open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
Annual Report and Audited Financial Statements For the financial year ended 31 December 2024
State Street Liquidity
Public Limited Company
Page 2
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Contents Page
Organisation 2
Background to the Company 3
Investment Manager’s Report 7
Directors’ Report 21
Report of the Depositary to the Shareholders 25
Statement of Comprehensive Income 29
Statement of Financial Position 32
Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 35
Statement of Cash Flows 38
Notes to the Financial Statements 41
Schedule of Investments 97 State Street USD Liquidity LVNAV Fund 97 State Street GBP Liquidity LVNAV Fund 102 State Street EUR Liquidity LVNAV Fund 105 State Street EUR Liquidity Standard VNAV Fund 109 State Street USD Treasury Liquidity Fund 111 State Street EUR Government Liquidity Fund 113 State Street GBP Government Liquidity Fund 114
Schedule of Significant Portfolio Changes (Unaudited) 115 State Street USD Liquidity LVNAV Fund 115 State Street GBP Liquidity LVNAV Fund 116 State Street EUR Liquidity LVNAV Fund 117 State Street EUR Liquidity Standard VNAV Fund 118 State Street USD Treasury Liquidity Fund 119 State Street EUR Government Liquidity Fund 120 State Street GBP Government Liquidity Fund 121
Supplemental Information for Investors in Switzerland (Unaudited) 122
Appendix I - Securities Financing Transactions Regulations (Unaudited) 126
Appendix II - Remuneration Policy (Unaudited) 132
Appendix III - SFDR and Taxonomy Regulation Disclosures (Unaudited) 134
State Street Liquidity Public Limited Company 1
Page 3
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Organisation
Board of Directors Barbara Healy* (Irish) Rebecca Bridger (British) Tom Coghlan* (Irish)
*Independent Directors All the Directors are non-executive directors
Registered Office 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32, Ireland
Investment Manager, Management Company and Global Distributor ( " Investment Manager " , " Management Company " and " Global Distributor " ) State Street Global Advisors Europe Limited 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32, Ireland
Board of Directors of the Management Company Nigel Wightman (British) Ann Prendergast (Irish) Eric Linnane (Irish) Scott Sanderson (British) Margaret Cullen (Irish) Patrick Mulvihill (Irish) Marie-Anne Heeren (Belgian)
Sub-Investment Managers State Street Global Advisors Trust Company Channel Center 1 Iron Street Massachusetts 02210 United States
State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Registered Number 256241
Administrator, Registrar and Transfer Agent State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32, Ireland
Legal Advisors in Ireland and Sponsoring Member Firm Matheson 70 Sir John Rogerson’s Quay Dublin 2, D02 R296, Ireland
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32, Ireland
Independent Auditors PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Spencer Dock North Wall Quay Dublin 1, D01 X9R7, Ireland
Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2, D02 R296, Ireland
2 State Street Liquidity Public Limited Company
Page 4
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
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 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 and is authorised as a UCITS pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the " UCITS Regulations " ). It was incorporated on 6 November 1996 under registration number 256241.
The Company is organised in the form of an umbrella fund with segregated liability between funds. Each fund (each a “Fund”, collectively the “Funds”) is regulated as a Money Market Fund ( " MMF " ) pursuant to the Money Market Fund Regulations (the " MMF Regulations " ). The Company consists of twelve Funds, seven of which are currently operating, namely:
Fund State Street USD Liquidity LVNAV Fund State Street GBP Liquidity LVNAV Fund State Street EUR Liquidity LVNAV Fund State Street USD Treasury Liquidity Fund State Street EUR Liquidity Standard VNAV Fund State Street USD Liquidity Standard VNAV Fund* State Street GBP Liquidity Standard VNAV Fund* State Street EUR Government Liquidity Fund State Street GBP Government Liquidity Fund State Street EUR Liquidity VNAV Fund* State Street USD Liquidity VNAV Fund* State Street GBP Liquidity VNAV Fund*
*As of 31 December 2024, these Funds had not 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’s active classes of redeemable participating Shares in respect of each of the Funds are disclosed in Note 7.
Throughout these financial statements the term " transferable securities " refers to money market instruments, collective investment schemes ( " CIS " ) and reverse repurchase agreements.
Investment Objective - LVNAV MMFs The investment objective of the Low Volatility Net Asset Value ( " LVNAV " ) MMFs is to maintain a high level of liquidity, preserve capital and provide a return in line with each Fund’s base currency money market rates.
In order to achieve their investment objectives, the LVNAV MMFs invest in a range of investment grade fixed and adjustable rate money market instruments which are transferable securities and primarily denominated in each Fund’s base currency. The LVNAV MMFs have sought and received a derogation from the Central bank of Ireland (the " Central Bank " ) and accordingly may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The LVNAV MMFs may invest in government securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit, commercial paper, notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers, asset backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield basis prior to actual issuance) and any other money market instrument which is a transferable security that State Street Global Advisors Europe Limited (the " Investment Manager " ) deems to be of comparable credit quality and consistent with the LVNAV MMFs’ investment objectives and which falls within the categories specified in article 9 of the MMF Regulations. The LVNAV MMFs may also invest up to 10% of its assets in aggregate in CIS provided that they are Short Term MMFs.
If the Stable NAV of an LVNAV MMF deviates from the NAV of the LVNAV MMF by more than 20 basis points any redemption and subscription following such deviation shall be undertaken at the price equal to the NAV of the relevant Fund and not at the Stable NAV or the subscriptions and redemptions of the LVNAV MMF may be suspended.
State Street Liquidity Public Limited Company 3
Page 5
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Background to the Company (continued)
Investment Objective - LVNAV MMFs (continued) The weighted average maturity ( " WAM " ) of the investments held by the LVNAV MMFs will be 60 days or less and the weighted average life ( " WAL " ) of the investments held by the LVNAV MMFs will be 120 days or less. All investments held by the LVNAV MMFs will have a residual maturity of up to and including 397 days. At least 10% of the LVNAV MMFs’ assets will be daily maturing and at least 30% of the LVNAV MMFs’ assets will be weekly maturing (provided that highly liquid Government Securities which can be redeemed and settled within one day and have a residual maturity of up to 190 days may be included in the weekly maturing assets, up to 17.5%). As such, the LVNAV MMFs are classified as Short Term MMFs and their investment objectives are designed to comply with that classification.
The LVNAV MMFs do not currently use financial derivative instruments ( " FDI " ) and will not be leveraged.
Investment Objective - Short Term VNAV MMFs The investment objective of the Short Term Variable Net Asset Value ( " VNAV " ) MMFs is to maintain a high level of liquidity, preserve capital and provide a return in line with each Fund’s base currency money market rates.
In order to achieve their investment objectives, the Short Term VNAV MMFs invest in a range of investment grade fixed and adjustable rate money market instruments which are transferable securities and primarily denominated in each Fund’s base currency. The Short Term VNAV MMFs have sought and received a derogation from the Central Bank and accordingly may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The Short Term VNAV MMFs may invest in government securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit, commercial paper, notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers, asset backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield basis prior to actual issuance) and any other money market instrument which is a transferable security that the Investment Manager deems to be of comparable credit quality and consistent with the Short Term VNAV MMFs’ investment objectives and which falls within the categories specified in article 9 of the MMF Regulations. The Short Term VNAV MMFs may also invest up to 10% of its assets in aggregate in CIS provided that they are Short Term MMFs.
The WAM of the investments held by the Short Term VNAV MMFs will be 60 days or less and the WAL of the investments held by the Short Term VNAV MMFs will be 120 days or less. All investments held by the Short Term VNAV MMFs will have a residual maturity of up to and including 397 days. At least 7.5% of the Short Term VNAV MMFs’ assets will be daily maturing and at least 15% of the Short Term VNAV MMFs’ assets will be weekly maturing (provided that money market instruments or units or shares in Short Term MMFs may be included in the weekly maturing assets, up to 7.5%, provided they are able to be redeemed and settled within five Business Days). As such, the Short Term VNAV MMFs are classified as Short Term MMFs and their investment objectives are designed to comply with that classification.
The Short Term VNAV MMFs do not currently use FDIs and will not be leveraged.
Investment Objective - Standard VNAV MMFs The Standard VNAV MMFs seek to provide a return in excess of each Fund’s base currency money market rates, preserve capital and maintain a reasonable level of liquidity.
In order to achieve their investment objectives, the Standard VNAV MMFs invest in a range of investment grade fixed and adjustable rate money market instruments which are transferable securities and primarily denominated in each Fund’s base currency. The Standard VNAV MMFs have sought and received a derogation from the Central Bank and accordingly may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The Standard VNAV MMFs may invest in government securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit, commercial paper, notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers, asset backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield basis prior to actual issuance) and any other money market instrument which is a transferable security that the Investment Manager deems to be of comparable credit quality and consistent with the Standard VNAV MMFs’ investment objectives and which falls within the categories specified in article 9 of the MMF Regulations. The structured notes in which the Standard VNAV MMFs may invest must be freely transferable and comply with the UCITS Regulations for investment in such securities. The Standard VNAV MMFs will not invest in leveraged structured notes. The Standard VNAV MMFs may also invest up to 10% of their assets in aggregate in CIS provided that they are MMFs.
The WAM of the investments held by the Standard VNAV MMFs will be 6 months or less and the WAL of the investments held by the Standard VNAV MMFs will be 12 months or less. All investments held by the Standard VNAV MMFs will have a residual maturity of up to and including 2 years. At least 7.5% of the Standard VNAV MMFs’ assets will be daily maturing and at least 15% of the Standard VNAV MMFs’ assets will be weekly maturing (provided that money market instruments or units or shares in Money Market Funds may be included in the weekly maturing assets, up to 7.5%, provided they are able to be redeemed and
4 State Street Liquidity Public Limited Company
Page 6
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Background to the Company (continued)
Investment Objective - Standard VNAV MMFs (continued) settled within five Business Days). As such, the Standard VNAV MMFs are classified as a Standard MMFs and their investment objective is designed to comply with that classification. Accordingly, the Standard VNAV MMFs may hold investments that the Investment Manager has assessed as having a credit quality consistent with the investment restrictions of a Standard VNAV MMFs.
The Standard VNAV MMFs do not currently use FDIs and will not be leveraged.
Investment Objective - Public debt MMFs The investment objective of the Public debt MMFs is to maintain a high level of liquidity, preserve capital and provide a return in line with US Treasury, Euro Government or UK Government money market rates.
In order to achieve their investment objectives, the Public debt MMFs invest in a range of investment grade, fixed and adjustable rate instruments, issued or guaranteed as to principal and interest by the US Treasury, Euro and UK governments, denominated in the Fund’s base currency. The Public debt MMFs have sought and received a derogation from the Central Bank and accordingly may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The Public debt MMFs may invest in US Treasury securities including bills, notes (including floating rate and medium term notes) and bonds (fixed or floating rate), when issued government securities (i.e. securities which are traded on a price or yield basis prior to actual issuance), Euro and UK government securities, securities issued or guaranteed by Supranational Organisations and any other money market instrument which is a transferable security that the Investment Manager deems to be of comparable credit quality and consistent with the Public debt MMFs investment objectives and which falls within the categories specified in article 9 of the MMF Regulations. The Public debt MMFs may also invest up to 10% of its assets in aggregate in CIS provided that they are Public Debt MMFs.
The WAM of the investments held by the Public debt MMFs will be 60 days or less and the WAL of the investments held by the Public debt MMFs will be 120 days or less. All investments held by the Public debt MMFs will have a residual maturity of up to and including 397 days. At least 10% of the Public debt MMFs assets will be daily maturing and at least 30% of the Public debt MMFs assets will be weekly maturing (provided that highly liquid Government Securities which can be redeemed and settled within one day and have a residual maturity of up to 190 days may be included in the weekly maturing assets, up to 17.5%). As such, the Public debt MMFs are classified as Short Term MMFs and their investment objectives are designed to comply with that classification.
The Public debt MMFs do not currently use FDIs and will not be leveraged.
LVNAV MMFs, Short Term VNAV MMFs, Standard VNAV MMFs and Public debt MMFs A Fund may not borrow or lend cash, save that neither (i) repurchase agreements and reverse repurchase agreements; nor (ii) committed overdraft facilities constitute borrowing or lending for this purpose and which will be subject to the limitations under the UCITS Regulations.
Changes to the investment objective of each Fund and material changes to the investment policies of the Funds i.e. changes which would significantly alter the asset type, credit quality, borrowing or leverage limits or risk profile of the Funds, will not at any time be made without the passing of an ordinary resolution of that Fund. In the event of a change of investment objective and/or investment policy of a Fund, a reasonable notification period will be provided by the Company and the Company will provide facilities to enable Shareholders to redeem their Shares prior to implementation of these changes.
Finance costs - Distributions It is the intention of the Directors to declare a dividend on each Dealing Day in respect of the distributing Share Classes out of a sum equal to the aggregate of the share capital, realised and unrealised gains net of realised and unrealised losses and the net income received by the Company (whether in the form of dividends, interest or otherwise), which will be paid monthly and will, unless the Directors otherwise determine or a Shareholder elects to receive a cash payment of a dividend in the application form, be automatically reinvested in the form of additional Shares. Shareholders shall be entitled to dividends from the Dealing Day on which Shares are issued until the day preceding the Dealing Day on which Shares are redeemed.
It is not the current intention of the Directors to declare dividends in respect of certain accumulating Share Classes, but rather that the sum equal to the aggregate of the share capital, realised and unrealised gains net of realised and unrealised losses and the net income received by the Company (whether in the form of dividends, interest or otherwise) may be accumulated and reinvested on behalf of Shareholders.
State Street Liquidity Public Limited Company 5
Page 7
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Background to the Company (continued)
Calculation of NAV The NAV per redeemable participating Share, for dealing purposes, shall be the value of the gross assets attributable to the Shares less all of the liabilities attributable to such Shares (including such provisions and allowances for contingencies as the Administrator considers appropriate in respect of the costs and expenses payable), and dividing the remainder by the number of the relevant redeemable participating Shares outstanding at the close of business on each Dealing Day.
The NAV of each Fund is expressed in its functional currency. The calculation of the NAV of each Fund, the NAV of each class in a Fund and the NAV per redeemable participating Share is prepared as at the relevant Valuation Point. The Dealing NAV per redeemable participating Share of each Fund is available at the Registered office of the Company, and in the case of the Institutional Shares and the Institutional Accumulating Shares is published daily in the Financial Times and in the case of the Institutional Shares, S Shares and Institutional Accumulating Shares (for State Street EUR Liquidity LVNAV Fund, State Street GBP Liquidity LVNAV Fund and State Street USD Liquidity LVNAV Fund) are not published.
6 State Street Liquidity Public Limited Company
Page 8
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024
State Street USD Liquidity LVNAV Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and stability of principal expressed in the Fund’s Designated Currency and, consistent with those objectives, earn current income and aims to provide a return in line with money market rates. The Fund’s benchmark is the FTSE 1Month US Treasury Bill (the “Index”).
Performance
For the period from 1 January 2024 to 31 December 2024 (the “Reporting Period”), the total gross return for the Fund was 5.53%, and the Index was 5.38%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Though it was anticipated that the Federal Reserve (the “Fed”) would cut interest rates this year after increasing them in response to inflation stemming from the 2020 pandemic, persistently strong economic and inflation data forced the Central Bank into keeping interest rates ‘higher for longer’. This had a general negative impact for broader fixed income markets, however short-term cash mandates benefitted from the higher yields. One-month Treasury bill yields remained above 5.30% for the first 8 months of the year, and these higher yields were certainly the catalyst behind the large increases in assets under management (“AUM exhibited in money market funds (“MMFs”).
MMF balances ended 2023 at $5.87T and throughout 2024 grew by 15% to reach $6.75T at year-end. Government MMFs were the primary beneficiaries of these balance increases, with institutional and retail categories growing by 15%. Retail prime MMFs also saw healthy growth, rising by 12$ to $1T. Meanwhile, institutional prime MMFs faced substantial challenges, with AUM declining by 18%, though the drop was less severe than some had anticipated. New SEC regulations will likely limit institutional investors returning to this sector and may lead them to seek out similar returns in other offerings.
The Fed’s increasing cycle finally began at their September meeting where they instated a 50 basis point (“bps”) cut, a surprise to some as market expectations were firmly 50/50 for a 25 bps cut versus a 50 bsp cut leading up to the meeting. This cut was followed by two more 25 bps cuts at the subsequent November and December meetings, bringing interest rates to a 4.50% upper bound by year-end.
The rate cuts pulled down yields on short term Treasuries, and by the end of the Reporting Period, one month bills were yielding 4.30%. Spreads between commercial paper and Treasuries remained tight throughout the year, averaging just 6 bps, though they began to widen by year-end as uncertainty mounted around the future presidential administration’s policies and their wider economic effects.
Looking to 2025, consensus currently suggests one to two 25 bps rate cuts for the year, starting at mid-year. While the exact cadence remains uncertain, the next policy rate move is expected to be downward. It is also likely that the neutral rate will be higher than originally forecasted at the end of 2023 – a Fed Funds policy rate between 3.50% and 4.00% by the end of the year is not unreasonable, though the Fed may face challenges arising from the effects of future policies around tariffs and immigration as they could complicate economic dynamics by introducing price instability and exacerbating labor shortages.
Fund Summary
Assets under management ended the Reporting Period around $28.3 billion, a decrease of about $1.5 billion year over year. At year end, the weighted average maturity (WAM) of the Fund, measuring interest rate sensitivity, was around 38 days, a decrease from 45 days at the start of the year. The weighted average life (WAL) reflecting the credit risk for the Fund was 75 days, an increase from the 67 days reported at the beginning of the year. At the end of the Reporting Period, commercial paper and certificates of deposits made up about 60% of the Fund’s holdings. Time deposit holdings, which made up 27% of the Fund at the start of the year, were halved to 14.8% by year-end, with additional market value being allocated to commercial paper and deposits as well as asset backed commercial paper. Just under 70% of the Fund’s holdings had a liquidity schedule of less than three months, with 22% having overnight liquidity. The Fund maintained its objectives of liquidity and principal preservation throughout the Reporting Period.
State Street Liquidity Public Limited Company 7
Page 9
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street USD Liquidity LVNAV Fund (continued)
Fund Summary (continued)
The top positive contributors to the Fund’s performance were:
The portfolio was invested in asset backed commercial paper (approximately 14% of holdings) which provided enhanced yield premium. Hesitation by the Fed to cut interest rates amid strong data – the higher interest rates benefitted cash funds. Due to positive market sentiment, portfolio managers felt comfortable extending portfolio duration above 40 days in the first half of the year, leading to a pick-up in returns over one month Bills.
The top negative contributors to the Fund’s performance were:
Excess liquidity in the markets deposited with central banks.
31 December 2024 Reporting Period
Since Inception
Date of Inception (%) (% p.a.) Fund 5.53 2.48 26 Mar 1997 Benchmark 5.38 2.26
Performance is shown annualised and gross of fees. Benchmark– FTSE 1Month US Treasury Bill. Past performance is not a guarantee of future results.
8 State Street Liquidity Public Limited Company
Page 10
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street GBP Liquidity LVNAV Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and stability of principal expressed in the Fund’s Designated Currency and, consistent with those objectives, earn current income and aims to provide a return in line with money market rates. The Fund’s benchmark is SONIA Compounded Index (the “Index”).
Performance
For the Reporting Period, the total gross return for the Fund was 5.35% and the Index was 5.22%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Market focus was on the timing of the first interest rate cut and the number of cuts in 2024. The Bank of England (the “BoE”) Monetary Policy Committee lowered the base rate in August and November, taking the policy rate to 4.75%. Headline inflation fell, dropping in October below the 2.00% target. However, increases in energy prices saw headline inflation rebound higher for November and December. Services inflation remained high at 5.00% at year-end. The recession ended in the first quarter of 2024. Downward revisions for both second and third quarter GDP, combined with Purchasing Managers Index (“PMI”) data pointed to weaker activity trends. Concerns remain over impact from the budget. Current indicators point to employment growth slowing but the increase in regular private sector pay above BoE expectations combined with the persistence of services inflation, may mean a degree of caution from the BoE in reducing the base rate.
As expected the Labour party won the general election with a comfortable majority. The announcement of a £22bn black hole in the budget. The result was a £25.7bn rise in national insurance contribution for employers announced in the budget. The market expressed uncertainty around the fiscal outlook for the UK.
Guidance from the BoE initially pushed back against early rate cuts. By June it was acknowledged that ‘indicators of inflation persistence had continued to moderate’. After the rate cut in August, guidance remained cautious with the goal of returning inflation back to the 2.00% target. Guidance for November and December, noted that “a gradual approach” to rate cuts “remains appropriate”. The weaker activity has seen the BoE revise down its forecast for the last quarter of 2024 GDP from 0.30% to 0.00%. After the budget, headline inflation forecasts were revised up to 2.20% in 2 years and 1.80% in 3 years. Market implied rates moved in line with the BoE messaging and economic data and proved to be volatile. The implied rate for February and March 2025 finished the year at 4.54% and 4.50%, implying that there will one rate cut over the next two BoE meetings.
Fund Summary
Assets under management started the year at £5.1bn and finished at £6.2bn. The weighted average maturity (WAM), measuring interest rate sensitivity, ranged between 30 – 50 days. The weighted average life (WAL), measuring credit risk, fluctuated between 47-76 days. Money market rates remained volatile given the uncertainty around the timing and number of interest rate cuts. Yields moved lower following the interest rate cuts. Fund investments were typically kept within a one month duration as short-term yields typically offered better returns relative to extending duration. When appropriate, term trades were added to take advantage of higher yields offered. Fund liquidity requirements, both overnight and weekly, remained comfortably in excess of minimum requirements at all times. Fund liquidity was covered through a combination of government and supranational holdings, gilt repo, and bank deposits.
