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Although the Investment Manager may consider the above in purchasing or selling, or entering into,","page_number":5,"box":{"x":70,"y":751,"width":854,"height":10}},{"id":"66b332d9-a213-46ff-8e79-70b2ccd75f39","block_type":"box","text":"investments (including but not limited to other fixed income and money market instruments and permitted collective investment","page_number":5,"box":{"x":70,"y":764,"width":855,"height":10}},{"id":"2d6c9cc3-2fef-475e-bd6b-9097faff57be","block_type":"box","text":"schemes which provide similar exposures to the Underlying Asset) for the Fund, the Investment Manager may purchase, sell, enter","page_number":5,"box":{"x":70,"y":777,"width":855,"height":10}},{"id":"760fc5b9-3f2b-4e54-b4e3-384873de751a","block_type":"box","text":"into or continue to hold an investment for the Fund whenever it believes that doing so may benefit the Fund, on the basis of any of","page_number":5,"box":{"x":70,"y":790,"width":856,"height":10}},{"id":"c914a520-4122-4590-8433-8e51ca77e9ef","block_type":"box","text":"the factors described above or any other factors it may in its discretion consider. There can be no assurance that the Fund will","page_number":5,"box":{"x":70,"y":803,"width":854,"height":10}},{"id":"299890fe-66fa-4b4f-bac7-ddaf1d366073","block_type":"box","text":"achieve its objective.","page_number":5,"box":{"x":70,"y":816,"width":135,"height":10}},{"id":"59b958ce-3eb6-48dd-ab2c-4dd49f8ce7e2","block_type":"box","text":"SSGA Qualified Trust","page_number":5,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"ef08f932-e6a0-4f09-9f67-7da5a5e9f380","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":5,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"a0f68d49-cf0a-4cac-b109-72572b048923","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":5,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"0dc4deb2-512b-45ce-b128-38f32a308a85","block_type":"box","text":"Background Information (continued)","page_number":5,"box":{"x":70,"y":96,"width":260,"height":10}},{"id":"702f9474-c200-49ab-9dbe-e46c3be5d78c","block_type":"box","text":"4 SSGA Qualified Trust","page_number":5,"box":{"x":46,"y":976,"width":121,"height":5}},{"id":"4fbc6871-8664-4423-bc52-59e38996b765","block_type":"box","text":"Investment Objectives (continued)","page_number":6,"box":{"x":70,"y":122,"width":273,"height":12}},{"id":"d8519149-d079-4a3e-8058-1930b3481817","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2032 Fund","page_number":6,"box":{"x":70,"y":145,"width":395,"height":10}},{"id":"383db3cf-d360-4538-b18d-6c0242c1063f","block_type":"box","text":"1","page_number":6,"box":{"x":467,"y":143,"width":4,"height":5}},{"id":"1271e9f8-35f6-4e95-aa3c-5de50cf2a62b","block_type":"box","text":"The objective of the Fund was to provide a leveraged exposure to the UK Index Linked Gilt 1.25% 2032 (the “Underlying Asset”).","page_number":6,"box":{"x":70,"y":158,"width":854,"height":10}},{"id":"8216a1d7-f030-46fa-81ea-87b75e03a35d","block_type":"box","text":"The investment policy of the Fund was to gain leveraged exposure to the Underlying Asset by investing in the Underlying Asset. The","page_number":6,"box":{"x":70,"y":171,"width":855,"height":10}},{"id":"d5f56a9b-9882-459a-9ab4-36fbe98c853b","block_type":"box","text":"Fund also sought to achieve its investment objective by entering into transactions including but not limited to TRS and repurchase","page_number":6,"box":{"x":71,"y":184,"width":854,"height":10}},{"id":"c192ab3d-3d4d-48fc-b000-446c253066d0","block_type":"box","text":"transactions. TRS transactions may have been unfunded and consequently the Fund may have invested the cash held by it in","page_number":6,"box":{"x":70,"y":197,"width":854,"height":10}},{"id":"9491d140-d843-44f1-b844-8944079999c7","block_type":"box","text":"permitted collective investment schemes. Although the Investment Manager considered the above in purchasing or selling, or","page_number":6,"box":{"x":70,"y":210,"width":855,"height":10}},{"id":"03693304-a099-4f59-a92c-f4c65941a0b3","block_type":"box","text":"entering into, investments (including but not limited to other fixed income and money market instruments and permitted collective","page_number":6,"box":{"x":70,"y":223,"width":855,"height":10}},{"id":"a5894e88-3ac0-4936-9aa0-15604f567ab2","block_type":"box","text":"investment schemes which provided similar exposures to the Underlying Asset) for the Fund, the Investment Manager purchased,","page_number":6,"box":{"x":70,"y":236,"width":854,"height":10}},{"id":"76d02aa3-4c82-411f-8699-044e376e6069","block_type":"box","text":"sold, entered into or continued to hold an investment for the Fund whenever it believed that doing so may have benefited the Fund,","page_number":6,"box":{"x":70,"y":249,"width":854,"height":10}},{"id":"0cc8313d-fd67-4905-9b34-ace7b276e17a","block_type":"box","text":"on the basis of any of the factors described above or any other factors it may in its discretion consider.","page_number":6,"box":{"x":70,"y":262,"width":680,"height":10}},{"id":"15205015-e9e5-4608-9280-7646e085da29","block_type":"box","text":"1","page_number":6,"box":{"x":70,"y":281,"width":3,"height":4}},{"id":"bc304de1-7cae-4aef-a265-1b10c902bb00","block_type":"box","text":"The Fund closed on 21 November 2025.","page_number":6,"box":{"x":78,"y":282,"width":224,"height":7}},{"id":"f5d19274-7b39-44ae-8a7d-7364de9fe917","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2042 Fund","page_number":6,"box":{"x":70,"y":306,"width":395,"height":10}},{"id":"9ae1937b-f79b-4e9e-ba27-a6ef997e2184","block_type":"box","text":"1","page_number":6,"box":{"x":467,"y":305,"width":4,"height":5}},{"id":"800cefe9-62f3-4852-93a7-536368de636e","block_type":"box","text":"The objective of the Fund was to provide a leveraged exposure to the UK Index Linked Gilt 0.625% 2042 (the “Underlying Asset”).","page_number":6,"box":{"x":70,"y":320,"width":854,"height":10}},{"id":"3ce68b78-7e5e-450b-a1a4-507c3403eaf6","block_type":"box","text":"The investment policy of the Fund was to gain leveraged exposure to the Underlying Asset by investing in the Underlying Asset. The","page_number":6,"box":{"x":70,"y":333,"width":855,"height":10}},{"id":"7f17ce70-af64-4dee-9b3e-ff786675091c","block_type":"box","text":"Fund also sought to achieve its investment objective by entering into transactions including but not limited to TRS and repurchase","page_number":6,"box":{"x":71,"y":346,"width":854,"height":10}},{"id":"e395f5d8-750f-442c-97a2-34e296495e0d","block_type":"box","text":"transactions. TRS transactions may have been unfunded and consequently the Fund may have invested the cash held by it in","page_number":6,"box":{"x":70,"y":359,"width":854,"height":10}},{"id":"59a3241b-dc45-4b3f-abc2-703f2925687b","block_type":"box","text":"permitted collective investment schemes. Although the Investment Manager considered the above in purchasing or selling, or","page_number":6,"box":{"x":70,"y":372,"width":855,"height":10}},{"id":"d35dcefd-fffa-489e-825c-4fbf4d5ea75c","block_type":"box","text":"entering into, investments (including but not limited to other fixed income and money market instruments and permitted collective","page_number":6,"box":{"x":70,"y":385,"width":855,"height":10}},{"id":"49dc37b0-e1eb-4be6-867e-502a2caee5da","block_type":"box","text":"investment schemes which provided similar exposures to the Underlying Asset) for the Fund, the Investment Manager purchased,","page_number":6,"box":{"x":70,"y":398,"width":854,"height":10}},{"id":"3a84de9b-02b5-49bd-b4e4-4b24f500d7a0","block_type":"box","text":"sold, entered into or continued to hold an investment for the Fund whenever it believed that doing so may have benefited the Fund,","page_number":6,"box":{"x":70,"y":411,"width":854,"height":10}},{"id":"6c268194-bfc2-4108-90e5-694ee0fc3ef9","block_type":"box","text":"on the basis of any of the factors described above or any other factors it may in its discretion consider.","page_number":6,"box":{"x":70,"y":424,"width":680,"height":10}},{"id":"7ceb2cd1-0434-4afa-bf2d-78271c524b2c","block_type":"box","text":"1","page_number":6,"box":{"x":70,"y":443,"width":3,"height":4}},{"id":"e1557804-9418-488b-b69a-b0580d795ea1","block_type":"box","text":"The Fund closed on 12 September 2025.","page_number":6,"box":{"x":78,"y":444,"width":228,"height":8}},{"id":"b25385ac-a087-4662-ac5d-e417af7813ce","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2055 Fund","page_number":6,"box":{"x":70,"y":468,"width":395,"height":10}},{"id":"b5f0f019-b2e3-4b9b-b289-873c7553c67c","block_type":"box","text":"1","page_number":6,"box":{"x":467,"y":467,"width":4,"height":5}},{"id":"581fb630-08ef-4670-b5d2-d672b4d1c0b4","block_type":"box","text":"The objective of the Fund was to provide a leveraged exposure to the UK Index Linked Gilt 1.25% 2055 (the “Underlying Asset”).","page_number":6,"box":{"x":70,"y":481,"width":854,"height":10}},{"id":"15582933-0ba8-4f05-b8c1-ef3a890f2350","block_type":"box","text":"The investment policy of the Fund was to gain leveraged exposure to the Underlying Asset by investing in the Underlying Asset. The","page_number":6,"box":{"x":70,"y":494,"width":855,"height":10}},{"id":"4d23ef50-c7b6-4abd-ac04-7cb6f21a8d16","block_type":"box","text":"Fund also sought to achieve its investment objective by entering into transactions including but not limited to TRS and repurchase","page_number":6,"box":{"x":71,"y":507,"width":854,"height":10}},{"id":"67300f8a-ffd5-4ed2-9cb7-61b5ff8a0a06","block_type":"box","text":"transactions. TRS transactions may have been unfunded and consequently the Fund may have invested the cash held by it in","page_number":6,"box":{"x":70,"y":520,"width":854,"height":10}},{"id":"f5dd316b-4b11-42c1-b852-80205309d14e","block_type":"box","text":"permitted collective investment schemes. Although the Investment Manager considered the above in purchasing or selling, or","page_number":6,"box":{"x":70,"y":534,"width":855,"height":9}},{"id":"6d239b26-ebe8-4074-b0a2-b5f84ce37e92","block_type":"box","text":"entering into, investments (including but not limited to other fixed income and money market instruments and permitted collective","page_number":6,"box":{"x":70,"y":547,"width":855,"height":10}},{"id":"1abac297-a9d9-4bac-a0ac-50cafc2e56e4","block_type":"box","text":"investment schemes which provided similar exposures to the Underlying Asset) for the Fund, the Investment Manager purchased,","page_number":6,"box":{"x":70,"y":560,"width":854,"height":10}},{"id":"3226311f-ec3b-4a63-8150-d76967efa8d7","block_type":"box","text":"sold, entered into or continued to hold an investment for the Fund whenever it believed that doing so may have benefited the Fund,","page_number":6,"box":{"x":70,"y":573,"width":854,"height":10}},{"id":"61b08415-9da0-4c1b-b131-b410a671ad4c","block_type":"box","text":"on the basis of any of the factors described above or any other factors it may in its discretion consider.","page_number":6,"box":{"x":70,"y":586,"width":680,"height":10}},{"id":"194bada6-d146-483f-b076-cd791e1561a9","block_type":"box","text":"1","page_number":6,"box":{"x":70,"y":605,"width":3,"height":4}},{"id":"50c1a960-cb38-4032-9e97-65627ef6baac","block_type":"box","text":"The Fund closed on 21 November 2025.","page_number":6,"box":{"x":78,"y":606,"width":224,"height":6}},{"id":"2b4b9e66-f560-4078-b307-9a3e13057647","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2062 Fund","page_number":6,"box":{"x":70,"y":630,"width":395,"height":10}},{"id":"ce5e71c1-92fc-4acb-ba01-813951da3454","block_type":"box","text":"1","page_number":6,"box":{"x":467,"y":629,"width":4,"height":4}},{"id":"591ddf5a-342a-44cd-8c32-832777311d7c","block_type":"box","text":"The objective of the Fund was to provide a leveraged exposure to the UK Index Linked Gilt 0.375% 2062 (the “Underlying Asset”).","page_number":6,"box":{"x":70,"y":643,"width":854,"height":10}},{"id":"6d08c7c5-b616-4a4f-9971-b0dac3d469be","block_type":"box","text":"The investment policy of the Fund was to gain leveraged exposure to the Underlying Asset by investing in the Underlying Asset. The","page_number":6,"box":{"x":70,"y":656,"width":855,"height":10}},{"id":"b2071a2d-d89c-4f70-b590-7c8f95ed238d","block_type":"box","text":"Fund also sought to achieve its investment objective by entering into transactions including but not limited to TRS and repurchase","page_number":6,"box":{"x":71,"y":669,"width":854,"height":10}},{"id":"15920440-909b-4030-9f4c-ee9cf489fcd1","block_type":"box","text":"transactions. TRS transactions may have been unfunded and consequently the Fund may have invested the cash held by it in","page_number":6,"box":{"x":70,"y":682,"width":854,"height":10}},{"id":"ffb3d2c4-b561-4068-ba1e-9031a002b6c8","block_type":"box","text":"permitted collective investment schemes. Although the Investment Manager considered the above in purchasing or selling, or","page_number":6,"box":{"x":70,"y":695,"width":855,"height":10}},{"id":"a45b856e-833d-4e58-89a2-d2077512d952","block_type":"box","text":"entering into, investments (including but not limited to other fixed income and money market instruments and permitted collective","page_number":6,"box":{"x":70,"y":708,"width":855,"height":10}},{"id":"480c68cc-2c43-4b02-8648-cb2c882b718f","block_type":"box","text":"investment schemes which provided similar exposures to the Underlying Asset) for the Fund, the Investment Manager purchased,","page_number":6,"box":{"x":70,"y":721,"width":854,"height":10}},{"id":"e9132421-f477-429b-9fa8-82d01f0a3e0e","block_type":"box","text":"sold, entered into or continued to hold an investment for the Fund whenever it believed that doing so may have benefited the Fund,","page_number":6,"box":{"x":70,"y":734,"width":854,"height":10}},{"id":"60b64218-c49b-48c9-9499-f7092991b4c6","block_type":"box","text":"on the basis of any of the factors described above or any other factors it may in its discretion consider.","page_number":6,"box":{"x":70,"y":747,"width":680,"height":10}},{"id":"e316c21e-80e0-41a3-a443-25dc99ddf194","block_type":"box","text":"1","page_number":6,"box":{"x":70,"y":767,"width":3,"height":4}},{"id":"44d2807b-cf41-4cfd-9547-65513fee73d9","block_type":"box","text":"The Fund closed on 12 September 2025.","page_number":6,"box":{"x":78,"y":768,"width":228,"height":8}},{"id":"9b1a6a95-8879-4486-8f99-8ae966eef416","block_type":"box","text":"State Street LDI Leveraged UK Inflation Rate Swap 2030 Fund","page_number":6,"box":{"x":70,"y":792,"width":439,"height":10}},{"id":"6e0fa2f3-916a-49fc-a46b-c61cec58abbb","block_type":"box","text":"The objective of the Fund is to provide a leveraged exposure to zero coupon inflation swaps maturing on 30 June 2030, the Maturity","page_number":6,"box":{"x":70,"y":805,"width":855,"height":10}},{"id":"87a89e3d-cfba-45e7-9099-0382bd830034","block_type":"box","text":"Date of the Fund (the “Underlying Asset”). The investment policy of the Fund is to gain leveraged exposure to the Underlying Asset.","page_number":6,"box":{"x":71,"y":818,"width":853,"height":10}},{"id":"abbedb2b-06f9-4e72-8e6f-b9d5436dc63c","block_type":"box","text":"In order to achieve the investment objective, the Investment Manager will enter into transactions including but not limited to Inflation","page_number":6,"box":{"x":71,"y":831,"width":853,"height":10}},{"id":"dd773e2e-ec22-42f6-9c48-f437c1797ccc","block_type":"box","text":"Swaps. Typically, each swap transaction will be unfunded and consequently the Fund will invest the cash held by it in permitted","page_number":6,"box":{"x":70,"y":844,"width":854,"height":10}},{"id":"6e0124f3-1225-4727-a393-def7e011f626","block_type":"box","text":"collective investment schemes. Although the Investment Manager may consider the above in purchasing or selling, or entering into,","page_number":6,"box":{"x":70,"y":857,"width":854,"height":10}},{"id":"20818c12-996c-476d-8a78-7c3ea3d6a320","block_type":"box","text":"investments (including but not limited to other fixed income and money market instruments and permitted collective investment","page_number":6,"box":{"x":70,"y":870,"width":855,"height":10}},{"id":"8c0ba9f7-5edf-4ce3-83a0-9a956d0b519d","block_type":"box","text":"schemes which provide similar exposures to the Underlying Asset) for the Fund, the Investment Manager may purchase, sell, enter","page_number":6,"box":{"x":70,"y":883,"width":855,"height":10}},{"id":"13298cc1-574e-4182-880d-1aca1a5ed7b8","block_type":"box","text":"into or continue to hold an investment for the Fund whenever it believes that doing so may benefit the Fund, on the basis of any of","page_number":6,"box":{"x":70,"y":896,"width":856,"height":10}},{"id":"7a9ab1d0-c3b9-4a36-b8bd-048240be503c","block_type":"box","text":"the factors described above or any other factors it may in its discretion consider. 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Source: PMG FI","page_number":8,"box":{"x":70,"y":509,"width":166,"height":6}},{"id":"c39bae0e-d20b-455b-888e-f0589419571f","block_type":"box","text":"** Comparators developed by Bloomberg for State Street IM. Used as a reference point only","page_number":8,"box":{"x":70,"y":526,"width":510,"height":8}},{"id":"f50f7959-36ea-4c6f-bcd2-00c0dd6e1421","block_type":"box","text":"*** Performance for one year period through to Fund maturity or liquidation","page_number":8,"box":{"x":70,"y":543,"width":413,"height":8}},{"id":"861ddeb4-1d1c-4d5e-8e2c-a6a2acd88998","block_type":"box","text":"State Street Global Advisors Europe Limited","page_number":8,"box":{"x":70,"y":576,"width":316,"height":10}},{"id":"edfb7f79-10ff-498b-8362-13557002d45b","block_type":"box","text":"May 2026","page_number":8,"box":{"x":70,"y":592,"width":66,"height":10}},{"id":"540481d6-a833-4699-95a3-b2f5c13197d0","block_type":"box","text":"SSGA Qualified Trust","page_number":8,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"5425a843-bb71-42aa-962d-f8cc9d709cd4","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":8,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"7d855408-4b02-4cf1-92f1-7870ffc8c53c","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":8,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"d0ac9171-d8c9-49c5-b81b-54c1e44934c0","block_type":"box","text":"Investment Managers’ Report","page_number":8,"box":{"x":70,"y":96,"width":211,"height":10}},{"id":"d301f9bc-163d-424a-95b4-d3ae42bebe50","block_type":"box","text":"SSGA Qualified Trust 7","page_number":8,"box":{"x":831,"y":976,"width":120,"height":5}},{"id":"c035fe79-a5af-475a-8ecc-fddf33aaea99","block_type":"box","text":"The Manager of SSGA Qualified Trust (the","page_number":9,"box":{"x":70,"y":122,"width":282,"height":10}},{"id":"f7b01a27-a5bc-4ef0-b5ca-1c0d192f8f35","block_type":"box","text":"Trust","page_number":9,"box":{"x":362,"y":122,"width":32,"height":8}},{"id":"51048262-fdca-494b-84ba-a2b1a304ac7d","block_type":"box","text":") is required by the Trust Deed to prepare financial statements for each financial","page_number":9,"box":{"x":400,"y":122,"width":524,"height":10}},{"id":"c03991b7-86d6-45e7-a35e-64278440df4f","block_type":"box","text":"year which give a true and fair view of the financial position of the Trust at the end of that financial year, the results of the Trust’s","page_number":9,"box":{"x":70,"y":135,"width":855,"height":10}},{"id":"6158b80d-09f5-476d-b2b3-05114ce49056","block_type":"box","text":"operations, and changes in net assets for the financial year then ended. In preparing these financial statements, the Manager is","page_number":9,"box":{"x":70,"y":148,"width":855,"height":10}},{"id":"e019e386-452f-48eb-8f49-f821b866c000","block_type":"box","text":"required to:","page_number":9,"box":{"x":70,"y":161,"width":74,"height":10}},{"id":"1011fc01-ed8d-4ef0-87a4-d1ad4d0f307e","block_type":"box","text":"- select suitable accounting policies and then apply them consistently;","page_number":9,"box":{"x":70,"y":185,"width":480,"height":10}},{"id":"a96d7899-57c9-431c-99e3-ade207dd1d26","block_type":"box","text":"- make judgements and estimates that are reasonable and prudent; and","page_number":9,"box":{"x":70,"y":209,"width":495,"height":10}},{"id":"d72ff0fc-912f-42f6-9be4-e8e72e52a7e2","block_type":"box","text":"- prepare the financial statements on the basis that the Trust will continue in operation unless it is inappropriate to presume this.","page_number":9,"box":{"x":70,"y":232,"width":854,"height":10}},{"id":"59c2f6e1-b714-44bc-955c-5f62fa5dd3d0","block_type":"box","text":"The Manager is responsible for keeping proper books of account which disclose, with reasonable accuracy, at any time, the financial","page_number":9,"box":{"x":70,"y":257,"width":854,"height":10}},{"id":"a0bbbdad-e7c2-465e-b814-eddf3480b802","block_type":"box","text":"position of the Trust and enable them to ensure that the financial statements comply with the provisions of the Trust Deed. The","page_number":9,"box":{"x":70,"y":270,"width":855,"height":10}},{"id":"e9d41152-58e0-4484-9fab-8099c80c3cc7","block_type":"box","text":"Manager is also responsible for safeguarding the assets of the Trust. In this regard they entrusted the assets of the Trust to State","page_number":9,"box":{"x":70,"y":283,"width":855,"height":10}},{"id":"b935e2de-9214-48c8-8126-b36c4dd934d8","block_type":"box","text":"Street Custodial Services (Ireland) Limited (the","page_number":9,"box":{"x":70,"y":296,"width":307,"height":10}},{"id":"788a4be6-b579-459f-8cf3-544ee18390d8","block_type":"box","text":"Depositary","page_number":9,"box":{"x":386,"y":297,"width":72,"height":9}},{"id":"b98af66d-f067-47d5-adac-d8518f60a2c9","block_type":"box","text":") who has been appointed as depositary of the Trust. The Manager has","page_number":9,"box":{"x":463,"y":296,"width":462,"height":10}},{"id":"5255f78e-76fd-46d7-bd8d-489b6a543a94","block_type":"box","text":"a general responsibility for taking reasonable steps for the prevention and detection of fraud and other irregularities.","page_number":9,"box":{"x":70,"y":309,"width":769,"height":10}},{"id":"8ccfe280-263c-4ca1-b300-b65790b17858","block_type":"box","text":"The financial statements are published on the","page_number":9,"box":{"x":70,"y":334,"width":300,"height":10}},{"id":"a3f65b04-2acb-4c4c-98c2-df0936d38272","block_type":"box","text":"www.ssga.com","page_number":9,"box":{"x":375,"y":336,"width":98,"height":8}},{"id":"64a7a494-9d39-40ea-9fc9-3f34f7b47e13","block_type":"box","text":"website. The Directors of the Manager, together with the Investment","page_number":9,"box":{"x":478,"y":334,"width":447,"height":10}},{"id":"3a3d5a3a-bdb9-405c-8526-03b4211fe0de","block_type":"box","text":"Manager are responsible for the maintenance and integrity of the financial information included on the website. Legislation in the","page_number":9,"box":{"x":71,"y":347,"width":854,"height":10}},{"id":"57a8c9f8-2f74-4cd6-8a7c-52f151b619b8","block_type":"box","text":"Republic of Ireland governing preparation and dissemination of the financial statements may differ from legislation in other","page_number":9,"box":{"x":71,"y":360,"width":854,"height":10}},{"id":"08a502fc-62b7-4e2a-9cb6-ba6b16f3a7cc","block_type":"box","text":"jurisdictions.","page_number":9,"box":{"x":69,"y":374,"width":82,"height":9}},{"id":"03ce01c0-b55e-45c6-b58b-5124477a0322","block_type":"box","text":"Connected Party Transactions","page_number":9,"box":{"x":70,"y":401,"width":217,"height":10}},{"id":"86374cac-3bc1-4215-aeff-08860eb08ea7","block_type":"box","text":"The Central Bank’s AIF Rulebook section on ’Dealings by management company, general partner, depositary, investment manager","page_number":9,"box":{"x":70,"y":414,"width":855,"height":10}},{"id":"28e33ced-29eb-45e8-a5f2-89feaac4eaf4","block_type":"box","text":"or by delegates or group companies of these’ states that any transaction carried out with the Trust by a management company,","page_number":9,"box":{"x":70,"y":427,"width":854,"height":10}},{"id":"52fe2711-e668-4da4-a8ce-3340782b0173","block_type":"box","text":"general partner, depositary, investment manager or by delegates or group companies of these (","page_number":9,"box":{"x":70,"y":440,"width":616,"height":10}},{"id":"e684d24e-85b7-4138-9baa-f200ee4cc12f","block_type":"box","text":"connected parties","page_number":9,"box":{"x":693,"y":440,"width":117,"height":10}},{"id":"ff438e81-d788-4bf5-9cca-dc2a1a339217","block_type":"box","text":") must be carried","page_number":9,"box":{"x":816,"y":440,"width":108,"height":10}},{"id":"65d8e567-475b-4b08-b1f1-5f7ac307556d","block_type":"box","text":"out as if negotiated at arm’s length. Transactions must be in the best interests of the Unitholders.","page_number":9,"box":{"x":70,"y":453,"width":646,"height":10}},{"id":"434d1d02-2102-4d23-8905-ae0038740aba","block_type":"box","text":"The Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that","page_number":9,"box":{"x":70,"y":478,"width":855,"height":10}},{"id":"c0b98c1d-1f24-4b6a-8456-93ccdb2014b7","block_type":"box","text":"the obligations set out above are applied to all transactions with connected parties; and Directors of the Manager are satisfied that","page_number":9,"box":{"x":70,"y":491,"width":855,"height":10}},{"id":"bd3b0853-8596-4a15-8b76-0dfb14f90a8e","block_type":"box","text":"transactions with connected parties entered into during the financial year complied with the obligations set out in this paragraph.","page_number":9,"box":{"x":70,"y":504,"width":851,"height":10}},{"id":"73c87dab-ab7a-49e7-975e-f5d65111fa61","block_type":"box","text":"For and on behalf of State Street Global Advisors Europe Limited","page_number":9,"box":{"x":70,"y":545,"width":466,"height":10}},{"id":"c51282c1-89db-4d6e-b7dc-2a55c5fe62a4","block_type":"box","text":"Director:","page_number":9,"box":{"x":70,"y":585,"width":61,"height":7}},{"id":"583fbdd3-e8c8-4cd8-9607-ae34931e68cc","block_type":"box","text":"Director:","page_number":9,"box":{"x":70,"y":624,"width":61,"height":7}},{"id":"a241b6ed-2bab-412f-8706-423dae141e11","block_type":"box","text":"Date: 24 August 2026","page_number":9,"box":{"x":70,"y":663,"width":152,"height":10}},{"id":"2e1372f2-c7c8-43f7-a30c-3bf06b285385","block_type":"box","text":"SSGA Qualified Trust","page_number":9,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"27be8ac9-c364-466f-9296-168888e1b11e","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":9,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"dabe7374-3e5c-47e5-aeef-7ecba6ebe2ce","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":9,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"b925cdfa-9454-4dfd-82f7-09b719d2b93c","block_type":"box","text":"Statement of Responsibilities of the Manager","page_number":9,"box":{"x":70,"y":96,"width":323,"height":10}},{"id":"9811122c-1507-4dc6-a4f6-b0c81a75132e","block_type":"box","text":"8 SSGA Qualified Trust","page_number":9,"box":{"x":47,"y":976,"width":120,"height":5}},{"id":"e0c8fc13-af2c-404f-ac65-e2fa62384312","block_type":"box","text":"We have enquired into the conduct of State Street Global Advisors Europe Limited as the authorised AIFM in respect of SSGA","page_number":10,"box":{"x":70,"y":122,"width":855,"height":10}},{"id":"741ff812-af50-41d3-81e6-21a979577934","block_type":"box","text":"Qualified Trust, the authorised Alternative Investment Fund (the","page_number":10,"box":{"x":70,"y":135,"width":429,"height":10}},{"id":"11518f03-73f6-4a99-8042-528444209288","block_type":"box","text":"AIF","page_number":10,"box":{"x":510,"y":135,"width":23,"height":8}},{"id":"3890645f-49bc-4aaf-b711-02d6facd0ac6","block_type":"box","text":"), for the period from 1 May 2025 to 30 April 2026 in our","page_number":10,"box":{"x":539,"y":135,"width":386,"height":10}},{"id":"5bc82e04-6bce-4d70-a867-01681fb3a10d","block_type":"box","text":"capacity as depositary to the AIF.","page_number":10,"box":{"x":70,"y":148,"width":219,"height":10}},{"id":"c16befcf-1e1d-44d2-9206-98ff7c247884","block_type":"box","text":"This report including the opinion has been prepared for and solely for the Unitholders in the AIF as a body, in accordance with the","page_number":10,"box":{"x":70,"y":173,"width":855,"height":10}},{"id":"84e8530c-96da-4332-afb9-678e67ed67f7","block_type":"box","text":"Central Bank’s AIF Rulebook and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any","page_number":10,"box":{"x":70,"y":186,"width":855,"height":10}},{"id":"9150b786-a76c-4890-8166-8a240ff5a6ef","block_type":"box","text":"other purpose or to any other person to whom this report is shown.","page_number":10,"box":{"x":70,"y":199,"width":444,"height":10}},{"id":"882ea87c-395d-421c-9a34-89fd8312c903","block_type":"box","text":"Responsibilities of the Depositary","page_number":10,"box":{"x":70,"y":226,"width":242,"height":10}},{"id":"cf12b3e0-a0dd-47d5-91c1-fc36486c135d","block_type":"box","text":"Our duties and responsibilities are outlined in Regulation 22(7)(8)&(9) of European Union (Alternative Investment Fund Managers’","page_number":10,"box":{"x":70,"y":239,"width":854,"height":10}},{"id":"6da6a192-9597-4135-aeea-2c129093046a","block_type":"box","text":"Directi","page_number":10,"box":{"x":71,"y":253,"width":40,"height":7}},{"id":"7846a2ed-65f7-4d47-a1e5-b9c43c8918cd","block_type":"box","text":"v","page_number":10,"box":{"x":112,"y":255,"width":7,"height":5}},{"id":"7d0817dd-4ecb-4d92-bfa8-2a2d344915f1","block_type":"box","text":"e) Regulations 2013 as amended (the","page_number":10,"box":{"x":120,"y":253,"width":257,"height":10}},{"id":"e5d14d4b-328f-450e-a42c-d49fd40a8aaf","block_type":"box","text":"Regulations","page_number":10,"box":{"x":389,"y":253,"width":78,"height":10}},{"id":"28380760-c68f-46f4-8a50-b53c6812fc4a","block_type":"box","text":") and the AIF Rulebook. 