Barclays Global Investors Limited Murray House, 1 … House, 1 Royal Mint Court London, EC3N 4HH,...

Registered in England. Registered No:796793. Registered Office: 1 Churchill Place, London E14 5HP. Authorised and regulated by the Financial Services Authority. No: 119186.

17 September 2008 Dear Shareholder In response to client enquiries and recent market events, we felt it would be helpful to provide some market context and clarity regarding the holdings in the Barclays Global Investors (BGI) Sterling Liquidity First Fund, the BGI US Dollar Liquidity First Fund, the BGI Euro Liquidity First Fund and the BGI Euro Government Liquidity Fund. While we do not generally comment on portfolio holdings outside the normal monthly publication schedule, we understand that timely communication and information about Fund holdings may be particularly important to our clients during this volatile period in the capital markets. On Monday, 15 September 2008, interim holdings reports were issued for the BGI Sterling Liquidity First Fund, the BGI US Dollar Liquidity First Fund, the BGI Euro Liquidity First Fund and the BGI Euro Government Liquidity Fund; they are also attached to this letter and available on our website www.bgicashfunds.com. Given recent market events, we wanted to confirm the following with regards to the above Funds: • The Funds do not have any Lehman Brothers holdings, nor do the Funds have any

counterparty exposure to Lehman Brothers. • The Funds do not have any AIG holdings, nor do the Funds have any counterparty

exposure to AIG. • The Funds do not have any Washington Mutual holdings, nor do the Funds have any

counterparty exposure to Washington Mutual. • The Funds do not have any Merrill Lynch holdings, nor do the Funds have any

counterparty exposure to Merrill Lynch. • The Funds do not have any Wachovia holdings, nor do the Funds have any

counterparty exposure to Wachovia.

In other market developments, regrettably, Reserve Management Company, a privately owned investment adviser, announced that one of its US money market funds (The Primary Fund) was unable to maintain a $1.00 NAV, an event triggered by recent market conditions and more specifically, the fund’s exposure to unsecured debt of Lehman Brothers.

This type of event (known as “breaking the buck”) is extremely rare. Since 1970 there has only been one previous instance of a US money market fund breaking the buck and no International money market funds have ever broken the buck.

Barclays Global Investors Limited Murray House, 1 Royal Mint Court

London, EC3N 4HH, United Kingdom


Barclays Global Investors by comparison is the asset management arm of Barclays PLC, the third largest bank in the United Kingdom with a market capitalization of over $40 billion. We therefore believe that BGI's scale, extensive experience managing money market funds through multiple market events, credit research resources and our continual focus on risk management are the primary reasons why investors entrust their cash investments with us. Money market funds are a successful and useful financial product for millions of investors. Although investments in money market funds are not guaranteed, investors benefit from the security, liquidity, and diversification that these funds provide. Today, money market funds hold more than $4 trillion in assets globally for a wide range of individual and institutional investors. As expected, we are closely following the money markets, working diligently to meet the investment objectives of the Funds and their shareholders, and focusing on preserving principal while providing liquidity to our clients. We continue to see normal investment activity across our money market funds and welcome any opportunity to discuss our portfolio management approach with our clients.

Should you have any additional questions, your BGI relationship manager is available to assist you.

Steve Monroe Mark Stockley Managing Director Managing Director Global Head of Cash Management Global Head of Cash Sales


The Barclays Global Investors Cash Selection Funds plc., (the “Funds”) (An umbrella investment company

with variable capital and having segregated liability between its Funds incorporated with limited liability in

Ireland under registration number 233394) is a fund, authorised in the Republic of Ireland by the Financial

Regulator as a UCITS on 6 October, 1998, operating in line with the European Communities (Undertakings

for Collective Investment in Transferable Securities) Regulations 2003 (SI No. 211 of 2003), as amended by

the European Communities (Undertakings for Collective Investment in Transferable Securities)

(Amendment) Regulations 2003 (SI No. 212 of 2003), the European Communities (Undertakings for

Collective Investment in Transferable Securities) (Amendment No. 2) Regulations 2003 (SI No. 497 of 2003)

and by the European Communities (Undertakings for Collective Investment in Transferable Securities)

(Amendment No. 4) Regulations 2003 (SI No. 737) as same may be amended.

The information attached and contained in the interim holdings reports, is for information purposes only

and does not represent a guarantee or a solicitation to purchase. The information represents an assessment

of the market environment at a specific time and is not intended to be a forecast of future events, or a

guarantee of future results. This information should not be relied upon as research or investment advice

regarding the funds or any security in particular.