The top positive contributors to the Fund’s performance were:
Volatility in interest rate expectations. Short term investments offered higher yields relative to longer durations, Selective longer-duration investments were added to lock in higher yields relative to the curve. Corporate and asset backed commercial paper provided enhanced yield premium and shorter-duration options compared to financial institutions. Investments in floating rate mitigated uncertainty around interest rate cuts. Investments in agency and quasi-government issuers provided liquidity and enhanced yields relative to UK Treasury bills. Increased number of gilt reverse repurchase agreement counterparties provided additional liquidity capacity.
State Street Liquidity Public Limited Company 9
Page 11
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street GBP Liquidity LVNAV Fund (continued)
Fund Summary (continued)
The top negative contributors to the Fund’s performance were:
Uncertainty around the timing of interest rate cuts and the total number of cuts for the year, meant a measured investment approach maintaining shorter-duration investments. Counterparty balance sheet constraints at quarter and half-year ends meant reduced number of cash takers and collateral givers.
31 December 2024 Reporting Period
Since Inception
Date of Inception (%) (% p.a.) Fund 5.35 2.30 27 Jul 2001 Benchmark 5.22 2.11
Performance is shown annualised and gross of fees. Benchmark - SONIA Compounded Index. Past performance is not a guarantee of future results.
10 State Street Liquidity Public Limited Company
Page 12
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Liquidity LVNAV Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and stability of principal expressed in the Fund’sDesignated Currency and, consistent with those objectives, earn current income and aims to provide a return in line with moneymarket rates. The Fund’s benchmark is Bloomberg Xestron Index (the “Index”).
Performance
For the Reporting Period, the Fund recorded a total gross return of 3.85% and the Index returned 3.67%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Market focus was on economic data and especially inflation, as the driving factor behind future interest rate expectations. Headline inflation declined, dropping below the 2.00% target in September. However, it has risen above the target due to base effects. Policymakers seem confident that inflation will return to target in a timely manner, but the continued strength of services inflation remains an area of concern. GDP data for the third quarter of 2024 proved to be stronger than expected, partly due to a strong increase in GDP in Ireland, where the data can be volatile, and an Olympics-related boost in France. However, the composite PMI data showed slowing activity and weak growth for the last quarter 2024. From a labour market perspective, the unemployment rate has remained relatively stable, but employment expectations indicator has edged lower.
The European Central Bank (the “ECB”) Governing Council maintained the deposit rate at 4.00% until June with the first 0.25% cut. There were further cuts in September, October and December, leaving the deposit rate at 3.00% at the end of the year. Guidance earlier in the year was considered to be the ECB pushing back on market pricing for an early interest rate cut. Following the first interest cut in June, guidance was that the ECB “will keep policy rates sufficiently restrictive for as long as necessary”. The ECB acknowledged that ‘the disinflationary process is well on track’ but that there had been some ‘downside surprises in indicators of economic activity’. In December, guidance was amended with the removal of the need for rates to remain “sufficiently restrictive” and stating that the policy stance will be ‘appropriate’.
The emphasis for ECB policymakers has begun to shift from inflation to stagnating activity. Some are conscious of downside risks to the economy with concerns around keeping the policy rate ‘too restrictive for too long’. The outlook for domestic demand has deteriorated, with few signs that consumers are increasing their spending. The market question has now shifted to the neutral rate. ECB President Christine Lagarde referenced staff estimates that it was in a range from 1.75% to 2.50%.
Fund Summary
Assets under management started the Reporting Period at € 7.0 billion and finished at € 8.3 billion. The Fund’s weighted average maturity (WAM), which measures interest-rate sensitivity ranged between 26-46 days. The weighted average life (WAL), which reflects the credit risk of the fund was stable ranging between 47-65 days. In line with interest rate cuts and market expectations for further cuts, yields moved lower across the curve and finding opportunities to add value proved more challenging. The majority of investments were made in high-quality credit issuers, out to 3 months, with some selective longer dated investments. Investments in bank floating money market securities, linked to the € STR overnight index, were increased, offering attractive yields and diversification. Asset-backed commercial paper continued to be in good supply, offering flexible duration and attractive returns compared to vanilla paper. Investments in sovereign, agency and government-guaranteed holdings were maintained to provide high credit quality and maintain liquidity buffers.
The top positive contributors to the Fund’s performance were:
As interest rates were maintained, selective 3 month investments provided favourable yields relative to interest rate increase expectations. Fund duration was increased to lock in higher yields. Investments in floating rate mitigated uncertainty around interest rate cuts. Corporate and asset backed commercial paper provided enhanced yield premium and shorter-duration options compared to financials. The commitment from counterparties/issuers to provide short-dated products to meet increased demand for shorter maturities. Agency and quasi-sovereign issuers provide liquidity and enhanced yields compared to Euro Treasury bills.
State Street Liquidity Public Limited Company 11
Page 13
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Liquidity LVNAV Fund (continued)
Fund Summary (continued)
The top negative contributors to the Fund’s performance were:
Euribor rates continued to move lower across the curve, as markets priced further rate cuts from the ECB. Bank deposit levels trade below the ECB deposit rate given the surplus liquidity in the market. Reduced number of collateral givers and bank cash deposit takers at quarter and half-year end owing to balance sheet contractions and regulatory requirements.
31 December 2024 Reporting Period Since Inception Date of Inception (%) (% p.a.) Fund 3.85 1.48 27 Jul 2001 Benchmark 3.67 1.28
Performance is shown annualised and gross of fees. Benchmark - Bloomberg Xestron Index. Past performance is not a guarantee of future results.
12 State Street Liquidity Public Limited Company
Page 14
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Liquidity Standard VNAV Fund
Investment Objective
The Fund seeks to achieve a return above EUR money markets over a rolling three-year period by investing in a diversified portfolio of investment-grade debt and debt-related instruments. The Fund’s benchmark is Bloomberg Xestron Index (the “Index”).
Performance
For the Reporting Period the total gross return for the Fund was 3.88% and the Index was 3.67%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Market focus was on economic data and especially inflation, as the driving factor behind future interest rate expectations. Headline inflation declined, dropping below the 2.00% target in September. However, it has risen above the target due to base effects. Policymakers seem confident that inflation will return to target in a timely manner, but the continued strength of services inflation remains an area of concern. GDP data for the third quarter of 2024 proved to be stronger than expected, partly due to a strong increase in GDP in Ireland, where the data can be volatile, and an Olympics-related boost in France. However, the composite PMI data showed slowing activity and weak growth for the last quarter 2024. From a labour market perspective, the unemployment rate has remained relatively stable, but employment expectations indicator has edged lower.
The European Central Bank (the “ECB”) Governing Council maintained the deposit rate at 4.00% until June with the first 0.25% cut. There were further cuts in September, October and December, leaving the deposit rate at 3.00% at the end of the year. Guidance earlier in the year was considered to be the ECB pushing back on market pricing for an early interest rate cut. Following the first interest cut in June, guidance was that the ECB “will keep policy rates sufficiently restrictive for as long as necessary”. The ECB acknowledged that ‘the disinflationary process is well on track’ but that there had been some ‘downside surprises in indicators of economic activity’. In December, guidance was amended with the removal of the need for rates to remain “sufficiently restrictive” and stating that the policy stance will be ‘appropriate’.
The emphasis for ECB policymakers has begun to shift from inflation to stagnating activity. Some are conscious of downside risks to the economy with concerns around keeping the policy rate ‘too restrictive for too long’. The outlook for domestic demand has deteriorated, with few signs that consumers are increasing their spending. The market question has now shifted to the neutral rate. ECB President Christine Lagarde referenced staff estimates that it was in a range from 1.75% to 2.50%.
Fund Summary
Fund net assets started the year at € 297 million remaining relatively stable and finished the Reporting Period at € 363 million. The weighted average maturity (WAM) measuring interest rate sensitivity, started the period at 83 days and finished at 39 days. Similarly, the weighted average life (WAL) measuring credit risk started at 102 days, finishing at 68 days.
For the first half of the year, volatility remained high around the timing of the first interest rate cut, as well as the total amount of cuts in the year. After the first cut in June, the yield curve inverted. The majority of Fund investments were kept within a 3month maturity to capitalise on higher yielding, lower credits, while maintaining a watchful approach to developments on policy and economic data. Given uncertainty around the interest rate cuts, the Fund added pockets of duration (6 month+), locking in yields with favourable returns against market sentiment. The Funds credit profile remained high and liquidity requirements, both overnight and weekly were in excess of regulatory requirements at all times.
The top positive contributors to the Fund’s performance were:
Interest rates remained higher than expected. Asset Backed commercial paper that contributed additional yield over securities of the same maturity profile. Purchases of A2/P2 rated short term securities both financial and corporate that enhance yield and diversification of holdings.
State Street Liquidity Public Limited Company 13
Page 15
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Liquidity Standard VNAV Fund (continued)
Fund Summary (continued)
The top negative contributors to the Fund’s performance were:
Uncertainty around the timing of the first interest rate cut and the total amount of cuts for the year. Lack of secondary bonds offering value longer than 12 months. Lack of fund eligible new issued bonds longer than 12 months.
31 December 2024 Reporting Period
Since Inception
Date of Inception (%) (% p.a.) Fund 3.88 1.01 25 Jul 2014 Benchmark 3.67 0.80
Performance is shown annualised and gross of fees. Benchmark - Bloomberg Xestron Index. Past performance is not a guarantee of future results.
14 State Street Liquidity Public Limited Company
Page 16
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street USD Treasury Liquidity Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and stability of principal expressed in the Fund’sDesignated Currency and, consistent with those objectives, earn current income and aims to provide a return in line with moneymarket rates. The Fund’s benchmark is the ICE BofAML US 3 Month Treasury Bill (the “Index”).
Performance
For the Reporting Period, the total gross return for the Fund was 5.35%, and the Index was 5.25%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Though it was anticipated that the Federal Reserve (the “Fed”) would cut interest rates this year after increasing in response to inflation stemming from the 2020 pandemic, persistently strong economic and inflation data forced the central bank into keeping ‘interest rates higher for longer’. This had a general negative impact for broader fixed income markets, however short term cash mandates benefitted from the higher yields. One-month Treasury bill yields remained above 5.30% for the first 8 months of the year, and these higher yields were certainly the catalyst behind the large increases in AUM exhibited in money market funds (“MMFs”).
MMF balances ended 2023 at $5.87T and throughout 2024 grew by 15% to reach $6.75T at year-end. Government MMFs were the primary beneficiaries of these balance increases, with institutional and retail categories growing by 15%.
The Fed’s hiking cycle finally began at their September meeting where they instated a 50 basis point (“bps”) cut, a surprise to some as market expectations were firmly 50/50 for a 25 bps cut versus a 50 bps cut leading up to the meeting. This cut was followed by two more 25 bps cuts at the subsequent November and December meetings, bringing interest rates to a 4.50% upper bound by year-end. The rate cuts pulled down yields on short term Treasuries, and by the end of the Reporting Period, one month bills were yielding 4.30%.
Looking to 2025, consensus currently suggests one to two 25 bps rate cuts for the year, starting at mid-year. While the exact cadence remains uncertain, the next policy rate move is expected to be downward. It is also likely that the neutral rate will be higher than originally forecasted at the end of 2023 – a Fed Funds policy rate between 3.50% and 4.00% by the end of the year is not unreasonable, though the Fed may face challenges arising from the effects of future policies around tariffs and immigration as they could complicate economic dynamics by introducing price instability and exacerbating labor shortages.
Fund Summary
Assets under management ended the Reporting Period at $4.2 billion, an increase of $1.8 billion from the start of the year. At year-end, the weighted average maturity (WAM) of the Fund, measuring interest rate sensitivity, was around 39 days, largely unchanged from the start of the year. The composition of the Fund did not change substantially from the start of the year, though allocations to Treasuries were slightly increased to 51.80%, a 1.80% increase from the start of the year, while allocations to Treasury repo declined by the same amount to 48.20%. The Fund maintained its objectives of liquidity and principal preservation throughout the Reporting Period.
The top positive contributors to the Fund’s performance were:
Hesitation by the Fed to cut interest rates amid strong data – the higher interest rates benefitted cash funds. Investing in overnight repo as well as longer dated (>1 month) bills – increasing the WAM. Due to positive market sentiment, portfolio managers felt comfortable extending portfolio duration above 45 days in the first half of the year, leading to a pick-up in returns over three month Bills.
The top negative contributors to the Fund’s performance were:
Excess liquidity in the markets deposited with central banks.
State Street Liquidity Public Limited Company 15
Page 17
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street USD Treasury Liquidity Fund (continued)
Fund Summary (continued)
31 December 2024 Reporting Period
Since Inception
Date of Inception (%) (% p.a.) Fund 5.35 2.29 12 Jun 2017 Benchmark 5.25 2.26
Performance is shown annualised and gross of fees. Benchmark - ICE BofAML US 3 Month Treasury Bill Index. Past performance is not a guarantee of future results.
16 State Street Liquidity Public Limited Company
Page 18
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Government Liquidity Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and provide a return in line with Euro Government money market rates. The Fund’s benchmark is the Bloomberg Xestron Index (the “Index”).
Performance
For the Reporting Period, the total return for the Fund was 3.48% and the Index was 3.43%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its investment guidelines.
Market Summary
Market focus was on economic data and especially inflation, as the driving factor behind future interest rate expectations. Headline inflation declined, dropping below the 2.00% target in September. However, it has risen above the target due to base effects. Policymakers seem confident that inflation will return to target in a timely manner, but the continued strength of services inflation remains an area of concern. GDP data for the third quarter of 2024 proved to be stronger than expected, partly due to a strong increase in GDP in Ireland, where the data can be volatile, and an Olympics-related boost in France. However, the composite PMI data showed slowing activity and weak growth for the last quarter 2024. From a labour market perspective, the unemployment rate has remained relatively stable, but employment expectations indicator has edged lower.
The European Central Bank (the “ECB”) Governing Council maintained the deposit rate at 4.00% until June with the first 0.25% cut. There were further cuts in September, October and December, leaving the deposit rate at 3.00% at the end of the year. Guidance earlier in the year was considered to be the ECB pushing back on market pricing for an early interest rate cut. Following the first interest cut in June, guidance was that the ECB ‘will keep policy rates sufficiently restrictive for as long as necessary’. The ECB acknowledged that ‘the disinflationary process is well on track’ but that there had been some ‘downside surprises in indicators of economic activity’. In December, guidance was amended with the removal of the need for rates to remain “sufficiently restrictive” and stating that the policy stance will be ‘appropriate’.
The emphasis for ECB policymakers has begun to shift from inflation to stagnating activity. Some are conscious of downside risks to the economy with concerns around keeping the policy rate ‘too restrictive for too long’. The outlook for domestic demand has deteriorated, with few signs that consumers are increasing their spending. The market question has now shifted to the neutral rate. ECB President Christine Lagarde referenced staff estimates that it was in a range from 1.75% to 2.50%.
Fund Summary
The Fund was seeded on 22 January 2024 with Assets under management of € 99 million and finished the Reporting Period at € 163 million. The portfolio strategy is to be highly liquid and diversified, with the key investment being reverse repo transactions with highly rated counterparties collateralized by high credit quality sovereign, supranational or agency bonds, plus investments in high-grade European government bills. The weighted average maturity (WAM)ranged between 7-18 days. The Fund yield moved lower in line with European Central Bank rate cuts. As the markets continued to expect further interest rate cuts, European Government bills proved expensive relative to overnight reverse repo. There were no capacity issues at quarter-ends in the repo market, with greater demand from certain counterparties willing to pay above unsecured overnight rates. In the lead-up to the year-end, counterparties began restricting capacity for balance sheet management purposes. This meant that repo rates were volatile over year-end. Both overnight and weekly liquidity requirements were in excess of regulatory requirements at all times.
The top positive contributors to the Fund’s performance were:
Investments with highly rated counterparties collateralised with high-grade collateral. Highly liquid investments in government bills.
The top negative contributors to the Fund’s performance were:
Fund yield moved lower in line with ECB interest rate cuts. Market pricing for rate cut expectations reduced opportunity to add term investments. Volatile repo rates over year-end.
State Street Liquidity Public Limited Company 17
Page 19
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street EUR Government Liquidity Fund (continued)
Fund Summary (continued)
31 December 2024
SSGA Fund Reporting Period
Since Inception (%) Date of Inception (%) (% p.a.) Fund 3.48 3.48 22 Jan 2024 Benchmark 3.43 3.43
Performance is shown annualised and gross of fees. Benchmark - Bloomberg Xestron Index. Past performance is not a guarantee of future results.
18 State Street Liquidity Public Limited Company
Page 20
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street GBP Government Liquidity Fund
Investment Objective
The Fund seeks to maintain a high level of liquidity, preserve capital and provide a return in line with Sterling Government money market rates. The Fund’s benchmark is the SONIA Compounded Index (the “Index”).
Performance
For the period 10 April to 31 December 2024 the total return for the Fund was 3.73% and the Index was 3.69%. The Fund tracked within expectations to the Index during the period while keeping in line with its investment guidelines.
Market Summary
Market focus was on the timing of the first interest rate cut and the number of cuts in 2024. The Bank of England (the “BoE”) Monetary Policy Committee lowered the base rate in August and November, taking the policy rate to 4.75%. Headline inflation fell, dropping in October below the 2.00% target. However, increases in energy prices saw headline inflation rebound higher for November and December. Services inflation remained high at 5.00% at year-end. The recession ended in the first quarter of 2024. Downward revisions for both second and third quarter GDP, combined with Purchasing Managers Index (PMI) data pointed to weaker activity trends. Concerns remain over impact from the budget. Current indicators point to employment growth slowing but the increase in regular private sector pay above BoE expectations combined with the persistence of services inflation, may mean a degree of caution from the BoE in reducing the base rate.
As expected the Labour party won the general election with a comfortable majority. The announcement of a £22bn black hole in the budget. The result was a £25.7bn rise in national insurance contribution for employers announced in the budget. The market expressed uncertainty around the fiscal outlook for the UK.
Guidance from the BoE initially pushed back against early rate cuts. By June it was acknowledged that ‘indicators of inflation persistence had continued to moderate’. After the rate cut in August, guidance remained cautious with the goal of returning inflation back to the 2.00% target. Guidance for November and December, noted that “a gradual approach” to rate cuts “remains appropriate”. The weaker activity has seen the BoE revise down its forecast for the last quarter of 2024 GDP from 0.30% to 0.00%. After the budget, headline inflation forecasts were revised up to 2.20% in 2 years and 1.80% in 3 years. Market implied rates moved in line with the BoE messaging and economic data and proved to be volatile. The implied rate for February and March 2025 finished the year at 4.54% and 4.50%, implying that there will one rate cut over the next two BoE meetings.
Fund Summary
The Fund was seeded 10 April 2024 with Assets under management of £25 million and grew to £431 million at year-end. The portfolio strategy is to be highly liquid and diversified, with the key investment being reverse repo transactions with highly rated counterparties collateralized by high credit quality sovereign, supranational or agency bonds, plus purchases of UK Government bills. The weighted average maturity (WAM) ranged between 1 – 25 days over the Reporting Period. The Fund yield moved lower in line with interest rate cuts. As market expectations around interest rate cuts moved lower in September and October, the Fund increased duration, as yields for UK Treasury Bills remained elevated along the curve. There were no capacity issues over quarter ends in the repo market. The lead-up to the year-end saw counterparties manage their balance sheet requirements, reducing supply. However, repo rates were offered between 4.70% and 5.00%, which created a yield benefit for the Fund. Both overnight and weekly liquidity requirements were in excess of regulatory requirements at all times.
The top positive contributors to the Fund’s performance were:
Investments with highly rated counterparties collateralised with high-grade collateral. Highly liquid investments in government bills. Term investments have paid a premium over short-term reverse repo as rate cut expectations keep getting pushed back.
The top negative contributors to the Fund’s performance were:
Rate cut expectations mean term investments have to be selectively placed.
State Street Liquidity Public Limited Company 19
Page 21
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Investment Manager’s Report for the financial year ended 31 December 2024 (continued)
State Street GBP Government Liquidity Fund (continued)
Fund Summary (continued)
31 December 2024
SSGA Fund Reporting Period
Since Inception (%) Date of Inception (%) (% p.a.) Fund 3.73 3.73 10 Apr 2024 Benchmark 3.69 3.69
Performance is shown annualised and gross of fees. Benchmark - SONIA Compounded Index. Past performance is not a guarantee of future results.
20 State Street Liquidity Public Limited Company
Page 22
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Directors’ Report
The Directors present herewith their annual report for the financial year ended 31 December 2024.
Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with the Irish law.
The Irish law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards (the “IFRS”) as adopted by the European Union (the " EU " ).
Under the Irish law the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year.
In preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with the IFRS and ensure that they contain the additional information required by the Companies Act 2014; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to: correctly record and explain the transactions of the Company; enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited.
The Directors are responsible for safeguarding the assets of the Company. In this regard they have entrusted the assets of the Company to State Street Custodial Services (Ireland) Limited (the " Depositary " ) who has been appointed as Depositary to the Company pursuant to the terms of a Depositary Agreement. The Directors have a general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities.
The financial statements are published on the www.ssga.com website. The Directors, together with the Investment Manager are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Relevant Audit Information The Directors have put a framework in place to ensure the statutory auditors have been provided with all relevant audit information of which they are aware.
