The Goldman Sachs Group, Inc. 11K Annual report of employee stock purchases

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2008.

Transition report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-14965

Full title of the plan and the address of the plan, if different from that of issuer named below:

THE GOLDMAN SACHS 401(k) PLAN

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

THE GOLDMAN SACHS GROUP, INC
85 Broad Street
New York, NY 10004

The Goldman Sachs 401(k) Plan

Financial Statements
December 31, 2008 and 2007

The Goldman Sachs 401(k) Plan

Index
December 31, 2008 and 2007


	Page(s)
Report of Independent Registered Public Accounting Firm		1
Financial Statements
Statements of Net Assets Available for Benefits		2
Statements of Changes in Net Assets Available for Benefits		3
Notes to Financial Statements		4-26
Supplemental Schedules*
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)		27-43
Schedule H, Line 4i — Schedule of Assets (Acquired and Disposed of Within the Plan Year)		44
Signatures		45
Index to Exhibits
Consent of PricewaterhouseCoopers, LLP
EX-23: Consent of PricewaterhouseCoopers LLP


*		All other schedules required by 29 CFR §2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 are not included because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Participants and Administrator of
The Goldman Sachs 401(k) Plan

In our opinion, the accompanying Statements of Net Assets Available for Benefits and the related Statements of Changes in Net assets Available for Benefits present fairly, in all material respects, the net assets available for benefits of The Goldman Sachs 401(k) Plan (the “Plan”) as of December 31, 2008 and 2007, and the changes in net assets available for benefits for the year ended December 31, 2008 and for the period from December 1, 2007 through December 31, 2007 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with standards of Public Company Accounting Oversight Board (United States). These standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) and Schedule of Assets (Acquired and Disposed of Within the Plan Year) are presented for the purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended. These supplemental schedules are the responsibility of the Plan’s management. These supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP
New York, NY
June 29, 2009

The Goldman Sachs 401(k) Plan

Statements of Net Assets Available for Benefits
December 31, 2008 and 2007


(in thousands)	As of		As of
	December		December
	2008		2007
Assets
Interest in Goldman Sachs Profit Sharing Master Trust (Note 3)	$	—	$	4,241,271
Net assets at fair value of The Goldman Sachs 401(k) Plan (Note 4)		3,624,455		—

Receivables
Employer contributions, net		88,354		67,610
Due from brokers		71,802		—
Employee contributions		34,707		6
Participant loans		—		20,838
Interest and dividends		7,758		—

Total receivables		202,621		88,454

Total assets at fair value		3,827,076		4,329,725


Liabilities
Due to brokers and other payables		100,664		—
Accrued expenses		692		—

Total liabilities at fair value		101,356		—


Net assets available for benefits at fair value		3,725,720		4,329,725

Adjustment from fair value to contract value for fully benefit-responsive investment contracts		62,092		1,587

Net assets available for benefits	$	3,787,812	$	4,331,312

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

The Goldman Sachs 401(k) Plan

Statements of Changes in Net Assets Available for Benefits
December 31, 2008 and 2007


(in thousands)	For the Year			For the Period
	Ended			Ended
	December 2008			December 2007
Additions
Interest and dividends	$	28,123		$	—
Loan payment interest		1,545			140
Contributions
Employee		172,114			3,092
Employer, net		88,435			—

Total contributions		260,549			3,092

Total additions		290,217			3,232
Deductions
Net depreciation of The Goldman Sachs 401(k) Plan investments (Note 4)		919,966			—
Interest in net investment loss of Goldman Sachs Profit Sharing Master Trust (Note 3)		281,119			8,821

Total investment loss		1,201,085			8,821
Benefits paid		183,218			17,194

Total deductions		1,384,303			26,015

Net decrease		(1,094,086	)		(22,783	)

Asset transfers from the Goldman Sachs Money Purchase Pension Plan (Note 11)		550,586			—


Net decrease after asset transfers		(543,500	)		(22,783	)

Net assets available for benefits
Beginning of year / period		4,331,312			4,354,095

End of year / period	$	3,787,812		$	4,331,312

The accompanying notes are an integral part of these financial statements

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


1.		Plan Description

The following description of The Goldman Sachs 401(k) Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. Items referenced “as defined” are defined in the Plan document or separate provisions to the Plan.

The Plan became effective on January 1, 1945 and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Effective January 1, 2008, the Goldman Sachs Employees’ Profit Sharing Retirement Income Plan was amended to incorporate a 401(k) safe harbor design, and was renamed “The Goldman Sachs 401(k) Plan.”

General
The Plan is a defined contribution plan to which participants, in addition to rolling over contributions from other qualified plans, may elect to make pre-tax 401(k) and after-tax Roth 401(k) contributions each year based on their compensation, as determined under the Plan. Prior to January 1, 2008, The Goldman Sachs Group, Inc. (the “Firm”) contributed to the Plan an annual discretionary percentage, to be determined each year, of each participant’s Profit Sharing Compensation, as defined (the “Profit Sharing Contribution”). The Firm made a Profit Sharing Contribution on behalf of eligible participants equal to a percentage not greater than 24% of their Profit Sharing Compensation for the Plan Year ended November 30, 2007. Effective January 1, 2008, the Plan discontinued the annual discretionary Profit Sharing Contribution and instead instituted a dollar-for-dollar Firm “Match” contribution of up to 4% of an eligible participant’s total compensation, capped by applicable statutory limitations. Additionally, the Firm will allocate to each eligible participant employed on the last day of its fiscal year the excess (if any) of $6,000 over 4% of the participant’s total eligible compensation as a non-elective “Supplemental” contribution. In addition to these contributions, the Firm will also allocate to each eligible participant an Additional Retirement Contribution up to $4,000. Collectively, the Profit Sharing, Match, Supplemental and Additional Retirement contributions are herein referred to as the “Firm Contributions.”

Prior to December 1, 2007, the Plan’s “Plan Year” was the 12-month period ending on the last Friday in November (i.e., the last day of the 2007 Plan Year was November 30, 2007). Effective January 1, 2008, the Plan’s Plan Year was modified to be the 12-month period commencing on January 1 and ending on the following December 31. As a result, the Plan reported a short-year filing for the 1-month period from December 1, 2007 to December 31, 2007 (“2007 Short-Plan Year”).

All references to December 31, 2008, unless specifically stated otherwise, refer to the 2008 Plan Year which is the period from January 1, 2008 to December 31, 2008. All references to December 31, 2007, unless specifically stated otherwise, refer to the 2007 Short-Plan Year.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

The Plan’s Retirement Committee, as defined (the “Committee”), monitors the investment objectives and performance of the Plan’s individual investment options. The Committee consists of employees of the Firm or its affiliates, including, in some cases, senior management of the Firm or its affiliates. Hewitt Associates, LLC is the recordkeeper of the Plan. Prior to August 1, 2008, participants directed the investments of their and the Firm’s contributions into various investment options offered by the Plan through the Goldman Sachs Profit Sharing Master Trust (the “Master Trust”)⁽¹⁾. As of August 1, 2008, participants direct the investments of their and the Firm’s contributions into various investments options offered by the Plan directly as there is no longer a Master Trust arrangement. Participants’ directed investments are managed in mutual funds, collective trusts and managed accounts.

The Plan also offers participants the option to invest in the Company Stock Fund, as defined, a separately managed account, which primarily invests in shares of the Firm’s common stock. In accordance with a policy adopted by the Committee, no more than 20% of any contribution made on behalf of each participant can be invested in the Company Stock Fund. When a participant reallocates his or her total investment balance, he or she is limited to reallocating 20% of his or her total investment balance into the Company Stock Fund. Prior to March 1, 2007, the Company Stock Fund’s contribution and reallocation investment limit was 25%. In addition, participants’ abilities to make decisions in investment activities in the Company Stock Fund are suspended during the “black-out” periods that are part of the Firm’s compliance procedures designed to avoid violations of applicable securities laws.

Eligibility
Under the Plan’s provisions, employees are eligible, as determined under the Plan document, to participate in the Firm Match and Supplemental contributions generally upon completing one Year of Service, as defined, and attaining age 21. In addition, to be eligible for the Supplemental Contribution, the employee must be employed on the last day of the Plan Year. Generally, to be eligible for the Additional Retirement Contribution, employees must have been (i) eligible for and receiving benefits under the Goldman Sachs Employees’ Pension Plan as of November 27, 2004, (ii) age 46 or older as of November 27, 2004, (iii) and employed by the Firm as of the last day of the current fiscal year. Employees become eligible to make additional pre-tax 401(k) and after-tax Roth 401(k) contributions to the Plan as of the first day of the month after they join the Firm as employees.

⁽¹⁾

Effective August 1, 2008, the Firm approved the merger of the Goldman Sachs Money Purchase Pension Plan (“MPP”) into the Plan resulting in a net asset transfer of $550,586,252 into the Plan. The balances of participant’s MPP investment accounts as of July 31, 2008, were transferred into the Plan on August 1, 2008, at fair value. Certain required MPP provisions have been maintained under the Plan. Due to this merger, there is no longer a Master Trust arrangement and all investments are now accounted for under the Plan.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Vesting
Participants are immediately fully vested in their own 401(k) contributions, the Firm Match, and the Supplemental contribution and are fully vested in the Firm’s Profit Sharing and Additional Retirement Contributions after three Years of Service, as defined. Forfeitures of terminated participants’ non-vested Firm Profit Sharing and Additional Retirement Contributions can be used to reduce employer contributions. Upon regular or disability retirement, death or termination, each participant or beneficiary may receive a lump-sum amount equal to the vested value of the funds allocated to the account or may receive periodic distributions from the Plan. As of December 31, 2008 and December 31, 2007, forfeited non-vested accounts totaled $502,995 and $241,698, respectively, and, in part, have been used to reduce employer contributions.

Benefits
Any benefits provided by the Plan are paid from net assets available for benefits. The benefit to which a Plan participant is entitled equals the amount that can be provided by the vested contributions and net earnings thereon (including net realized and unrealized investment gains and losses) allocated to such participant’s account. The Firm Contributions and net earnings of each investment option are based on his or her percentage holdings in each option, respectively.

Loans
A participant in the Plan is permitted to borrow from $1,000 to $50,000, reduced by (i) the highest outstanding balance of loans to such participant from the Plan during the one-year period ending on the day before the date on which such new loan is made, less (ii) the outstanding balance of loans to such participant from the Plan on the date of such new loan, subject to an overall cap of the lesser of (a) one-half of the participant’s total vested account balance (including Firm Contributions) or (b) the balance in the participant’s pre-tax 401(k) and Rollover Contribution accounts. A participant may not borrow any amounts attributable to the Firm’s Contributions. Interest on loans is fixed at the prevailing interest rate, charged by persons in the business of lending money, for the life of the respective loan. Loans generally must be repaid within five years or in some cases ten years. Loans are repaid (principal and interest) and added back to participants’ account balances generally through regular after-tax payroll deductions.

Trust Agreement
The Plan’s investments are included in a Trust which is subject to a trust agreement (the “Trust Agreement”) with State Street Bank & Trust Company (the “Trustee”).

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


2.		Significant Accounting Policies

Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting.

Use of Estimates
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America that require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of additions and deductions during the reporting periods. The most important of these estimates and assumptions relate to fair value measurements of the Plan investments. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from those estimates.

Employer Contributions
The Employer contributions receivable is presented on the Statements of Net Assets Available for Benefits, net of the forfeited non-vested account balances, if applicable, as of December 31, 2008 and 2007.

Payment of Benefits
Benefits are recorded when paid.

Risks and Uncertainties
The Plan provides for various investment options, which include investments in any combination of equities, fixed income securities, individual guaranteed investment contracts, currency and commodities, futures, forwards, options and derivative contracts. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Other
Prior to August 1, 2008, investment advisory expenses incurred by the managed accounts and collective trusts of the Plan were borne by the Plan participants through the Trust and were included in Interest in net investment loss of Goldman Sachs Profit Sharing Master Trust for the periods ended December 31, 2008 and 2007 on the Statements of Changes in Net Assets Available for Benefits. The investment managers of the Technology Hedge Fund Option, Multi-Market Hedge Fund Option, Multi-Strategy Hedge Fund Option, Global Equity Long-Short Hedge Fund Option, and Global Relative Value Fund Option (each of which is a separate account managed on behalf of the Plan), charge fixed asset-based management fees plus annual incentive fees of 15% to 20% of the net investment income earned, if any, by each fund. Effective April 30, 2008 and September 30, 2008, the Global Relative Value Fund Option and the Technology Hedge Fund Option, respectively, were discontinued as investment options available under the Plan. Effective August 1, 2008 investment advisory expenses incurred by the managed accounts and collective trusts of the Plan are borne by the Plan participants through the Plan. Other administrative fees are paid by the Firm.

Investments that represented 5% or more of The Goldman Sachs 401(k) Plan’s net assets available for benefits at fair value as of December 31, 2008 were interest in the Financial Square Money Market Fund, the Stable Value Fund, the S&P 500 Index Fund, and the Multi-Strategy Hedge Fund.

The only investment that represented 5% or more of Net Trust assets available for benefits at fair value as of December 31, 2007 was the Plan’s interest in the Trust.

Trust investments in participant loans and the Company Stock Fund (included within the Common and preferred stocks category on the Master Trust’s Statements of Net Assets Available for Benefits at fair value) are 100% allocated to the Plan.

Investments
The investments of the Plan are reported at fair value. The fair value of the financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

Mutual funds and collective trusts represent investments with various investment managers. The respective fair values of these investments are determined by reference to the funds’ underlying assets, which are principally marketable equity and fixed income securities. Shares held in mutual funds traded on national securities exchanges are valued at the net asset value as of December 31, 2008 and 2007. Units held in collective trusts are valued at the unit value as reported by the investment managers as of December 31, 2008 and 2007.

Investments in managed accounts are described below:

Cash and short-term investments include cash and short-term interest-bearing investments with initial maturities of three months or less. Such amounts are recorded at cost, plus accrued interest.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Common stock, preferred stock, fixed income securities, options and futures traded in active markets on national and international securities exchanges are valued at closing prices on the last business day of each period presented. Securities traded in markets that are not considered active are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Securities that trade infrequently and therefore have little or no price transparency are valued using the investment manager’s best estimate.

Forward foreign currency contracts are valued at fair value, as determined by the investment managers (or independent third parties on behalf of the investment managers), using quoted forward foreign currency exchange rates. At the end of each period presented, open contracts are valued at the current forward foreign currency exchange rates and the change in market value is recorded as an unrealized gain or loss. When the contract is closed or delivery taken, the Plan records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Swap contracts are valued at fair value, as determined by the investment managers (or independent third parties on behalf of the investment managers) utilizing their proprietary models and taking into consideration exchange quotations on underlying instruments, dealer quotations and other market information.

Investments denominated in currencies other than the U.S. dollar are converted using exchange rates prevailing at the end of the periods presented. Purchases and sales of such investments are translated at the rate of exchange on the respective dates of such transactions.

Money market mutual funds typically value their investments using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which approximates their fair value.

Participant loans are valued at cost, which approximates their fair value.

Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis.

Purchases and sales of the investments within the Plan are reflected on a trade-date basis.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Due from brokers and due to brokers and other payables may include cash or securities maintained with brokers and counterparties for margin account balances, collateral held in conjunction with the Plan’s and Master Trust’s investment portfolio, and the amounts due to brokers for the settlement of purchase and sale transactions. These balances are not considered cash and short-term investments of the Plan. Certain due from brokers unsettled securities transactions have been reported on a net-by-counterparty basis, where, in accordance with contractual rights and/or investment manager’s opinion, there is a right of offset in the event of bankruptcy or default by the broker. As of December 31, 2008, the Plan’s due from brokers and due to brokers and other payables balances were $71,801,752 and $100,663,706, respectively, which primarily represented amounts owed for unsettled securities transactions. As of December 31, 2007, the Master Trust’s due from brokers and due to brokers and other payables balances were $7,677,339 and $372,586,064, respectively, which primarily represented amounts owed for unsettled securities transactions.

Note 3 presents the net appreciation/(depreciation) in the fair value of Master Trust investments, which consists of realized gains or losses and unrealized appreciation/(depreciation) on those investments. Note 4 presents the net appreciation/(depreciation) in the fair value of Plan investments, which consists of realized gains or losses and unrealized appreciation/(depreciation) on those investments.

New Accounting Pronouncements
In September 2008, the FASB issued FASB Staff Position (“FSP”) No. FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161.” FSP No. FAS 133-1 and FIN 45-4 requires enhanced disclosures about credit derivatives and guarantees and amends FIN 45, “Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others” to exclude credit derivative instruments accounted for at fair value under SFAS No. 133. The FSP is effective for financial statements issued for reporting periods ending after November 15, 2008. Since FSP No. FAS 133-1 and FIN 45-4 only requires additional disclosures concerning credit derivatives and guarantees, adoption of FSP No. FAS 133-1 and FIN 45-4 did not have an effect on the Plan’s Statements of Net Assets Available for Benefits or Statements of Changes in Net Assets Available for Benefits.

In October 2008, the FASB issued FSP 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active.” FSP No. 157-3 clarifies the application of SFAS No. 157 in an inactive market, without changing its existing principles. The FSP was effective immediately upon issuance. The adoption of FSP No. FAS 157-3 did not have an effect on the Plan’s Statements of Net Assets Available for Benefits or Statements of Changes in Net Assets Available for Benefits.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


3.		Master Trust

The Master Trust included the assets of the following plans:

	•		Goldman Sachs Money Purchase Pension Plan

	•		The Goldman Sachs 401(k) Plan⁽¹⁾

The Master Trust was owned solely by these two plans as of July 31, 2008 and December 31, 2007.

As described in Note 1, effective August 1, 2008, the Goldman Sachs Money Purchase Pension Plan was merged into the Plan and therefore is no longer a separate entity in the Master Trust. All investments are now accounted for under the Plan. Effective August 1, 2008, the Master Trust arrangement was eliminated and all net assets of the Plan exist in a single trust arrangement. As a result, the assets held in the Master Trust and reflected in the Statement of Net Assets Available for Benefits as of December 2008 is $0. The assets now held in the single trust arrangement are reflected in Note 4.

Investment assets of the Master Trust were allocated to the participating plans based on each participating plan’s specific interest in the Master Trust. Investment income of the Master Trust was allocated to the Plan based upon the proportion of net assets of the Plan to the net assets of the Master Trust on a daily or monthly basis in accordance with the Trust Agreement. As of December 31, 2008 and 2007 the Plan’s interest in the Net Master Trust assets available for benefits at fair value was approximately 0% and 88.26%, respectively. As of July 31, 2008, the Plan’s interest in the Net Master Trust assets available for benefits at fair value was approximately 87.92%.

