Item 1.	 Business
Not Applicable .
Item 2.
Item 2.	 Properties .
See list of assets set forth in Exhibit A.
Item 3.
Item 3.	 Legal Proceedings.
None
Item 4.
Item 4.	 Submission of Matters to a Vote of Security Holders.
None
PART II
Item 5.
Item 5.	 Market for Registrant's Common Equity and Related Stockholder Matters .
(a) Market Information .
Certificates are not traded on any market or exchange.
(b) Holders .
The number of registered holders for Zero Coupon Certificates, Class T-1 on December 31, 2008 was 480.
(c) Dividends .
$76,838,000.00 distributed to holders for Zero Coupon Certificates, Class T-1 on May 15, 2008.
$75,466,000.00 distributed to holders for Zero Coupon Certificates, Class T-1 on November 17, 2008.
Item 6.
Item 6. 	 Selected Financial Data
Not Applicable.
Item 7.
Item 7. 	 Management's Discussion and Analysis of Financial Condition and Results of Operations .
Not Applicable.
Item 8.
Item 8.	 Financial Statements and Supplementary Data.
Not Applicable .
Item 9.
Item 9.	 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
	 Not Applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11.
Item 11. Executive Compensation .
Not Applicable.
Item 12
Item 12 . Security Ownership of Certain Beneficial Owners and Management
(a) Security ownership of certain beneficial owners. ______________________________________________________________________________
(1) Title of (2) Name and (3) Amount and (4) Percent Class address nature of of class of benefi- Beneficial cial owner ownership ______________________________________________________________________________
Zero Coupon Cede & Co. $ 650,531,000 99.15% Certificates, P.O. Box 20 Class T-1 	 Bowling Green Station New York, NY 10004 ______________________________________________________________________________
(b) Security ownership of management
Not Applicable.
(c) Changes in control.
Not Applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others.
Not Applicable.
(b) Certain business relationships.
Not Applicable .
(c) Indebtedness of management .
Not Applicable .
(d) Transactions with promoters.
Not Applicable .
PART IV
Item 14.
Item 14. Controls and Procedures.
Based on our evaluation as of a date within 75 days prior to the filing of this annual report on Form 10-K, we have concluded that our disclosure controls and procedures (as defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934, as amended) are effective. As of the date of this annual report on Form 10K, there have been no significant changes in our internal controls or in other factors that could significantly affect internal controls subsequent to the date of such evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 15.
Item 15. Exhibits, Financial Schedules, Reports on Form 8-K.
(a) The following is a list of documents filed as part of this report : Exhibit Document A	 List of Assets held by Trust on December 31, 2008
B Semiannual Report as of May 15, 2008
C Semiannual Report as of November 17, 2008
D Annual Report as of December 31, 2008
(b) Not applicable (c) Not applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Government Backed Trust T-1 (Registrant)
By : /s/ Dennis Kildea Assistant Vice President The Bank of New York
Date : March 27, 2009
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By : /s/ Andrew J. Taylor Vice President The Bank of New York
Date : March 27, 2009
By : /s/ Dennis Kildea Assistant Vice President The Bank of New York
Date : March 27, 2009
CERTIFICATION
I, Dennis Kildea, certify that:
1. I have reviewed this annual report on Form 10-K of Government Backed Trust T-1, for which The Bank of New York acts as Trustee;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements and other financial information included in this annual report fairly present in all material respects the financial condition, distributable income and changes in trust corpus of the registrant as of, and for, the period presented in this annual report;
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14), or for causing such procedures to be established and maintained for the registrant and I have:
a. designed such disclosure controls and procedures, or caused such controls and procedures to be designed, to ensure that material information relating to the registrant is made known to me by others, particularly during the period in which this annual report is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 75 days prior to the filing date of this annual report (the "Evaluation Date"); and