Deposits

UBS AG 15/9/08 141,500,000 0.80 P-1 A-1+

BNP PARIBAS 15/9/08 400,000,000 2.25 P-1 A-1+

DANSKE BANK A/S 15/9/08 600,000,000 3.38 P-1 A-1+

DEUTSCHE BANK AG 15/9/08 350,000,000 1.97 P-1 A-1+

ABN AMRO BANK NV 15/9/08 220,000,000 1.24 P-1 A-1+

CREDIT AGRICOLE S.A. 15/9/08 216,800,000 1.22 P-1 A-1+

NATIONAL BANK OF CANADA 15/9/08 112,900,000 0.64 P-1 A-1

RABOBANK NEDERLAND N.V. 15/9/08 650,000,000 3.66 P-1 A-1+

DEXIA BANK BELGIUM, LONDON BRANCH 15/9/08 515,000,000 2.90 P-1 A-1+

FORTIS BANK (Fortis Bank S.A./N.V.) 15/9/08 390,000,000 2.20 P-1 A-1

Certificate of Deposits

ING BANK NV 15/9/08 100,000,000 0.57 P-1 A-1+

NORDEA BANK FINLAND PLC 15/9/08 175,000,000 0.99 P-1 A-1+

SOCIETE GENERALE 16/9/08 150,000,000 0.85 P-1 A-1+



UNICREDITO ITALIANO SPA 22/9/08 175,000,000 0.99 P-1 A-1

LLOYDS TSB BANK PLC 29/9/08 125,000,000 0.71 P-1 A-1+


ALLIED IRISH BANKS PLC 30/9/08 175,000,000 0.99 P-1 A-1

BARCLAYS BANK PLC 7/10/08 150,000,000 0.87 P-1 A-1+

CREDIT SUISSE 9/10/08 125,000,000 0.73 P-1 A-1+

BANCO SANTANDER SA 10/10/08 75,000,000 0.44 P-1 A-1+

INTESA SANPAOLO BANK IRELAND PLC (G-INTESA SANPAOLO SPA) 27/10/08 125,000,000 0.70 P-1 A-1+

ROYAL BANK OF SCOTLAND PLC 3/11/08 150,000,000 0.89 P-1 A-1+

ING BANK NV 5/11/08 150,000,000 0.85 P-1 A-1+




Proprietary & Confidential

BGI STERLING LIQUIDITY FIRST FUND

Cash Investments from BARCLAYS GLOBAL INVESTORS (BGI)