⁽¹⁾

Effective January 1, 2008, the Goldman Sachs Employees’ Profit Sharing Retirement Income Plan was renamed The Goldman Sachs 401(k) Plan.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

The following presents the Master Trust’s Statements of Net Assets Available for Benefits at fair value:


(in thousands)	As of		As of
	December		December
	2008		2007

Assets
Investments at fair value
Collective trusts	$	—	$	1,423,803
Mutual funds		—		1,351,431
Managed accounts
Common and preferred stocks		—		1,025,926
Cash and short-term investments		—		691,588
Collective trusts		—		668,507
Derivative contracts		—		218,510
Fixed income securities		—		52,244
Guaranteed investment contracts (“GICs”)		—		41,505
Money market and other mutual funds		—		7,111

Total investment assets at fair value		—		5,480,625
Interest and dividends receivable		—		7,237
Due from brokers		—		7,677

Total assets at fair value		—		5,495,539
Liabilities
Investments sold, but not yet purchased, at fair value
Managed accounts
Dervative contracts		—		201,854
Common and preferred stocks		—		109,526
Fixed income securities		—		5,994

Total investments sold, but not year purchased, at fair value		—		317,374
Due to brokers and other payables		—		372,586

Total liabilities at fair value		—		689,960

Net Master Trust assets available for benefits at fair value ⁽¹⁾	$	—	$	4,805,579


	⁽¹⁾		As of December 31, 2008 and 2007, the Plan’s interest in the Net Master Trust assets available for benefits at fair value was approximately 0% and 88.26%, respectively. As of July 31, 2008, the Plan’s interest in the Net Master Trust assets available for benefits at fair value was approximately 87.92%. As disclosed in Note 1, the fair value of the MPP’s interest in the amount of $550,586,252 as of July 31, 2008 was transferred to the Plan on August 1, 2008. On August 1, 2008, the total value of assets in the Plan was $4,588,319,761, including the fair value of the MPP’s interest and other assets of the Plan.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

The following presents the net investment loss for the Master Trust:


(in thousands)	For the Year			For the Period
	Ended			Ended
	December 2008			December 2007

Net (depreciation)/appreciation of investments
Mutual funds	$	(123,860	)	$	(130,978	)
Collective trusts		(107,109	)		(3,600	)
Managed accounts
Common and preferred stocks		(131,713	)		(14,978	)
Fixed income securities		1,434			(3,475	)
Derivative contracts		(9,411	)		352
Collective trusts		—			(3,251	)
Money market and other mutual funds		(3,094	)		(548	)

Total net depreciation of investments		(373,753	)		(156,478	)

Investment income/(expense)
Interest and dividends		50,855			145,898
Interest on GICs		21,781			2,711
Investment management fees and other expenses		(7,356	)		(1,714	)

Total net investment income		65,280			146,895

Net investment loss ⁽¹⁾	$	(308,473	)	$	(9,583	)


	⁽¹⁾		The net investment loss for the Master Trust for the year ended December 2008 represents the period from January 1, 2008 to July 31, 2008.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


4.		Net assets of the Plan

As described in Note 1, effective August 1, 2008, the Goldman Sachs Money Purchase Pension Plan was merged into the Plan. Therefore, all investments are now accounted for under the Plan.

The following presents the Plan’s net assets at fair value:


(in thousands)	As of		As of
	December		December
	2008		2007

Assets
Investments, at fair value
Collective trusts	$	1,269,761	$	—
Mutual funds		914,472		—
Managed accounts
Collective trusts		683,130		—
Common and preferred stocks		473,245		—
Cash and short-term investments		271,656		—
Fixed income securities		52,402		—
Derivative contracts		15,774		—
GICs		12,528		—
Asset-backed securities		8,621		—

Total investment assets at fair value		3,701,589		—
Participant loans		21,287		—

Total assets at fair value		3,722,876		—
Liabilities
Investments sold, but not yet purchased, at fair value
Managed accounts
Common and preferred stocks		70,669		—
Fixed income securities		13,875		—
Dervative contracts		13,877		—

Total investment liabilities at fair value		98,421		—

Net assets at fair value	$	3,624,455	$	—

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

The following presents the Plan’s net appreciation/(depreciation) of investments:


(in thousands)	For the Year			For the Period
	Ended			Ended
	December 2008			December 2007

Net (depreciation)/appreciation of investments

Mutual funds	$	(373,662	)	$	—
Collective trusts		(241,937	)		—
Managed accounts
Common and preferred stocks		(287,281	)		—
Fixed income securities		(11,743	)		—
Collective trusts		(5,596	)		—
Asset-backed securities		(348	)		—
Derivative contracts		601			—

Total net depreciation of investments ⁽¹⁾	$	(919,966	)	$	—


5.		Plan Termination

The Firm intends to continue the Plan indefinitely but reserves the right to discontinue or amend the Plan at any time subject to the provisions of ERISA. In the event of discontinuance, affected participants will become fully vested in the Firm’s contributions and the related investment income as required by ERISA.


6.		Fair Value Measurements

As of the beginning of the fiscal year ending November 30, 2007, the Plan adopted SFAS No. 157, “Fair Value Measurements.” SFAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under SFAS No. 157 are described below:

Basis of Fair Value Measurement

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

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

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


	⁽¹⁾		The Plan’s net depreciation of investments for the year ended December 2008 represents the period from August 1, 2008 to December 31, 2008.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

As described in Note 1, effective August 1, 2008, the Goldman Sachs Money Purchase Pension Plan was merged into the Plan. Therefore all investments are now accounted for under the Plan.

The following tables set forth by level within the fair value hierarchy the Plan investment assets and investment liabilities at fair value (see Note 4), as of December 31, 2008 and the Master Trust investment assets and investment liabilities at fair value (see Note 3), as of December 31, 2007. As required by SFAS No. 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

During the fourth quarter of 2008, both the FASB and the staff of the SEC re-emphasized the importance of sound fair value measurements in financial reporting. In October 2008, the FASB issued FSP No. 157-3, “Determining the Fair Value of a Financial Asset When the Market for that Asset is Not Active.” This statement clarifies that determining fair value in an inactive or dislocated market depends on facts and circumstances and requires significant management judgment. This statement specifies that it is acceptable to use inputs based on management estimates or assumptions, or for management to make adjustments to observable inputs to determine fair value when markets are not active and relevant observable inputs are not available. Our fair value measurement policies are consistent with the guidance in FSP No. FAS 157-3.

Total Plan investment assets at fair value classified within level 3 as of December 31, 2008 were $674,533,795, which primarily consisted of the Plan’s Stable Value Fund collective trusts and guaranteed investment contracts holdings. Such amounts were 18% of “Total investment assets at fair value” of the Plan’s net assets at fair value (See Note 4). Total Master Trust investment assets at fair value classified within level 3 as of December 31, 2007 were $695,636,000, which primarily consisted of the Master Trust’s Stable Value Fund collective trusts and guaranteed investment contracts holdings. Such amounts were 13% of “Total investment assets” on the Master Trust’s statements of net assets available for benefits at fair value as of December 31, 2007.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


(in thousands)	Investment Assets at Fair Value as of December 31, 2008
	Level 1		Level 2		Level 3			Total

Collective trusts	$	1,269,761	$	—	$	—		$	1,269,761
Mutual funds		857,079		48,596		8,797	⁽¹⁾		914,472
Managed accounts
Collective trusts		29,947		—		653,183	⁽²⁾		683,130
Common and preferred stocks		473,219		—		26	⁽³⁾		473,245
Cash and short-term investments		271,402		254		—			271,656
Fixed income securities		—		52,402		—			52,402
Derivative contracts		—		15,774		—			15,774
Guaranteed investment contracts		—		—		12,528	⁽²⁾		12,528
Asset-backed securities		—		8,621		—			8,621

Total investment assets at fair value	$	2,901,408	$	125,647	$	674,534	⁽⁴⁾	$	3,701,589

	⁽¹⁾		Principally consists of mortgage loans and securities within the Global Bond Fund.
	⁽²⁾		Principally consists of investments in non-public investment vehicles.
	⁽³⁾		Consists of private placement investments.
	⁽⁴⁾		Level 3 assets were 18% of Total investment assets at fair value.


(in thousands)	Investment Liabilities at Fair Value as of December 31, 2008
	Level 1		Level 2		Level 3		Total

Managed accounts
Common and preferred stocks	$	70,669	$	—	$	—	$	70,669
Fixed income securities		10,688		3,187		—		13,875
Derivative contracts		—		13,877		—		13,877

Total investment liabilities at fair value	$	81,357	$	17,064	$	—	$	98,421

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


(in thousands)	Investment Assets at Fair Value as of December 2007
	Level 1		Level 2		Level 3			Total

Collective trusts	$	1,423,803	$	—	$	—		$	1,423,803
Mutual funds		1,242,335		109,096		—			1,351,431
Managed accounts
Collective trusts		21,827		—		646,680	⁽¹⁾		668,507
Common and preferred stocks		1,018,475		—		7,451	⁽²⁾		1,025,926
Cash and short-term investments		691,159		429		—			691,588
Fixed income securities		14,752		37,492		—			52,244
Derivative contracts		5,117		213,393		—			218,510
Guaranteed investment contracts		—		—		41,505	⁽¹⁾		41,505
Money market and other mutual funds		7,111		—		—			7,111

Total investment assets at fair value	$	4,424,579	$	360,410	$	695,636	⁽³⁾	$	5,480,625

	⁽¹⁾		Principally consists of investments in non-public investment vehicles.
	⁽²⁾		Consists of private placement investments.
	⁽³⁾		Level 3 assets were 13% of Total investment assets at fair value.


(in thousands)	Investment Liabilities at Fair Value as of December 2007
	Level 1		Level 2		Level 3		Total

Managed accounts
Common and preferred stocks	$	109,508	$	18	$	—	$	109,526
Fixed income securities		1,158		4,836		—		5,994
Derivative contracts		1,404		200,450		—		201,854

Total investment liabilities at fair value	$	112,070	$	205,304	$	—	$	317,374

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Level 3 Gains and Losses

The table below sets forth a summary of changes in the fair value of the Plan’s level 3 investment assets for the period ended December 31, 2008 and the Trust’s level 3 investment assets for the period ended December 31, 2007. As reflected in the tables below, the net unrealized loss on level 3 investment assets and investment liabilities for the period ended December 31, 2008 was $60,581,438. This was comprised of net unrealized losses on collective trusts of $59,265,929, net unrealized gains on guaranteed investment contracts of $273,153, net unrealized losses on mortgage loans and securities of $600,471, and net unrealized losses on private placement investments of $988,191. As reflected in the tables below, the net unrealized loss on level 3 investment assets and investment liabilities held by the Master Trust for the period ended December 31, 2007 was $875,636. This was comprised of net unrealized losses on collective trusts of $1,154,906, net unrealized gains on guaranteed investment contracts of $414,001, and net unrealized losses on private placement investments of $134,731.


(in thousands)	Level 3 Investment Assets and Investment Liabilities
	For the Year Ended December 31, 2008
										Common
				Guaranteed						and
	Collective			Investment			Mutual			Preferred
	Trusts			Contracts			Funds			Stocks			Total

Balance, beginning of year	$	646,680		$	41,505		$	—		$	7,451		$	695,636
Realized gains/(losses)		29,688			2,162			90			—			31,940
Unrealized gains/(losses) relating to instruments still held at the reporting date		(59,266	)		273			(600	)		(988	)		(60,581	)
Purchases, issuances, and settlements		36,081			(31,412	)		9,307			(6,437	)		7,539
Transfers in and/or out of level 3		—			—			—			—			—


Balance, end of year	$	653,183		$	12,528		$	8,797		$	26		$	674,534


(in thousands)	Level 3 Investment Assets and Investment Liabilities
	For the Period Ended December 31, 2007
										Common
				Guaranteed						and
	Collective			Investment			Mutual			Preferred
	Trusts			Contracts			Funds			Stocks			Total

Balance, beginning of year	$	617,547		$	70,671		$	—		$	7,586		$	695,804
Realized gains/(losses)		4,353			30			—		��	—			4,383
Unrealized gains/(losses) relating to instruments still held at the reporting date		(1,155	)		414			—			(135	)		(876	)
Purchases, issuances, and settlements		25,935			(29,610	)		—			—			(3,675	)
Transfers in and/or out of level 3		—			—			—			—			—


Balance, end of year	$	646,680		$	41,505		$	—		$	7,451		$	695,636

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


7.		Description of the Plan’s Investment Contracts

On December 29, 2005, the FASB issued FSP AAG INV-1 and SOP 94-4-1, “Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans.” The Plan adopted the FSP effective November 30, 2007. The FSP requires that fully benefit-responsive investment contracts be reported at fair value rather than contract value with an offsetting asset or liability in the Statements of Net Assets Available for Benefits.

The Plan’s Stable Value Fund (the “Fund”) invests in a variety of stable value products, including guaranteed investment contracts issued by insurance companies and other financial institutions, synthetic GICs with similar characteristics, and a stable value collective investment trust.

Traditional GICs are investment contracts backed by the general account of the issuer. The Fund deposits a lump sum with the issuer and receives a guaranteed interest rate for a specified time. Interest is accrued on either a simple interest or fully compounded basis and paid either periodically or at the end of the contract term. The issuer guarantees that all qualified participant withdrawals will occur at contract value (principal plus accrued interest).

A synthetic GIC, also known as a wrap contract, is an investment contract issued by an insurance company or other financial institution, designed to provide a contract value “wrapper” around a portfolio of bonds or other fixed income securities that are owned by the Fund. The assets underlying the Fund’s wrap contracts are units of fixed income collective investment trusts (Dwight Target 2 and Dwight Target 5 Funds). The wrap contracts are obligated to provide an interest rate not less than zero. These contracts provide that realized and unrealized gains and losses on the underlying assets are not reflected immediately in the net assets of the Fund, but rather are amortized, over the duration of the underlying assets or other amortization period agreed upon by the investment manager and wrap provider, through adjustments to the future interest crediting rate. The issuer guarantees that all qualified participant withdrawals will occur at contract value.

A stable value collective investment trust is a commingled investment vehicle that provides liquidity at contract value. The Fund owns units of the SEI Stable Asset Fund, which serves as the Fund’s short term liquidity vehicle.

Variables that impact future crediting rates:

Primary variables impacting future crediting rates of wrap contracts include:

	–		current yield of the underlying assets within the wrap contract

	–		duration of the underlying assets covered by the wrap contract or other amortization period agreed upon by the investment manager and the wrap provider

	–		existing difference between the market value and contract value of the underlying assets within the wrap contract

The Fund’s Traditional GICs do not experience fluctuating crediting rates.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Crediting rate calculation methodology:

The Fund uses the following formula to calculate future crediting rates for the wrap contracts:

CR = [(1+Y)*(MV/CV) ^ (1/D)]-1-Fees

CR = crediting rate
MV = market value of underlying assets
CV = contract value
D = weighted average duration of the portfolio or other amortization period agreed upon by the investment manager and the wrap provider
Y = weighted average annual effective yield to maturity of the underlying portfolio

The net crediting rate reflects fees paid to wrap contract issuers.

Traditional GICs provide a fixed rate of interest over the term to maturity of the contract.

Basis and frequency of determining interest crediting rates:

The wrap contract crediting rates are reset on a staggered, quarterly basis, with one of the three contracts resetting every month.

Traditional GICs do not reset their crediting rates.

Minimum crediting rates:

Wrap contracts provide an interest rate floor of zero percent.

Relationship between future crediting rates and adjustment between fair value (market value) and contract value:

The crediting rate of the wrap contracts will track current market yields on a trailing basis. The rate reset allows the contract value of the underlying assets to converge to the market value over time, assuming the market value continues to earn the current portfolio yield for a period of time equal to the current portfolio duration.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Limitations on the ability of the Fund to transact at contract value:

The benefit-responsive investment contracts, including the traditional GICs and wrap contracts, which are agreements with insurance companies and other financial institutions, are designed to help preserve principal and provide a stable crediting rate. These contracts are fully benefit-responsive and provide that plan participant initiated withdrawals permitted under the Plan will be paid at contract value. In addition to certain wrap agreement termination provisions discussed below, wrap contracts provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations, and that the issuer determines will have a material adverse effect on the issuer’s financial interest, will be paid with a market value adjustment to the contract value amount of such withdrawal as defined in such contracts. While each contract issuer specifies the events which may trigger such a market value adjustment, such events include all of the following: (i) amendments to the Plan documents or Plan’s administration; (ii) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions; (iii) complete or partial termination of the Plan or its merger with another plan; (iv) failure of the Plan or its trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; (v) unless made in accordance with the withdrawal provisions of the Plan, the withdrawal from the wrap contract at the direction of the plan sponsor (“employer-initiated event⁽¹⁾”). At this time, the Plan Sponsor does not believe that the occurrence of any such market value event, which would limit the Fund’s ability to transact at contract value with participants, is probable.

Terminations at other than contract value:

GICs generally do not permit issuers to terminate the agreement prior to the scheduled maturity date. Wrap contracts are evergreen contracts that contain termination provisions. Wrap agreements permit the Fund’s investment manager to terminate upon notice at any time at market value and provide for automatic termination of the wrap contract if the contract value or the market value of the contract equals zero. The issuer is not excused from paying the excess contract value when the market value equals zero. Wrap contracts permit the issuer to terminate at market value and provide that the Fund may elect to convert such termination to an Amortization Election as described below. In addition, if the Fund defaults in its obligations under the agreement (including the issuer’s determination that the agreement constitutes a non-exempt prohibited transaction as defined under ERISA) and such default is not cured within the time permitted by any cure period, then the wrap contract may be terminated by the issuer and the Fund will receive the market value as of the date of termination. The wrap contracts permit the issuer or investment manager to elect at any time to convert the underlying assets to a declining duration strategy whereby the contract would terminate at a date which corresponds to the duration of the underlying assets on the date of the amortization election (“Amortization Election”). After the effective date of an Amortization Election, the underlying assets must conform to the guidelines agreed upon by the wrap issuer and the investment manager for the Amortization Election period. Such guidelines are intended to result in contract value equaling market value of the underlying assets by such termination date.

⁽¹⁾

For purposes of the Plan’s contracts, “employer-initiated events” are defined as follows: (i) a change of employment status due to (a) the transfer or other change of employment from an employer to a parent, subsidiary or any company under common ownership or control with the employer or (b) a spin-off, sale or merger of any unit of the employer where a withdrawal is the result of a transfer to another plan unless, in any of these cases, there is a cessation of employment constituting a “separation from service” for purposes of Section 401(k) or Section 402 of the Internal Revenue Code of 1986, as amended; (ii) a partial or full Plan termination which is not the result of financial hardship, such as a court ordered liquidation under applicable bankruptcy or insolvency statutes; (iii) any change in law, regulation, ruling, administrative or judicial position or accounting requirement, in any case applicable to the Plan or fund; and (iv) the delivery of any communication to Plan participants designed to influence a participant not to invest in the fund.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


Average yield calculation
Average yields for Stable Value Fund	For the Year			For the Period
	Ended			Ended
	December			December
	2008			2007
Based on actual earnings ⁽¹⁾		6.11	%		5.44	%
Based on interest rate credited to participants ⁽²⁾		4.18	%		4.97	%

⁽¹⁾ Computed by dividing the annualized one-day actual earnings of the Fund on the last day of the plan year by the fair value of the investments of the Fund on the same date.

