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State Street Global Advisors Liquidity Public Limited Company Annual Report and Audited Financial Statements For the financial year ended 31 December 2017 State Street Global Advisors Liquidity Public Limited Company State Street Global Advisors Liquidity Public Limited Company Annual Report and Audited Financial Statements 2017 Contents Page Organisation 2 Background to the Company 3 Investment Manager’s Report 6 Directors’ Report 18 Report of the Depositary to the Shareholders 23 Independent Auditors' Report to the Members of State Street Global Advisors Liquidity Public Limited Company 24 Statement of Comprehensive Income 27 Statement of Financial Position 29 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 31 Statement of Cash Flows 33 Notes to the Financial Statements 35 Schedule of Investments 86 SSGA USD Liquidity Fund 86 SSGA GBP Liquidity Fund 90 SSGA EUR Liquidity Fund 93 SSGA EUR Ultra Short Bond Fund 97 State Street US Treasury Liquidity Fund 100 Schedule of Portfolio Changes (Unaudited) 101 SSGA USD Liquidity Fund 101 SSGA GBP Liquidity Fund 103 SSGA EUR Liquidity Fund 104 SSGA EUR Ultra Short Bond Fund 105 State Street US Treasury Liquidity Fund 106 Appendix I - Securities Financing Transactions (Unaudited) Appendix II - Remuneration Policy (Unaudited) State Street Global Advisors Liquidity Public Limited Company 1 State Street Global Advisors Liquidity Public Limited Company Annual Report and Audited Financial Statements 2017 Organisation Depositary State Street Custodial Services (Ireland) Limited Board of Directors 78 Sir John Rogerson’s Quay Tom Finlay* (Irish) Dublin 2 Michael Karpik (UK and US) (Resigned 31 May 2017) Ireland Patrick Riley* (US) William Street (UK) Registered Number 256241 Niall O’Leary (Irish) Barbara Healy* (Irish) (Appointed 31 May 2017) Independent Auditors PricewaterhouseCoopers *Independent Directors Chartered Accountants and Registered Auditors All the Directors are non-executive directors One Spencer Dock Registered Office North Wall Quay 78 Sir John Rogerson’s Quay Dublin 1 Dublin 2 Ireland Ireland Distributor Investment Manager State Street Global Advisors Limited State Street Global Advisors Limited 20 Churchill Place 20 Churchill Place Canary Wharf Canary Wharf London E14 5HJ London E14 5HJ United Kingdom United Kingdom Company Secretary Sub-Investment Manager Sanne Corporate Administration Services Ireland Limited State Street Global Advisors Trust Company (previously State 4th Floor Street Global Advisors, a division of State Street Bank and 76 Lower Baggot Street Trust Company) Dublin 2 Ireland Address from 1 April 2018 Channel Center 1 Iron Street Massachusetts 02210 United States Address up to 31 March 2018 1 Lincoln Street Boston Massachusetts 02111 United States Legal Advisers in Ireland Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland Administrator and Transfer Agent State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland 2 State Street Global Advisors Liquidity Public Limited Company State Street Global Advisors Liquidity Public Limited Company Annual Report and Audited Financial Statements 2017 Background to the Company Capitalised terms used herein shall have the same meaning as capitalised terms used in the Prospectus and the Supplements to the Prospectus, unless otherwise defined here. State Street Global Advisors Liquidity Public Limited Company (the “Company”) is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Act 2014. It was incorporated on 6 November 1996 with the name Five Arrows Cash Management Fund plc, with effect from 8 September 1998 the Company changed its name to SSGA Cash Management Fund plc and on 1 February 2008 changed its name to State Street Global Advisors Liquidity Public Limited Company. On 28 January 1997, the Company was authorised by the Central Bank of Ireland (the “Central Bank”) as a designated investment company. The Company was authorised as a UCITS by the Central Bank with effect from 3 April 2000. The Company consists of seven sub-funds (each a “Fund”, collectively the “Funds”) the SSGA USD Liquidity Fund, the SSGA GBP Liquidity Fund, the SSGA EUR Liquidity Fund, the State Street US Treasury Liquidity Fund (the “Liquidity Funds”), the SSGA EUR Ultra Short Bond Fund, the SSGA GBP Ultra Short Bond Fund and the SSGA USD Ultra Short Bond Fund (the “Bond Funds”). As of 31 December 2017, the SSGA GBP Ultra Short Bond Fund and the SSGA USD Ultra Short Bond Fund had not yet commenced operations. The Company may issue one or more classes of redeemable participating Shares in respect of each Fund and, where more than one class of redeemable participating Shares is issued in respect of a Fund, all classes shall