Holdings (unaudited) as of 12 September 2008

Percent of

Security Maturity Par Amount (£) Total Portfolio Ratings

PORTFOLIO CHARACTERISTICS CREDIT BREAKDOWN

Weighted Average Maturity: 43 days A-1+, P-1: 85%

A-1, P-1: 15%

NATIONAL AUSTRALIA BANK 26/11/08 175,000,000 0.99 P-1 A-1+


BANK OF AMERICA NA 14/1/09 90,000,000 0.51 P-1 A-1+


HSBC BANK PLC 21/1/09 175,000,000 1.02 P-1 A-1+



ING BANK NV 13/3/09 100,000,000 0.57 P-1 A-1+


Asset Backed Commercial Paper

CANCARA ASSET SECURITISATION 15/9/08 160,000,000 0.90 P-1 A-1+

TULIP FUNDING CORPORATION 17/9/08 166,800,000 0.94 P-1 A-1+

THAMES ASSET GLOBAL SECURITIZATION 18/9/08 200,000,000 1.13 P-1 A-1


AMSTEL FUNDING CORPORATION 23/9/08 161,000,000 0.91 P-1 A-1+

SOLITAIRE FUNDING LTD/LLC 26/9/08 200,000,000 1.13 P-1 A-1+

SHEFFIELD RECEIVABLES CORPORATION 26/9/08 125,000,000 0.70 P-1 A-1+


GRAMPIAN FUNDING LTD 13/10/08 50,000,000 0.28 P-1 A-1+





Commercial Paper

AVIVA PLC 15/9/08 50,000,000 0.28 P-1 A-1+

BANCO POPULAR ESPANOL 17/9/08 102,000,000 0.57 P-1 A-1+

BANK OF SCOTLAND PLC, AUSTRALIA BRANCH 17/9/08 150,000,000 0.84 P-1 A-1+

BANK OF IRELAND 18/9/08 150,000,000 0.84 P-1 A-1

SUNCORP-METWAY LTD 18/9/08 60,000,000 0.34 P-1 A-1

INSTITUTO DE CREDITO OFICIAL 18/9/08 75,000,000 0.42 P-1 A-1+

ST. GEORGE BANK, LTD 19/9/08 180,000,000 1.01 P-1 A-1

BANQUE FEDERATIVE DU CREDIT MUTUEL 19/9/08 100,000,000 0.56 P-1 A-1+



ENI COORDINATION CENTER SA 24/9/08 50,000,000 0.28 P-1 A-1+

DEXIA FINANCIAL PRODUCTS INC 25/9/08 170,000,000 0.96 P-1 A-1+


DEPFA BANK PLC 26/9/08 92,000,000 0.52 P-1 A-1

ULSTER BANK FINANCE PLC 29/9/08 30,000,000 0.17 P-1 A-1+

CAISSE DES DEPOTS ET CONSIGNATIONS 29/9/08 100,000,000 0.56 P-1 A-1+

UNICREDITO ITALIANO BANK (IRELAND) PLC 3/10/08 100,000,000 0.56 P-1 –

BANCO BILBAO VIZCAYA ARGENTARIA SA 6/10/08 175,000,000 0.99 P-1 A-1+


SWEDBANK MORTGAGE AB (SPINTAB) 9/10/08 150,000,000 0.84 P-1 A-1


GE CAPITAL UK FUNDING 14/10/08 100,000,000 0.56 P-1 A-1+


Percent of




CAISSE NATIONALE DES CAISSES D’EPARGNE ET DE PREVOYANCE 28/10/08 120,000,000 0.68 P-1 A-1+

BANK OF SCOTLAND PLC, AUSTRALIA BRANCH 29/10/08 125,000,000 0.70 P-1 A-1+




CAIXA GERAL DE DEPOSITOS 20/11/08 175,000,000 0.99 P-1 A-1+

NORDEA BANK AB 24/11/08 125,000,000 0.70 P-1 A-1+


CAJA DE MADRID 28/11/08 97,000,000 0.55 P-1 A-1+

SANTANDER COML PAPER UNIPERSONAL SA 28/11/08 125,000,000 0.70 P-1 A-1+








Governement Bills

UNITED KINGDOM 5/1/09 150,000,000 0.84 P-1 A-1+

UNITED KINGDOM 2/2/09 9,855,000 0.06 P-1 A-1+

Medium Term Notes

LINKS FINANCE CORPORATION 15/9/08 50,000,000 0.29 P-1 A-1+


GOLDMAN SACHS GROUP, INC 15/9/08 50,000,000 0.29 P-1 A-1+

BANK OF SCOTLAND PLC (HBOS) 1/10/08 125,000,000 0.71 P-1 A-1+

ROYAL BANK OF SCOTLAND GROUP PLC 1/10/08 100,000,000 0.57 P-1 A-1+

K2 CORPORATION 14/10/08 35,000,000 0.20 P-1 A-1+

PARKLAND FINANCE CORPORATION 15/10/08 25,000,000 0.14 P-1 A-1+


BETA FINANCE CORP. LTD 27/10/08 25,000,000 0.14 P-1 A-1+

FIVE FINANCE CORPORATION 27/10/08 49,500,000 0.28 P-1 A-1+

SVENSKA HANDELSBANKEN AB 6/11/08 150,000,000 0.85 P-1 A-1+



CITIGROUP FUNDING INC 21/11/08 94,500,000 0.54 P-1 A-1+


DEXIA BANQUE INTERNATIONALE A LUXEMBOURG 15/12/08 65,000,000 0.37 P-1 A-1+

K2 CORPORATION 15/1/09 25,000,000 0.14 P-1 A-1+


WESTPAC BANKING CORP. 29/1/09 150,000,000 0.85 P-1 A-1+

COMMONWEALTH BANK OF AUSTRALIA 30/1/09 150,000,000 0.85 P-1 A-1+

CITIGROUP FUNDING INC 30/1/09 175,000,000 0.99 P-1 A-1+

NEW YORK LIFE GLOBAL FUNDING 15/3/09 25,000,000 0.14 P-1 –

CITIGROUP INC 26/3/09 80,390,000 0.46 P-1 A-1+


Percent of





K2 CORPORATION 22/4/09 50,000,000 0.28 P-1 A-1+

K2 CORPORATION 27/4/09 40,000,000 0.23 P-1 A-1+

BNP PARIBAS 27/5/09 150,000,000 0.85 P-1 A-1+



CREDIT AGRICOLE S.A. – LONDON BRANCH 3/6/09 150,000,000 0.85 P-1 A-1+

SANTANDER INTERNATIONAL DEBT S.A. UNIPERSONAL 11/6/09 150,000,000 0.85 P-1 A-1+

ING BANK NV 26/6/09 150,000,000 0.86 P-1 A-1+

BNP PARIBAS 26/6/09 175,000,000 1.00 P-1 A-1+



100.00

Forward Settling Trades*

ING BANK NV 17/2/09 125,000,000 0.70 P-1 A-1+


HSBC BANK PLC 15/9/09 175,000,000 0.99 P-1 A-1+



*Forward settling trades are securities traded on or prior to 12 September 2008 with a settlement date after 12 September 2008.