⁽²⁾ Computed by dividing the annualized one-day earnings credited to participants in the Fund on the last day of the plan year by the fair value of the investments of the Fund on the same date.


8.		Related Party Transactions

An affiliate of the Firm manages several mutual fund investment options within the Plan. These investments include the Money Market, Short Duration Bond, Core Bond, High Yield Bond, Large Cap Structured Equity, Large Cap Value Equity, Large Cap Growth Equity, Mid Cap Growth Equity, Mid Cap Value Equity, and Real Estate Equity, each of which is an investment company registered under the Investment Company Act of 1940. No fees were paid, or were payable by the Plan for investment management services relating to these funds for the periods ended December 31, 2008 and 2007; however, investment advisory fees may be paid from the funds to the Firm or its affiliates. Effective December 21, 2007, the Small Cap Structured Equity Fund was removed from the Plan’s list of investments.

In addition, an affiliate of the Trustee manages several investment options within the Plan. These investments include the S&P 500 Index, Mid Cap Equity Index, Small Cap Equity Index, Emerging Markets Index Funds, and Treasury Inflated Protected Securities, each of which is a bank collective trust fund. Fees associated with the management of these funds qualify as party-in-interest transactions. An affiliate of the Trustee also served as a counterparty to one of the Plan’s synthetic investment contracts at December 31, 2008 and 2007.

The Plan has invested in the Company Stock Fund, which primarily invests in shares of the Firm’s common stock. As of December 31, 2008 and December 31, 2007, the Plan’s interest in the Company Stock Fund represented 567,924 and 441,262 of the Firm’s common stock with a fair market value of $47,927,106 and $94,893,393, respectively. Purchases of $19,975,252 and $1,221,709 and sales of $4,892,986 and $16,091 of the Firm’s common stock were made through the Company Stock Fund during the year ended December 31, 2008 and period ended December 31, 2007, respectively. The Company Stock Fund is managed by an affiliate of the Trustee.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007


9.		Tax Status

The Internal Revenue Service has determined and informed the Firm by a letter dated September 23, 2002 that the Plan and related Trust are designed in accordance with applicable sections of the Internal Revenue Code. Although the Plan has been amended since the receipt of the letter, the Firm believes that the Plan continues to be designed and operated in all material respects in compliance with the applicable requirements of the Internal Revenue Code.


10.		Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits from the Plan’s financial statements to the Form 5500:


(in thousands)	As of			As of
	December			December
	2008			2007
Net assets available for benefits, per the financial statements	$	3,787,812		$	4,331,312
Less: Adjustment from contract value to fair value		(62,092	)		(2,588	)
Less: Amounts allocated to withdrawing participants		(13,514	)		(11,368	)

Net assets available for benefits, per the Form 5500	$	3,712,206		$	4,317,356

The following is a reconciliation of benefits paid to participants from the Plan’s financial statements to the Form 5500:


(in thousands)	For the Year			For the Period
	Ended			Ended
	December			December
	2008			2007
Benefits paid to participants, per the financial statements	$	183,218		$	17,194
Add: Amounts allocated to withdrawing participants, end of year/period		13,514			11,368
Less: Amounts allocated to withdrawing participants, beginning of year/period		(11,368	)		(15,869	)

Benefits paid to participants, per the Form 5500	$	185,364		$	12,693

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

The following is a reconciliation of investment income per the financial statements to the Form 5500:


(in thousands)	For the Year			For the
	Ended			Period Ended
	December			December
	2008			2007
Total investment loss, per the financial statements		($1,201,085	)		($8,821	)
Prior year adjustments from fair value to contract value for fully benefit-responsive investment contracts		2,588			1,611
Adjustments from fair value to contract value for fully benefit-responsive investment contracts		(62,092	)		(2,588	)

Total investment loss, per the Form 5500		($1,260,589	)		($9,798	)

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2008 and 2007 but had not yet been paid as of that date.


11.		Plan Mergers

Effective August 1, 2008, the MPP Plan was merged into the Plan resulting in a net assets transfer of $550,586,252 into the Plan’s assets. As the MPP Plan assets were held in the Trust, assets were transferred in-kind into the Plan on the merger date. Additionally, in connection with the merger, certain required MPP Plan provisions were maintained under the Plan.


12.		Financial Instruments with Off-Balance-Sheet Risk

In accordance with the investment strategy of the managed accounts, the Plan’s investment managers execute transactions in various financial instruments that may give rise to varying degrees of off-balance-sheet market and credit risk. These instruments can be executed on an exchange or negotiated in the OTC market. These financial instruments include futures, forward settlement contracts, swap and option contracts.

Swap contracts include equity, credit default and interest rate swap contracts. Equity swaps involve an agreement to exchange cash flows based on the total return of underlying securities. Credit default swaps involve the exchange of cash flows based on the creditworthiness of the underlying issuer of securities. Interest rate swaps involve an agreement to exchange periodic interest payment streams (typically fixed vs. variable) calculated on an agreed upon periodic interest rate multiplied by a predetermined notional principal amount.

The Goldman Sachs 401(k) Plan

Notes to Financial Statements
December 31, 2008 and 2007

Market risk arises from the potential for changes in value of financial instruments resulting from fluctuations in interest and foreign exchange rates and in prices of debt and equity securities. The gross notional (or contractual) amounts used to express the volume of these transactions do not necessarily represent the amounts potentially subject to market risk. In many cases, these financial instruments serve to reduce, rather than increase, the Plan’s exposure to losses from market or other risks. In addition, the measurement of market risk is meaningful only when all related and offsetting transactions are identified. The investment managers generally limit the Plan’s market risk by holding or purchasing offsetting positions.

As a writer of option contracts, the Plan receives a premium to become obligated to buy or sell financial instruments for a period of time at the holder’s option. During this period, the Plan bears the risk of an unfavorable change in the market value of the financial instrument underlying the option, but has no credit risk, as the counterparty has no performance obligation to the Plan once it has paid its cash premium.

The Plan is subject to credit risk of counterparty nonperformance on derivative contracts in a gain position, except for written options, which obligate the Plan to perform and do not give rise to any counterparty credit risk.

All derivative financial instruments are carried at fair value. The fair values of the Plan’s derivative financial instruments (see Note 4) and the Master Trust derivative financial instruments (see Note 3) as of and for the periods ended December 31, 2008 and 2007 are as follows:


(in thousands)	As of December 2008				As of December 2007
	Assets		Liabilities		Assets		Liabilities

Forward Settlement Contracts	$	7,509	$	8,082	$	809	$	218
Option Contracts		2,470		330		1,767		2,631
Swap Contracts		5,764		4,839		212,129		194,864
Futures Contracts		31		626		3,805		4,141

Total	$	15,774	$	13,877	$	218,510	$	201,854

The Plan’s investment managers enter into various derivative transactions that are considered credit derivatives under FSP No. FAS 133-1 and FIN 45-4. The Plan’s written and purchased credit derivatives include credit default swaps and total return swaps. All of the Plan’s written and purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. As of December 2008, the Plan had written and purchased credit derivatives with total gross notional amounts of $1.0 million and $50.1 million, respectively, for total net purchased protection of $49.1 million in notional value.

Investments sold, but not yet purchased as of December 31, 2008 and 2007 involve obligations to deliver specified securities at contracted prices and thereby create a liability to purchase the securities at prevailing future market prices. Accordingly, these transactions result in off-balance sheet risk as the Plan’s ultimate obligation to satisfy the sale of financial instruments sold, but not yet purchased, may exceed the amount recognized in the financial statements.

The Plan’s investment managers typically monitor risk exposure related to financial instruments through the use of financial, credit and legal reporting systems.

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2008


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par		Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value		Value

Common Collectives
Barclays Global Investors/LifePath^® 2045 Fund		1,559		9,776
State Street Global Advisors/Russell 2000 Index Fund		2,791		48,331
State Street Global Advisors/S&P 500 Flagship Securities Lending Fund		14,984		248,458
Barclays Global Investors/20+ yr Treasury Bond Index Fund		1,679		52,182
Barclays Global Investors/Equity Growth Index Fund		3,769		26,949
Barclays Global Investors/Equity Value Index Fund		3,787		37,830
State Street Global Advisors/S&P Mid Cap Index Securities Lending Fund		1,815		46,838
State Street Global Advisors/Emerging Markets Index Fund		5,342		72,409
State Street Global Advisors/US TIPS Index Securities Lending Fund		9,196		100,177
Barclays Global Investors/LifePath^® Retirement Fund		77		665
Barclays Global Investors/LifePath^® 2010 Fund		330		2,773
Barclays Global Investors/LifePath^® 2015 Fund		1,045		8,269
Barclays Global Investors/LifePath^® 2020 Fund		1,984		14,940
Barclays Global Investors/LifePath^® 2025 Fund		1,718		12,385
Barclays Global Investors/LifePath^® 2030 Fund		2,302		15,954
Barclays Global Investors/LifePath^® 2035 Fund		2,003		13,383
Barclays Global Investors/LifePath^® 2040 Fund		1,776		11,473
Barclays Global Investors/LifePath^® 2050 Fund		155		953
Goldman Sachs AssetManagement, L.P./Financial SquareMoneyMarket Fund		672		672
Goldman Sachs AssetManagement, L.P./Financial SquareMoneyMarket Fund		544,066		544,066
Goldman Sachs AssetManagement, L.P./Financial SquareMoneyMarket Fund		1,275		1,278

		602,325		1,269,761

Mutual Funds
International Intrinsic Value Fund (GMO)		8,566		153,503
Goldman Sachs Asset Management, L.P./Short Duration Gov’t Fund		7,051		72,346
Western Asset Mgmt Co./Core Plus Bond Portfolio		6,515		56,549
Goldman Sachs Asset Management, L.P./Structured US Equity Fund		3,803		68,181
Goldman Sachs Asset Management, L.P./Mid Cap Value Fund		8,311		184,508
Goldman Sachs Asset Management, L.P./High Yield Fund		9,876		49,972
Goldman Sachs Asset Management, L.P./Capital Growth Fund		2,638		35,476
Goldman Sachs Asset Management, L.P./Large Cap Value Fund		6,714		57,943
Goldman Sachs Asset Management, L.P./Core Fixed Income Fund		4,668		39,398
Goldman Sachs Asset Management, L.P./Growth Opportunities Fund		2,539		33,103
Goldman Sachs Asset Management, L.P./Real Estate Securities Fund		7,098		59,198
OppenheimerFunds, Inc./Commodity Strategy Total Return Fund		7,618		23,693
PIMCO GLOBAL BOND		1,082,066		80,602

Total Mutual Funds		1,157,463		914,472

Loans
PARTICIPANT LOANS*		21,287		21,287


Managed Accounts

COMMON COLLECTIVES
Wrap Contracts		—		574,926
SEI STABLE ASSET FUND		85,990		78,257
FINANCIAL SQUARE MONEY MKT		25,597		25,597
MARTIN CURRIE BUSINESS TRUST		807		2,342
MARTIN CURRIE BUSINESS TRUST		472		1,997

Total Common Collectives		112,866		683,119


COMMON STOCK
GOLDMAN SACHS GROUP INC*		568		47,927
LOCKHEED MARTIN CORP		40		3,397
NORFOLK SOUTHN CORP		52		2,442
UNION PAC CORP		66		3,160
GILEAD SCIENCES INC		26		1,323
GENERAL DYNAMICS CORP		42		2,427
APPLE INC		21		1,779
CVS CAREMARK CORP		89		2,566
GENENTECH INC		53		4,425
ORACLE CORP		15		272
SCHERING PLOUGH CORP		39		669
WAL MART STORES INC		51		2,832
WELLS FARGO + CO NEW		110		3,238
LOWES COS INC		96		2,058
JOHNSON + JOHNSON		16		927
MCDONALDS CORP		118		7,367
TARGET CORP		47		1,616
AIR PRODS + CHEMS INC		15		748
QUALCOMM INC		57		2,035
BLACKROCK INC CLA		16		2,093
PETROLEO BRASILEIRO SA		23		565
MONSANTO CO NEW		40		2,780
JPMORGAN CHASE + CO		64		2,006
US BANCORP DEL		83		2,077
ABB LTD		100		1,493
YUM BRANDS INC		60		1,876
GOOGLE INC		3		786
MASTERCARD INC		15		2,193
VISA INC		70		3,694
TRANSOCEAN LTD ZUG		39		1,853
GIVAUDAN AG		3		2,030
SMITH + NEPHEW		154		972
AUTONOMY CORP		138		1,881
COMPASS GROUP		321		1,586
ROCHE HOLDINGS AG		17		2,566
NESTLE SA		84		3,296
ENI		82		1,902
UBI BANCA		75		1,074
CHINA LIFE INSURANCE		461		1,401
GDF SUEZ		51		2,486
INPEX CORPORATION		—		1,270
UNILEVER NV		77		1,856
REED ELSEVIER		161		1,174
MORRISON(W)SUPRMKT		425		1,713
BHP BILLITON PLC		95		1,769
BAE SYSTEMS		354		1,915
BP PLC		359		2,715
LLOYDS BANKING GROUP PLC		470		851
CASINO GUICH PERR		23		1,700
E ON AG		60		2,358
BAYER AG		29		1,673
ALLIANZ SE		18		1,831
SWISSCOM AG		5		1,449
SANOFI AVENTIS		22		1,376


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par		Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value		Value

BANCO SANTANDER SA		281		2,639
SIEMENS AG		19		1,402
TELEFONICA SA		124		2,732
CANON INC		54		1,635
CSL		63		1,478
EAST JAPAN RAILWAY		—		1,665
ITOCHU CORP		299		1,461
MITSUI FUDOSAN CO		96		1,547
NEWCREST MINING		55		1,301
NINTENDO CO		6		2,122
NIDEC CORPORATION		29		1,097
SEKISUI HOUSE		203		1,742
SHIN ETSU CHEM CO		30		1,351
SUN HUNG KAI PROPS		213		1,775
TAKEDA PHARMACEUTICAL CO LTD		38		1,960
TOYOTA MOTOR CORP		42		1,356
UNITED O SEAS BANK		172		1,542
CEZ		31		1,287
SOC GENERALE		35		1,773
ARVINMERITOR INC		71		202
ARENA PHARMACEUTICALS INC		293		1,222
CALIFORNIA PIZZA KITCHEN INC		94		1,003
POLYONE CORP		156		490
KB HOME		23		313
DONEGAL GROUP INC		115		1,922
KINDRED HEALTHCARE INC		77		1,003
GRAFTECH INTL LTD		69		575
BROOKS AUTOMATION INC NEW		157		914
CINCINNATI BELL INC NEW		460		888
BANK MUTUAL CORP		198		2,285
WHITING PETE CORP NEW		10		341
PIPER JAFFRAY COS		38		1,511
APOLLO INVT CORP		66		614
COHEN + STEERS INC		37		408
NORTHWESTERN CORP		38		899
FAIRPOINT COMMUNICATIONS INC		60		195
RACKABLE SYS INC		28		110
CHEMTURA CORP		62		87
HERCULES OFFSHORE INC		66		312
HEALTHSPRING INC		61		1,208
EXCO RES INC		21		188
CON WAY INC		44		1,165
POOL CORP		4		70
CRAY INC		216		450
DYNEGY INC DEL		291		582
PHARMERICA CORP		44		682
HILLTOP HLDGS INC		140		1,362
MARSHALL + ILSLEY CORP NEW		11		147
TRIPLE S MGMT CORP		21		244
ORION MARINE GROUP INC		39		380
HATTERAS FINL CORP		4		104
CATALYST HEALTH SOLUTIONS INC		3		73
REINSURANCE GROUP AMER INC		3		146
NOVELLUS SYS INC		41		507
ALBANY MOLECULAR RESH INC		173		1,681
TCF FINANCIAL CORP		70		960
MEDIACOM COMMUNICATIONS CORP		159		685
AMERICAN FINL GROUP INC OHIO		36		824
CITIZENS REPUBLIC BANKCORP INC		140		416
GLATFELTER		144		1,335
ALPHARMA INC		38		1,404
FULLER H B CO		26		414
AGCO CORP		37		875
AVISTA CORP		82		1,583
CENTEX CORP		26		276
MBIA INC		95		387
ANNTAYLOR STORES CORP		17		99
AVID TECHNOLOGY INC		13		136
SYNOVIS LIFE TECHNOLOGIES INC		66		1,231
INTEVAC INC		58		296
ISLE CAPRI CASINOS INC		115		369
KEY ENERGY SVCS INC		79		350
LUBYS CAFETERIAS INC		137		576
MATTSON TECHNOLOGY INC		407		574
NEWPARK RES INC		172		636
SHAW GROUP INC		21		426
TASTY BAKING CORP		91		307
TESORO CORP		35		462
TOLL BROS INC		19		399
USA TRUCK INC		48		655
BUCKEYE TECHNOLOGIES INC		88		322
DOT HILL SYSTEMS CORP		397		322
ECHELON CORP		52		420
ECLIPSYS CORP		109		1,548
FUELCELL ENERGY INC		357		1,385
HAIN CELESTIAL GROUP INC		95		1,817
INVACARE CORP		38		596
KIRBY CORP		22		613
ON ASSIGNMENT INC		126		715
SPARTECH CORP		83		516
T HQ INC		35		149
TAKE TWO INTERACTIVE SOFTWARE		37		279
TEREX CORP NEW		15		256
TETRA TECH INC NEW		32		773
THORATEC CORP		90		2,924
WABTEC		54		2,143
FAIRCHILD SEMICONDUCTOR INTL		89		434
HUMAN GENOME SCIENCES INC		185		392
LATTICE SEMICONDUCTOR CORP		359		542
NVIDIA CORP		20		162
MYLAN INC		76		754
UNISYS CORP		177		150
FLEXTRONICS INTERNATIONAL LTD		183		469
CONTINENTAL AIRLS INC		28		498
BLOCK H + R INC		15		341
ALLEGHENY TECHNOLOGIES INC		8		194
CADENCE DESIGN SYS INC		67		246
INTERPUBLIC GROUP COS INC		31		121
FEDERAL SIGNAL CORP		144		1,180
NOVELL INC		330		1,285
JACOBS ENGR GROUP INC		6		274
SOUTH FINL GROUP INC		47		203
REPUBLIC SVCS INC		32		784
VIROPHARMA INC		47		615


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par		Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value		Value