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The Trust’s management has made an","page_number":23,"box":{"x":120,"y":332,"width":804,"height":10}},{"id":"b930663f-eab4-497a-bcf8-0013f329c183","block_type":"box","text":"assessment of the Trust’s ability to continue as a going concern and are satisfied that the Trust has the resources to continue","page_number":23,"box":{"x":120,"y":345,"width":805,"height":10}},{"id":"36622b62-b842-4623-9b82-d28da4b43d32","block_type":"box","text":"in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast","page_number":23,"box":{"x":121,"y":358,"width":804,"height":10}},{"id":"9e82348e-0657-42f8-9fd5-0e9535fa5b40","block_type":"box","text":"significant doubt upon the Trust’s ability to continue as a going concern. Therefore, the financial statements are prepared on","page_number":23,"box":{"x":120,"y":371,"width":804,"height":10}},{"id":"3e007656-1e8b-47cc-a36d-ad58e8dbd375","block_type":"box","text":"a going concern basis with the exception of the following Funds which are now dormant and are prepared on a basis other","page_number":23,"box":{"x":120,"y":384,"width":805,"height":10}},{"id":"1d369385-7d05-4ffb-b65a-78dd32f096ed","block_type":"box","text":"than going concern; State Street LDI Leveraged Conventional Gilt 2060 Fund, State Street LDI Leveraged Index Linked Gilt","page_number":23,"box":{"x":120,"y":397,"width":805,"height":10}},{"id":"23a93fd0-b545-4f71-bd14-702c4d0371fb","block_type":"box","text":"2032 Fund, State Street LDI Leveraged Index Linked Gilt 2042 Fund, State Street LDI Leveraged Index Linked Gilt 2055","page_number":23,"box":{"x":120,"y":410,"width":805,"height":10}},{"id":"e3bd2576-f543-4909-8dc1-2c86ea9b216e","block_type":"box","text":"Fund, and State Street LDI Leveraged Index Linked Gilt 2062 Fund. There are a number of Funds which became dormant","page_number":23,"box":{"x":121,"y":423,"width":804,"height":10}},{"id":"38fad40a-25f2-4f7b-befb-8bc79d276792","block_type":"box","text":"in prior financial years but have not yet had their authorisation revoked by the Central Bank (please refer to Note 14 for further","page_number":23,"box":{"x":121,"y":436,"width":804,"height":10}},{"id":"2f29234d-0a1d-490e-9ccd-d5137228d082","block_type":"box","text":"information).","page_number":23,"box":{"x":121,"y":449,"width":82,"height":10}},{"id":"89d2ead7-78be-4b4d-9eda-f53a5e4d8038","block_type":"box","text":"The Manager of the Trust anticipates that the financial assets will continue to generate enough cash flows on an ongoing","page_number":23,"box":{"x":120,"y":477,"width":804,"height":10}},{"id":"c79e7517-ab6f-478b-811f-1d9ee1ad3ec2","block_type":"box","text":"basis to meet the Funds’ liabilities as they fall due.","page_number":23,"box":{"x":121,"y":490,"width":332,"height":10}},{"id":"a3ef87a8-47a5-4aa6-bb4e-de224453a915","block_type":"box","text":"The Trust has continued to avail of the exemption available to open-ended investment funds under FRS 102 and is not","page_number":23,"box":{"x":120,"y":517,"width":805,"height":10}},{"id":"ce86a7d3-21c3-472c-9eb4-38e28fa71648","block_type":"box","text":"presenting a cash flow statement.","page_number":23,"box":{"x":121,"y":530,"width":223,"height":10}},{"id":"40887cdb-c9b5-465c-94a4-aa799cd0a824","block_type":"box","text":"All references to net assets throughout the Annual Report and Audited Financial Statements refers to net assets attributable","page_number":23,"box":{"x":120,"y":557,"width":805,"height":10}},{"id":"3b79b62d-9554-41c4-8262-ed1431e5dad3","block_type":"box","text":"to equity Unitholders unless otherwise stated.","page_number":23,"box":{"x":120,"y":570,"width":303,"height":10}},{"id":"bbd14453-c7e0-4856-9fb9-91635d053ef0","block_type":"box","text":"Historical Cost Convention","page_number":23,"box":{"x":121,"y":596,"width":191,"height":8}},{"id":"8618c4a8-6732-413f-98f9-0c5f2336b192","block_type":"box","text":"The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial","page_number":23,"box":{"x":120,"y":609,"width":804,"height":10}},{"id":"7735c718-ab66-44fc-9354-ffbe189d79e7","block_type":"box","text":"assets and financial liabilities at fair value through profit or loss.","page_number":23,"box":{"x":120,"y":622,"width":420,"height":10}},{"id":"98f85812-4d2b-4467-969f-022ae229d3ee","block_type":"box","text":"Critical Accounting Estimates and Assumptions","page_number":23,"box":{"x":120,"y":648,"width":344,"height":10}},{"id":"b5c36c8c-9f77-42eb-be2d-eed5f89247f8","block_type":"box","text":"The preparation of financial statements requires the Manager to make judgements, estimates and assumptions that affect","page_number":23,"box":{"x":120,"y":662,"width":805,"height":10}},{"id":"a098f410-ddfd-4b99-bfe4-b56a8103793b","block_type":"box","text":"the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and","page_number":23,"box":{"x":120,"y":675,"width":804,"height":9}},{"id":"30274387-d1b8-4f44-8600-16e4c9a8567b","block_type":"box","text":"associated assumptions are based on historical experience and various other factors that are believed to be reasonable","page_number":23,"box":{"x":120,"y":688,"width":805,"height":9}},{"id":"bd088544-b965-46e2-8d53-f82943ab6cf7","block_type":"box","text":"under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and","page_number":23,"box":{"x":121,"y":701,"width":803,"height":10}},{"id":"7f5c4b34-d390-4607-bb32-ceb9ac6a4951","block_type":"box","text":"liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.","page_number":23,"box":{"x":121,"y":714,"width":696,"height":10}},{"id":"e133d0a8-3209-4ad1-be26-4267ae8aba06","block_type":"box","text":"The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are","page_number":23,"box":{"x":120,"y":741,"width":804,"height":10}},{"id":"3d6163aa-4164-4f16-a7a8-f44cec314924","block_type":"box","text":"recognised in the year in which the estimate is revised if the revision affects only that financial year, or in the financial year","page_number":23,"box":{"x":121,"y":754,"width":804,"height":10}},{"id":"68a3ce59-a66c-4745-9ef9-fb8c461a63a5","block_type":"box","text":"of the revision and future financial years if the revision affects both current and future financial years.","page_number":23,"box":{"x":120,"y":767,"width":672,"height":10}},{"id":"addefa1f-f848-43b4-9abd-8f2f2d4f8343","block_type":"box","text":"Fair value measurement of financial derivative instruments and securities not quoted in active market","page_number":23,"box":{"x":120,"y":791,"width":728,"height":10}},{"id":"e8406ac4-382e-4d10-b39f-93b6e21e928f","block_type":"box","text":"The Funds may hold financial instruments that are not quoted in active markets, including financial derivative instruments.","page_number":23,"box":{"x":120,"y":806,"width":804,"height":10}},{"id":"924a22a5-fa51-4f0b-b9cc-151adcad1c93","block_type":"box","text":"Fair value of such instruments is determined using valuation techniques and may be determined using reputable pricing","page_number":23,"box":{"x":121,"y":819,"width":803,"height":10}},{"id":"3a1cbbb9-df81-48af-9793-15b4aebc7ed5","block_type":"box","text":"sources (such as pricing agencies) or indicative prices from market makers. Broker quotes as obtained from the pricing","page_number":23,"box":{"x":120,"y":832,"width":804,"height":10}},{"id":"28fc0410-6662-4a71-b0c2-c1d37c12a5ef","block_type":"box","text":"sources may be indicative and not executable or binding. Where no market data is available, the Fund may value positions","page_number":23,"box":{"x":120,"y":845,"width":805,"height":10}},{"id":"8ede261c-e357-42ed-b460-74e98d898837","block_type":"box","text":"using its own models, which are usually based on valuation methods and techniques generally recognised as standard","page_number":23,"box":{"x":121,"y":858,"width":803,"height":10}},{"id":"35bf26e9-e7a6-4cc6-af66-749cabfc43bc","block_type":"box","text":"within the industry. The models used to determine fair values are validated and periodically reviewed by experienced","page_number":23,"box":{"x":120,"y":871,"width":804,"height":10}},{"id":"a3e40667-684c-439f-b1e3-fd17a107dbb4","block_type":"box","text":"personnel of the Investment Manager, independent of the party that created them.","page_number":23,"box":{"x":121,"y":884,"width":546,"height":10}},{"id":"fe7782bd-548c-4936-b6e5-db6e125e9b82","block_type":"box","text":"SSGA Qualified Trust","page_number":23,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"301df8c0-b844-41b4-a9a1-b090ce9b533e","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":23,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"60ef705f-f886-4747-9eb2-c6324c439014","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":23,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"513a033b-3275-493c-a572-d1234adeb16b","block_type":"box","text":"Notes to the Financial Statements","page_number":23,"box":{"x":71,"y":96,"width":240,"height":8}},{"id":"660d6f54-f271-4be8-9275-459ec48a0f5d","block_type":"box","text":"22 SSGA Qualified Trust","page_number":23,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"e2e528d6-831f-43ee-b3c1-ed631ce7838d","block_type":"box","text":"1. Significant Accounting Policies (continued)","page_number":24,"box":{"x":71,"y":122,"width":360,"height":10}},{"id":"b779a238-5a4f-41ed-b0f7-e544a2eabaef","block_type":"box","text":"Critical Accounting Estimates and Assumptions (continued)","page_number":24,"box":{"x":120,"y":148,"width":430,"height":10}},{"id":"52b39fdc-1716-40ac-b302-a7f02904912f","block_type":"box","text":"Fair value measurement of financial derivative instruments and securities not quoted in active market (continued)","page_number":24,"box":{"x":120,"y":175,"width":804,"height":10}},{"id":"7cd99656-7e9f-40cd-9af7-297140fcf647","block_type":"box","text":"Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty),","page_number":24,"box":{"x":121,"y":189,"width":803,"height":10}},{"id":"9d69632c-bb4e-44f1-bb81-5a903f97c0c2","block_type":"box","text":"volatilities and correlations require the Investment Manager to make estimates. Changes in assumptions about these","page_number":24,"box":{"x":120,"y":202,"width":805,"height":10}},{"id":"414ba7c5-50be-4881-b741-7246d734b859","block_type":"box","text":"factors could affect the reported fair values of financial instruments. The Funds consider observable data to be market data","page_number":24,"box":{"x":120,"y":215,"width":805,"height":9}},{"id":"2203c3fa-017d-4aab-ab83-1716f3faf07d","block_type":"box","text":"that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary, and provided by","page_number":24,"box":{"x":120,"y":228,"width":805,"height":10}},{"id":"34ea61ae-07f2-49d1-9121-2b42009314f3","block_type":"box","text":"independent sources that are actively involved in the relevant market. Refer to Note 1 a) recognition and derecognition for","page_number":24,"box":{"x":121,"y":241,"width":804,"height":10}},{"id":"b7c06e40-e747-41d2-bace-1d11e48ca730","block_type":"box","text":"further information about the fair value measurement of the Funds’ financial instruments.","page_number":24,"box":{"x":120,"y":254,"width":591,"height":8}},{"id":"bd8f01e7-ed9d-4f40-9459-7319fe603464","block_type":"box","text":"a) Financial Assets at Fair Value through Profit or Loss","page_number":24,"box":{"x":120,"y":276,"width":396,"height":10}},{"id":"e58c94f2-1dfe-4e9b-810c-5cc7b6bcc829","block_type":"box","text":"Classification and measurement","page_number":24,"box":{"x":121,"y":301,"width":231,"height":8}},{"id":"ae7c7eea-a343-4a7f-96dc-098bb9cf25dd","block_type":"box","text":"The Trust classifies its investments in debt securities, collective investment schemes and related derivatives, as financial","page_number":24,"box":{"x":120,"y":317,"width":804,"height":9}},{"id":"4f8a4c65-c9d6-45b5-80c2-d2ff8e83fd39","block_type":"box","text":"assets and financial liabilities at fair value through profit or loss. Subsequent to initial recognition, all instruments classified","page_number":24,"box":{"x":120,"y":330,"width":804,"height":10}},{"id":"0bf47f1a-6973-4816-a24e-ac53bad447b6","block_type":"box","text":"at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of","page_number":24,"box":{"x":120,"y":343,"width":806,"height":10}},{"id":"f64fe205-3b89-4488-9685-d409e9a78d7d","block_type":"box","text":"Comprehensive Income.","page_number":24,"box":{"x":120,"y":356,"width":161,"height":10}},{"id":"ef553393-b065-4670-bcd2-ba2eac747549","block_type":"box","text":"Under FRS 102, in accounting for its financial instruments the Trust is required to apply either a) the full requirements of FRS","page_number":24,"box":{"x":121,"y":383,"width":803,"height":10}},{"id":"9867588e-1209-4275-b142-a616e78eb425","block_type":"box","text":"102 relating to Basic Financial Instruments and Other Financial Instruments, or b) the recognition and measurement","page_number":24,"box":{"x":121,"y":396,"width":804,"height":10}},{"id":"b0f18d32-aff5-478b-ab63-516de1e50482","block_type":"box","text":"provisions of lAS 39 Financial Instruments: Recognition and only the disclosure requirements of FRS 102 relating to Basic","page_number":24,"box":{"x":121,"y":409,"width":804,"height":10}},{"id":"5b380ee5-89f3-4733-8422-ba6d7fee3619","block_type":"box","text":"Financial Instruments and Other Financial Instruments. The Directors of the Manager chose to implement the recognition","page_number":24,"box":{"x":121,"y":422,"width":803,"height":10}},{"id":"83f5996a-51cc-4af2-a455-9c1ff98d1fb4","block_type":"box","text":"and measurement provisions of lAS 39 Financial Instruments: Recognition and only the disclosure requirements of FRS","page_number":24,"box":{"x":120,"y":435,"width":804,"height":10}},{"id":"c7a61d95-3e36-414b-ba2e-3b150e2c2475","block_type":"box","text":"102 relating to Basic Financial Instruments and Other Financial Instruments.","page_number":24,"box":{"x":121,"y":448,"width":506,"height":10}},{"id":"95f7924a-cbcf-41ce-bc12-7d65eb935f58","block_type":"box","text":"The financial instruments of the Funds are valued at fair value. For debt instruments, the last traded price is taken as the best","page_number":24,"box":{"x":120,"y":475,"width":805,"height":10}},{"id":"ea0fba19-5b3e-4547-9228-7639af8d4d04","block_type":"box","text":"evidence of fair value. For collective investment schemes, the latest unaudited NAV of the relevant underlying fund is used","page_number":24,"box":{"x":120,"y":488,"width":804,"height":10}},{"id":"0589a79b-55b8-4403-9e60-d0f10eaf02fe","block_type":"box","text":"as the best evidence of fair value. The value of any instrument which is not normally quoted, listed or traded on or under the","page_number":24,"box":{"x":120,"y":501,"width":805,"height":10}},{"id":"f79bac62-7201-44c3-8ec6-54f9d3ccb4e4","block_type":"box","text":"rules of a regulated market, will be valued at its probable realisation value estimated with care and in good faith by the","page_number":24,"box":{"x":121,"y":515,"width":804,"height":10}},{"id":"2c07cf55-da75-46ac-9d15-6ec901f50f90","block_type":"box","text":"Manager in consultation with the Administrator, or by a competent person, firm or corporation appointed by the Manager, and","page_number":24,"box":{"x":121,"y":528,"width":803,"height":10}},{"id":"eda81790-6178-4f05-96a7-a8965ee79ce2","block_type":"box","text":"approved for such purpose by the Depositary.","page_number":24,"box":{"x":120,"y":541,"width":301,"height":10}},{"id":"6712f953-5ac2-4a67-bece-98551c5d37ad","block_type":"box","text":"Derivative financial instruments","page_number":24,"box":{"x":121,"y":567,"width":226,"height":8}},{"id":"9e672516-1860-4631-94eb-9f636daadabb","block_type":"box","text":"Derivative instruments which are traded on a regulated market, shall be valued at the settlement price as determined by the","page_number":24,"box":{"x":121,"y":580,"width":804,"height":10}},{"id":"85e7ad21-6561-458f-a8b2-c89723d4c8ba","block_type":"box","text":"relevant regulated market at the close of business on such regulated market. Provided that where it is not the practice of the","page_number":24,"box":{"x":121,"y":593,"width":804,"height":10}},{"id":"b31df559-540b-490c-8214-1257507e9655","block_type":"box","text":"relevant regulated market to quote a settlement price, or if a settlement price is not available for any reason, such","page_number":24,"box":{"x":121,"y":606,"width":803,"height":10}},{"id":"a785701d-60f1-4d77-8a32-746d1a14f1d2","block_type":"box","text":"instruments shall be valued at their probable realisation value estimated with care and in good faith by a competent person","page_number":24,"box":{"x":121,"y":619,"width":803,"height":10}},{"id":"ca4d3dbf-1d13-4982-84fe-72034edc35ce","block_type":"box","text":"(which may be the Administrator or the Investment Manager) appointed by the Manager and approved for the purpose by the","page_number":24,"box":{"x":121,"y":632,"width":804,"height":10}},{"id":"071996f8-1612-455f-90dc-dab97b36d0dc","block_type":"box","text":"Depositary, or by any other means provided that the value is approved by the Depositary.","page_number":24,"box":{"x":121,"y":645,"width":589,"height":10}},{"id":"82c31107-aa67-4bec-8250-f9adf2ea5240","block_type":"box","text":"Over-the counter (“OTC”) derivative contracts shall be valued on a daily basis using either an approved recognized vendor’s","page_number":24,"box":{"x":120,"y":672,"width":804,"height":10}},{"id":"77747cdf-8920-47e7-9819-f0dd9292bbde","block_type":"box","text":"valuation or the OTC counterparty’s valuation or an alternative valuation. Each day, the Investment Manager compares the","page_number":24,"box":{"x":120,"y":685,"width":805,"height":10}},{"id":"51fb43aa-9aa3-494e-af82-022c7cd387be","block_type":"box","text":"valuations of the OTC derivatives provided by the vendor and counterparty. If an OTC derivative instrument is valued in any","page_number":24,"box":{"x":120,"y":698,"width":805,"height":10}},{"id":"9d11d9ab-28b1-4d50-9752-28d0c6667983","block_type":"box","text":"other way, such alternative valuation will be reconciled to the counterparty price on a daily basis and any significant","page_number":24,"box":{"x":120,"y":711,"width":805,"height":10}},{"id":"d5a2cdac-af5a-4ef6-895c-2c111c0d2c42","block_type":"box","text":"differences must be promptly investigated and explained.","page_number":24,"box":{"x":120,"y":724,"width":378,"height":10}},{"id":"4e4b27da-f214-44af-8b41-b0ede7b253d8","block_type":"box","text":"Recognition and derecognition","page_number":24,"box":{"x":120,"y":751,"width":222,"height":9}},{"id":"8b03adff-a2f2-4d9f-91f9-26698a350f3c","block_type":"box","text":"Purchases and sales of investments are recognised as of the day the transaction takes place, i.e. the trade date, the date","page_number":24,"box":{"x":121,"y":766,"width":804,"height":10}},{"id":"eb985ffd-21f5-4c1a-a9a8-d893588dcb4f","block_type":"box","text":"on which the Fund commits to purchase or sell the asset.","page_number":24,"box":{"x":120,"y":779,"width":380,"height":10}},{"id":"953054f0-a36d-4ca7-8b91-91e0ceec480a","block_type":"box","text":"The Funds recognise a financial asset and financial liability on the date it becomes a party to the contractual provisions of","page_number":24,"box":{"x":120,"y":806,"width":806,"height":10}},{"id":"8a99d657-52f1-4992-9945-724976e44f16","block_type":"box","text":"the instrument and all significant rights and access to the benefits from the assets, and the exposure to the risks inherent in","page_number":24,"box":{"x":120,"y":819,"width":804,"height":10}},{"id":"ece5ab00-4e85-4e76-bb87-21b6595555a1","block_type":"box","text":"those benefits are transferred to the Funds. The Funds derecognise financial assets and financial liabilities when all such","page_number":24,"box":{"x":120,"y":832,"width":804,"height":10}},{"id":"feda7f3e-7975-4bb2-81e0-d69b3d9a5640","block_type":"box","text":"benefits and risks are transferred from the Funds.","page_number":24,"box":{"x":121,"y":845,"width":328,"height":8}},{"id":"dae9cfcc-6ecc-43ed-9b7b-1a6aa607e3b7","block_type":"box","text":"SSGA Qualified Trust","page_number":24,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"34caf55e-6fa8-4c97-862e-b46b1a3dcb5a","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":24,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"e67f5334-2b26-4323-a74a-07bd3ad8ca88","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":24,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"b3eaed57-5c8a-4a1d-8b7a-c4cd060188f1","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":24,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"4c70646c-401f-4dee-bf2e-16502c14c021","block_type":"box","text":"SSGA Qualified Trust 23","page_number":24,"box":{"x":826,"y":976,"width":125,"height":5}},{"id":"2d02f6dc-6f9a-4054-af3a-cb2316202270","block_type":"box","text":"1. Significant Accounting Policies (continued)","page_number":25,"box":{"x":71,"y":122,"width":360,"height":10}},{"id":"21d7a32e-7c1f-4161-a583-d47a0a0ab5df","block_type":"box","text":"a) Financial Assets at Fair Value through Profit or Loss (continued)","page_number":25,"box":{"x":120,"y":148,"width":482,"height":10}},{"id":"69ede725-7f55-49a7-bf2b-8bef6511ac36","block_type":"box","text":"Derivative financial instruments (continued)","page_number":25,"box":{"x":121,"y":172,"width":313,"height":10}},{"id":"8d5d8063-3503-436b-8da7-43fd435b20fc","block_type":"box","text":"Inflation swaps","page_number":25,"box":{"x":120,"y":200,"width":108,"height":10}},{"id":"f744f43b-a2dd-40a8-b76e-741b36105cd6","block_type":"box","text":"Inflation swaps (“Swaps”) are measured initially at fair value on the date on which the derivative contract is entered into and","page_number":25,"box":{"x":121,"y":216,"width":803,"height":10}},{"id":"8f3b6848-713c-4484-87f5-d8ce81b1a9b9","block_type":"box","text":"subsequently re-measured at fair value. Fair values are obtained from approved counterparties or from quoted market","page_number":25,"box":{"x":120,"y":229,"width":805,"height":10}},{"id":"fd8d8dc8-f0f6-49fb-bb89-e7a656a34724","block_type":"box","text":"prices in active markets, including recent market transactions, and from valuation techniques using discounted cash flow","page_number":25,"box":{"x":121,"y":242,"width":804,"height":10}},{"id":"86935332-ba0d-40a7-8ff2-8bb13ae3f433","block_type":"box","text":"models and option pricing models as appropriate. Swaps are included in assets when the fair value is positive and in","page_number":25,"box":{"x":121,"y":255,"width":803,"height":10}},{"id":"5fde4d2f-2cd7-4161-934d-687a9e0b384b","block_type":"box","text":"liabilities when the fair value is negative, unless there is the legal ability and intention to settle the asset and liability on a net","page_number":25,"box":{"x":121,"y":268,"width":804,"height":10}},{"id":"e1cc1412-6ecb-48e7-8c72-31ab46a18678","block_type":"box","text":"basis. Revenues/payments arising on Swaps are included in the net gain/(loss) on financial assets and liabilities at fair value","page_number":25,"box":{"x":121,"y":281,"width":804,"height":10}},{"id":"4e4aaff8-21f1-4c19-a94e-84ed7d52acb7","block_type":"box","text":"through profit or loss in the Statement of Comprehensive Income. Changes in their fair value are recognised in the","page_number":25,"box":{"x":120,"y":294,"width":805,"height":10}},{"id":"93894815-52bc-402b-badd-c1cbdfa1492a","block_type":"box","text":"Statement of Comprehensive Income.","page_number":25,"box":{"x":120,"y":307,"width":252,"height":10}},{"id":"ae821d97-137a-4cd4-af40-8a08c8f6d137","block_type":"box","text":"Inflation swaps may be valued by reference to freely available market quotations or, if such quotations are not available, in","page_number":25,"box":{"x":121,"y":334,"width":803,"height":10}},{"id":"bb4b50b1-3cf9-4ab4-ad38-cf3b398e4501","block_type":"box","text":"accordance with the provisions in respect of such OTC derivatives.","page_number":25,"box":{"x":120,"y":347,"width":443,"height":10}},{"id":"a6f3bda6-685f-4b39-82b6-b03ab93750e7","block_type":"box","text":"Repurchase agreements","page_number":25,"box":{"x":120,"y":374,"width":175,"height":9}},{"id":"e74dfc43-5646-43bb-84a6-5a455075a4c2","block_type":"box","text":"The Funds may use repurchase agreements in order to obtain leveraged exposure without limitation to the Underlying","page_number":25,"box":{"x":120,"y":389,"width":804,"height":10}},{"id":"42919e72-f0b3-4cc0-87e9-a96a110119de","block_type":"box","text":"Asset. Under a repurchase agreement, a Fund sells the Underlying Asset to a counterparty and agrees at the time of sale","page_number":25,"box":{"x":120,"y":402,"width":805,"height":10}},{"id":"9b5c9442-42a2-44fe-b6e4-c8319130c06e","block_type":"box","text":"to repurchase the Underlying Asset at a mutually agreed upon date and price. In order to achieve the leveraged exposure,","page_number":25,"box":{"x":120,"y":415,"width":804,"height":10}},{"id":"2ad75448-16f4-448d-941a-8d07f346bd65","block_type":"box","text":"the cash that the Fund receives from the counterparty as part of the repurchase agreement may be reinvested in","page_number":25,"box":{"x":120,"y":428,"width":804,"height":10}},{"id":"0076e2a2-f5e1-4b09-8ab9-b86d06dc66e8","block_type":"box","text":"transferable securities, including without limitation the Underlying Asset and other fixed income and money market","page_number":25,"box":{"x":120,"y":441,"width":805,"height":10}},{"id":"ce0ec528-3c76-4be2-a691-6178a2118303","block_type":"box","text":"instruments, as well as collective investment schemes that qualify as UCITS or otherwise. In exchange for the cash received,","page_number":25,"box":{"x":121,"y":454,"width":803,"height":10}},{"id":"c6494c1c-84da-445d-a8cd-7393f9149371","block_type":"box","text":"the Fund will be required to pay interest to the counterparty. Interest paid in respect of the repurchase agreements is","page_number":25,"box":{"x":120,"y":467,"width":805,"height":10}},{"id":"b5173400-42b0-4620-927b-2dd3e1136449","block_type":"box","text":"included in net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of","page_number":25,"box":{"x":121,"y":480,"width":805,"height":10}},{"id":"7044c60c-8a7a-4a5f-999f-dd15c295907f","block_type":"box","text":"Comprehensive Income.","page_number":25,"box":{"x":120,"y":493,"width":161,"height":10}},{"id":"a60d68aa-5dbd-45f0-a190-c40e3269c85a","block_type":"box","text":"b) Income from Investments","page_number":25,"box":{"x":121,"y":516,"width":201,"height":10}},{"id":"4956b26d-0cc4-4a7b-935d-90293fd895f9","block_type":"box","text":"Interest income","page_number":25,"box":{"x":121,"y":541,"width":110,"height":7}},{"id":"350046f6-f4c5-431c-be87-a54f54fe555e","block_type":"box","text":"Interest income is recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest","page_number":25,"box":{"x":121,"y":554,"width":804,"height":10}},{"id":"415b3c15-c07c-4d03-b4a0-a65fb270bbc0","block_type":"box","text":"method.","page_number":25,"box":{"x":121,"y":567,"width":52,"height":8}},{"id":"41b59f83-6265-42a9-b19c-26e55e187be4","block_type":"box","text":"Interest income and interest expense on other financial assets and financial liabilities are recognised in the Statement of","page_number":25,"box":{"x":121,"y":594,"width":805,"height":10}},{"id":"e9b45f92-e9de-4a2b-b62f-be6ba476d250","block_type":"box","text":"Comprehensive Income as they accrue.","page_number":25,"box":{"x":120,"y":607,"width":263,"height":10}},{"id":"e1b97aaf-8097-41f1-b53e-c8e1f069b6e7","block_type":"box","text":"The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of","page_number":25,"box":{"x":120,"y":634,"width":806,"height":10}},{"id":"2732caa2-419b-43b5-b0fa-be34b4fb9fb3","block_type":"box","text":"allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly","page_number":25,"box":{"x":120,"y":647,"width":805,"height":10}},{"id":"130e5648-88ae-4824-8a66-c03a5981101b","block_type":"box","text":"discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or, when","page_number":25,"box":{"x":120,"y":660,"width":804,"height":10}},{"id":"5e1b8871-b467-4c2f-8987-a9172c9cb54c","block_type":"box","text":"appropriate a shorter financial period, to the net carrying amount of the financial asset or financial liability.","page_number":25,"box":{"x":120,"y":673,"width":703,"height":10}},{"id":"f8a50d73-3314-4236-a65b-4af564674478","block_type":"box","text":"Dividend income","page_number":25,"box":{"x":121,"y":700,"width":119,"height":7}},{"id":"fbfc9495-d35a-4147-9d41-9c10901a8646","block_type":"box","text":"Dividend income is recognised in the Statement of Comprehensive Income on the dates on which the relevant securities are","page_number":25,"box":{"x":121,"y":713,"width":804,"height":10}},{"id":"0a83d836-68ac-419a-af42-dce35d72cffb","block_type":"box","text":"listed as “ex-dividend”. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed","page_number":25,"box":{"x":121,"y":726,"width":803,"height":10}},{"id":"3df5db16-24c6-45f0-98b1-44e4ee69b7f1","block_type":"box","text":"separately in the Statement of Comprehensive Income, and net of any tax credits. Dividend income from financial assets at","page_number":25,"box":{"x":120,"y":739,"width":805,"height":10}},{"id":"a6c3fda0-0223-47e1-a5a4-25b1429ee795","block_type":"box","text":"fair value through profit or loss is recognised in the Statement of Comprehensive Income within ’Dividend income’ when the","page_number":25,"box":{"x":120,"y":752,"width":805,"height":10}},{"id":"b830a11c-a613-49e0-8661-17d518e30f8e","block_type":"box","text":"Fund’s right to receive payment is established.","page_number":25,"box":{"x":121,"y":765,"width":307,"height":10}},{"id":"558fc4d7-fbb6-4b99-b06c-bd90ed481cd8","block_type":"box","text":"Income arising from collective investments schemes is accounted for on an ex-dividend basis.","page_number":25,"box":{"x":121,"y":792,"width":621,"height":10}},{"id":"11785421-e87d-4367-9ce4-30f4424c87b1","block_type":"box","text":"c) Foreign Currency","page_number":25,"box":{"x":120,"y":814,"width":145,"height":10}},{"id":"1fb8b448-0b3a-4623-8bb4-1c2dff25d918","block_type":"box","text":"Functional and presentation currency","page_number":25,"box":{"x":120,"y":837,"width":271,"height":10}},{"id":"803bef7d-f6d8-4fc2-bdc6-86b109d96c4c","block_type":"box","text":"Items included in the Trust’s financial statements are measured using the currency of the primary economic environment in","page_number":25,"box":{"x":121,"y":852,"width":803,"height":10}},{"id":"f2b3f30a-62bb-48f7-b931-0fd69669dbf2","block_type":"box","text":"which it operates (the “functional currency”).","page_number":25,"box":{"x":120,"y":865,"width":293,"height":10}},{"id":"4af08090-4d3f-46dd-9b56-dffd5fb02e4b","block_type":"box","text":"The functional currency of the Trust is the British Pound (“GBP”). Assets and liabilities expressed in currencies other than","page_number":25,"box":{"x":120,"y":893,"width":804,"height":10}},{"id":"503efa9c-4f7b-43a5-b25a-a03e672cc46f","block_type":"box","text":"the functional currency of the Trust are translated into the functional currency at exchange rates ruling at the financial year","page_number":25,"box":{"x":120,"y":906,"width":805,"height":10}},{"id":"3ca6c0ce-b1cf-424a-a421-33a96291d1d5","block_type":"box","text":"end date. Transactions in foreign currencies are translated into GBP at exchange rates ruling at the transaction dates. Gains","page_number":25,"box":{"x":120,"y":919,"width":805,"height":10}},{"id":"b050921f-287a-48df-b102-7cb095dc1ab3","block_type":"box","text":"and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the","page_number":25,"box":{"x":120,"y":932,"width":805,"height":10}},{"id":"cb56e94e-49fd-4255-a6ca-35f5facfd277","block_type":"box","text":"result for the financial year. The presentation currency of the Trust is also GBP.","page_number":25,"box":{"x":121,"y":945,"width":521,"height":10}},{"id":"fea826da-7309-4b71-9203-2f7f923f4beb","block_type":"box","text":"P.","page_number":25,"box":{"x":640,"y":952,"width":2,"height":1}},{"id":"5ead83f0-2eb0-4caa-9bb5-f2cd176bb751","block_type":"box","text":"SSGA Qualified Trust","page_number":25,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"4546cbe7-2ad6-45d6-a5e7-66070e0610b1","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":25,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"3945f705-f0e5-4260-bccf-3aff44611dea","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":25,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"cbc83088-3edd-4888-891a-d36724fab981","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":25,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"a795ce62-0f9d-46f3-bb60-2567fe25a212","block_type":"box","text":"24 SSGA Qualified Trust","page_number":25,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"1264afc3-7094-4296-883f-0f98e6c2c78d","block_type":"box","text":"1. Significant Accounting Policies (continued)","page_number":26,"box":{"x":71,"y":122,"width":360,"height":10}},{"id":"4b7a84a8-6a9a-4a92-9a04-b71086008def","block_type":"box","text":"c) Foreign Currency (continued)","page_number":26,"box":{"x":120,"y":148,"width":231,"height":10}},{"id":"49502eeb-30ce-449a-9856-a3f88194a43e","block_type":"box","text":"Functional and presentation currency (continued)","page_number":26,"box":{"x":120,"y":172,"width":356,"height":10}},{"id":"9bec1582-56d9-4f4c-af0c-fb5b54ce5f97","block_type":"box","text":"The rates of exchange ruling at 30 April 2026 and 30 April 2025 were GBP 1=","page_number":26,"box":{"x":120,"y":187,"width":519,"height":10}},{"id":"2e8e6809-b9dd-475b-88ea-62825c87a49d","block_type":"box","text":"30 April 2026 30 April 2025","page_number":26,"box":{"x":200,"y":212,"width":233,"height":10}},{"id":"b4c28cf3-eb62-48dc-9f04-5aa82bc8b835","block_type":"box","text":"EUR 1.1584 1.1750","page_number":26,"box":{"x":121,"y":227,"width":312,"height":7}},{"id":"c5ee2d40-9544-4ba3-b73c-b1af48dd4367","block_type":"box","text":"USD 1.3589 1.3357","page_number":26,"box":{"x":121,"y":241,"width":312,"height":8}},{"id":"121e00b7-a428-4654-b157-1cad08e5b6f0","block_type":"box","text":"d) Expenses","page_number":26,"box":{"x":120,"y":263,"width":90,"height":10}},{"id":"166d2c3b-030d-4713-9975-6f0feda4943e","block_type":"box","text":"All expenses are recognised in the Statement of Comprehensive Income on an accrual basis.","page_number":26,"box":{"x":120,"y":277,"width":622,"height":10}},{"id":"5c45eb1c-c591-48e1-a7d8-b9543ce94bcf","block_type":"box","text":"e) Equity Units","page_number":26,"box":{"x":120,"y":300,"width":107,"height":10}},{"id":"c6eda283-2053-4939-a4a7-6492c25f8589","block_type":"box","text":"The Units in a Fund are classified as equity if it meets the following conditions:","page_number":26,"box":{"x":120,"y":314,"width":522,"height":10}},{"id":"0fa4f9b2-daea-4612-ab9c-e2f61379a1ea","block_type":"box","text":"•","page_number":26,"box":{"x":120,"y":342,"width":4,"height":3}},{"id":"3d0de7f9-15fe-44e0-85b6-05d82f003af5","block_type":"box","text":"It entitles the holder to a pro rata share of the Funds’ net assets in the event of a Funds’ liquidation;","page_number":26,"box":{"x":168,"y":339,"width":661,"height":10}},{"id":"7fc20c4b-047e-445e-beac-23928486bc9a","block_type":"box","text":"•","page_number":26,"box":{"x":120,"y":356,"width":4,"height":3}},{"id":"c184f841-b637-4a56-a5a2-36502fa425b5","block_type":"box","text":"It is in the class of instruments that is subordinate to all other classes of instruments;","page_number":26,"box":{"x":168,"y":353,"width":564,"height":10}},{"id":"ea091195-2f06-4420-babb-45d8ad6445ca","block_type":"box","text":"•","page_number":26,"box":{"x":120,"y":370,"width":4,"height":3}},{"id":"2170009d-1880-45a5-bee2-0497bcd0c64a","block_type":"box","text":"All financial instruments in the class of instruments that is subordinate to all other classes of instruments have","page_number":26,"box":{"x":167,"y":368,"width":758,"height":7}},{"id":"d0a1d0f8-55ad-4472-b2f3-246f13bfa668","block_type":"box","text":"identical features;","page_number":26,"box":{"x":168,"y":381,"width":116,"height":9}},{"id":"2ea960d7-cb19-4021-983d-a67c359b6ed6","block_type":"box","text":"•","page_number":26,"box":{"x":120,"y":398,"width":4,"height":2}},{"id":"b0011d10-aaf0-47c4-8e32-9a3bb0a29d40","block_type":"box","text":"Apart from the contractual obligation for the Fund to repurchase or redeem the instrument for cash or another","page_number":26,"box":{"x":167,"y":395,"width":758,"height":10}},{"id":"4060196b-48fc-4b95-96b2-bdb7e0aea273","block_type":"box","text":"financial asset, the instrument does not include any other features that would require classification as a liability; and","page_number":26,"box":{"x":167,"y":408,"width":757,"height":10}},{"id":"8236711f-82e7-4b41-a3d0-cfe9f01e40f0","block_type":"box","text":"•","page_number":26,"box":{"x":120,"y":425,"width":4,"height":3}},{"id":"80c4f804-d51d-47eb-9889-d679ec855349","block_type":"box","text":"The total expected cash flows attributable to the instrument over its life are based substantially on the profit or loss,","page_number":26,"box":{"x":167,"y":422,"width":757,"height":10}},{"id":"750ab960-5318-462c-a235-b54320c64466","block_type":"box","text":"the change in recognised net assets or the change in the fair value of the recognised and unrecognised net assets","page_number":26,"box":{"x":167,"y":435,"width":757,"height":10}},{"id":"d9efce0f-a88b-4b71-94fa-0b5b975584e0","block_type":"box","text":"of the Fund over the life of the instrument.","page_number":26,"box":{"x":167,"y":448,"width":280,"height":8}},{"id":"24640374-3657-4a8a-be8b-000c09f526a9","block_type":"box","text":"Units in issue are redeemable at the Unitholder’s option and are classified as equity. The Unit is carried at the redemption","page_number":26,"box":{"x":121,"y":475,"width":803,"height":10}},{"id":"ebd476c7-b72a-422c-8fa7-8f6010012c66","block_type":"box","text":"amount that is payable at the Statement of Financial Position date if the holder exercises the right to put the Unit back into","page_number":26,"box":{"x":120,"y":488,"width":805,"height":10}},{"id":"595618c7-3321-46cb-a84d-5d1a3bf691ea","block_type":"box","text":"the Trust.","page_number":26,"box":{"x":120,"y":502,"width":61,"height":7}},{"id":"66e724cb-f5df-4d96-b38a-c1f354018283","block_type":"box","text":"Units are issued and redeemed at the Unitholder’s option, at prices based on the relevant Fund’s NAV per Unit at the time","page_number":26,"box":{"x":121,"y":529,"width":803,"height":10}},{"id":"08fc1fa3-4c2f-4089-a405-cb14101d9b27","block_type":"box","text":"of issue or redemption. The Funds’ NAV per Unit is calculated by dividing the net assets attributable to equity Unitholders","page_number":26,"box":{"x":120,"y":542,"width":805,"height":10}},{"id":"276bb5c2-7f67-41ec-9b72-da30238fbb17","block_type":"box","text":"by the total number of outstanding Units.","page_number":26,"box":{"x":121,"y":555,"width":269,"height":10}},{"id":"ea126de8-18d9-4078-8b6c-d0c2e1189d91","block_type":"box","text":"f) Offsetting Financial Instruments","page_number":26,"box":{"x":120,"y":577,"width":251,"height":10}},{"id":"ce4942d9-9a2c-4b88-95ce-0e924a833a17","block_type":"box","text":"Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is","page_number":26,"box":{"x":121,"y":592,"width":804,"height":9}},{"id":"a6622d11-2378-4a4d-9272-90d431bad84b","block_type":"box","text":"a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the","page_number":26,"box":{"x":120,"y":605,"width":805,"height":10}},{"id":"3a794604-0986-4506-95fe-6741d266fe52","block_type":"box","text":"asset and settle the liability simultaneously.","page_number":26,"box":{"x":120,"y":618,"width":285,"height":10}},{"id":"9022b09c-07f2-42cd-9659-7550e86274cc","block_type":"box","text":"g) Distributions","page_number":26,"box":{"x":120,"y":640,"width":112,"height":10}},{"id":"8da6dea3-ccbc-4ab8-8580-bfb0919d076f","block_type":"box","text":"It is the intention of the Manager to declare a dividend in respect of Class B Units on each dealing day where the Fund’s","page_number":26,"box":{"x":121,"y":654,"width":803,"height":10}},{"id":"57e924d7-85ae-4ce8-aad4-e3e00b6d12ac","block_type":"box","text":"leverage has decreased below an amount deemed by the Investment Manager, in its sole discretion with regard to the","page_number":26,"box":{"x":121,"y":668,"width":804,"height":9}},{"id":"af9724fe-0dce-4dd6-b7b5-f60d5d8707bc","block_type":"box","text":"determining factor, to be too low. The Trust Deed permits the Manager to declare such dividends out of net income together","page_number":26,"box":{"x":120,"y":680,"width":805,"height":10}},{"id":"f470a597-b27f-462b-95f3-5297b338d94a","block_type":"box","text":"with realised and unrealised gains less realised and unrealised losses and out of the capital of the Funds subject to such","page_number":26,"box":{"x":120,"y":694,"width":804,"height":10}},{"id":"041058f9-3a13-487b-98aa-b11311261c8d","block_type":"box","text":"adjustments as may in the opinion of the Manager be appropriate, pursuant to the terms of the Trust Deed and which shall","page_number":26,"box":{"x":120,"y":707,"width":804,"height":10}},{"id":"21a2799a-4cb7-4fc8-aaed-e87fb53121dd","block_type":"box","text":"be paid to Unitholders by close of business on the third business day following the dealing day on which the dividend is","page_number":26,"box":{"x":121,"y":720,"width":803,"height":10}},{"id":"d2fdad9e-1f19-40a2-9053-d1c052c7efba","block_type":"box","text":"declared. 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Units in Issue (continued)","page_number":34,"box":{"x":70,"y":122,"width":233,"height":10}},{"id":"29350b7c-c725-4e61-98cd-67444e044177","block_type":"box","text":"Fund","page_number":34,"box":{"x":121,"y":161,"width":31,"height":8}},{"id":"2d0461f2-3a69-4ab1-bb5b-d238b2949e8e","block_type":"box","text":"Unit","page_number":34,"box":{"x":523,"y":148,"width":25,"height":8}},{"id":"287ff21e-52d0-4aea-961e-3f9a581ab43d","block_type":"box","text":"Class","page_number":34,"box":{"x":513,"y":161,"width":34,"height":8}},{"id":"6b9f0b24-0d94-404d-90f6-5e4c1a1e36aa","block_type":"box","text":"1 May 2024","page_number":34,"box":{"x":563,"y":135,"width":69,"height":10}},{"id":"8a52deb5-08d7-46bc-968f-330a186590f9","block_type":"box","text":"Units","page_number":34,"box":{"x":600,"y":148,"width":32,"height":8}},{"id":"16090c9d-c00a-45df-b295-07bdd7058c1e","block_type":"box","text":"in Issue Subscriptions Redemptions","page_number":34,"box":{"x":584,"y":161,"width":243,"height":10}},{"id":"a258ddc2-619d-400f-81cf-8843678f276a","block_type":"box","text":"30 April 2025","page_number":34,"box":{"x":838,"y":135,"width":82,"height":10}},{"id":"60bfa839-e5e7-40a2-8a8f-532eeaecdf12","block_type":"box","text":"Units","page_number":34,"box":{"x":887,"y":148,"width":33,"height":8}},{"id":"05f93145-4100-4541-8330-baf09d04e4e8","block_type":"box","text":"in Issue","page_number":34,"box":{"x":871,"y":161,"width":48,"height":8}},{"id":"0acb0414-8210-4f13-ad0f-ae423d7d5fe0","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2040 Fund Class B 140,579,848 18,885,567 (102,464,392) 57,001,023","page_number":34,"box":{"x":120,"y":175,"width":799,"height":10}},{"id":"4ffa403f-37ac-4477-8461-2c72a45f230f","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2049 Fund","page_number":34,"box":{"x":120,"y":190,"width":300,"height":10}},{"id":"f626b04a-d873-4bc2-8d1b-6b697e91b00b","block_type":"box","text":"3","page_number":34,"box":{"x":421,"y":188,"width":5,"height":5}},{"id":"915e6e06-7ca0-4555-80ae-0d8e039b9c59","block_type":"box","text":"Class B 66,936,782 8,494,599 (75,431,381) -","page_number":34,"box":{"x":502,"y":190,"width":418,"height":10}},{"id":"331a763a-be96-42ab-b685-05488e5e9da3","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2060 Fund Class B 34,713,661 10,177,760 (37,173,980) 7,717,441","page_number":34,"box":{"x":120,"y":204,"width":798,"height":10}},{"id":"ed8c3cd9-30ac-4c12-b751-c1992a654a30","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2068 Fund Class B 34,272,877 29,217,026 (21,516,409) 41,973,494","page_number":34,"box":{"x":120,"y":218,"width":799,"height":10}},{"id":"70788015-45ce-4219-aed3-51d1017974be","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2032 Fund Class B 30,024,672 8,285,014 (33,880,448) 4,429,238","page_number":34,"box":{"x":120,"y":232,"width":799,"height":10}},{"id":"2acc1e67-f966-41e5-9f89-9f77ec349585","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2042 Fund Class B 367,691,098 106,956,276 (404,984,944) 69,662,430","page_number":34,"box":{"x":120,"y":247,"width":799,"height":10}},{"id":"af68489f-c292-4ab4-b755-906fee7a25e4","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2055 Fund Class B 73,660,820 42,201,594 (73,660,820) 42,201,594","page_number":34,"box":{"x":120,"y":261,"width":799,"height":10}},{"id":"5c05d18b-7265-4200-be10-4a3557ed34b9","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2062 Fund Class B 168,317,341 93,631,322 (168,317,341) 93,631,322","page_number":34,"box":{"x":120,"y":275,"width":799,"height":10}},{"id":"cdd847bb-38bc-47f3-a0ec-0f1169368fed","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2068 Fund","page_number":34,"box":{"x":120,"y":289,"width":298,"height":10}},{"id":"4f63fbd4-8f37-467e-9863-353743e76332","block_type":"box","text":"3","page_number":34,"box":{"x":419,"y":288,"width":5,"height":5}},{"id":"4184e052-c6b9-4163-add9-be7e2be6bb12","block_type":"box","text":"Class B 18,068,582 1,354,531 (19,423,113) -","page_number":34,"box":{"x":502,"y":289,"width":418,"height":10}},{"id":"7f713d61-7162-4ceb-b473-5e58cf33a575","block_type":"box","text":"SSGA LDI Leveraged UK Inflation Rate Swap 2025 Fund","page_number":34,"box":{"x":120,"y":304,"width":338,"height":10}},{"id":"9e02fc1c-2756-4f57-99ab-e9c9b08d819e","block_type":"box","text":"1","page_number":34,"box":{"x":460,"y":302,"width":2,"height":5}},{"id":"01413cc7-6bf9-42f7-91a4-e4556b77c860","block_type":"box","text":"Class B 1,760,021 - (1,760,021) -","page_number":34,"box":{"x":502,"y":304,"width":418,"height":10}},{"id":"d8cffa39-cf7b-4a55-b2b5-9de3a839858a","block_type":"box","text":"State Street LDI Leveraged UK Inflation Rate Swap 2030","page_number":34,"box":{"x":120,"y":318,"width":337,"height":10}},{"id":"8064cdf8-d269-49d2-8f60-625c9077a4d6","block_type":"box","text":"Fund Class B 890,700 220,008 - 1,110,708","page_number":34,"box":{"x":121,"y":331,"width":798,"height":9}},{"id":"bf92b48e-05f9-4c9b-81a4-7baafbf130c5","block_type":"box","text":"State Street Target Leverage Cash Fund","page_number":34,"box":{"x":120,"y":345,"width":239,"height":10}},{"id":"310cdb36-fb02-4707-8bbb-79109a423d71","block_type":"box","text":"2","page_number":34,"box":{"x":360,"y":344,"width":5,"height":4}},{"id":"70145d55-d8d8-42cc-a10b-a5a255e2994f","block_type":"box","text":"Class B 2,993,109 1,353,059 (4,346,168) -","page_number":34,"box":{"x":502,"y":345,"width":418,"height":10}},{"id":"3de2dc6c-d28b-45bb-abd2-e6b26f6a83b3","block_type":"box","text":"State Street Target Leverage Nominal Rate Short LDI Fund","page_number":34,"box":{"x":120,"y":359,"width":350,"height":10}},{"id":"380fa504-4eea-4bbe-95d7-a83a2a6a89c3","block_type":"box","text":"2","page_number":34,"box":{"x":472,"y":358,"width":4,"height":5}},{"id":"424f49fa-9157-46a1-afcf-f498a2be50d2","block_type":"box","text":"Class B 2,693,169 1,251,815 (3,944,984) -","page_number":34,"box":{"x":502,"y":359,"width":418,"height":10}},{"id":"fd63cb56-fc04-4553-8ae7-d06fdb86afee","block_type":"box","text":"State Street Target Leverage Real Rate Short LDI Fund","page_number":34,"box":{"x":120,"y":373,"width":329,"height":10}},{"id":"be284149-28bd-4ae4-821d-d90c5d29f8ab","block_type":"box","text":"2","page_number":34,"box":{"x":450,"y":372,"width":5,"height":5}},{"id":"b7548752-6b84-4aa4-b86f-19fe6e09c3b5","block_type":"box","text":"Class B 1,504,180 876,311 (2,380,491) -","page_number":34,"box":{"x":502,"y":373,"width":418,"height":10}},{"id":"484cc573-dd90-4e8d-834e-a7db83b79acf","block_type":"box","text":"1","page_number":34,"box":{"x":121,"y":393,"width":2,"height":4}},{"id":"a595e068-417e-4f05-b27b-f3cb9dabd07a","block_type":"box","text":"The Fund fully redeemed and closed on 17 July 2024.","page_number":34,"box":{"x":128,"y":394,"width":299,"height":8}},{"id":"c9b56f8b-c3ce-498b-9e16-8ac8c17592ba","block_type":"box","text":"2","page_number":34,"box":{"x":120,"y":406,"width":4,"height":4}},{"id":"eadbb65f-633c-4e24-94b4-2462b4d98697","block_type":"box","text":"The Fund closed on 26 July 2024.","page_number":34,"box":{"x":128,"y":407,"width":188,"height":8}},{"id":"e4893e8d-367f-4d50-95a3-0dd93a9a5e9a","block_type":"box","text":"3","page_number":34,"box":{"x":120,"y":419,"width":4,"height":4}},{"id":"e15e25b9-321e-4871-aaf1-f5036c9a1bab","block_type":"box","text":"The Fund closed on 11 April 2025.","page_number":34,"box":{"x":128,"y":420,"width":192,"height":8}},{"id":"4b54fd59-e768-4ad7-81eb-34c1c3136c5b","block_type":"box","text":"9. Taxation","page_number":34,"box":{"x":70,"y":457,"width":111,"height":7}},{"id":"b72870a3-b9ad-4a8f-abfd-c42afea2c22b","block_type":"box","text":"Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes","page_number":34,"box":{"x":121,"y":471,"width":804,"height":10}},{"id":"86506a98-2beb-4f07-b139-43f6c452469e","block_type":"box","text":"Consolidation Act, 1997, as amended. It is not chargeable to Irish tax on its income or capital gains.","page_number":34,"box":{"x":120,"y":484,"width":662,"height":10}},{"id":"fff1d389-7cf1-4d9d-ad8a-6f33d91ddcfc","block_type":"box","text":"However, Irish tax can arise on the happening of a chargeable event in the Trust. A chargeable event includes any","page_number":34,"box":{"x":121,"y":511,"width":804,"height":10}},{"id":"843dd1e5-ffbd-4613-9675-4f65eaf236da","block_type":"box","text":"distribution payments to Unitholders or any encashment, redemption, transfer or cancellation of Units and the holding of","page_number":34,"box":{"x":120,"y":524,"width":806,"height":10}},{"id":"066ed455-5bd6-42ef-a020-f14fd31f031d","block_type":"box","text":"Units at the end of each eight year period beginning with the acquisition of such Units. No Irish tax will arise on the Trust in","page_number":34,"box":{"x":121,"y":537,"width":803,"height":10}},{"id":"3d8ebadf-99a9-4cef-a178-45bbf6a2098e","block_type":"box","text":"respect of chargeable events in respect of a Unitholder who is an exempt Irish investor (as defined in Section 739D of the","page_number":34,"box":{"x":121,"y":550,"width":804,"height":10}},{"id":"1277cc7c-9962-440f-9b1d-462c217e8ca1","block_type":"box","text":"Taxes Consolidation Act, 1997, as amended) or who is neither Irish resident nor ordinarily resident in Ireland for tax","page_number":34,"box":{"x":120,"y":563,"width":805,"height":10}},{"id":"1edc726a-d8a2-4fc0-b857-67c1e8ecad00","block_type":"box","text":"purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance","page_number":34,"box":{"x":121,"y":576,"width":804,"height":10}},{"id":"70446e7c-44a4-4877-8ca0-80d8ebb545f1","block_type":"box","text":"with Schedule 2B of the Taxes Consolidation Act, 1997 (as amended) is held by the Trust or the Trust has been authorised","page_number":34,"box":{"x":120,"y":589,"width":804,"height":10}},{"id":"d01e8412-ab38-4a9c-b0a2-b9f7e40a343c","block_type":"box","text":"by the Irish Revenue to make gross payments in the absence of appropriate declarations.","page_number":34,"box":{"x":121,"y":602,"width":594,"height":10}},{"id":"44965852-a24c-41e9-8b49-a7fd3445177d","block_type":"box","text":"Capital gains, dividends, and interest received by the Trust may be subject to withholding taxes imposed by the country of","page_number":34,"box":{"x":120,"y":630,"width":806,"height":10}},{"id":"fb16dda2-a100-469f-b2ab-af60e5338317","block_type":"box","text":"origin and such taxes may not be recoverable by the Trust or its Unitholders.","page_number":34,"box":{"x":120,"y":643,"width":506,"height":10}},{"id":"31c28f24-1a1b-4d1b-8876-b91416eca3b3","block_type":"box","text":"The Minimum Tax Directive provides for a European Union wide implementation of the Organisation for Economic","page_number":34,"box":{"x":120,"y":670,"width":805,"height":10}},{"id":"8d8e7ab3-6a6f-4449-a3b0-1226141a5bc3","block_type":"box","text":"Cooperation and Development (“OECD”) Inclusive Framework on Base Erosion Profit Shifting (“BEPS”) Pillar Two rules.","page_number":34,"box":{"x":120,"y":683,"width":804,"height":10}},{"id":"52831c76-9f5a-4b00-addc-f328fbdf3c92","block_type":"box","text":"The Pillar Two legislation was enacted in Ireland and is effective for the financial year beginning 1 January 2024. The Trust","page_number":34,"box":{"x":120,"y":696,"width":805,"height":10}},{"id":"6ff4d2bd-aff3-47d4-8f14-3e96549114dd","block_type":"box","text":"meets the definition of an investment entity under the BEPS Pillar Two rules, and the clause within it that seeks to protect","page_number":34,"box":{"x":121,"y":709,"width":804,"height":10}},{"id":"04df3fb6-6566-479c-b741-f7290210a7f7","block_type":"box","text":"the tax neutrality of investment funds. This excludes the Trust from quantitative disclosures under the BEPS Pillar Two","page_number":34,"box":{"x":120,"y":722,"width":805,"height":10}},{"id":"486966e6-d0bd-4122-b35b-eebcbb12a9d1","block_type":"box","text":"requirement along with the Qualified Domestic Minimum Top-up Tax (“QDMTT”) requirement.","page_number":34,"box":{"x":121,"y":735,"width":617,"height":10}},{"id":"ed67a9b3-17a9-44f0-b9e3-f7a17367e625","block_type":"box","text":"10. Transactions with Related Parties","page_number":34,"box":{"x":71,"y":755,"width":290,"height":8}},{"id":"f45f2c38-4862-49a0-bd36-6c9de0f68745","block_type":"box","text":"FRS 102 “Related Party Transactions” requires the disclosure of information relating to material transactions with