participate in a common pool of assets. The Company currently offers the following classes of redeemable participating Shares in respect of each of the Liquidity Funds: Distributor Stable NAV Shares, Distributor Accumulating Shares, Global Securities Lending Shares, Institutional Accumulating Shares, Institutional Stable NAV Shares, Premier Stable NAV Shares, Premier Accumulating NAV Shares, S Shares, Select Stable NAV Shares, Select Accumulating Shares, S2 Shares, S3 Shares, Traditional Stable NAV Shares, Z Accumulating Shares and Z Stable NAV Shares. The Company currently offers the following classes of redeemable participating Shares in respect of each of the Bond Funds: Z Accumulating Shares, Distributor Accumulating NAV Shares, Institutional Accumulating NAV Shares and Premier Accumulating NAV Shares. Throughout these financial statements the term Transferable securities refers to money market instruments, investment funds and repurchase agreements. Investment Objective - Liquidity Funds The investment objective of the Liquidity Funds is to seek to maintain a high level of liquidity, preserve capital and stability of principal expressed in the Funds’ functional currency and, consistent with that objective, earn current income and aim to provide a return in line with money market rates. The Liquidity Funds invest in a range of investment grade fixed and adjustable rate instruments. These instruments will be traded on a regulated market. Each of the Liquidity Funds will pursue the same investment objective and policies, but each will invest in instruments denominated in its designated currency. Each Liquidity Fund may invest in government securities, securities issued or guaranteed by supranational organisations; bankers acceptances; certificates of deposit (fixed and variable); promissory notes; commercial paper; notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers; debentures and asset backed commercial paper. In addition, each Liquidity Fund may invest in any other money market instruments which the Investment Manager deems to be of comparable credit quality, which is consistent with the investment objective and which constitutes a transferable security. The weighted average maturity ("WAM") of the investments held by each Liquidity Fund will be 60 days or less. To the extent permitted by the Articles of Association, all investments held by each Liquidity Fund will have a maturity at issuance of up to and including 397 days or a residual maturity of up to and including 397 days, or will undergo regular yield adjustments in line with money market conditions at least every 397 days and/or the risk profile, including credit and interest rate risks, corresponds to that of financial instruments which have a maturity of up to and including 397 days or are subject to a yield adjustment at least every 397 days. The structured notes in which the Liquidity Funds may invest are freely transferable and comply with the Central Bank’s conditions and criteria for investment in such securities. The Liquidity Funds will not invest in leveraged structured notes. Investment Objective - Bond Funds The Bond Funds seek to achieve a return in excess of money markets over a rolling three year period by investing in a diversified portfolio of investment grade debt and debt related instruments. State Street Global Advisors Liquidity Public Limited Company 3 State Street Global Advisors Liquidity Public Limited Company Annual Report and Audited Financial Statements 2017 Background to the Company (cont/d) Investment Objective - Bond Funds (cont/d) The Bond Funds invest in a diversified portfolio of high quality money market instruments, short term debt and debt related instruments which are transferable securities. These instruments will be listed or traded on regulated markets. Each of the Bond Funds will pursue the same investment objective and policies, but each will invest primarily in instruments denominated in its designated currency. The Bond Funds may invest in government securities, securities issued or guaranteed by supranational organisations; bankers acceptances; certificates of deposit (fixed and variable); promissory notes; commercial paper; notes (being financial securities that generally have a longer term than a bill but a shorter term than a bond) (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers; debentures; asset backed commercial paper and asset backed securities. In addition, the Bond Funds may invest in any other debt instrument which the Investment Manager deems to be of comparable credit quality which is consistent with the investment objectives and which constitutes a transferable security. The
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