c. presented in this annual report my conclusions about the effectiveness of the disclosure controls and procedures based on my evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the registrant's auditors:
a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b. any fraud, whether or not material, that involves persons who have a significant role in the registrant's internal controls; and
6. I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of my most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Date: March 27, 2009 By: /s/ Dennis J. Kildea Assistant Vice President The Bank of New York
Exhibit A
THE REPUBLIC OF TURKEY GOVERNMENT TRUST T-1
U. S. Government Securities
Maturity	 Par Amount Coupon
May 15, 2009 7,311,000 0.000 November 15, 2009 7,075,000 0.000 May 15, 2010 6,887,000 0.000 November 15, 2010 6,843,000 0.000 May 15, 2011 6,473,000 0.000 November 15, 2011 5,802,000 0.000 May 15, 2012 5,394,000 0.000 November 15, 2012 4,233,000 0.000 May 15, 2013 3,840,000 0.000 November 15, 2013 3,320,000 0.000 May 15, 2014 2,938,000 0.000 November 15, 2014 2,813,000 0.000 May 15, 2015		 2,688,000 0.000
Government of Turkey T-1 Note
Principal Amount Rate of Outstanding Interest Due Date
$505,451,451.71 9.7884% May 15, 2015
Exhibit B
THE BANK OF NEW YORK, successor Trustee QSR Management, Limited 101 Barclay Street, Floor 4E New York , New York 10286
Trustee's Semiannual Report
To the Holders of
Government Backed Trust T-1 Zero Coupon Certificates ( Republic of Turkey FMS Refinancing )
and
Defense Security Assistance Agency The Pentagon Washington , DC 20301-2800 Attention of the Comptroller, DSAA
i. On May 15, 2008, the Certificate Payment Date, the aggregate amount distributed to the Holders was $76,838,000.00. The portions thereof allocable to the principal and interest payments on the Related Note was $69,152,000.00 and to payments from the Securities Trust was $7,686,000.00.
ii. The aggregate Initial Amount of the Certificates issued by such Trust and remaining outstanding after such distribution is $731,544,000.00.
iii. The unpaid principal amount of the Related Note following such distribution is $553,827,451.71.
iv. The sum of the amount referred to in (i) above, plus the amount paid to the Trustee in respect of the Trustee's fees and expenses was not less than the sum of ninety percent (90%) of the amount required to have been paid by the Borrower on the Related Note(s) on the immediately preceding Note Payment Date plus the payment received by the Trustee from the related Securities Trust on the Certificate Payment Date.
No Payment Default has occurred and is continuing since our previous report.
To the best of my knowledge and belief, this Semiannual Report is complete and accurate.
By:	/s/ Dennis Kildea Assistant Vice President
Report dated as of May 15, 2008 (Tax ID No. 13-3544132)
Exhibit C
THE BANK OF NEW YORK, successor Trustee QSR Management, Limited 101 Barclay Street, 4E New York , New York 10286
Trustee's Semiannual Report
To the Holders of: Government Backed Trust T-1 Zero Coupon Certificates ( Republic of Turkey FMS Refinancing )
and
Defense Security Assistance Agency The Pentagon Washington , DC 20301-2800 Attention of the Comptroller, DSAA
i. On November 17, 2008, the Certificate Payment Date, the aggregate amount distributed to the Holders was $75,466,000.00. The portions thereof allocable to the principal and interest payments on the Related Note was $67,918,000.00 and to payments from the Securities Trust was $7,548,000.00.
ii. The aggregate Initial Amount of the Certificates issued by such Trust and remaining outstanding after such distribution is $656,078,000.00.
iii. The unpaid principal amount of the Related Note following such distribution is $505,451,451.71.
iv. The sum of the amount referred to in (i) above, plus the amount paid to the Trustee in respect of the Trustee's fees and expenses was not less than the sum of ninety percent (90%) of the amount required to have been paid by the Borrower on the Related Note(s) on the immediately preceding Note Payment Date plus the payment received by the Trustee from the related Securities Trust in respect of such Certificate Payment Date.
No Payment Default has occurred and is continuing since our previous report.
To the best of my knowledge and belief, this Semiannual Report is complete and accurate.