parties","page_number":34,"box":{"x":121,"y":769,"width":804,"height":10}},{"id":"f1d55d96-1bb1-4ed7-8da9-44f247f6521a","block_type":"box","text":"who are deemed to be related to the reporting entity. The following parties are related to the Funds as at 30 April 2026:","page_number":34,"box":{"x":120,"y":782,"width":791,"height":10}},{"id":"451882d6-acf3-4374-b153-04ac11fc6f99","block_type":"box","text":"Manager, Investment Manager, AIFM and Global Distributor State Street Global Advisors Europe Limited","page_number":34,"box":{"x":121,"y":803,"width":698,"height":10}},{"id":"fe1beb10-dd04-4f30-a060-ba4fffe70946","block_type":"box","text":"Sub Investment Manager and Sub Distributor State Street Global Advisors Limited","page_number":34,"box":{"x":120,"y":813,"width":646,"height":10}},{"id":"41b99f43-1c6c-4b31-999e-f6755345417e","block_type":"box","text":"Administrator/Transfer Agent/Registrar State Street Fund Services (Ireland) Limited","page_number":34,"box":{"x":120,"y":824,"width":698,"height":10}},{"id":"a7213a51-bc44-42a8-867f-90efb5df338f","block_type":"box","text":"Depositary/Trustee State Street Custodial Services (Ireland) Limited","page_number":34,"box":{"x":121,"y":835,"width":726,"height":10}},{"id":"94b534d2-add8-464c-822f-6e419a35ecd2","block_type":"box","text":"Directors of the Manager, AIFM, Investment Manager and","page_number":34,"box":{"x":121,"y":845,"width":393,"height":10}},{"id":"7ac86429-ed60-466d-ade5-3fdc3caffe18","block_type":"box","text":"Global Distributor","page_number":34,"box":{"x":120,"y":856,"width":116,"height":8}},{"id":"769baa2a-8c7f-4065-aa4f-51106ba79038","block_type":"box","text":"Eric Linnane, Ann Prendergast, Nigel Wightman, Scott","page_number":34,"box":{"x":526,"y":845,"width":394,"height":10}},{"id":"6aa51508-b239-4276-af8a-8ea101522dc1","block_type":"box","text":"Sanderson, Margaret Cullen, Patrick Mulvihill and Marie","page_number":34,"box":{"x":526,"y":856,"width":394,"height":10}},{"id":"319241d5-71bd-4871-b7d3-10a4ed909c51","block_type":"box","text":"Anne Heeren.","page_number":34,"box":{"x":525,"y":867,"width":92,"height":8}},{"id":"1435a062-6be0-46c5-a856-71171d89d5eb","block_type":"box","text":"Ann Prendergast is an Executive Vice President and Head of the Europe, Middle East and Africa (EMEA) region for State","page_number":34,"box":{"x":120,"y":888,"width":805,"height":10}},{"id":"159a133b-b156-4fbd-8b76-0e3bc24a2478","block_type":"box","text":"Street Investment Management (State Street IM).","page_number":34,"box":{"x":120,"y":901,"width":327,"height":10}},{"id":"3ae4bc13-925a-48c3-9654-52b4ada4b65d","block_type":"box","text":"Marie-Anne Heeren is an Executive Vice President, Head of Europe Client Coverage Group, State Street IM, and Branch","page_number":34,"box":{"x":121,"y":928,"width":803,"height":10}},{"id":"9929d1af-5de2-4555-9abb-660117578eb1","block_type":"box","text":"Manager of State Street Global Advisors Europe Limited’s Belgian Branch.","page_number":34,"box":{"x":121,"y":941,"width":496,"height":10}},{"id":"3ca1e05a-e787-41fc-88ec-4cc44d47d427","block_type":"box","text":"SSGA Qualified Trust","page_number":34,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"2cb0a456-3706-4710-b25b-6f8f2d294e62","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":34,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"8ed8e5bb-3d21-45bd-8a41-4ccebd8ef264","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":34,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"417f8e9f-15fd-4b2b-a17d-b5e77f860e56","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":34,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"edaf8733-708b-4401-8ca4-b7db6f0705de","block_type":"box","text":"SSGA Qualified Trust 33","page_number":34,"box":{"x":826,"y":976,"width":125,"height":5}},{"id":"25ec61eb-ecff-4f27-b5cb-a13291f2f6e8","block_type":"box","text":"10. Transactions with Related Parties (continued)","page_number":35,"box":{"x":71,"y":122,"width":376,"height":10}},{"id":"7bb5e276-40bd-4883-a7bf-00cadea860ed","block_type":"box","text":"Eric Linnane is a Managing Director and Head of State Street IM Europe Investment Operations.","page_number":35,"box":{"x":121,"y":135,"width":642,"height":10}},{"id":"a57714fb-032b-46cd-84ca-db803bd850d6","block_type":"box","text":"Scott Sanderson is a Managing Director and the Chief Financial Officer (CFO) for State Street IM in EMEA.","page_number":35,"box":{"x":120,"y":162,"width":715,"height":10}},{"id":"6cde4b51-6741-4383-b8bb-80f8d3959055","block_type":"box","text":"Fees of the Investment Manager, Manager, Depositary and Administrator are as disclosed in Note 4.","page_number":35,"box":{"x":121,"y":190,"width":665,"height":10}},{"id":"cd19c306-9df8-4b6b-a818-d105f93e3538","block_type":"box","text":"For the dormant funds, the Management Company will pay any expenses arising which have not been 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2,733,906 (2,784,723)","page_number":35,"box":{"x":597,"y":879,"width":322,"height":10}},{"id":"1f4fa248-970d-4524-a08c-5ac028863398","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2060 Fund 53,036 53,036 4,279,339 (4,255,130)","page_number":35,"box":{"x":120,"y":893,"width":799,"height":10}},{"id":"ca84c76c-5666-4f3c-ac7e-0a66435461b7","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2068 Fund 48,552 48,552 4,402,022 (4,405,720)","page_number":35,"box":{"x":120,"y":907,"width":799,"height":10}},{"id":"36506fab-1f2e-45d1-9bd3-e95f29e0a73b","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2032 Fund 41,603 41,603 3,572,779 (3,596,681)","page_number":35,"box":{"x":120,"y":922,"width":799,"height":10}},{"id":"d35ca4b9-4f42-46fe-b99e-72a5a2a41124","block_type":"box","text":"State Street LDI Leveraged Index Linked Gilt 2042 Fund 14,653 14,653 2,102,084 (2,146,979)","page_number":35,"box":{"x":120,"y":936,"width":799,"height":10}},{"id":"81d48852-77ef-4061-9683-9a6749d730bc","block_type":"box","text":"SSGA Qualified Trust","page_number":35,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"1d48a473-7d12-4b60-a7b7-064fe65930e2","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":35,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"33d786c8-ddd5-4162-83c7-be4fe375e946","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":35,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"e62c048d-71cf-4c68-aeda-6673be6cc21c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":35,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"4cc76a2b-cf0d-4f2e-bfbd-68f6d07aa17b","block_type":"box","text":"34 SSGA Qualified Trust","page_number":35,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"7c16263f-49a2-4f72-b666-9de45da041f7","block_type":"box","text":"10. Transactions with Related Parties (continued)","page_number":36,"box":{"x":71,"y":122,"width":376,"height":10}},{"id":"226a49a2-00af-4d95-834f-5c274bd258ac","block_type":"box","text":"Fund","page_number":36,"box":{"x":121,"y":155,"width":35,"height":8}},{"id":"1eddfa44-f8f5-4a71-b690-2142a5dc1111","block_type":"box","text":"30 April 2025","page_number":36,"box":{"x":509,"y":142,"width":92,"height":10}},{"id":"e5883f69-19ea-4ee3-aeb5-cdf3df47c2e9","block_type":"box","text":"Holding","page_number":36,"box":{"x":546,"y":155,"width":54,"height":10}},{"id":"f7cda12d-f428-442d-a31c-6b00e0ae9fb2","block_type":"box","text":"Fair 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The","page_number":37,"box":{"x":121,"y":583,"width":803,"height":10}},{"id":"766150b9-a14f-40ee-bbc8-c10d01e8e473","block_type":"box","text":"Trust’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise","page_number":37,"box":{"x":120,"y":596,"width":805,"height":10}},{"id":"e144c8de-b5cb-44e3-8a14-cc2ce9a732b6","block_type":"box","text":"potential adverse effects on the Funds’ financial performance.","page_number":37,"box":{"x":121,"y":609,"width":409,"height":10}},{"id":"4dfdf51a-8052-4370-bba8-f3160ef2b1c4","block_type":"box","text":"The risks and the Sub-Investment Manager’s approach to the management of the risks are detailed below.","page_number":37,"box":{"x":120,"y":636,"width":707,"height":10}},{"id":"4487d620-1afe-4418-b15a-5e14fe19e2ac","block_type":"box","text":"Market Risk","page_number":37,"box":{"x":121,"y":662,"width":83,"height":8}},{"id":"8b8db52f-9b7e-4edb-b74e-0c36a68d711c","block_type":"box","text":"The Trust’s market risk is affected by three main components: changes in inflation rates, interest rates and foreign currency","page_number":37,"box":{"x":120,"y":675,"width":805,"height":10}},{"id":"ebb9f080-f06f-4246-8a94-f101cdd838ff","block_type":"box","text":"movements.","page_number":37,"box":{"x":121,"y":689,"width":78,"height":7}},{"id":"091bef09-f0ee-486c-ae96-a492dab479a5","block_type":"box","text":"Market Price Risk","page_number":37,"box":{"x":121,"y":715,"width":124,"height":7}},{"id":"f0b66475-c18a-4ccb-854e-494e22cb5e36","block_type":"box","text":"Market price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes","page_number":37,"box":{"x":121,"y":727,"width":804,"height":10}},{"id":"b8513b06-1ec8-4e78-9905-7c4928bc2ee5","block_type":"box","text":"in market prices. 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Interest rate risk is managed and monitored in accordance with the investment","page_number":38,"box":{"x":120,"y":412,"width":805,"height":10}},{"id":"b922c1d1-09a5-41e9-aadb-7e3472542213","block_type":"box","text":"objective of the Funds allowing for appropriate level of yield/interest rate buffer to mitigate solvency risk concerns. In","page_number":38,"box":{"x":120,"y":425,"width":804,"height":10}},{"id":"745db231-7422-4955-a444-1b6a378f3b9b","block_type":"box","text":"addition, a variety of stress tests, encompassing both historical and theoretical market and economic scenarios, are","page_number":38,"box":{"x":120,"y":438,"width":805,"height":10}},{"id":"21a268f5-e274-49c6-8b47-e7c4b192d05f","block_type":"box","text":"conducted regularly by the Investment Risk team and are reported to the Portfolio Management teams. The Funds are","page_number":38,"box":{"x":120,"y":451,"width":805,"height":10}},{"id":"7d16c54c-c211-4a3d-bd9b-2d7cf5ca3ed5","block_type":"box","text":"exposed to interest rate risk through investments in interest bearing securities and derivatives linked to interest rates. All of","page_number":38,"box":{"x":120,"y":464,"width":806,"height":10}},{"id":"b39be6df-c2d7-451b-9c0e-2325dc496cdd","block_type":"box","text":"the Government Bonds and Inflation Linked Bonds detailed in the Schedules of Investments are fixed income securities.","page_number":38,"box":{"x":120,"y":477,"width":804,"height":8}},{"id":"8df2cd7f-dc81-43d9-a365-1031135d6b8f","block_type":"box","text":"Repurchase agreements are short term in nature and as such are not exposed to a significant interest rate risk.","page_number":38,"box":{"x":121,"y":490,"width":740,"height":10}},{"id":"97b42271-7e09-4707-89bb-745b4d857287","block_type":"box","text":"The following analysis details the approximate impact that a 1 bps movement in interest rates would have had on the net","page_number":38,"box":{"x":120,"y":517,"width":805,"height":10}},{"id":"9f816b83-7caf-4390-9fff-24945b799bdf","block_type":"box","text":"assets attributable to equity Unitholders at 30 April 2026 and 30 April 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rates.","page_number":38,"box":{"x":120,"y":783,"width":232,"height":10}},{"id":"3e889d39-5642-41ff-9ad3-fefd06140b39","block_type":"box","text":"The majority of the Trust’s assets, liabilities and income are denominated in GBP,","page_number":38,"box":{"x":120,"y":810,"width":563,"height":10}},{"id":"6ffb2e7d-7382-4c15-b136-827958b6158b","block_type":"box","text":"P, the functional currency. The Trust,","page_number":38,"box":{"x":682,"y":810,"width":242,"height":10}},{"id":"53f24495-a0f0-4c11-8729-5d84f858cb39","block_type":"box","text":"therefore, was not exposed to significant foreign currency risk during the financial year.","page_number":38,"box":{"x":120,"y":823,"width":574,"height":10}},{"id":"3a379761-3e54-4400-a7e7-685a702de6e1","block_type":"box","text":"Credit Risk","page_number":38,"box":{"x":120,"y":849,"width":79,"height":8}},{"id":"b8aa1f32-f824-4ca8-8f35-f19a1cc974e5","block_type":"box","text":"The Funds take on exposure to credit risk, which is the risk that a counterparty or issuer will be unable to pay amounts in full","page_number":38,"box":{"x":120,"y":862,"width":804,"height":10}},{"id":"68113996-cd24-40c0-8777-0c42c778c72a","block_type":"box","text":"when due. It comprises:","page_number":38,"box":{"x":120,"y":876,"width":157,"height":9}},{"id":"7d3921ea-08fb-4c91-9d98-833e1b4d3a98","block_type":"box","text":"- the risk that cash, which with the exception of cash collateral and margin cash held with the relevant counterparty to the","page_number":38,"box":{"x":110,"y":903,"width":815,"height":10}},{"id":"d77721ed-1fe0-4395-be83-0e19fed80c86","block_type":"box","text":"Funds may be lost; and","page_number":38,"box":{"x":139,"y":916,"width":155,"height":10}},{"id":"30c7a814-70b1-44c7-94ef-8f4cd9217a1f","block_type":"box","text":"- the risk that counterparties may fail to pay for securities received from the Trust, to deliver securities paid for by the Trust","page_number":38,"box":{"x":110,"y":939,"width":815,"height":10}},{"id":"fcf4f2d5-9de0-44ea-999d-ada40234c1ac","block_type":"box","text":"or to meet their obligations under derivative contracts.","page_number":38,"box":{"x":139,"y":953,"width":356,"height":9}},{"id":"fd17e0f6-cffe-4999-a336-c562a88bca0f","block_type":"box","text":"SSGA Qualified Trust","page_number":38,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"359bcdd5-7b19-46e4-9da3-714f1c5f987b","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":38,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"1208e1f3-8478-4444-bfd0-59c7d82172e2","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":38,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"f223ea6c-49a3-45f4-adb2-5d3d6689a02c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":38,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"5c42dd0d-54fc-4072-be44-7721e341d96f","block_type":"box","text":"SSGA Qualified Trust 37","page_number":38,"box":{"x":826,"y":976,"width":125,"height":5}},{"id":"5758e4d9-c60b-4bbb-94e9-0223e01a9a7f","block_type":"box","text":"11. Financial Risk Management (continued)","page_number":39,"box":{"x":71,"y":122,"width":332,"height":10}},{"id":"56d7ac49-7088-44e7-ba28-7faf9b4b2c84","block_type":"box","text":"Credit Risk (continued)","page_number":39,"box":{"x":120,"y":148,"width":165,"height":10}},{"id":"9170c738-5390-4457-98ce-79a38920bfb0","block_type":"box","text":"The Trust’s Depositary is State Street Custodial Services (Ireland) Limited. Bankruptcy or insolvency of the Depositary, or","page_number":39,"box":{"x":120,"y":161,"width":805,"height":10}},{"id":"f224da50-9413-44f3-846c-2d94b39ecadb","block_type":"box","text":"of its parent company, State Street Corporation, may cause the Trust’s rights with respect to investments held by the Trust","page_number":39,"box":{"x":120,"y":174,"width":805,"height":10}},{"id":"fabca68c-76c5-41cd-bf8a-845d5cde8abc","block_type":"box","text":"to be delayed or limited. The Depositary will ensure that any agents it appoints to assist in safekeeping the assets of the","page_number":39,"box":{"x":120,"y":187,"width":805,"height":10}},{"id":"b0f079c9-d7cb-4ae9-898f-d1d78ede30ad","block_type":"box","text":"Funds will segregate the assets of the Funds, with the exception of cash. Cash cannot be registered in the name of, or","page_number":39,"box":{"x":121,"y":200,"width":804,"height":10}},{"id":"a62d8e3e-5b4b-434a-a57e-e377640eb615","block_type":"box","text":"identified as beneficially owned by a client, nor can it practically be held in physical segregation. Thus in the event of","page_number":39,"box":{"x":121,"y":213,"width":805,"height":10}},{"id":"5b9f7cb5-7ae6-450c-bbe1-aff5db9697e5","block_type":"box","text":"insolvency or backruptcy of the Depositary, the Funds’ assets are segregated and protected and this further reduces","page_number":39,"box":{"x":121,"y":226,"width":804,"height":10}},{"id":"c31ac631-784c-4bbb-b5e8-7879b42d7b7f","block_type":"box","text":"counterparty risk. The Funds will, however, be exposed to the risk of the Depositary or certain depositories used by the","page_number":39,"box":{"x":120,"y":239,"width":805,"height":10}},{"id":"ba9a06c1-7531-4c18-855b-e9f6b8492ba4","block_type":"box","text":"Depositary, in relation to the Funds’ cash held by the Depositary. In the event of insolvency or bankruptcy of the Depositary,","page_number":39,"box":{"x":121,"y":253,"width":803,"height":10}},{"id":"4825eea9-cd25-4093-96c0-8436e17d59fc","block_type":"box","text":"the Fund will be treated as a general creditor of the Depositary in relation to cash holdings of the Funds.","page_number":39,"box":{"x":120,"y":266,"width":694,"height":10}},{"id":"bd65357f-c968-4b36-9a6b-66db44ee924c","block_type":"box","text":"Cash and securities may be held with counterparties for derivative contracts as collateral.","page_number":39,"box":{"x":120,"y":293,"width":593,"height":10}},{"id":"0b70d0a0-767a-4f76-85b1-8f2e683b3939","block_type":"box","text":"The maximum exposure to credit risk at 30 April 2026 is the total value of investments and cash disclosed in the Statement","page_number":39,"box":{"x":120,"y":320,"width":805,"height":10}},{"id":"7e5cef80-3a1f-4716-a608-ae4de5a7471d","block_type":"box","text":"of Financial Position. At 30 April 2026, State Street Corporation had a long term credit rating of A by Standard & Poor’s","page_number":39,"box":{"x":120,"y":333,"width":805,"height":10}},{"id":"deaa0b26-6be7-4a0f-b696-ada027e067ec","block_type":"box","text":"(2025: A).","page_number":39,"box":{"x":121,"y":346,"width":64,"height":10}},{"id":"7df95807-3565-42f0-99c6-9be9912eb1e2","block_type":"box","text":"The Funds are also subject to credit risk with respect to the counterparties with which they enter into derivatives contracts.","page_number":39,"box":{"x":120,"y":374,"width":804,"height":9}},{"id":"8c818ca2-c4b0-4467-858d-f827a2aa7144","block_type":"box","text":"If a counterparty becomes insolvent or otherwise fails to perform its obligations, the Funds may experience significant","page_number":39,"box":{"x":121,"y":386,"width":804,"height":10}},{"id":"a4bcb180-8243-476b-988c-cdddf3002905","block_type":"box","text":"delays in obtaining any recovery in an insolvency, bankruptcy, or other reorganisation proceeding and may obtain only a","page_number":39,"box":{"x":120,"y":400,"width":804,"height":10}},{"id":"d247c459-3771-413a-a375-4204acbb6b34","block_type":"box","text":"limited recovery or no recovery.","page_number":39,"box":{"x":121,"y":413,"width":205,"height":10}},{"id":"6a9453cd-c8e5-42de-a07e-0c8cfefd614b","block_type":"box","text":"Counterparties to the swap contracts are selected by the Investment Manager, based on their knowledge of the markets, the","page_number":39,"box":{"x":120,"y":440,"width":805,"height":10}},{"id":"0844dab0-d96d-434d-833a-790823efbce1","block_type":"box","text":"level of service and their financial positions, and reviewed on an on-going basis by the Investment Manager’s Credit Risk","page_number":39,"box":{"x":121,"y":453,"width":804,"height":10}},{"id":"1d3ac9e6-3717-4e65-b491-7c9f8d1b524d","block_type":"box","text":"Team. The counterparties to the swaps are required under the terms of the relevant swap agreements to provide collateral","page_number":39,"box":{"x":120,"y":466,"width":804,"height":10}},{"id":"a944b479-b76a-4ea1-b37f-25f0592c4e59","block_type":"box","text":"to the Fund so that the risk exposure to the approved counterparty is reduced to the extent required by the Central Bank.","page_number":39,"box":{"x":120,"y":479,"width":802,"height":10}},{"id":"41d854f1-c875-4819-aa71-55bf6aa7d22c","block_type":"box","text":"All transactions are settled/paid for upon delivery using approved counterparties. All counterparties have to be approved","page_number":39,"box":{"x":120,"y":506,"width":804,"height":10}},{"id":"0bfc0d75-ae4f-473a-9a25-f89df2d7220d","block_type":"box","text":"before the Trust’s Investment Manager may deal with them. The risk of default by brokers is considered minimal, as delivery","page_number":39,"box":{"x":121,"y":519,"width":804,"height":10}},{"id":"1219e2e3-41e3-4f4e-bc1a-a09e29c10ac8","block_type":"box","text":"of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities","page_number":39,"box":{"x":120,"y":532,"width":805,"height":10}},{"id":"9382fa2a-4465-4c4f-8a29-ee2d28ae08c2","block_type":"box","text":"have been received by the approved counterparty. For these reasons, the Investment Manager considers that the risk that","page_number":39,"box":{"x":121,"y":545,"width":804,"height":10}},{"id":"4e4e9911-a910-41b5-a029-e7e1f12b9207","block_type":"box","text":"approved counterparties will fail to discharge their obligations to the Trust is low. The counterparties to the swaps and the","page_number":39,"box":{"x":120,"y":558,"width":805,"height":10}},{"id":"2c08aa1a-ed2d-41f4-a8f1-00a28687571b","block_type":"box","text":"collateral held is detailed on the relevant Fund’s Schedule of Investments.","page_number":39,"box":{"x":120,"y":571,"width":491,"height":8}},{"id":"28028fe4-a8a4-4cda-b7d3-fc4bc2d687ee","block_type":"box","text":"In accordance with the Trust’s policy, the Investment Manager monitors the Trust’s credit position on a daily basis. The","page_number":39,"box":{"x":121,"y":599,"width":804,"height":10}},{"id":"779d0f2b-ac44-4d83-9e07-f8d0895d1d44","block_type":"box","text":"Directors of the Manager review it on a quarterly basis.","page_number":39,"box":{"x":121,"y":612,"width":365,"height":10}},{"id":"f7aa90bc-ce09-4ad2-9934-16d90be52cb8","block_type":"box","text":"At 30 April 2026 and 30 April 2025, the counterparties to the various derivative contracts and its associated long term credit","page_number":39,"box":{"x":120,"y":639,"width":805,"height":10}},{"id":"d7645db1-bf6f-48eb-a652-c9cce951ced1","block_type":"box","text":"rating were BNP Paribas A+ (2025: A+), CIBC World Markets - (2025: A+), Citigroup Global Markets - (2025: A+), Credit","page_number":39,"box":{"x":121,"y":652,"width":804,"height":10}},{"id":"9f6e1d56-7cb2-48b0-960b-2683d80eb116","block_type":"box","text":"Agricole A+ (2025: A+), Goldman Sachs A+ (2025: A+), Lloyds Bank A+ (2025: A+), Merrill Lynch A+ (2025: -), National","page_number":39,"box":{"x":120,"y":665,"width":804,"height":10}},{"id":"9473f9b7-6538-4832-b622-de9c9fc11fb3","block_type":"box","text":"Australia Bank AA- (2025: AA-), Societe Generale - (2025: A) and Standard Chartered Bank - (2025: A+).","page_number":39,"box":{"x":120,"y":678,"width":701,"height":10}},{"id":"36ff05d4-563a-4db0-87bf-ca477e41e0cc","block_type":"box","text":"The collateral for the swap contracts is held with State Street Custodial Services (Ireland) Limited either as UK Treasury Bills","page_number":39,"box":{"x":120,"y":705,"width":805,"height":10}},{"id":"9088bf15-0980-4fbf-b7d0-12039da82144","block_type":"box","text":"with a minimum credit rating of Aa2/AA or invested in the State Street GBP Liquidity LVNAV Fund wherever practicable.","page_number":39,"box":{"x":120,"y":718,"width":795,"height":10}},{"id":"81205d81-2275-4bd8-8473-8fb8a5f64611","block_type":"box","text":"30 April 2026","page_number":39,"box":{"x":120,"y":745,"width":92,"height":9}},{"id":"95eb8556-6649-4a8b-9815-5f1b2239e220","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2040 Fund","page_number":39,"box":{"x":120,"y":772,"width":399,"height":10}},{"id":"c3b3c795-dabf-4354-be6d-3520bb77627a","block_type":"box","text":"Counterparty","page_number":39,"box":{"x":120,"y":814,"width":84,"height":10}},{"id":"ffed3c04-7dda-413e-be7e-d35118b80028","block_type":"box","text":"Fair value of","page_number":39,"box":{"x":394,"y":788,"width":78,"height":8}},{"id":"d0323ca9-b9d3-4ff3-94cd-202a31c12223","block_type":"box","text":"OTC Derivatives","page_number":39,"box":{"x":369,"y":801,"width":103,"height":8}},{"id":"15d81dc3-d594-41ef-8350-e799ac8a8fd8","block_type":"box","text":"GBP","page_number":39,"box":{"x":444,"y":814,"width":27,"height":8}},{"id":"2d580cbe-3a03-4731-8bc1-200f61d60a0a","block_type":"box","text":"Cash Collateral","page_number":39,"box":{"x":526,"y":788,"width":96,"height":8}},{"id":"61ee2d07-ba16-4dbf-894f-70dacf5f1e31","block_type":"box","text":"Pledged/(Received)","page_number":39,"box":{"x":500,"y":801,"width":122,"height":10}},{"id":"a034cd9b-9823-40a3-8abf-d9c845cf445d","block_type":"box","text":"GBP","page_number":39,"box":{"x":595,"y":814,"width":27,"height":8}},{"id":"b17bdd84-1d1c-4432-b495-39ff020ba966","block_type":"box","text":"Net amount","page_number":39,"box":{"x":701,"y":802,"width":73,"height":7}},{"id":"ca744a60-00f7-4fab-9cdc-7aaf0ebf9cec","block_type":"box","text":"GBP","page_number":39,"box":{"x":746,"y":814,"width":27,"height":8}},{"id":"7124f073-b094-4d5e-90e7-f27c132938ea","block_type":"box","text":"% of","page_number":39,"box":{"x":897,"y":801,"width":28,"height":8}},{"id":"51519246-e91e-434f-8d31-0e2b1a415ae1","block_type":"box","text":"Net Assets","page_number":39,"box":{"x":857,"y":815,"width":68,"height":7}},{"id":"2ea8ea19-f0f4-47e1-90f2-a1ac75eee347","block_type":"box","text":"Credit Agricole (815,497) - (815,497) (152.04)","page_number":39,"box":{"x":120,"y":841,"width":804,"height":10}},{"id":"6a85116a-08b4-4ad3-80e7-0af249135fdd","block_type":"box","text":"Merrill Lynch (359,233) - (359,233) (66.98)","page_number":39,"box":{"x":121,"y":855,"width":803,"height":10}},{"id":"37eb1987-c22e-4d2c-a812-275fa838ab8b","block_type":"box","text":"National Australia Bank (275,433) - (275,433) (51.35)","page_number":39,"box":{"x":121,"y":869,"width":803,"height":10}},{"id":"69cfcf73-b30d-42a4-af4e-2bb15acf3873","block_type":"box","text":"Total (1,450,163) - (1,450,163) (270.37)","page_number":39,"box":{"x":120,"y":894,"width":804,"height":10}},{"id":"19fbe8ad-bb6d-4c30-bc38-40397efc1da3","block_type":"box","text":"SSGA Qualified Trust","page_number":39,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"d0a2b604-4340-4dde-a634-64426312c66a","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":39,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"2ac302d6-8ef5-4cfc-a877-474a32517a05","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":39,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"d820ddbb-d75e-4a51-a9a1-29297f158955","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":39,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"e8a51cb9-5aed-4aab-9e40-a951f004f08a","block_type":"box","text":"38 SSGA Qualified Trust","page_number":39,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"69ea7d1b-e093-413e-a2ff-bd7b1362991a","block_type":"box","text":"11. 