
	565,000		6.200		06/01/08		568,279

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Washington — (continued)
Washington State GO Series 2007 D (AA+/Aa1)
$	4,000,000		4.500	%	01/01/09	$	4,072,460
Washington State GO VRDN Floater Series 2007-1790 (FSA) (Morgan Stanley SPA) (A-1+)(a)
	4,325,000		2.210		04/03/08		4,325,000
Washington State GO VRDN Floater Series 2008-2293 (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	1,335,000		2.160		04/03/08		1,335,000
Washington State GO VRDN Putters Series 2008-2650Z (FSA) (JP Morgan Chase & Co. SPA) (A-1+)(a)
	995,000		2.290		04/03/08		995,000
Washington State GO VRDN ROCS RR II R-12002 Series 2007 (Citigroup Inc. SPA) (A-1+/VMIG1)(a)
	2,500,000		2.240		04/03/08		2,500,000
Washington State GO VRDN ROCS RR II R-12023 Series 2007 (Citibank N.A. SPA) (VMIG1)(a)
	5,000,000		2.250		04/03/08		5,000,000
Washington State Health Care Facilities Authority VRDN RB for Catholic Health Series 2002 B (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	1,085,000		2.150		04/02/08		1,085,000
Washington State Lehman Municipal Trust Receipts GO VRDN Floater Series 2007-K106W Reg. D (Lehman Brothers Inc. SPA) (VMIG1)(a)
	2,000,000		2.280		04/02/08		2,000,000
Washington State Lehman Municipal Trust Receipts GO VRDN Floaters Trust Series 2008-K14W-Reg. D (Lehman Brothers Inc. SPA) (A-1)(a)
	1,000,000		2.280		04/03/08		1,000,000
						$	44,817,643
West Virginia — 0.3%
Marshall County VRDN PCRB for Mountaineer Carbon Co. Series 1985 (A-1+/P-1)
$	3,600,000		1.300	%	04/01/08	$	3,600,000
Wisconsin — 0.5%
State of Wisconsin CP Series 2006A (State Street Bank & Trust and California State Teachers Retirement SPA) (P-1, A-1+)
$	2,000,000		2.200	%	04/10/08	$	2,000,000
Wisconsin State Clean Water VRDN RB Floaters Series 2008-2444 (Morgan Stanley Municipal Products SPA) (A-1+)(a)
	555,500		2.160		04/03/08		555,500
Wisconsin State GO Series 1998 A (AA-/Aa3)
	1,500,000		4.600		05/01/12		1,502,275
Wisconsin State Operating Notes Series 2007 (SP-1+/MIG1)
	1,500,000		4.500		06/16/08		1,502,283
						$	5,560,058
Wyoming — 0.1%
Uinta County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (P-1)
$	1,100,000		1.350	%	04/01/08	$	1,100,000

ILA TAX-EXEMPT DIVERSIFIED PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Other Territories(a) — 0.2%
Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-002 Series 2006 (Merrill Lynch Capital Services SPA) (F1+)
$	483,000		2.310	%	04/03/08	$	483,000
Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-003 Series 2006 (Merrill Lynch Capital Services SPA) (F1+)
	1,920,000		2.310		04/03/08		1,920,000
						$	2,403,000
TOTAL INVESTMENTS—100.3%						$	1,197,871,217
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%						$	(3,002,127	)
NET ASSETS—100.0%						$	1,194,869,090

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 March 31, 2008, these securities amounted to $395,941,500 or approximately 33.1% 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 March 31, 2008, these securities amounted to $1,610,000 or approximately 0.1% 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.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

Investment Abbreviations:
AMT	— Alternative Minimum Tax
COPS	— Certificates of Participation
CP	— Commercial Paper
DOT	— Department of Transportation
FGIC	— Insured by Financial Guaranty Insurance Co.
FNMA	— Insured by Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GO	— General Obligation
IDB	— Industrial Development Bond
ISD	— Independent School District
LOC	— Letter of Credit
MERLOTs	— Municipal Exempt Receipts Liquidity Optional Tenders
MF Hsg.	— Multi-Family Housing
PCRB	— Pollution Control Revenue Bond
PSF-GTD	— Guaranteed by Permanent School Fund
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
TRANS	— Tax Revenue Anticipation Notes
VRDN	— Variable Rate Demand Notes

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — 98.0%
Abag Finance Authority VRDN RB for Menlo School Series 2003 (Allied Irish Bank PLC LOC) (VMIG1)
$	13,700,000		2.050	%	04/03/08	$	13,700,000
Bay Area Toll Authority California Toll Bridge VRDN RB Eagle Series 2007-0053 A (Landesbank Hessen Thueringen SPA) (A-1)(a)
	3,465,000		2.210		04/03/08		3,465,000
Bay Area Toll Authority California Toll Bridge VRDN RB Floaters Series 2008-2523 (Morgan Stanley Municipal Products) (A-1+)(a)
	5,600,000		2.130		04/03/08		5,600,000
Bay Area Toll Authority California Toll Bridge VRDN RB ROCS RR II R-11322 Series 2008 (Citibank N.A. SPA) (A-1+)(a)
	2,785,000		2.220		04/03/08		2,785,000
Bay Area Toll Authority California Toll Bridge VRDN RB ROCS RR II R-12019 Series 2007 (Citibank N.A. SPA) (A-1+/VMIG1)(a)
	10,800,000		2.220		04/03/08		10,800,000
California Coast Community College District GO VRDN Floaters Series 2008-2514 (FSA) (Morgan Stanley Municipal Products) (A-1+)(a)
	3,410,000		2.180		04/03/08		3,410,000
California Communities Note Program TRANS Series 2007 A2 (SP-1+/MIG1)
	11,800,000		4.500		06/30/08		11,823,335
California Communities Note Program TRANS Series 2007 A3 (SP-1+/MIG1)
	8,000,000		4.500		06/30/08		8,016,195
California Educational Facilities Authority Austin Trust VRDN RB Certificates Series 2007-1012 (Bank of America N.A. SPA) (A-1+)(a)
	6,665,000		2.210		04/03/08		6,665,000
California Educational Facilities Authority VRDN RB for Standford University Series 1995 L-3 (A-1+/VMIG1)
	825,000		1.550		04/02/08		825,000
California Educational Facilities Authority VRDN RB for Stanford University Series 1997 L-5 (A-1+/VMIG1)
	900,000		1.550		04/02/08		900,000
California Educational Facilities Authority VRDN RB for Stanford University Series 1998 L-6 (A-1+/VMIG1)
	650,000		1.550		04/02/08		650,000
California Educational Facilities Authority VRDN RB for University of Southern California Series 2005-1126 (Morgan Stanley SPA) (VMIG1)(a)
	6,845,000		2.130		04/03/08		6,845,000
California Educational Facilities Authority VRDN RB ROCS-RR-II R-11064 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	4,000,000		2.220		04/03/08		4,000,000
California Educational Facilities Authority VRDN RB Series 2001-487 (Morgan Stanley SPA) (A-1+)(a)
	2,000,000		2.130		04/03/08		2,000,000
California Health Facilities Financing Authority VRDN RB Catholic West Series 2005-H (Bank of America N.A. LOC) (A-1+/VMIG1)
	1,670,000		1.920		04/02/08		1,670,000
California Health Facilities Financing Authority VRDN RB Floaters Series 2008-2491 (Morgan Stanley Municipal Products) (A-1+)(a)
	2,350,000		2.180		04/03/08		2,350,000
California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C (A-1)
	1,800,000		1.960		04/02/08		1,800,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
California Health Facilities Financing Authority VRDN RB for Scripps Health Series 2001 A (Bank One N.A. SPA) (A-1+/VMIG1)
$	3,100,000		1.850	%	04/02/08	$	3,100,000
California Health Facilities Financing Authority VRDN RB Series 2007-1754 (Morgan Stanley SPA) (VMIG1)(a)
	10,000,000		2.130		04/03/08		10,000,000
California Health Facilities Financing Authority VRDN RB Series 2007-1858 (Wells Fargo Bank N.A. SPA) (VMIG1)(a)
	13,203,500		2.130		04/03/08		13,203,500
California Infrastructure & Economic Development Bank VRDN RB for J Paul Getty Trust Series 2003 D (A-1+/VMIG1)
	1,800,000		0.900		04/01/08		1,800,000
California Infrastructure & Economic Development Bank VRDN RB Refunding for J Paul Getty Trust Series 2008 A2 RMKT 03/28/08 (A-1+/VMIG1)
	10,000,000		1.700		04/01/09		10,000,000
California State Department of Water Resources Power Supply VRDN RB Putters Series 2008-2665 (FSA) (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	3,505,000		2.290		04/03/08		3,505,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 B-2 (BNP Paribas LOC) (A-1+/VMIG1)
	6,550,000		1.200		04/01/08		6,550,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 B-4 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	5,100,000		1.050		04/01/08		5,100,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 B-5 (Westdeutsche Landesbank LOC and Bayerische Landesbank LOC) (A-1+/VMIG1)
	900,000		0.920		04/01/08		900,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 B-6 (State Street Corp. LOC) (A-1+/VMIG1)
	1,200,000		1.090		04/01/08		1,200,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-09 (Citibank, N.A. LOC) (A-1+/VMIG1)
	7,075,000		1.700		04/03/08		7,075,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-10 (A-1+/VMIG1)
	12,365,000		1.750		04/03/08		12,365,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-11 (KBC Bank N.V. LOC and Bank of Nova Scotia LOC) (A-1+/VMIG1)
	1,000,000		1.950		04/03/08		1,000,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-13 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	5,095,000		1.910		04/03/08		5,095,000
California State Department of Water Resources Power Supply VRDN RB Series 2002 C-14 (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	4,535,000		1.950		04/03/08		4,535,000
California State Department of Water Resources Power Supply VRDN RB Subseries 2005 F-1 (Lloyds TSB Bank PLC LOC) (A-1+/VMIG1)
	3,075,000		1.090		04/01/08		3,075,000