Accounting records The Directors ensure compliance with the Company’s obligation to maintain adequate accounting records by appointing competent persons to be responsible for them. The accounting records are kept by State Street Fund Services (Ireland) Limited, at 78 Sir John Rogerson’s Quay, Dublin 2, D02 HD32, Ireland.
Review of business and future developments The Company is an open-ended investment company with variable capital which has been authorised by the Central Bank of Ireland. There was no change in the nature of the Company’s business during the financial year.
The investment objectives of the Funds are outlined in the Background to the Company. The assets under management in the Company increased to GBP 39,758,103,756 from GBP 36,749,572,031 during the financial year. A market review, fund review and review of future developments is included under the Investment Manager’s Report.
Management Company The Company has appointed State Street Global Advisors Europe Limited to be responsible for the day-to-day management of its affairs subject to the overall supervision of the Board. The Management Company is responsible for the investment management of the assets of the Company, the administration of the Company and the implementation of the Company’s and Funds’ distribution and marketing policy.
State Street Liquidity Public Limited Company 21
Page 23
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Directors’ Report (continued)
Risk management objectives and policies The main risks arising from the Company’s financial instruments are market risk, interest risk, liquidity risk and credit risk. Non financial risks would include management risk, market disruption/geopolitical risk, commodities risk, concentration risk and conflicts of interest risk. For further information on risk management objectives and policies, please see Note 13 of these financial statements and the Prospectus and Supplements of the Company.
Corporate Governance Statement
General Principles The Company is required to comply with the requirements of the Companies Act 2014 (the “Companies Act”) and UCITS Regulations, as applicable to the Company.
The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report.
The Company is subject to corporate governance practices imposed by: The Companies Act 2014 which is available for inspection at the registered office of the Company and may also be obtained at http://www.irishstatutebook.ie ;
The Articles of Association of the Company which are available for inspection at the registered office of the Company and at the Companies Registration Office in Ireland; and
The Central Bank UCITS Regulations and Guidance which can be obtained from the Central Bank’s website at https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits and are available for inspection at the registered office of the Company.
On 27 November 2012, the Board of Directors (the “Board”) voluntarily adopted the IF Code for Irish domiciled collective investment schemes, as the Company’s corporate governance code effective from 1 January 2013.
Dealings with Shareholders The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Act. Although the Board may convene an extraordinary general meeting of the Company at any time, the Directors were required to convene the first annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter, provided that an annual general meeting is held within six months of the end of each financial year of the Company.
At least twenty-one clear days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting, unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two shareholders present either in person or by proxy constitutes a quorum at a general meeting. The share capital of the Company is divided into different classes of shares and the Companies Act and the Articles of Association provide that the quorum for a general meeting convened to consider any alteration to the rights attached to any class of shares, is two or more shareholders present in person or by proxy, holding or representing by proxy at least one third of the issued shares of the relevant class.
Every holder of participating shares or non-participating shares present, in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present, in person or by proxy, is entitled to one vote in respect of each share held by him, and every holder of non-participating shares is entitled to one vote in respect of all non participating shares held by him. At any general meeting of the Company, a resolution put to the vote of the meeting is decided on a show of hands unless, before or upon the declaration of the result of the show of hands, a poll is demanded by the chairman of the general meeting, or by at least five members or shareholders present, in person or by proxy, having the right to vote at such meeting, or any holder or holders of participating shares present, in person or by proxy, representing at least one tenth of the shares in issue having the right to vote at such meeting.
Dealings with Shareholders (continued) Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. Alternatively, a resolution in writing signed by all of the shareholders and holders of non-participating shares for the time being entitled to attend and vote on such resolution at a general meeting of the Company, will be valid and effective for all purposes as if the resolution had been passed at a general meeting of the Company duly convened and held. An ordinary resolution of the Company (or of the shareholders of a particular fund or class of shares) requires a simple majority of the votes cast by the
22 State Street Liquidity Public Limited Company
Page 24
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Directors’ Report (continued)
Corporate Governance Statement (continued)
shareholders voting, in person or by proxy, at the meeting at which the resolution is proposed. A special resolution of the Company (or of the shareholders of a particular fund or class of shares) requires a majority of not less than 75% of shareholders present, in person or by proxy, and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.
Board composition and activities In accordance with the Companies Act and the Articles of Association, unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two nor more than twelve. Currently the Board is comprised of three non-executive Directors, two of whom are independent. Details of the current Directors are set out below, under the heading “Directors”.
The business of the Company is managed by the Directors, who exercise all such powers of the Company as set out by the Companies Act or by the Articles of Association of the Company required to be exercised by the Company in general meeting.
The Board is responsible for the Company’s overall direction and strategy and to this end it reserves the decision making power on issues such as the determination of medium and long term goals, review of managerial performance, organisational structure and capital needs and commitments to achieve the Company’s strategic goals. To achieve these responsibilities, the Board meets four times a year to review the operations of the Company, address matters of strategic importance and to receive reports from the Administrator, Depositary and the Investment Manager. However, a Director may, and the company secretary on the requisition of a Director will, at any time summon a meeting of the Directors. Ad hoc meetings, in addition to the four meetings, are convened as required.
Questions arising at any meeting of the Directors are determined by the Chairman. In the case of an equality of votes, the Chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two.
Directors’ Compliance Statement In accordance with Section 225 of the Companies Act 2014, the Directors:
(a) acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations; and
(b) confirm that:
i) A compliance policy statement has been prepared setting out the Company’s policies (that, in the Directors’ opinion, are appropriate to the Company) for ensuring compliance by the company with its relevant obligations; ii) An adequate structure is in place, that in the Directors’ opinion, is designed to secure material compliance with the Company’s relevant obligations; and iii) An annual review procedure has been put in place to review the Company’s relevant obligations and ensure a structure is in place to comply with these obligations.
Results and dividends The results and dividends for the financial year are set out in the Statement of Comprehensive Income.
Events during the financial year Please refer to Note 22 in the notes to the financial statements.
Events since the financial year end Please refer to Note 23 in the notes to the financial statements.
Directors The names of the persons who were Directors at any time during the financial year ended 31 December 2024 are set out below. Unless otherwise indicated, they served for the entire financial year:
Barbara Healy* (Irish) Rebecca Bridger (British) Tom Coghlan* (Irish)
State Street Liquidity Public Limited Company 23
Page 25
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Directors’ Report (continued)
Directors (continued)
*Independent Director. All other Directors are not independent Directors. All of the Directors are non-executive Directors.
The Directors’ fees for the independent Directors during the financial year were GBP 126,741 (31 December 2023: GBP 83,160), the amount payable to the Directors at financial year end was GBP 67,440 (31 December 2023: GBP12,216).
Directors’ and Secretary’s Interests The Board is not aware of any shareholding in the Company by any Director or secretary during the financial year ended 31 December 2024 or 31 December 2023.
Political donations There were no political donations made during the financial year ended 31 December 2024 or 31 December 2023.
Independent Auditors The auditors, PricewaterhouseCoopers, have indicated their willingness to continue in office in accordance with Section 382(2) of the Companies Act 2014.
Audit Committee On 26 February 1998, an audit committee was formed. Barbara Healy and Tom Coghlan sit on the committee and have been given oversight for financial reporting, external auditors and reporting responsibilities. The audit committee meets at least once a year at appropriate times in the reporting and audit cycle.
Dealings with Connected Persons Regulation 43(1) of the UCITS Regulations “Restrictions on transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best interest of the shareholders of the UCITS”.
As required under UCITS Regulation 81.4, the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and all transactions with connected persons that were entered into during the financial year to which the report relates complied with the obligations that are prescribed by Regulation 43(1).
On behalf of the Board:
Director Barbara Healy
Director Rebecca Bridger
Date: 16 April 2025
24 State Street Liquidity Public Limited Company
Page 26
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Report of the Depositary to the Shareholders
Report of the Depositary to the Shareholders We have enquired into the conduct of State Street Global Advisors Europe Limited as the Manager of State Street Liquidity Public Limited Company ( " the Company " ) and into the conduct of the Company itself for the financial year ended 31 December 2024, in our capacity as Depositary to the Company.
This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Regulation 34, (1), (3) and (4) Part 5 of the European Communities UCITS Regulations 2011, as amended, (the “UCITS Regulations”), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Manager and Company in each annual accounting year and report thereon to the Shareholders.
Our report shall state whether, in our opinion, the Company has been managed in that financial year in accordance with the provisions of the Company’s Constitution (the “Constitution”) and the UCITS Regulations. It is the overall responsibility of the Manager and the Company to comply with these provisions. If the Manager or the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Constitution and the UCITS Regulations and (ii) otherwise in accordance with the Constitution and the appropriate regulations.
Opinion In our opinion, the Company has been managed during the financial year, in all material respects:
(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Constitution, the UCITS Regulations and the Central Bank (Supervision And Enforcement) Act 2013 (Section 48(1)) (Undertakings For Collective Investment In Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations); and
(ii) otherwise in accordance with the provisions of the Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.
State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, D02 HD32, Ireland
Date: 16 April 2025
State Street Liquidity Public Limited Company 25
Page 27
Independent auditors’ report to the members of State Street Liquidity Public Limited Company
Report on the audit of the financial statements
Opinion In our opinion, State Street Liquidity Public Limited Company’s financial statements:
give a true and fair view of the Company’s and Funds’ assets, liabilities and financial position as at 31 December 2024 and of their results and cash flows for the year then ended;
have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and
have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:
the Statement of Financial Position as at 31 December 2024;
the Statement of Comprehensive Income for the year then ended;
the Statement of Cash Flows for the year then ended;
the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders for the year then ended;
the Schedule of Investments for each of the Funds as at 31 December 2024; and
the notes to the financial statements for the Company and for each of its Funds, which include a description of the accounting policies.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s and Funds’ ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company’s and Funds’ ability to continue as a going concern. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 28
Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included. Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report. Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities set out on page 21 , the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for _audit.pdf. f. This description forms part of our auditors’ report.
Page 29
Use of this report This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2014 opinions on other matters
We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records. Companies Act 2014 exception reporting
Directors’ remuneration and transactions Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.
Olivia Hayden for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 16 April 2025
Page 30
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Comprehensive Income
For the financial year ended 31 December 2024
Notes
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 3 1 D e c 2 0 2 4 U S D
Income from financial assets at fair value 2 1,877,849,975 1,510,774,626 310,515,971 281,178,518 12,192,918 162,829,822
Realised gain/(loss) on financial assets at fair value through profit or loss 496,942 21,253 321,399 190,932 347,679 (3,399)
Net movement on unrealised loss on financial assets at fair value (6,617,804) (7,531,525) (558,522) (132,957) (81,642) -
Other income 36,175,182 18,673,683 7,618,074 6,709,898 1,019 9,685,605
Total investment income 1,907,904,295 1,521,938,037 317,896,922 287,946,391 12,459,974 172,512,028
Operating expenses 3 (47,705,706) (37,110,494) (7,365,327) (7,619,328) (163,665) (5,391,921)
Operating profit 1,860,198,589 1,484,827,543 310,531,595 280,327,063 12,296,309 167,120,107
Finance Costs:
Distributions to redeemable participating Shareholders 1(h) (1,688,489,401) (1,385,870,854) (300,816,339) (192,391,670) - (167,120,007)
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations 171,709,188 98,956,689 9,715,256 87,935,393 12,296,309 100
There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. Gains and losses arose solely from continuing operations during the financial year.
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 29
Page 31
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Comprehensive Income
For the financial year ended 31 December 2024 (continued)
Notes
State Street EUR Government Liquidity Fund* 31 Dec 2024 EUR
S t a t e S t r e e t G B P G o v e r n m e n t L i q u i d i t y F u n d * * 3 1 D e c 2 0 2 4 G B P
Income from financial assets at fair value 2 4,558,439 5,645,584
Realised loss on financial assets at fair value through profit or loss - (48)
Other income 322,458 414,005
Total investment income 4,880,897 6,059,541
Operating expenses 3 (415,509) (144,872)
Operating profit 4,465,388 5,914,669
Finance Costs:
Distributions to redeemable participating Shareholders 1(h) (4,465,388) (5,914,669)
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations - -
There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. Gains and losses arose solely from continuing operations during the financial year. * The Fund launched on 22 January 2024, therefore there are no comparatives. ** The Fund launched on 10 April 2024, therefore there are no comparatives.
The accompanying notes are an integral part of the financial statements.
30 State Street Liquidity Public Limited Company
Page 32
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Comprehensive Income
For the financial year ended 31 December 2023
Notes
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 3 1 D e c 2 0 2 3 U S D
Income from financial assets at fair value 2 1,520,397,793 1,308,405,794 223,902,738 197,024,165 9,044,092 81,063,797
Realised gain/(loss) on financial assets at fair value through profit or loss 186,648 165,706 93,845 9,704 356,196 (60,788)
Net movement on unrealised gain on financial assets at fair value 9,374,755 8,579,025 1,626,836 626,382 368,465 -
Other income 20,294,219 17,872,645 669,351 662,105 - 5,816,784
Total investment income 1,550,253,415 1,335,023,170 226,292,770 198,322,356 9,768,753 86,819,793
Operating expenses 3 (37,887,021) (32,241,918) (5,203,348) (5,719,613) (144,335) (2,061,963)
Operating profit 1,512,366,394 1,302,781,252 221,089,422 192,602,743 9,624,418 84,757,830
Finance Costs:
Distributions to redeemable participating Shareholders 1(h) (1,393,448,191) (1,203,060,319) (213,005,420) (166,610,527) - (84,757,830)
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations 118,918,203 99,720,933 8,084,002 25,992,216 9,624,418 -
There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. Gains and losses arose solely from continuing operations during the financial year.
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 31
Page 33
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Financial Position
As at 31 December 2024
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 Notes USD
Current Assets Financial assets at fair value through profit or loss: Money market instruments 34,339,574,631 26,123,458,650 5,412,237,307 7,228,841,401 372,041,333 2,023,899,367 Reverse repurchase agreements 5,096,910,295 1,255,000,000 500,000,000 2,015,998,995 - 1,900,000,000 Collective investment schemes - - 87,454,574 61,768,683 - Cash and bank balances 4 859,058,372 463,725,851 148,000,227 179,582,062 976 204,934,807 Other assets 5 1,175,400,069 1,305,108,880 15,112,049 20,904,943 1,406,735 124,698,362
Total Current Assets 41,470,943,367 29,147,293,381 6,162,804,157 9,507,096,084 373,449,044 4,253,532,536
Current Liabilities Creditors (amounts falling due within one year) 6 (1,712,839,611) (843,758,373) (5,565,133) (1,157,092,815) (10,066,730) (33,719,107)
Total Current Liabilities (1,712,839,611) (843,758,373) (5,565,133) (1,157,092,815) (10,066,730) (33,719,107)
Net Assets attributable to redeemable participating Shareholders 39,758,103,756 28,303,535,008 6,157,239,024 8,350,003,269 363,382,314 4,219,813,429
The accompanying notes are an integral part of the financial statements.
32 State Street Liquidity Public Limited Company
Page 34
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Financial Position
As at 31 December 2024 (continued)
Notes
State Street EUR Government Liquidity Fund* 31 Dec 2024 EUR
State Street GBP Government Liquidity Fund** 31 Dec 2024 GBP
Current Assets Financial assets at fair value through profit or loss: Money market instruments 39,876,167 135,124,941 Reverse repurchase agreements 152,388,585 284,896,700 Cash and bank balances 4 15,050,258 16,229,410 Other assets 5 66,532 131,535
Total Current Assets 207,381,542 436,382,586
Current Liabilities Creditors (amounts falling due within one year) 6 (44,025,339) (5,214,725)
Total Current Liabilities (44,025,339) (5,214,725)
Net Assets attributable to redeemable participating Shareholders 163,356,203 431,167,861
* The Fund launched on 22 January 2024, therefore there are no comparatives. ** The Fund launched on 10 April 2024, therefore there are no comparatives.
On Behalf of the Board:
Director Rebecca Bridger
Director Barbara Healy
Date: 16 April 2025
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 33
Page 35
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Financial Position
As at 31 December 2023
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2023 Notes USD
Current Assets Financial assets at fair value through profit or loss: Money market instruments 31,534,938,145 26,499,026,629 4,057,234,917 6,330,646,316 283,833,806 1,222,853,001 Reverse repurchase agreements 3,758,973,812 1,595,000,000 905,000,000 781,464,412 - 1,180,000,000 Collective investment schemes - - - - 12,347,206 Cash and bank balances 4 897,251,048 448,829,493 181,165,429 280,000,172 253 154,733,684 Other assets 5 1,540,582,096 1,931,248,064 11,672,915 14,390,614 457,186 1,403,173
Total Current Assets 37,731,745,101 30,474,104,186 5,155,073,261 7,406,501,514 296,638,451 2,558,989,858
Current Liabilities Creditors (amounts falling due within one year) 6 (982,173,070) (613,974,947) (44,239,239) (422,091,488) (3,165) (115,435,841)
Total Current Liabilities (982,173,070) (613,974,947) (44,239,239) (422,091,488) (3,165) (115,435,841)
Net Assets attributable to redeemable participating Shareholders 36,749,572,031 29,860,129,239 5,110,834,022 6,984,410,026 296,635,286 2,443,554,017
The accompanying notes are an integral part of the financial statements.
34 State Street Liquidity Public Limited Company
Page 36
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders
For the financial year ended 31 December 2024
Net assets attributable to redeemable participating Shareholders at beginning of
Notes
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 3 1 D e c 2 0 2 4 U S D
the financial year 36,749,572,031 29,860,129,239 5,110,834,022 6,984,410,026 296,635,286 2,443,554,017
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations 171,709,188 98,956,689 9,715,256 87,935,393 12,296,309 100
Proceeds from redeemable participating Shares issued 268,026,773,506 220,950,714,714 37,552,928,921 42,718,746,781 97,621,911 26,587,774,286
Cost of redeemable participating Shares redeemed (265,327,581,596) (222,606,265,634) (36,516,239,175) (41,441,088,931) (43,171,192) (24,811,514,974)
Net increase/(decrease) in net assets from Share transactions 2,699,191,910 (1,655,550,920) 1,036,689,746 1,277,657,850 54,450,719 1,776,259,312
Notional exchange adjustment 1(f) 137,630,627 - - - - -
Net increase/(decrease) in net assets attributable to redeemable participating Shareholders 3,008,531,725 (1,556,594,231) 1,046,405,002 1,365,593,243 66,747,028 1,776,259,412
Net assets attributable to redeemable participating Shareholders at end of the financial year 39,758,103,756 28,303,535,008 6,157,239,024 8,350,003,269 363,382,314 4,219,813,429
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 35
Page 37
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders
For the financial year ended 31 December 2024 (continued)
Net assets attributable to redeemable participating Shareholders at beginning of the financial year
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations
Notes
State Street EUR Government Liquidity Fund* 31 Dec 2024 EUR
-
S t a t e S t r e e t G B P G o v e r n m e n t L i q u i d i t y F u n d * * 3 1 D e c 2 0 2 4 G B P
-
- -
Proceeds from redeemable participating Shares issued 286,930,094 454,609,644
Cost of redeemable participating Shares redeemed (123,573,891) (23,441,783)
Net increase in net assets from Share transactions 163,356,203 431,167,861
Notional exchange adjustment 1(f) - -
Net increase in net assets attributable to redeemable participating Shareholders 163,356,203 431,167,861
Net assets attributable to redeemable participating Shareholders at end of the financial year 163,356,203 431,167,861
* The Fund launched on 22 January 2024, therefore there are no comparatives. ** The Fund launched on 10 April 2024, therefore there are no comparatives.
The accompanying notes are an integral part of the financial statements.