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All redemptions of redeemable Units in the Trust are payable within two","page_number":42,"box":{"x":120,"y":699,"width":805,"height":10}},{"id":"74990d1e-cf0a-48e1-b839-8efd80149b62","block_type":"box","text":"business days of the dealing day on which the redemption takes place.","page_number":42,"box":{"x":121,"y":712,"width":470,"height":10}},{"id":"93ad8a76-a3d7-4368-a823-ca4690530daf","block_type":"box","text":"The Investment Manager monitors the Trust’s liquidity position on a daily basis. The Funds invest in State Street GBP","page_number":42,"box":{"x":120,"y":739,"width":804,"height":10}},{"id":"244740a0-7fae-46be-ae08-7ecd0511e720","block_type":"box","text":"Liquidity LVNAV Fund, a daily dealing short term money market fund, and swap agreements with counterparties which are","page_number":42,"box":{"x":121,"y":752,"width":804,"height":10}},{"id":"5922add3-f4e3-400f-a1db-16e3720d92da","block_type":"box","text":"negotiated to allow the Funds to meet weekly redemption requests.","page_number":42,"box":{"x":121,"y":765,"width":445,"height":10}},{"id":"ce5861ff-de4e-4f40-9ca5-262163502f12","block_type":"box","text":"All of the Trust’s financial liabilities are payable within one month.","page_number":42,"box":{"x":120,"y":793,"width":433,"height":10}},{"id":"12b9ddcb-f8c2-45c8-bd37-4ad4ec20a962","block_type":"box","text":"Liquidity Management","page_number":42,"box":{"x":121,"y":819,"width":158,"height":10}},{"id":"29f905d0-159c-4649-8918-a3dae5303353","block_type":"box","text":"The Manager maintains a liquidity management policy to monitor the liquidity risk of the Funds, which includes, among other","page_number":42,"box":{"x":120,"y":832,"width":805,"height":10}},{"id":"688f5ce4-a09c-4aa3-ac76-fc91e9eaa8b2","block_type":"box","text":"tools and methods of measurement, the use of stress tests under both normal and exceptional liquidity conditions. The","page_number":42,"box":{"x":120,"y":845,"width":805,"height":10}},{"id":"07c7481e-d74d-4a96-bd2d-74775c101511","block_type":"box","text":"liquidity management systems and procedures employed by the Manager allows the Manager to apply various tools and","page_number":42,"box":{"x":121,"y":858,"width":803,"height":10}},{"id":"c1855534-b617-43ca-a74b-8732237d384a","block_type":"box","text":"arrangements necessary to respond appropriately to redemption requests.","page_number":42,"box":{"x":120,"y":871,"width":495,"height":10}},{"id":"f7e574ac-988c-4ed3-a8d5-ebef6377d9b1","block_type":"box","text":"SSGA Qualified Trust","page_number":42,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"2a15ec06-a1ed-474d-a08b-b8ad1d2e2c17","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":42,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"c84a675f-0008-475e-8057-d82fbe2d30be","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":42,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"73628199-3f55-417c-b881-e40a3635163a","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":42,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"b13bcd9e-816e-4250-812f-627e83d42bb0","block_type":"box","text":"SSGA Qualified Trust 41","page_number":42,"box":{"x":826,"y":976,"width":124,"height":5}},{"id":"a9f3a33c-5d6f-451b-a734-79411c2d3aae","block_type":"box","text":"11. Financial Risk Management (continued)","page_number":43,"box":{"x":71,"y":122,"width":332,"height":10}},{"id":"90f34dcd-e3e8-4ec9-8239-26b3d263fa5c","block_type":"box","text":"Liquidity Management (continued)","page_number":43,"box":{"x":121,"y":148,"width":244,"height":10}},{"id":"57912ec3-c5ed-4329-81c5-5ae26cb6a495","block_type":"box","text":"Other arrangements may also be used in response to redemption requests, including the use of gates or similar","page_number":43,"box":{"x":120,"y":161,"width":805,"height":10}},{"id":"c7063930-03cc-4ecc-9ff3-4ade85ff94a3","block_type":"box","text":"arrangements which, if activated, will restrict the redemption rights investors benefit from in the ordinary course. The","page_number":43,"box":{"x":120,"y":174,"width":805,"height":10}},{"id":"cea26371-0573-467b-9520-e4e377a02f22","block_type":"box","text":"Manager may also temporarily suspend redemptions in certain circumstances. In summary, these circumstances are:","page_number":43,"box":{"x":121,"y":187,"width":777,"height":10}},{"id":"b2b0e4b5-6c91-4487-9f94-3a58658878ca","block_type":"box","text":"(i) any period when a Recognised Market, on which a substantial portion of the investments held in the relevant Fund are","page_number":43,"box":{"x":121,"y":212,"width":804,"height":10}},{"id":"71f1c3de-84bd-4a5e-9ce6-3158b264a40a","block_type":"box","text":"listed or traded, is closed otherwise than for ordinary holidays, or during which dealings in any such Recognised Market are","page_number":43,"box":{"x":121,"y":225,"width":804,"height":10}},{"id":"d68f5fcb-c671-4020-81d5-27b8d90e104f","block_type":"box","text":"restricted or suspended;","page_number":43,"box":{"x":121,"y":238,"width":159,"height":10}},{"id":"caf457b0-b37c-45b6-bedd-c51ed7ee1221","block_type":"box","text":"(ii) any period where, as a result of political, military, economic or monetary events or other circumstances beyond the","page_number":43,"box":{"x":121,"y":263,"width":804,"height":10}},{"id":"8a6ddb43-0dd5-4722-bda7-4a4e92fb864a","block_type":"box","text":"control, responsibility and power of the Manager, the disposal of a major portion of, or valuation of the investments for the","page_number":43,"box":{"x":120,"y":276,"width":805,"height":10}},{"id":"5563ca5e-ec12-48d9-9e14-79a7b3caa691","block_type":"box","text":"time being comprised in the relevant Fund cannot, in the opinion of the Manager, be effected or completed normally or","page_number":43,"box":{"x":120,"y":289,"width":805,"height":10}},{"id":"698bb553-b68e-43eb-932c-f5f82b697d61","block_type":"box","text":"without prejudicing the interests of Unitholders;","page_number":43,"box":{"x":120,"y":302,"width":313,"height":10}},{"id":"1097baff-7269-408b-912d-fafab936aa3c","block_type":"box","text":"(iii) any breakdown in the means of communication normally employed in determining the value of any investments for the","page_number":43,"box":{"x":121,"y":327,"width":804,"height":10}},{"id":"0cd331f7-18d6-4058-a82a-0fbf4721e738","block_type":"box","text":"time being comprised in the relevant Fund or during any period when for any other reason the value of investments for the","page_number":43,"box":{"x":120,"y":340,"width":805,"height":10}},{"id":"536176d0-06da-4942-856a-dc9fc98973e0","block_type":"box","text":"time being comprised in the relevant Fund cannot, in the opinion of the Directors of the Manager, be promptly or accurately","page_number":43,"box":{"x":120,"y":353,"width":805,"height":10}},{"id":"eb44d2f2-b207-49f5-8714-0689bc0dcf8d","block_type":"box","text":"ascertained;","page_number":43,"box":{"x":120,"y":366,"width":81,"height":10}},{"id":"757fe31b-40f5-415d-89d8-9e26e0a254e7","block_type":"box","text":"(iv) any period when the Manager is unable to repatriate funds for the purposes of making redemption payments or during","page_number":43,"box":{"x":121,"y":391,"width":803,"height":10}},{"id":"3615bd69-de39-4abf-868a-f80468da4373","block_type":"box","text":"which the realisation or acquisitions of investments for the time being comprised in the relevant Fund, or the transfer or","page_number":43,"box":{"x":120,"y":404,"width":805,"height":10}},{"id":"21637aa7-1654-4441-b991-66c458764957","block_type":"box","text":"payment of funds involved in connection therewith cannot, in the opinion of the Manager and AIFM, be effected at normal","page_number":43,"box":{"x":121,"y":417,"width":803,"height":10}},{"id":"4e010d98-9809-4183-9d9d-a1f6b38f0a99","block_type":"box","text":"prices or normal rates of exchange;","page_number":43,"box":{"x":121,"y":430,"width":236,"height":10}},{"id":"2b13fcc1-0384-4982-8321-24dd0b91779b","block_type":"box","text":"(v) any period when the Manager believes it is in the best interests of the Unitholders to suspend dealing;","page_number":43,"box":{"x":121,"y":455,"width":707,"height":10}},{"id":"cdb102b4-44d6-4947-a414-098371f3cf27","block_type":"box","text":"(vi) or any other period specified in the Relevant Supplement in respect of a Fund and in accordance with the Trust Deed.","page_number":43,"box":{"x":121,"y":480,"width":803,"height":10}},{"id":"4df97910-56a4-483b-89f8-665c9cfcdfca","block_type":"box","text":"Redemption Restrictions","page_number":43,"box":{"x":121,"y":506,"width":177,"height":10}},{"id":"b19afb01-d18d-421c-8464-7a0467e91835","block_type":"box","text":"If redemption requests on any Dealing Day (as defined in the Fund offering documents) exceed 10% of the Units in any","page_number":43,"box":{"x":121,"y":519,"width":804,"height":10}},{"id":"3db3e435-ecf5-4f56-b407-e459fae8e760","block_type":"box","text":"Fund, the Manager may defer the excess redemption requests to subsequent Dealing Days and shall redeem such Units","page_number":43,"box":{"x":121,"y":532,"width":804,"height":10}},{"id":"944e76a0-f0a7-45b1-9d29-30662043f88a","block_type":"box","text":"rateably. Any deferred redemption requests shall be treated in priority to any redemption requests received on subsequent","page_number":43,"box":{"x":121,"y":545,"width":804,"height":10}},{"id":"8f3dd7cd-cecb-4326-a3ce-5952c4b21928","block_type":"box","text":"Dealing Days.","page_number":43,"box":{"x":121,"y":559,"width":91,"height":9}},{"id":"4f39a2f3-cffa-477d-9e68-5ecf4416cdac","block_type":"box","text":"Redemption in kind","page_number":43,"box":{"x":121,"y":585,"width":138,"height":9}},{"id":"95ea50ec-83c6-4736-b3af-9f5379b148a3","block_type":"box","text":"Redemption proceeds may, with the consent of the Unitholder concerned (subject to the conditions set out below), be paid","page_number":43,"box":{"x":121,"y":598,"width":803,"height":10}},{"id":"56ef2223-0753-4696-a180-512cd17a1b34","block_type":"box","text":"by in kind transfer to the Unitholder in question provided that the Depositary is satisfied that the terms of the exchange will","page_number":43,"box":{"x":121,"y":611,"width":803,"height":10}},{"id":"cc3f4541-bb82-4ee4-8b54-6befaeed0222","block_type":"box","text":"not be such as are likely to result in any material prejudice to the existing Unitholders. A redemption request must be","page_number":43,"box":{"x":121,"y":624,"width":804,"height":10}},{"id":"b9d50618-4384-420b-95d1-5b71207fdd0b","block_type":"box","text":"completed and delivered to the Administrator and the redemption request must satisfy all the requirements of the","page_number":43,"box":{"x":120,"y":637,"width":805,"height":10}},{"id":"2621eb58-dfd5-4ef8-93b3-d68e91b3fb26","block_type":"box","text":"Administrator as to such request. The assets to be transferred shall be selected at the discretion of the Manager with the","page_number":43,"box":{"x":120,"y":650,"width":805,"height":10}},{"id":"47efd5a2-7e41-4651-9e19-95b6c7e743e6","block_type":"box","text":"approval of the Trustee and taken at their value used in determining the redemption price of the Units being so repurchased.","page_number":43,"box":{"x":120,"y":663,"width":804,"height":10}},{"id":"b6438f35-ef00-4571-a1d3-8871281098a6","block_type":"box","text":"Such distributions will only be made if the Manager considers that they will not materially prejudice the interests of the","page_number":43,"box":{"x":120,"y":676,"width":805,"height":10}},{"id":"8fa2a34e-8039-47fb-9495-32f453b3e23b","block_type":"box","text":"redeeming Unitholder or the remaining Unitholders.","page_number":43,"box":{"x":121,"y":689,"width":339,"height":10}},{"id":"b58b8b60-4970-45c4-b6b3-1ba1ef74639b","block_type":"box","text":"Any decline in the value of the assets to be transferred in settlement of a redemption between the relevant Dealing Day and","page_number":43,"box":{"x":120,"y":716,"width":804,"height":10}},{"id":"7ffc1e1f-cab7-4f13-84f8-3d373166522c","block_type":"box","text":"the day on which such assets are delivered to the redeeming Unitholder shall be borne by the redeeming Unitholder.","page_number":43,"box":{"x":120,"y":729,"width":772,"height":10}},{"id":"41329fac-8072-4d77-b820-666074b7a179","block_type":"box","text":"A redemption in kind may be solely at the discretion of the Manager where the redeeming Unitholder requests redemption","page_number":43,"box":{"x":120,"y":756,"width":804,"height":10}},{"id":"1ccfb1cd-3dce-484a-bf74-294d3b0d6a00","block_type":"box","text":"of a number of Units that represent 5% or more of the Net Asset Value of the relevant Fund. In this event, the Manager will,","page_number":43,"box":{"x":120,"y":769,"width":804,"height":10}},{"id":"9e7606de-404c-410c-9787-cae3b31ae6d8","block_type":"box","text":"if requested, sell the assets on behalf of the Unitholder. The costs of such sale will be charged to the relevant Unitholder.","page_number":43,"box":{"x":121,"y":782,"width":803,"height":10}},{"id":"cd2b95ff-fa24-41ae-ae16-7ed280bdc15f","block_type":"box","text":"Mandatory Redemptions","page_number":43,"box":{"x":121,"y":809,"width":174,"height":10}},{"id":"39ff7993-39c7-464e-811b-1e857c76cc08","block_type":"box","text":"The Manager may instruct the Administrator to redeem all the Units of any particular Class held by a Unitholder if its holding","page_number":43,"box":{"x":120,"y":822,"width":804,"height":10}},{"id":"f3e5d15e-51f8-47c7-995d-e02b04840bcc","block_type":"box","text":"in the relevant Class falls below the relevant Minimum Holding. Before doing so, the Manager shall notify the Unitholder in","page_number":43,"box":{"x":121,"y":835,"width":803,"height":10}},{"id":"6151c6e8-37b3-4b67-8b30-405d9baefd7e","block_type":"box","text":"writing and allow the Unitholder thirty days to purchase additional Units to meet the minimum requirement. 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The disclosures are based on a three–level fair value hierarchy for the inputs used in valuation techniques to","page_number":44,"box":{"x":120,"y":464,"width":805,"height":10}},{"id":"4e024f4b-92af-4d91-a748-40d932db565b","block_type":"box","text":"measure fair value.","page_number":44,"box":{"x":121,"y":477,"width":125,"height":7}},{"id":"16845971-516e-44aa-8898-262b90b1cef1","block_type":"box","text":"The fair value hierarchy as required under FRS 102 is based on the valuation inputs used to fair value the financial assets","page_number":44,"box":{"x":120,"y":504,"width":805,"height":10}},{"id":"de1337d4-35e8-44ff-a857-22eb15bfd311","block_type":"box","text":"and liabilities and consideration of the market activity for each individual financial asset and liability. The definition for levels","page_number":44,"box":{"x":120,"y":517,"width":805,"height":10}},{"id":"c3adc912-1652-4c76-98b0-da388c62a39b","block_type":"box","text":"1, 2 and 3 are set out below.","page_number":44,"box":{"x":121,"y":530,"width":186,"height":9}},{"id":"af2264b3-e97e-4779-b012-c4cde25d2f56","block_type":"box","text":"Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the","page_number":44,"box":{"x":121,"y":557,"width":804,"height":10}},{"id":"5432fd54-e1ed-4b5d-b210-d362c75e0775","block_type":"box","text":"measurement date.","page_number":44,"box":{"x":121,"y":570,"width":127,"height":8}},{"id":"5752099c-0b28-462e-9ada-1b74d2aecf60","block_type":"box","text":"Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for","page_number":44,"box":{"x":121,"y":598,"width":804,"height":10}},{"id":"9c39762d-7026-4025-8f31-ec5ea167167e","block_type":"box","text":"the asset or liability, either directly or indirectly.","page_number":44,"box":{"x":120,"y":611,"width":306,"height":10}},{"id":"1b2d3394-6ee0-4302-aef6-49f0fddc90b6","block_type":"box","text":"Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.","page_number":44,"box":{"x":121,"y":638,"width":651,"height":10}},{"id":"923d92f9-4d89-401e-9e64-4a94f3cccf0c","block_type":"box","text":"Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering","page_number":44,"box":{"x":120,"y":665,"width":804,"height":10}},{"id":"0bab6a66-22c3-489b-ac1b-0fd8116e7bcd","block_type":"box","text":"factors specific to the asset or liability. The determination of what constituted “observable” requires significant judgement by","page_number":44,"box":{"x":120,"y":678,"width":805,"height":10}},{"id":"ecb00baa-f222-49de-902e-f291ab0783d5","block_type":"box","text":"the Investment Manager.","page_number":44,"box":{"x":120,"y":691,"width":162,"height":10}},{"id":"134a6ef5-bac9-446b-bb2d-092ed7ab8f83","block_type":"box","text":"The Investment Manager considers observable data to be that market data that was readily available, regularly distributed","page_number":44,"box":{"x":120,"y":719,"width":804,"height":9}},{"id":"90c24d25-93f9-471a-b4e0-af721fb23619","block_type":"box","text":"or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the","page_number":44,"box":{"x":120,"y":731,"width":805,"height":10}},{"id":"8d81bed7-b2ef-4d22-8b2c-5d23913bbf11","block_type":"box","text":"relevant market. As at 30 April 2026 and 30 April 2025 all financial assets and liabilities are deemed to be classified as","page_number":44,"box":{"x":121,"y":745,"width":804,"height":9}},{"id":"a5c361b0-18b5-4a8b-a977-aaa19796ffac","block_type":"box","text":"Level 2.","page_number":44,"box":{"x":121,"y":758,"width":49,"height":7}},{"id":"c37458ae-d406-4bf2-9703-13f86253db70","block_type":"box","text":"12. 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2025.","page_number":47,"box":{"x":129,"y":478,"width":300,"height":7}},{"id":"c2219044-3d3a-486e-8ea0-e07d71c6fb86","block_type":"box","text":"15. Efficient Portfolio Management","page_number":47,"box":{"x":71,"y":497,"width":271,"height":10}},{"id":"9588cc57-5de9-4ba4-9629-ea4c6df51b94","block_type":"box","text":"The Funds may use derivative instruments and repurchase agreements for both efficient portfolio management and for","page_number":47,"box":{"x":120,"y":512,"width":805,"height":10}},{"id":"722b75bb-bc6d-473b-bce1-5d84f90c99ac","block_type":"box","text":"investment purposes. Each Fund’s relevant Supplement will indicate how the Fund intends to use derivative instruments. A","page_number":47,"box":{"x":121,"y":525,"width":804,"height":10}},{"id":"98137dc4-3bf5-48c7-b268-bbff50d2b850","block_type":"box","text":"Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with","page_number":47,"box":{"x":121,"y":538,"width":803,"height":10}},{"id":"288d0328-a566-4a14-b73d-2c61797ca167","block_type":"box","text":"investing directly in securities. The Funds did not use derivative instruments for efficient portfolio management but did use","page_number":47,"box":{"x":121,"y":551,"width":804,"height":10}},{"id":"25deeb65-0f38-44d3-ae22-2818171d072c","block_type":"box","text":"them for investment purposes during the financial year ended 30 April 2026 and the financial year ended 30 April 2025.","page_number":47,"box":{"x":120,"y":564,"width":791,"height":10}},{"id":"be465d07-b5c7-40a1-a429-1cfc2ea49f4b","block_type":"box","text":"16. Soft Commission Arrangements","page_number":47,"box":{"x":71,"y":584,"width":279,"height":10}},{"id":"94d71be5-e79f-4960-a088-0693d3ea5c0b","block_type":"box","text":"There were no soft commission arrangements impacting the Trust during the financial year ended 30 April 2026 and the","page_number":47,"box":{"x":120,"y":598,"width":805,"height":10}},{"id":"8d0f5750-d850-4086-9a7a-784e213f9ffb","block_type":"box","text":"financial year ended 30 April 2025.","page_number":47,"box":{"x":120,"y":611,"width":231,"height":10}},{"id":"b5b63573-5fb4-49ec-be60-5fb0e8b50111","block_type":"box","text":"17. Contingent Liabilities","page_number":47,"box":{"x":71,"y":631,"width":202,"height":10}},{"id":"bfe1bf55-b7d9-4e39-99ac-1d165612e342","block_type":"box","text":"The Manager is not aware of any contingent liabilities as at 30 April 2026 and 30 April 2025.","page_number":47,"box":{"x":120,"y":646,"width":613,"height":10}},{"id":"898275b1-3785-4d98-96c6-c4f6922fdbd0","block_type":"box","text":"18. Significant Events during the Financial Year","page_number":47,"box":{"x":71,"y":666,"width":364,"height":10}},{"id":"a04f29d0-7da1-4c1a-822d-dab48b47a128","block_type":"box","text":"The AUM of the State Street LDI Leveraged Conventional Gilt 2040 Fund decreased by 92.08% between the financial year","page_number":47,"box":{"x":120,"y":680,"width":805,"height":10}},{"id":"af256964-34fb-4801-9dec-390043e0288e","block_type":"box","text":"end 30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":693,"width":244,"height":10}},{"id":"ec258769-af8e-4ebf-9e55-a82fca15a4e3","block_type":"box","text":"The AUM of the State Street LDI Leveraged Conventional Gilt 2060 Fund decreased by 100% between the financial year","page_number":47,"box":{"x":120,"y":706,"width":805,"height":10}},{"id":"6369d9f3-8ee1-4aa2-b5c4-510214b77216","block_type":"box","text":"end 30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":719,"width":244,"height":10}},{"id":"6ef5cd0b-f548-4466-a62e-17f5bd3b9c00","block_type":"box","text":"The AUM of the State Street LDI Leveraged Conventional Gilt 2068 Fund decreased by 16.15% between the financial year","page_number":47,"box":{"x":120,"y":732,"width":805,"height":10}},{"id":"64ffeac8-5c00-4c18-a104-c502873c489d","block_type":"box","text":"end 30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":745,"width":244,"height":10}},{"id":"c074c57f-7320-4300-90cc-c1e46fb684f0","block_type":"box","text":"The AUM of the State Street LDI Leveraged Index Linked Gilt 2032 Fund decreased by 100% between the financial year end","page_number":47,"box":{"x":120,"y":758,"width":804,"height":10}},{"id":"38b7ce75-7781-4608-9690-c7197c8c0741","block_type":"box","text":"30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":771,"width":214,"height":10}},{"id":"82ed32a3-68ef-4aa0-910c-a617e8c1a030","block_type":"box","text":"The AUM of the State Street LDI Leveraged Index Linked Gilt 2042 Fund decreased by 100% between the financial year end","page_number":47,"box":{"x":120,"y":784,"width":804,"height":10}},{"id":"400bc00f-d873-4ffc-9fe9-a6a4e65aa8f0","block_type":"box","text":"30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":797,"width":214,"height":10}},{"id":"723546cf-0efe-4cc0-989e-bc0ef9fbe2d5","block_type":"box","text":"The AUM of the State Street LDI Leveraged Index Linked Gilt 2055 Fund decreased by 100% between the financial year end","page_number":47,"box":{"x":120,"y":810,"width":804,"height":10}},{"id":"e33e7464-7591-42e5-8298-d43009b376d0","block_type":"box","text":"30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":824,"width":214,"height":9}},{"id":"43d5cb80-8532-4059-b31e-a860f63029ac","block_type":"box","text":"The AUM of the State Street LDI Leveraged Index Linked Gilt 2062 Fund decreased by 100% between the financial year end","page_number":47,"box":{"x":120,"y":836,"width":804,"height":10}},{"id":"1fb517ee-4ace-4013-9d0e-022d76039ca7","block_type":"box","text":"30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":850,"width":214,"height":9}},{"id":"789bcb35-d4c2-4df2-af3f-8e465a917d7d","block_type":"box","text":"The AUM of the State Street LDI Leveraged UK Inflation Rate Swap 2030 Fund decreased by 33.77% between the financial","page_number":47,"box":{"x":120,"y":863,"width":804,"height":10}},{"id":"198351c9-ccac-4fbd-8ccf-a7732d8ee8ec","block_type":"box","text":"year end 30 April 2025 and 30 April 2026.","page_number":47,"box":{"x":120,"y":876,"width":277,"height":10}},{"id":"ce12f9e4-9e89-4f4b-899f-c37a472dac72","block_type":"box","text":"The implications for the Funds of elevated market volatility arising from global trade tensions and unrest in the Middle East","page_number":47,"box":{"x":120,"y":903,"width":805,"height":10}},{"id":"14ed88cb-5d9b-4097-8958-aa4798a2c192","block_type":"box","text":"continue to be monitored.","page_number":47,"box":{"x":120,"y":916,"width":169,"height":8}},{"id":"86c1181e-4ab2-4100-b73e-7f34556d99f7","block_type":"box","text":"SSGA Qualified Trust","page_number":47,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"7e5abc3d-9563-40e2-94ef-acc75226ac1f","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":47,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"fc6efe8c-3141-4116-ac99-7bf77777d37d","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":47,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"3a9b2e8a-8682-4479-829c-e4035a5d4c9b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":47,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"d6d71e40-3198-44c9-85c0-28f848094219","block_type":"box","text":"46 SSGA Qualified Trust","page_number":47,"box":{"x":46,"y":976,"width":127,"height":5}},{"id":"39db956b-2548-4cc7-a83c-3b7b41070420","block_type":"box","text":"18. Significant Events during the Financial Year (continued)","page_number":48,"box":{"x":71,"y":122,"width":450,"height":10}},{"id":"514d88d7-6974-430f-9534-89ec7139449e","block_type":"box","text":"State Street Global Advisors is now State Street Investment Management. Effective 30 June 2025, State Street Global","page_number":48,"box":{"x":120,"y":135,"width":804,"height":10}},{"id":"84fd0c1c-97db-4a5c-b809-b5f5eac8592b","block_type":"box","text":"Advisors began operating under the marketing name State Street Investment Management. This change does not affect the","page_number":48,"box":{"x":120,"y":148,"width":805,"height":10}},{"id":"5da5cce1-048b-426e-9dcf-e003cb0ac31a","block_type":"box","text":"legal name or structure of the Investment Adviser, State Street Global Advisors Europe Limited, or the management of the","page_number":48,"box":{"x":121,"y":161,"width":804,"height":10}},{"id":"2b60188a-092c-4ca9-a9fc-9092c591cb6a","block_type":"box","text":"Funds.","page_number":48,"box":{"x":121,"y":174,"width":43,"height":8}},{"id":"8ff94d69-8229-4d61-8c10-dfcfd9587f96","block_type":"box","text":"The following Funds were revoked by the CBI on 10 July 2025: SSGA LDI Leveraged UK Interest Rate Swap 2040 Fund and","page_number":48,"box":{"x":120,"y":202,"width":804,"height":10}},{"id":"cd4d4363-9ca1-45a7-922e-55d4bdc2e692","block_type":"box","text":"SSGA LDI Leveraged UK Interest Rate Swap 2035 Fund.","page_number":48,"box":{"x":120,"y":215,"width":381,"height":10}},{"id":"0d964daf-9b9c-4ae3-bd87-81e6b6e8d330","block_type":"box","text":"The following Funds were revoked by the CBI on 18 August 2025: SSGA LDI Leveraged UK Interest Rate Swap 2045 Fund,","page_number":48,"box":{"x":120,"y":242,"width":804,"height":10}},{"id":"504e6a2f-8a11-482d-9272-10bdf8c2b4f3","block_type":"box","text":"SSGA LDI Leveraged UK Interest Rate Swap 2050 Fund, SSGA LDI Leveraged UK Interest Rate Swap 2055 Fund, SSGA","page_number":48,"box":{"x":120,"y":255,"width":805,"height":10}},{"id":"c0e07c79-5c2b-4986-945f-5321a0bd957d","block_type":"box","text":"LDI Leveraged UK Interest Rate Swap 2060 Fund, SSGA LDI Leveraged UK Real Rate Swap 2025 Fund, SSGA LDI","page_number":48,"box":{"x":121,"y":268,"width":803,"height":10}},{"id":"c42e6f68-6cf9-4897-a3b4-7a791fd3d6da","block_type":"box","text":"Leveraged UK Real Rate Swap 2035 Fund, SSGA LDI Leveraged UK Real Rate Swap 2040 Fund, SSGA LDI Leveraged UK","page_number":48,"box":{"x":121,"y":281,"width":804,"height":10}},{"id":"7cacf527-ed0f-46aa-974a-264acad971a1","block_type":"box","text":"Real Rate Swap 2045 Fund, SSGA LDI Leveraged UK Real Rate Swap 2050 Fund and SSGA LDI Leveraged UK Real Rate","page_number":48,"box":{"x":121,"y":294,"width":803,"height":10}},{"id":"b996ed38-020e-4486-b615-10b273d09a6b","block_type":"box","text":"Swap 2055 Fund.","page_number":48,"box":{"x":120,"y":307,"width":117,"height":10}},{"id":"7c27acb8-acc7-4323-b828-4ea2592f3bd3","block_type":"box","text":"The following Funds closed on 12 September 2025: State Street LDI Leveraged Conventional Gilt 2060 Fund, State Street","page_number":48,"box":{"x":120,"y":334,"width":805,"height":10}},{"id":"3dfe5d4c-28a6-433f-b753-6cfd3a929828","block_type":"box","text":"LDI Leveraged Index Linked Gilt 2042 Fund and State Street LDI Leveraged Index Linked Gilt 2062 Fund.","page_number":48,"box":{"x":121,"y":347,"width":700,"height":10}},{"id":"60abda9b-1171-4c6d-b3e0-b96a2df9d010","block_type":"box","text":"The following Funds closed on 21 November 2025: State Street LDI Leveraged Index Linked Gilt 2032 Fund and State Street","page_number":48,"box":{"x":120,"y":375,"width":805,"height":10}},{"id":"a683b81f-1a85-4121-a5ac-d7f203f61564","block_type":"box","text":"LDI Leveraged Index Linked Gilt 2055 Fund.","page_number":48,"box":{"x":121,"y":388,"width":292,"height":10}},{"id":"f8d043d9-5cb3-449d-9e8e-abaaeef2e512","block_type":"box","text":"The Prospectus has been revised on 4 November 2025 to reflect the rebranding of State Street Global Advisors to State","page_number":48,"box":{"x":120,"y":415,"width":805,"height":10}},{"id":"b43af1fb-dda2-48bd-92bc-763857953073","block_type":"box","text":"Street