All capitalized terms used herein have the meanings assigned to them in the Declaration of Trust dated as of November 30, 1988.
By:	/s/ Dennis Kildea Assistant Vice President
Report dated as of November 17, 2008 (Tax ID No. 13-3544132)
Exhibit D
THE BANK OF NEW YORK QSR Management, Limited 101 Barclay Street, 4E New York, New York 10286 Trustee's Annual Report
To the holders of: - - Government Backed Trust T-1 Zero Coupon Certificates, Class T-1 (Republic of Turkey FMS Refinancing) - - Defense Security Assistance Agency The Pentagon Washington, D.C. 20301-2800 Attention of the Comptroller , DSAA
i. During the year ending December 31, 2007, $152,304,000.00 was distributed to the holders of the Current Coupon Certificates and this amount is allocable as follows:
a. 90% from interest payments made on the Republic of Turkey Promissory Note on May 1, 2008 and November 1, 2008. b. 10% from the proceeds of maturities of United States Treasury Strips due May 15, 2008 and November 17, 2008.
ii. The aggregate Initial Amount of the Certificates issued by such Trust and remaining outstanding after such distributions is $656,078,000.00.
iii. The unpaid principal amount of the Republic of Turkey Promissory Note following the May 15, 2007 and November 15, 2007 distributions is $505,451,451.71.
iv. The sum of the amount referred to in (i), above, plus the amount paid to the Trustee in respect of the Trustee's fees and expenses was not less than the sum of ninety percent (90%) of the amount required to have been paid by the Borrower on the Related Note(s) on the immediately preceding Note Payment Dates plus the payment received by the Trustee from the Related Securities Trust in respect of such Certificate Payment Dates.
Please be advised that no Payment Default has occurred and is continuing with respect to the May 15, 2008 and November 17, 2008 Certificate Payment Dates.
There have been no payments under the Guaranty with respect to the May 1, 2008 and November 1, 2008 Note Payment Dates next preceding the May 15, 2008 and November 17, 2008 Certificate Payment Dates. To the best of my knowledge and belief, this Annual Report is complete and accurate. All capitalized terms used herein have the meanings assigned to them in the Declaration of Trust dated as of November 30, 1988.
By /s/ Dennis Kildea Assistant Vice President Report dated as of December 31, 2008 Tax I.D. No. 13-3544132
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Bank of New York, Trustee Government Backed Trust T-1
We have audited the accompanying Distribution Report of Government Backed Trust T-1 (the Trust) as of December 31, 2008, and for the year then ended. The Distribution Report is the responsibility of the Trustee. Our responsibility is to express an opinion on the Distribution Report based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Distribution Report is free of material misstatement. We were not engaged to perform an audit of the Trustee's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the Distribution Report, assessing the accounting principles used and significant estimates made by management, and evaluating the overall schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the Distribution Report referred to above presents fairly, in all material respects, amounts distributed to certificate holders, the amount of certificates outstanding, the unpaid principal amount of the promissory note and the amounts distributed from Government Backed Trust T-1 at December 31, 2008, and for the year then ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
March 27, 2009
DISTRIBUTION REPORT
GOVERNMENT BACKED TRUST T-1
As of and for the Year Ended December 31, 2008
I. During the year ended December 31, 2008, $152,304,000 was distributed to the Holders of the Zero Coupon Certificates and this amount is allocable as follows:
1. 90% from interest payments made on the Republic of Turkey Promissory Note.
2. 10% from the proceeds of maturities of United States Treasury Strips due May 15, 2008 and November 15, 2008.
II. The aggregate amount of Zero Coupon Certificates issued by the Trust and outstanding on December 31, 2008, was $656,078,000.
III. The unpaid principal amount of the Republic of Turkey Promissory Note on December 31, 2008, was $505,451,452.
IV. The amount distributed to the holders of the Trust's Zero Coupon Certificates, as set forth in (I) above, together with the Trustee's fees and expenses, was equal to the sum of (a) 90% of the amounts paid by the Republic of Turkey on the Promissory Note during 2008, and (b) payments received by the Trustee from the Securities Trust during 2008.