36 State Street Liquidity Public Limited Company
Page 38
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders
For the financial year ended 31 December 2023
Net assets attributable to redeemable participating Shareholders at beginning of
Notes
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 3 1 D e c 2 0 2 3 U S D
the financial year 27,163,136,957 19,144,533,907 3,909,170,050 6,735,906,569 288,222,909 1,343,569,029
Net increase in net assets attributable to redeemable participating Shareholders resulting from operations 118,918,203 99,720,933 8,084,002 25,992,216 9,624,418 -
Proceeds from redeemable participating Shares issued 238,237,594,684 203,765,720,311 29,679,683,794 36,041,246,025 75,415,954 16,587,868,066
Cost of redeemable participating Shares redeemed (227,430,949,474) (193,149,845,912) (28,486,103,824) (35,818,734,784) (76,627,995) (15,487,883,078)
Net increase/(decrease) in net assets from Share transactions 10,806,645,210 10,615,874,399 1,193,579,970 222,511,241 (1,212,041) 1,099,984,988
Notional exchange adjustment 1(f) (1,339,128,339) - - - - -
Net increase in net assets attributable to redeemable participating Shareholders 9,586,435,074 10,715,595,332 1,201,663,972 248,503,457 8,412,377 1,099,984,988
Net assets attributable to redeemable participating Shareholders at end of the financial year 36,749,572,031 29,860,129,239 5,110,834,022 6,984,410,026 296,635,286 2,443,554,017
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 37
Page 39
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Cash Flows
For the financial year ended 31 December 2024
Cash flow from operating activities
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 3 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 4 3 1 D e c 2 0 2 4 U S D
Increase in net assets attributable 171,709,188 98,956,689 9,715,256 87,935,393 12,296,309 100
Adjustment for: Distributions to redeemable participating Shareholders 1,688,489,401 1,385,870,854 300,816,339 192,391,670 - 167,120,007
Movement in financial assets at fair value through profit or loss (3,387,875,275) 760,562,554 (1,076,752,223) (1,459,945,799) (65,920,545) (1,535,898,022) Movement in receivables 4,330,671 18,894,951 (3,439,134) (6,514,329) (949,549) (649,738) Movement in payables 2,251,648 1,664,889 536,309 (210,812) 123,789 455,146
Net cash (outflow)/inflow from operating activities (1,521,094,367) 2,265,949,937 (769,123,453) (1,186,343,877) (54,449,996) (1,368,972,507)
Cash flows from financing activities Proceeds from issue of redeemable participating shares* 267,124,511,265 220,544,258,619 37,303,809,337 42,578,621,067 97,621,911 26,322,436,256 Payment of redeemable participating shared redeemed (265,225,008,092) (222,406,351,915) (36,516,239,175) (41,441,088,931) (43,171,192) (24,880,334,124) Distributions to redeemable participating Shareholders (418,135,242) (388,960,283) (51,611,911) (51,606,369) - (22,928,502)
Net cash inflow/(outflow) from financing activities 1,481,367,931 (2,251,053,579) 735,958,251 1,085,925,767 54,450,719 1,419,173,630
Net (decrease)/increase in cash and cash equivalents (39,726,436) 14,896,358 (33,165,202) (100,418,110) 723 50,201,123
Cash and cash equivalents at the start of the financial year 897,251,048 448,829,493 181,165,429 280,000,172 253 154,733,684
Unrealised movement on foreign exchange 1,533,760 - - - - -
Cash and cash equivalents at the end of the financial year 859,058,372 463,725,851 148,000,227 179,582,062 976 204,934,807
Supplementary information
Itt id ppy
Interest received 1,881,998,902 1,529,669,577 307,076,837 274,664,189 11,028,665 162,180,084
* There were a number of dividends reinvested on the Funds during the financial year which are not included in the Statement of Cash Flows. The value of which were USD 1,020,566,261 for State Street USD Liquidity LVNAV Fund, GBP 245,423,670 for State Street GBP Liquidity LVNAV Fund, EUR 146,201,951 for State Street EUR Liquidity LVNAV Fund and USD 138,742,930 for State Street USD Treasury Liquidity Fund in the financial year ended 31 December 2024.
The accompanying notes are an integral part of the financial statements.
38 State Street Liquidity Public Limited Company
Page 40
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Cash Flows
For the financial year ended 31 December 2024 (continued)
Cash flow from operating activities
Increase in net assets attributable
Adjustment for:
S t a t e S t r e e t E U R G o v e r n m e n t L i q u i d i t y F u n d 3 1 D e c 2 0 2 4 E U R
-
S t a t e S t r e e t G B P G o v e r n m e n t L i q u i d i t y F u n d 3 1 D e c 2 0 2 4 G B P
-
Distributions to redeemable participating Shareholders 4,465,388 5,914,669
Movement in financial assets at fair value through profit or loss (148,424,630) (415,024,231) Movement in receivables (66,532) (131,535) Movement in payables 90,187 53,863
Net cash outflow from operating activities (143,935,587) (409,187,234)
Cash flows from financing activities Proceeds from issue of redeemable participating shares* 282,803,600 449,213,140 Payment of redeemable participating shared redeemed (123,573,891) (23,441,783) Distributions to redeemable participating Shareholders (243,864) (354,713)
Net cash inflow from financing activities 158,985,845 425,416,644
Net increase in cash and cash equivalents 15,050,258 16,229,410
Cash and cash equivalents at the start of the financial year - -
Unrealised movement on foreign exchange - -
Cash and cash equivalents at the end of the financial year 15,050,258 16,229,410
Supplementary information
Itt id ppy
Interest received 4,491,907 5,514,049
* There were a number of dividends reinvested on the Funds during the financial year which are not included in the Statement of Cash Flows. The value of which were EUR 3,821,460 for State Street EUR Government Liquidity Fund and GBP 4,297,553 for State Street GBP Government Liquidity Fund in the financial year ended 31 December 2024.
The accompanying notes are an integral part of the financial statements.
State Street Liquidity Public Limited Company 39
Page 41
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Statement of Cash Flows
For the financial year ended 31 December 2023
Cash flow from operating activities
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
S t a t e S t r e e t U S D T r e a s u r y L i q u i d i t y F u n d 3 1 D e c 2 0 2 3 U S D
Increase in net assets attributable 118,918,203 99,720,933 8,084,002 25,992,216 9,624,418 -
Adjustment for: Distributions to redeemable participating Shareholders 1,393,448,191 1,203,060,319 213,005,420 166,610,527 - 84,757,830
Movement in financial assets at fair value through profit or loss (9,590,598,331) (9,563,585,334) (1,007,812,773) 39,120,576 (8,392,681) (1,143,673,967) Movement in receivables (57,516,937) (50,830,980) (6,309,488) (11,151,443) (19,120) (770,277) Movement in payables 2,555,222 1,609,294 697,459 568,358 - 86,375
Net cash (outflow)/inflow from operating activities (8,133,193,652) (8,310,025,768) (792,335,380) 221,140,234 1,212,617 (1,059,600,039)
Cash flows from financing activities Proceeds from issue of redeemable participating shares* 235,682,340,894 201,050,579,143 29,487,273,380 35,898,274,943 75,415,954 16,519,195,129 Payment of redeemable participating shared redeemed (226,918,957,592) (192,581,952,809) (28,486,103,824) (35,818,734,784) (76,627,995) (15,419,063,928) Distributions to redeemable participating Shareholders (304,911,029) (307,343,156) (27,668,936) (20,628,566) - (15,126,189)
Net cash inflow/(outflow) from financing activities 8,458,472,273 8,161,283,178 973,500,620 58,911,593 (1,212,041) 1,085,005,012
Net increase/(decrease) in cash and cash equivalents 325,278,621 (148,742,590) 181,165,240 280,051,827 576 25,404,973
Cash and cash equivalents at the start of the financial year 604,244,148 597,572,083 189 (51,655) (323) 129,328,711
Unrealised movement on foreign exchange (32,271,721) - - - - -
Cash and cash equivalents at the end of the financial year 897,251,048 448,829,493 181,165,429 280,000,172 253 154,733,684
Supplementary information
Itt id ppy
Interest received 1,462,706,824 1,257,574,814 217,576,078 185,822,954 8,894,358 80,293,520
* There were a number of dividends reinvested on the Funds during the financial year which are not included in the Statement of Cash Flows. The value of which were USD 833,422,677 for State Street USD Liquidity LVNAV Fund, GBP 174,616,710 for State Street GBP Liquidity LVNAV Fund, EUR 134,905,893 for State Street EUR Liquidity LVNAV Fund and USD 64,105,254 for State Street USD Treasury Liquidity Fund in the financial year ended 31 December 2023.
The accompanying notes are an integral part of the financial statements.
40 State Street Liquidity Public Limited Company
Page 42
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024
1. Material Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.
Basis of presentation The financial statements have been prepared in accordance with IFRS as adopted by the EU, the interpretations adopted by International Accounting Standard Board (the “IASB”) and Irish statute comprising the Companies Act 2014 and the UCITS Regulations.
The financial statements have been prepared on a going concern basis as the Directors are of the view that the Company can continue in operational existence at least twelve months from the date of approval of these financial statements ( " the period of assessment " ). The Directors anticipate the financial assets will continue to generate enough cash flows on an ongoing basis to meet the Company’s liabilities as they fall due. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and financial liabilities held at fair value through profit and loss.
Accounting Standards The Company has consistently applied the accounting requirements to all periods presented in these financial statements.
New standards, amendments and interpretations issued and effective for the financial year beginning 1 January 2024
Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The amendments seek to add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that ask entities to provide qualitative and quantitative information about supplier finance arrangements. The amendments are effective for reporting periods beginning on or after 1 January 2024.
Amendments to IFRS16 - Lease Liability in a Sale and Lease back. The amendments are effective for reporting periods beginning on or after 1 January 2024.
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current– Deferral of Effective Date provides a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements based on the contractual arrangements in place at the reporting date. The amendments are effective for annual reporting periods beginning on or after 1 January 2024.
There are no other new standards, amendments or interpretations issued and effective for the financial year beginning 1 January 2024 that have a significant impact on the Company’s financial position, performance or disclosures in its financial statements.
New standards, amendments and interpretations issued but not effective for the financial year beginning 1 January 2024 and not early adopted
Amendments to IAS 21 - Lack of Exchange ability. The amendments are effective for reporting periods beginning on or after 1 January 2025.
Amendments to IFRS 9 and IFRS 7 - Amendment to the Classification and Measurement of Financial Instruments. The amendments are effective for reporting periods beginning on or after 1 January 2026.
IFRS 18 - Presentation and Disclosure in Financial Statements. The standard is effective for reporting periods beginning on or after 1 January 2027.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures. The standard is effective for reporting periods beginning on or after 1 January 2027.
There are no other standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the Company.
State Street Liquidity Public Limited Company 41
Page 43
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
1. Material Accounting Policies (continued)
Critical Accounting Estimates and Assumptions The preparation of these financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The Investment Manager and Administrator have an agreed documented pricing policy in place which sets out the policies, sources and approach to the pricing methodologies.
a) Foreign Currency
Functional and presentational currency
The financial statements of the Funds are prepared using the functional currency which reflects its primary economic environment. This is US Dollar for State Street USD Liquidity LVNAV Fund and State Street USD Treasury Liquidity Fund, GBP for State Street GBP Liquidity LVNAV Fund and State Street GBP Government Liquidity Fund, Euro for the State Street EUR Liquidity LVNAV Fund, State Street EUR Liquidity Standard VNAV Fund and State Street EUR Government Liquidity Fund. The Funds have also adopted these currencies as their presentation currencies of the Funds. Company totals are presented in GBP, which reflects the fact that the Company’s investor base is largely located in the United Kingdom.
Transactions in other currencies have been translated at the rate of exchange ruling at the date of the transaction. Assets and liabilities have been translated at the rate of exchange ruling at the financial year end. Resulting profits or losses are dealt with in the Statement of Comprehensive Income.
The rates of exchange ruling at the financial year ends were GBP 1=
31 December 2024 31 December 2023 EUR 1.2095 1.1540 USD 1.2524 1.2748
The average exchange rates used in the Company’s Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders for the financial year were GBP 1=
31 December 2024 31 December 2023 EUR 1.1813 1.1500 USD 1.2781 1.2436
i) Realised and Unrealised Gains/(Losses) on Investments at fair value
In respect of each financial instrument classified as financial instruments at fair value through profit or loss, the realised and unrealised gains/(losses) are included in the Statement of Comprehensive Income of each Fund.
The computation of realised gains and losses on sales on investments at fair value is made on the basis of average cost.
b) Interest Income and Interest Expense
Interest income and interest expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant financial period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Funds estimate cash flows considering all contractual terms of the financial instrument but does not consider future credit loss.
Discounts and premiums on purchases of fixed income securities are amortised over the life of the investment, on an effective interest basis.
42 State Street Liquidity Public Limited Company
Page 44
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
1. Material Accounting Policies (continued)
c) Expenses
Each Fund shall pay all of its expenses and such proportion of the Company’s expenses as is allocated to that Fund. All expenses are recognised in the Statement of Comprehensive Income on an accruals basis.
d) Financial Assets at fair value through Profit or Loss
i) Classification
The Company classifies its investments based on both the Company’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Company is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Company has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Company’s debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Company’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss.
ii) Recognition, derecognition and measurement
Regular purchases and sales of investments are recognised on the trade date - the date on which the Company contracts to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.
iii) Subsequent measurement
Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income within ’net movement on unrealised loss on financial assets at fair value’ in the year in which they arise.
iv) Impairment
IFRS 9 requires an impairment assessment to be carried out on its financial assets. Management has assessed that impairment does not apply to financial assets classified as fair value through profit or loss. For the financial assets and liabilities measured at amortised cost, the Company measures credit risk and expected credit loss using probability of default, exposure at default and loss given default. Management considers historical analysis and forward-looking information in determining any expected credit loss. As at 31 December 2024 and 31 December 2023, Management has determined the probability of default on financial assets carried at amortised cost to be low, as they are short-term in nature, and accordingly no loss allowance has been recognised based on the 12-month expected credit loss as any such impairment would be insignificant.
v) Valuation of Investments at fair value
Money Market Instruments
All financial instruments in the Schedule of Investments have been designated at fair value through profit or loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their value recognised in the Statement of Comprehensive Income.
In accordance with the Prospectus, the LVNAV MMFs’ and Public debt MMFs’ investments are valued using the amortised cost method of valuation for the purposes of determining the redemption value of the redeemable participating shares in respect of investments whose residual maturity is less than 75 days and whose amortised cost NAV per share is within 20 basis points of the mark-to-market NAV per share. Under the amortised cost method, all investments purchased at a discount or premium are valued by accreting or amortising the difference between the original purchase price and the expected maturity value of the investment, as an adjustment to interest income.
The Standard VNAV MMFs’ investments are measured in accordance with IFRS 13 Fair Value Measurement. The fair value of financial assets and financial liabilities traded in active markets (such as publicly traded derivatives and State Street Liquidity Public Limited Company 43
Page 45
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
1. Material Accounting Policies (continued)
d) Financial Assets at fair value through Profit or Loss (continued)
v) Valuation of Investments at fair value (continued)
Money Market Instruments (continued)
trading securities) are based on quoted market prices at the Statement of Financial Position date, as detailed in the Company’s Prospectus and Funds’ Supplements. The quoted market price used for financial assets and financial liabilities held by the Funds are based on a price within the bid ask spread that is most representative of fair value.
The value of any investment which is not normally quoted, listed or traded on or under the rules of a recognised market will be valued at its probable realisation value estimated with care and in good faith by the Directors in consultation with the Administrator or by a competent person, firm or corporation appointed by the Directors and approved for such purpose by the Depositary.
Collective Investment Schemes
Investments in open-ended investment funds are valued on the basis of the latest available unaudited NAV per unit or share. If a price is unavailable, or in the opinion of the Administrator unrepresentative of fair market value, the value shall be calculated with care and in good faith by the Investment Manager, on the basis of the probable realisable value for such assets as at the close of business.
Reverse Repurchase Agreements
Each Fund may utilise reverse repurchase agreements for efficient portfolio management purposes. Under a Reverse Repurchase Agreement, securities are purchased by the Company with the agreement to sell back to the counterparty at a specified future date and are transferred to a third-party agent responsible for the administration of the transaction.
The securities purchased and held by the third-party agent represent, for the Company, collateral against counterparty risk arising from the transaction. The difference between the purchase price paid by the Company and the repurchase price received at the termination of the transaction is effectively the return on the loan made to the counterparty. The resale price is greater than the purchase price, reflecting an agreed-upon rate which is effective for the period of time the investor’s money is invested in the security and which is not related to the coupon rate on the purchased security. Reverse repurchase agreements permit the Funds to remain fully invested pending the purchase of appropriate longer term investments. The Funds will enter into reverse repurchase agreements only with financial institutions deemed to be creditworthy by the Investment Manager.
During the term of any reverse repurchase agreement, the creditworthiness of the buyer will be monitored by the Investment Manager to ensure that the buyer has a minimum credit rating of A1 from a Nationally Recognised Statistical Rating Organisation (“NRSRO”). For bilateral reverse repurchase agreements, it is the Funds’ policy to take custody of securities to protect the Fund in the event securities are not repurchased by the counterparty. The Funds will monitor the value of collateral compared to the reverse repurchase agreement obligation plus accrued interest. If the value of the collateral drops below the amount of the reverse repurchase agreement obligation, additional collateral will be sought by the Funds. If the event of default on the obligation to repurchase arises, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Default or bankruptcy of the seller would, however, expose the Funds to possible loss because of adverse market action or delays in connection with the disposal of the collateral. Due to the buyer’s repurchase obligations, the collateral subject to reverse repurchase agreements do not have maturity limitations.
The value of collateral received for reverse repurchase agreements held by Funds, pursuant to guidelines established by the Directors were as follows:
Collateral received Collateral received Fund 2024 2023 State Street USD Liquidity LVNAV Fund USD 1,326,000,072 USD 1,173,000,014 State Street EUR Liquidity LVNAV Fund EUR 1,256,317,100 EUR 610,436,194 State Street GBP Liquidity LVNAV Fund GBP 387,321,871 GBP 674,574,130 State Street USD Treasury Liquidity Fund USD 2,009,400,238 USD 1,122,000,402 State Street EUR Government Liquidity Fund EUR 110,095,923 State Street GBP Government Liquidity Fund GBP 244,675,419 -
44 State Street Liquidity Public Limited Company
Page 46
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
1. Material Accounting Policies (continued)
d) Financial Assets at fair value through Profit or Loss (continued)
v) Valuation of Investments at fair value (continued)
Reverse Repurchase Agreements (continued)
See details of reverse repurchase agreements held at 31 December 2024 on the Schedule of Investments of each Fund.
e) Cash and Bank Balances
Cash and bank balances will be valued at their face value with interest accrued, where applicable.
f) Notional Exchange Adjustment
For the purpose of combining the financial statements of the Funds to arrive at Company totals (required under Irish Company Law), the amounts in the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders have been translated to GBP, at the average month end exchange rates ruling for the financial year ended 31 December 2024 and 31 December 2023. The amounts in the Statement of Financial Position have been translated to GBP using year end exchange rates. This method of translation has no effect on the NAV per redeemable participating Share attributable to the individual Funds. The presentation currency of the Company is the currency in which the financial statements are prepared.
The value of State Street Liquidity Public Limited Company has been determined using the exchange rate ruling at 31 December 2024. The resulting notional exchange gain of GBP 137,630,627 is owing to the movement in exchange rates between 31 December 2024 and 31 December 2023 and the difference between the average exchange rates for the financial year used to calculate the Statement of Comprehensive Income, subscriptions and redemptions compared to the financial year end rates. The difference is reflected as a notional exchange adjustment in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. In the financial year ended 31 December 2023 there was a resulting notional exchange loss of GBP 1,339,128,339.
g) Redeemable Participating shares
All redeemable shares issued by the Company provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Company’s net assets at the redemption date. In accordance with IFRS, such instruments give rise to a financial liability for the value of the redemption amount. In accordance with the Prospectus, the Company is contractually obliged to redeem shares at market prices.
Financial liabilities arising from the redeemable shares issued by the Company are carried at the redemption amount representing the investors’ rights to a residual interest in the Company’s assets.
h) Finance costs - Distributions
It is the intention of the Directors to declare a dividend on each Dealing Day in respect of the Institutional Shares, Investment Shares, Global Securities Lending Shares, Standard Shares, S2 Shares, S3 Shares, Z Shares, Premier Shares, Select Shares, UOB Shares and Distributor Shares out of a sum equal to the aggregate of the share capital, realised and unrealised gains net of realised and unrealised losses and the net income received by the Company (whether in the form of dividends, interest or otherwise) which will be paid monthly and will, unless the Directors otherwise determine or a Shareholder elects to receive a cash payment of a dividend in the application form, be automatically reinvested in the form of additional Shares. Shareholders shall be entitled to dividends from the Dealing Day on which Shares are issued until the day preceding the Dealing Day on which Shares are redeemed.
i) Transaction costs
Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure it at its fair value through profit or loss, plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.
Custody transaction costs which include transaction costs paid to the Depositary are disclosed in Note 8.
State Street Liquidity Public Limited Company 45
Page 47
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
1. Material Accounting Policies (continued)
j) Cross holdings within the Company
For the purposes of producing the Company total, investments by Funds within the Company in shares of other Funds within the Company, also known as “Cross Investments” must be eliminated in order to prevent double counting. In preparing the Company Statement of Financial Position, the value of ‘financial assets at fair value through profit or loss’ of each of the Funds as recognised on each respective Fund’s Statement of Financial Position is reduced by the value of its Cross Investments. In preparing the Company Statement of Comprehensive Income, the ’realised gain/(loss) on financial assets at fair value through profit or loss’ and ‘net movement on unrealised gain/(loss) on financial assets at fair value’, are reduced by the amounts earned on its cross investments during the financial year. Additionally, in preparing the Company Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders, ‘proceeds from redeemable participating Shares issued’ and ‘cost of redeemable participating Shares redeemed’, are reduced by the cross investment transactions during the financial year.
The total amount of adjustments made in respect of cross investments is disclosed in Note 11.
k) Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition or origination. They are subsequently measured at amortised cost using the effective interest yield method, less provision for impairment.
l) Payables
Payables are recognised initially at fair value and subsequently stated at amortised cost. The difference between the proceeds and the amount payable is recognised over the period of the payable using the effective interest method.
Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers’ usual and customary credit terms.
m) Negative yield
Due to market conditions, the Fund may not achieve its objective of preservation of capital and may suffer from negative yields on its portfolio (i.e., the costs and expenses of the Fund may exceed the income and gains of its portfolio on a Business Day). This will result in a corresponding reduction in the NAV per Share of the Distributor Accumulating Shares, Institutional Accumulating Shares, Premier Accumulating Shares and Z Accumulating Shares.
Where the Board determine in their sole discretion that a distributing Share Class within a Stable NAV MMF’s may not be able to maintain a stable NAV per Share, as the Stable NAV MMF suffers a net negative yield on any Dealing Day during a month (the “Negative Yield Occurrence”), the Board may implement a conversion to accumulating Shares. The Company will provide notice to holders of Shares of the relevant Stable NAV MMF or Share Class of any such conversion. The Company intends to provide such notice in advance (during which holders of Shares of the relevant Stable NAV MMF or Share Class may redeem their Shares), but in the event that a Negative Yield Occurrence takes place abruptly (for example, in the event of a sudden yield crash), notice may be given simultaneously with the conversion taking effect. Where such a conversion is implemented, the distributing Share Classes affected by the Negative Yield Occurrence will be amended as follows: (i) the distribution policy will be amended and the Shares will become accumulating Shares; and (ii) the negative income will be accrued in to the NAV and as such the NAV per Share for these Shares Classes will not remain stable and their capital may be eroded.