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
California State Department of Water Resources Power Supply VRDN RB Subseries 2005 F-5 (Citibank, N.A. LOC) (A-1+/VMIG1)(a)
$	5,000,000		1.200	%	04/01/08	$	5,000,000
California State Department of Water Resources Power Supply VRDN RB Subseries 2005 G-4 (FSA) (Morgan Stanley SPA) (A-1+/VMIG1)
	2,100,000		1.900		04/03/08		2,100,000
California State Department of Water Resources Power Supply VRDN RB Subseries 2005 G-7 (FSA) (Societe Generale SPA) (A-1+/VMIG1)
	1,000,000		2.100		04/03/08		1,000,000
California State Economic Recovery GO Series 2004 A
	1,500,000		5.000		01/01/09		1,526,496
California State Economic Recovery VRDN RB Series 2004 C-5 (Bank of America N.A. SPA) (A-1+/VMIG1)
	800,000		0.970		04/01/08		800,000
California State Enhanced Return Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1017 Series 2007 (Merrill Lynch Capital Services SPA) (A-1)(a)
	60,000		3.300		04/03/08		60,000
California State Enhanced Return Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC 1008 Series 2007 (Merrill Lynch Capital Services SPA) (A-1)(a)
	705,000		3.300		04/03/08		705,000
California State GO CP Series 2008 (Bayerische Landesbank, Dexia Credit Local, California Public Employees Retirement System, California State Teachers Retirement, DePfa Bank PLC, Landesbank Hessen-Thueringen, Royal Bank of Canada, Calyon, and Wells Fargo) (P-1, A-1)
	8,000,000		1.550		05/02/08		8,000,000
	500,000		1.200		05/06/08		500,000
	2,000,000		1.500		06/12/08		2,000,000
California State GO VRDN Floaters Series 2007-2178 (Wells Fargo & Co. SPA) (A-1+)(a)
	7,090,000		2.180		04/03/08		7,090,000
California State GO VRDN Series 2003 A-1 (Westdeutsche Landesbank LOC and JP Morgan Chase & Co. LOC) (A-1+/VMIG1)
	1,400,000		1.400		04/01/08		1,400,000
California State GO VRDN Series 2003 A-3 (Westdeutsche Landesbank LOC and JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
	1,200,000		0.920		04/01/08		1,200,000
California State GO VRDN Series 2003 B-1 (BNP Paribas, Bank of New York and California State Teachers Retirement LOC) (A-1+/VMIG1)
	500,000		1.770		04/02/08		500,000
California State GO VRDN Series 2003 B-2 (BNP Paribas, Bank of New York and California State Teachers Retirement LOC) (A-1+/VMIG1)
	3,800,000		1.600		04/02/08		3,800,000
California State GO VRDN Series 2003 C-1 (Bank of America N.A., Bank of Nova Scotia and Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	3,790,000		1.920		04/03/08		3,790,000
California State GO VRDN Series 2003 C-2 (Bank of America N.A., Bank of Nova Scotia and Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	1,000,000		1.950		04/03/08		1,000,000
California State GO VRDN Series 2005 B Subseries B-1 (Bank of America N.A. LOC) (A-1+/VMIG1)
	800,000		1.920		04/02/08		800,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
California State GO VRDN Series 2005 B Subseries B-3 (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
$	9,285,000		1.600	%	04/02/08	$	9,285,000
California State RANS Series 2007 (SP-1+/MIG1)
	14,500,000		4.000		06/30/08		14,527,319
California State University GO VRDN for Daily Kindergarten Series 2004 A-2 (Citibank N.A. LOC and California State Teachers Retirement) (A-1+/VMIG1)
	600,000		1.050		04/01/08		600,000
California State University GO VRDN for Daily Kindergarten Series 2004 A-3 (Citibank N.A. LOC and California State Teacher Retirement LOC) (A-1+/VMIG1)
	900,000		1.400		04/01/08		900,000
California State University GO VRDN for Daily Kindergarten Series 2004 A-4 (Citibank N.A. LOC and California State Teachers Retirement LOC) (A-1+/VMIG1)
	1,590,000		0.970		04/01/08		1,590,000
California State University GO VRDN for Weekly Kindergarten Public Series 2004 A-7 (Citibank N.A. and California State Teachers Retirement LOC) (A-1+/VMIG1)
	1,240,000		1.920		04/03/08		1,240,000
California State University Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2007-K 24W Reg. D (FSA) (Lehman Brothers SPA) (VMIG1)(a)
	3,000,000		2.100		04/02/08		3,000,000
California State University VRDN RB Floaters Series 2008-2337 (FSA) (Morgan Stanley Municipal Products) (A-1+)(a)
	2,151,000		2.180		04/03/08		2,151,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 A (A-1)
	3,000,000		1.960		04/02/08		3,000,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 B (A-1)
	3,000,000		1.960		04/02/08		3,000,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 D (A-1)
	11,800,000		1.850		04/02/08		11,800,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 M (A-1)
	8,800,000		1.960		04/02/08		8,800,000
California Statewide Communities Development Authority VRDN RB Series 2004 J (JP Morgan Chase & Co. SPA) (A-1)
	1,800,000		1.960		04/02/08		1,800,000
California Statewide Communities Development Authority VRDN RB Series 2004 L (A-1)
	2,500,000		1.960		04/02/08		2,500,000
City of Los Angeles GO TRANS Series 2007 (SP-1+/MIG1)
	5,000,000		4.500		06/30/08		5,009,839
Contra Costa Water District CP Series 2008-A (State Street Bank and California State Teachers Retirement) (A-1+)
	4,000,000		1.050		04/07/08		4,000,000
	1,500,000		1.950		06/09/08		1,500,000
Desert Sands ABN AMRO Munitops GO VRDN Non-AMT Trust Certificates Series 2004-30 (FSA) (Bank of America SPA) (F1+)(a)
	7,825,000		2.230		04/03/08		7,825,000