Percent of


Regulatory Information

This document has been issued by Barclays Global Investors Limited (“BGI”), authorised and regulated by the Financial Services Authority (“FSA”). The funds are sub-funds of BGI Cash Selection Funds plc

(the Company), an open-ended investment company (OEIC) domiciled in Dublin. The Company is an umbrella undertaking for collective investment in transferable securities (“UCITS”) governed by Irish law and

authorised by the Financial Regulator in Ireland. Any investment in these funds is made subject to the terms of the fund Prospectus and relevant Supplements, which are available from the Investment Manager,

Barclays Global Investors Limited, Murray House, 1 Royal Mint Court, London EC3N 4HH.

As described in the fund Prospectus, the funds are not available for investment by US Persons.

For investors in the UK: This document is only intended for professional investors in the UK as defined by the FSA. These funds are not regulated by the FSA but are recognised under the FSMA 2000 and are

authorised for distribution in the UK.

For investors in France: The Company is an umbrella undertaking for collective investment in transferable securities (“UCITS”) governed by Irish law and authorised by the Financial Regulator as an UCITS

complying with European regulations on 15 November 2005. The European Directive on collective investment schemes (UCITS), n° 85-611 dated 20 December 1985 (as modified by Directives 2001/107/CE and

2001/108/CE), established a set of common rules in order to permit the cross border marketing of collective investment schemes complying with the directive. This common foundation did not prohibit different

methods of implementation. This is why a European collective investment scheme may be marketed in France even though the activity of such scheme would not respect rules identical to those which govern the

approval of this type of product in France.

For investors in Germany: This document is only intended for professional investors in Germany. The BGI Liquidity First Funds were certified as semi tax transparent for the accounting period ended 31 July 2007.

The BGI Liquidity Plus Funds and the BGI Libor + Fund were certified as tax transparent for the accounting period ended 31 July 2007. It is the current intention of the Company to continue to achieve tax certification

for these funds. Investors should be aware, however, that there is no guarantee that this will be achieved and should consult their tax advisors regarding the implications arising from this.

For investors in Italy: The Company is registered for distribution in Italy with limitation to Professional Investors only who may subscribe on the basis of the Prospectus of the Company, Full and Simplified, and

on the basis of the relevant Supplement. These documents can be obtained, free of charge from our website or from the registered office of the Administrator: J.P. Morgan Administration Services (Ireland) Limited,

JPMorgan House, International Financial Services Centre, Dublin 1, Ireland. Before accepting, Professional Investors should read the Prospectus of the Company, Full and Simplified, and the

Supplements of the relevant sub-fund/s.

For investors in the Netherlands: This marketing material is not addressed to or intended for any individual or legal entity in the Netherlands except (a) individuals or legal entities who qualify as qualified investors

(as defined by article 2 paragraph 1(e) of the Prospectus Directive (2003/71/EC), as amended or (b) other persons to whom, or in circumstances where, an exemption or exception to the offering of interests in

collective investment schemes (beleggingsinstellingen) applies pursuant to the Act on Financial Supervision (Wet op het financieel toezicht), and the rules and regulations promulgated pursuant thereto, as amended.

Distribution of this document does not trigger a licence requirement for the funds in the Netherlands and consequently no supervision will be exercised over the funds by the Netherlands Authority for the Financial

Markets (Autoriteit Financiële Markten).

For investors in Spain: The UCITS is a foreign undertaking for collective investment registered with the official registries of the CNMV for its marketing in Spain under number 377. Any investment must be made

through the registered Spanish distributors and on the basis of the information contained in the most updated prospectus and the last published annual and semi-annual report of the UCITS and the rest of the

mandatory documentation that you must receive from the Spanish distributor of the UCITS prior to any subscription or you may obtain from the CNMV registries. A consolidated list of registered Spanish distributors

may be obtained from the CNMV at www.cnmv.es

For qualified investors in Switzerland: This marketing material is exclusively directed to you in your capacity as a qualified investor in Switzerland. Any distribution, by whatever means, of this material and

related material to third parties is strictly prohibited. The Funds are not registered with the Federal Banking Commission which acts as supervisory authority in investment fund matters. Accordingly, the shares or

units of the Funds may not be offered or distributed in or from Switzerland unless they are placed without “public solicitation” as such term is defined under the practice of the Federal Banking Commission from

time to time.