Investment Management. Updates have been made to the Directory section, including revisions to associated","page_number":48,"box":{"x":120,"y":428,"width":804,"height":10}},{"id":"7f6d4b21-8a19-4cf0-8aea-cce625cad548","block_type":"box","text":"director biographies. The Alternative Valuation section has been clarified to emphasise the Manager’s discretion, supported","page_number":48,"box":{"x":120,"y":441,"width":804,"height":10}},{"id":"7c2cfa93-c173-4270-9894-d408cc0b722c","block_type":"box","text":"by the oversight and input of the Valuation Committee.","page_number":48,"box":{"x":121,"y":454,"width":360,"height":10}},{"id":"d7a54845-f202-49da-8520-fcaa7c2bc6a3","block_type":"box","text":"The supplements for the following Sub-Funds have been updated to reflect a new name, following the rebranding of State","page_number":48,"box":{"x":120,"y":481,"width":805,"height":10}},{"id":"224344c2-7ea0-48d5-a14b-7d61de415fc0","block_type":"box","text":"Street Global Advisors to State Street Investment Management:","page_number":48,"box":{"x":120,"y":494,"width":423,"height":10}},{"id":"49f798a7-f427-4e5c-8f51-fabcf3615773","block_type":"box","text":"Previous Name Updated Name","page_number":48,"box":{"x":121,"y":515,"width":522,"height":9}},{"id":"ce3e0b19-4b50-4089-b8b2-aedf60bc4fe4","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2040 Fund State Street LDI Leveraged Conventional Gilt 2040 Fund","page_number":48,"box":{"x":120,"y":529,"width":793,"height":10}},{"id":"c98a329d-504a-4b5b-8c8f-3f26f608d679","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2060 Fund State Street LDI Leveraged Conventional Gilt 2060 Fund","page_number":48,"box":{"x":120,"y":543,"width":793,"height":10}},{"id":"132aead2-2329-48bd-a822-9a2efd2c0e41","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2068 Fund State Street LDI Leveraged Conventional Gilt 2068 Fund","page_number":48,"box":{"x":120,"y":557,"width":793,"height":10}},{"id":"ddb41c6e-1776-46c3-9fc8-73f729a5fcf4","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2032 Fund State Street LDI Leveraged Index Linked Gilt 2032 Fund","page_number":48,"box":{"x":120,"y":571,"width":791,"height":10}},{"id":"d627e171-cdf6-4d8d-a690-4dc04b0ada5a","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2042 Fund State Street LDI Leveraged Index Linked Gilt 2042 Fund","page_number":48,"box":{"x":120,"y":586,"width":791,"height":10}},{"id":"14637a93-a4e4-4771-a848-33b40456cbbd","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2055 Fund State Street LDI Leveraged Index Linked Gilt 2055 Fund","page_number":48,"box":{"x":120,"y":600,"width":791,"height":10}},{"id":"06b45206-1dae-498c-8364-68de8734635c","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2062 Fund State Street LDI Leveraged Index Linked Gilt 2062 Fund","page_number":48,"box":{"x":120,"y":614,"width":791,"height":10}},{"id":"6758dd4d-cac9-4014-b13b-107687e07553","block_type":"box","text":"SSGA LDI Leveraged UK Inflation Rate Swap 2030 Fund State Street LDI Leveraged UK Inflation Rate Swap 2030 Fund","page_number":48,"box":{"x":120,"y":628,"width":836,"height":10}},{"id":"719f8ab9-7569-4fba-aa32-e8222f25ff70","block_type":"box","text":"There have been no other significant events affecting the Trust during the financial year.","page_number":48,"box":{"x":120,"y":653,"width":581,"height":10}},{"id":"0c964e0a-1671-4a6a-bca1-9d05d3d82efc","block_type":"box","text":"19. Subsequent Events since the Financial Year End","page_number":48,"box":{"x":71,"y":673,"width":397,"height":10}},{"id":"91aeec47-ab5b-476e-aa0a-64ca941da3f7","block_type":"box","text":"On 13 May 2026, an addendum to the Prospectus was issued to incorporate enhanced disclosures relating to liquidity","page_number":48,"box":{"x":120,"y":688,"width":805,"height":10}},{"id":"3ebdb58d-3052-41c2-a26f-7d7657b420d4","block_type":"box","text":"management tools in line with AIFMD II requirements. These updates relate to disclosure enhancements only and do not","page_number":48,"box":{"x":121,"y":701,"width":804,"height":10}},{"id":"16b4be5d-f9e4-4b8c-ab92-edc21c16a951","block_type":"box","text":"represent a change to the investment objective, investment strategy, or financial position of the Fund.","page_number":48,"box":{"x":121,"y":714,"width":669,"height":10}},{"id":"5e3a207d-1558-4db7-b13c-5d237bd873e9","block_type":"box","text":"There have been no other significant events affecting the Trust since the financial year end.","page_number":48,"box":{"x":120,"y":741,"width":606,"height":10}},{"id":"1c85c309-9e9a-4685-97bc-3464923e7a37","block_type":"box","text":"20. Approval of the Financial Statements","page_number":48,"box":{"x":70,"y":761,"width":315,"height":10}},{"id":"a35f932a-0ca8-41ea-a5cd-c834dc16a9b9","block_type":"box","text":"The Directors of the Manager approved the financial statements on 24 August 2026.","page_number":48,"box":{"x":120,"y":775,"width":561,"height":10}},{"id":"fa0f3013-dee2-49b0-9546-dbf4f93c390e","block_type":"box","text":"SSGA Qualified Trust","page_number":48,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"f2a6c247-3702-4534-bb75-843f8e0af4ea","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":48,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"862fd240-eb1c-4bb6-a856-a4c261a475e4","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":48,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"6b229e12-1094-4c26-bc7e-c46f72c50699","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":48,"box":{"x":71,"y":96,"width":326,"height":10}},{"id":"914bd92c-2d2a-4f36-a236-8f80fcd5b6cf","block_type":"box","text":"SSGA Qualified Trust 47","page_number":48,"box":{"x":826,"y":976,"width":125,"height":5}},{"id":"a9eb7f34-951e-443d-84e0-b92e5ffc1579","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2040 Fund","page_number":49,"box":{"x":70,"y":122,"width":399,"height":10}},{"id":"4c1b0816-f52b-4de9-967d-6a4779a83797","block_type":"box","text":"Holdings Financial assets at fair value through profit or loss Fair Value","page_number":49,"box":{"x":93,"y":147,"width":721,"height":10}},{"id":"03aec3dc-0a8f-4c20-a289-190ce12638d7","block_type":"box","text":"GBP","page_number":49,"box":{"x":786,"y":158,"width":28,"height":8}},{"id":"229e253f-5924-4253-bf3e-3bc4cd599e3c","block_type":"box","text":"% of","page_number":49,"box":{"x":897,"y":147,"width":28,"height":8}},{"id":"74dfb1d0-f789-4e6d-9ec7-29e9622283d1","block_type":"box","text":"Net Assets","page_number":49,"box":{"x":857,"y":158,"width":68,"height":8}},{"id":"50655b0f-9453-40de-a281-25f555c0d1f6","block_type":"box","text":"Government Bonds (30 April 2025: 321.38%)","page_number":49,"box":{"x":171,"y":185,"width":280,"height":10}},{"id":"c24d2e36-06df-4ea1-a87d-25fbc95cfc7d","block_type":"box","text":"United Kingdom","page_number":49,"box":{"x":171,"y":210,"width":102,"height":10}},{"id":"35cabfe0-811b-48c8-a477-75cce880e70f","block_type":"box","text":"2,176,924 4.250% U.K. Gilts 07/12/2040* 1,927,448 359.35","page_number":49,"box":{"x":91,"y":223,"width":833,"height":9}},{"id":"7f39f51f-7012-4352-b3d0-1a80b941fa59","block_type":"box","text":"Total Government Bonds 1,927,448 359.35","page_number":49,"box":{"x":170,"y":246,"width":755,"height":9}},{"id":"1d4887c1-424b-4e42-b638-d681001876a3","block_type":"box","text":"Collective Investment Schemes (30 April 2025: 0.46%)","page_number":49,"box":{"x":171,"y":283,"width":341,"height":10}},{"id":"9eddaddc-b2dc-4a7e-a083-418941527600","block_type":"box","text":"Ireland","page_number":49,"box":{"x":171,"y":308,"width":42,"height":8}},{"id":"2466a692-14ac-474c-a809-fe320a45074b","block_type":"box","text":"25,461 State Street Liquidity Public Limited Company –","page_number":49,"box":{"x":109,"y":321,"width":345,"height":10}},{"id":"cf5edadb-ca7c-472d-bcb7-b87ef259239b","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund 25,461 4.75","page_number":49,"box":{"x":171,"y":332,"width":753,"height":10}},{"id":"0a07e944-533f-4937-a9bf-aab6105e5ac2","block_type":"box","text":"Total Collective Investment Schemes 25,461 4.75","page_number":49,"box":{"x":170,"y":355,"width":755,"height":10}},{"id":"cbb34069-97f5-4eab-974f-e3dabdf5acea","block_type":"box","text":"Repurchase Agreements (30 April 2025: (247.37)%)","page_number":49,"box":{"x":171,"y":392,"width":322,"height":10}},{"id":"6f957b71-f108-41d9-8732-e132e23bc303","block_type":"box","text":"(815,497) 3.880% Credit Agricole 27/03/2027 (815,497) (152.04)","page_number":49,"box":{"x":93,"y":405,"width":831,"height":10}},{"id":"bb25bf3d-5a47-47a9-a583-60dc210f4e03","block_type":"box","text":"(359,233) 3.870% Merrill Lynch 17/04/2027 (359,233) (66.98)","page_number":49,"box":{"x":93,"y":419,"width":831,"height":10}},{"id":"1e61b9f8-6744-4eb3-804c-2b15dfd42d4b","block_type":"box","text":"(275,433) 3.940% National Australia Bank 08/05/2026 (275,433) (51.35)","page_number":49,"box":{"x":93,"y":432,"width":831,"height":10}},{"id":"b885a034-2293-4df3-9fdb-f8baada33037","block_type":"box","text":"Total Repurchase Agreements (1,450,163) (270.37)","page_number":49,"box":{"x":170,"y":455,"width":754,"height":10}},{"id":"d4d2701a-817a-4d52-8473-e8f4c32fcc9e","block_type":"box","text":"Total Value of Investments","page_number":49,"box":{"x":70,"y":483,"width":169,"height":7}},{"id":"08540258-1bd0-41d8-83c5-442224cb31c3","block_type":"box","text":"502,746 93.73","page_number":49,"box":{"x":766,"y":483,"width":158,"height":9}},{"id":"a8268a60-35cd-4618-a377-176012c6aeaf","block_type":"box","text":"(Cost: GBP 756,956)","page_number":49,"box":{"x":70,"y":496,"width":127,"height":10}},{"id":"c4361094-2a76-4093-9638-e09c604b09a4","block_type":"box","text":"Cash (30 April 2025: 0.01%)","page_number":49,"box":{"x":70,"y":517,"width":173,"height":10}},{"id":"38088358-6668-4c92-902b-14caee453fb0","block_type":"box","text":"1,000 0.19","page_number":49,"box":{"x":782,"y":517,"width":142,"height":9}},{"id":"04c1f98d-aebf-47c5-b520-85abfc0568d7","block_type":"box","text":"Other Net Assets (30 April 2025: 25.52%)","page_number":49,"box":{"x":70,"y":538,"width":257,"height":10}},{"id":"0e25c548-7b5b-4a12-86c0-b9dbaf7f2642","block_type":"box","text":"32,616 6.08","page_number":49,"box":{"x":774,"y":538,"width":150,"height":10}},{"id":"0cae1f1c-5179-4354-9939-80d0a381fefe","block_type":"box","text":"Net Assets attributable to equity Unitholders at published prices 536,362 100.00","page_number":49,"box":{"x":70,"y":564,"width":854,"height":10}},{"id":"6ce8ea22-f790-4c8f-ab66-8fd4817083fb","block_type":"box","text":"* At 30 April 2026, client stock collateral of GBP 1,403,359 is held with Credit Agricole, Merrill Lynch and National Australia Bank for repurchase agr","page_number":49,"box":{"x":70,"y":595,"width":804,"height":8}},{"id":"98ff5534-f284-4361-a8e9-3dc0ae2f2306","block_type":"box","text":"eements,","page_number":49,"box":{"x":874,"y":595,"width":50,"height":7}},{"id":"653c0000-7012-4c91-a4e8-f5e53e0b83f4","block_type":"box","text":"which takes account of client stock collateral in transit at 30 April 2026. Cash collateral received reinvested in the State Street Liquidity Public L","page_number":49,"box":{"x":69,"y":605,"width":822,"height":8}},{"id":"781b3c45-ebed-40ff-a08d-6dcace9e846d","block_type":"box","text":"imited","page_number":49,"box":{"x":893,"y":605,"width":31,"height":6}},{"id":"fb4af972-ea7f-42ad-9a51-ec99df4cda72","block_type":"box","text":"Company - State Street GBP Liquidity LVNAV Fund is detailed in Note 10.","page_number":49,"box":{"x":70,"y":615,"width":409,"height":8}},{"id":"5aa41d82-5e4a-420c-aa81-a23398679c0e","block_type":"box","text":"The State Street LDI Leveraged Conventional Gilt 2040 Fund invests in the Z Stable share class of the State Street GBP Liquidity LVNAV Fund, a Sub-Fund","page_number":49,"box":{"x":70,"y":632,"width":854,"height":8}},{"id":"2cc5270f-c5b6-4040-9a56-101d5dfdfdf2","block_type":"box","text":"of the State Street Liquidity Public Limited Company, an open ended umbrella investment company with segregated liability between funds and variabl","page_number":49,"box":{"x":70,"y":642,"width":848,"height":8}},{"id":"ff932da5-31fa-4b1c-8ada-2cbf3bc8ce86","block_type":"box","text":"e","page_number":49,"box":{"x":919,"y":644,"width":6,"height":5}},{"id":"4816ea2b-b29f-430c-9c47-239fc10b24fe","block_type":"box","text":"capital, incorporated in Ireland with limited liability and authorised as a UCITS for the purposes of the UCITS Regulations. The TER of the Z Stable sha","page_number":49,"box":{"x":70,"y":652,"width":812,"height":8}},{"id":"9b1b9f64-f1d0-4349-9072-3f0ab5c8740a","block_type":"box","text":"re class","page_number":49,"box":{"x":884,"y":652,"width":41,"height":7}},{"id":"ed63a1e6-0287-42bf-a1e3-2d86ece7c562","block_type":"box","text":"is 0.04%.","page_number":49,"box":{"x":70,"y":662,"width":50,"height":7}},{"id":"1e3fa300-78db-409c-9850-14375c0e8478","block_type":"box","text":"SSGA Qualified Trust","page_number":49,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"d7bc953b-403d-4b17-8350-5214571454d2","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":49,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"8ca31061-98fc-4552-a9cf-3f4f6be1eee0","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":49,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"e78a77fd-2460-41cd-8d2f-88b8c12feac1","block_type":"box","text":"Schedule of Investments as at 30 April 2026","page_number":49,"box":{"x":70,"y":96,"width":313,"height":10}},{"id":"37fada2e-ca63-41ee-b3dc-1bbb039812ca","block_type":"box","text":"48 SSGA Qualified Trust","page_number":49,"box":{"x":46,"y":976,"width":127,"height":5}},{"id":"d3e4e7ff-a2dd-48c2-bcc5-8a3797304d67","block_type":"box","text":"State Street LDI Leveraged Conventional Gilt 2068 Fund","page_number":50,"box":{"x":70,"y":122,"width":399,"height":10}},{"id":"59b521ee-73f0-4848-b3e7-ffb006c07397","block_type":"box","text":"Holdings Financial assets at fair value through profit or loss Fair Value","page_number":50,"box":{"x":93,"y":147,"width":721,"height":10}},{"id":"8a0241e1-ed05-4c5f-bf95-9d5c3edbe2dc","block_type":"box","text":"GBP","page_number":50,"box":{"x":786,"y":158,"width":28,"height":8}},{"id":"91544897-8e7a-46b9-bc59-b392af7671f6","block_type":"box","text":"% of","page_number":50,"box":{"x":897,"y":147,"width":28,"height":8}},{"id":"a98fe256-36fe-4c94-94f1-2acfe0a3d470","block_type":"box","text":"Net Assets","page_number":50,"box":{"x":857,"y":158,"width":68,"height":8}},{"id":"0fb5d8e2-85a1-47d9-a798-b6d2f651cef9","block_type":"box","text":"Government Bonds (30 April 2025: 227.68%)","page_number":50,"box":{"x":171,"y":185,"width":280,"height":10}},{"id":"a68cb55c-0340-4398-8089-5dd7d36c1aff","block_type":"box","text":"United Kingdom","page_number":50,"box":{"x":171,"y":210,"width":102,"height":10}},{"id":"4fe4453b-ba0c-40b0-aaf7-5b0d8075b8cb","block_type":"box","text":"16,593,698 3.500% U.K. Gilts 22/07/2068* 10,994,984 258.65","page_number":50,"box":{"x":84,"y":223,"width":840,"height":9}},{"id":"7629b806-6f35-45c5-8b84-e73428acc9bc","block_type":"box","text":"Total Government Bonds 10,994,984 258.65","page_number":50,"box":{"x":170,"y":246,"width":755,"height":9}},{"id":"000e48ea-3f32-4c48-bc55-e62097e35ce1","block_type":"box","text":"Collective Investment Schemes (30 April 2025: 0.96%)","page_number":50,"box":{"x":171,"y":283,"width":341,"height":10}},{"id":"0133ff39-766c-461a-86f7-87c79b7eb2da","block_type":"box","text":"Ireland","page_number":50,"box":{"x":171,"y":308,"width":42,"height":8}},{"id":"70d26a1a-15de-4dde-9fd5-2418c207f686","block_type":"box","text":"61,410 State Street Liquidity Public Limited Company –","page_number":50,"box":{"x":109,"y":321,"width":345,"height":10}},{"id":"c5ce0f87-3b39-4d6f-bd99-293ca56f80b3","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund 61,410 1.44","page_number":50,"box":{"x":171,"y":332,"width":753,"height":10}},{"id":"57027b09-4af8-4464-acae-09bfcae9f8dc","block_type":"box","text":"Total Collective Investment Schemes 61,410 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The final expenditure and overall allocation between","page_number":52,"box":{"x":70,"y":331,"width":854,"height":10}},{"id":"5ca3e46a-6e16-4cf2-9e0f-f5bb0f44554a","block_type":"box","text":"current and deferred awards are then reviewed by the HRC prior to payment.","page_number":52,"box":{"x":70,"y":344,"width":511,"height":10}},{"id":"0d8d881f-587e-46df-b5e2-2486361da9f9","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place with the primary duties to:","page_number":52,"box":{"x":70,"y":369,"width":737,"height":10}},{"id":"28486375-ff2b-4275-8617-fd6bc26f7997","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":399,"width":3,"height":2}},{"id":"70f083dc-e9a6-4850-92c6-fbb0b8911fca","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers and","page_number":52,"box":{"x":117,"y":396,"width":807,"height":10}},{"id":"f9423adf-92e8-48ec-a7d9-d7a3c64d4bc7","block_type":"box","text":"oversee its implementation;","page_number":52,"box":{"x":117,"y":409,"width":181,"height":10}},{"id":"e55c3780-f491-4175-8051-3df4349444d6","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":425,"width":3,"height":3}},{"id":"eabc17fd-7a0d-45ca-9211-40fe921699af","block_type":"box","text":"oversee compliance with any applicable remuneration regulations;","page_number":52,"box":{"x":117,"y":422,"width":439,"height":10}},{"id":"489faa1c-2601-499a-92df-1d4bcba34bde","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":438,"width":3,"height":3}},{"id":"28a3a3f8-d23c-48f7-bbba-fa6b3616d3e2","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":52,"box":{"x":117,"y":435,"width":808,"height":10}},{"id":"89d6569f-aeaa-48b4-8bbe-aa4b575146d6","block_type":"box","text":"adjustment of Identified Staff.","page_number":52,"box":{"x":117,"y":448,"width":195,"height":10}},{"id":"3a8f6e71-7288-476e-b39e-35365202e8d2","block_type":"box","text":"State Street operates a global remuneration policy document (supplemented by any relevant addenda by jurisdiction or regulatory","page_number":52,"box":{"x":70,"y":473,"width":855,"height":10}},{"id":"afa09613-4dbe-4546-8b85-b5b12c05485b","block_type":"box","text":"regime), which documents State Street’s existing remuneration framework. This policy is intended to comply with applicable","page_number":52,"box":{"x":70,"y":486,"width":855,"height":10}},{"id":"79033e09-2e4f-470b-9434-f46cd99d9e83","block_type":"box","text":"remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS V and AIFMD, and will be","page_number":52,"box":{"x":70,"y":499,"width":855,"height":10}},{"id":"8f92c37b-b04c-458f-9789-d75fe0974de4","block_type":"box","text":"interpreted and administered accordingly. State Street’s remuneration policies and practices apply on a global basis to all","page_number":52,"box":{"x":70,"y":512,"width":854,"height":10}},{"id":"5d1f85d0-334b-4e84-9c08-4285a0ae066b","block_type":"box","text":"employees of the State Street group (incl. the Investment Managers). The key principles that align State Street’s remuneration","page_number":52,"box":{"x":70,"y":525,"width":854,"height":10}},{"id":"a2e929be-c516-46ac-8d50-896ce11ed509","block_type":"box","text":"system with the business strategy are as follows:","page_number":52,"box":{"x":70,"y":538,"width":324,"height":10}},{"id":"62853206-59aa-4c2c-b64a-82dad88272c6","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":568,"width":3,"height":3}},{"id":"29b0d94e-71e6-44ba-b031-6eeaf3080039","block_type":"box","text":"We emphasize total rewards;","page_number":52,"box":{"x":117,"y":566,"width":191,"height":9}},{"id":"c43ac95a-a9ea-4603-add5-99298b290a8c","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":581,"width":3,"height":3}},{"id":"f32cc3ca-169b-4b5d-a294-d5d2978d1156","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers;","page_number":52,"box":{"x":117,"y":579,"width":741,"height":10}},{"id":"9a58bc3a-b92c-4b9e-bc7a-2953ed8fc3e5","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":594,"width":3,"height":3}},{"id":"6dfcea7a-4da2-49ca-8baa-0e5abc7acc2f","block_type":"box","text":"We unequivocally support equal pay for work of equal value;","page_number":52,"box":{"x":117,"y":592,"width":401,"height":10}},{"id":"3cc03254-ca9c-48ca-b235-1f50cd21de9a","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":607,"width":3,"height":3}},{"id":"f3d3a7f9-d28b-43e5-b25b-42c04eef5873","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on corporate","page_number":52,"box":{"x":118,"y":605,"width":807,"height":10}},{"id":"ad3885fe-c282-4847-ae3b-e74e0515af0a","block_type":"box","text":"performance;","page_number":52,"box":{"x":117,"y":618,"width":87,"height":10}},{"id":"5e6e2439-7646-4721-b8a6-6b0196f7e1ce","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":634,"width":3,"height":2}},{"id":"31313842-b29a-4a54-82fd-a93948a61de3","block_type":"box","text":"We differentiate pay based on performance;","page_number":52,"box":{"x":117,"y":631,"width":292,"height":10}},{"id":"578acddb-6a3d-4ae4-9a6d-a95c20711967","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":647,"width":3,"height":2}},{"id":"2fcdd6b7-888b-4e6e-939c-408e8f4e7414","block_type":"box","text":"We align employees’ interests with shareholders’ interests","page_number":52,"box":{"x":117,"y":644,"width":385,"height":10}},{"id":"39da8f9b-168c-4c29-a38e-7e4975c73c05","block_type":"box","text":"•","page_number":52,"box":{"x":70,"y":660,"width":3,"height":2}},{"id":"f7cfe811-ef0c-426a-b3e4-b7289ac0dc7b","block_type":"box","text":"Our compensation plans are designed to comply with applicable regulations and related guidance, including prohibiting","page_number":52,"box":{"x":117,"y":657,"width":807,"height":10}},{"id":"b17ca029-1d2f-4bc6-8ea3-676546aee2db","block_type":"box","text":"incentives to take excessive risks.","page_number":52,"box":{"x":117,"y":670,"width":221,"height":8}},{"id":"d4bb38c7-3b0c-4581-8881-0dd01d7a8f7d","block_type":"box","text":"Given our process of structured discretion in determining incentive pool funding and individual award decisions, the deferral of","page_number":52,"box":{"x":70,"y":695,"width":856,"height":10}},{"id":"aa1c50ae-960e-4484-a1e6-fee8d52e6b06","block_type":"box","text":"incentive compensation, and the availability of ex-ante and ex-post adjustments, such as forfeitures and clawbacks, our","page_number":52,"box":{"x":70,"y":708,"width":855,"height":10}},{"id":"ea646bcf-eef1-42ef-bd5f-8e902a0b11aa","block_type":"box","text":"compensation system is appropriately risk-sensitive and links current decisions and actions to future risk outcomes.","page_number":52,"box":{"x":70,"y":721,"width":767,"height":10}},{"id":"2141732f-4ad1-437c-89e6-224651870002","block_type":"box","text":"State Street operates a fully flexible, discretionary bonus policy (i.e. the amount of individual variable pay may fluctuate significantly","page_number":52,"box":{"x":70,"y":746,"width":855,"height":10}},{"id":"d8abd576-8454-4272-96f9-17136ec4fd22","block_type":"box","text":"from one year to the next, depending on performance and the other factors described below, and even could be reduced to zero for","page_number":52,"box":{"x":69,"y":759,"width":856,"height":10}},{"id":"f956a800-3941-41ae-a5b3-43e3ed6eb461","block_type":"box","text":"any given year). The discretionary bonus policy is structured so as to achieve a balance between fixed and variable components,","page_number":52,"box":{"x":70,"y":772,"width":854,"height":10}},{"id":"7178111d-c713-41a4-9b0e-70dfc4439dc7","block_type":"box","text":"but also includes specific maximum pay ratios where required by local regulations. A number of employees in sales participate in","page_number":52,"box":{"x":70,"y":785,"width":854,"height":10}},{"id":"fc4193b1-7854-4e67-aa4e-436305c23074","block_type":"box","text":"Structured Incentive Plans, which aim to bring the variable compensation granted to plan participants into line with the revenues","page_number":52,"box":{"x":70,"y":798,"width":855,"height":10}},{"id":"5bc4c1e0-b1ef-4f78-84b6-15b1318cd389","block_type":"box","text":"they generate as well as taking into account non-financial qualitative performance indicators. All such participants receive","page_number":52,"box":{"x":70,"y":811,"width":855,"height":10}},{"id":"fe1b9511-bdbd-4daf-be69-30aa63ad67b9","block_type":"box","text":"sufficiently high fixed compensation. Variable compensation is assigned on an individual basis by way of a review of both","page_number":52,"box":{"x":70,"y":824,"width":854,"height":10}},{"id":"71f213ea-911f-4b65-8130-73fde3d56060","block_type":"box","text":"quantitative and qualitative factors.","page_number":52,"box":{"x":70,"y":837,"width":229,"height":10}},{"id":"649b8aa9-2d76-469f-9ae1-3619f793789b","block_type":"box","text":"SSGA Qualified Trust","page_number":52,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"2d64068b-9ee0-4e9b-bddb-26ee18026210","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":52,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"bd75e7a0-560c-4115-b433-25aad32941d7","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":52,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"6253191a-d3f4-4cce-b921-3bac85e459a8","block_type":"box","text":"Appendix I","page_number":52,"box":{"x":69,"y":96,"width":77,"height":10}},{"id":"c69f77f2-7b8a-475f-9c26-d3c1327c2276","block_type":"box","text":"SSGA Qualified Trust 51","page_number":52,"box":{"x":826,"y":976,"width":124,"height":5}},{"id":"9bfc8891-188a-4949-85ff-949a14586a04","block_type":"box","text":"Remuneration Policy (unaudited) (continued)","page_number":53,"box":{"x":70,"y":122,"width":322,"height":10}},{"id":"35fd0f9a-7013-4994-9351-0c844bda3801","block_type":"box","text":"Total amount of remuneration paid by the Investment Managers for the financial year ended 30 April 2026","page_number":53,"box":{"x":70,"y":148,"width":669,"height":10}},{"id":"12a0380d-b010-4f31-87b9-d1736eef2735","block_type":"box","text":"1","page_number":53,"box":{"x":741,"y":147,"width":3,"height":5}},{"id":"7946cd3c-a624-4fe2-9b57-955cf31f014d","block_type":"box","text":"Fixed remuneration (in £ k)","page_number":53,"box":{"x":70,"y":162,"width":159,"height":10}},{"id":"d209ac83-4d5c-40b2-83b3-596adedc8339","block_type":"box","text":"55,712","page_number":53,"box":{"x":885,"y":163,"width":39,"height":9}},{"id":"656ac7d3-2c46-4188-867d-7d0dea9f7110","block_type":"box","text":"Variable remuneration (in £ k)","page_number":53,"box":{"x":69,"y":177,"width":176,"height":10}},{"id":"2881d22d-fdd7-4489-97fd-bd42aab00d3a","block_type":"box","text":"49,072","page_number":53,"box":{"x":884,"y":177,"width":40,"height":9}},{"id":"efe767ef-5933-459c-87e0-62404cb7476f","block_type":"box","text":"Total Remuneration (in £ k)","page_number":53,"box":{"x":70,"y":191,"width":159,"height":10}},{"id":"b345f50d-ed95-4948-aec5-50a8d7745407","block_type":"box","text":"104,784","page_number":53,"box":{"x":878,"y":191,"width":46,"height":9}},{"id":"29bc8169-33dc-4e4e-8c2b-4f19944c07af","block_type":"box","text":"Number of beneficiaries","page_number":53,"box":{"x":70,"y":205,"width":142,"height":8}},{"id":"56665883-db05-41e2-ba43-75c84dda4dae","block_type":"box","text":"589","page_number":53,"box":{"x":903,"y":205,"width":21,"height":8}},{"id":"ca04e2d3-b1f0-42d1-a7be-7094d63f5aba","block_type":"box","text":"Carried interest paid by the AIF","page_number":53,"box":{"x":70,"y":219,"width":185,"height":10}},{"id":"f110f47f-88d3-4d79-9501-e8b310769055","block_type":"box","text":"n/a","page_number":53,"box":{"x":907,"y":219,"width":17,"height":8}},{"id":"94220ec1-aa94-4546-b18b-930def16d69e","block_type":"box","text":"Aggregate amount of remuneration of (in £ k)","page_number":53,"box":{"x":69,"y":248,"width":288,"height":10}},{"id":"39a783d8-078b-42d0-a25f-73c25e682702","block_type":"box","text":"Senior