The Board reserves the right to reverse the conversion of the distributing Shares into accumulating Shares, if they deem it to be in the interests of the Shareholders. The Company will provide notice to holders of Shares of such a conversion.
n) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Investment Manager and Distributor, State Street Global Advisors Europe Limited. The Company is organised into one main operating segment, which invests in equity securities, debt instruments and related derivatives.
46 State Street Liquidity Public Limited Company
Page 48
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
2. Income from financial assets at fair value
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 USD
Bond Interest Income 1,102,384,520 1,023,641,290 131,386,285 114,325,487 3,407,680 80,899,519 Accretion of discount/(Amortisation of Premium) 773,287,807 487,133,336 177,594,790 166,113,684 8,765,272 81,930,303 Dividend Income 2,177,648 - 1,534,896 739,347 19,966 1,877,849,975 1,510,774,626 310,515,971 281,178,518 12,192,918 162,829,822
State Street EUR Government Liquidity Fund 31 Dec 2024 EUR
State Street GBP Government Liquidity Fund 31 Dec 2024 GBP
Bond Interest Income 3,353,952 4,263,242 Accretion of discount/(Amortisation of Premium) 1,204,487 1,382,342 Dividend Income - -
4,558,439 5,645,584
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2023 USD
Bond Interest Income 1,030,576,880 981,917,822 106,217,530 90,606,028 1,961,349 67,508,292 Accretion of discount/(Amortisation of Premium) 489,820,913 326,487,972 117,685,208 106,418,137 7,082,743 13,555,505 Dividend Income - - - - - 1,520,397,793 1,308,405,794 223,902,738 197,024,165 9,044,092 81,063,797
Page 49
State Street Liquidity Public Limited Company 47
Page 50
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
3. Operating Expenses
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 USD Management Fees net of waivers 34,307,842 26,882,221 5,353,632 5,404,512 (641,001)* 4,686,215 Administration and Custodian fees 7,443,204 5,540,745 1,248,783 1,332,639 393,219 374,158 Legal Fees 281,415 55,554 62,076 48,676 92,958 47,550 Directors Fees 126,741 19,814 17,659 17,475 42,102 24,149 Directors Insurance 49,636 10,575 10,083 7,565 15,547 8,973 Distributor Fees 3,488,748 3,822,959 186,006 351,568 - Other Operating Expenses 2,008,120 778,626 487,088 456,893 260,840 250,876
47,705,706 37,110,494 7,365,327 7,619,328 163,665 5,391,921
* Fees reimbursed, please refer to Note 9. State Street State Street EUR GBP Government Government Liquidity Liquidity Fund Fund 31 Dec 2024 31 Dec 2024 EUR GBP Management Fees net of waivers 229,152 27,589 Administration and Custodian fees 68,160 47,750 Legal Fees 12,492 8,200 Directors Fees 16,136 10,593 Directors Insurance 3,123 2,050 Distributor Fees 15,443 838 Other Operating Expenses 71,003 47,852
415,509 144,872
48 State Street Liquidity Public Limited Company
Page 51
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
3. Operating Expenses (continued)
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2023 USD
Management Fees net of waivers 28,109,724 24,742,109 3,743,797 3,916,612 (306,717)* 1,655,449 Administration and Custodian fees 6,374,560 4,486,585 1,206,376 1,273,664 297,118 241,861 Legal Fees 67,631 29,054 17,287 21,944 2,543 7,072 Directors Fees 83,160 26,523 11,728 25,268 13,748 20,116 Directors Insurance 67,708 30,341 6,261 19,828 11,593 12,095 Distributor Fees 2,513,457 2,584,359 143,750 335,300 - Other Operating Expenses 670,781 342,947 74,149 126,997 126,050 125,370
37,887,021 32,241,918 5,203,348 5,719,613 144,335 2,061,963
* Fees reimbursed, please refer to Note 9.
Included in other operating expenses are audit fees (including out of pocket expenses and VAT) at 31 December 2024 of GBP 65,938 (31 December 2023: GBP 46,524) which relate to the statutory audit of the financial statements. Also included in other operating expenses are fees at 31 December 2024 of GBP Nil (31 December 2023: GBP Nil) paid to PricewaterhouseCoopers in relation to tax advisory services and other non-audit services.
4. Cash and Bank Balances
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 USD
Cash at bank 859,058,372 463,725,851 148,000,227 179,582,062 976 204,934,807
859,058,372 463,725,851 148,000,227 179,582,062 976 204,934,807
State Street EUR Government Liquidity Fund 31 Dec 2024 EUR
State Street GBP Government Liquidity Fund 31 Dec 2024 GBP
Cash at bank 15,050,258 16,229,410
15,050,258 16,229,410
Page 52
State Street Liquidity Public Limited Company 49
Page 53
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
4. Cash and Bank Balances (continued)
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2023 USD
Cash at bank 897,251,048 448,829,493 181,165,429 280,000,172 253 154,733,684
897,251,048 448,829,493 181,165,429 280,000,172 253 154,733,684
5. Other assets
Company Total 31 Dec 2024 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2024 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2024 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2024 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 USD
Interest Income Receivable 90,433,717 68,981,362 15,112,049 20,904,943 1,371,542 2,050,559 Receivable for Fund Shares Sold 1,084,917,497 1,236,105,126 - - -122,645,451 Other Receivables 48,855 22,392 - - 35,193 2,352
1,175,400,069 1,305,108,880 15,112,049 20,904,943 1,406,735 124,698,362
State Street EUR Governmen t Liquidity Fund 31 Dec 2024 EUR
State Street GBP Government Liquidity Fund 31 Dec 2024 GBP
Interest Income Receivable 66,532 131,535 Other Receivables - 66,532 131,535
Company Total 31 Dec 2023 GBP
State Street USD Liquidity LVNAV Fund 31 Dec 2023 USD
State Street GBP Liquidity LVNAV Fund 31 Dec 2023 GBP
State Street EUR Liquidity LVNAV Fund 31 Dec 2023 EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2023 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2023 USD
Interest Income Receivable 94,354,700 87,876,313 11,672,915 14,390,614 207,289 1,400,821 Receivable for Fund Shares Sold 1,445,991,442 1,843,349,359 - - - Other Receivables 235,954 22,392 - - 249,897 2,352
1,540,582,096 1,931,248,064 11,672,915 14,390,614 457,186 1,403,173
Page 54
50 State Street Liquidity Public Limited Company
Page 55
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
6. Creditors (amounts falling due within one year)
State Street USD Liquidity Company LVNAV Total Fund 31 Dec 2024 31 Dec 2024 GBP USD
State Street State Street GBP EUR Liquidity Liquidity LVNAV LVNAV Fund Fund 31 Dec 2024 31 Dec 2024 GBP EUR
State Street EUR Liquidity Standard VNAV Fund 31 Dec 2024 EUR
State Street USD Treasury Liquidity Fund 31 Dec 2024 USD Payable for investments purchased 1,060,820,203 44,994,575 - 1,151,381,745 9,939,776 29,372,858 Payable for fund shares repurchased 613,078,143 767,819,012 - - - Distribution payable to redeemable participating shareholders 31,914,662 25,997,534 4,059,505 4,813,694 - 3,600,571 Accrued Expenses 6,603,425 4,947,252 1,169,305 831,279 126,954 745,678 Other Creditors 423,178 - 336,323 66,097 - 1,712,839,611 843,758,373 5,565,133 1,157,092,815 10,066,730 33,719,107
State Street State Street EUR GBP Government Government Liquidity Liquidity Fund Fund 31 Dec 2024 31 Dec 2024 EUR GBP Payable for investments purchased 43,840,122 4,997,410 Payable for fund shares repurchased - Distribution payable to redeemable participating shareholders 95,030 163,452 Accrued Expenses 51,234 53,863 Other Creditors 38,953 44,025,339 5,214,725
State Street State Street State Street State Street State Street USD GBP EUR EUR USD Liquidity Liquidity Liquidity Liquidity Treasury Company LVNAV LVNAV LVNAV Standard Liquidity Total Fund Fund Fund VNAV Fund Fund 31 Dec 2023 31 Dec 2023 31 Dec 2023 31 Dec 2023 31 Dec 2023 31 Dec 2023 GBP USD GBP EUR EUR USD Payable for investments purchased 435,180,954 - 39,295,259 416,829,193 - 44,224,514 Payable for fund shares repurchased 499,470,212 567,905,293 - - - 68,819,150 Distribution payable to redeemable participating shareholders 42,786,855 42,787,291 3,974,661 4,154,107 - 2,101,645 Accrued Expenses 4,639,131 3,282,363 903,511 1,076,605 - 290,532 Other Creditors 95,918 - 65,808 31,583 3,165 982,173,070 613,974,947 44,239,239 422,091,488 3,165 115,435,841
State Street Liquidity Public Limited Company 51
Page 56
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital
The initial capital of the Company is EUR 38,902 represented by 30,000 Subscriber shares of no par value. As Subscriber shares are not redeemable participating shares of the Company and do not form part of the NAV of the Funds, they are disclosed in the financial statements by way of this note only.
Each redeemable participating share entitles the Shareholder to participate equally on a pro-rata basis in the dividends and net assets of the Funds in respect of which they are issued, save in the case of dividends declared prior to becoming a Shareholder. Each share entitles the holder to attend and vote at meetings of the Funds and are represented by those shares. No class of shares confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other class of shares or any voting rights in relation to matters relating solely to any other class of shares.
Redeemable participating shares may be redeemed on any Dealing Day at the applicable NAV per share per the dealing prices obtained on the Dealing Day on which the repurchase is effected.
For the LVNAV range if the Stable NAV deviates from the NAV of the LVNAV MMF by more than 20 basis points any redemption and subscription following such deviation shall be undertaken at the price equal to the NAV of the relevant Fund and not at the Stable NAV or the subscriptions and redemptions of the LVNAV MMF may be suspended.
52 State Street Liquidity Public Limited Company
Page 57
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024
State Street USD Liquidity LVNAV Fund
Redeemable Participating Shares in issue at beginning of the
INSTITUTIONAL SHARES
GLOBAL SECURITIES LENDING SHARES
INSTITUTIONAL ACCUMULATING SHARES S2 SHARES S3 SHARES
Z ACCUMULATING SHARES
financial year 6,693,966,635 496,153,259 66,119,122 375,329,799 485,304,132 8,277,776 Redeemable Participating Shares issued 50,775,527,732 6,292,345,392 311,223,196 13,763,752,035 10,028,910,541 7,850,608
Redeemable Participating Shares redeemed (53,476,681,404) (6,012,499,339) (303,276,501) (13,851,289,253) (9,316,966,566) (11,111,843)
Redeemable Participating Shares in issue at end of the financial year 3,992,812,963 775,999,312 74,065,817 287,792,581 1,197,248,107 5,016,541
Proportionate NAV for redeemable participating Shareholders $4,017,255,248 $776,086,248 $946,241,029 $287,742,295 $1,200,762,040 $65,227,925
NAV per redeemable participating share 2024 $1.01 $1.00 $12.78 $1.00 $1.00 $13.00
2023 $1.00 $1.00 $12.13 $1.00 $1.00 $12.33
2022 $1.00 $1.00 $11.52 $1.00 $1.00 $11.69
State Street Liquidity Public Limited Company 53
Page 58
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street USD Liquidity LVNAV Fund (continued)
Redeemable Participating Shares in issue at beginning of the
Z SHARES
PREMIER SHARES
SELECT SHARES
DISTRIBUTOR SHARES UOB SHARES
INVESTMENT SHARES
financial year 1,022,880 15,484,632,907 400,977,485 3,279,738,147 108,062,804 647,410,218 Redeemable Participating Shares issued 52,186,699 72,924,080,729 9,663,780,656 34,335,717,467 627,974,921 7,012,448,833 Redeemable Participating Shares redeemed (51,683,000) (75,300,684,521) (9,559,886,721) (33,231,364,947) (481,748,149) (6,596,663,798)
Redeemable Participating Shares in issue at end of the financial year 1,526,579 13,108,029,115 504,871,420 4,384,090,667 254,289,576 1,063,195,253
Proportionate NAV for redeemable participating Shareholders $1,548,803 $13,158,806,013 $506,169,019 $4,389,442,061 $254,874,776 $1,065,704,056
NAV per redeemable participating share
2024 $1.01 $1.00 $1.00 $1.00 $1.00 $1.00
2023 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
2022 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
54 State Street Liquidity Public Limited Company
Page 59
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street USD Liquidity LVNAV Fund (continued)
PREMIER ACCUMULATING SHARES
SELECT ACCUMULATING SHARES* Redeemable Participating Shares in issue at beginning of the financial year 90,755,960 Redeemable Participating Shares issued 1,030,424,685 3,405,088 Redeemable Participating Shares redeemed (978,534,167) (1,347,279)
Redeemable Participating Shares in issue at end of the financial year 142,646,478 2,057,809
Proportionate NAV for redeemable participating Shareholders $1,612,253,532 $21,421,963
NAV per redeemable participating share
2024 $11.30 $10.41
2023 $10.72 -
2022 $10.18 -
* The Select Accumulating class of the State Street USD Liquidity LVNAV Fund launched on 25 March 2024, therefore there are no comparatives.
State Street Liquidity Public Limited Company 55
Page 60
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital
(continued)
For the financial year ending 31 December 2024 (continued)
INSTITUTIONAL Z INSTITUTIONAL ACCUMULATING ACCUMULATING SHARES SHARES S2 SHARES S3 SHARES SHARES Z SHARES Redeemable Participating Shares in issue at beginning of the financial year 293,054,187 6,693,962 241 319 7,420,893 1,475,585,788 Redeemable Participating Shares issued 5,234,859,707 140,215,448 13 50,676,115 5,119,110 1,223,735,034 Redeemable Participating Shares redeemed (5,089,824,106) (146,036,503) - (4,130,013) (4,382,902) (1,074,593,840)
Redeemable Participating Shares in issue at end of the financial year 438,089,788 872,907 254 46,546,421 8,157,101 1,624,726,982
Proportionate NAV for redeemable participating Shareholders £438,136,341 £11,127,630 £254 £46,545,081 £105,684,392 £1,624,660,239
NAV per redeemable participating share
2024 £1.00 £12.75 £1.00 £1.00 £12.96 £1.00
2023 £1.00 £12.12 £1.00 £1.00 £12.30 £1.00
2022 £1.00 £11.58 £1.00 £1.00 £11.74 £1.00
56 State Street Liquidity Public Limited Company
Page 61
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street GBP Liquidity LVNAV Fund (continued)
PREMIER SELECT DISTRIBUTOR INVESTMENT
PREMIER ACCUMULATING
SHARES SHARES SHARES SHARES* SHARES** Redeemable Participating Shares in issue at beginning of the financial year 1,347,259,383 28,900,486 1,749,908,777 28,585,786 1,447,765 Redeemable Participating Shares issued 13,027,585,796 947,873,583 14,273,993,706 7,636,655 93,904,062 Redeemable Participating Shares redeemed (12,763,108,963) (918,967,679) (13,807,203,851) (36,222,441) (91,156,072)
Redeemable Participating Shares in issue at end of the financial year 1,611,736,216 57,806,390 2,216,698,632 - 4,195,755
Proportionate NAV for redeemable participating Shareholders £1,611,600,987 £57,811,381 £2,216,625,758 - £45,046,961
NAV per redeemable participating share
2024 £1.00 £1.00 £1.00 - £10.74
2023 £1.00 £1.00 £1.00 £1.00 £10.20
2022 £1.00 £1.00 £1.00 £1.00 -
* The Investment Shares Class of the State Street GBP Liquidity LVNAV Fund terminated on 24 May 2024. ** The Premier Accumulating Shares class of the State Street GBP Liquidity LVNAV Fund launched on 16 August 2023.
State Street Liquidity Public Limited Company 57
Page 62
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street EUR Liquidity LVNAV Fund
Redeemable Participating Shares in issue at beginning of the
INSTITUTIONAL SHARES
GLOBAL SECURITIES LENDING SHARES
INSTITUTIONAL ACCUMULATING SHARES S2 SHARES
Z ACCUMULATING SHARES Z SHARES
financial year 475,702,509 153,806,472 468,098 1,080,708 67,456 1,895,089,088 Redeemable Participating Shares issued 5,389,682,095 1,491,490,002 1,575,754 24,174,374 4,193,455 3,768,564,680 Redeemable Participating Shares redeemed (5,414,465,996) (1,449,650,302) (1,740,700) (23,588,705) (2,191,218) (5,287,421,688)
Redeemable Participating Shares in issue at end of the financial year 450,918,608 195,646,172 303,152 1,666,377 2,069,693 376,232,080
Proportionate NAV for redeemable participating Shareholders € 450,969,680 € 195,649,625 € 318,671,286 € 1,660,646 € 2,187,834,952 € 376,357,274
NAV per redeemable participating share 2024 € 1.00 € 1.00 € 1,051.19 € 1.00 € 1,057.08 € 1.00
2023 € 1.00 € 1.00 € 1,013.76 € 0.99 € 1,018.17 € 1.00
2022 € 1.00 € 1.00 € 982.25 € 1.00 € 985.28 € 1.00
58 State Street Liquidity Public Limited Company
Page 63
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street EUR Liquidity LVNAV Fund (continued)
PREMIER SELECT PREMIER DISTRIBUTOR ACCUMULATING INVESTMENT STABLE SHARES SHARES SHARES SHARES SHARES* Redeemable Participating Shares in issue at beginning of the financial year 1,815,893,400 1,291,182,728 654,950 89,948,640 39,452,679 Redeemable Participating Shares issued 11,313,850,607 10,992,389,075 2,787,418 79,188,589 736,863,400 Redeemable Participating Shares redeemed (10,114,678,661) (10,995,948,034) (3,036,365) (153,100,656) (712,499,774)
Redeemable Participating Shares in issue at end of the financial year 3,015,065,346 1,287,623,769 406,003 16,036,573 63,816,305
Proportionate NAV for redeemable participating Shareholders € 3,015,195,413 € 1,287,754,691 € 436,057,179 € 16,036,744 € 63,815,779
NAV per redeemable participating share
2024 € 1.00 € 1.00 € 1,074.02 € 1.00 € 1.00
2023 € 1.00 € 1.00 € 1,035.26 € 1.00 € 1.00
2022 € 1.00 € 1.00 € 1,002.58 € 1.00 -
* The Select Stable Shares class of the State Street EUR Liquidity LVNAV Fund launched on 27 January 2023.
State Street Liquidity Public Limited Company 59
Page 64
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street EUR Liquidity Standard VNAV Fund GLOBAL SECURITIES LENDING SHARES Z SHARES
INSTITUTIONAL SHARES Redeemable Participating Shares in issue at beginning of the financial year 20,001 267,860 2,981 Redeemable Participating Shares issued - 89,638 3,987 Redeemable Participating Shares redeemed - (39,068) (2,380)
Redeemable Participating Shares in issue at end of the financial year 20,001 318,430 4,588
Proportionate NAV for redeemable participating Shareholders € 21,399,101 € 337,154,343 € 4,828,870
NAV per redeemable participating share 2024 € 1,069.90 € 1,058.80 € 1,052.50
2023 € 1,029.82 € 1,019.24 € 1,014.37
2022 € 995.89 € 985.75 € 982.02
60 State Street Liquidity Public Limited Company
Page 65
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street USD Treasury Liquidity Fund
INSTITUTIONAL SHARES
INVESTMENT SHARES
PREMIER SHARES
DISTRIBUTOR SHARES Redeemable Participating Shares in issue at beginning of the financial year 287,173,779 185,673 121,812,133 2,034,382,533 Redeemable Participating Shares issued 639,336,709 20,526,289 2,058,801,451 23,860,784,203 Redeemable Participating Shares redeemed (697,757,063) (1,502,975) (1,907,197,416) (22,205,057,520)
Redeemable Participating Shares in issue at end of the financial year 228,753,425 19,208,987 273,416,168 3,690,109,216
Proportionate NAV for redeemable participating Shareholders $229,361,075 $19,209,771 $274,020,176 $3,697,222,407
NAV per redeemable participating share
2024 $1.00 $1.00 $1.00 $1.00
2023 $1.00 $1.00 $1.00 $1.00
2022 $1.00 $1.00 $1.00 $1.00
State Street Liquidity Public Limited Company 61
Page 66
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street EUR Government Liquidity Fund INSTITUTIONAL SHARES*
INVESTMENT SHARES**
DISTRIBUTOR SHARES*** Z SHARES**** Redeemable Participating Shares in issue at beginning of the financial period - - - Redeemable Participating Shares issued 50,895,501 154,097,419 20,010,786 61,926,389 Redeemable Participating Shares redeemed (30,000,966) (93,572,925) - Redeemable Participating Shares in issue at end of the financial period 20,894,535 60,524,494 20,010,786 61,926,389
Proportionate NAV for redeemable participating Shareholders € 20,894,535 € 60,524,494 € 20,010,785 € 61,926,389
NAV per redeemable participating share
2024 € 1.00 € 1.00 € 1.00 € 1.00
2023 - - - -
2022 - - - -
* The Institutional Shares Class of the State Street EUR Government Liquidity Fund launched on 22 January 2024, therefore there are no comparatives. ** The Investment Shares Class of the State Street EUR Government Liquidity Fund launched on 22 January 2024, therefore there are no comparatives. *** The Distributor Shares Class of the State Street EUR Government Liquidity Fund launched on 6 June 2024, therefore there are no comparatives. **** The Z Shares of the State Street EUR Government Liquidity Fund launched on 10 July 2024, therefore there is no comparative.