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
East Bay Municipal Utility District CP Series 2008 (JPMorgan Chase & Co. SPA) (P-1, A-1+)
$	1,200,000		2.100	%	06/09/08	$	1,200,000
East Bay Municipal Utility District Wastewater Systems VRDN RB Refunding Subseries 2008 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,000,000		1.750		04/03/08		2,000,000
East Bay Municipal Utility District Wastewater Systems VRDN RB Refunding Subseries 2008 C1 (A-1+/VMIG1)
	7,500,000		1.850		04/02/08		7,500,000
East Bay Municipal Utility District Wastewater Systems VRDN RB Refunding Subseries 2008 C6 (A-1+/VMIG1)
	2,860,000		1.550		04/02/08		2,860,000
Eastern Municipal Water District Water & Sewer VRDN COPS Series 2008 A (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
	8,500,000		1.950		04/03/08		8,500,000
Eastern Municipal Water District Water & Sewer VRDN RB Series 2008 B (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
	10,600,000		1.950		04/03/08		10,600,000
Franklin-Mckinley School District GO VRDN Floaters Series 2008-2376 (FSA) (Morgan Stanley Municipal Products) (A-1+)(a)
	2,755,000		2.180		04/03/08		2,755,000
Fresno California VRDN RB for Trinity Health Credit Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	500,000		1.850		04/03/08		500,000
Glendale California VRDN COPS for Police Building Project Series 2000 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	8,600,000		1.850		04/03/08		8,600,000
Long Beach California Housing Authority MF Hsg. VRDN RB Refunding for Channel Point Apartments Series 1998 (FNMA LOC) (A-1+)
	1,000,000		1.940		04/03/08		1,000,000
Los Angeles County GO TRANS Series 2007 (SP-1+/MIG1)
	19,000,000		4.500		06/30/08		19,082,026
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA LOC) (A-1+)
	4,661,000		1.940		04/03/08		4,661,000
Los Angeles County Housing Authority MF Hsg. VRDN Refunding RB for Malibu Meadows II Series 1998 C (FNMA LOC) (A-1+)
	4,059,000		1.940		04/03/08		4,059,000
Los Angeles Department of Water & Power Systems Revenue CP Series 2008 (Banco Bilbao) (MIG1, SP-1+)
	7,000,000		1.150		06/09/08		7,000,000
	4,000,000		1.750		06/26/08		4,000,000
Los Angeles Department of Water & Power VRDN RB Eagle Series 2005-73026 Class A (FSA) (Landesbank Hessen Thueringen SPA) (A-1)(a)
	3,200,000		2.250		04/03/08		3,200,000
Los Angeles Department of Water & Power VRDN RB for Power System Subseries 2002 A-4 (Fortis Bank SPA, Lloyds TSB Bank PLC SPA and National Australia Bank SPA) (A-1+/VMIG1)
	500,000		1.950		04/03/08		500,000
Los Angeles Department of Water & Power VRDN RB for Power System Subseries 2002 A-6 (Fortis Bank SPA, Lloyds TSB Bank PLC SPA and National Australia Bank SPA) (A-1+/VMIG1)
	4,120,000		1.950		04/03/08		4,120,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
Los Angeles Department of Water & Power VRDN RB Putters Series 2006-1272 (FSA) (JPMorgan Chase & Co. SPA) (A-1+)(a)
$	1,495,000		2.290	%	04/03/08	$	1,495,000
Los Angeles Department of Water & Power VRDN RB Series 2005-1103 (Morgan Stanley SPA) (VMIG1)(a)
	3,275,000		2.130		04/03/08		3,275,000
Los Angeles Department of Water & Power VRDN RB Subseries 2001 B-5 (Royal Bank of Canada SPA, California Teachers Retirement SPA and California Public Employees Retirement System SPA) (A-1+/VMIG1)
	1,300,000		1.630		04/03/08		1,300,000
Los Angeles Department of Water & Power VRDN RB Subseries 2001 B-6 (Royal Bank of Canada SPA, California State Teachers Retirement SPA and California Public Employees Retirement System SPA) (A-1+/VMIG1)
	1,500,000		0.950		04/01/08		1,500,000
Los Angeles Department of Water & Power VRDN RB Subseries 2001 B-7 (Royal Bank of Canada SPA, California State Teachers Retirement SPA and California Public Employees Retirement System SPA) (A-1+/VMIG1)
	1,400,000		1.630		04/03/08		1,400,000
Los Angeles Department of Water & Power VRDN RB Subseries 2002 A-3 (Fortis Bank, Lloyds TSB Bank and National Australia Bank SPA) (A-1+/VMIG1)
	3,725,000		1.950		04/03/08		3,725,000
Los Angeles Department of Water & Power VRDN RB Subseries 2002 A-7 (Fortis Bank SPA, Lloyds TSB Bank PLC SPA and National Australia Bank SPA) (A-1+/VMIG1)
	1,675,000		1.950		04/03/08		1,675,000
Los Angeles Municipal Improvement Corp. CP Series 2007 (Bank of America LOC) (A-1+/P1)
	3,500,000		3.230		04/08/08		3,500,000
Los Angeles Municipal Improvement Corp. CP Series 2008 (Bank of America LOC) (P-1, A-1+)
	2,000,000		1.800		08/07/08		2,000,000
Los Angeles Unified School District GO VRDN ROCS-RR-II R-9121 Series 2007 (Citigroup, Inc. SPA) (A-1+)(a)
	1,620,000		2.250		04/03/08		1,620,000
Los Angeles Wastewater Systems CP Series 2008 (Westdeutsche Landesbank AG, State Street Bank and California State Teachers Retirement) (P-1, A-1+)
	10,000,000		3.100		04/08/08		10,000,000
Los Angeles Wastewater Systems VRDN RB ROCS RR-II R-10270 Series 2007 (FSA) (Dexia Credit Local SPA) (A-1+)(a)
	1,870,000		2.240		04/03/08		1,870,000
Metropolitan Water District Lehman Municipal Trust Receipts VRDN Series 2006 K81 (Lehman Brothers SPA) (VMIG1)(a)
	4,000,000		2.080		04/03/08		4,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Authorization Series 1998 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	700,000		1.750		04/03/08		700,000
Metropolitan Water District Southern California Waterworks VRDN RB Eagle Series 2007-0044 A (Bayerische Landesbank SPA) (A-1)(a)
	4,000,000		2.210		04/03/08		4,000,000