BLOCKBUSTER INC		461		581
TPI TRIUNFO PARTIC		35		15
AMIL PARTICIPACOES		77		238
NOVOROSSIYSK COML SEA PORT PUB		62		415
MEGACABLE HOLDINGS		187		249
LSR GROUP OAO		48		37
OGX PETROLEO E GAS		1		171
RURAL ELECTRIFICATION		123		183
ASIA CEMENT CHINA		253		128
KB FINANCIAL GROUP		21		552
MEDIATEK INC		60		405
SHINHAN FINANCIAL		12		283
GPO FIN INBURSA SA		169		397
SBERBANK ROSSII		675		515
BANCO ITAU S A		7		84
SUN PHARMACEUTICAL		32		696
BK DANAMON		286		81
ASTRO ALL ASIA NET		81		52
BK RAKYAT		3,068		1,288
ORASCOM CONSTR IND		7		350
BCO DO BRASIL SA		101		633
PANIN LIFE		15,327		117
CENT PATTANA PUB		644		189
SYNERON MEDICAL LTD		2		19
STANDARD BK GR LTD		170		1,529
WAL MART DE MEXICO SAB DE CV		130		346
TELEKOMUNIKASI IND		2,713		1,717
EFES BREWERIES INTL N V		20		90
ORASCOM CONSTR IND		18		463
RAMAYANA LESTARI		2,170		100
AIRASIA BHD		957		239
SEDMOI KONTINEN		15		90
ANADOLU EFES		118		785
TURKIYE GARANTI BANKASI		408		688
YAPI VE KREDI BANKASI A S		504		686
INDRAPRASTHA GAS		154		319
WELSPUN GUJARAT ST		71		159
X 5 RETAIL GROUP NV		39		337
C P ALL PLC		409		145
CHINA SHENHUA ENERGY		672		1,422
AMBUJA CEMENTS LTD		159		227
LOJAS RENNER SA		3		19
SILICON MOTION TECHNOLOGY CORP		8		17
FALCON OIL + GAS LTD		206		47
NOVATEK OAO		15		283
DIALOG TELEKOM LTD		1,674		89
HIKMA PHARMACEUTIC		29		144
KALINA CONCERN		5		27
PARKSON RETAIL GRO		665		761
KAZAKHGOLD GROUP LTD		18		69
TALLINK GROUP AS EEK10		179		95
SHANDONG WEIGAO GB		148		225
TOTVS SA		7		111
GOLDEN EAGLE RETAI		378		266
MOL MAGYAR OLAJ GAZ. NYRT		4		111
BANCO MACRO SA		15		159
MAGNIT		22		348
COCA COLA ICECEK		51		209
KNM GROUP BERHAD		424		50
THAI BEVERGAE PUBL		3,939		533
ELSWEDY CABLES HOL		35		474
SHIRAM TRANSPORT		15		60
SHUI ON LAND LTD		871		275
RASPADSKAYA OAO		168		160
TALLINK GROUP AS EEK10		297		157
AMBUJA CEM LTD		320		461
VTB BANK(JSC)		290		630
MARFRIG FRIGORIFIC		50		162
TEGMA GESTAO LOGISTICA		19		37
ANGLO AMERICAN		100		2,278
NEW WORLD DEPARTMENT		364		199
GUARANTY TRUST BAN		56		194
CORPORATION BANK INDIA		27		102
ANHUI CONCH CEMENT		70		323
CORP MOCTEZUMA		94		147
COMPANHIA BRASILEIRA DE DISTR		5		141
MOBILE TELESYSTEMS		18		482
SABMILLER PLC		5		81
FOMENTO ECONOMICO MEXICANO SAB		30		910
TELE NORTE LESTE PARTICIPACOES		31		436
WIENERBERGER AG		10		164
BANCOLOMBIA SA		25		146
CEMEX SAB DE CV		771		698
S A C I FALABELLA		77		203
RICHTER GEDEON VEG		2		249
COCA COLA HELL BOT		36		518
MOL HUNGARIAN OIL		8		399
CHINA MOBILE LTD		36		357
BUMIPUTRA COMMERCE HLDS BH		490		828
BANK OF AYUDHYA PUBLIC CO LTD		378		99
BK OF BARODA		104		603
BIDVEST GROUP		85		964
SABMILLER PLC		44		777
SAMSUNG FIRE + MAR		2		274
INFOSYS TECHNOLOGI		36		834
INTL CONTAINER		816		222
KTB SECURITIES CO.,LTD		15		37
KOREA ELEC POWER		42		995
PICK N PAY STORES		48		187
SAMSUNG ELECTRONIC		3		989
SASOL		59		1,773
TAIWAN SEMICON MAN		1,441		1,950
TSINGTAO BREWERY		257		533
CHINA RESOURCES EN		614		1,071
BCO CREDITO INVERS		7		118
CHINA O/SEAS LAND		453		637
MINERAL DEPOSITS		86		42
TAIWAN SEMICNDCTR MFG CO LTD		18		139
TEVA PHARMACEUTICAL INDS LTD		19		818
BANCOLOMBIA S A		12		290
OIL CO LUKOIL		32		1,015
CREDICORP LTD		5		247
EMBOTELLADORA ANDINA SA		1		7
EMBOTELLADORA ANDINA SA		30		405


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

FIRST QUANTUM MINERALS LTD		28			393
TULLOW OIL		140			1,328
FIRST QUANTUM MINERALS LTD		6			93
VANGUARD INTERNATI		376			85
AMERICA MOVIL SAB DE CV		38			1,163
XINAO GAS HOLDINGS		179			188
ACE LIMITED		4			198
BANK NEW YORK MELLON CORP		7			208
COVIDIEN LTD		7			239
WYNDHAM WORLDWIDE CORP		9			60
AT+T INC		12			348
COMCAST CORP NEW		20			319
CONOCOPHILLIPS		5			256
ABB LTD		11			159
MCKESSON CORP		6			240
J C PENNEY INC		6			120
DEVON ENERGY CORPORATION NEW		4			245
THERMO FISHER SCIENTIFIC INC		7			235
PROCTER AND GAMBLE CO		4			263
AMGEN INC		3			159
CVS CAREMARK CORP		10			274
CISCO SYS INC		13			210
GENERAL ELEC CO		12			191
HEWLETT PACKARD CO		8			275
MORGAN STANLEY		11			171
ORACLE CORP		14			242
PRAXAIR INC		3			155
BANK AMER CORP		12			171
INTERNATIONAL BUSINESS MACHS		3			217
ABBOTT LABS		6			339
LOWES COS INC		12			263
XEROX CORP		23			185
JOHNSON + JOHNSON		4			267
UNITED TECHNOLOGIES CORP		6			346
AMERICAN EXPRESS CO		8			146
UNITED PARCEL SVC INC		4			234
BAKER HUGHES INC		3			102
METLIFE INC		8			293
EXELON CORP		3			152
JPMORGAN CHASE + CO		10			301
EL PASO CORP		25			194
KRAFT FOODS INC		9			254
CHEVRON CORP		4			314
COGNIZANT TECHNOLOGY SOLUTIO		4			79
WHOLE FOODS MARKET INC		(24	)		(226	)
JPMORGAN & CHASE & CO		6			192
F5 NETWORKS INC		(7	)		(157	)
QLOGIC CORP.		(6	)		(82	)
AMERICAN EAGLE OUTFITTERS		(8	)		(74	)
NETFLIX INC		(3	)		(98	)
TIME WARNER CABLE-A		(8	)		(180	)
AMERICAN EXPRESS COMPANY		(2	)		(44	)
FINISH LINE INC		5			25
PRAXAIR INC		(1	)		(72	)
GENZYME CORP — GENL DIVISION		(1	)		(96	)
COSTAR GROUP INC		—			(16	)
BRE PROPERTIES INC		(1	)		(20	)
LINEAR TECHNOLOGY CORP		(4	)		(92	)
STERICYCLE INC		(2	)		(96	)
CREE INC		(5	)		(76	)
METTLER-TOLEDO INTERNATIONAL		(3	)		(220	)
RAYMOND JAMES FINANCIAL INC		(2	)		(29	)
SYNAPTICS INC		(10	)		(159	)
VORNADO REALTY TRUST		(1	)		(72	)
WINN-DIXIE STORES INC		(4	)		(61	)
APPLE INC		13			1,080
ABBOTT LABS		(10	)		(522	)
ATHENAHEALTH INC		3			112
BAXTER INTL INC		13			673
BB&T CORPORATION		(20	)		(540	)
BERKSHIRE HATHAWAY INC CLASS A		—			580
BERKSHIRE HATHAWAY INC CLASS B		—			305
COGNIZANT TECHNOLOGY SOLUTIO		25			451
CITRIX SYS INC		25			579
CVS CAREMARK CORP		41			1,180
THE WALT DISNEY COMPANY		(18	)		(417	)
GENENTECH INC		6			457
DIRECTV GROUP INC/THE		28			647
FIRST ADVANTAGE CORP		6			88
FIDELITY NATIONAL INFORMATION		46			746
FIRST SOLAR INC		7			1,029
GILEAD SCIENCES INC		15			774
HANESBRANDS INC		27			349
J2 GLOBAL COMMUNICATIONS INC		(14	)		(283	)
MACY’S INC		54			563
MARVELL TECHNOLOGY GROUP LTD		157			1,044
NEWSTAR FINANCIAL INC		9			36
PALM INC NEW		92			282
QUALCOMM INC		29			1,055
RESEARCH IN MOTION LTD		26			1,074
RAYTHEON CO		23			1,161
SEARS HOLDING CORP		(15	)		(592	)
THERMO FISHER SCIENTIFIC INC		11			360
TEXTRON INC		19			262
WHOLE FOODS MARKET INC		(11	)		(100	)
BON-TON STORES INC.		(3	)		(3	)
WYETH		14			526
JOHNSON & JOHNSON		(14	)		(810	)
BANKRATE INC.		(1	)		(55	)
CYPRESS BIOSCIENCES INC		15			99
BIOGEN IDEC INC		11			503
COVIDIEN LTD		15			560
STRYKER CORP.		(3	)		(107	)
LOOPNET INC		(3	)		(24	)
INFINERA CORP		20			177
APOLLO GROUP INC		9			676
NETAPP INC		24			329
DISCOVERY COMMUNICATIONS-A		12			170
JPMORGAN & CHASE & CO		10			318
LIBERTY MEDIA ENTR A		42			738
BPW ACQUISITION CORP		6			50
HANCOCK HOLDING CO.		(1	)		(46	)
F5 NETWORKS INC		(27	)		(616	)
DICKS SPORTING GOODS INC		25			347


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

REGIONS FINANCIAL CORP		(18	)		(144	)
TRUSTMARK CORP.		(2	)		(42	)
MSCI INC-A		7			130
QLOGIC CORP.		(38	)		(506	)
AMERICAN EAGLE OUTFITTERS		(29	)		(271	)
SILICON LABORATORIES INC		(21	)		(516	)
GANNETT CO.		(36	)		(287	)
M&T BANK CORP.		(6	)		(348	)
LORILLARD INC		10			552
VERIZON COMMUNICATIONS		(10	)		(344	)
SUSQUEHANNA BANCSHARES INC.		(4	)		(64	)
ZALE CORP.		(3	)		(9	)
LENDER PROCESSING SERVICES		16			472
OMNICOM GROUP		(9	)		(242	)
SCRIPPS NETWORKS INTER-CL A		(10	)		(217	)
AUTONATION INC		(63	)		(618	)
AMGEN INC		18			1,015
WASHINGTON FEDERAL INC.		(2	)		(24	)
NETFLIX INC		(9	)		(259	)
DEVRY INC DEL		9			528
CITIZENS REPUBLIC BANCORP IN		17			50
PRICELINE.COM INC		11			778
XTO ENERGY INC.		25			874
YELLOW PAGES INCOME FUND-TRUST		(36	)		(200	)
DISCOVERY COMMUNICATIONS-C		19			256
AEROPOSTALE INC		(5	)		(86	)
CARNIVAL CORP		25			620
AMERICAN EXPRESS COMPANY		(17	)		(308	)
ECOLAB INC.		(12	)		(439	)
EATON CORP		10			516
FEDERAL REALTY INVS TRUST		(7	)		(441	)
PLUM CREEK TIMBER CO.		(16	)		(543	)
PFIZER INC		30			529
RENAISSANCERE HOLDINGS LTD		6			306
SCHLUMBERGER LTD.		(13	)		(555	)
STATE STR CORP		6			226
FINISH LINE INC		12			67
VARIAN MEDICAL SYSTEMS INC		(10	)		(337	)
PRAXAIR INC		(9	)		(521	)
STAPLES INC		36			643
NATIONAL PENN BANCSHARES INC.		(4	)		(61	)
GENZYME CORP — GENL DIVISION		(5	)		(330	)
COSTAR GROUP INC		(1	)		(43	)
ABERCROMBIE & FITCH CO		(19	)		(437	)
BRE PROPERTIES INC		(6	)		(166	)
CUMMINS INC		15			392
LINEAR TECHNOLOGY CORP		(15	)		(339	)
MONSTER WORLDWIDE		(10	)		(125	)
REYNOLDS AMERICAN INC		(5	)		(205	)
GYMBOREE CORP		2			62
HAWAIIAN ELECTRIC INDS		(1	)		(28	)
SVB FINANCIAL GROUP		(5	)		(133	)
STERICYCLE INC		(5	)		(247	)
SOUTH FINANCIAL GROUP INC		7			29
BLUE NILE INC		(2	)		(46	)
CREE INC		(12	)		(196	)
CHICO’S FAS INC		19			80
EQUITY ONE INC		(3	)		(61	)
ILLUMINA INC.		(15	)		(402	)
AMERICAN TOWER CORP		6			184
METTLER-TOLEDO INTERNATIONAL		(2	)		(124	)
RAYMOND JAMES FINANCIAL INC		(12	)		(200	)
SYNAPTICS INC		(2	)		(25	)
VORNADO REALTY TRUST		(6	)		(337	)
PETROQUEST ENERGY INC		15			105
WINN-DIXIE STORES INC		(1	)		(18	)
TERNA PARTICIPACOE		26			243
HYNIX SEMICONDUCTOR		2			8
KOREAN AIR LINES CO LTD		—			—
NAMYANG DAIRY PRODUCTS CO		—			22
HYUNDAI MERCHANT MARINE		3			81
GS HOLDINGS CORP		1			26
SK ENERGY CO LTD		1			49
ICBC		161			85
CHINA COMMUNICATIONS CONSTRUCTION		88			109
ACCORDIA GOLF CO LTD		—			134
CHINA MENGNIU DAIRY CO		72			94
BOC HONG KONG HOLDINGS LTD		127			144
PACIFIC GOLF GROUP INTL		—			20
ANGANG NEW STEEL CO LTD — H		204			228
CHINA RAILWAY GROUP LTD — H		417			289
PACIFIC CENTURY PREMIUM DEVE		861			195
LDH CORP		3			229
PYI CORPORATION LTD		998			46
SAMSON HOLDING LTD		1,132			146
NGK SPARK PLUG CO LTD		3			24
PAUL Y. ENGINEERING GROUP		43			2
ANHUI CONCH CEMENT CO LTD-A P NOTE		19			73
RREEF CHINA COMMERCIAL TRUST ESCROW		799			272
HITACHI CONSTRUCTION MACHINE		2			23
FUSHAN INTERNATIONAL ENERGY		490			123
TECHTRONIC INDUSTRIES CO		2,250			447
CANON INC		3			91
NINTENDO CO LTD		—			111
AOZORA BANK LTD		1,239			1,131
CHINA RESOURCES POWER		58			112
PETROCHINA CO LTD		96			84
MITSUBISHI ESTATE CO LTD		2			32
EAST JAPAN RAILWAY CO		—			311
CHINA MOBILE		10			95
ABC LEARNING CENTRES LTD		9			—
AMERICREDIT CORP		—			—
ACTIVIDENTITY CORP		52			93
ADELPHIA CONTINGENT CVV 1		3,749			37
ADELPHIA CONTINGENT CVV 4		2,538			—
ADELPHIA CONTINGENT CVV 6D		620			—
ADELPHIA CONTINGENT CVV 6E/F		4,855			—
AFI DEVELOPMENT-GDR REGS-WI		34			21
AFREN PLC		19			7
ASSURANT INC		12			357
AMERICAN TOWER CORP-CL.A		19			558
AUROBINDO PHARMACEUTICALS P NOTE SB		1			3
BANKAMERICA CORP		76			1,071
BABCOCK & BROWN CAPITAL LTD		110			86


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

BEAR STEARNS COMPANIES INC ESC		27			—
BALLY TECHNOLOGIES INC		24			571
CARLSBERG AS-B		9			298
CENTRAL AFRICAN MINING & EXPLORATION COMPANY PLC		750			23
CIGNA CORP		57			967
CKX INC		53			195
CONSOLIDATED MEDIA HOLDINGS		226			301
COMVERSE TECHNOLOGY INC		372			2,330
CONSECO INC		13			65
COVIDIEN LTD		1			19
CREDIT SUISSE GROUP-REG		16			436
CHINA SUNERGY CO LTD-ADR		1			4
CSX CORP		8			270
CENVEO INC		35			156
DATA PATH 144A		46			—
DEAN FOODS CO		7			121
ECB BANCORP INC		3			53
EASTERN PLATINUM LTD		177			49
ENERGY CONVERSION DEVICES		1			18
E ON AKTIENGESELLSCHAFT EON NAMEN-AKT		14			536
FIRST CALIFORNIA FINANCIAL G		7			37
FRONTERA COPPER CORP		15			6
FIDELITY NATIONAL FINL		36			633
FOREST OIL CORP		24			396
FIBERTOWER CORP		88			14
ISHARES FTSE/XINHUA CHINA 25 INDEX FUND		2			47
GREAT BASIN GOLD LTD		42			54
SOCIETE GENERALE-A		9			473
GENERAL MOLY INC		57			67
GLOBALSTAR INC		6			1
GOODYEAR TIRE		48			285
HERITAGE COMMERCE CORP		12			140
HILLTOP HOLDINGS INC		24			231
INVERNESS MEDICAL INNOVATION		61			1,159
IRF EUROPEAN INVESTMENTS LTD		67			125
KBW BANK ETF		31			680
LDK SOLAR CO LTD — ADR		—			1
LEHMAN BROTHERS HOLDINGS INC		8			—
LIFE TECHNOLOGIES CORP		31			724
CHENIERE ENERGY INC		3			9
MCKESSON CORP		—			—
MARSHALL & ILSLEY CORP		6			81
MACQUARIE MEDIA GROUP LTD		4			3
MARATHON OIL CORP		24			651
MORGAN STANLEY		25			398
MUENCHENER RUECKVER AG-REG		1			169
MACROVISION SOLUTIONS CORP		71			902
MYLAN LABS INC		106			1,051
NESTLE SA-REGISTERED		1			25
NEWSTAR FINANCIAL INC — AFFILIATE		70			281
NETBANK INC		3			—
BANK TURANALEM JSC-REG S GDR		—			36
OUTOKUPMU OYJ		2			22
PRIDE INTERNATIONAL		24			383
PROLOGIS TRUST		3			46
PARIS RE HOLDINGS LTD		58			806
PLATINUM UNDERWRITERS HLDGS		7			261
QUALCOMM INC		6			213
RIO TINTO LTD LONG SHRS		6			169
ROHM & HAAS CO		2			147
SWISS RE-REG		19			875
SAMPO OYJ		9			167
BANCO SANTANDER CENTRAL HISP		28			264
SBERBANK		701			523
SKYTERRA COMMUNICATIONS INC		16			28
CHINA PETROLEUM & CHEM-ADR		—			12
SONOSITE INC		1			14
SUNPOWER CORP-CLASS A		1			34
SOUTHERN UNION CO		85			1,111
SYNCORA HOLDINGS LTD		45			8
SALZGITTER AG		1			104
THYSSENKRUPP AG		2			57
TRAVELERS COS INC/THE		8			376
TRINA SOLAR LTD — SPON ADR		1			8
TERRESTAR CORP		29			12
TIME WARNER CABLE-A		—			—
UNION PACIFIC CORP		17			796
URANIUM ONE INC		85			125
VERISIGN INC		6			120
WELLPOINT INC		15			634
ZURICH FINANCIAL SERVICES		3			735
CHEUNG KONG HOLDINGS LTD		(10	)		(95	)
HANG SENG BANK LTD		(13	)		(171	)
YANZHOU COAL MINING CO-H		(16	)		(12	)
CHINA MERCHANTS HLDGS INTL		(80	)		(155	)
CHINA COAL ENERGY CO — H		(8	)		(6	)
NIPPON MEAT PACKERS INC		(2	)		(23	)
ALUMINUM CORP OF CHINA		(260	)		(137	)
SINOFERT HOLDINGS LTD		(228	)		(110	)
JIANGXI COPPER COMPANY LTD — H		(191	)		(140	)
CHINA PETROLEUM & CHEMICAL-H		(369	)		(223	)
CHINA MERCHANTS BANK — H		(46	)		(85	)
MITSUBISHI CHEMICAL HOLDINGS		(1	)		(4	)
KENEDIX INC		—			(4	)
GOME ELECTRICAL APPLIANCES		(74	)		(11	)
LI & FUNG LTD		(72	)		(123	)
SUMITOMO METAL MINING CO LTD		(8	)		(81	)
SUMITOMO LIGHT METAL IND LTD		(2	)		(2	)
KOMATSU LTD		(13	)		(156	)
KOMATSU LTD — USD COR		(13	)		(156	)
CHIYODA CORP		(7	)		(38	)
NTN CORP		(11	)		(32	)
THK CO LTD		(2	)		(17	)
HIROSE ELECTRIC CO LTD		(1	)		(50	)
FANUC LTD		(2	)		(118	)
KAWASAKI HEAVY INDUSTRIES		(79	)		(156	)
MAZDA MOTOR CORP		(26	)		(43	)
DAIHATSU MOTOR CO LTD		(5	)		(41	)
SUZUKI MOTOR CORPORATION		(4	)		(47	)
CHINA TELECOM CORP LTD-H		(234	)		(87	)
HOPSON DEVELOPMENT HOLDINGS LTD		(102	)		(74	)
OLYMPUS CORP		(2	)		(39	)
TAKASHIMAYA CO.		(3	)		(22	)
MARUI GROUP CO LTD		(6	)		(35	)