Risk Warnings

Past performance is not a reliable indicator of future results. The price of investments (which may trade in limited markets) may go up or down and the investors may not get back the amount invested. Your income

is not fixed and may fluctuate. Certain information in this document may be taken from external sources, which we consider reliable.

Affiliated companies of Barclays Global Investors may make markets in the securities mentioned in this publication. Further, Barclays Global Investors and/or its affiliated companies/and or their employees from

time to time may hold shares or holdings in the underlying shares of, or options on, any security included in this publication and may as principle or agent, buy or sell securities.

This document is intended for information purposes and does not constitute an investment advice. The funds mentioned in this document may not be registered or authorised in certain jurisdictions and therefore

may not be available to certain investors. The information is not an offer to sell or a solicitation of an offer to buy securities in the funds mentioned in this document, nor shall any such securities be offered or sold

to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. No part of this publication may be reproduced without the prior

written permission of BGI.

September 2008 © Barclays Global Investors Limited. All rights reserved.

Deposits

BNP PARIBAS 15/9/08 325,000,000 2.33 P-1 A-1+

DANSKE BANK A/S 15/9/08 500,000,000 3.58 P-1 A-1+

DEUTSCHE BANK AG 15/9/08 336,700,000 2.41 P-1 A-1+


IRISH LIFE AND PERMANENT 15/9/08 100,000,000 0.72 P-1 A-1

RAIFFEISEN ZENTRALBANK AG 15/9/08 160,000,000 1.15 P-1 A-1





BANCO ESPIRITO SANTO 15/9/08 100,000,000 0.72 P-1 A-1


BANK OF MONTREAL 24/9/08 100,000,000 0.72 P-1 A-1



CREDIT SUISSE 9/10/08 100,000,000 0.75 P-1 A-1+


KBC BANK N.V. 15/10/08 70,000,000 0.50 P-1 A-1+



KBC BANK N.V. 8/12/08 100,000,000 0.72 P-1 A-1+

ING BANK NV 9/12/08 100,000,000 0.72 P-1 A-1+









BGI US DOLLAR LIQUIDITY FIRST FUND



Percent of

Security Maturity Par Amount ($) Total Portfolio Ratings



A-1, P-1: 18%

CREDIT SUISSE 22/1/09 50,000,000 0.37 P-1 A-1+



ING BANK NV 4/3/09 125,000,000 0.90 P-1 A-1+






LMA S.A. 15/9/08 75,000,000 0.54 P-1 A-1

REGENCY MARKETS NO. 1 LLC/REGENCY ASSETS LTD 15/9/08 100,000,000 0.72 P-1 A-1


BARTON CAPITAL LLC 16/9/08 100,000,000 0.72 P-1 A-1+

BRYANT PARK FUNDING LLC 17/9/08 100,000,000 0.72 P-1 A-1


BARTON CAPITAL LLC 18/9/08 60,289,000 0.43 P-1 A-1+


RHEINGOLD SECURITIZATION LTD 22/9/08 129,000,000 0.92 P-1 A-1+