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
Metropolitan Water District Southern California Waterworks VRDN RB Floaters Series 2008-2522 (Morgan Stanley Municipal Products) (A-1+)(a)
$	3,025,000		2.130	%	04/03/08	$	3,025,000
Metropolitan Water District Southern California Waterworks VRDN RB Putters Series 2008-2530 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	4,075,000		2.290		04/03/08		4,075,000
Metropolitan Water District Southern California Waterworks VRDN RB Putters Series 2008-2589 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	8,140,000		2.290		04/03/08		8,140,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2002 A (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
	600,000		1.630		04/03/08		600,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2004 A-1 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	600,000		1.700		04/03/08		600,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2004 A-2 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	700,000		1.600		04/03/08		700,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2004 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,825,000		1.500		04/03/08		1,825,000
Metropolitan Water District Southern California Waterworks VRDN RB Refunding Series 2008 A-2 (A-1/VMIG1)
	5,800,000		1.850		04/03/08		5,800,000
Metropolitan Water District Southern California Waterworks VRDN RB ROCS RR-II R-12009 Series 2007 (Citigroup, Inc. SPA) (A-1+/VMIG1)(a)
	4,000,000		2.220		04/03/08		4,000,000
Metropolitan Water District Southern California Waterworks VRDN RB ROCS-RR-II R-11301 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	1,000,000		2.220		04/03/08		1,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 1999 B (Bank of America, N.A. SPA) (A-1+/VMIG1)
	1,500,000		1.750		04/03/08		1,500,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	2,000,000		1.090		04/01/08		2,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-3 (BNP Paribas SPA) (A-1+/VMIG1)
	1,000,000		0.920		04/01/08		1,000,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-4 (National Australia Bank SPA) (A-1+/VMIG1)
	1,100,000		1.920		04/02/08		1,100,000
Metropolitan Water District Southern California Waterworks VRDN RB Series 2001 C-1 (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	1,100,000		1.100		04/01/08		1,100,000
Metropolitan Water District Southern California Waterworks VRDN Refunding Series 2003 C-2 (Dexia Credit Local SPA) (A-1+/VMIG1)
	2,765,000		1.700		04/03/08		2,765,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
Orange County Apartment Development VRDN RB for Park Ridge Villas Series 1998 (FNMA LOC) (A-1+)
$	2,830,000		1.940	%	04/03/08	$	2,830,000
Orange County Apartment Development VRDN RB for Seaside Meadow Series 1984 C (FHLMC LOC) (VMIG1)
	4,500,000		1.930		04/03/08		4,500,000
Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC LOC) (VMIG1)
	9,550,000		1.940		04/03/08		9,550,000
Orange County Sanitation District VRDN COPS Putters Series 2008-2529Z (FSA) (JPMorgan Chase Bank SPA) (A-1+)(a)
	1,080,000		2.290		04/03/08		1,080,000
Orange County Sanitation District VRDN COPS ROCS RR-II R-11304 Series 2007 (FSA) (Citibank N.A. SPA) (A-1+)(a)
	3,000,000		2.250		04/03/08		3,000,000
Orange County Sanitation District VRDN COPS Series 2000 A (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,745,000		1.100		04/01/08		3,745,000
Orange County Sanitation District VRDN COPS Series 2000 Series B (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,000,000		1.100		04/01/08		1,000,000
Orange County Sanitation District VRDN COPS Series 2006 (DePfa Bank PLC SPA) (A-1/VMIG1)
	1,830,000		0.950		04/01/08		1,830,000
Orange County Water District VRDN COPS Series 2003 A (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	950,000		1.930		04/02/08		950,000
Rancho Santiago Community College District GO VRDN P-Floats-PT-2550 (FSA) (Merrill Lynch Capital Series SPA) (F1+)(a)
	5,600,000		2.200		04/03/08		5,600,000
Rancho Santiago Community College District VRDN MERLOTs Series B24 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	4,990,000		2.280		04/02/08		4,990,000
Sacramento County Sanitation District Financing Authority VRDN RB MERLOTs Series 2000-SSS (Wachovia Bank N.A. SPA) (VMIG1)(a)
	3,910,000		2.230		04/02/08		3,910,000
Sacramento County VRDN COPS for Weekly Administration Center & Courthouse Project Series 1990 (Bayerische Landesbank LOC) (A-1+/VMIG1)
	5,100,000		1.900		04/03/08		5,100,000
Sacramento Unified School District VRDN COPS Series 2002 (FSA) (Dexia Credit Local SPA) (VMIG1)
	4,900,000		1.850		04/03/08		4,900,000
San Bernardino County VRDN RB Refunding for Evergreen Apartments Series 1999 A (FNMA LOC) (A-1+)
	16,600,000		1.940		04/03/08		16,600,000
San Diego Community College District GO VRDN MERLOTs Series 2008 D75 (Wachovia Bank N.A. SPA) (A-1+)(a)
	5,000,000		2.280		04/02/08		5,000,000
San Diego County Regional Transportation Commission Sales Tax VRDN RB Limited Tax Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	1,700,000		1.800		04/03/08		1,700,000

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
San Diego County Regional Transportation Commission Sales Tax VRDN RB Limited Tax Series 2008 C (Dexia Credit Local SPA) (A-1+/VMIG1)
$	8,000,000		1.800	%	04/03/08	$	8,000,000
San Diego County Regional Transportation Commission Sales Tax VRDN RB Limited Tax Series 2008 D (Dexia Credit Local SPA) (A-1+/VMIG1)
	8,500,000		1.800		04/03/08		8,500,000
San Diego County Water Authority CP Series 2008 (Bayerische Landesbank SPA) (P-1, A-1)
	15,000,000		1.900		04/04/08		15,000,000
	2,000,000		0.950		08/06/08		2,000,000
San Diego County Water Authority CP Series 2008 (BNP Paribas SPA) (P-1, A-1)
	3,000,000		1.750		06/26/08		3,000,000
San Diego Unified School District GO TRANS Series 2006-1499 (FSA) (Morgan Stanley SPA) (A-1+)(a)
	3,500,000		2.180		04/03/08		3,500,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-11251 (Citibank N.A. SPA) (A-1+)(a)
	2,000,000		2.220		04/03/08		2,000,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-11285 (Citibank N.A. SPA) (A-1+)(a)
	10,690,000		2.220		04/03/08		10,690,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-12222 Series 2007 (Citibank N.A. SPA) (A-1+/VMIG1)(a)
	4,950,000		2.220		04/03/08		4,950,000
San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-12223 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	2,000,000		2.220		04/03/08		2,000,000
San Francisco Bay Area Rapid Transportation District GO VRDN Eagle Series 2007-0100 A (Landesbank Hessen-Wurttemberg) (A-1)(a)
	9,900,000		2.210		04/03/08		9,900,000
San Francisco City & County Unified School District GO VRDN Floaters Series 2008-2377 (FSA) (Morgan Stanley Municipal Products) (A-1+)(a)
	1,900,000		2.180		04/03/08		1,900,000
San Francisco City & County Unified School District GO VRDN MERLOTs Series 2008 D24 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	1,200,000		2.250		04/02/08		1,200,000
San Francisco County Transportation Authority CP Series 2008 A (Landesbank Hessen-Thueringen LOC) (P-1, A-1+)
	12,400,000		1.100		05/21/08		12,400,000
	5,400,000		1.050		05/22/08		5,400,000
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		2.220		04/03/08		5,000,000
Sonoma County GO TRANS Series 2007 (SP-1+)
	3,000,000		4.000		10/17/08		3,011,040
Southern California Public Power Authority Transmission Project VRDN RB Refunding Subseries 1996 B (FSA) (Dexia Credit Local SPA and JPMorgan Chase NA SPA) (A-1+/VMIG1)
	800,000		1.700		04/02/08		800,000
University of California Regents CP Series 2008 (P-1, A-1+)
	10,000,000		2.700		04/04/08		10,000,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
California — (continued)
University of California Regents Medical Center VRDN RB Series B-1 2007 (Bank of New York, California State Teachers Retirement and California Public Employees Retirement System SPA) (VMIG1)
$	1,100,000		1.100	%	04/01/08	$	1,100,000
University of California VRDN RB Floaters Series 2005-1198 (Morgan Stanley SPA) (A-1+)(a)
	2,000,000		2.130		04/03/08		2,000,000
University of California VRDN RB P-Float Series 2005-2984 (FSA) (KBC Bank N.V. SPA) (F1+)(a)
	1,000,000		2.200		04/03/08		1,000,000
University of California VRDN RB Putters Series 2007-1671 (JPMorgan & Chase Co. SPA) (VMIG1)(a)
	2,565,000		2.290		04/03/08		2,565,000
University of California VRDN RB Putters Series 2008-2475 (JPMorgan & Chase Co. SPA) (VMIG1)(a)
	2,200,000		2.290		04/03/08		2,200,000
University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank SPA) (VMIG1)(a)
	1,900,000		2.290		04/03/08		1,900,000
						$	669,335,750
Puerto Rico — 1.5%
Commonwealth of Puerto Rico TRANS Series 2007 (Bank of Nova Scotia, BNP Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao, KBC Bank N.V. and Banco Santander Central Hispano LOC) (SP-1+/MIG1)
	10,500,000		4.250		07/30/08		10,528,674
TOTAL INVESTMENTS — 99.5%						$	679,864,424
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%						$	3,181,168
NET ASSETS — 100.0%						$	683,045,592