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

SHINSEI BANK LTD		(19	)		(29	)
SUMITOMO MITSUI FINANCIAL GROUP		—			(112	)
MIZUHO FINANCIAL GROUP		—			(224	)
TOBU RAILWAY CO LTD		(4	)		(24	)
NIPPON YUSEN KABUSHIKI KAISH		(9	)		(56	)
ANHUI CONCH CEMENT CO LTD-H		(11	)		(51	)
SOFTBANK CORP		(5	)		(88	)
AIRTRAN HOLDINGS CO		(27	)		(121	)
ANCHOR BANCORP WISCONSIN INC		(2	)		(7	)
ANHEUSER-BUSCH INBEV NV		(3	)		(72	)
AMBAC FINANCIAL GROUP		(176	)		(228	)
ACE AVIATION HOLDINGS INC-A		(1	)		(4	)
ACERINOX SA		(4	)		(65	)
ADC TELECOMMUNICATIONS		(14	)		(75	)
ARCHER-DANIELS-MIDLAND CO.		(23	)		(649	)
AUTOMATIC DATA PROCESSING		(4	)		(140	)
ADIDAS-SALOMON AG		(4	)		(166	)
AMERICAN FINANCIAL GROUP		(5	)		(109	)
ASPEN INSURANCE HOLDINGS LTD		(1	)		(30	)
AMERICAN INTL GROUP		(33	)		(53	)
APOLLO INVESTMENT CORP		(24	)		(221	)
AAR CORP		(5	)		(84	)
AUTOLIV		—			—
ALLSTATE CORPORATION		(10	)		(312	)
ALPHARMA INC-CL A		(2	)		(88	)
ALTERA CORP		(5	)		(92	)
ADVANCED MICRO DEVICES INC		(19	)		(42	)
AFFILIATED MANAGERS GROUP		(3	)		(138	)
AMGEN CORP		(24	)		(1,398	)
AMERICA MOVIL		(6	)		(186	)
ARVINMERITOR INC		(8	)		(23	)
ASSOCIATED BANC-CORP		(5	)		(100	)
ALLIANT TECHSYSTEMS INC		(4	)		(382	)
ATLAS ENERGY RESOURCES		—			(4	)
AVALONBAY COMMUNITIES INC		(2	)		(99	)
ARMSTRONG WORLD INDUSTRIES INC		(4	)		(95	)
BILL BARRETT CORP		—			(8	)
BB&T CORP		(21	)		(567	)
BANCO BILBAO VIZCAYA ARGENTA		(9	)		(103	)
BLACK & DECKER CORP		(5	)		(227	)
BUNGE LIMITED		(6	)		(314	)
GENERAL CABLE CORP		(8	)		(143	)
BHP BILLITON LTD SHORT		(8	)		(182	)
BIOMARIN PHARMACEUTICAL INC		(14	)		(248	)
BOSTON PROPERTIES INC		(4	)		(224	)
CAPITALAND LTD		(21	)		(45	)
CATERPILLAR INC		(7	)		(319	)
CATHAY GENERAL BANCORP		(9	)		(217	)
CAMECO CORP		(3	)		(52	)
COMPUCREDIT CORP		—			(1	)
CENTRAL EUROPEAN DISTRIBUTION		(5	)		(108	)
CEPHALON INC		(3	)		(234	)
CENTRAL EUROPEAN MEDIA ENT-A		(1	)		(17	)
CF INDUSTRIES HOLDINGS INC		(4	)		(199	)
COMPAGNIE FINANCIERE RICHMONT AG		(8	)		(149	)
CFS RETAIL PROPERTY TRUST		(17	)		(22	)
CHEMED CORP		(1	)		(28	)
CHESAPEAKE ENERGY CORP		(45	)		(729	)
CIENA CORP		(10	)		(65	)
CHINA MEDICAL TECH-SPON ADR		(4	)		(78	)
CHIQUITA BRANDS INTL		(34	)		(499	)
CANADIAN WESTERN BANK		(7	)		(75	)
DEUTSCHE BANK AG-REG		(36	)		(1,400	)
DIME COMMUNITY BANCSHARES		(4	)		(59	)
DEERE & CO		(7	)		(276	)
DOUGLAS EMMETT INC		(6	)		(79	)
WALT DISNEY CO.		(14	)		(327	)
DEUTSCHE POST		(7	)		(124	)
DUKE REALTY CORP		(27	)		(298	)
ISHARES MSCI EMERG MKT IDX FD		(5	)		(126	)
EMC CORP MASS		(5	)		(51	)
EQUINIX INC		(4	)		(209	)
ERICSSON (LM) TEL-SP ADR		(11	)		(84	)
EVERGREEN SOLAR INC		(4	)		(14	)
ESSEX PROPERTY TRUST INC		(1	)		(60	)
ENTERGY CORP		(7	)		(572	)
EAST WEST BANCORP INC		(20	)		(324	)
FORD MOTOR CO		(222	)		(509	)
FASTENAL CO		(10	)		(343	)
FREEPORT-MCMORAN COPPER-B		(2	)		(37	)
FACTSET RESEARCH SYSTEMS INC		(6	)		(281	)
FEI COMPANY		(3	)		(49	)
FLUOR CORP (NEW)		(3	)		(115	)
FIRST MIDWEST BANCORP INC/IL		(7	)		(145	)
FIRSTMERIT CORP		(5	)		(98	)
TOTAL FINA ELF SA		(1	)		(77	)
FAIRFAX MEDIA LTD		(5	)		(6	)
GREATBATCH INC		(1	)		(22	)
GANNETT CO		(12	)		(95	)
GENERAL ELECTRIC		(2	)		(39	)
GENZYME CORP		(2	)		(162	)
SPDR GOLD TRUST		(2	)		(132	)
GDF SUEZ		(2	)		(106	)
GREY WOLF INC CASH		(10	)		(55	)
GENCORP INC		(1	)		(5	)
HOME DEPOT INC		(3	)		(74	)
HNI CORP		(5	)		(75	)
HOLCIM LTD-REG		(5	)		(270	)
HOLOGIC INC		(1	)		(10	)
HORIZON LINES INC-CL A		(2	)		(7	)
HUBBELL INC -CL B		(5	)		(179	)
HEADWATERS		(5	)		(34	)
ILLUMINA INC		(13	)		(329	)
INTERPUBLIC GROUP COS		(7	)		(30	)
INDITEX		(9	)		(396	)
JACOBS ENGINEERING GROUP INC		(3	)		(128	)
JOHNSON & JOHNSON		(4	)		(228	)
KB HOME		(7	)		(101	)
KEPPEL LAND LIMITED		(5	)		(6	)
KANSAS CITY SOUTHERN		(2	)		(35	)
LIBERTY GLOBAL INC-A		(11	)		(175	)
LIBERTY GLOBAL INC-SERIES C		(13	)		(196	)
LINEAR TECHNOLOGY CORP		(7	)		(147	)
LEGG MASON INC		(14	)		(308	)


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

LINCARE HOLDINGS INC		(13	)		(338	)
LIBERTY PROPERTY TRUST		(10	)		(234	)
LEVEL 3 COMMUNICATIONS INC		(18	)		(13	)
MACERICH CO/THE		(8	)		(143	)
MAPFRE SA		(60	)		(203	)
MASCO CORP		(30	)		(334	)
LVMH		(4	)		(289	)
MICROCHIP TECHNOLOGY INC		(6	)		(126	)
MEDTRONIC INC		(21	)		(657	)
MASSEY ENERGY CO		(4	)		(52	)
METLIFE INC		(23	)		(793	)
MEDCO HEALTH SOLUTIONS INC		(5	)		(201	)
MILLIPORE CORP		(2	)		(122	)
HERMAN MILLER INC		(9	)		(114	)
MOSAIC COMPANY		(5	)		(175	)
METTLER-TOLEDO INTERNATIONAL		(2	)		(160	)
NORDEA AB		(4	)		(25	)
ANNALY MORTGAGE MANAGMENT		(14	)		(217	)
NOBLE GROUP LTD		(90	)		(64	)
NATL PENN BCSHS INC		(10	)		(139	)
NATIONAL SEMICONDUCTOR CORP		(5	)		(55	)
NVR INC		—			(220	)
OAO GAZPROM-SPON ADR REG S		—			—
OWENS & MINOR INC		(1	)		(32	)
LOREAL		—			(27	)
ORIFLAME COSMETICS SA-SDR		(2	)		(61	)
PENSKE AUTO GROUP INC		(3	)		(20	)
PROVIDENT BANKSHARES CORP		(9	)		(89	)
PRECISION DRILLING TRUST EXP		(2	)		(15	)
PHILIPS ELECTRONICS NV		(12	)		(233	)
PULTE HOMES INC		—			—
PINNACLE FINANCIAL PARTNERS		(2	)		(72	)
BANCO POPULAR ESPANOL		(17	)		(148	)
POTASH CORP OF SASKATCHEWAN		(3	)		(249	)
PANTRY INC		(15	)		(312	)
RECKSON ASSOC REALTY CORP ESCROW SHARES		(1	)		—
RITE AID CORP.		(15	)		(5	)
REGENCY CENTERS CORP		(7	)		(308	)
REGAL ENTERTAINMENT GROUP-A		(1	)		(8	)
PERNOD-RICARD		(6	)		(440	)
TRANSOCEAN LTD		(2	)		(94	)
CIA VALE DO RIO DOCE ADR		(104	)		(1,254	)
CIA VALE DO RIO DOCE-SP ADR		(95	)		(1,015	)
RADIOSHACK CORP		(13	)		(157	)
RYANAIR HOLDINGS PLC-ADR		(4	)		(129	)
RASER TECHNOLOGIES INC		(6	)		(22	)
SBAC COMMUNICATIONS CORP		(8	)		(128	)
SIGNATURE BANK		(7	)		(189	)
SKANDINAVISKA ENSKILDA BAN-A		(17	)		(132	)
SEEK LTD		(57	)		(127	)
STOCKLAND TRUST		(38	)		(110	)
SINGAPORE EXCHANGE LTD		(36	)		(127	)
SIGMA-ALDRICH		(10	)		(402	)
SINA CORP		(8	)		(181	)
SILICON VALLEY BANCSHARES		(7	)		(178	)
SEMICONDUCTOR HOLDRS TRUST		—			—
SANDISK CORP		(4	)		(35	)
SYNOVUS FINANCIAL CORP		(48	)		(395	)
SIMON PROPERTY GROUP INC		(3	)		(161	)
SUNTECH POWER HLDGS-ADR		(1	)		(16	)
SODEXO		(7	)		(366	)
SYMANTEC CORP		(25	)		(341	)
TEXAS CAPITAL BANCSHARES INC		(6	)		(80	)
TEVA PHARMACEUTICAL — SP ADR		(1	)		(33	)
TERRA INDUSTRIES INC		(9	)		(143	)
TRUSTMARK CORP		(6	)		(123	)
TYSON FOODS CL A		(19	)		(170	)
TORO CO		(6	)		(196	)
TIME WARNER INC.		(13	)		(130	)
URANIUM PARTICIPATION CORP		(10	)		(57	)
UAL CORP		(3	)		(28	)
UNITED SECURITY BANCSHARE/CA		(2	)		(28	)
UNITED BANKSHARES INC		(12	)		(405	)
UNITED COMMUNITY BANKS/GA		(10	)		(136	)
UNITED COMMUNITY BANKS/GA EXP		—			(1	)
UDR INC		—			(4	)
UMPQUA HOLDINGS CORP		(16	)		(237	)
UNITED HEALTHCARE CORP		(2	)		(63	)
VORNADO REALTY		(2	)		(130	)
VOLVO AB-B SHS		(68	)		(371	)
VALEANT PHARMACEUTICALS		(1	)		(27	)
VTB BANK OJSC-GDR-REG S/WI		(136	)		(294	)
VERIZON		(10	)		(324	)
WESTERN ALLIANCE BANCORP		(5	)		(55	)
WALMART DE MEXICO-SER V		(170	)		(456	)
WESTFIELD GROUP		(11	)		(99	)
WESFARMERS LIMITED		(1	)		(7	)
WHIRLPOOL CORP		(8	)		(344	)
WILMAR INTERNATIONAL LTD		(104	)		(202	)
WILMINGTON TRUST CORP		(12	)		(258	)
WEINGARTEN REALTY INVESTORS		(9	)		(184	)
WORLD ACCEPTANCE CORP		—			(2	)
WHITNEY HOLDING CORP		(28	)		(441	)
XL CAPITAL LTD — CLASS A		(102	)		(378	)
ENERGY SELECT SECTOR		(13	)		(598	)
XILINX INC		(8	)		(141	)
YANLORD LAND GROUP LTD		(86	)		(54	)
ZIONS BANCORPORATION		(20	)		(487	)
ANGLO IRISH BANK CORP PLC		44			10
PARTYGAMING PLC		347			984
PORSCHE AUTOMOBIL HLDG-PFD		6			436
3M CO		24			1,352
AES CORP		328			2,703
AETNA INC		67			1,898
ALLERGAN INC		13			508
AMERICAN CAPITAL LTD		205			664
ANNALY CAPITAL MANAGEMENT IN		94			1,484
ATLAS AMERICA INC		188			2,786
ATLAS ENERGY RESOURCES LLC		282			3,606
ATLAS PIPELINE HOLDINGS LP		71			268
ATLAS PIPELINE PARTNERS LP		246			1,477
CASTLEPOINT HOLDINGS LTD		122			1,654
CASTLEPOINT HOLDINGS LTD		10			137
CHICO’S FAS INC		53			221