Management of SSGAEL","page_number":53,"box":{"x":70,"y":262,"width":194,"height":10}},{"id":"0352763e-8205-4af9-8a64-5ab4a473d0b9","block_type":"box","text":"2","page_number":53,"box":{"x":264,"y":261,"width":5,"height":4}},{"id":"0349daee-6a01-433a-b76e-d552b26dd5ec","block_type":"box","text":"180","page_number":53,"box":{"x":904,"y":262,"width":20,"height":8}},{"id":"4c8e3436-6a0a-40ba-b4d3-62aa3ff0789f","block_type":"box","text":"Identified Staff of the Investment Managers","page_number":53,"box":{"x":71,"y":276,"width":256,"height":10}},{"id":"90d850a6-a3da-4a2b-b0fe-b78a5e22ef4c","block_type":"box","text":"57,437","page_number":53,"box":{"x":885,"y":276,"width":39,"height":10}},{"id":"0bc5b31c-4a62-427e-81fd-6625e0d15337","block_type":"box","text":"More details regarding State Street’s remuneration approach including (but not limited to) information on the decision-making","page_number":53,"box":{"x":71,"y":305,"width":853,"height":10}},{"id":"624b7c23-3390-4aa7-a374-5c0a871f5331","block_type":"box","text":"process to determine the remuneration policy, its basic characteristics and the linkage between pay and performance, are","page_number":53,"box":{"x":70,"y":318,"width":855,"height":10}},{"id":"fda0f314-6f5f-4381-ac5c-24f613518a85","block_type":"box","text":"published separately in State Street’s Proxy Statement at www.statestreet.com and the remuneration section of the UK Pillar 3","page_number":53,"box":{"x":70,"y":331,"width":854,"height":10}},{"id":"3e7469e3-31a3-4912-ad8c-3dd9bbfc5daa","block_type":"box","text":"disclosure of SSGA Ltd. at https://www.ssga.com/uk/en_gb/institutional/ic/insights/ssgal-pillar-3-disclosure-statement. In light of","page_number":53,"box":{"x":70,"y":344,"width":856,"height":10}},{"id":"ea9ae429-15c9-4bc2-8113-37a3668d857a","block_type":"box","text":"State Street’s group-wide compensation strategy, the qualitative remuneration information included in the UK Pillar 3 disclosure","page_number":53,"box":{"x":70,"y":357,"width":855,"height":10}},{"id":"bbff0422-3984-4c7f-8283-a70b5f26f850","block_type":"box","text":"equally applies to State Street employees outside the UK and the Investment Manager’s employees.","page_number":53,"box":{"x":70,"y":370,"width":665,"height":10}},{"id":"1227afb9-abe4-4a6e-8544-9bb8dc18949c","block_type":"box","text":"1","page_number":53,"box":{"x":70,"y":394,"width":3,"height":5}},{"id":"46a63cc9-b42b-4bb0-93e3-28942aedd4f8","block_type":"box","text":"Disclosure is based on the remuneration of the entire staff of the legal entity of the investment manager, indicating the number of beneficiaries.","page_number":53,"box":{"x":80,"y":396,"width":844,"height":9}},{"id":"aeaab514-08c4-4862-ae87-12e2123ec1d1","block_type":"box","text":"2","page_number":53,"box":{"x":70,"y":407,"width":4,"height":5}},{"id":"8b66c28f-48b7-4599-a882-1e12f8481aa7","block_type":"box","text":"Represents remuneration paid to independent directors (Directors of SSGAEL who are also employees of the Investment Manager do not","page_number":53,"box":{"x":81,"y":409,"width":844,"height":9}},{"id":"1e42011c-762b-48fd-8aef-66710fae7c4f","block_type":"box","text":"receive remuneration in their capacity as board members).","page_number":53,"box":{"x":70,"y":422,"width":345,"height":9}},{"id":"596026af-6dc5-466e-b31a-f8b87c92437f","block_type":"box","text":"SSGA Qualified Trust","page_number":53,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"630253be-667a-4844-8926-91d0700a0e68","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":53,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"a361d780-2d35-4ee0-9bca-ab414f1cde13","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":53,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"afbd7b9d-0cb9-452b-8259-a7957cc58e50","block_type":"box","text":"Appendix I (continued)","page_number":53,"box":{"x":69,"y":96,"width":163,"height":10}},{"id":"67ec877a-d325-4e19-8afa-46c0bd3f261b","block_type":"box","text":"52 SSGA Qualified Trust","page_number":53,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"8ee719b5-0cdd-4d63-8f64-0a496f7a24a8","block_type":"box","text":"Leverage Policy (unaudited)","page_number":54,"box":{"x":70,"y":122,"width":200,"height":10}},{"id":"bc977f17-21ea-439b-bdf4-c4b7090de123","block_type":"box","text":"The Funds may utilise leverage as part of their investment programs. Leverage may take the form of loans for borrowed money,","page_number":54,"box":{"x":70,"y":149,"width":854,"height":10}},{"id":"a2bc03b4-0875-4c80-96ad-6f9d4cfa7b6d","block_type":"box","text":"trading on margin, derivative instruments that are inherently leveraged, including among others forward contracts, futures contracts,","page_number":54,"box":{"x":70,"y":162,"width":854,"height":10}},{"id":"e7a5278a-e514-444d-aa7a-4926e804097b","block_type":"box","text":"options, swaps, repurchase agreements, reverse repurchase agreements and other forms of direct and indirect borrowings.","page_number":54,"box":{"x":70,"y":175,"width":822,"height":10}},{"id":"8dcd28b1-9c20-46b2-aa47-b3056699e6d9","block_type":"box","text":"There is no absolute restriction or limitation on the amount of leverage that a Fund may utilise. The amount of leverage utilised by","page_number":54,"box":{"x":70,"y":200,"width":855,"height":10}},{"id":"4b02dfe6-34d4-4b2b-b6f2-6c7e9ef4df60","block_type":"box","text":"a Fund will be determined by the Investment Manager from time to time, based on factors deemed relevant by the Investment","page_number":54,"box":{"x":70,"y":213,"width":855,"height":10}},{"id":"d941a5f2-13ca-4f48-a3a6-dc012392c878","block_type":"box","text":"Manager in its sole discretion, which may include available market opportunities and the forecasted volatility of underlying assets.","page_number":54,"box":{"x":71,"y":226,"width":853,"height":10}},{"id":"99aa1194-a8e3-412e-8f39-b7fef1b4ece3","block_type":"box","text":"To the extent permitted by applicable law, the Fund may also borrow from affiliates when deemed appropriate by the Investment","page_number":54,"box":{"x":70,"y":239,"width":855,"height":10}},{"id":"88a7f206-e964-4891-8f7b-f3deb106cbf8","block_type":"box","text":"Manager.","page_number":54,"box":{"x":71,"y":253,"width":59,"height":10}},{"id":"5fcea98e-d22c-425b-ba06-9fb80909dc8b","block_type":"box","text":"The use of leverage can substantially increase the adverse impact to which a Fund’s investment portfolio may be subject.","page_number":54,"box":{"x":70,"y":277,"width":806,"height":10}},{"id":"53f8cbb0-b50f-4bf4-b72b-4083c21afcf8","block_type":"box","text":"There is no rehypothecation of investments or any guarantee granted under the leveraging arrangement during the financial year","page_number":54,"box":{"x":70,"y":302,"width":855,"height":10}},{"id":"701fb976-f3ba-4f54-be99-c9d858a972e9","block_type":"box","text":"ended 30 April 2026.","page_number":54,"box":{"x":70,"y":315,"width":137,"height":10}},{"id":"e5d55d2a-04c2-4db7-9795-7aa5dc5e32fc","block_type":"box","text":"During the financial year ended 30 April 2026, leverage guidelines were complied with and met.","page_number":54,"box":{"x":71,"y":340,"width":632,"height":10}},{"id":"10fa535b-cd69-4495-8edd-b5611b9bf4c0","block_type":"box","text":"Regulation AIFMD","page_number":54,"box":{"x":70,"y":366,"width":491,"height":10}},{"id":"d731bd0d-9c22-4328-a04d-d962d37ab65e","block_type":"box","text":"Methodology Gross Commitment","page_number":54,"box":{"x":70,"y":395,"width":723,"height":10}},{"id":"d8b779fa-fea3-459c-b01a-f0ddb9499eae","block_type":"box","text":"Numerator","page_number":54,"box":{"x":71,"y":423,"width":75,"height":8}},{"id":"ddce6dbb-2bbc-4af1-b326-411606554fa3","block_type":"box","text":"Non Derivatives - Cash Equivalents (in base","page_number":54,"box":{"x":201,"y":423,"width":298,"height":10}},{"id":"cee3c636-473a-4d84-b7d7-0919a82bb713","block_type":"box","text":"currency) + Derivatives + Borrowing + Leverage from","page_number":54,"box":{"x":171,"y":436,"width":357,"height":10}},{"id":"81987c3f-f72f-4922-a49d-b6a970ac9710","block_type":"box","text":"reinvestment collateral","page_number":54,"box":{"x":276,"y":449,"width":148,"height":8}},{"id":"9ed31f26-fdf1-44de-bd4c-261d7be631bd","block_type":"box","text":"Exposure from Derivatives and Non Derivatives","page_number":54,"box":{"x":591,"y":423,"width":313,"height":10}},{"id":"1513fb4e-c2bd-424f-b2af-29e8667f21e1","block_type":"box","text":"after Hedging/netting – Cash Equivalents (in","page_number":54,"box":{"x":598,"y":436,"width":298,"height":10}},{"id":"5890ece8-c17f-44b8-901b-2b8fbb06b705","block_type":"box","text":"base currency) + Borrowings + Leverage from","page_number":54,"box":{"x":592,"y":449,"width":310,"height":10}},{"id":"5579b3bc-2005-4d71-ad6a-e0db49081e9d","block_type":"box","text":"reinvestment collateral","page_number":54,"box":{"x":671,"y":462,"width":153,"height":8}},{"id":"7d3d5f30-e74c-49d6-b1db-ea7e4c557566","block_type":"box","text":"Denominator","page_number":54,"box":{"x":70,"y":484,"width":93,"height":8}},{"id":"4004cac8-1b2d-48bf-af97-3142e3003633","block_type":"box","text":"NAV NAV","page_number":54,"box":{"x":336,"y":484,"width":426,"height":7}},{"id":"4ebd6c0f-76af-4263-8c2a-42f01fb632d1","block_type":"box","text":"The table below shows the remaining Fund’s maximum gross leverage ratio (calculated using the gross methodology) and the","page_number":54,"box":{"x":70,"y":509,"width":855,"height":10}},{"id":"b52f493b-6960-47d9-a26c-8a205d5a4aaf","block_type":"box","text":"Fund’s maximum net leverage ratio (calculated using the commitment approach) (each, the “Maximum Leverage”):","page_number":54,"box":{"x":71,"y":522,"width":760,"height":10}},{"id":"43b0e9c8-4ac4-4e80-9d7b-b21429013ca2","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2040 Fund","page_number":54,"box":{"x":70,"y":549,"width":358,"height":10}},{"id":"0ddd4ece-75d7-4271-9cde-6ecbcbead699","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":563,"width":262,"height":10}},{"id":"5ab86dea-545a-4840-994a-75691c8a91cb","block_type":"box","text":"0 to 10 10 to 30 30 to 45","page_number":54,"box":{"x":546,"y":563,"width":268,"height":8}},{"id":"832ac62a-9856-49be-80e5-a8fb1ad18558","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":577,"width":741,"height":10}},{"id":"59579748-d04b-47fb-bcb3-51486d7a9911","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":592,"width":741,"height":10}},{"id":"ca25994e-3a46-40ae-a0da-721fac24af04","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2060 Fund","page_number":54,"box":{"x":70,"y":616,"width":358,"height":10}},{"id":"15a3578a-1bb7-499f-bbc1-4e5c563a7e68","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":631,"width":262,"height":10}},{"id":"4e484b10-0000-49b2-88bc-334525459b62","block_type":"box","text":"0 to 10 10 to 30 30 to 45","page_number":54,"box":{"x":546,"y":631,"width":268,"height":8}},{"id":"2228e2d6-4281-4a67-aa08-99a29acdf272","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":645,"width":741,"height":10}},{"id":"a4931264-d085-4c44-a16c-f7257ac5b389","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":659,"width":741,"height":10}},{"id":"919df393-9cde-46d8-a2b5-89b586687c75","block_type":"box","text":"SSGA LDI Leveraged Conventional Gilt 2068 Fund","page_number":54,"box":{"x":70,"y":684,"width":358,"height":10}},{"id":"d55d2af9-87d3-4c55-9ce4-78f06924ca78","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":698,"width":262,"height":10}},{"id":"35e3e5f9-5c6f-4957-a2f3-3659b751181d","block_type":"box","text":"0 to 10 10 to 30 30 to 45 45+","page_number":54,"box":{"x":546,"y":698,"width":378,"height":8}},{"id":"d6ad37b2-2e95-4767-a0da-0a89a8f0a4af","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1 5:1","page_number":54,"box":{"x":71,"y":713,"width":851,"height":10}},{"id":"7494844c-4327-43cf-a2a2-27e0b1618f3d","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1 5:1","page_number":54,"box":{"x":71,"y":727,"width":851,"height":10}},{"id":"befe0157-e552-4fb8-8f39-434e5716bfee","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2032 Fund","page_number":54,"box":{"x":70,"y":752,"width":354,"height":10}},{"id":"616f9b59-5814-42e8-962f-b90a4d2dd40e","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":766,"width":262,"height":10}},{"id":"186d6be7-87ac-4cf8-80f8-46a917ba553c","block_type":"box","text":"0 to 10 10 to 20","page_number":54,"box":{"x":546,"y":766,"width":157,"height":8}},{"id":"b8232b44-0094-40e8-9e50-6c39b33ec26d","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1","page_number":54,"box":{"x":71,"y":780,"width":630,"height":10}},{"id":"6afadac8-2735-452a-a833-4f324a3a8e51","block_type":"box","text":"Maximum Net Leverage 15:1 10:1","page_number":54,"box":{"x":71,"y":794,"width":630,"height":10}},{"id":"5b636c29-ca87-4b79-805a-a001cbcb1543","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2042 Fund","page_number":54,"box":{"x":70,"y":819,"width":354,"height":10}},{"id":"e89a5453-899c-4997-91d6-445426998f1f","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":833,"width":262,"height":10}},{"id":"820e9678-06a6-4f69-a12f-00807a4689d0","block_type":"box","text":"0 to 10 10 to 20 20 to 40","page_number":54,"box":{"x":546,"y":834,"width":268,"height":7}},{"id":"4980f8a9-7989-4334-b96d-fb11384c780f","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":848,"width":741,"height":10}},{"id":"235407d8-c4fe-4634-979b-b92601e5375f","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1","page_number":54,"box":{"x":71,"y":862,"width":741,"height":10}},{"id":"83572577-0423-4d42-8f00-4ad50da2e6bc","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2055 Fund","page_number":54,"box":{"x":70,"y":887,"width":354,"height":10}},{"id":"1dc5ec07-90ab-4b0c-a8a6-d72a2039e9bc","block_type":"box","text":"Time to Target Date in number of years","page_number":54,"box":{"x":70,"y":901,"width":262,"height":10}},{"id":"66e1f07f-d54e-4369-ab41-60900bb47e14","block_type":"box","text":"0 to 10 10 to 20 20 to 40 40+","page_number":54,"box":{"x":546,"y":901,"width":378,"height":8}},{"id":"99260e12-e334-459b-9454-32059eee77cb","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1 5:1","page_number":54,"box":{"x":71,"y":915,"width":851,"height":10}},{"id":"8cb4c01b-9e7e-4990-8b0a-6172f268100f","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1 5:1","page_number":54,"box":{"x":71,"y":930,"width":851,"height":9}},{"id":"2f2c2f34-fd51-4b0e-905e-cd5ba2069cb1","block_type":"box","text":"SSGA Qualified Trust","page_number":54,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"a4f4be53-b1e8-4576-8cbf-f099d8a02c11","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":54,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"f989949e-3074-4d54-9974-c4e0a1505d5a","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":54,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"c8cd0d4a-491e-4290-b3dd-937d39af5e18","block_type":"box","text":"Appendix II","page_number":54,"box":{"x":69,"y":96,"width":81,"height":10}},{"id":"7f5c81b1-a213-4784-868d-ff0f35305b24","block_type":"box","text":"SSGA Qualified Trust 53","page_number":54,"box":{"x":826,"y":976,"width":125,"height":5}},{"id":"c24a93ce-400a-4d5f-b0f3-ca87bb6bd5a4","block_type":"box","text":"Leverage Policy (unaudited) (continued)","page_number":55,"box":{"x":71,"y":122,"width":317,"height":12}},{"id":"3283a86b-fa55-4759-afd5-3c7be4081925","block_type":"box","text":"SSGA LDI Leveraged Index Linked Gilt 2062 Fund","page_number":55,"box":{"x":70,"y":159,"width":354,"height":10}},{"id":"cae381ad-3ada-4781-b62e-179bb9595b1f","block_type":"box","text":"Time to Target Date in number of years","page_number":55,"box":{"x":70,"y":173,"width":262,"height":10}},{"id":"78ad6702-b316-4a46-8168-16c7818d018e","block_type":"box","text":"0 to 10 10 to 20 20 to 40 40+","page_number":55,"box":{"x":546,"y":173,"width":378,"height":8}},{"id":"9d227e2b-773a-4afa-92d7-71a33f3c54e5","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1 7.5:1 5:1","page_number":55,"box":{"x":71,"y":187,"width":851,"height":10}},{"id":"d2500c55-0749-4780-b02e-9885c4b29565","block_type":"box","text":"Maximum Net Leverage 15:1 10:1 7.5:1 5:1","page_number":55,"box":{"x":71,"y":202,"width":851,"height":10}},{"id":"50eb044a-1ab2-4197-baf5-dc7f9265b9bf","block_type":"box","text":"SSGA LDI Leveraged UK Inflation Rate Swap 2030 Fund","page_number":55,"box":{"x":70,"y":226,"width":398,"height":10}},{"id":"2697c55b-6dfd-44f2-a5d5-9f68cbc43a52","block_type":"box","text":"Time to Target Date in number of years","page_number":55,"box":{"x":70,"y":241,"width":262,"height":10}},{"id":"71eb9a16-74a7-4d52-ae21-fe04f356bdec","block_type":"box","text":"0 to 10 10 to 20","page_number":55,"box":{"x":546,"y":241,"width":157,"height":8}},{"id":"1001f31a-8eb7-40cc-8aeb-495466b11258","block_type":"box","text":"Maximum Gross Leverage 15:1 10:1","page_number":55,"box":{"x":71,"y":255,"width":630,"height":10}},{"id":"b7f3baa8-002e-46a2-ad16-b2d5837632d3","block_type":"box","text":"Maximum Net Leverage 15:1 10:1","page_number":55,"box":{"x":71,"y":269,"width":630,"height":10}},{"id":"ec6a35ed-1d45-4a0a-ae36-42a9c071601a","block_type":"box","text":"SSGA Qualified Trust","page_number":55,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"f6e07fa8-523c-476e-9061-b9fd8a003bd1","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":55,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"05c3b309-3087-4716-b48e-fb6a44d327d2","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":55,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"b72ab926-b4b4-4b9d-bee5-9d0795d1a451","block_type":"box","text":"Appendix II (continued)","page_number":55,"box":{"x":69,"y":96,"width":167,"height":10}},{"id":"f88a74df-84c7-42a3-bdef-aa86682e44f8","block_type":"box","text":"54 SSGA Qualified Trust","page_number":55,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"280177f6-a886-47bf-9714-0b131a286144","block_type":"box","text":"Securities Financing Transactions Regulation (unaudited)","page_number":56,"box":{"x":70,"y":136,"width":413,"height":10}},{"id":"a6279335-a7f8-494c-b090-82e55b05a1da","block_type":"box","text":"Article 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending","page_number":56,"box":{"x":69,"y":161,"width":855,"height":10}},{"id":"e16ff555-8510-4dff-a013-95b40d8cea02","block_type":"box","text":"Regulation (EU) No 648/2012, requires AIFMs to provide the following information on the use made of SFTs. The SFTs held by the","page_number":56,"box":{"x":71,"y":174,"width":854,"height":10}},{"id":"ef8ac259-b257-4a60-bd32-816180d4a9a9","block_type":"box","text":"Funds at 30 April 2026 are repurchase agreements.","page_number":56,"box":{"x":71,"y":187,"width":343,"height":10}},{"id":"5aea7fe5-ef9f-4028-a4c7-7b6ecf080465","block_type":"box","text":"Repurchase agreements","page_number":56,"box":{"x":70,"y":212,"width":174,"height":10}},{"id":"6ab82329-5dd2-4f50-b1a0-61c129fad6c7","block_type":"box","text":"Below is the fair value of assets engaged in repurchase agreements analysed by Fund and by counterparty at 30 April 2026:","page_number":56,"box":{"x":70,"y":237,"width":830,"height":10}},{"id":"d0a40a91-3825-4839-8b47-acea6909cc4d","block_type":"box","text":"State Street LDI","page_number":56,"box":{"x":341,"y":264,"width":98,"height":7}},{"id":"597848cb-dd2d-41c3-8cd9-8491f5371970","block_type":"box","text":"Leveraged","page_number":56,"box":{"x":374,"y":276,"width":65,"height":9}},{"id":"fa8bc699-c7af-44d7-917d-793474e8d4f9","block_type":"box","text":"Conventional Gilt","page_number":56,"box":{"x":330,"y":288,"width":110,"height":7}},{"id":"fd390585-66e1-4ea3-9074-b935f641de90","block_type":"box","text":"2040 Fund","page_number":56,"box":{"x":374,"y":300,"width":65,"height":7}},{"id":"505586a0-8a2e-4858-a7dc-be0228e787d0","block_type":"box","text":"State Street LDI","page_number":56,"box":{"x":492,"y":264,"width":98,"height":7}},{"id":"a515acbc-2a65-44de-9cc6-bb5fb16b87a8","block_type":"box","text":"Leveraged","page_number":56,"box":{"x":525,"y":276,"width":65,"height":9}},{"id":"0b08a453-fab6-4eb2-bec6-1e4bb08ab183","block_type":"box","text":"Conventional Gilt","page_number":56,"box":{"x":481,"y":288,"width":110,"height":7}},{"id":"0acbe3c8-abf7-4700-8da0-da07f5b0783a","block_type":"box","text":"2068 Fund","page_number":56,"box":{"x":525,"y":300,"width":65,"height":7}},{"id":"12e6d2a0-5191-4900-8058-a94763e6208d","block_type":"box","text":"GBP GBP","page_number":56,"box":{"x":412,"y":313,"width":179,"height":7}},{"id":"816dfcc1-344a-4054-915d-b86c229f2737","block_type":"box","text":"GBP £ (815,497) (2,586,613)","page_number":56,"box":{"x":70,"y":341,"width":520,"height":9}},{"id":"63029e32-2a1b-4a1c-bfbd-41ecb8afdb78","block_type":"box","text":"% of Net Assets (152.04) (60.85)","page_number":56,"box":{"x":70,"y":352,"width":520,"height":9}},{"id":"3680728f-1a2b-4c1a-bbef-89588e795179","block_type":"box","text":"Counterparty Name Credit Agricole BNP Paribas","page_number":56,"box":{"x":70,"y":362,"width":521,"height":9}},{"id":"9988abfb-5f4a-4859-817e-eaa59018632a","block_type":"box","text":"Counterparty country of establishment France United Kingdom","page_number":56,"box":{"x":70,"y":373,"width":520,"height":9}},{"id":"d5f33000-89cc-45e9-bffb-34d2a05ae957","block_type":"box","text":"GBP £ (359,233) (2,221,344)","page_number":56,"box":{"x":70,"y":402,"width":520,"height":8}},{"id":"db1d4c9c-8e21-4506-b4ae-863da077c771","block_type":"box","text":"% of Net Assets (66.98) (52.25)","page_number":56,"box":{"x":70,"y":412,"width":520,"height":9}},{"id":"bb2dd10d-875f-4a84-86be-3b06fa3fd24c","block_type":"box","text":"Counterparty Name Merrill Lynch Credit Agricole","page_number":56,"box":{"x":70,"y":423,"width":521,"height":9}},{"id":"593d2041-7b0c-425e-af93-abba416083eb","block_type":"box","text":"Counterparty country of establishment United States France","page_number":56,"box":{"x":70,"y":434,"width":521,"height":8}},{"id":"2511c391-3b27-4c34-9853-7d4571efff7d","block_type":"box","text":"GBP £ (275,433) (2,097,683)","page_number":56,"box":{"x":70,"y":462,"width":520,"height":9}},{"id":"bcbb824a-ab4f-40c0-bf8e-052d73927a66","block_type":"box","text":"% of Net Assets (51.35) (49.35)","page_number":56,"box":{"x":70,"y":473,"width":520,"height":9}},{"id":"394052be-90a4-4ae1-aca8-c59246c0b163","block_type":"box","text":"Counterparty Name","page_number":56,"box":{"x":70,"y":493,"width":117,"height":9}},{"id":"96499f29-2e4f-4c17-b055-2ffa4be5c498","block_type":"box","text":"National Australia","page_number":56,"box":{"x":336,"y":483,"width":104,"height":7}},{"id":"53070c63-0edb-4c28-aa19-20c0dac14376","block_type":"box","text":"Bank Lloyds Bank","page_number":56,"box":{"x":411,"y":493,"width":180,"height":9}},{"id":"34941f82-f64d-4c3d-b76d-47231782d900","block_type":"box","text":"Counterparty country of establishment United Kingdom United Kingdom","page_number":56,"box":{"x":70,"y":504,"width":520,"height":8}},{"id":"7dc271cb-bd07-4fb9-a045-0a0604859e95","block_type":"box","text":"The repurchase agreements held on the Funds are settled on a bi-lateral basis. 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The balance of the exposure to the","page_number":56,"box":{"x":70,"y":582,"width":855,"height":10}},{"id":"321b5bb2-16e3-4b4b-a054-728cc46a944a","block_type":"box","text":"repurchase agreements is collateralised by the non-cash and cash collateral discussed below.","page_number":56,"box":{"x":70,"y":595,"width":624,"height":10}},{"id":"18327223-5f9b-42e6-b9ba-cb99bda70e1e","block_type":"box","text":"All non-cash collateral has a credit rating of above investment grade, rated by S&P.","page_number":56,"box":{"x":69,"y":620,"width":549,"height":10}},{"id":"c276e630-64e4-413f-97dc-729bffd9f51e","block_type":"box","text":"P. The collateral is held in the same currency as","page_number":56,"box":{"x":616,"y":620,"width":309,"height":10}},{"id":"2963b13a-e8e4-4854-a276-4119ed8bcee7","block_type":"box","text":"the repurchase agreements which is GBP.","page_number":56,"box":{"x":70,"y":633,"width":274,"height":10}},{"id":"1f7993c0-4e17-4b61-8944-e3015a1e3305","block_type":"box","text":"P. 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State Street Bank and Trust acts as","page_number":57,"box":{"x":70,"y":391,"width":855,"height":10}},{"id":"7d32d006-8259-427a-89ee-3391e6750511","block_type":"box","text":"Sub-Custodian for the collateral and is responsible for the safe-keeping of the collateral received in relation to each of the total","page_number":57,"box":{"x":70,"y":404,"width":854,"height":10}},{"id":"5d9cbf3d-f863-4534-aeee-c177db8371dc","block_type":"box","text":"return swap agreement.","page_number":57,"box":{"x":70,"y":418,"width":158,"height":9}},{"id":"41ed65b6-efc7-446a-b0bf-1005fff5100d","block_type":"box","text":"SSGA Qualified Trust","page_number":57,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"131a1044-2acf-4cbf-b4e6-1b98c8f467a0","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":57,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"e340288d-a6d1-495d-95ca-d02d5fd4bdfa","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":57,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"e16163f7-14ae-4617-81e7-f8b2764266a9","block_type":"box","text":"Appendix III (continued)","page_number":57,"box":{"x":69,"y":96,"width":172,"height":10}},{"id":"ccc784d6-c006-4446-a917-6e94c17a6392","block_type":"box","text":"56 SSGA Qualified Trust","page_number":57,"box":{"x":47,"y":976,"width":126,"height":5}},{"id":"b00cc559-1ffd-4d83-ab08-36acb9b2b80a","block_type":"box","text":"SFDR and Taxonomy Regulation Disclosures (unaudited)","page_number":58,"box":{"x":70,"y":136,"width":409,"height":10}},{"id":"e6af40b6-9b2e-4faa-ad07-fbc401697a3c","block_type":"box","text":"The European Union’s (the “EU”) Sustainable Finance Disclosures Regulation (Regulation EU/2019/2088) (“SFDR”) requires the","page_number":58,"box":{"x":70,"y":160,"width":855,"height":10}},{"id":"1cee7820-1a3c-4e5e-b956-5402de42e751","block_type":"box","text":"Trust to provide transparency on how sustainability considerations are integrated into the investment process with respect to each","page_number":58,"box":{"x":70,"y":173,"width":854,"height":10}},{"id":"87442b4e-71a0-4969-b10b-79bae52e8e7d","block_type":"box","text":"of the Funds. 