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 March 31, 2008, these securities amounted to $217,299,500 or approximately 31.8% 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.

ILA TAX-EXEMPT CALIFORNIA PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

Investment Abbreviations:
AMT	— Alternative Minimum Tax
COPS	— Certificates of Participation
CP	— Commercial Paper
FHLMC	— Insured by Federal Home Loan Mortgage Corp.
FNMA	— Insured by Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GO	— General Obligation
LOC	— Letter of Credit
MERLOTs	— Municipal Exempt Receipts Liquidity Optional Tenders
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
TRANS	— Tax Revenue Anticipation Notes
VRDN	— Variable Rate Demand Notes

ILA TAX-EXEMPT NEW YORK PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — 97.1%
Haverstraw Stony Point Central School District GO VRDN MERLOTs Series 2008 D-26 (FSA) (Wachovia Bank N.A. SPA)(VMIG1)(a)
$	1,550,000		2.350	%	04/02/08	$	1,550,000
Jay Street Development Corp. Certificates Facilities Lease VRDN RB Series 2001 A-1 (Fleet National Bank) (A-1+/VMIG1)
	1,100,000		2.000		04/02/08		1,100,000
Jay Street Development Corp. Certificates Facilities Lease VRDN RB Series 2003 A-1 (A-1/VMIG1)
	1,130,000		2.000		04/02/08		1,130,000
Jay Street Development Corp. Certificates Facilities Lease VRDN RB Series 2003 A-2 (Depfa Bank PLC LOC) (A-1/VMIG1)
	790,000		1.750		04/02/08		790,000
Jay Street Development Corp. Certificates Facilities Lease VRDN RB Series 2003 A-4 (A-1/VMIG1)
	1,300,000		1.250		04/01/08		1,300,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 2A (A-1+/VMIG1)
	4,800,000		2.000		04/02/08		4,800,000
Long Island Power Authority Electric System VRDN RB Series 2 Subseries 1998 2B (A-1+/VMIG1)
	6,700,000		1.250		04/01/08		6,700,000
Long Island Power Authority Electric System VRDN RB Series 2003 G (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	815,000		1.970		04/02/08		815,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 1A RMKT 05/23/03 (Bayerische Landesbank and Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
	2,000,000		2.200		04/02/08		2,000,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 1B RMKT 05/23/03 (State Street Bank & Trust Co. LOC) (A-1+/VMIG1)
	3,200,000		1.220		04/01/08		3,200,000
Metropolitan Transportation Authority RB Series 2007 B (A-1/A2)
	6,170,000		4.000		11/15/08		6,201,888
Metropolitan Transportation Authority VRDN RB Floaters Series 2002 724X (FSA) (Morgan Stanley SPA) (VMIG1)(a)
	800,000		2.190		04/03/08		800,000
Metropolitan Transportation Authority VRDN RB Refunding Series 2002 D-1 (FSA) (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	2,000,000		1.900		04/03/08		2,000,000
Metropolitan Transportation Authority VRDN RB Refunding Series 2002 D-2 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	900,000		1.900		04/03/08		900,000
Metropolitan Transportation Authority VRDN RB ROCS RR II R-12163 Series 2007 (FSA) (Bank of New York) (A-1+/VMIG1)(a)
	5,245,000		2.290		04/03/08		5,245,000
Metropolitan Transportation Authority VRDN RB Series 2005 Subseries G-2 (BNP Paribas LOC) (A-1+/VMIG1)
	3,100,000		1.250		04/01/08		3,100,000
Nassau County IDA Civic Facility & Improvement VRDN RB for Cold Spring Harbor Laboratory Series 1999 (JPMorgan Chase & Co. SPA) (A-1+)
	2,325,000		1.150		04/01/08		2,325,000
New Rochelle City School District GO TANS Series 2007 (MIG1)
	4,745,000		4.250		06/30/08		4,751,377

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City GO Bonds Series 2004 G (AA/Aa3)
$	3,310,000		5.000	%	08/01/08	$	3,327,938
New York City GO Bonds Series 2008 K (AA/Aa3)(b)
	1,150,000		4.000		08/01/08		1,156,601
New York City GO VRDN ROCS RR II R-8062 Series 2007 (Citigroup Financial Products SPA)(A-1+)(a)
	3,995,000		2.230		04/03/08		3,995,000
New York City GO VRDN Series 1994 B-9 RMKT 05/03/99 (JPMorgan Chase & Co. LOC)(A-1+/VMIG1)
	800,000		2.000		04/02/08		800,000
New York City GO VRDN Series 2006 I Subseries I-3 (Bank of America N.A. LOC) (A-1+/VMIG1)
	3,500,000		1.180		04/01/08		3,500,000
New York City GO VRDN Series 2007 Subseries D-3 (Calyon Bank NA SPA) (A-1+)
	1,500,000		1.750		04/01/08		1,500,000
New York City GO VRDN Subseries 2003 A-5 (HSBC Bank USA LOC) (A-1+/VMIG1)
	1,380,000		2.050		04/02/08		1,380,000
New York City GO VRDN Subseries 2004 H-7 (KBC BANK NV LOC) (A-1+/VMIG1)
	1,850,000		1.250		04/01/08		1,850,000
New York City GO VRDN Subseries1996 J-3 RMKT 05/03/99 (A-1+/VMIG1)
	3,000,000		2.000		04/02/08		3,000,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA) (A-1+)
	9,000,000		1.920		04/02/08		9,000,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA) (A-1+)
	5,315,000		1.920		04/02/08		5,315,000
New York City Lehman Municipal Trust Receipts GO VRDN Floater Trust Series 2006-P36U Reg. D (Lehman Brothers Holdings, Inc.)(A-1)(a)
	3,485,000		2.200		04/02/08		3,485,000
New York City Municipal Assistance Corp. RB Series 1997 L (AAA/Aaa)
	2,385,000		6.000		07/01/08		2,404,967
New York City Municipal Assistance Corp. RB Series 1999 O (AAA/Aaa)
	4,800,000		5.250		07/01/08		4,839,683
New York City Municipal Finance Authority Water and Sewer Lehman Municipal Trust Receipts VRDN RB Floaters Trust Series 2006-945U Reg. D (Lehman Brothers Holdings, Inc. SPA) (A-1/VMIG1)(a)
	1,000,000		2.200		04/02/08		1,000,000
New York City Municipal Water Finance Authority CP Series 1 (Dexia Credit Local SPA and JPMorgan Chase & Co. LOC) (A-1+)
	4,000,000		2.350		05/01/08		4,000,000
New York City Municipal Water Finance Authority CP Series 6 (Landesbank Baden-Wurttemberg and Landesbank Hessen-Thueringen SPA)(P-1, A-1+)
	8,000,000		2.250		05/01/08		8,000,000