62 State Street Liquidity Public Limited Company
Page 67
7. Share Capital (continued)
For the financial year ending 31 December 2024 (continued)
State Street GBP Government Liquidity Fund
Redeemable Participating Shares in issue at beginning of the financial period Redeemable Participating Shares issued Redeemable Participating Shares redeemed
Redeemable Participating Shares in issue at end of the financial period
Proportionate NAV for redeemable participating Shareholders
NAV per redeemable participating share
2024
INSTITUTIONAL SHARES*
-
INVESTMENT SHARES**
-
DISTRIBUTOR SHARES***
-
Z SHARES****
-
PREMIER SHARES*****
8,687,577 58,608,714 10,002,003 87,801,830 289,509,520
- (23,440,783) - - (1,000)
8,687,577 35,167,931 10,002,003 87,801,830 289,508,520
£8,687,577 £35,167,931 £10,002,003 £87,801,830 £289,508,520
£1.00 £1.00 £1.00 £1.00 £1.00
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
2023 - - - - -
2022 - - - - -
* The Institutional Shares Class of State Street GBP Government Liquidity Fund launched on 10 April 2024, therefore there are no comparatives. ** The Investment Shares Class of State Street GBP Government Liquidity Fund launched on 10 April 2024, therefore there are no comparatives. *** The Distributor Shares Class of the State Street GBP Government Liquidity Fund launched on 19 April 2024, therefore there are no comparatives. **** The Z Shares class of the State Street GBP Government Liquidity Fund launched on 10 July 2024, therefore there is no comparative.
***** The Premier Shares Class of the State Street GBP Government Liquidity Fund launched on 22 July 2024, therefore there is no comparative.
Total Net Assets of the Fund
State Street USD Liquidity LVNAV Fund
State Street GBP Liquidity LVNAV Fund
State Street EUR Liquidity LVNAV Fund
State Street EUR Liquidity Standard VNAV Fund
State Street USD Treasury Liquidity Fund
State Street EUR Government Liquidity Fund
State Street GBP Government Liquidity Fund
2024 $28,303,535,008 £6,157,239,024 € 8,350,003,269 € 363,382,314 $4,219,813,429 € 163,356,203 £431,167,861
2023 $29,860,129,239 £5,110,834,022 € 6,984,410,026 € 296,635,286 $2,443,554,017 - -
2022 $19,144,533,907 £3,909,170,050 € 6,735,906,569 € 288,222,909 $1,343,569,029 - -
State Street Liquidity Public Limited Company 63
Page 68
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2023
State Street USD Liquidity LVNAV Fund
Redeemable Participating Shares in issue at beginning of the
INSTITUTIONAL SHARES
GLOBAL SECURITIES LENDING SHARES
INSTITUTIONAL ACCUMULATING SHARES S2 SHARES S3 SHARES
Z ACCUMULATING SHARES
financial year 4,356,688,024 190,594,373 87,255,531 202,803,832 419,734,425 7,570,979 Redeemable Participating Shares issued 51,989,015,832 2,311,031,820 314,872,268 13,274,870,116 8,051,964,266 11,312,531
Redeemable Participating Shares redeemed (49,651,737,221) (2,005,472,934) (336,008,677) (13,102,344,149) (7,986,394,559) (10,605,734)
Redeemable Participating Shares in issue at end of the financial year 6,693,966,635 496,153,259 66,119,122 375,329,799 485,304,132 8,277,776
Proportionate NAV for redeemable participating Shareholders $6,696,336,122 $496,449,228 $801,889,982 $375,376,131 $485,495,810 $102,045,550
State Street USD Liquidity LVNAV Fund (continued) PREMIER SELECT DISTRIBUTOR INVESTMENT Z SHARES SHARES SHARES SHARES UOB SHARES SHARES Redeemable Participating Shares in issue at beginning of the financial year 21,774,851 9,278,782,725 323,320,747 2,520,609,595 101,428,954 34,894,943 Redeemable Participating Shares issued 72,556,612 79,060,814,437 4,057,951,184 28,951,336,274 386,036,634 3,543,205,468 Redeemable Participating Shares redeemed (93,308,583) (72,854,964,255) (3,980,294,446) (28,192,207,722) (379,402,784) (2,930,690,193)
Redeemable Participating Shares in issue at end of the financial year 1,022,880 15,484,632,907 400,977,485 3,279,738,147 108,062,804 647,410,218
Proportionate NAV for redeemable participating Shareholders $1,019,672 $15,490,208,291 $401,326,032 $3,280,970,703 $108,121,429 $647,617,837
64 State Street Liquidity Public Limited Company
Page 69
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2023 (continued)
State Street USD Liquidity LVNAV Fund (continued) PREMIER ACCUMULATING SHARES Redeemable Participating Shares in issue at beginning of the financial year 58,770,000 Redeemable Participating Shares issued 787,234,181 Redeemable Participating Shares redeemed (755,248,221)
Redeemable Participating Shares in issue at end of the financial year 90,755,960
Proportionate NAV for redeemable participating Shareholders $973,272,452
State Street GBP Liquidity LVNAV Fund INSTITUTIONAL Z INSTITUTIONAL ACCUMULATING ACCUMULATING SHARES SHARES S2 SHARES S3 SHARES SHARES Z SHARES Redeemable Participating Shares in issue at beginning of the financial year 291,081,973 4,102,288 18,177,464 73,888,863 7,077,327 1,311,823,985 Redeemable Participating Shares issued 3,761,889,889 116,209,815 59,369,544 538,540,463 1,422,261 1,691,520,659 Redeemable Participating Shares redeemed (3,759,917,675) (113,618,141) (77,546,767) (612,429,007) (1,078,695) (1,527,758,856)
Redeemable Participating Shares in issue at end of the financial year 293,054,187 6,693,962 241 319 7,420,893 1,475,585,788
Proportionate NAV for redeemable participating Shareholders £293,078,397 £81,143,623 £241 £319 £91,300,695 £1,475,686,067
State Street Liquidity Public Limited Company 65
Page 70
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2023 (continued)
State Street GBP Liquidity LVNAV Fund (continued)
PREMIER SHARES
SELECT SHARES
DISTRIBUTOR SHARES
INVESTMENT SHARES
PREMIER ACCUMULATING SHARES*
Redeemable Participating Shares in issue at beginning of the financial year 1,023,044,330 61,785,643 999,801,649 247,998 Redeemable Participating Shares issued 8,064,290,118 912,528,678 13,178,484,388 35,082,783 3,516,554 Redeemable Participating Shares redeemed (7,740,075,065) (945,413,835) (12,428,377,260) (6,744,995) (2,068,789)
Redeemable Participating Shares in issue at end of the financial year 1,347,259,383 28,900,486 1,749,908,777 28,585,786 1,447,765
Proportionate NAV for redeemable participating Shareholders £1,347,204,263 £28,907,653 £1,750,151,146 £28,590,948 £14,770,671
* The Premier Accumulating Shares class of the State Street GBP Liquidity LVNAV Fund launched on 16 August 2023.
State Street EUR Liquidity LVNAV Fund GLOBAL SECURITIES INSTITUTIONAL Z INSTITUTIONAL LENDING ACCUMULATING ACCUMULATING SHARES SHARES SHARES S2 SHARES SHARES Z SHARES Redeemable Participating Shares in issue at beginning of the financial year 578,173,827 356,900,281 525,460 1,021,942 82,012 2,377,540,210 Redeemable Participating Shares issued 4,535,114,803 3,437,724,779 2,245,107 419,887,298 47,618 5,328,483,396 Redeemable Participating Shares redeemed (4,637,586,121) (3,640,818,588) (2,302,469) (419,828,532) (62,174) (5,810,934,518)
Redeemable Participating Shares in issue at end of the financial year 475,702,509 153,806,472 468,098 1,080,708 67,456 1,895,089,088
Proportionate NAV for redeemable participating Shareholders € 475,807,455 € 153,837,192 € 474,541,158 € 1,074,937 € 68,681,546 € 1,895,441,177
66 State Street Liquidity Public Limited Company
Page 71
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2023 (continued)
State Street EUR Liquidity LVNAV Fund (continued)
PREMIER SELECT PREMIER DISTRIBUTOR ACCUMULATING INVESTMENT STABLE SHARES SHARES SHARES SHARES SHARES* Redeemable Participating Shares in issue at beginning of the financial year 1,860,517,276 766,479,249 197,487 350,000 Redeemable Participating Shares issued 6,570,274,543 9,824,134,285 3,005,380 170,523,729 413,502,689 Redeemable Participating Shares redeemed (6,614,898,419) (9,299,430,806) (2,547,917) (80,925,089) (374,050,010)
Redeemable Participating Shares in issue at end of the financial year 1,815,893,400 1,291,182,728 654,950 89,948,640 39,452,679
Proportionate NAV for redeemable participating Shareholders € 1,816,183,112 € 1,291,371,521 € 678,046,012 € 89,957,568 € 39,468,348
* The Select Stable Shares class of the State Street EUR Liquidity LVNAV Fund launched on 27 January 2023.
State Street EUR Liquidity Standard VNAV Fund GLOBAL SECURITIES LENDING INSTITUTIONAL SHARES Z SHARES SHARES Redeemable Participating Shares in issue at beginning of the financial year 20,001 269,212 2,981 Redeemable Participating Shares issued - 75,290 Redeemable Participating Shares redeemed - (76,642) Redeemable Participating Shares in issue at end of the financial year 20,001 267,860 2,981
Proportionate NAV for redeemable participating Shareholders € 20,597,478 € 273,013,982 € 3,023,826
State Street Liquidity Public Limited Company 67
Page 72
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
7. Share Capital (continued)
For the financial year ending 31 December 2023 (continued)
State Street USD Treasury Liquidity Fund INSTITUTIONAL INVESTMENT PREMIER DISTRIBUTOR SHARES SHARES SHARES SHARES
Redeemable Participating Shares in issue at beginning of the financial year 210,252,261 101,317 197,474,136 935,741,415 Redeemable Participating Shares issued 1,085,175,946 24,089,602 1,000,591,676 14,478,010,843 Redeemable Participating Shares redeemed (1,008,254,428) (24,005,246) (1,076,253,679) (13,379,369,725)
Redeemable Participating Shares in issue at end of the financial year 287,173,779 185,673 121,812,133 2,034,382,533
Proportionate NAV for redeemable participating Shareholders $287,173,742 $185,673 $121,812,291 $2,034,382,311
68 State Street Liquidity Public Limited Company
Page 73
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
8. Transaction Costs
As disclosed in Note 1, transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability.
Disclosed below are the Funds that incurred in transaction costs paid to the Depositary during the financial year ended 31 December 2024 and 31 December 2023:
Fund 2024 2023 State Street USD Liquidity LVNAV Fund USD 82,133 USD 43,956 State Street GBP Liquidity LVNAV Fund GBP 314,988 GBP 236,626 State Street EUR Liquidity LVNAV Fund EUR 247,058 EUR 177,562 State Street EUR Liquidity Standard VNAV Fund EUR 17,798 EUR 15,893 State Street GBP Government Liquidity Fund GBP 11,560 State Street EUR Government Liquidity Fund EUR 25,435 -
State Street USD Treasury Liquidity Fund did not incur any transaction costs paid to the Depositary during the financial year ended 31 December 2024 and 31 December 2023.
9. Fees
Management Company fee waivers have been applied to a number of share classes on the Funds as described in further detail below.
The Management Company has voluntarily agreed to waive such portion of its fees as is necessary to ensure that the total expense ratio attributable to the classes of Shares of the Funds shall not exceed the below rate.
This undertaking shall continue in force at the sole discretion of the Management Company. The Management Company may from time to time elect to decrease or increase the below rates by notice to the Company, and the Company will notify in advance the Shareholders of the relevant Shares if the above rates are increased.
% of average Class daily NAV Global Securities Lending Shares 0.04% Institutional Accumulating Shares 0.15% Institutional Shares 0.15% S2 Shares 0.15% S3 Shares 0.10% Z Accumulating Shares 0.05% Z Shares 0.05% Premier Shares 0.10% Select Shares 0.12% Distributor Shares 0.20% Investment Shares 0.45% Investment Shares 0.45% Premier Accumulating Shares 0.10%
During the financial year ended 31 December 2024 and 31 December 2023 none of the share classes on the Funds exceeded the expense limits as set out above therefore no waiver of Investment Manager fees applied, with the exception of the State Street EUR Liquidity Standard VNAV Fund, as detailed in Note 3.
The total expense ratios attributable to each class of Shares of the Fund and as set out above, include, but are not limited to, the fees of the Management Company or any sub-investment manager, investment advisor or other delegate appointed by it in respect of the Funds, the fees of the Administrator, the fees of the Depositary, and any distribution fees not covered by the subscription fee and all of the Funds’ expenses and its due proportion of any expenses allocated to it. The out-of pocket expenses of the Management Company, any sub-investment manager, any investment advisor, the Depositary and the Administrator shall be borne by the Funds. Such expenses shall be at normal commercial rates.
State Street Liquidity Public Limited Company 69
Page 74
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
9. Fees (continued)
Until 1 January 2023 the Management Company has agreed to waive some or all of its management fee with respect to the Funds to prevent the yields of the Funds falling below zero. The waiver was applied to selected share classes.
The Directors shall be entitled to a fee by way of remuneration for their services. Refer to Note 11 for details of Directors’ fees during the financial year.
10. Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.
However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
(a) a Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company and the Company is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct or the Company has been authorised by the Irish Revenue Commissioners to make gross payments in the absence of appropriate declarations; or
(b) certain exempted Irish tax resident Shareholders (as defined in Section 739D) who have provided the Company with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders.
The Minimum Tax Directive provides for a European Union wide implementation of the Organisation for Economic Cooperation and Development (“OECD”) Inclusive Framework on Base Erosion Profit Shifting (“BEPS”) Pillar Two rules. The Pillar Two legislation was enacted in Ireland and is effective for the financial year beginning 01 January 2024. The Company meets the definition of an investment entity under BEPS Pillar Two rules, and the clause within it that seeks to protect the tax neutrality of investment funds. This excludes the Company from quantitative disclosures under BEPS Pillar Two requirement along with Qualified Domestic Minimum Top-up Tax (“QDMTT”) requirement.
11. Related Party Transactions
In the opinion of the Directors, the Management Company, Investment Manager, Sub-Investment Manager, Global Distributor, Sub-Distributor, Administrator, Registrar, Transfer Agent and Depositary are all related parties under International Accounting Standard 24 (“IAS 24”) “Related Party Transactions”. All transactions with related parties were entered into in the normal course of business.
Investment Manager, Management Company State Street Global Advisors Europe Limited and Global Distributor Administrator/Registrar/Transfer Agent State Street Fund Services (Ireland) Limited Depositary State Street Custodial Services (Ireland) Limited Sub-Investment Managers State Street Global Advisors Trust Company, State Street Global Advisors Limited Board of Directors Barbara Healy, Rebecca Bridger, Tom Coghlan Board of Directors of the Management Company Nigel Wightman, Ann Prendergast, Eric Linnane, Scott Sanderson, Margaret Cullen, Patrick Mulvihill and Marie-Anne Heeren
Ann Prendergast is an Executive Vice President and Head of the Europe, Middle East and Africa (EMEA) region for State Street Global Advisors (SSGA).
Rebecca Bridger who works as a Managing Director of the EMEA Funds Management Team for State Street Global Advisors Limited.
70 State Street Liquidity Public Limited Company
Page 75
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
11. Related Party Transactions (continued)
Eric Linnane is a Managing Director and Head of State Street Global Advisors Europe Investment Operations.
Scott Sanderson is a Managing Director and Chief Financial Officer for SSGA in EMEA.
Marie-Anne Heeren is a Senior Managing Director, Head of the Institutional client group for Europe, Branch Manager for State Street Global Advisors Europe Limited’s Belgian Branch.
Transactions with Entities with Significant Influence Management Company fees net of fees waived for the financial year were GBP 34,307,842 (31 December 2023: GBP 28,109,724) and the amount payable at the financial year end was GBP 4,765,790 (31 December 2023: GBP 3,454,113). Please refer to Note 9 for details of gross Management Company fees and fees waived for the financial year ended 31 December 2024.
Distributor fees for the financial year were GBP 3,488,748 (31 December 2023: GBP 2,513,457) and the amount payable at the financial year end was GBP Nil (31 December 2023: GBP Nil).
Transactions with Key Management Personnel The Directors fees for the independent Directors during the financial year were GBP 126,741 (31 December 2023: GBP 83,160), the amount payable to the Directors at financial year end was GBP 67,440 (31 December 2023: GBP 12,216).
Cross Holdings State Street GBP Liquidity LVNAV Fund held 87,454,574 shares with fair value of GBP 87,454,574 in State Street GBP Government Liquidity Fund (31 December 2023: Nil shares with fair value of GBP Nil) at the financial year end.
State Street EUR Liquidity LVNAV Fund held 61,768,683 shares with fair value of EUR 61,768,683 in State Street EUR Government Liquidity Fund (31 December 2023: Nil shares with fair value of EUR Nil) at the financial year end.
State Street EUR Liquidity Standard VNAV Fund held Nil shares with fair value of EUR Nil in State Street EUR Liquidity LVNAV Fund (31 December 2023: 12,347,206 shares with fair value of EUR 12,347,206) at the financial year end.
The movement of Cross Holdings for the financial year ended 31 December 2024 and 31 December 2023 were:
31 December 2024
State Street GBP Liquidity LVNAV Fund
GBP
Cross-holdings eliminations State Street State Street EUR EUR Liquidity Liquidity LVNAV Standard Fund VNAV Fund EUR EUR
Converted to GBP
Opening market value - - 12,347,206 10,699,205 Issue of shares 87,454,574 61,768,683 13,416,000 151,097,748 Redemptions of shares - - (26,092,772) (22,087,302) Realised gain - - 347,680 294,308 Movement in unrealised gain/(loss) - - (18,114) (15,333) Notional exchange adjustment - - - (1,462,926)
Closing market value 87,454,574 61,768,683 - 138,525,700
State Street Liquidity Public Limited Company 71
Page 76
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
11. Related Party Transactions (continued)
Cross Holdings (continued)
C r o s s - h o l d i n g s e l i m i n a t i o n s S t a t e S t r e e t E U R L i q u i d i t y S t a n d a r d VNAV Fund Converted 31 December 2023 EUR to GBP
Opening market value 11,613,893 10,304,196 Issue of shares 45,451,800 39,524,968 Redemptions of shares (45,092,800) (39,212,781) Realised gain 356,199 309,751 Movement in Unrealised gain/(loss) 18,114 15,752 Notional exchange adjustment - (242,681 )
Closing market value 12,347,206 10,699,205
The impact of the cross investment transaction has been eliminated from the total column for the Company in the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders.
Significant Concentrations of Shareholders The Funds may have a risk of concentration of Shareholders holding a significant percentage of the shares outstanding in the Funds. Investment activities of these Shareholders could have a material impact on the Funds.
As at 31 December 2024, the State Street EUR Liquidity Standard VNAV Fund had one Shareholder with a shareholding of 90.05% (31 December 2023: one Shareholder with a shareholding of 90.13%).
As at 31 December 2024, the State Street EUR Liquidity LVNAV Fund had no Shareholder with significant concentration (31 December 2023: one Shareholder with a shareholding of 20.12%).
As at 31 December 2024, the State Street USD Treasury Liquidity Fund had one Shareholder with a shareholding of 26.36%(31 December 2023: one Shareholder with shareholdings of 27.58%).
As at 31 December 2024, the State Street GBP Liquidity LVNAV Fund had one Shareholder with a shareholding of 24.52% (31 December 2023: one Shareholder with a shareholding of 23.54%).
As at 31 December 2024, the State Street GBP Government Liquidity Fund had three Shareholders with a shareholdings of 33.55%, 32.95% and 20.34%.
As at 31 December 2024, the State Street EUR Government Liquidity Fund had one Shareholder with a shareholding of 37.88%
The remaining Funds have no concentration of Shareholders as at 31 December 2024 or 31 December 2023.
Transactions with Other Related Parties State Street Global Advisors Limited is a wholly-owned subsidiary of State Street Global Advisors Holdings Inc., whose ultimate parent entity is State Street Corporation. The Depositary and Administrator are ultimately owned by State Street Corporation.
During the financial year, State Street Custodial Services (Ireland) Limited and State Street Fund Services (Ireland) Limited fees earned were GBP 7,443,204 (31 December 2023: GBP 6,374,560) and the amount payable at the financial year end was GBP 4,395,974 (31 December 2023: GBP 2,094,415).
72 State Street Liquidity Public Limited Company
Page 77
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
11. Related Party Transactions (continued)
Transactions with Other Related Parties (continued)
During the financial year companies related to the Depositary were also selected by the Investment Manager on behalf of the Company to: - execute foreign currency spot transactions - accept deposits, and - act as counterparty for OTC derivative transactions.