RHEIN-MAIN SECURITIZATION LTD 22/9/08 130,000,000 0.93 P-1 A-1+







TEMPO FINANCE LTD/CORP 20/10/08 100,000,000 0.72 P-1 A-1+

TEMPO FINANCE LTD/CORP 27/10/08 70,000,000 0.50 P-1 A-1+


Commercial Paper

POHJOLA BANK 15/9/08 100,000,000 0.72 P-1 A-1+

DEXIA FINANCIAL PRODUCTS INC 15/9/08 100,000,000 0.72 P-1 A-1+

GENERAL ELECTRIC CAPITAL CORP 15/9/08 350,000,000 2.51 P-1 A-1+

POHJOLA BANK 16/9/08 50,000,000 0.36 P-1 A-1+

FORTIS LUXEMBOURG FINANCE (G-FORTIS BANK SA/NV) 16/9/08 100,000,000 0.72 P-1 A-1





DEUTSCHE BANK AG SYDNEY 18/9/08 100,000,000 0.72 P-1 A-1+

BANQUE ET CAISSE D’EPARGNE DE L’ETAT LUXEMBOURG 18/9/08 100,000,000 0.72 P-1 A-1+

DANSKE BANK A/S 19/9/08 100,000,000 0.72 P-1 A-1+


SOCIETE GENERALE AUSTRALIA BRANCH 19/9/08 100,000,000 0.72 P-1 A-1+

ASB FINANCE LTD LONDON 22/9/08 100,000,000 0.72 P-1 A-1+

SCHLUMBERGER FINANCE B.V. 22/9/08 60,000,000 0.43 P-1 A-1


Percent of





PRUDENTIAL PLC 26/9/08 100,000,000 0.72 P-1 A-1

POHJOLA BANK 29/9/08 100,000,000 0.72 P-1 A-1+




SWEDBANK 8/10/08 100,000,000 0.72 P-1 A-1






BNZ INTERNATIONAL FUNDING LIMITED 10/11/08 100,000,000 0.72 P-1 A-1+



SKANDINAVISKA ENSKILDA BANKEN (SEB) 25/11/08 100,000,000 0.72 P-1 A-1

SWEDBANK 28/11/08 100,000,000 0.72 P-1 A-1

CAJA DE MADRID 28/11/08 100,000,000 0.72 P-1 A-1+






SWEDBANK 8/12/08 100,000,000 0.72 P-1 A-1



CAJA DE MADRID 12/12/08 125,000,000 0.90 P-1 A-1+

FORTIS BANQUE LUXEMBOURG 12/12/08 100,000,000 0.72 P-1 A-1


WESTPAC BANKING CORP 26/2/09 75,000,000 0.54 P-1 A-1+

NORDEA BANK AB 12/3/09 125,000,000 0.90 P-1 A-1+



Medium Term Notes

SANTANDER US DEBT, S.A. UNIPERSONAL 19/9/08 21,200,000 0.15 P-1 A-1+

ROYAL BANK OF SCOTLAND GROUP PLC 1/10/08 100,000,000 0.72 P-1 A-1+

BETA FINANCE CORP LTD 14/10/08 100,000,000 0.72 P-1 A-1+

FIVE FINANCE CORPORATION 17/10/08 50,000,000 0.36 P-1 A-1+

CENTAURI CORPORATION 23/10/08 50,000,000 0.36 P-1 A-1+


SEDNA FINANCE INC 21/11/08 50,000,000 0.36 P-1 A-1+



K2 CORPORATION 16/1/09 100,000,000 0.72 P-1 A-1+


Percent of






BBVA U.S. SENIOR, S.A. UNIPERSONAL 17/4/09 95,700,000 0.69 P-1 A-1+



WESTPAC BANKING CORP 11/5/09 75,000,000 0.54 P-1 A-1+

BNP PARIBAS 12/5/09 75,000,000 0.54 P-1 A-1+




ING BANK NV 17/6/09 75,000,000 0.54 P-1 A-1+

BNP PARIBAS 26/6/09 100,000,000 0.72 P-1 A-1+

ROYAL BANK OF CANADA 15/7/09 100,000,000 0.72 P-1 A-1+

COMMONWEALTH BANK OF AUSTRALIA 16/7/09 100,000,000 0.72 P-1 A-1+


100.00




KBC BANK N.V. 15/12/08 100,000,000 0.71 P-1 A-1+

HSBC BANK PLC 15/9/09 125,000,000 0.90 P-1 A-1+



Percent of



































time to time.