ILA TAX-EXEMPT NEW YORK PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City Municipal Water Finance Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-486 Series 2007(BNP Paribas SPA) (F1+)(a)
$	2,000,000		2.200	%	04/03/08	$	2,000,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB Floaters Series 2006-1352 (Morgan Stanley Municipal Products) (VMIG1)(a)
	856,000		2.140		04/03/08		856,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB Putters Series 2006-1263 (FSA) (JPMorgan Chase & Co. SPA) (A-1+)(a)
	1,490,000		2.290		04/03/08		1,490,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB ROCS RR II R-406 Series 2005 (Citibank N.A. SPA)(A-1+)(a)
	240,000		2.230		04/03/08		240,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB Series 2001 F-1 (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,000,000		1.180		04/01/08		1,000,000
New York City Municipal Water Finance Authority Water and Sewer System VRDN RB Series 2003 F-2 (Bayerische Landesbank SPA)(A-1+/VMIG1)
	1,150,000		1.060		04/01/08		1,150,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002-1 Subseries 1D (Landesbank Hessen-Thueringen SPA)(A-1+/VMIG1)
	1,000,000		1.220		04/01/08		1,000,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002-3 Subseries 3B (A-1+/VMIG1)
	5,200,000		1.360		04/01/08		5,200,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002-3 Subseries 3E (A-1+/VMIG1)
	1,300,000		1.200		04/01/08		1,300,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 2002 C5 (A-1+/VMIG1)
	5,225,000		1.200		04/01/08		5,225,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Subseries 2006 A3 (Dexia Credit Local SPA) (A-1+/VMIG1)
	1,020,000		1.750		04/01/08		1,020,000
New York City Transitional Finance Authority VRDN RB Puttable Floating Option Tax-Exempt Receipts P-Floats-PT-4418 Series 2007(Merrill Lynch Capital Services SPA) (F1+)(a)
	3,500,000		2.280		04/03/08		3,500,000
New York City Transitional Finance Authority VRDN RB Putters Series 2005-791 (JPMorgan Chase & Co.) (A-1+)(a)
	1,000,000		2.290		04/03/08		1,000,000
New York City Transitional Finance Authority VRDN RB ROCS RR II R-10130 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	3,000,000		2.230		04/03/08		3,000,000
New York City Transitional Finance Authority VRDN RB Series 2002 Subseries 2E (Dexia Credit Local SPA) (A-1+/VMIG1)
	4,025,000		1.800		04/02/08		4,025,000

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City Trust Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase & Co. SPA) (A-1+)
$	5,405,000		2.100	%	04/03/08	$	5,405,000
New York State Dormitory Authority for Columbia University CP Series 2002 C (A-1+)
	2,000,000		2.000		07/07/08		2,000,000
New York State Dormitory Authority for Cornell University CP Series 2008 (P-1,A-1+)
	2,000,000		1.050		04/07/08		2,000,000
	4,755,000		2.400		05/15/08		4,755,000
New York State Dormitory Authority Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2007-K46 Reg. D (Lehman Brothers Holdings, Inc. SPA) (A-1)(a)
	755,000		2.220		04/02/08		755,000
New York State Dormitory Authority Lehman Municipal Trust Receipts VRDN RB Floater Trust Series 2007-M2 Reg. D (Lehman Brothers Holdings, Inc. SPA) (A-1)(a)
	5,000,000		2.170		04/02/08		5,000,000
New York State Dormitory Authority VRDN RB A Secondary Floaters Series 2006-1525 (Morgan Stanley Municipal Products SPA)(A-1+)(a)
	4,053,000		2.140		04/03/08		4,053,000
New York State Dormitory Authority VRDN RB for Columbia University Secondary Issues Series 2006 K1 Reg D (Lehman Brothers Holdings, Inc.) (VMIG1)(a)
	6,100,000		2.170		04/02/08		6,100,000
New York State Dormitory Authority VRDN RB for Cornell University Series 1990 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	7,700,000		1.220		04/01/08		7,700,000
New York State Dormitory Authority VRDN RB for Cornell University Series 2000 B (JP Morgan Chase & Co. SPA) (A-1+)
	540,000		1.700		04/03/08		540,000
New York State Dormitory Authority VRDN RB for Rockefeller University P-Floats-PA 1196 Series 2003 (Merrill Lynch Capital Services SPA) (A-1)(a)
	5,795,000		2.280		04/03/08		5,795,000
New York State Dormitory Authority VRDN RB for Rockefeller University Series 2008 A (A-1+/VMIG1)
	6,000,000		1.700		04/03/08		6,000,000
New York State Dormitory Authority VRDN RB Secondary Issues Eagle Series 2007-0096 Class A (Citibank N.A. SPA) (A-1+)(a)
	885,000		2.220		04/03/08		885,000
New York State Dormitory Authority VRDN RB Secondary Issues Floaters Series 2008-2464 (Morgan Stanley Municipal Products)(A-1+)(a)
	13,670,000		2.140		04/03/08		13,670,000
New York State Dormitory Authority VRDN RB Secondary Issues Floaters Series 2008-2465 (Morgan Stanley Municipal Products)(A-1+)(a)
	4,385,000		2.140		04/03/08		4,385,000
New York State Dormitory Authority VRDN RB Secondary Issues Putters Series 2005-1187 (FSA) (JP Morgan Chase & Co. SPA)(F1+)(a)
	570,000		2.290		04/03/08		570,000
New York State Dormitory Authority VRDN RB Secondary Issues Putters Series 2007-2240 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,580,000		2.290		04/03/08		2,580,000