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

CIT GROUP INC		344			1,564
CORNING INC		167			1,590
DISCOVER FINANCIAL SERVICES		149			1,417
DISH NETWORK CORP-A		229			2,535
DOMTAR CORP		349			583
EBAY INC		111			1,543
ENTERPRISE GP HOLDINGS LP		101			1,757
GENENTECH INC		14			1,186
GIVEN IMAGING LTD		53			435
HALLIBURTON CO		89			1,622
HATTERAS FINANCIAL CORP		18			468
HILLTOP HOLDINGS INC		24			234
JPMORGAN CHASE & CO		20			631
KKR FINANCIAL HOLDINGS LLC		483			762
LINN ENERGY LLC-UNITS		422			6,311
MAGUIRE PROPERTIES INC		102			149
MANITOWOC COMPANY INC		34			297
MARATHON OIL CORP		33			897
MEDCO HEALTH SOLUTIONS INC		11			440
MF GLOBAL LTD		107			219
MORGANS HOTEL GROUP CO		8			36
NORTHSTAR REALTY FINANCE COR		232			907
NUCOR CORP		47			2,181
POTASH CORP OF SASKATCHEWAN		25			1,794
RAIT FINANCIAL TRUST		142			369
RESOURCE CAPITAL CORP		175			670
SHIRE PLC-ADR		59			2,620
SLM CORP		619			5,507
TEXTRON INC		113			1,567
TRANSOCEAN LTD		124			5,851
UNITEDHEALTH GROUP INC		198			5,256
WELLPOINT INC		109			4,601
WELLS FARGO & CO		17			498
WILLIAMS COS INC		139			2,011
WILLIS GROUP HOLDINGS LTD		94			2,331
WYNDHAM WORLDWIDE CORP		147			964
XL CAPITAL LTD -CLASS A		263			971
TEVA PHARMACEUTICAL-SP ADR		85			3,607
AET JAN09 25 PUT		—			(8	)
MHS FEB09 40 PUT		—			(7	)
MMM JAN09 60 PUT		—			(29	)
MRO JAN09 25 PUT		—			(9	)
MRO JAN09 30 PUT		—			(47	)
RIG MAY09 40 PUT		—			(48	)
SLM JAN09 10 PUT		—			(11	)
SLM JAN09 12.50 PUT		—			(29	)
SLM JAN09 15 PUT		—			(31	)
TXT JAN09 15 PUT		—			(8	)
TXT JAN09 17.50 PUT		—			(62	)
XL JAN09 10 PUT		—			(52	)
LENOVO GROUP LTD		(256	)		(70	)
SINA CORP		(3	)		(74	)
CHINA MERCHANTS HOLDINGS INTL		110			213
JAPAN TOBACCO INC.		—			957
TENCENT HOLDINGS LTD		56			362
NINTENDO CO LTD		2			894
AOZORA BANK LTD		148			135
AMERICA MOVIL SAB DE C V		17			518
DEUTSCHE TELEKOM AG		24			362
BOUYGUES		25			1,051
NATIONAL BANK OF GREECE		12			218
GAGFAH SA		9			51
HOME INNS & HOTELS MANAG-ADR		15			132
DEUTSCHE LUFTHANSA — REG		(31	)		(483	)
SAP AG		(4	)		(141	)
SAP AG		(10	)		(351	)
STORA ENSO OYJ-R SHS		(59	)		(457	)
TELEFONICA S.A.		23			510
GMARKET INC — ADR		7			123
CLP HOLDINGS LTD		(34	)		(231	)
MEYER BURGER TECHNOLOGY AG		—			(11	)
BANCO BILBAO VIZCAYA ARGENTARI		(21	)		(248	)
NEUROSEARCH A/S		—			8
MEDIASET SPA		(33	)		(187	)
HERMES INTERNATIONAL		(4	)		(622	)
TELEFONOS DE MEXICO S A		(16	)		(329	)
SINA CORP		(4	)		(94	)
PORTUGAL TELECOM SGPS SA-REG		(21	)		(177	)
NOVARTIS AG-REG SHS		(6	)		(289	)
ENIRO AB		(4	)		(5	)
PERNOD-RICARD SA		(4	)		(320	)
NORDEA BANK AB		(32	)		(221	)
BANK OF CHINA LTD — H		1,881			515
DEUTSCHE BOERSE AG		6			435
VOLKSWAGEN AG		(1	)		(429	)
APPLE INC		(7	)		(563	)
BB&T CORP		(6	)		(176	)
CAPITAL ONE FINANCIAL CORP		(18	)		(564	)
CEPHALON INC		(9	)		(724	)
CITY NATIONAL CORP		(4	)		(190	)
COMERICA INC		(9	)		(183	)
COSTCO WHOLESALE CORP		(16	)		(830	)
EXXON MOBIL CORP		(10	)		(830	)
FAMILY DOLLAR STORES		(11	)		(284	)
FIFTH THIRD BANCORP		(18	)		(152	)
GENUINE PARTS CO		(9	)		(345	)
GOOGLE INC-CL A		(1	)		(431	)
ITT EDUCATIONAL SERVICES INC		(2	)		(228	)
KEYCORP		(5	)		(38	)
LAMAR ADVERTISING CO-CL A		(10	)		(128	)
M & T BANK CORP		(7	)		(413	)
MARSHALL & ILSLEY CORP		(1	)		(8	)
POLO RALPH LAUREN CORP		—			(18	)
PUBLIC STORAGE		(5	)		(374	)
REGIONS FINANCIAL CORP		(12	)		(92	)
SUNTRUST BANKS INC		(19	)		(546	)
SYNOVUS FINANCIAL CORP		(13	)		(110	)
TCF FINANCIAL CORP		(7	)		(100	)
TIFFANY & CO		(9	)		(208	)
WAL-MART STORES INC		(6	)		(331	)
LAZARD LTD		38			1,117
MEDICAL PPTYS TR INC		64			403
REDWOOD TR INC.		41			604

Total Common Stock		94,229			392,275


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

CASH and SHORT TERM INVESTMENTS
CASH		—			81,772
FINANCIAL SQUARE MONEY MKT		3,478			3,478
FINANCIAL SQUARE MONEY MKT		619			619
FINANCIAL SQUARE MONEY MKT		1,671			1,671
FINANCIAL SQUARE MONEY MKT		265			265
FINANCIAL SQUARE MONEY MKT		195			195
US DOLLARS		—			22,964
HONG KONG DOLLAR 102		—			71
CANADIAN DOLLAR		1			1
EUROPEAN MONETARY UNIT		—			1
SWEDISH KRONER		8			1
SWISS FRANC		2			2
CZECH KORUNA		31			2
US DOLLAR		2			2
EUROPEAN MONETARY UNIT		2			3
SOUTH AFRICAN RAND		41			4
AUSTRALIAN DOLLAR		8			5
AUSTRALIAN DOLLAR		7			5
EUROPEAN MONETARY UNIT		3			5
POLAND ZLOTY		14			5
BRITISH POUND		4			6
DANISH KRONER		43			8
HONG KONG DOLLAR		59			8
CANADIAN DOLLAR		11			9
AUSTRALIAN DOLLAR		23			16
US DOLLAR		18			18
NORWEGIAN KRONA		139			20
HUNGARIAN FORINT		3,949			21
CZECH KORUNA		423			22
JAPANESE YEN		2,036			22
BRITISH POUND		16			24
SWEDISH KRONER		226			29
PHILIPPINE PESO		1,965			41
SWISS FRANC		55			51
EUROPEAN MONETARY UNIT		40			56
EUROPEAN MONETARY UNIT		41			57
BRITISH POUND		43			62
BRITISH POUND		43			63
SWEDISH KRONER		611			78
NEW TURKISH LIRA		131			86
ISRAELI SHEKELS		351			93
EUROPEAN MONETARY UNIT		67			94
HONG KONG DOLLAR		733			95
US DOLLAR		104			104
US DOLLAR		125			125
KOREAN WON		201,026			160
NORWEGIAN KRONA		1,168			168
EUROPEAN MONETARY UNIT		144			201
AUSTRALIAN DOLLAR		393			279
EUROPEAN MONETARY UNIT		230			321
NEW TURKISH LIRA		574			375
BRITISH POUND		274			400
US DOLLAR		515			515
MALAYSIAN RINGITT		1,902			551
BRITISH POUND		406			592
SWEDISH KRONER		4,769			608
US DOLLAR		621			621
US DOLLAR		1,092			1,092
EUROPEAN MONETARY UNIT		807			1,126
US DOLLAR		1,198			1,198
EUROPEAN MONETARY UNIT		1,025			1,429
US DOLLAR		2,186			2,186
US DOLLAR		3,448			3,448
US DOLLAR		142,418			142,418
SOUTH KOREAN WON		10			—
CANADIAN DOLLAR		1			1
BRAZILIAN REAL		—			—
COLOMBIAN PESO		35			—
EGYPTIAN POUND		—			—
INDONESIAN RUPIAH		—			—
SOUTH KOREAN WON		24			—
NEW TAIWAN DOLLAR		620			19
MEXICAN PESO (NEW)		—			—
GAMBRO MEZZANINE L+425		78			34
GAMBRO MEZZANINE L+425		16			10
KLOECKNER PENTAPLAST MEZZANINE		63			22
VIE CINEMA MEZZ LOAN		30			42
FALCON MEZZANINE		119			141
SAPPHIRE INDUSTRIALS C-UNITS		44			406
LIBERTY ACQUISITION HOL-UNIT		43			360
TRIAN ACQUISITION I — UNITS		71			649
PYI CORP LTD-CW09		136			—
EXPEDIA B WARRANTS 05/07/2012		7			2
IACI A WARRANTS 05/01/2012		4			3
INFINITY BIO-ENERGY WTS		18			—
LGND 7.8195 19APRIL2012		1			—

Total Cash		383,119			271,656


Fixed income securities
US TREASURY N/B 2.75 02/28/2013		(10,000	)		(10,688	)
ADELPHIA COMM 7.5% 01/04 NA ESCROW		8			—
ADELPH COM 10.25 11/1/06 NA ESC		24			—
AFRISAM INVESTMENT FLT 02/04/2012		555			503
ARS 10 12/15/2016		90			13
CALLAHAN NRH 14.125% NON-ACCRUAL		9			—
CLE 9.25 06/01/2015		431			91
ESCROW COMDISCO MTN 0.00 II		29			—
ESCROW COMDISCO MTN 0.00 I		44			—
COMDISCO 6.125% 01/15/03		117			—
COMDISCO 6.13% 8/01/01		56			—
COMDISCO 7.25% 9/01/02		98			—
COMDISCO 9.5% 08/15/03		65			—
FIRST DATA CORP 10.55 09/24/2015 PIK 144A		1,588			572
GALLERY CAPITAL SA 10.125 05/15/2013 REGS		600			240
HARRAHS OPERATING CO INC 10 12/15/2018 144A		37			14
HET 10.75 02/01/2016 144A		165			47
PLY GEM INDUSTRIES 11.75 06/15/2013		87			48
RBS 9.118% 3/31/2049		450			360
CENGAGE LEARNING HOLDCO 13.75 07/15/2015 144A PIK		291			58
TAYLOR WIMPEY PLC 6.375 05/24/2019		160			40
TWOD 6.625% 02/07/12		200			101
UVN 9.75 03/15/2015 144A		705			85


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par		Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value		Value

AAI 5.5 04/15/2015		108		138
AIRTRAN HOLDINGS 7% 7/1/23		195		115
ACE CN 4.25 06/01/2035		208		150
AMERICREDIT CORP 0.75 09/15/2011		412		185
AMERICREDIT 0.75% 9/15/2011 ROR		165		74
ADCT 3.5 07/15/2017		355		148
ADLAC 3.25 05/01/21 NA ESCROW		2,031		—
AIR 2.25 03/01/2016 144A		218		144
AMD 6 05/01/2015		969		287
AMG 3.95 08/15/2038 144A		410		281
AMGN .375% 2/1/13		2,828		2,672
AMGN .375% 2/1/13 ROR		773		730
ARM 4.625% 3/1/26		244		77
ATK 3% 08/15/24		417		483
AUROBINDO PHARMA 0% 08/11/10 CVB		200		127
BBG 5 03/15/2028		179		129
BGC .875% 11/15/13		604		348
BIOMARIN PHARMACEUTICAL 1.875 04/23/2017		318		305
CAPITALAND LTD 3.125 03/05/18		750		347
CCRT 3.625% 5/30/25		554		151
CENTRAL EUR DISTR CORP 3 03/15/2013		126		63
CEPH 0 06/15/2033		176		241
CETV 3.5 03/15/2013 144A		185		86
CFS RETAIL PROPERTY TRUST 5.075% 21AUG14 CVB		100		58
CHAMPION REIT 1% 03JUN13 CVB		—		—
CHEMED CORP 1.875 05/15/2014 ROR		35		25
CHESAPEAKE ENERGY CORP 2.5 05/15/2037		1,029		586
CHK 2.5 05/15/2037		2,135		1,217
CHINA MEDICAL TECH INC 3.5 11/15/2011		269		188
CHINA MEDICAL TECH INC 3.5 11/15/2011 ROR		68		48
CIEN 0.875 06/15/2017		661		236
CHINA MEDICAL TECH INC 4 08/15/2013		402		188
CONSECO INC 3.5 9/30/35		201		86
CQB 4.25 08/15/2016		1,013		784
CSUN 4.75 06/15/2013 144A		76		29
EMC 1.75% 12/1/2013		219		205
ENER 3 06/15/2013		204		101
EQUINIX INC 3 10/15/2014		862		535
EVERGREEN SOLAR INC 4 07/15/2013		106		37
F 4.25% 12/15/36		2,153		578
FEI COMPANY 2.875 06/01/2013		132		105
FTWR 9% 11/15/12 REGS ROR		779		171
WILSON GREAT 2.25 13 ROR		76		64
GOME ELECTRICAL APPL 0 05/18/2014		1,800		108
GSAT 5.75 04/01/2028		172		28
GY 2.25% 11/15/2024		90		39
PYI CORPORATION LTD 2% 2011		12		15
HOLOGIC INC 2 12/15/2037		59		36
HOPSON DEVELOP HLDGS 0% 02FEB10 CVB		800		63
HRZ 4.25 08/15/2012		139		72
HORIZON LINES INC 4.25 08/15/2012 ROR		82		42
HEADWATERS INC 16% 06/01/2016 144A		281		197
HW 2.5 02/01/2014		48		19
HYNIX SEMICONDUCTOR INC 4.5 14DEC12 CVB		500		280
ICO NORTH AMERICA INC 7.5 8/15/09		891		223
ILMN 0.625 02/15/2014		329		404
ELF SPECIAL FIN (IPG) 6.70488 06/15/09 NA 144A		800		694
KCC CORP 0% 30OCT12 TRANCHE C		800		682
KENEDIX INC 0% 15DEC2011 CVB		20,000		60
UNITED GLOBAL 1.75% 4/15/24		764		641
LDK 4.75 04/15/2013 144A		86		42
LNCR 2.75 11/01/2037		115		91
LINCARE HOLDINGS INC 2.75 11/01/2037 B ROR		609		483
LNG 2.25% 8/1/2012		175		23
MCHP 2.125 12/15/2037		227		144
MDT 1.5 04/15/2011		1,276		1,198
MDT 1.625% 4/15/13		1,867		1,648
MDT 1.625% 4/15/13 ROR		574		506
MASSEY ENERGY 3.25 08/01/2015		934		505
MELCO PBL SPV LTD 2.4 09/10/2012		990		797
MERRILL LYNCH & CO 0 03/13/2032		15		16
MIL 3.75% 06/01/26		445		392
NISHIMATSU 0% 10/30/2009		10,000		102
NOBLE GROUP LTD 0 06/13/2014		505		475
NIPPON YUSEN KABU 0% 24SEP26 CVB		20,000		213
PTRY 3% 11/15/12		1,012		617
RITE AID CORP 8.5 05/15/2015		43		12
REGAL ENTERTAINMENT GRP 6.25 03/15/2011 144A		124		98
RIG 1.5 12/15/2037 SERIES B		98		80
RIG 1.5 12/15/2037 SERIES C		1,959		1,525
RADIOSHACK CORP 2.5 08/01/2013 144A		881		718
RASER TECHNOLOGIES INC 8 04/01/2013 ROR		186		115
SBAC 1.875 05/01/2013 144A		527		317
SINA 0% 07/15/23		388		405
CHINA PETROLEUM & CHEM. CORP 0% 24APR14 CVB		4,000		500
SIVB 3.875 04/15/2011 144A		542		435
SNDK 1% 05/15/13		988		410
SOFTBANK CORP 1.5 03/31/13		20,000		196
SOLARFUN POWER HOLDINGS 3.5 01/15/2018 144A		305		94
SUNPOWER CORP 1.25 02/15/2027		59		46
SUNTECH POWER HLDGS CO 3 03/15/2013 ROR		425		187
SUMITOMO METAL 0% 06/22/09		15,000		182
SUZUKI MOTOR CORP 0% 29MAR13 CVB		30,000		285
SYMC 1 06/15/2013		507		467
TATA MTR CARS 0% 12JUL12 CVB		500		231
TOBU RAILWAY CO LTD 0% 31MAR16 CVB		10,000		110
TOPPAN PRINTING CO 0% 12JUN26 CVB		65,000		663
TSL 4 07/15/2013		213		78
TYSON FOODS INC 3.25 10/15/2013		750		605
UAG 3.5% 4/1/26		146		83
UAUA 4.5 06/30/2021		68		34
UAL CORP 4.5 06/30/2021 ROR		124		61
UAUACORP 5 02/01/2021		84		41
VNO 2.85% 3/15/2027		177		132
VRSN 3.25 08/15/2037		888		566
VERISIGN INC 3.25 08/15/2037 ROR		40		26
WILMAR INTERNATIONAL LTD 0% 12/18/12 CVB		1,000		869
WRLD 3 10/01/2011		61		38
YANLORD LAND GRP 0% 06FEB12 REGS CB		500		285
WESTPOINT STEVENS TERM LOAN		120		3
CITCO TERM LOAN B BD		170		77
CONVA TEC MEZZANINE FINANCING		147		175
FERRETTI 2ND LIEN 2		34		9
FERRETTI MEZZANINE		63		9