Risk Warnings










Deposits

ING BANK NV 15/9/08 140,000,000 3.82 P-1 A-1+


RAIFFEISEN ZENTRALBANK AG 15/9/08 56,000,000 1.53 P-1 A-1

ANGLO IRISH BANK CORPORATION 15/9/08 80,000,000 2.18 P-1 A-1




HSBC BANK PLC 15/9/08 35,000,000 0.98 P-1 A-1+




TORONTO-DOMINION BANK 18/9/08 35,000,000 0.97 P-1 A-1+

HSBC BANK PLC 24/9/08 25,000,000 0.69 P-1 A-1+


BNP PARIBAS 13/10/08 35,000,000 0.96 P-1 A-1+








HSBC BANK PLC 21/1/09 35,000,000 0.98 P-1 A-1+











BGI EURO LIQUIDITY FIRST FUND



Percent of

Security Maturity Par Amount (≠) Total Portfolio Ratings



A-1, P-1: 18%


CHARIOT FUNDING LLC/LTD 25/9/08 26,659,000 0.73 P-1 A-1

TULIP FUNDING CORPORATION 26/9/08 62,156,000 1.70 P-1 A-1+




RHEIN-MAIN SECURITIZATION LTD 15/10/08 35,000,000 0.96 P-1 A-1+


LMA S.A. 30/10/08 35,000,000 0.96 P-1 A-1

Commercial Paper

TOYOTA MOTOR FINANCE (NETH) B.V. 15/9/08 100,000,000 2.73 P-1 A-1+


NATIXIS S.A. 16/9/08 38,000,000 1.04 P-1 A-1+



IIB BANK PLC 23/9/08 40,000,000 1.09 P-1 A-1

ALLIANZ SE 23/9/08 35,000,000 0.96 P-1 A-1+

POHJOLA BANK 24/9/08 35,000,000 0.96 P-1 A-1+


POHJOLA BANK 29/9/08 35,000,000 0.96 P-1 A-1+


NATIXIS S.A. 9/10/08 35,000,000 0.96 P-1 A-1+


ALLIANZ SE 14/10/08 35,000,000 0.96 P-1 A-1+



CAJA DE MADRID 21/10/08 35,000,000 0.96 P-1 A-1+

LEGAL & GENERAL FINANCE PLC 3/11/08 17,500,000 0.48 P-1 A-1+


NORDEA BANK AB 10/11/08 35,000,000 0.96 P-1 A-1+


CAJA DE MADRID 13/11/08 35,000,000 0.96 P-1 A-1+

NATIONWIDE BUILDING SOCIETY 19/11/08 19,000,000 0.52 P-1 A-1





SWEDBANK 8/12/08 35,000,000 0.96 P-1 A-1

KREDITANSTALT FUER WIEDERAUFBAU 9/12/08 35,000,000 0.96 P-1 A-1+


FORTIS BANQUE LUXEMBOURG 11/12/08 35,000,000 0.96 P-1 A-1

ALLIANZ SE 11/12/08 35,000,000 0.96 P-1 A-1+




NORDEA BANK AB 12/3/09 35,000,000 0.96 P-1 A-1+


Medium Term Notes


CAJA DE MADRID 3/10/08 30,800,000 0.85 P-1 A-1+

BANK OF NOVA SCOTIA 2/11/08 45,000,000 1.24 P-1 A-1+

GE CAPITAL EUROPEAN FUNDING 3/11/08 47,000,000 1.29 P-1 A-1+


Percent of


POPULAR FINANCE EUROPE 10/11/08 52,000,000 1.43 P-1 –


BANK OF AMERICA CORPORATION 20/11/08 32,500,000 0.89 P-1 A-1+






BPE FINANCIACIONES SA 10/2/09 27,900,000 0.77 P-1 –


BNP PARIBAS 15/5/09 35,000,000 0.96 P-1 A-1+

BNP PARIBAS 26/6/09 35,000,000 0.97 P-1 A-1+




100.00


POHJOLA BANK 22/9/08 35,000,000 0.95 P-1 A-1+




DNB NOR BANK ASA 16/3/09 35,000,000 0.93 P-1 A-1+

HSBC BANK PLC 15/9/09 40,000,000 1.09 P-1 A-1+

BBVA SENIOR FINANCE SA 15/9/09 35,000,000 0.96 P-1 A-1+




Percent of


































time to time.

Risk Warnings










Repurchase Agreements – Government Collateral*

BNP PARIBAS (REPO) 15/9/08 210,000,000 17.58 P-1 A-1+

CREDIT SUISSE SECURITIES EUROPE LTD (REPO) 15/9/08 210,000,000 17.58 P-1 A-1+

MORGAN STANLEY & CO. INCORPORATED (REPO) 15/9/08 204,578,000 17.13 P-1 A-1

ROYAL BANK OF SCOTLAND GROUP PLC (REPO) 15/9/08 200,000,000 16.74 P-1 A-1+

Government Bills**

FRANCE, REPUBLIC OF 18/9/08 15,000,000 1.26 P-1 A-1+


KINGDOM OF THE NETHERLANDS 30/9/08 25,000,000 2.09 P-1 A-1+


GERMANY, FEDERAL REPUBLIC OF 15/10/08 10,000,000 0.84 P-1 A-1+








FINLAND (REPUBLIC OF) 9/12/08 40,000,000 3.35 P-1 A-1+

Government European Commercial Paper*

IRELAND, REPUBLIC OF 28/11/08 25,000,000 2.09 P-1 A-1+

100.00

Forward Settling Trades***


*All collateral is issued by AAA-rated Eurozone Governments only.

**The long-term ratings of the issuing Governments is AAA (S&P)/Aaa (Moody’s).

***Forward settling trades are securities traded on or prior to 12 September 2008 with a settlement date after 12 September 2008.


BGI EURO GOVERNMENTLIQUIDITY FUND



Percent of




Barclays Global Investors Limited (‘BGIL’), which is authorised and regulated by the Financial Services Authority (‘FSA’) in the UK, has issued this document for access by Professional Clients in Germany, Ireland,

the Netherlands, Luxembourg and the United Kingdom only and no other person should rely upon the information contained within it.