ILA TAX-EXEMPT NEW YORK PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York State Dormitory Authority VRDN RB Secondary Issues ROCS RR II R-11186 Series 2007 (Citibank N.A. SPA)(A-1+)(a)
$	1,800,000		2.230	%	04/03/08	$	1,800,000
New York State Dormitory Authority VRDN RB Secondary Issues Series 1424 (Morgan Stanley) (A-1+)(a)
	10,000,000		2.140		04/03/08		10,000,000
New York State Dormitory Authority VRDN RB Secondary Issues Series 2007-1861 (Wells Fargo Bank) (A-1)(a)
	3,545,000		2.130		04/03/08		3,545,000
New York State Energy Research and Development Authority VRDN RB Edison Subseries 2005 A-3 (Wachovia Bank N.A. LOC) (A-1+/VMIG1)
	900,000		1.850		04/02/08		900,000
New York State Environmental CP Series 1997 A (Bayerische Landesbank LOC and Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	3,000,000		2.700		04/03/08		3,000,000
	3,000,000		1.050		06/05/08		3,000,000
	2,500,000		1.950		06/05/08		2,500,000
New York State Environmental Facilities Corp RB for Clean Water & Drinking Unrefunded Balance Funds Second Series 1998-F (AAA/Aaa)
	2,755,000		5.250		06/15/08		2,769,246
New York State Environmental Facilities Corp. Street Cleaning Water & Drinking VRDN RB MERLOTs Series 2008 D82 (Wachovia Bank N.A. SPA) (VMIG1)(a)
	1,000,000		2.250		04/02/08		1,000,000
New York State GO VRDN for Environmental Quality Series 1998 G (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	3,000,000		3.200		05/15/08		3,000,000
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 B (BNP Paribas LOC) (A-1+)
	2,000,000		1.920		04/02/08		2,000,000
New York State Housing Finance Agency VRDN RB 100 Maiden Lane Series 2004 A RMKT 08/02/07 (FNMA) (VMIG1)
	17,700,000		2.270		04/02/08		17,700,000
New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (VMIG1)
	3,500,000		2.020		04/02/08		3,500,000
New York State Housing Finance Agency VRDN RB for 10 Liberty Street Series 2003 A RMKT 06/02/05 (FHLMC) (VMIG1)
	5,400,000		2.050		04/02/08		5,400,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT 05/27/04 (FNMA) (VMIG1)
	1,900,000		2.100		04/02/08		1,900,000
New York State Housing Finance Agency VRDN RB for Historic Front Street Housing Series 2003 A (Bank of New York LOC) (VMIG1)
	2,800,000		2.010		04/02/08		2,800,000
New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT 11/09/06 (FNMA) (VMIG1)
	8,500,000		2.100		04/02/08		8,500,000
New York State Housing Finance Agency VRDN RB for Tribeca Green Housing Series 2003 A (Landesbank Hessen-Thueringen LOC) (VMIG1)
	3,695,000		2.050		04/02/08		3,695,000
New York State Local Government Assistance Corp. RB Refunding Senior Lien Series 2008 A (AAA/Aa3)
	5,000,000		5.000		04/01/09		5,136,622

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York State Local Government Assistance Corp. RB Refunding Series 1996 A (AAA/Aa3)
$	7,380,000		6.000	%	04/01/08	$	7,380,000
New York State Local Government Assistance Corp. RB Refunding Series 1997 B (MBIA) (AAA/Aaa)
	1,705,000		5.500		04/01/08		1,705,000
New York State Local Government Assistance Corp. VRDN RB Refunding Sub Lien Series 2003 4V (FSA) (Westdeutsche Landesbank AG SPA)(A-1+)
	2,200,000		2.000		04/02/08		2,200,000
New York State Local Government Assistance Corp. VRDN RB Series 1993 A (Bayerische Landesbank and Westdeutsche Landesbank LOC)(A-1+/VMIG1)
	400,000		1.920		04/02/08		400,000
New York State Local Government Assistance Corp. VRDN RB Series 1994 B (Bayerische Landesbank and Westdeutsche Landesbank AG LOC)(A-1+/VMIG1)
	2,600,000		2.000		04/02/08		2,600,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	500,000		1.700		04/02/08		500,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 G (Bank of Nova Scotia LOC) (A-1+/VMIG1)
	500,000		1.980		04/02/08		500,000
New York State Power Authority CP Series 2 (Bank of Nova Scotia, Bank of New York, JPMorgan Chase & Co., State Street Bank and Trust, Bayerische Landesbank, Landesbank Baden-Wurttemberg, and BNP Paribas SPA) (P-1,A-1)
	2,500,000		2.640		04/09/08		2,500,000
	4,555,000		2.750		04/10/08		4,555,000
New York State Power Authority CP Series 8 (Bank of Nova Scotia, JPMorgan Chase & Co., State Street Bank and Trust, Bayerische Landesbank, Landesbank Baden-Wurttemberg, Wachovia Bank N.A., and Bank of New York SPA) (VMIG-1,A-1,F-1+)
	4,000,000		2.630		05/08/08		4,000,000
	5,000,000		2.650		05/08/08		5,000,000
New York State Thruway Authority Highway and Bridge Trust Fund RB Series 2001 B (AAA/Aaa)
	1,000,000		5.500		04/01/08		1,000,000
New York State Thruway Authority Highway and Bridge Trust Fund VRDN RB Floaters Series 2008-2527 (Morgan Stanley Municipal Products)(A-1+)(a)
	1,520,000		2.140		04/03/08		1,520,000
New York State Thruway Authority Personal Income Tax VRDN RB ROCS RR-II-R-11237 Series 2007 (Citibank N.A. SPA) (A-1+)(a)
	9,735,000		2.240		04/03/08		9,735,000
New York State Thruway Authority RB for Bridge Service Contract Refunding Series 2008 (AA-,A+)
	1,600,000		4.000		04/01/09		1,633,030
New York State Thruway Authority VRDN RB 1921 Series 2007 (Morgan Stanley) (A-1+)(a)
	2,000,000		2.140		04/03/08		2,000,000
New York State Urban Development Corp. Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4497 Series 2008 (Merrill Lynch Capital Services, SPA) (A-1)(a)
	5,415,000		2.200		04/03/08		5,415,000

ILA TAX-EXEMPT NEW YORK PORTFOLIO

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
Port Authority of New York & New Jersey VRDN RB Eagle Series 2007-0110 A (FSA) (Banco Bilbao) (A-1+)(a)
$	5,000,000		2.240	%	04/03/08	$	5,000,000
Port Authority of New York & New Jersey VRDN RB Putters Series 1546 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	2,000,000		2.290		04/03/08		2,000,000
Port Authority of New York & New Jersey VRDN RB Putters Series 2008-2449 (PNC National Bank) (A-1+)(a)
	2,625,000		2.290		04/03/08		2,625,000
Rensselaer County IDA VRDN RB for Rensselaer Polytechnic Institute Civic Facilities Project Series 1997 A (A-1/VMIG1)
	7,940,000		2.050		04/03/08		7,940,000
Suffolk County GO Bonds Public Improvement Series 2007 B (MBIA) (AAA/Aaa)
	3,535,000		4.000		11/01/08		3,548,500
Tompkins County IDA VRDN RB for Cornell University Civic Facilities Series 2008-A1 (JPMorgan Chase and Co. SPA) (A-1+/VMIG1)
	2,525,000		1.200		04/01/08		2,525,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 B-3 (Bank of America N.A. SPA) (A-1+/VMIG1)
	3,190,000		2.020		04/03/08		3,190,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Subseries 2005 B-1 (DePfa Bank PLC SPA) (A-1/VMIG1)
	7,600,000		2.050		04/03/08		7,600,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Subseries 2005 B-4 (A-1+/VMIG1)
	3,000,000		2.050		04/03/08		3,000,000
Triborough Bridge & Tunnel Authority VRDN RB Series 2003 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,600,000		2.020		04/02/08		3,600,000
Westchester County GO Bonds Series 2007 B (AAA/Aaa)
	2,100,000		4.000		11/15/08		2,109,053
						$	389,387,905
Puerto Rico — 2.6%
Commonwealth of Puerto Rico TRANS Series 2007 (Bank of Nova Scotia, BNP Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao, KBC Bank N.V. and Banco Santander Central Hispano LOC) (SP-1+/MIG1)
	10,500,000		4.250		07/30/08		10,528,674
TOTAL INVESTMENTS —99.7%						$	399,916,579
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%						$	1,337,516
NET ASSETS—100.0%						$	401,254,095

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 March 31, 2008, these securities amounted to $116,594,000 or approximately 29.1% of net assets.