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

FORMULA 2LN (ALPHA TOPCO)		414			166
GAMBRO 2 LN EUR		5			4
GAMBRO A1 SEK		64			5
GAMBRO A2 SEK		65			6
GAMBRO A3 SEK		183			15
GAMBRO B2 USD		33			20
GAMBRO C2 USD		33			20
GAMBRO PIK A EUR		105			57
GAMBRO PIK C EUR		181			99
GAMBRO TL B EUR DBT		72			67
GAMBRO TL C EUR DBT		65			60
ISS 2ND LIEN DBT		174			107
LUCITE TL B USD		72			57
MACH 2ND LIEN DBT WP ROAMING		78			60
MACH B 1ST LIEN EUR		42			39
MACH C 1ST LIEN EUR		42			39
SPRINGER A1 USD DBT 06/22/2010		2			1
SPRINGER A1 USD DBT 06/22/2010		1			1
SPRINGER TL E1 USD		11			7
SPRINGER SCIENCE 2ND LIEN EUR		5			4
SPRINGER SCIENCE 2ND LIEN USD		55			30
SPRINGER SCIENCE TL B1 EUR		16			15
SPRINGER SCIENCE TL C1 EUR		24			22
SPRINGER SCIENCE TL E1 EUR		6			6
SPRINGER SCIENCE TLG EUR		162			145
FORMULA 1 RCF (ALPHA TOPCO)		4			(2	)
KDG PIK EURIBOR +700		100			77
WORLD DIRECTORIES PIK		214			12
BAUSCH & LOMB TL L+300		23			16
CASEMA 2ND LIEN		21			20
CATALINA MARKETING TERM LOAN		46			28
CHARTER 1ST LIEN TL		187			136
COM HEM 2 LN SEK-D RECAP		37			1
DRESSER 1ST LIEN L+250 05/04/14		71			44
DRESSER 2ND LIEN		94			38
FIRST DATA TL B2		117			75
FIRST DATA TL B1		116			75
FORD MOTORS TL		255			105
GEORGIA PACIFIC TL B1 L+175 12/20/2012		24			19
HCA CORP TERM LOAN		70			56
KLOECKNER TL SENIOR TERM FACILITY 1 USD		37			18
LAND SOURCE 1 LN L+275		2,042			306
LAND SOURCE 2 LN L+450		138			3
LYONDELLBASELL TL B3 L+375		17			8
THOMSON 1 LN		70			45
TRIBUNE TL B L+300 NA		544			114
TXU TL B2		71			49
WIND 2LN TL		52			42
WIND 2ND LIEN TL		185			206
KABEL DEUTSCHLAND REVOLVER		22			3
UNITY MEDIA RCF		77			3
LANDSOURCE DIP L+600 05/31/2009 REV		112			48
SCULPTOR HOLDINGS II SARL		620			620
MASTER-LUX2 SCULPTOR HOLDINGS SARL		1,052			1,052
MASTER-LUXEMBOURG		1,052			1,052
WACHOVIA 7.5 PFD L SERIES		3			2,366
QINGHAI SALT LAKE POTASH -A USD SWP UBS		3			(24	)
LG CHEM LTD USD CFD UBS		—			(1	)
PAUL Y.ENGINEERING GROUP SES UBS		501			(56	)
ANHUI CONCH CEMENT CO LTD A SWP USD UBS		25			(30	)
ACE AVIATION HOLDINGS INC-A SWP UBS		1			(11	)
AMERICAN INTL GRP 8.5 PFD CFD UBS		3			—
BARCLAYS 9.75 06/09 SWP UBS		450			(16	)
BABCOCK & BROWN CAPITAL CFD UBS		38			(5	)
FTSE 350 GEN RETAIL INDEX UBS		—			1
ISHARES FTSE/XINHUA CHINA 25 INDEX FUND		3			5
MACQUARIE MEDIA GROUP LTD SES UBS		114			30
MVELAPHANDA RESOURCES UBS CFD SWAP		5			(1	)
STOCKLAND TRUST AUD CFD UBS		12			5
DJ STOXX 100 UTILITIES UBS SWP EUR		—			3
DJ STOXX 600 BANK UBS SWP EUR		2			(3	)
DJ STOXX 600 IGS UBS SWP EUR		2			16
DJ STOXX 600 RETAIL SWP UBS		1			(1	)
VALIANT PETROLEUM SWP UBS1		5			(2	)
GS HOLDINGS CORP UBS CFD SWP		—			(2	)
NTN CORP UBS JPY CFD		(2	)		—
AMERICAN INTL GROUP CFD UBS		(5	)		92
BARCLAYS PLC SWP UBS GBP		(294	)		58
IMPALA PLATINUM UBS CFD SWP		(2	)		(4	)
FTSE 250 INDEX UBS SWP		—			36
PKO BANK POLSKI SA UBS SWP		(3	)		(12	)
BANCO POPULAR SWP UBS		(8	)		—
PERSIMMON CFD UBS		(4	)		10
REINET INVESTMENTS UBS SWP		(6	)		1
RUSSIA EX OIL UBS CFD		—			18
DJS SMALL CAP 22 INDEX UBS SWP		(1	)		54
EURO STOXX ENERGY INDEX UBS SWP		—			36
DJ EUROPE ST INSUR INDEX UBS SWP		—			17
DJ STOXX 600 BASIC RESOURCES UBS SWAP		—			81
CCRT 5.875 11/30/2035		(120	)		(28	)
VORNADO 3.625% 11/15/2026		(89	)		(71	)
ATK 6.75% 4/1/2016		(62	)		(56	)
GENERAL CABLE CORP 7.125 04/01/2017		(157	)		(102	)
CETV 8.25 05/15/2012		(62	)		(61	)
CEVA GROUP PLC 10 12/01/2016		(50	)		(26	)
FCX 6.875% 02/01/14		(37	)		(32	)
PANTRY INC 7.75 2/15/14		(122	)		(85	)
TRIBAL 8 04/01/2012		(120	)		(74	)
UAG 7.75 12/15/2016		(171	)		(73	)
WACHOVIA CORP 7.98 2/28/49		(3,076	)		(2,579	)
AES 8% 10/15/2017		1,408			1,126
AES 8% 6/1/2020 144A		791			593
ATLAS ENERGY RES 10.75% 2/1/18 144A		659			395
ATLAS PIPELINE 8.125 12/15/2015		961			631
ATLAS PIPELINE 8.75 06/15/18 144A		659			423
CHIQUITA 7.5% 11/01/14		113			78
CHS/COMMUNITY 8.875% 7/15/2015		510			467
FCX 8.375/% 4/1/17		370			301
HCA 5.75% 03/15/2014		367			226
HCA 6.3% 10/01/2012		585			419
HCA 6.75% 07/17/2013		385			247
LAUREATE EDUCATIONS 10% 08/15/15		238			155
RAS 6.875 4/15/2027		148			50
REALOGY 10 1/2% 4/15/2014		3,081			539


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

SELECT MEDICAL 7.625% 2/1/2015		2,874			1,523
SELECT MEDICAL LIBOR+5.75% 9/15/2015		226			119
SLM CORP 5 1/8% 08/27/2012		328			253
SLM CORP 5% 10/1/2013		328			236
TEXAS ELECTRIC 10 1/4% 11/1/15 144A		136			96
UNITED SURGICAL 8.875 5/1/17		847			576
UNITED SURGICAL 9.25 5/1/17		410			251
CIS OPTIONS		61			—
CIS PRIVATIZATION VOUCHERS		15			61
STAR ASIA FINANCIAL LTD-144A		26			26

Total fixed income securities		262,951			38,614


Accounts receivable and payable
OZSLFPayable — Stock Loan Fee Payable		46			(46	)
OZINSPayable — Interest On Swap Payable		3			(3	)
OZFWHPayable — Foreign Tax Withheld Payable		1			(1	)
OZINTPayable — Interest Payable		1			(1	)
OZSSLPayable — Swap Stock Loan Payable		1			(1	)


Total accounts receivable and payable		52			—


GUARANTEED INSURANCE CONTRACTS
PRINCIPAL (3)89759 007		13,617			13,617
MONUMENTAL LIFE		209,902			209,902
STATE STREET SYNTHETIC		208,935			208,935
NATIXIS FINANCIAL PRODUCTS		209,360			209,360
Minus Dwight Wrapper Contract Value		(629,826	)		(629,826	)
Contract Adjustment to fair value		540			540

Total Guaranteed Investment Contracts		12,528			12,528


LONG ASSET BACKED SECURITIES
ACE 2006-FM1 A2C FLT 07/25/2036		277			64
AHMA 2007-2 A1 FLT 03/25/2047		666			287
ALESC 8A A1A FLT 12/23/2035 144A		226			76
ALESC 8X A1A FLT 12/23/2035 144A		251			85
ARMT 2006-1 2A1 03/25/2036		671			302
BSAAT 2007-1 1A1 FLT 09/25/2047		1,483			690
CCI 2006-1A G FLT 11/15/2036 144A		9			5
CMLTI 2006-NC2 A2B FLT 09/25/2036		132			55
CMLTI 2006-WF1 A2D 5.923 03/25/2036		366			146
CWALT 2006-HY10 3A1 FLT 05/25/2036		1,158			591
FFMER 2007-2 A2C 3.49875 05/25/2037		530			187
FHAMS 2006-FA8 1A7 6 02/25/2037		179			111
GRNPNT FDG TR SER 2007-AR2 CL 1A4A FLT 04/25/47		254			109
GSAA 2006-16 A1 FLT 10/25/2036		1,097			636
GSR 2007-AR2 1A1 FLT 05/25/2047		1,884			931
HARTFORD MEZZ 2007-1A A1 08/25/2042		347			174
INCAPS FUNDING I LTD/CRP FLT 06/01/2033 144A		529			238
JPALT 2006-S2 A6 6.05 05/25/2036		331			184
JPMAC 2006-WF1 A6 6 07/25/2036		400			175
LUM 2006-6 A1 3.45875 10/25/2046		274			112
MARRE 2006-1A A1 FLT 05/25/2046		521			130
MLMBS 2007-2 1A1 FLT 08/25/2036		65			35
MLMBS 2007-3 2A1 FLT 06/25/2037		62			32
MSAC 2007-NC1 A2C FLTR 11/25/2036		1,061			345
NWSTR 2005-1A A1 FLT 07/25/2018		1,157			578
RALI 2007-QS1 2A6 5.75 01/25/2037		846			448
SARM 2006-2 5A1 FLT 03/25/2036		128			62
WAMU 2007-HY6 2A1 FLT 06/25/2037		1,472			736
WFMBS 2006-AR10 2A1 5.635588 07/25/2036		214			123
WFMBS 2006-AR10 4A1 FLT 07/25/2036		430			247
WFMBS 2006-AR12 1A1 FLT 09/25/2036		126			69
WFMBS 2006-AR13 A2 5.747751 09/25/2036		101			55
WFMBS 2006-AR14 2A3 FLT 10/25/2036		99			53
WFMBS 2006-AR16 A1 FLT 10/25/2036		281			159
WFMBS 2006-AR8 2A1 5.240004 04/25/2036		176			101
WMALT 2006-AR2 A1A FLT 04/25/2046		703			290

Total Long Asset Backed Securities		18,506			8,621	*


DERIVATIVES
C 2009 JUN 17.5 CALL		—			1
CF US 2009 MAY 75 CALL		—			15
GENZ 2009 JAN 70 CALL		—			4
MET 2009 JAN 45 CALL		—			8
MET 2009 MAR 50 CALL		—			4
POT 2009 JUN 85 CALL		—			26
VRX 2009 JAN 20 CALL		—			16
TEVA 2010 JAN 50 CALL		—			13
XTA LN CALL 16 20MAR09		—			1
YKA+AC 2010 JAN 15 CALL		—			1
SONY E CALL 5642 23MAR09		20			—
USD/HKD 7.75 PUT 22OCT09 MS		1,387			7
USD/HKD 7.7505 PUT 27OCT09 MS		694			4
USD/HKD 7.75 PUT 29OCT09 MS		1,734			9
AAI+MU 2009 JAN 7.5 PUT		—			4
AWK 2009 JAN 20 PUT		—			2
CUE+MD 2009 JAN 20 PUT		—			67
DOW 2009 MAR 10 PUT		—			4
ETR 2009 JAN 70 PUT		—			3
HUT+MA 2009 JAN 5 PUT		—			1
IPG 2009 JAN 5 PUT		—			10
LIFE 2009 JAN 30 PUT		—			14
EQIX 2010 JAN 30 PUT		—			28
TSL 2010 JAN 12.5 PUT		—			27
TSL 2010 JAN 15 PUT		—			8
BBG 2010 JAN 20 PUT		—			34
LDK 2010 JAN 10 PUT		—			7
LDK 2010 JAN 15 PUT		—			12
ENER 2010 JAN 25 PUT		—			8
ENER 2010 JAN 35 PUT		—			14
ENER 2010 JAN 22.5 PUT		—			7
ARM 2010 JAN 7.5 PUT		—			17
LER+MD 2010 JAN 20 PUT		—			16
IART 2010 JAN 20 PUT		—			9
KSU 2010 JAN 20 PUT		—			19
RGC 2010 JAN 10 PUT		—			31
SINA 2010 JAN 10 PUT		—			20
SPWRA 2010 JAN 30 PUT		—			18
LNG+MC 2009 JAN 15 PUT		—			88
BMRN 2010 JAN 15 PUT		—			2
HW 2010 JAN 5 PUT		—			25
HW 2010 JAN 10 PUT		—			62
PTRY 2010 JAN 12.5 PUT		—			23


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par		Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value		Value

FEIC 2010 JAN 12.5 PUT		—		7
HOLX 2010 JAN 12.5 PUT		—		6
CCRT 2010 JAN 10 PUT		—		104
CCRT 2010 JAN 15 PUT		—		33
CCRT 2010 JAN 7.5 PUT		—		12
UDR NEW 2010 JAN 10 PUT		—		24
UAUA 2010 JAN 15 PUT		—		29
UAUA 2010 JAN 20 PUT		—		83
ILMN 2010 JAN 10 PUT		—		4
ESLR 2010 JAN 5 PUT		—		15
LEH 2009 JAN 10 PUT		—		80
PGR 2009 JAN 10 PUT		—		1
TVQ+MH 2009 JAN 40 PUT		—		2
SOLF 2010 JAN 5 PUT		—		24
SOLF 2010 JAN 7.5 PUT		—		23
SBAC 2010 JAN 25 PUT		—		38
LNCR 2010 JAN 10 PUT		—		3
LNCR 2010 JAN 20 PUT		—		6
CQB 2010 JAN 10 PUT		—		13
AMD 2010 JAN 5 PUT		—		48
AMD 2010 JAN 7.5 PUT		—		124
SIVB 2010 JAN 20 PUT		—		42
SIVB 2010 JAN 30 PUT		—		29
CNO 2010 JAN 7.5 PUT		—		156
GB 2010 JAN 10 PUT		—		1
XNG 2009 JAN 380 PUT		—		24
HRZ 2010 JAN 10 PUT		—		58
HRZ 2010 JAN 17.5 PUT		—		44
CIEN 2010 JAN 5 PUT		—		6
CIEN 2010 JAN 10 PUT		—		10
CIEN 2010 JAN 20 PUT		—		18
LNG 2010 JAN 10 PUT		—		24
ACF 2010 JAN 12.5 PUT		—		35
GY 2010 JAN 7.5 PUT		—		20
CSUN 2010 JAN 5 PUT		—		6
AAI 2010 JAN 5 PUT		—		36
RIO 2010 JAN 22.5 PUT		—		264
MIL 2010 JAN 30 PUT		—		14
LBTYA 2010 JAN 20 PUT		—		55
STP 2010 JAN 10 PUT		—		73
AMG 2010 JAN 50 PUT		—		26
CMED 2010 JAN 10 PUT		—		2
CMED 2010 JAN 20 PUT		—		18
SONO 2010 JAN 15 PUT		—		10
SNDK 2010 JAN 10 PUT		—		93
AIR 2010 JAN 10 PUT		—		4
AIR 2010 JAN 7.5 PUT		—		2
VRSN 2010 JAN 20 PUT		—		9
NLY 2010 JAN 7.5 PUT		—		3
ADCT 2010 JAN 5 PUT		—		20
BGC 2011 JAN 10 PUT		—		1
CAC40 10 EURO FUT JAN09		—		4
DAX INDEX FUTURE MAR09		—		24
WTI CRUDE FUTURE MAY09		—		1
WTI CRUDE FUTURE JUN09		—		1
S&P500 EMINI FUT MAR09		—		1
S&P MID 400 EMINI MAR09		—		(53	)
IBEX 35 INDX FUTR JAN09		—		(3	)
TOPIX INDX FUTR MAR09		—		(6	)
MSCI TAIWAN INDEX JAN09		—		(6	)
US 10YR NOTE FUT MAR09		—		(9	)
US LONG BOND(CBT) MAR09		—		(541	)
DJ EURO STOXX 50 MAR09		—		(2	)
SPI ASX 200 FUTURES MAR09		—		(6	)
CHE 1.875 14A ASW 15MAY14		100		—
KEP LAND ASW 2.5 23JUNE11 DB		600		—
MDT 1.5% 04/11 144A SWP DB		200		—
MIL 3.75% ASW 01JUN26		100		—
MIL 3.75% ASW 01JUN26		100		—
MITSUBISHI CHEMICAL HLDG 21OCT11 ASW		60,000		—
SINOCHEM HK HLDGS 07AUG09 ASW ML		1,500		4
SINOCHEM 07AUG09 ASW ML		220		1
SINOPEC 70 ASW 24APR11 ML		500		—
SUMITOMO LIGHT METAL ASW 24APR09 UBS		35,000		—
SUZUKI MTR CORP ASW 29MAR13 MS		30,000		—
SYMC L+100 DB ASW		300		3
TAIHEIYO ASW 11MAY10 UBS		42,000		—
ITRAXX XOVER SER10 560 12/20/2013 DB		500		101
ITRAXX XOVER SERI 10 560 12/20/2013 UBS		200		40
BXP 3.625 144A SWP DB 1		1,257		30
EQUINIX INC 3 10/15/2014 SWP DB		86		(30	)
GGP 3.98 04/15/07 SWP DB1		179		(32	)
IART 2.75 06/01/2010 144A SWP BNP		126		(3	)
ML 03/13/2032 CBS DB		200		24
PLD 2.625 5/15/2038 CBS DB 1		475		41
UDR 4% 12/15/35 SWP CS 1		808		56
UDR 4% 12/15/35 SWP DB		10		(2	)
VORNADO 3.875% 04/15/25 SWP CS		553		28
VORNADO 3.875% 04/15/25 SWP DB1		129		7
SUMI METAL MINING 18 DFT 22JUL09 UBS		15,000		—
KOMATSU DFT 105 20DEC13 UBS		10,000		—
KOMATSU DFT 115 20DEC13 UBS		10,000		—
KOMATSU DFT 140 20DEC13 CS		10,940		(1	)
SUZUKI MTR DFT 30APR13 DB		10,000		10
HOPSON DFT 20MAR10 MS		200		79
TOPPAN PRINT DFT 12JULY11 DB		60,000		8
HANKYU DEPT DFT 16SEP2011 UBS		30,000		6
TOBU DFT 30APR09 DB		10,000		—
NIPPON YUSEN DFT 61 20OCT11 DB		15,000		5
NIPPON YUSEN KABU 0% 24SEP26 DFT MS		5,000		3
ADECCO DFT 148 20SEP13 BARCAP		200		3
AMGN DFT 20MAR13		1,000		29
BXP DFT 172 03/20/2014 CS		500		109
BXP DFT 420 03/20/2014 JPM		500		63
CAPITALAND DFT 12APR15		250		15
CFC DFT 295 06/20/2013 DB		500		(38	)
CFC DFT 06/20/2009		1,000		1
CHK DFT 06/20/2017		250		79
CHK DFT 710 12/20/2013 BARC		500		59
CNP DFT 390 12/20/2013 ML		1,000		—
CROWN DFT 10OCT10 170 ML		900		49
DOW DFT 272 12/20/2013 BAC		500		25
EOP DFT 06/20/2013		2,500		(20	)
EOP DFT 06/20/2013		500		(11	)