The BGI Euro Government Liquidity Fund (the “Sub-fund”) is a sub-fund of BGI Cash Selection Funds plc. (the “Company”), an umbrella investment company with variable capital and having segregated liability

between its Sub-funds incorporated with limited liability in Ireland and regulated by the Financial Regulator as a UCITS for the purpose of the regulations. This document does not constitute an advertisement nor

an offer or solicitation in relation to the shares of the Company. The Company is authorised by the Financial Regulator in Ireland and may only be held by a Qualified Holder, as defined in the Company Prospectus.

Any investment in the Company is made subject to the terms of the Company Prospectus and relevant Supplements, which can be obtained, free of charge, on the website of the Company: www.bgicashfunds.com,

from the Investment Manager at: Barclays Global Investors Limited, Murray House, 1 Royal Mint Court, London, EC3N 4HH, from the registered office of the Administrator: J.P. Morgan Administration Services

(Ireland) Limited, JPMorgan House, International Financial Services Centre, Dublin or from your BGI representative.

This document is intended for information purposes and does not constitute investment advice. The Sub-fund mentioned in this document may not be registered or authorised in certain

jurisdictions and therefore may not be available to certain investors. The information is not an offer to sell or a solicitation of an offer to buy shares in the Company, nor shall any such securities

be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. No part of this publication

may be reproduced in any manner without the prior written permission of BGI.

For investors in Germany: The Company umbrella is certified tax transparent in Germany for the accounting year ended 31 July 2007 in accordance with Section 5 of the Investment Funds Act with the exception

of the BGI Liquidity First Funds which were certified as semi-tax transparent. Investors should note that currently the BGI Euro Government Liquidity Fund is not tax transparent in Germany. Currently, BGI intends

to seek transparency in accordance with Section 5 of the Investment Funds Act for the Company umbrella and semi-tax transparency for BGI Liquidity First Funds for the accounting year ending 31 July 2008 and

beyond, and to seek tax transparency for BGI Euro Government Liquidity Fund for the accounting year end 31 July 2009 and beyond. Investors should note there is no guarantee that tax transparency will be

achieved in any given year, and investors should consult their tax advisors as to the taxation impact of a Sub-fund having or not having transparent status.

For investors in Ireland: The Sub-fund mentioned in this document is registered in Ireland.

For investors in Luxembourg: This document is not to be distributed or otherwise to be made available to any other person or entity in any jurisdiction. The making available of this document to any such person

or entity may be deemed to be a public offer of the shares of the Sub-fund(s) and may entail regulatory and/or criminal sanction if the relevant regulatory approvals in the jurisdiction concerned and in Luxembourg

have not been complied with. No steps have been taken to obtain approval for a public offering.



collective investment schemes (beleggingsinstellingen) applies pursuant to the Act on Financial Supervision (Wet op het financieel toezicht), and the rules and regulations promulgated pursuant thereto, as

amended. Distribution of this document does not trigger a licence requirement for the Company in the Netherlands and consequently no supervision will be exercised over the Company by the Netherlands Authority

for the Financial Markets (Autoriteit Financiële Markten).

For investors in the UK: This document is directed at professional clients only in the UK as defined by the FSA. The Company is not regulated by the FSA but the Sub-funds are recognised under the FSMA 2000

and are authorised for distribution in the UK.

Restricted Investors

The Sub-fund has not been nor will be registered under the United States Securities Act of 1933, as amended, and except under the limited circumstances described in the Prospectus may not be offered or sold,

directly or indirectly, in the United States or to any U.S. Person, as such terms are defined therein. The Sub-fund named above has not been registered under the United States Investment Company Act of 1940,

as amended. In addition, the Sub-fund has not been nor will be qualified for distribution to the public in Canada as no Prospectus has been filed with any securities commission or regulatory authority in Canada

or any province or territory thereof. This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of the Sub-fund in Canada.

No Canadian Resident may purchase, or accept a transfer of, the Sub-fund unless he is eligible to do so under applicable Canadian or provincial laws.

Risk Warnings


is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. Investment in corporate bonds brings an increased risk of default

on repayment, which may affect the capital value of the Sub-fund. We remind you that the levels and bases of, and reliefs from, taxation can change. Certain information in this document may be taken from external

sources, which we consider reliable. We do not represent that information in this publication is accurate or complete and it should not be relied upon as such. Any opinions contained herein, which reflect our

judgement at this date, are subject to change. Please note that any statement relating to outperformance is a target only and BGI does not provide a guarantee that it will be met.The Investment Manager is Barclays

Global Investors Limited, Murray House, 1 Royal Mint Court, London EC3N 4HH.

© 2008 Barclays Global Investors Limited. Registered Company No. 00796793. All rights reserved. Calls may be monitored or recorded.

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