See notes to distribution report.
NOTES TO DISTRIBUTION REPORT
GOVERNMENT BACKED TRUST T-1
December 31, 2008
NOTE A--ORGANIZATION AND OPERATION Government Backed Trust T-1 (the Trust) was formed in November 1988 by JP Morgan Chase Bank (Predecessor to The Bank of New York), as Trustee, to issue Zero Coupon Certificates (see Note B), the proceeds of which were used to loan funds evidenced by a Promissory Note (see Note C) from the Republic of Turkey (Borrower) and to purchase a beneficial interest in a government securities trust (Securities Trust), for which The Bank of New York also acts as Trustee. The Trust was created for the limited purpose of conducting transactions relating to the Zero Coupon Certificates, the Promissory Note and the Securities Trust. All capitalized terms used in the Distribution Report are as defined in the Declaration of Trust dated as of November 30, 1988.
NOTE B--ZERO COUPON CERTIFICATES The Trust issued Zero Coupon Certificates (the Certificates) with an aggregate principal amount of $2,834,434,000. Each Certificate represents an interest in specific payments of principal and/or interest on the assets of the Trust. The Holder of each of the Certificates is entitled to semi-annual distributions on May 15 and November 15. The Trust is required to distribute to the Certificate holders from funds held by the Trust amounts equal to 90% of the principal and interest required to be paid by the Borrower on the related Promissory Note (see Note C), any payments received with respect to the Guaranty (see Note C), and payments from the related Securities Trust, less amounts paid to the Trustee for periodic fees and expenses. The government securities held for the benefit of the Trust consist of U.S. Treasury Strips and are calculated to provide the Trust, on or before each Certificate Payment Date, with funds equal to at least 10% of the principal and/or interest payment due on the related Promissory Note on the next preceding Promissory Note Payment Date. The payments to the Holders of the Certificates in the next five years and thereafter are as follows: Maturity Date Aggregate Maturity of Certificates Amount of Certificates
May 15, 2009 73,099,000 November 15, 2009 70,733,000 May 15, 2010 68,860,000 November 15, 2010 68,418,000 May 15, 2011 64,724,000 November 15, 2011 58,017,000 May 15, 2012 53,931,000 November 15, 2012 42,323,000 May 15, 2013 38,400,000 November 15, 2013 33,192,000 Thereafter 84,381,000 ____________ Total $ 656,078,000
NOTES TO DISTRIBUTION REPORT--Continued
GOVERNMENT BACKED TRUST T-1
NOTE C--PROMISSORY NOTE
The Promissory Note is due on May 15, 2015. Interest of 9.7884% is payable by the Borrower semi-annually on each Note Payment Date, which is the tenth business day before a Certificate Payment Date (see Note B). Principal is payable on the same basis as interest payments set forth in the following amounts:
Payment Date Amount
May 15, 2009 48,376,000 November 15, 2009 48,376,000 May 15, 2010 48,869,000 November 15, 2010 50,817,000 May 15, 2011 49,609,000 November 15, 2011 45,329,000 May 15, 2012 43,460,000 November 15, 2012 33,978,000 May 15, 2013 31,716,000 November 15, 2013 28,060,000 Thereafter 76,861,452 ___________ Total $ 505,451,452
The Borrower is required to remit to the Trust 100% of the amounts of principal and interest due on the Promissory Note. However, to the extent that these payments from the Borrower and payments from the related Securities Trust, less the amounts paid to the Trustee for periodic fees and expenses, exceed the required Certificate Payment, the excess funds will be returned to the Borrower semi-annually. Should a draw be made on the Guaranty, any excess funds would be remitted to the Defense Security Assistance Agency of the Department of Defense.
The United States of America, acting through the Defense Security Assistance Agency of the Department of Defense, has guaranteed the punctual payment of 90% of all principal and interest due on the Promissory Note (the Guaranty).