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

EOP DFT 03/20/2013		1,500			(40	)
EOP DFT 03/20/2013		1,000			(28	)
EOP DFT 175 06/20/2013 DB		2,000			(66	)
EOP DFT 06/20/2013 MS		500			4
EOP DFT 06/20/2013		500			2
FD DFT 600 12/20/2013 BARC		1,000			35
FS FUNDING 20MAR2013 MS		100			24
FS FUNDING 20DEC13 640 DB		100			25
FS FUNDING DFT 840 20DEC2013 CS		50			8
GGP DFT 20JUN12		94			76
GROHE DFT 1180 20DEC2014 CS		150			48
GROHE CDS 20MAR2013 CS		50			22
GROHE CDS 914 20OCT2014 CS		50			20
HYNIX SEMI DFT 580 14JUL10 ML		400			101
IMCL 1.375% DFT 15JUN09		500			(5	)
IPG DFT 20JUN09		500			52
IPG DFT 20JUN09		500			52
JNY DFT 375 09/20/2013 BARC		500			85
JWN DFT 675 12/20/2013 BARC		500			(24	)
KCC DFT 350 30NOV10 MS		600			21
KDG CDS 545 20SEP2013 CITI		100			(4	)
KOOKMIN DFT 20MAR10		750			25
KOOKMIN DFT 20JUN10		500			19
LAFARGE DFT 625 20DEC2013 CS		50			5
LIZ DFT 388 09/20/2013 CS		500			153
SMURFIT KAPPA DFT 830 20DEC2013 CS		50			11
MDT DFT 20JUN13		1,000			59
MDT DFT 44 06/20/2013 DB		2,500			—
MEE DFT 360 09/20/2015 UBS		500			95
MER DFT 09/20/2010		100			(3	)
MER DFT 03/20/2013		100			(7	)
MKS LN DFT 20SEP09		500			7
MKS LN DFT 20SEP09		81			1
NOBLE DFT 13JUL11 MS		200			25
NOBLE GROUP DFT 13JUL11		100			10
NSINO DFT JPM 690 03/20/2013		100			22
PLD DFT 275 06/20/2013 ML		500			159
RCL DFT 06/20/2013		500			128
RCL DFT 490 09/20/2013 BARC		500			113
RIG DFT 12/20/2012 JPM		1,500			143
RSH DFT 222 09/20/2013 CS		500			(4	)
SLR DFT 20MAR11		250			(9	)
SLR 0.5 DFT 20MAR11		300			(12	)
STORA ENSO DFT 20 JUNE 2013		50			3
SWK DFT 170 12/20/2013 BARC		500			(4	)
TATA MOTORS 1% DFT 27MAY11		250			66
TSN DFT 330 09/20/2013 BAC		500			24
UDR DFT 110 03/20/2011 CS		100			12
UDR DFT 03/20/2011		100			13
UDR DFT 03/20/2011		250			31
VNO DFT 20JUN12		500			92
WHR DFT 220 12/20/2013 MS		500			32
AIG 8.5 PFD SWP DB1		24			52
FREEPORT-MCMORAN PFD SWP DB 1		1			5
METLIFE 6.375% PFD SWP DB1		5			3
METLIFE 6.375% SPF SWP ML		24			95
XL 7% PFD 02/15/09 SPF DB 1		32			(23	)
PRECISION DRILLING TRUST SWP CSFB EXP		2			2
REINET CSFB SWP EXP		19			1
REINET SA EXP DB		28			1
HYUNDAI MERCHANT MARINE CS USD SWP		(5	)		44
LG CHEM LTD USD SWP JPM		—			3
GS HOLDINGS CORP USD JPM SWP		(1	)		3
GS HOLDINGS CORP USD SWP ML		(2	)		(1	)
NIPPON MEAT PACKERS INC JPY SWP JPM		(2	)		(2	)
HITACHI CONST MACH DB JPY SWP		(11	)		(2	)
NTN CORP SWP JPM		(15	)		5
DAIHATSU MOTOR DB JPY SWP		(2	)		1
WEST JAPAN RAILWAY SWP JPM		—			(2	)
ANCHOR BANCORP WISCONSIN INC		(4	)		26
ANCHOR BANCORP DB SWP		(1	)		2
ANCHOR BANCORP WISCONSIN INC SWP MS		(1	)		7
ADCT CS SWP USD		—			2
AMERICAN INTL GROUP SWP CS		(8	)		17
AMERICAN INTL GROUP SWP DB		(41	)		347
AUROBINDO PHARMA USD SWP ML		(10	)		42
S&P/ASX 200 CONS DISC IX DB AUD SWP		(3	)		33
BILL BARRETT SWP CSFB		—			4
GENERAL CABLE CS SWP USD		—			7
BP PLC EUR SWP CS		(10	)		(2	)
CEDC CS SWP USD		—			2
CENTRAL EUROPEAN MEDIA SWP CSFB		—			1
CHESAPEAKE ENERGY SWP CSFB		(5	)		112
CIENA SWP CSFB		—			1
CMED ADR SWP CS		(7	)		97
CMED ML SWP USD		(2	)		(1	)
CHIQUITA BRANDS SWP CS		(1	)		3
CHINA SUNERGY CO LTD-ADR SWP CS		(6	)		39
EMC SWP CS		—			1
ENERGY CONVERSION DEVICES SWP CS		(2	)		113
EURASIAN NATURAL RES CS SWAP		(1	)		—
EQIX CS SWP USD		(1	)		15
EQUINIX INC SWP DB		(1	)		25
FREEPORT MCMORAN SWP DB		(1	)		47
GLOBALSTAR INC SWP ML		(34	)		2
INTEGRA LIFESCIENCES HOLDING SWP BNP		—			2
ILLUMINA SWP CSFB		—			5
IMPALA PLATINUM CS SWP		(4	)		3
INPALA PLATINUM HLDGS DB SWP ZAR		(9	)		(6	)
INTERPUBLIC GROUP COS CS SWP USD		(4	)		16
ITV SWP CSFB		(7	)		—
KANSAS CITY SOUTHERN CS SWP		—			3
LDK SOLAR CO LTD — ADR SWP MS		(1	)		(1	)
LINCARE SWP CSFB		—			2
MASSEY ENERGY SWP CSFB		—			10
METLIFE INC SWP CS		(15	)		293
METLIFE INC SWP DB		(1	)		17
METLIFE INC SWP ML		(4	)		(42	)
NATL PENN BCSHRS INC CS SWP		(21	)		(3	)
NORTHERN ROCK PLC CSFB SWP GBP		(22	)		21
NORTHERN ROCK PLC DB SWP GBP		(1	)		2
PKO BANK POLSKI SA CS SWP		(1	)		(3	)
PKO BANK POLSKI SA ML SWP		(2	)		(2	)
PROLOGIS TRUST SWP CS USD		—			3


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

PROLOGIS TRUST SWP DB		(3	)		100
PRETORIA PORTLAND CEMENT SWP CS		(18	)		(8	)
PERSIMMON PLC CSFB SWAP		(6	)		14
RECKSON ASSOC REALTY CORP CS SWP ESCROW		(1	)		—
RECKSON ASSOC REALTY CORP DB ESCROW SHS		(1	)		—
ROYAL DUTCH SHELL EUR SWP CS		(3	)		—
REINET INVESTMENTS CS SWP		(36	)		(1	)
REINET INVESTMENTS DB SWP		(2	)		—
REGAL ENTERTAINMENT CSFB SWP USD		—			2
RIO SWP CS		(1	)		13
RZ ML SWP USD		(13	)		(3	)
SABMILLER SWP CSFB		(3	)		(9	)
SOUTH AFRICAN BREWERIES MILLER DB SWP		(1	)		(1	)
SBA COMM SWP CSFB		—			4
DJS SMALL CAP 22 INDEX CS SWAP		—			9
SINA CS SWP USD		—			3
SOLARFUN SWP MS		(13	)		(3	)
SPWR CS SWP USD		(1	)		29
SUNTECH POWER SWP CSFB		—			5
DJ STOXX 600 UTILITIES JPM SWP EUR		(1	)		21
EURO STOXX ENERGY INDEX CS SWAP		—			2
DJ EURO STOXX ENERGY INDEX JPM SWP		—			24
DJ EUROPE ST INSUR INDEX CS SWAP		(1	)		36
SYMANTEC SWP CSFB		(1	)		4
TRINA SOLAR LTD — SPON ADR SWP CS		(6	)		111
UDR INC NEW SWP CS		(12	)		183
CIA VALE DO RIO DOCE SWP USD CS		(3	)		30
VORNADO REALTY CS SWP		(3	)		136
VORNADO REALTY DB SWP		(2	)		98
WILMINGTON TRUST CORP SWP CS		(16	)		46
XL CAPITAL LTD SWAP DB		(12	)		153
QINGHAI SALT LAKE POTASH -A USD SWP DB		5			(45	)
NAMYANG DAIRY PRODUCTS SWP USD ML		—			(10	)
CHUNGHWA TELECOM JPM USD SWP		213			23
PACIFIC CENTURY PREMIUM SWP ML		41			(6	)
PAUL Y. ENGINEERING GROUP ML SWP		17			(2	)
ANHUI CONCH CEMENT CO LTD SWP ML		12			(3	)
ACE AVIATION HOLDINGS SWP CS 1		24			82
ACE AVIATION HOLDINGS SWP DB		—			(2	)
ACE AVIATIONS HLDGS INC SWP ML		4			14
ADMIRAL GROUP SWP CS		18			31
ADMIRAL GROUP JPM SWP		12			20
AFREN CS SWP		38			(26	)
AFREN PLC SWP DB 1		103			9
ATLAS ENERGY RESOURCES SWP CS 1		33			(8	)
ALPHA TIGER PROPERTY TRUST SWP DB		7			(6	)
BABCOCK & BROWN CAPITAL USD SWP JPM		17			(17	)
BABCOCK & BROWN CAPITAL SWP JPM		11			(22	)
CENTRAL AFRICAN MINING SWP CS		18			(5	)
CENTRAL AFRICAN MINING SWP DB		421			(88	)
CONSOLIDATED MEDIA HOLDINGS SWP DB		78			(13	)
CONSOLIDATED MEDIA HOLDINGS LTD AUD SWP JPM 1		98			(29	)
COMPASS GRP CS SWP		20			29
LANCOR HOLDINGS LTD USD SWP ML		16			—
DIAGEO PLC SWP CSFB		7			3
ENERGY CAP INV CO SWAP DB GBP		20			—
FAIRFAX MEDIA LTD AUD SWAP DB		5			(4	)
GREY WOLF INC SWP CS CASH		10			10
HARGREAVES LANSDOWN SWP CS		24			4
HARGREAVES LANSDOWN SWP DB		14			(5	)
HERITAGE OIL SWP CS		20			(6	)
HILLTOP HOLDINGS INC SWP CSFB		26			(25	)
INTERNATIONAL FERRO METALS SWP CS		9			(1	)
LANCASHIRE HOLDINGS LIMITED CSFB SWAP		14			19
MACQUARIE MEDIA GROUP LTD SWP DB		47			12
MACQUARIE MEDIA GROUP SWP JPM		281			(306	)
MVELAPHANDA RESOURCES CS SWP		10			(14	)
MVELAPHANDA RESOURCES DB SWAP 1		27			17
MVELAPHANDA RESOURCES SWP ML		31			20
MWANA AFRICA PLC CS SWP		111			(66	)
MWANA AFRICA PLC DB SWAP		12			(6	)
NEW WORLD RESOURCES SWP DB		17			(257	)
PLAYTECH SWP CS		8			(12	)
PLAYTECH LTD SWP DB1		38			(2	)
RECKSON ASSOC REALTY CORP CS SWP ESCROW		2			—
RECKSON ASSOC REALTY CORP MS SWP ESCROW		20			—
RAILTRACK GROUP DB SWP GBP		168			2
RAILTRACK GROUP ML SWP GBP		91			1
RAILTRACK GROUP UBS SWP GBP 2		16			—
RAILTRACK GROUP UBS SWP GBP 3		45			—
RYANAIR HLDGS PLC CS SWP		29			11
SIMON PROPERTY GROUP INC CS SWP		2			(8	)
SIMON PROPERTY GROUP INC SWP DB		1			(3	)
SERCO CS SWP		8			6
SUG SWP CSFB		14			(168	)
DOCUMEDIA TANGENT COMM DB SWAP		6			(1	)
DOCUMEDIA TANGENT COMM ML SWAP		39			—
TRIMERIS INC SWP CS		4			(14	)
TXCO RESOURCES SWP CS 1		36			(19	)
TXCO RESOURCES INC SWP JPM		3			(12	)
TXCO RESOURCES SWP ML		23			(12	)
UDR US NEW SWP DB		1			1
WESFARMERS LIMITED AUD SWP DB		1			(3	)
WEMBLEY PLC DB SWAP		20			1
GROHE DFT 1090 20DEC2010 CS		(100	)		(24	)
GROHE 3YR CDS 845 20SEPT2011 CS		(100	)		(35	)
NSINO DFT 20SEPT09 1YR 700 DB		(100	)		(9	)
RIO TINTO LTD DFT 20DEC09 1000 DB		(200	)		(1	)
XSTRATA DFT 30 20DEC13 CS		(100	)		(36	)
XSTRATA DFT 500 20DEC2013 RBS		(100	)		(37	)
KOSPI2 INX FUT MAR09 UBS USD SWP		(500	)		(8	)
US DOLLAR Forward		1,439			1,439
US DOLLAR Forward		3,974			3,974
US DOLLAR Forward		1,678			1,678
US DOLLAR Forward		417			417
SWISS FRANC Forward		(1,500	)		(1,400	)
EUROPEAN MONETARY UNIT Forward		(2,800	)		(3,901	)
HONG KONG DOLLAR Forward		(13,000	)		(1,678	)
SINGAPORE DOLLAR Forward		(600	)		(417	)
RREEF CHINA COMMERCIAL TRUST 3.25 JAN 12 09		(799	)		(1	)
EQIX 2010 JAN 90 CALL		—			(30	)
IART 2010 JAN 60 CALL		—			(3	)
KSU 2010 JAN 30 CALL		—			(3	)
SPWRA 2010 JAN 80 CALL		—			(2	)


Identity of issue, borrower, lessor, or similar party including Maturity	Shares/ Par			Current
Date, Rate of Interest, Collateral, Par, or Maturity Value	Value			Value

PTRY 2010 JAN 30 CALL		—			(10	)
FEIC 2010 JAN 25 CALL		—			(3	)
UDR NEW 2010 JAN 30 CALL		—			(3	)
UAUA 2010 JAN 40 CALL		—			(1	)
UAUA 2010 JAN 50 CALL		—			(1	)
NOQ+AE 2009 JAN 25 CALL		—			(3	)
SOLF 2010 JAN 20 CALL		—			(1	)
SBAC 2010 JAN 40 CALL		—			(1	)
WUE+AC 2010 JAN 15 CALL		—			(7	)
SIVB 2010 JAN 50 CALL		—			(2	)
CNO 2010 JAN 25 CALL		—			(1	)
GB 2010 JAN 30 CALL		—			(5	)
CHK 2010 JAN 60 CALL		—			(2	)
XNG 2009 JAN 380 CALL		—			(18	)
HRZ 2010 JAN 30 CALL		—			(1	)
AAI 2010 JAN 10 CALL		—			(3	)
YGI+AV 2010 JAN 12.5 CALL		—			(2	)
LBTYA 2010 JAN 40 CALL		—			(1	)
STP 2010 JAN 45 CALL		—			(1	)
SONO 2010 JAN 35 CALL		—			(1	)
STP 2011 JAN 10 CALL		—			(74	)
SBERBANK $1 JAN 16 2009 OTC CALL CS		(174	)		(2	)
HITACHI CONST MACH 966.2885 PUT 12FEB09		(4	)		(3	)
WESTFIELD GROUP 12.00 PUT 29JAN09 UBS		(1	)		—
EUR FX 03/16/09 FWD (AE)		(25	)		(35	)
GBP FX 03/16/09 FWD (DOLC)		(450	)		(652	)
SPX DEC09 1200 CALL		—			(66	)
SPX DEC09 550 PUT		—			(75	)
CITCO B US SWP DB		29			(15	)
FALCON TERM LOAN C1 CZK DRES		929			(10	)
FALCON TERM LOAN C2 CZK DRES		858			(9	)
FALCON TERM LOAN D1 EUR DRES		9			(2	)
FALCON TERM LOAN D2 EUR DRES		8			(2	)
FERRETTI 2ND LIEN SWAP DRES		65			(67	)
WORLD DIRECTORIES FACILITY 1 SWP DRES		189			(146	)
PUNCH TAVERNS PLC		122			(773	)
RYANAIR HOLDINGS PLC		212			(224	)
ENTERPRISE INNS SWAP ETI.LN		143			(723	)
HMV GROUP PLC		(5	)		—
RIGHTMOVE PLC		40			(97	)
BM&F BOVESPA SA		3			1
EXPERIAN GROUP LTD		39			(3	)
DAILY MAIL&GENERAL TST-A NV		(31	)		51
CENTRAIS ELECTRICAS BRAS-PR B		(10	)		(4	)
GAME GROUP PLC		177			(215	)
MULTIMEDIA POLSKA SA MMP.PW		6			1
PUNCH TAVERNS PLC		24			(25	)
RYANAIR HOLDINGS PLC		68			31
ENTERPRISE INNS SWAP ETI.LN		59			(65	)
HMV GROUP PLC		(30	)		(4	)
RIGHTMOVE PLC		18			(24	)
BM&F BOVESPA SA		166			(519	)
EXPERIAN GROUP LTD		97			89
DOMINO’S PIZZA UK & IRL PLC		6			(1	)
HAMMERSON PLC		(25	)		28
RAKUTEN INC		(1	)		(8	)
BRITISH LAND CO PLC		(24	)		7
PEARSON		(26	)		(19	)
YAHOO! JAPAN CORP		(1	)		(23	)
HOME RETAIL GROUP		(144	)		(23	)
DENTSU INC		—			(27	)

Total Derivatives		381,841			1,897


LONG PREFERRED STOCK
AMBAC FINANCIAL GRP INC		27			329
ADLAC 5.5% SERIES D ESC		3			—
ADLAC 7.5% 11/04 ESCROW		9			—
ADLAC 7.5% 05 F ESCROW		183			—
ADM 6.25 PFD 6/01/11		21			770
AHL 5.625% PFD		1			42
AMERICAN INTL GROUP 8.5 PFD		17			143
AMG 5.1 CONV PFD		4			76
VALE CAPITAL LTD 5.5 (SERIES RIO) PFD		68			1,867
VALE CAPITAL LTD 5.5 (SERIES RIOP) PFD		48			1,265
CNP 2% 09/15/29		21			391
ENTERGY A PFD 02/17/09		21			1,027
FREEPORT-MCMORAN COPPER 6.75% PFD		2			81
KSU 5.125% PFD		—			70
LM 7 PFD 06/30/11		18			398
ALLIANT ENER RES LNT 7.25 02/15/30		6			239
METLIFE 6.375% PFD		125			1,283
NLY 6% PFD		8			245
XL CAPITAL LTD 10.75% PFD		47			461
XL 7% PFD 2/15/09		100			193
ASPEN INSURANCE HLDG LTD		(1	)		(10	)
NLY A PFD 7.875%		(1	)		(24	)
URSA BANK		579			116
EMBOTELLAD ANDINA		35			63
ITAUSA INV ITAU SA		84			289
SAMSUNG ELECTRONIC		4			907
EMBOTELLA ANDINA		20			46
MAGUIRE PROPERTIES INC		17			19

Total Long Preferred Stock		1,466			10,286


RIGHTS
LLOYDS TSB GROUP		204			—
CHINA OV.LAND + LTD ANRECHTE		18			—

Total Rights		222			—


GRAND TOTAL		3,048,855			3,624,516


*		denotes party in interest

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Acquired and
Disposed of Within the Plan Year)
December 31, 2008


	Investment Description
	(including maturity date
Identity of Issue, Borrower,	and coupon rate for	Cost of		Proceeds of
Lessor, of Similary Party	fixed income securities)	Acqusition ($)		Disposition ($)

LAZARD LTD	Common Stock		29,740.00		33,210.00
BLACKSTONE GROUP LP	Common Stock		5,091.00		11,020.00

The above information was derived from data certified accurate and complete by State Street Bank, trustee.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		THE GOLDMAN SACHS 401(k) PLAN

		Members of the Administrative Committee

		By:		/s/ Francesca Murphy

		Name: Francesca Murphy

		By:		/s/ Peter Johnson

		Name: Peter Johnson

		By:		/s/ Edina Jung

		Name: Edina Jung

		By:		/s/ Richard J. Stingi

		Name: Richard J. Stingi

Date: June 29, 2009

INDEX TO EXHIBITS


Exhibit No.		Description

23		Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm

The Goldman Sachs Group, Inc. (GS) 11-KAnnual report of employee stock purchases