The following Funds are related parties because their Investment Manager is State Street Global Advisors Europe Limited as at 31 December 2024 and 31 December 2023:
% of Fund % of Fund Holdings Holdings Fund Shareholder 2024 2023 State Street EUR Government Liquidity Fund State Street EUR Liquidity LVNAV Fund 37.883 State Street EUR Government Liquidity Fund State Street Global Advisors Cayman 3.161 State Street EUR Liquidity LVNAV Fund State Street EUR Liquidity Standard VNAV Fund - 0.215 State Street EUR Liquidity LVNAV Fund State Street Global Advisors Lux SICAV State Street Europe Value Spotlight Fund 0.0005 0.001 State Street EUR Liquidity LVNAV Fund State Street Global Advisors Lux SICAV State Street Eurozone Value Spotlight 0.0007 0.019 State Street EUR Liquidity LVNAV Fund State Street IUT Balanced Fund 0.0004 0.0004 State Street EUR Liquidity LVNAV Fund State Street IUT Diversified Alternatives Fund 0.000000007 0.000000007 State Street EUR Liquidity LVNAV Fund State Street IUT Euro Liquidity Fund 4.958 2.248 State Street EUR Liquidity LVNAV Fund Windwise Property Unit Trust 0.449 0.257 State Street EUR Liquidity Standard VNAV Fund State Street IUT Active Ethically Managed Fund 1.969 1.064 State Street EUR Liquidity Standard VNAV Fund State Street IUT Euro Ultra Short Bond Fund 90.048 90.128 State Street EUR Liquidity Standard VNAV Fund State Street IUT Active Ethically Managed Fund 1.969 1.064 State Street EUR Liquidity Standard VNAV Fund State Street IUT Euro Ultra Short Bond Fund 90.048 90.128 State Street GBP Government Liquidity Fund State Street GBP Liquidity LVNAV Fund 20.335 State Street GBP Government Liquidity Fund State Street Global Advisors Cayman 1.200 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2040 Collateral 0.00001 0.00003 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2049 Collateral 0.0002 0.0003 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2049 Fund 0.0005 0.003 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2060 Collateral 0.00000001 0.00000002 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2060 Fund 0.002 0.012 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2068 Collateral 0.00006 0.00007 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Conventional Gilt 2068 Fund 0.0004 0.004 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2032 Fund 0.0002 0.003
State Street Liquidity Public Limited Company 73
Page 78
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements
for the financial year ended 31 December 2024 (continued)
11. Related Party Transactions (continued)
Transactions with Other Related Parties (continued)
% of Fund Holdings
% of Fund Holdings Fund Shareholder 2024 2023 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2040 Fund 0.020 0.016 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2042 Collateral 0.000002 0.000002 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2042 Fund 0.001 0.004 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2055 Collateral 0.000003 0.000003 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2055 Fund 0.0009 0.0008 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2062 Fund 0.0009 0.0007 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2068 Collateral 0.000002 0.000002 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged Index Linked Gilt 2068 Fund 0.0004 0.0004 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged UK Inflation Rate Swap 2025 Fund - 0.118 State Street GBP Liquidity LVNAV Fund SSGA LDI Leveraged UK Inflation Rate Swap 2045 Fund 0.083 0.076 State Street GBP Liquidity LVNAV Fund SSGA LDI UK Real Rate Swap 2045 Fund 0.0001 0.0001 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Cash Fund - 0.078 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Nominal Long LDI Fund Collateral 0.00005 0.00006 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Nominal Short LDI Fund - 0.006 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Real Long Duration LDI Fund Collateral 0.00006 0.00007 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Real Short Duration LDI Fund Collateral - 0.0003 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Real Short LDI Fund - 0.016 State Street GBP Liquidity LVNAV Fund State Street Target Leverage Real Short LDI Fund Collateral - 0.0001 State Street USD Liquidity LVNAV Fund State Street Global Advisors Lux SICAV State Street Asia Pac Value Spotlight Fund 0.0002 0.00003 State Street USD Liquidity LVNAV Fund State Street Global Advisors Lux SICAV State Street Global Value Spotlight Fund 0.0004 0.00003 State Street USD Liquidity LVNAV Fund State Street Global Advisors Lux SICAV State Street US Value Spotlight Fund 0.0006 0.001 State Street USD Liquidity LVNAV Fund State Street IUT Global Ethical Value Equity Fund 0.001 0.00005 State Street USD Treasury Liquidity Fund State Street Global Advisors Cayman - 0.004
74 State Street Liquidity Public Limited Company
Page 79
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
12. Soft Commission Arrangements and Directed Brokerage
The Company has not entered into any soft commission arrangements and no direct brokerage services were utilised during the financial year ended 31 December 2024 or 31 December 2023.
13. Derivatives and Other Financial Instruments
In accordance with IFRS this note details the way in which the Company manages risks associated with the use of financial instruments.
General risk management process: As an investment company, the management of financial instruments is fundamental to the management of the Company’s business. The Investment Manager is responsible, subject to the overall supervision and control of the Board, for managing the assets and investments of the Funds of the Company in accordance with the investment objectives and guidelines approved by the Board and policies set forth in the Prospectus and the regulations.
The Investment Risk Management team, independently to the Investment Manager, calculates, monitors and reviews risk exposures.
Risk can be separated into the following components: market risk, credit risk and liquidity risk. Each type of risk is discussed in turn and qualitative and quantitative analyses are provided where relevant to give the reader an understanding of the risk management methods used by the Investment Manager and the Board.
There have been no major changes in the investment management process since the previous financial year for the Funds. Exposures remained broadly consistent during 2024. The Funds’ liquidity and counterparty risk exposure remained of uppermost importance.
Global Exposure Per the UCITS Regulations, and as part of the risk management and reporting requirements, the Funds must be monitored and measured in accordance with the regulatory requirements. In accordance with the regulatory requirements, global exposure can be calculated in two ways, either:
i) the Commitment Approach that calculates the incremental exposure generated by the instruments held in the Funds; or
ii) Value at Risk (the “VaR”), where complex investment strategies are used. The VaR measure estimates the potential loss of the portfolio over a pre-defined period of time given a specified confidence level. The VaR methodology is a statistical measurement that produces a single aggregate result for the overall portfolio, taking into consideration the market volatilities of all the markets and assets as well as their correlations allowing for offsetting across different assets and markets.
The Funds use the Commitment Approach to measure global exposure.
a) Market Risk
This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk for the Funds includes interest rate risk, credit spread risk, currency risk and price risk. The Company’s strategy on the management of each of these risks is driven by the Company’s investment objective, as stated in the Prospectus.
The LVNAV MMFs seek to maintain a high level of liquidity and preserve capital and stability of principal expressed in the Fund’s functional currency. The Public debt MMFs seek to maintain a high level of liquidity, preserve capital and provide a return in line with US Treasury, Euro Government or UK Government money market rates. Consistent with these objectives, the LVNAV MMFs and the Public debt MMFs also seek to earn current income.
The Standard VNAV MMFs seek to achieve a return in excess of money markets over a rolling 3 year period by investing in a diversified portfolio of investment grade debt and debt related instruments.
Each Fund’s market risk is managed on a daily basis by the Investment Manager in accordance with appropriate policies and procedures in place. The Investment Manager does not currently use derivative instruments to hedge the investment portfolio against market risk.
State Street Liquidity Public Limited Company 75
Page 80
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
13. Derivatives and Other Financial Instruments (continued)
a) Market Risk (continued)
Interest rate risk Funds that hold fixed interest rate debt securities and cash and bank balances, including bank overdrafts, are exposed to interest rate risk so the value of these positions may fluctuate as a result of changes in market interest rates. Funds that hold floating interest rate debt are also exposed to interest rate risk. Interest rates affect the price of a floating rate security, but the extent of this exposure is usually less than for a fixed rate note, however, as the periodic and regular (generally every three-months or less) coupon reset mechanism implies that the coupon rate, and hence the cash flow of the security, is reset to reflect prevailing market interest rates (but not other risk factors such as credit quality) every period. By the same token, there is interest rate risk in the cash flows generated by a floating rate security, since the coupon to be paid changes every reset period, creating fluctuations in future cash flows, as future interest rates are not known. The Funds hold both types of securities.
Exhibit 1 The following tables show the interest rate profile of the Funds’ financial assets and liabilities at 31 December 2024 with comparative figures for 31 December 2023. All instruments with rate sensitivities are monitored to ensure there are no unintentional or excessive rate exposures relative to the Funds’ particular investment objective. The Investment Manager monitors the Funds’ overall interest rate sensitivity on a daily basis, and the Board reviews it on a quarterly basis.
The interest rate profile of each Fund’s financial assets and liabilities at 31 December 2024 was as follows:
State Street USD Liquidity LVNAV Fund
Cash and bank balances Transferable Securities Other assets Total Assets
Other liabilities Total Liabilities
Total Interest Gap
Up to 3 months USD
463,725,851
19,215,602,155 -
3 – 6 months USD
-
5,015,390,407 -
6 – 12 months USD
-
2,997,453,951 -
Over Non 12 Interest months bearing Total USD USD USD
- - 463,725,851
150,012,137 - 27,378,458,650 - 1,305,108,880 1,305,108,880 19,679,328,006 5,015,390,407 2,997,453,951 150,012,137 1,305,108,880 29,147,293,381
- - - - (843,758,373) (843,758,373)
- - - - (843,758,373) (843,758,373)
19,679,328,006 5,015,390,407 2,997,453,951 150,012,137
Financial Assets at fair value include USD 10,443,436,941 of floating rate securities.
Effective Interest Rate Transferable Securities 4.61%
76 State Street Liquidity Public Limited Company
Page 81
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
13. Derivatives and Other Financial Instruments (continued)
a) Market Risk (continued)
State Street GBP Liquidity LVNAV Fund
Cash and bank balances Collective Investment Schemes Transferable Securities Other assets Total Assets
Other liabilities Total Liabilities
Total Interest Gap
Up to 3 months GBP
148,000,227
-
4,464,540,552 -
3 – 6 months GBP
-
-
795,073,973 -
6 – 12 months GBP
-
-
604,936,782 -
Over 12 months GBP
-
-
47,686,000 -
Non Interest bearing Total GBP GBP
- 148,000,227
87,454,574 87,454,574
- 5,912,237,307 15,112,049 15,112,049 4,612,540,779 795,073,973 604,936,782 47,686,000 102,566,623 6,162,804,157
- - - - (5,565,133) (5,565,133)
- - - - (5,565,133) (5,565,133)
4,612,540,779 795,073,973 604,936,782 47,686,000
Financial Assets at fair value include GBP 934,906,246 of floating rate securities.
Effective Interest Rate Transferable Securities 4.82%
State Street EUR Liquidity LVNAV Fund
Cash and bank balances Collective Investment Schemes Transferable Securities Other assets Total Assets
Other liabilities Total Liabilities
Total Interest Gap
Up to 3 months EUR
179,582,062
-
7,376,909,572 -
3 – 6 months EUR
-
-
957,911,593 -
6 – 12 months EUR
-
-
860,044,584 -
Over Non 12 Interest months bearing Total EUR EUR EUR
- - 179,582,062
- 61,768,683 61,768,683
49,974,647 - 9,244,840,396 - 20,904,943 20,904,943 7,556,491,634 957,911,593 860,044,584 49,974,647 82,673,626 9,507,096,084
- - - - (1,157,092,815) (1,157,092,815)
- - - - (1,157,092,815) (1,157,092,815)
7,556,491,634 957,911,593 860,044,584 49,974,647
Financial Assets at fair value include EUR 1,133,908,193 of floating rate securities.
Effective Interest Rate Transferable Securities 3.05%
State Street Liquidity Public Limited Company 77
Page 82
State Street Liquidity Public Limited Company Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Notes to the financial statements for the financial year ended 31 December 2024 (continued)
13. Derivatives and Other Financial Instruments (continued)
a) Market Risk (continued)
State Street EUR Liquidity Standard VNAV Fund
Cash and bank
Up to 3 months EUR
3 – 6 months EUR
6 – 12 months EUR
Over 12 months EUR
Non Interest bearing EUR
Total EUR
balances 976 - - - - 976 Transferable Securities 287,316,078 39,699,800 35,010,156 10,015,299 - 372,041,333 Other assets - - - - 1,406,735 1,406,735 Total Assets 287,317,054 39,699,800 35,010,156 10,015,299 1,406,735 373,449,044
Other liabilities - - - - (10,066,730) (10,066,730) Total Liabilities - - - - (10,066,730) (10,066,730)
Total Interest Gap 287,317,054 39,699,800 35,010,156 10,015,299
Financial Assets at fair value include EUR 90,031,441 of floating rate securities.
Effective Interest Rate Transferable Securities 3.14%
State Street USD Treasury Liquidity Fund
Cash and bank balances Transferable Securities Other assets Total Assets
Other liabilities Total Liabilities
Total Interest Gap
Up to 3 months USD
204,934,807
2,947,947,938 -
3 – 6 months USD
-
735,720,083 -
6 – 12 months USD
-
240,231,346 -
Over Non 12 Interest months bearing Total USD USD USD
- - 204,934,807
- - 3,923,899,367 - 124,698,362 124,698,362 3,152,882,745 735,720,083 240,231,346 - 124,698,362 4,253,532,536 - - - - (33,719,107) (33,719,107)
(33719107) - - - - (33,719,107)
(33,719,107) (33,719,107)
3,152,882,745 735,720,083 240,231,346 -
Financial Assets at fair value include USD 139,000,535 of floating rate securities.
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "8482b20e-c39e-414e-a929-a9bd5a413174",
"date_created": "2026-10-05T21:03:07.108000Z",
"date_modified": "2026-10-05T21:03:07.108000Z",
"file_hash": "478b84b56d03fa8b71a4c39395c071654e1fb4addb969358075a0297722a4fa8",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 174,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 13,
"width": 474,
"x": 69,
"y": 105
},
"id": "ef63a329-32ec-40ed-ae3b-6b7c2198c281",
"page_number": 1,
"text": "Annual Report and Audited Financial Statements"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 353,
"x": 71,
"y": 125
},
"id": "4d582cd1-1948-49ae-b7d9-4afd9fae47af",
"page_number": 1,
"text": "For the financial year ended 31 December 2024"
},
{
"block_type": "box",
"box": {
"height": 33,
"width": 508,
"x": 71,
"y": 219
},
"id": "dbcd42a8-0aa2-4024-ac93-b4faf28f7a31",
"page_number": 1,
"text": "State Street Liquidity"
},
{
"block_type": "box",
"box": {
"height": 32,
"width": 588,
"x": 73,
"y": 257
},
"id": "c1d9bc28-9a6d-4aaa-9f3e-efbba8f9322d",
"page_number": 1,
"text": "Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 85,
"y": 60
},
"id": "07819a60-a41b-4f45-8a53-d431de266ec8",
"page_number": 2,
"text": "State Street Liquidity Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 688,
"x": 84,
"y": 72
},
"id": "6a544f09-1877-453b-8b2a-a5f61cf4685b",
"page_number": 2,
"text": "Annual Report and Audited Financial Statements for the financial year ended 31 December 2024"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 104,
"x": 85,
"y": 110
},
"id": "74449b47-d82e-4b86-954b-e6d21756b779",
"page_number": 2,
"text": "Contents"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 59,
"x": 866,
"y": 110
},
"id": "9ccc6ea7-2b8c-426c-9e79-6402cc94f607",
"page_number": 2,
"text": "Page"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 93,
"x": 85,
"y": 143
},
"id": "e98d89f5-77bb-4946-a7a4-0a03ca75c3c2",
"page_number": 2,
"text": "Organisation"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 8,
"x": 910,
"y": 143
},
"id": "04367734-3929-4b8f-a6fc-2858c662d3e3",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 212,
"x": 85,
"y": 172
},
"id": "2685a4f6-ff37-4b14-ab0f-da23ec4183f8",
"page_number": 2,
"text": "Background to the Company"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 8,
"x": 910,
"y": 173
},
"id": "84f31068-c140-4a45-b964-3b993e61d490",
"page_number": 2,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 218,
"x": 86,
"y": 202
},
"id": "14f656ff-55ae-4c3a-bc10-6ffa7e13fe7b",
"page_number": 2,
"text": "Investment Manager\u2019s Report"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 910,
"y": 202
},
"id": "df96a56c-92b8-4c47-8c53-cce0fce8561a",
"page_number": 2,
"text": "7"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 125,
"x": 85,
"y": 232
},
"id": "340799de-b9f0-4f23-a7ae-f56371d35deb",
"page_number": 2,
"text": "Directors\u2019 Report"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 15,
"x": 901,
"y": 232
},
"id": "5370ee7d-6d8e-4b2d-a9ed-a86ea9644164",
"page_number": 2,
"text": "21"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 332,
"x": 85,
"y": 261
},
"id": "c7ee7de8-5aa5-4d6c-817b-f2ee076009ee",
"page_number": 2,
"text": "Report of the Depositary to the Shareholders"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 17,
"x": 901,
"y": 262
},
"id": "fff6733d-6800-4e8e-b2b8-55dd8584bdaa",
"page_number": 2,
"text": "25"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 276,
"x": 85,
"y": 291
},
"id": "fb097389-3771-4973-a7f7-079b7656f63e",
"page_number": 2,
"text": "Statement of Comprehensive Income"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 901,
"y": 291
},
"id": "f6b2bb54-c252-4cdc-8461-12da89235829",
"page_number": 2,
"text": "29"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 229,
"x": 85,
"y": 321
},
"id": "a1fdf8ea-d826-4a45-bb84-aff07efaf99b",
"page_number": 2,
"text": "Statement of Financial Position"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 17,
"x": 901,
"y": 321
},
"id": "c96dd6fe-7015-4756-a89a-aaf35617e781",
"page_number": 2,
"text": "32"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 679,
"x": 85,
"y": 350
},
"id": "fa9d3648-4987-4690-b54e-eacd61561c2a",
"page_number": 2,
"text": "Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 901,
"y": 350
},
"id": "4031f8f6-be6f-452f-814a-34a5439147d8",
"page_number": 2,
"text": "35"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 186,
"x": 85,
"y": 380
},
"id": "f3c6649b-fd77-49a4-a9ed-5f20965b6695",
"page_number": 2,
"text": "Statement of Cash Flows"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 901,
"y": 380
},
"id": "974c40ad-a96d-4397-ab9c-54b1e9ee90dd",
"page_number": 2,
"text": "38"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 250,
"x": 85,
"y": 410
},
"id": "3ee181f8-1f17-48bd-80ef-fc480fcfa745",
"page_number": 2,
"text": "Notes to the Financial Statements"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 900,
"y": 410
},
"id": "51cf5240-8110-47f0-972e-5b43988b76f6",
"page_number": 2,
"text": "41"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 182,
"x": 85,
"y": 439
},
"id": "15c07cb5-18b4-4a68-b49f-1a88803ffbdb",
"page_number": 2,
"text": "Schedule of Investments"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 901,
"y": 439
},
"id": "2fac995d-a11e-4960-bb3c-d4ad2a0f07cc",
"page_number": 2,
"text": "97"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 455
},
"id": "6b136899-6457-4113-9ace-4721ca789ba1",
"page_number": 2,
"text": "State Street USD Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 17,
"x": 901,
"y": 455
},
"id": "f01a2f58-44aa-45f2-9bcd-55e806602e9b",
"page_number": 2,
"text": "97"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 471
},
"id": "dbc3c0a8-b5f8-49c1-be3d-b3a81daa5449",
"page_number": 2,
"text": "State Street GBP Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 470
},
"id": "5bf447da-a0d6-48a0-bc59-2de243883f20",
"page_number": 2,
"text": "102"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 486
},
"id": "fb07caf5-40d9-4725-ab4a-c1d6c6a50221",
"page_number": 2,
"text": "State Street EUR Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 486
},
"id": "dece8a3b-f55c-4b23-93d4-e0519ffdf4dd",
"page_number": 2,
"text": "105"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 324,
"x": 85,
"y": 502
},
"id": "1dbe2455-32b7-4a7b-bc94-ea8709f0d1a1",
"page_number": 2,
"text": "State Street EUR Liquidity Standard VNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 501
},
"id": "6657b3cc-6cc3-4a80-9fc0-22fb54696494",
"page_number": 2,
"text": "109"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 276,
"x": 85,
"y": 517
},
"id": "ecdaa498-7142-4161-ba90-22a2f424b060",
"page_number": 2,
"text": "State Street USD Treasury Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 23,
"x": 893,
"y": 516
},
"id": "564ce429-43e2-46ea-afd0-9d33293d60fd",
"page_number": 2,
"text": "111"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 300,
"x": 85,
"y": 532
},
"id": "8e69bd82-308e-4098-8312-c7b0906f48dc",
"page_number": 2,
"text": "State Street EUR Government Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 532
},
"id": "a1443e8f-7dd0-4a11-966b-fb823a4876ad",
"page_number": 2,
"text": "113"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 300,
"x": 85,
"y": 548
},
"id": "5ed66e0f-3b99-4dd1-9e45-e7ba903ef888",
"page_number": 2,