(b) All or portion represents a forward commitment.

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. A description of the ratings is available in the Portfolio’s Statement of Additional Information.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

Investment Abbreviations:
CP	— Commercial Paper
FHLMC	— Insured by Federal Home Loan Mortgage Corp.
FNMA	— Insured by Federal National Mortgage Association
FSA	— Insured by Financial Security Assurance Co.
GO	— General Obligation
IDA	— Industrial Development Authority
LOC	— Letter of Credit
MBIA	— Insured by Municipal Bond Investors Assurance
MERLOT	— Municipal Exempt Receipts Liquidity Optional Tenders
MF Hsg.	— Multi-Family Housing
RB	— Revenue Bond
RMKT	— Remarketed
ROCS	— Reset Option Certificates
RR	— Revenue Refunding
SPA	— Stand-by Purchase Agreement
TANS	— Tax Anticipation Notes
TRANS	— Tax Revenue Anticipation Notes
VRDN	— Variable Rate Demand Notes

ILA PORTFOLIOS

Schedule of Investments

March 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — Each Portfolio uses 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.

Fair Value Measurement — In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”) which provides guidance in using fair value to measure assets and liabilities. The Portfolios adopted SFAS 157 as of the beginning of January 2008. SFAS 157 establishes a fair value hierarchy that prioritizes the inputs and 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 SFAS 157 are described below:

     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 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.

        As required by SFAS 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the levels within the fair value hierarchy in which the Portfolios invest:

	Prime Obligations		Money Market		Treasury Obligations		Treasury Instruments
	Investments in		Investments in		Investments in		Investments in
	Securities Long -		Securities Long -		Securities Long -		Securities Long -
Level	Assets		Assets		Assets		Assets
Level 1	$	—	$	—	$	242,437,684	$	888,254,611
Level 2(a)		743,177,603		484,708,706		596,800,000		—
Level 3		—		—		—		—
Total	$	743,177,603	$	484,708,706	$	839,237,684	$	888,254,611
	Federal		Tax-Exempt Diversified		Tax-Exempt California		Tax-Exempt New York
	Investments in		Investments in		Investments in		Investments in
	Securities Long -		Securities Long -		Securities Long -		Securities Long -
Level	Assets		Assets		Assets		Assets
Level 1	$	—	$	—	$	—	$	—
Level 2(a)		2,750,953,863		1,197,871,217		679,864,424		399,916,579
Level 3		—		—		—		—
Total	$	2,750,953,863	$	1,197,871,217	$	679,864,424	$	399,916,579

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

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. As a result of entering into these transactions, the Portfolios are required to segregate liquid assets equal to or greater than the market value of the corresponding transactions. The purchased securities in the forward commitment transactions do not begin to accrue interest income until the settlement date of the 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.

ILA PORTFOLIOS

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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.

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 while the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolios’ custodian or designated subcustodians under triparty repurchase agreements.

     Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Portfolios, together with other registered investment companies having management agreements with Goldman Sachs Asset Management, L.P. (“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 investments.

At March 31, 2008, the Treasury Obligations Portfolio had an undivided interest in the following Joint Repurchase Agreement Account I, which equaled $493,300,000 in principal amount.

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
ABN Amro, Inc.	$	750,000,000		1.40	%		04/01/08	$	750,029,167
Barclays Capital Inc.		4,500,000,000		1.50			04/01/08		4,500,187,500
Credit Suisse Securities (USA) LLC		150,000,000		1.35			04/01/08		150,005,625
Deutsche Bank Securities, Inc.		2,161,600,000		1.40			04/01/08		2,161,684,062
Greenwich Capital Markets		500,000,000		1.50			04/01/08		500,020,833
Lehman Brothers Holdings, Inc.		4,500,000,000		1.40			04/01/08		4,500,175,000
JPMorgan Securities, Inc.		1,500,000,000		1.40			04/01/08		1,500,058,333
UBS Securities LLC		950,000,000		1.40			04/01/08		950,036,945
TOTAL								$	15,012,197,465

At March 31, 2008, the Joint Repurchase Agreement Account I was fully collateralized by U.S. Treasury Bonds, 2.000% to 12.500%, due 01/15/14 to 04/15/29; U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/08 to 08/15/30; U.S. Treasury Notes, 1.750% to 5.750%, due 05/15/08 to 02/15/18 and U.S. Treasury Principal-Only Stripped Securities, 0.000% to 11.750%, due 05/15/08 to 05/15/17. The aggregate market value of the collateral, including accrued interest, was $15,311,846,756.

ILA PORTFOLIOS

Schedule of Investments (continued)

March 31, 2008 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

At March 31, 2008, certain Portfolios had undivided interests in the Joint Repurchase Agreement Account II, as follows:

	Principal
Portfolio	Amount
Prime Obligations	$	198,000,000
Money Market		126,300,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
ABN Amro, Inc.	$	2,500,000,000		2.50	%		04/01/08	$	2,500,173,611
Banc of America Securities LLC		3,000,000,000		2.45			04/01/08		3,000,204,167
Banc of America Securities LLC		1,000,000,000		2.50			04/01/08		1,000,069,444
Barclays Capital, Inc.		3,400,000,000		2.50			04/01/08		3,400,236,111
Citigroup Global Markets, Inc.		3,000,000,000		2.50			04/01/08		3,000,208,333
Deutsche Bank Securities, Inc		7,875,000,000		2.50			04/01/08		7,875,546,875
Greenwich Capital Markets		1,250,000,000		2.50			04/01/08		1,250,086,806
JPMorgan Securities		1,500,000,000		2.50			04/01/08		1,500,104,167
Lehman Brothers		475,000,000		2.50			04/01/08		475,032,986
Merrill Lynch		413,400,000		2.50			04/01/08		413,428,708
Merrill Lynch		1,000,000,000		2.55			04/01/08		1,000,070,833
Morgan Stanley		150,000,000		2.50			04/01/08		150,010,417
UBS Securities LLC		1,000,000,000		2.50			04/01/08		1,000,069,444
TOTAL								$	26,565,241,902

At March 31, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 4.210% to 6.000%, due 04/11/08 to 06/29/17; Federal Home Loan Mortgage Corp, 0.000% to 15.500%, due 05/01/08 to 11/01/47 and Federal National Mortgage Association, 0.000% to 15.000%, due 04/01/08 to 03/01/48. The aggregate market value of the collateral, including accrued interest, was $27,176,285,228.

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

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

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

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

(Registrant)	Goldman Sachs Trust
By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	May 30, 2008

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

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER
Date	May 30, 2008
By (Signature and Title)*		JOHN M. PERLOWSKI, TREASURER/PRINCIPAL FINANCIAL OFFICER
Date	May 30, 2008

* Print the name and title of each signing officer under his or her signature.