"text": "State Street GBP Government Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 547
},
"id": "7fe4dd1e-966c-4094-9d2f-5730bcacb7d6",
"page_number": 2,
"text": "114"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 400,
"x": 85,
"y": 577
},
"id": "b3c91adf-60d4-4314-9bd5-b7ce3a11ee5a",
"page_number": 2,
"text": "Schedule of Significant Portfolio Changes (Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 577
},
"id": "d83c0249-9306-4e74-b8db-15b7689d1d25",
"page_number": 2,
"text": "115"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 593
},
"id": "7302a648-b62d-48dd-ac06-18f0394d4689",
"page_number": 2,
"text": "State Street USD Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 592
},
"id": "5a9939e6-bcbc-40fb-a271-7563a21a6c3f",
"page_number": 2,
"text": "115"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 608
},
"id": "0dc5878c-b63e-4e54-877c-195ececc2b76",
"page_number": 2,
"text": "State Street GBP Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 608
},
"id": "5172a0e3-25dc-4369-8146-23b117731385",
"page_number": 2,
"text": "116"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 266,
"x": 85,
"y": 624
},
"id": "fc17e1ba-7d2a-4dda-8cfe-a967d81902d0",
"page_number": 2,
"text": "State Street EUR Liquidity LVNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 623
},
"id": "4db4c295-1ddf-4078-b0b2-6b44d5b530de",
"page_number": 2,
"text": "117"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 324,
"x": 85,
"y": 639
},
"id": "b95f0159-6818-4119-ac85-25ee4f41ac91",
"page_number": 2,
"text": "State Street EUR Liquidity Standard VNAV Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 638
},
"id": "053bf8d9-6348-4761-b9c0-7533a0e4147b",
"page_number": 2,
"text": "118"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 276,
"x": 85,
"y": 654
},
"id": "7afebf41-644c-4ce9-8dfe-41f641b2a7bf",
"page_number": 2,
"text": "State Street USD Treasury Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 654
},
"id": "c6307d67-f098-4978-b598-51d4dcbde42e",
"page_number": 2,
"text": "119"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 300,
"x": 85,
"y": 670
},
"id": "e43b4c16-d553-4196-80fe-64e56cdcda05",
"page_number": 2,
"text": "State Street EUR Government Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 669
},
"id": "56be6be4-7f46-4eaa-b33e-46c5b75bb86f",
"page_number": 2,
"text": "120"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 300,
"x": 85,
"y": 685
},
"id": "f8a59f27-1cc1-469b-ad27-2783ace5b6b9",
"page_number": 2,
"text": "State Street GBP Government Liquidity Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 23,
"x": 893,
"y": 684
},
"id": "a54ec846-c3fc-47d5-9840-e7938073e618",
"page_number": 2,
"text": "121"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 489,
"x": 85,
"y": 714
},
"id": "75e7197d-4f79-4be5-baeb-76905d53fd85",
"page_number": 2,
"text": "Supplemental Information for Investors in Switzerland (Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 714
},
"id": "487e4a94-9387-427d-a979-769783132012",
"page_number": 2,
"text": "122"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 532,
"x": 84,
"y": 744
},
"id": "73982b36-6421-4311-b789-91889bba05b5",
"page_number": 2,
"text": "Appendix I - Securities Financing Transactions Regulations (Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 25,
"x": 893,
"y": 744
},
"id": "56c322d9-d517-4b07-bd7a-b7940e0e2397",
"page_number": 2,
"text": "126"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 346,
"x": 84,
"y": 773
},
"id": "6c337d5d-42b6-4d12-b659-4e306d8454b1",
"page_number": 2,
"text": "Appendix II - Remuneration Policy (Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 773
},
"id": "f47cb1b2-fd72-4836-8f2b-db58229d0427",
"page_number": 2,
"text": "132"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 534,
"x": 84,
"y": 803
},
"id": "934cf77a-d024-4981-a005-6386d25a0848",
"page_number": 2,
"text": "Appendix III - SFDR and Taxonomy Regulation Disclosures (Unaudited)"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 25,
"x": 893,
"y": 803
},
"id": "3a781214-5f4c-41f8-b711-1b139c8eb430",
"page_number": 2,
"text": "134"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 586,
"y": 964
},
"id": "05c958d8-4f2f-4f70-905e-03d2d9619134",
"page_number": 2,
"text": "State Street Liquidity Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 4,
"x": 954,
"y": 964
},
"id": "73b0fac7-4c99-4fa8-84b5-a1ac8cc30792",
"page_number": 2,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 87,
"y": 60
},
"id": "84a2460a-69c0-496e-b2ff-803a434d68b7",
"page_number": 3,
"text": "State Street Liquidity Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 680,
"x": 86,
"y": 73
},
"id": "afbf2826-cb69-4f87-8ac4-081feed99c58",
"page_number": 3,
"text": "Annual Report and Audited Financial Statements for the financial year ended 31 December 2024"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 148,
"x": 85,
"y": 117
},
"id": "78590cfd-7494-494c-b1ab-c4682bf9b42a",
"page_number": 3,
"text": "Organisation"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 164,
"x": 85,
"y": 148
},
"id": "3930d9af-f4cc-47e8-90b7-78b4fd0025d8",
"page_number": 3,
"text": "Board of Directors"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 144,
"x": 85,
"y": 162
},
"id": "04483966-557c-463f-9db7-b78fcc5f5eec",
"page_number": 3,
"text": "Barbara Healy* (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 167,
"x": 85,
"y": 174
},
"id": "ead8c97f-acd9-45de-b940-c279e3889639",
"page_number": 3,
"text": "Rebecca Bridger (British)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 137,
"x": 84,
"y": 187
},
"id": "d5f21980-a23c-40e4-aab3-bd6d94fc7ade",
"page_number": 3,
"text": "Tom Coghlan* (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 154,
"x": 84,
"y": 212
},
"id": "d9d9f267-b61d-4c80-ab84-05a7d9555032",
"page_number": 3,
"text": "*Independent Directors"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 292,
"x": 84,
"y": 225
},
"id": "ca9900aa-34bd-48d0-9189-b5285b183e69",
"page_number": 3,
"text": "All the Directors are non-executive directors"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 155,
"x": 85,
"y": 250
},
"id": "eb536bb3-51bf-42d9-bf99-3c846fccefc3",
"page_number": 3,
"text": "Registered Office"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 84,
"y": 263
},
"id": "0c9432e5-f72d-47f2-a2a9-a354c8746017",
"page_number": 3,
"text": "78 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 134,
"x": 85,
"y": 276
},
"id": "2c9d0dda-93d7-4b0a-983b-61f4ca353477",
"page_number": 3,
"text": "Dublin 2, D02 HD32,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 42,
"x": 85,
"y": 289
},
"id": "6fb4b610-4570-49a0-b68d-e7dd3e6097c8",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 306,
"x": 85,
"y": 314
},
"id": "5bb7aac6-069c-444a-92ae-9784c56c09c8",
"page_number": 3,
"text": "Investment Manager, Management"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 289,
"x": 84,
"y": 327
},
"id": "6fa145b5-0e33-4ff5-8957-2fa1557b94d5",
"page_number": 3,
"text": "Company and Global Distributor"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 4,
"x": 85,
"y": 340
},
"id": "bf9add1a-7d25-4726-958a-7991becb3d5b",
"page_number": 3,
"text": "("
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 7,
"x": 91,
"y": 339
},
"id": "dc1c3da5-1f43-47d1-8f7a-afa9175be1d1",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 178,
"x": 100,
"y": 340
},
"id": "cc732c8a-4af1-4195-9661-2c0389c2c4e1",
"page_number": 3,
"text": "Investment Manager"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 7,
"x": 279,
"y": 339
},
"id": "315ea3df-1d0f-4fb0-8b64-79d1a3771fff",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 9,
"x": 288,
"y": 347
},
"id": "4e4b2e1a-c138-452b-a919-3b9fe11fc1b1",
"page_number": 3,
"text": ","
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 7,
"x": 298,
"y": 339
},
"id": "95564cbe-1874-493b-90c5-fc3107c23521",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 117,
"x": 307,
"y": 340
},
"id": "a88bea2a-1f64-4669-aba1-ddfcad4f5958",
"page_number": 3,
"text": "Management"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 84,
"x": 84,
"y": 353
},
"id": "1f7d40f3-92a9-4743-a16c-43851b0f5a5b",
"page_number": 3,
"text": "Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 13,
"x": 169,
"y": 352
},
"id": "273d1d7a-e279-4246-a83a-c56dabd60d54",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 37,
"x": 183,
"y": 353
},
"id": "5cad29cf-5631-47f6-ad82-74d4d0514f8b",
"page_number": 3,
"text": "and"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 6,
"x": 222,
"y": 352
},
"id": "aeb63159-1e9a-48cc-bfea-6150158da298",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 157,
"x": 230,
"y": 353
},
"id": "2c7e74ed-b764-4d98-b238-65fbea428bff",
"page_number": 3,
"text": "Global Distributor"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 6,
"x": 388,
"y": 352
},
"id": "c6c2a7cb-9d40-4f4c-8d53-f1e1b90a31b6",
"page_number": 3,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 11,
"x": 396,
"y": 353
},
"id": "08331ffa-9afc-4a69-b97c-866aa654132e",
"page_number": 3,
"text": ")"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 294,
"x": 84,
"y": 366
},
"id": "78791d65-03fc-4526-9730-0530289b021e",
"page_number": 3,
"text": "State Street Global Advisors Europe Limited"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 84,
"y": 379
},
"id": "1988b12f-aa72-434a-a217-ffe3cddaea49",
"page_number": 3,
"text": "78 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 134,
"x": 85,
"y": 392
},
"id": "d571cbb2-a57e-4dd3-a4ba-c73f766fb233",
"page_number": 3,
"text": "Dublin 2, D02 HD32,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 42,
"x": 85,
"y": 405
},
"id": "b86ea834-a7ef-4c75-bc72-2315f13e9888",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 340,
"x": 85,
"y": 430
},
"id": "bdfe62fa-2d80-4f2f-b200-9a8137241519",
"page_number": 3,
"text": "Board of Directors of the Management"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 89,
"x": 84,
"y": 443
},
"id": "b20009cf-9da3-42c6-8bc9-e48187ee52bd",
"page_number": 3,
"text": "Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 161,
"x": 85,
"y": 457
},
"id": "2bdd4452-74b9-4ad0-83ff-65efafcb302a",
"page_number": 3,
"text": "Nigel Wightman (British)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 155,
"x": 84,
"y": 470
},
"id": "df23e3c7-5fdb-4acf-a44f-5918df0cdc8e",
"page_number": 3,
"text": "Ann Prendergast (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 125,
"x": 85,
"y": 483
},
"id": "8e46bf97-696f-472a-a163-7f3383e6ac76",
"page_number": 3,
"text": "Eric Linnane (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 167,
"x": 84,
"y": 496
},
"id": "10ffdcb0-3a86-4d64-a01a-96c82b21ce6f",
"page_number": 3,
"text": "Scott Sanderson (British)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 149,
"x": 85,
"y": 509
},
"id": "c38db641-12ae-4a3c-92ea-3c3487c02375",
"page_number": 3,
"text": "Margaret Cullen (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 145,
"x": 85,
"y": 521
},
"id": "2b901dc5-b37b-4888-911f-7189a7c43fe7",
"page_number": 3,
"text": "Patrick Mulvihill (Irish)"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 195,
"x": 85,
"y": 534
},
"id": "75147d04-7207-4238-a7e2-4dfbfc1f4bcf",
"page_number": 3,
"text": "Marie-Anne Heeren (Belgian)"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 235,
"x": 84,
"y": 559
},
"id": "f07b222b-25b8-4e63-bf29-7bbcb322b687",
"page_number": 3,
"text": "Sub-Investment Managers"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 297,
"x": 84,
"y": 572
},
"id": "b73ac0ae-1b47-47e1-b031-13e31833218f",
"page_number": 3,
"text": "State Street Global Advisors Trust Company"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 106,
"x": 84,
"y": 585
},
"id": "d846e451-4d8a-451f-8a39-4e6fd63a1e9a",
"page_number": 3,
"text": "Channel Center"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 81,
"x": 85,
"y": 598
},
"id": "ead6c229-950d-417a-86d5-de46c739b41e",
"page_number": 3,
"text": "1 Iron Street"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 145,
"x": 85,
"y": 611
},
"id": "88dfb6a2-f1f3-49a3-bb4e-de1a0fef0293",
"page_number": 3,
"text": "Massachusetts 02210"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 88,
"x": 85,
"y": 624
},
"id": "724981f2-2104-4f06-9d1b-2fd3ff45a2bb",
"page_number": 3,
"text": "United States"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 241,
"x": 84,
"y": 648
},
"id": "af1d1c27-8e3b-41da-b6f5-110cf3e098ac",
"page_number": 3,
"text": "State Street Global Advisors Limited"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 121,
"x": 84,
"y": 661
},
"id": "164e3262-aa09-4426-bb91-c1e79e34cdc6",
"page_number": 3,
"text": "20 Churchill Place"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 94,
"x": 84,
"y": 674
},
"id": "1cd82f9d-6f39-4035-bf94-68ca41b011d5",
"page_number": 3,
"text": "Canary Wharf"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 109,
"x": 85,
"y": 687
},
"id": "085c1dbf-6f6b-45ca-a6a5-b6f0313efb25",
"page_number": 3,
"text": "London E14 5HJ"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 104,
"x": 85,
"y": 700
},
"id": "6862da4e-86c8-4f72-955c-3f2ce023cf77",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 174,
"x": 85,
"y": 725
},
"id": "534b990c-49b6-4160-b150-97da25c58a51",
"page_number": 3,
"text": "Registered Number"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 45,
"x": 84,
"y": 738
},
"id": "85f7d3b6-a91b-49a5-8b9c-7c9257f7c979",
"page_number": 3,
"text": "256241"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 376,
"x": 507,
"y": 143
},
"id": "806d464f-4a19-47b4-a9dc-402f9ea6114e",
"page_number": 3,
"text": "Administrator, Registrar and Transfer Agent"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 293,
"x": 507,
"y": 157
},
"id": "46aadc33-b19e-4902-b211-738deb2ef3e5",
"page_number": 3,
"text": "State Street Fund Services (Ireland) Limited"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 507,
"y": 170
},
"id": "c8312e1e-a954-4e08-b52d-397f950a0b12",
"page_number": 3,
"text": "78 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 135,
"x": 508,
"y": 183
},
"id": "1dbcc2ca-cbb0-41c1-bba6-085276c6c46d",
"page_number": 3,
"text": "Dublin 2, D02 HD32,"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 43,
"x": 508,
"y": 196
},
"id": "dcab3a2e-3def-4a45-8c83-5017bb479564",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 262,
"x": 508,
"y": 220
},
"id": "4595f9ca-8d6e-40d4-aa60-fbbd002dfc2c",
"page_number": 3,
"text": "Legal Advisors in Ireland and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 229,
"x": 507,
"y": 233
},
"id": "d3cd38f3-65ce-4fd6-a848-afc0af40aad7",
"page_number": 3,
"text": "Sponsoring Member Firm"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 63,
"x": 508,
"y": 247
},
"id": "d417611d-b6c6-459e-99e9-02b9217b5a7a",
"page_number": 3,
"text": "Matheson"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 507,
"y": 260
},
"id": "10761955-4ea7-40ce-9cd4-424dc0ee644d",
"page_number": 3,
"text": "70 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 132,
"x": 508,
"y": 272
},
"id": "da33865e-4483-47e2-82ba-118ed270e0a9",
"page_number": 3,
"text": "Dublin 2, D02 R296,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 43,
"x": 508,
"y": 286
},
"id": "8fc29fdd-725b-4ef0-bf47-b5fddc2e87a3",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 99,
"x": 508,
"y": 310
},
"id": "8fb05ff2-b7e7-432b-a08d-926810c108fd",
"page_number": 3,
"text": "Depositary"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 322,
"x": 507,
"y": 324
},
"id": "348460bb-b077-45a4-958c-9a086b75ab7b",
"page_number": 3,
"text": "State Street Custodial Services (Ireland) Limited"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 507,
"y": 336
},
"id": "4929f6a5-032b-4f70-8b17-c9d483a8c617",
"page_number": 3,
"text": "78 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 135,
"x": 508,
"y": 350
},
"id": "473127c2-9810-49e7-bfb3-5220b9c87a4a",
"page_number": 3,
"text": "Dublin 2, D02 HD32,"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 43,
"x": 508,
"y": 363
},
"id": "53d96a62-185b-48c2-9aa3-9d80ad3d8c6d",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 193,
"x": 508,
"y": 387
},
"id": "5deef332-d6e1-4793-99c3-8351491bf979",
"page_number": 3,
"text": "Independent Auditors"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 168,
"x": 508,
"y": 401
},
"id": "8a70dc37-a065-4761-82ba-6f91f03c49a4",
"page_number": 3,
"text": "PricewaterhouseCoopers"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 321,
"x": 507,
"y": 413
},
"id": "dd47fafa-746a-498e-b3d5-725169db5f68",
"page_number": 3,
"text": "Chartered Accountants and Statutory Audit Firm"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 128,
"x": 507,
"y": 427
},
"id": "b3c1358a-77bf-4273-ba88-ed02dc5eaf9c",
"page_number": 3,
"text": "One Spencer Dock"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 110,
"x": 508,
"y": 440
},
"id": "50b82653-286c-4bcf-8ebd-9a0c115dfa24",
"page_number": 3,
"text": "North Wall Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 134,
"x": 508,
"y": 453
},
"id": "36311356-e118-401b-9d9b-a975a68c079a",
"page_number": 3,
"text": "Dublin 1, D01 X9R7,"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 43,
"x": 508,
"y": 466
},
"id": "85c5a039-aa1c-4ee6-8d07-820ff263327b",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 177,
"x": 508,
"y": 490
},
"id": "ec366201-3572-4e7c-9684-44db7925eeb9",
"page_number": 3,
"text": "Company Secretary"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 144,
"x": 508,
"y": 504
},
"id": "b6c7e37f-e19a-4913-9d2c-037de3a58be5",
"page_number": 3,
"text": "Matsack Trust Limited"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 197,
"x": 507,
"y": 517
},
"id": "cd4d0e55-42ab-4bca-90d2-19d21894a7d8",
"page_number": 3,
"text": "70 Sir John Rogerson\u2019s Quay"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 132,
"x": 508,
"y": 530
},
"id": "a6a88315-d0a3-480b-a73f-70ea39d0fbcf",
"page_number": 3,
"text": "Dublin 2, D02 R296,"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 43,
"x": 508,
"y": 543
},
"id": "d9366894-0097-41b2-8224-db5122d6dab4",
"page_number": 3,
"text": "Ireland"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 35,
"y": 965
},
"id": "ec223fcd-5b64-49e2-8b3b-8fd4c8356e31",
"page_number": 3,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 83,
"y": 965
},
"id": "ae5fd0b5-676f-4f18-b5f1-e0400bee4a1f",
"page_number": 3,
"text": "State Street Liquidity Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 88,
"y": 60
},
"id": "6e4cc18b-7795-4566-85be-b3ae4ea908c1",
"page_number": 4,
"text": "State Street Liquidity Public Limited Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 688,
"x": 87,
"y": 73
},
"id": "22fc1973-8609-4bd7-948b-2dd22cdd338a",
"page_number": 4,
"text": "Annual Report and Audited Financial Statements for the financial year ended 31 December 2024"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 315,
"x": 89,
"y": 117
},
"id": "22e13ea7-8771-4f17-8597-87d44aa6180f",
"page_number": 4,
"text": "Background to the Company"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 821,
"x": 88,
"y": 149
},
"id": "f3659adc-7b63-4a86-a664-8864947ef5f7",
"page_number": 4,
"text": "Capitalised terms used herein shall have the same meaning as capitalised terms used in the Prospectus and the"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 422,
"x": 88,
"y": 162
},
"id": "050892d2-4cb4-4a6c-8160-bd7cc30ff733",
"page_number": 4,
"text": "Supplements to the Prospectus, unless otherwise defined here."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 409,
"x": 88,
"y": 189
},
"id": "1fca0dbc-fbe7-4a87-ae67-ed0b5d1a0196",
"page_number": 4,
"text": "State Street Liquidity Public Limited Company (the \u201cCompany"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 498,
"y": 188
},
"id": "687ca18d-36af-4f4a-80bc-ec90f1da5d64",
"page_number": 4,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 505,
"y": 189
},
"id": "ba00b384-56e1-4bed-a062-7822e70822a6",
"page_number": 4,
"text": ") is an open-ended investment company with variable capital"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 821,
"x": 88,
"y": 202
},
"id": "b153a36c-afd8-4efa-b8f1-4c6aa2fde4db",
"page_number": 4,
"text": "organised under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and is authorised as a UCITS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 822,
"x": 88,
"y": 215
},
"id": "600d2a70-b69d-4ee0-b437-7d0f75a4b2c6",
"page_number": 4,
"text": "pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 93,
"x": 88,
"y": 228
},
"id": "be1ca7f1-2fa0-48ab-b1f3-3bf104031b12",
"page_number": 4,
"text": "amended) (the"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 186,
"y": 227
},
"id": "0de6aaf5-aac5-412d-b6bb-786869ebfd4e",
"page_number": 4,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 123,
"x": 193,
"y": 228
},
"id": "8567ee71-1808-4e56-b4a0-57e868621b61",
"page_number": 4,
"text": "UCITS Regulations"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 317,
"y": 227
},
"id": "acf0667d-56ea-499e-907d-2507f4efa6f5",
"page_number": 4,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 495,
"x": 324,
"y": 228
},
"id": "2e6c691d-6d62-4509-a198-14ac83533ca6",
"page_number": 4,
"text": "). It was incorporated on 6 November 1996 under registration number 256241."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 821,
"x": 88,
"y": 254
},
"id": "a3794746-1ce5-4fab-8014-bc3da56744c1",
"page_number": 4,
"text": "The Company is organised in the form of an umbrella fund with segregated liability between funds. Each fund (each a \u201cFund\u201d,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 416,
"x": 88,
"y": 267
},
"id": "46f7ff60-c2e1-45e7-85b8-590ec295fde2",
"page_number": 4,
"text": "collectively the \u201cFunds\u201d) is regulated as a Money Market Fund ("
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 4,
"x": 506,
"y": 266
},
"id": "dd6b690e-e78b-45e7-b7c4-20ad7861e562",
"page_number": 4,
"text": "\""
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 33,
"x": 512,
"y": 267
},
"id": "925fd46a-413e-48ed-8de8-89164ed1b6f4",
"page_number": 4,
"text": "MMF"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 546,
"y": 266
},
"id": "6dfd4eea-5c69-4e74-ab8b-763a3ebcc16c",
"page_number":...