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Please see the Relevant Supplement for the disclosures for each Fund required under SFDR","page_number":58,"box":{"x":70,"y":251,"width":855,"height":10}},{"id":"f880186d-bf36-4c47-b902-6531c70f8f97","block_type":"box","text":"and the Taxonomy Regulation.","page_number":58,"box":{"x":70,"y":265,"width":202,"height":10}},{"id":"700b5ed3-391c-4fd8-b70b-069b5ea991b2","block_type":"box","text":"Each Fund of the Trust is categorised as an Article 6 fund under SFDR, meaning that a Fund does not promote any specific","page_number":58,"box":{"x":71,"y":289,"width":854,"height":10}},{"id":"4ff6b541-7078-4816-9394-e69c17c35bc9","block_type":"box","text":"environmental or social characteristic as part of its investment strategy nor have sustainable investment as its investment objective.","page_number":58,"box":{"x":70,"y":302,"width":854,"height":10}},{"id":"3a9cc6db-bcd7-486f-9643-6cdff117e32f","block_type":"box","text":"In addition, the investments underlying each of the Funds of the Trust do not take into account the EU criteria for environmentally","page_number":58,"box":{"x":71,"y":315,"width":854,"height":10}},{"id":"848f8414-a156-4c9c-a8a1-a0dd46213741","block_type":"box","text":"sustainable economic activities, as set out in the Taxonomy Regulation.","page_number":58,"box":{"x":70,"y":329,"width":473,"height":10}},{"id":"bf0137c5-f45f-4a80-92bd-93aec6b08993","block_type":"box","text":"SSGA Qualified Trust","page_number":58,"box":{"x":70,"y":41,"width":204,"height":12}},{"id":"5b09d4a6-5e8e-4ecd-9689-78d874e151d3","block_type":"box","text":"Annual Report and Audited Financial Statements","page_number":58,"box":{"x":69,"y":63,"width":389,"height":11}},{"id":"e8d9243d-0b61-4278-b861-8d26f7fb071a","block_type":"box","text":"for the financial year ended 30 April 2026","page_number":58,"box":{"x":69,"y":77,"width":305,"height":12}},{"id":"3486978a-0248-402a-a898-2ef4b14341a5","block_type":"box","text":"Appendix 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The","page_number":62,"box":{"x":87,"y":742,"width":824,"height":10}},{"id":"b25c0fae-e7d7-456d-8a92-e978a02d9a1e","block_type":"box","text":"LVNAV MMFs have sought and received a derogation from the Central bank of Ireland (the","page_number":62,"box":{"x":87,"y":755,"width":607,"height":10}},{"id":"6acf7b9f-b430-41af-ad0a-922f8f582c60","block_type":"box","text":"Central Bank","page_number":62,"box":{"x":705,"y":755,"width":86,"height":8}},{"id":"13bc583e-9802-4dba-8112-0b041c4e8c17","block_type":"box","text":") and accordingly","page_number":62,"box":{"x":797,"y":755,"width":115,"height":10}},{"id":"9371603e-41c5-401d-849a-27b48b869e1e","block_type":"box","text":"may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The LVNAV MMFs may invest in","page_number":62,"box":{"x":87,"y":768,"width":824,"height":10}},{"id":"f23547d8-9583-4460-b97f-891b7039977a","block_type":"box","text":"government securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit,","page_number":62,"box":{"x":87,"y":781,"width":823,"height":10}},{"id":"4e04bf38-8813-41d6-90e7-f8f3d8b74a99","block_type":"box","text":"commercial paper, notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate","page_number":62,"box":{"x":87,"y":794,"width":824,"height":10}},{"id":"58963063-c7c9-4a2d-a940-807ebdbbe27e","block_type":"box","text":"issuers, asset backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield","page_number":62,"box":{"x":87,"y":807,"width":824,"height":10}},{"id":"80bdfac7-da75-43a1-85b1-0cd655c6301a","block_type":"box","text":"basis prior to actual issuance) and any other money market instrument which is a transferable security that State Street Global","page_number":62,"box":{"x":87,"y":820,"width":824,"height":10}},{"id":"0cd3f402-38e5-40b2-a228-4f64659f491a","block_type":"box","text":"Advisors Europe Limited (the","page_number":62,"box":{"x":86,"y":833,"width":191,"height":10}},{"id":"3743c1a3-53cd-4461-860a-cbd9ef41aa8a","block_type":"box","text":"Investment Manager","page_number":62,"box":{"x":288,"y":834,"width":135,"height":9}},{"id":"ec977ad0-b251-415c-9a39-bd9446fe2b51","block_type":"box","text":") deems to be of comparable credit quality and consistent with the LVNAV","page_number":62,"box":{"x":428,"y":833,"width":484,"height":10}},{"id":"696914e2-2aac-4afe-92ea-89f6d9d98057","block_type":"box","text":"MMFs’ investment objectives and which falls within the categories specified in article 9 of the MMF Regulations. The LVNAV","page_number":62,"box":{"x":87,"y":846,"width":825,"height":10}},{"id":"a1d6e57c-9005-4cd7-968b-6baca68c2481","block_type":"box","text":"MMFs may also invest up to 10% of its assets in aggregate in CIS provided that they are Short Term MMFs.","page_number":62,"box":{"x":87,"y":860,"width":718,"height":9}},{"id":"c612cfce-2c5a-4be0-bf57-43e81af6222f","block_type":"box","text":"If the Stable NAV of an LVNAV MMF deviates from the NAV of the LVNAV MMF by more than 20 basis points any redemption","page_number":62,"box":{"x":88,"y":886,"width":823,"height":10}},{"id":"0a044c4e-ec5b-41e2-9c9c-9241f1fdec05","block_type":"box","text":"and subscription following such deviation shall be undertaken at the price equal to the NAV of the relevant Fund and not at the","page_number":62,"box":{"x":87,"y":899,"width":824,"height":10}},{"id":"cd647829-b7fd-455f-8cd0-6e007370399b","block_type":"box","text":"Stable NAV or the subscriptions and redemptions of the LVNAV MMF may be suspended.","page_number":62,"box":{"x":87,"y":912,"width":596,"height":10}},{"id":"d9bb6f88-ab59-4dd4-9bb5-0aea750d142b","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":62,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"49631b29-e86a-41a3-9c3f-b00e8baa5a3b","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":62,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"2d8337e8-9da6-47a8-b368-603b30856857","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":62,"box":{"x":586,"y":965,"width":331,"height":10}},{"id":"eb4574d7-56f3-4918-9f9a-bab96455e317","block_type":"box","text":"3","page_number":62,"box":{"x":956,"y":965,"width":7,"height":8}},{"id":"667107eb-5b8a-45d2-87bf-2748c502d55e","block_type":"box","text":"Background to the Company","page_number":63,"box":{"x":88,"y":117,"width":319,"height":15}},{"id":"1954ca05-1878-42d2-9222-9e7dd6988aff","block_type":"box","text":"(continued)","page_number":63,"box":{"x":415,"y":117,"width":126,"height":15}},{"id":"d62ed7e3-cc6c-4704-a197-db2abe957364","block_type":"box","text":"Investment Objective - LVNAV MMFs","page_number":63,"box":{"x":87,"y":149,"width":262,"height":10}},{"id":"c4604f80-9429-42b4-a601-6c7ae1770214","block_type":"box","text":"(continued)","page_number":63,"box":{"x":355,"y":149,"width":80,"height":10}},{"id":"0726a3de-59e6-4b33-8baf-9786c8c16296","block_type":"box","text":"The weighted average maturity (","page_number":63,"box":{"x":86,"y":175,"width":212,"height":10}},{"id":"254ff5fe-df60-40c8-9550-80378f223ebe","block_type":"box","text":"WAM","page_number":63,"box":{"x":304,"y":176,"width":35,"height":7}},{"id":"47f87c82-46b0-4da5-9c90-ba0ef34a84bf","block_type":"box","text":") of the investments held by the LVNAV MMFs will be 60 days or less and the weighted","page_number":63,"box":{"x":346,"y":175,"width":565,"height":10}},{"id":"1d4001af-150a-4737-a4e6-737f7ebaa449","block_type":"box","text":"average life (","page_number":63,"box":{"x":87,"y":189,"width":84,"height":10}},{"id":"1703df85-15d4-44bb-8869-1f9864aa287e","block_type":"box","text":"WAL","page_number":63,"box":{"x":177,"y":189,"width":32,"height":7}},{"id":"0152b084-4e02-4d62-bb46-5d0f4e8c0a53","block_type":"box","text":") of the investments held by the LVNAV MMFs will be 120 days or less. All investments held by the LVNAV","page_number":63,"box":{"x":215,"y":189,"width":697,"height":10}},{"id":"bd6698d3-e64e-421e-a25a-03f97dd8076b","block_type":"box","text":"MMFs will have a residual maturity of up to and including 397 days. At least 10% of the LVNAV MMFs’ assets will be daily","page_number":63,"box":{"x":87,"y":202,"width":825,"height":10}},{"id":"c7252009-8147-47f6-89e1-f3610f73a09a","block_type":"box","text":"maturing and at least 30% of the LVNAV MMFs’ assets will be weekly maturing (provided that highly liquid Government","page_number":63,"box":{"x":87,"y":215,"width":825,"height":10}},{"id":"45b25b94-b7c1-402d-a768-0e7c96ebe37f","block_type":"box","text":"Securities which can be redeemed and settled within one day and have a residual maturity of up to 190 days may be included","page_number":63,"box":{"x":87,"y":228,"width":824,"height":10}},{"id":"377b9067-94d1-4f50-8287-bd70424d2430","block_type":"box","text":"in the weekly maturing assets, up to 17.5%). As such, the LVNAV MMFs are classified as Short Term MMFs and their","page_number":63,"box":{"x":87,"y":241,"width":825,"height":10}},{"id":"f115ee01-42b9-49b2-9716-a65ada9b1ac5","block_type":"box","text":"investment objectives are designed to comply with that classification.","page_number":63,"box":{"x":87,"y":254,"width":456,"height":10}},{"id":"475e0b22-a114-4aa0-9d22-1837f2d73775","block_type":"box","text":"The LVNAV MMFs do not currently use financial derivative instruments (","page_number":63,"box":{"x":86,"y":280,"width":480,"height":10}},{"id":"599918e5-2e39-4a5a-a853-4919f4e62d52","block_type":"box","text":"FDI","page_number":63,"box":{"x":573,"y":280,"width":21,"height":8}},{"id":"9221d24a-022f-443d-9820-3fd43c8e16e1","block_type":"box","text":") and will not be leveraged.","page_number":63,"box":{"x":601,"y":280,"width":178,"height":10}},{"id":"283f6a3e-c092-4f5c-b106-feca243d979d","block_type":"box","text":"Investment Objective - Short Term VNAV MMFs","page_number":63,"box":{"x":87,"y":307,"width":338,"height":10}},{"id":"306c4b98-df5d-41d0-a8e1-641f340b5571","block_type":"box","text":"The investment objective of the Short Term Variable Net Asset Value (","page_number":63,"box":{"x":86,"y":332,"width":472,"height":10}},{"id":"2ae23a22-ec18-42d3-b929-e30fec582813","block_type":"box","text":"VNAV","page_number":63,"box":{"x":564,"y":332,"width":40,"height":8}},{"id":"4439441e-348d-4b45-87be-e1fa9ccd33dc","block_type":"box","text":") MMFs is to maintain a high level of liquidity,","page_number":63,"box":{"x":609,"y":332,"width":301,"height":10}},{"id":"45ac613d-9a95-4566-a48c-045324e2675e","block_type":"box","text":"preserve capital and provide a return in line with each Fund’s base currency money market rates.","page_number":63,"box":{"x":87,"y":345,"width":646,"height":10}},{"id":"8eabd2af-5fe9-4dd8-9936-4e805e108bfa","block_type":"box","text":"In order to achieve their investment objectives, the Short Term VNAV MMFs invest in a range of investment grade fixed and","page_number":63,"box":{"x":88,"y":371,"width":823,"height":10}},{"id":"c4087840-77a7-4831-b4b0-d9109142dd7f","block_type":"box","text":"adjustable rate money market instruments which are transferable securities and primarily denominated in each Fund’s base","page_number":63,"box":{"x":87,"y":384,"width":824,"height":10}},{"id":"7b37d3b7-dcf8-4804-831c-d729d18552bf","block_type":"box","text":"currency. The Short Term VNAV MMFs have sought and received a derogation from the Central Bank and accordingly may","page_number":63,"box":{"x":87,"y":397,"width":825,"height":10}},{"id":"3093a687-9766-4063-838c-3e70bf00b8e3","block_type":"box","text":"invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The Short Term VNAV MMFs may invest in","page_number":63,"box":{"x":87,"y":410,"width":824,"height":10}},{"id":"bd67ed2e-4ef0-48a5-8dbf-004aff944675","block_type":"box","text":"government securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit,","page_number":63,"box":{"x":87,"y":423,"width":823,"height":10}},{"id":"447fc895-1d18-45a7-bf1b-b5b2ffca5d2c","block_type":"box","text":"commercial paper, notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate","page_number":63,"box":{"x":87,"y":436,"width":824,"height":10}},{"id":"14f4960e-e417-4908-904e-fb4727730e5a","block_type":"box","text":"issuers, asset backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield","page_number":63,"box":{"x":87,"y":449,"width":824,"height":10}},{"id":"398e8843-d8b5-43d6-9db0-3136ad5ee119","block_type":"box","text":"basis prior to actual issuance) and any other money market instrument which is a transferable security that the Investment","page_number":63,"box":{"x":87,"y":462,"width":825,"height":10}},{"id":"fdb538ca-a4bf-4c71-8933-553b5e380010","block_type":"box","text":"Manager deems to be of comparable credit quality and consistent with the Short Term VNAV MMFs’ investment objectives and","page_number":63,"box":{"x":87,"y":475,"width":824,"height":10}},{"id":"985a54b9-e52b-4200-8dc8-7471cf22384a","block_type":"box","text":"which falls within the categories specified in article 9 of the MMF Regulations. The Short Term VNAV MMFs may also invest","page_number":63,"box":{"x":86,"y":488,"width":826,"height":10}},{"id":"7f6841ed-49c0-4b7a-92f9-c60e7c4886d7","block_type":"box","text":"up to 10% of its assets in aggregate in CIS provided that they are Short Term MMFs.","page_number":63,"box":{"x":87,"y":501,"width":565,"height":10}},{"id":"54843cfb-6fb7-40c6-ada6-0b8ec6488ce5","block_type":"box","text":"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","page_number":63,"box":{"x":86,"y":528,"width":825,"height":10}},{"id":"5fdd59c2-beb7-45e2-b19b-3e065d919800","block_type":"box","text":"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","page_number":63,"box":{"x":87,"y":541,"width":824,"height":10}},{"id":"934d2511-5134-4838-86da-89fa698f2e4d","block_type":"box","text":"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","page_number":63,"box":{"x":87,"y":554,"width":825,"height":10}},{"id":"8fc853e3-2a6e-4fee-b89a-57629fc3c0a7","block_type":"box","text":"15% of the Short Term VNAV MMFs’ assets will be weekly maturing (provided that money market instruments or units or shares","page_number":63,"box":{"x":88,"y":567,"width":823,"height":10}},{"id":"6733aaab-d20c-4297-9963-63463963ffcf","block_type":"box","text":"in Short Term MMFs may be included in the weekly maturing assets, up to 7.5%, provided they are able to be redeemed and","page_number":63,"box":{"x":87,"y":580,"width":824,"height":10}},{"id":"cbcf4952-50e9-4e04-ab30-cc3feeb91437","block_type":"box","text":"settled within five Business Days). As such, the Short Term VNAV MMFs are classified as Short Term MMFs and their","page_number":63,"box":{"x":87,"y":593,"width":825,"height":10}},{"id":"e68b5f92-be89-49e1-bbcb-6ae61bf15231","block_type":"box","text":"investment objectives are designed to comply with that classification.","page_number":63,"box":{"x":87,"y":606,"width":456,"height":10}},{"id":"9502b15d-2693-4ccb-9037-b258433704df","block_type":"box","text":"The Short Term VNAV MMFs do not currently use FDIs and will not be leveraged.","page_number":63,"box":{"x":86,"y":632,"width":542,"height":10}},{"id":"0a73227d-db1a-4f64-a1a3-ee533d760556","block_type":"box","text":"Investment Objective - Standard VNAV MMFs","page_number":63,"box":{"x":87,"y":659,"width":322,"height":10}},{"id":"a4ac3e5f-de8e-438a-b94a-95411828d682","block_type":"box","text":"The Standard VNAV MMFs seek to provide a return in excess of each Fund’s base currency money market rates, preserve","page_number":63,"box":{"x":86,"y":684,"width":825,"height":10}},{"id":"2a9126ec-cbfe-4223-a0d3-6b000a9721b5","block_type":"box","text":"capital and maintain a reasonable level of liquidity.","page_number":63,"box":{"x":87,"y":697,"width":333,"height":10}},{"id":"8c6c263d-46c8-43e9-810b-0f7398034bf6","block_type":"box","text":"In order to achieve their investment objectives, the Standard VNAV MMFs invest in a range of investment grade fixed and","page_number":63,"box":{"x":88,"y":723,"width":823,"height":10}},{"id":"74973593-24d5-4ff0-a17b-d0b4423a3bf6","block_type":"box","text":"adjustable rate money market instruments which are transferable securities and primarily denominated in each Fund’s base","page_number":63,"box":{"x":87,"y":736,"width":824,"height":10}},{"id":"209bfc33-b7da-4bb2-b536-95470af9b6a0","block_type":"box","text":"currency. The Standard VNAV MMFs have sought and received a derogation from the Central Bank and accordingly may invest","page_number":63,"box":{"x":87,"y":749,"width":825,"height":10}},{"id":"bdba1417-0519-4912-ada9-c13fce4d0bec","block_type":"box","text":"up to 100% of their NAV in securities issued or guaranteed by the issuers. The Standard VNAV MMFs may invest in government","page_number":63,"box":{"x":87,"y":762,"width":825,"height":10}},{"id":"89580882-29c6-480c-abf9-a4e1e760e0c7","block_type":"box","text":"securities, securities issued or guaranteed by Supranational Organisations, deposits, certificates of deposit, commercial paper,","page_number":63,"box":{"x":87,"y":775,"width":823,"height":10}},{"id":"6bc632b5-6847-407b-b569-939630231d8d","block_type":"box","text":"notes (including floating rate and medium term notes) and bonds (fixed or floating rate) issued by corporate issuers, asset","page_number":63,"box":{"x":87,"y":788,"width":825,"height":10}},{"id":"f30165f3-13cd-44de-bb32-b28a4060db8c","block_type":"box","text":"backed commercial paper, when-issued government securities (i.e. securities which are traded on a price or yield basis prior to","page_number":63,"box":{"x":87,"y":801,"width":824,"height":10}},{"id":"81fa085d-020b-4f6c-bce1-14d25c499908","block_type":"box","text":"actual issuance) and any other money market instrument which is a transferable security that the Investment Manager deems","page_number":63,"box":{"x":87,"y":814,"width":824,"height":10}},{"id":"72b37ceb-bd16-4909-bb2b-794401778694","block_type":"box","text":"to be of comparable credit quality and consistent with the Standard VNAV MMFs’ investment objectives and which falls within","page_number":63,"box":{"x":86,"y":827,"width":825,"height":10}},{"id":"62780bb8-40b4-4a7f-aecf-c5fa3dfc6a39","block_type":"box","text":"the categories specified in article 9 of the MMF Regulations. The structured notes in which the Standard VNAV MMFs may","page_number":63,"box":{"x":86,"y":841,"width":826,"height":10}},{"id":"77c36941-6ebb-495c-96b1-e51e5b63fa6d","block_type":"box","text":"invest must be freely transferable and comply with the UCITS Regulations for investment in such securities. The Standard","page_number":63,"box":{"x":87,"y":854,"width":824,"height":10}},{"id":"1e63fc3c-942e-4d17-8c73-5a837f1bdeac","block_type":"box","text":"VNAV MMFs will not invest in leveraged structured notes. The Standard VNAV MMFs may also invest up to 10% of their assets","page_number":63,"box":{"x":86,"y":867,"width":825,"height":10}},{"id":"deeecf04-e2be-4aa5-9567-8e8490a8d712","block_type":"box","text":"in aggregate in CIS provided that they are MMFs.","page_number":63,"box":{"x":87,"y":880,"width":328,"height":10}},{"id":"859b45a5-27f5-47d3-b749-2b4ed339e60f","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":63,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"b200198c-d22f-4cdf-946a-66feb3d23f0c","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":63,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"163b9909-5680-46e6-80bc-d86800e6e231","block_type":"box","text":"4","page_number":63,"box":{"x":34,"y":965,"width":8,"height":8}},{"id":"3259ea73-7711-413b-9b10-9e8d62d854a8","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":63,"box":{"x":82,"y":965,"width":330,"height":10}},{"id":"ee4a233e-8409-4a10-ba13-e795ac632636","block_type":"box","text":"Background to the Company","page_number":64,"box":{"x":88,"y":117,"width":319,"height":15}},{"id":"8f46a38a-4632-49ba-bbf0-186086cc85d2","block_type":"box","text":"(continued)","page_number":64,"box":{"x":415,"y":117,"width":126,"height":15}},{"id":"41fbdb55-c752-4201-be76-415a288322d6","block_type":"box","text":"Investment Objective - Standard VNAV MMFs","page_number":64,"box":{"x":87,"y":149,"width":322,"height":10}},{"id":"01070b7a-a83b-46ac-9997-ccd588c37a42","block_type":"box","text":"(continued)","page_number":64,"box":{"x":415,"y":149,"width":81,"height":10}},{"id":"e23d7e34-251f-418e-a262-d74ee05b7808","block_type":"box","text":"The WAM of the investments held by the Standard VNAV MMFs will be 6 months or less and the WAL of the investments held","page_number":64,"box":{"x":86,"y":175,"width":825,"height":10}},{"id":"a7da9483-a24b-4094-92fa-5ee67a7143b9","block_type":"box","text":"by the Standard VNAV MMFs will be 12 months or less. All investments held by the Standard VNAV MMFs will have a residual","page_number":64,"box":{"x":87,"y":189,"width":824,"height":10}},{"id":"38554030-2596-47ba-a246-88133ce48b3e","block_type":"box","text":"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","page_number":64,"box":{"x":87,"y":202,"width":825,"height":10}},{"id":"a0bb8be0-7d6a-404f-89f0-10b84f632a9d","block_type":"box","text":"15% of the Standard VNAV MMFs’ assets will be weekly maturing (provided that money market instruments or units or shares","page_number":64,"box":{"x":88,"y":215,"width":823,"height":10}},{"id":"77cc6559-08a3-4e41-b892-71383365a501","block_type":"box","text":"in Money Market Funds may be included in the weekly maturing assets, up to 7.5%, provided they are able to be redeemed and","page_number":64,"box":{"x":87,"y":228,"width":824,"height":10}},{"id":"7fcf79dc-087d-4a0e-a458-91f2d6ad6cc0","block_type":"box","text":"settled within five Business Days). As such, the Standard VNAV MMFs are classified as a Standard MMFs and their investment","page_number":64,"box":{"x":87,"y":241,"width":825,"height":10}},{"id":"d1a9c223-0d3a-405a-838e-17fc6c35ea4d","block_type":"box","text":"objective is designed to comply with that classification. Accordingly, the Standard VNAV MMFs may hold investments that the","page_number":64,"box":{"x":87,"y":254,"width":824,"height":10}},{"id":"d4ddeb34-cc63-49eb-8af4-58f02c062afc","block_type":"box","text":"Investment Manager has assessed as having a credit quality consistent with the investment restrictions of a Standard VNAV","page_number":64,"box":{"x":88,"y":267,"width":824,"height":10}},{"id":"a59deb83-00a7-45a7-86a1-cb47f3a2ed4f","block_type":"box","text":"MMFs.","page_number":64,"box":{"x":87,"y":280,"width":44,"height":8}},{"id":"c2de5f6f-8b1a-468d-8148-3eae1d05e28b","block_type":"box","text":"The Standard VNAV MMFs do not currently use FDIs and will not be leveraged.","page_number":64,"box":{"x":86,"y":306,"width":529,"height":10}},{"id":"967eb1f9-b831-40be-a5c4-7e2f0467d9a6","block_type":"box","text":"Investment Objective - Public debt MMFs","page_number":64,"box":{"x":87,"y":333,"width":292,"height":10}},{"id":"1aa6bb8c-9e28-4f52-b482-d8b7481b462f","block_type":"box","text":"The investment objective of the Public debt MMFs is to maintain a high level of liquidity, preserve capital and provide a return","page_number":64,"box":{"x":86,"y":358,"width":825,"height":10}},{"id":"d48e08fc-0898-44d2-9149-8a3407008b57","block_type":"box","text":"in line with US Treasury, Euro Government or UK Government money market rates.","page_number":64,"box":{"x":87,"y":371,"width":552,"height":10}},{"id":"de2afb67-ea47-44fd-8af3-9964fdc6d6c5","block_type":"box","text":"In order to achieve their investment objectives, the Public debt MMFs invest in a range of investment grade, fixed and adjustable","page_number":64,"box":{"x":88,"y":397,"width":823,"height":10}},{"id":"009d19ef-0cee-496f-8af2-98517641f9f3","block_type":"box","text":"rate instruments, issued or guaranteed as to principal and interest by the US Treasury, Euro and UK governments,","page_number":64,"box":{"x":87,"y":410,"width":823,"height":10}},{"id":"fac5adfa-2eda-4987-8638-ff897e123fcd","block_type":"box","text":"denominated in the Fund’s base currency. The Public debt MMFs have sought and received a derogation from the Central Bank","page_number":64,"box":{"x":87,"y":423,"width":825,"height":10}},{"id":"853fb95d-b3c0-4fc1-8d23-a7d8d80ecf34","block_type":"box","text":"and accordingly may invest up to 100% of their NAV in securities issued or guaranteed by the issuers. The Public debt MMFs","page_number":64,"box":{"x":87,"y":436,"width":824,"height":10}},{"id":"0fafad1c-9f71-4fc5-9cb7-60b5593155c5","block_type":"box","text":"may invest in US Treasury securities including bills, notes (including floating rate and medium term notes) and bonds (fixed or","page_number":64,"box":{"x":87,"y":449,"width":825,"height":10}},{"id":"72a40e65-6a91-44c8-b724-8d6f4481781f","block_type":"box","text":"floating rate), when-issued government securities (i.e. securities which are traded on a price or yield basis prior to actual","page_number":64,"box":{"x":86,"y":462,"width":825,"height":10}},{"id":"4e108b7d-436a-4613-af91-3256ffb6dae4","block_type":"box","text":"issuance), Euro and UK government securities, securities issued or guaranteed by Supranational Organisations and any other","page_number":64,"box":{"x":87,"y":475,"width":825,"height":10}},{"id":"fccef3a4-5030-44da-9b38-72f09e1e0f6d","block_type":"box","text":"money market instrument which is a transferable security that the Investment Manager deems to be of comparable credit","page_number":64,"box":{"x":87,"y":488,"width":825,"height":10}},{"id":"d5c93cb9-7bcd-4a0c-84d6-1bbb8260dde7","block_type":"box","text":"quality and consistent with the Public debt MMFs investment objectives and which falls within the categories specified in article","page_number":64,"box":{"x":87,"y":501,"width":824,"height":10}},{"id":"359a578a-2681-4401-b888-4743a85795f1","block_type":"box","text":"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","page_number":64,"box":{"x":87,"y":515,"width":825,"height":10}},{"id":"650f7597-4860-4b95-a1a2-8c45c909d717","block_type":"box","text":"are Public Debt MMFs.","page_number":64,"box":{"x":87,"y":528,"width":151,"height":7}},{"id":"33fb8e6b-f9fe-42db-85ef-c3546120bfe4","block_type":"box","text":"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","page_number":64,"box":{"x":86,"y":554,"width":825,"height":10}},{"id":"969b407d-e519-4016-b811-d05978b1c239","block_type":"box","text":"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","page_number":64,"box":{"x":87,"y":567,"width":824,"height":10}},{"id":"43c776a6-180b-47c5-b338-508722aca5e1","block_type":"box","text":"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","page_number":64,"box":{"x":87,"y":580,"width":825,"height":10}},{"id":"645467c7-3833-4c41-953d-1d57cd1ee012","block_type":"box","text":"MMFs assets will be weekly maturing (provided that highly liquid Government Securities which can be redeemed and settled","page_number":64,"box":{"x":87,"y":593,"width":824,"height":10}},{"id":"c1f29db8-b689-41a4-b937-3c2a1014b64c","block_type":"box","text":"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","page_number":64,"box":{"x":86,"y":606,"width":825,"height":10}},{"id":"9bcd9a59-20ca-457e-bc45-7cefe01a4e08","block_type":"box","text":"such, the Public debt MMFs are classified as Short Term MMFs and their investment objectives are designed to comply with","page_number":64,"box":{"x":87,"y":619,"width":824,"height":10}},{"id":"7cd957ee-d06a-4ad5-baee-f89b16d62561","block_type":"box","text":"that classification.","page_number":64,"box":{"x":86,"y":632,"width":119,"height":8}},{"id":"8b8b1e4d-05a5-4d12-ab25-cbb51f60fabd","block_type":"box","text":"The Public debt MMFs do not currently use FDIs and will not be leveraged.","page_number":64,"box":{"x":86,"y":658,"width":498,"height":10}},{"id":"97a8a9a6-1c3e-4435-a9ac-3ece0d2cf5f8","block_type":"box","text":"LVNAV MMFs, Short Term VNAV MMFs, Standard VNAV MMFs and Public debt MMFs","page_number":64,"box":{"x":87,"y":685,"width":613,"height":10}},{"id":"a7e0022f-6326-4dc7-a7bc-d6021ef49ef6","block_type":"box","text":"A Fund may not borrow or lend cash, save that neither (i) repurchase agreements and reverse repurchase agreements; nor","page_number":64,"box":{"x":86,"y":710,"width":826,"height":10}},{"id":"69347edc-6d88-40c7-9bdb-2b2ec41824fe","block_type":"box","text":"(ii) committed overdraft facilities constitute borrowing or lending for this purpose and which will be subject to the limitations","page_number":64,"box":{"x":87,"y":723,"width":824,"height":10}},{"id":"e851066a-66ee-4e48-bf9e-64192fdacb17","block_type":"box","text":"under the UCITS Regulations.","page_number":64,"box":{"x":87,"y":736,"width":199,"height":10}},{"id":"6db4a34d-17b0-4186-91f6-9ef263f6b234","block_type":"box","text":"Changes to the investment objective of each Fund and material changes to the investment policies of the Funds i.e. changes","page_number":64,"box":{"x":87,"y":762,"width":824,"height":10}},{"id":"eed9da35-d2e3-4f7b-b058-631f1e4f16da","block_type":"box","text":"which would significantly alter the asset type, credit quality, borrowing or leverage limits or risk profile of the Funds, will not at","page_number":64,"box":{"x":86,"y":775,"width":826,"height":10}},{"id":"ff24ebec-c6c6-47aa-8878-28e3fc12e4e7","block_type":"box","text":"any time be made without the passing of an ordinary resolution of that Fund. In the event of a change of investment objective","page_number":64,"box":{"x":87,"y":788,"width":824,"height":10}},{"id":"9c6684e7-e45f-4c40-abcf-8d837174bd72","block_type":"box","text":"and/or investment policy of a Fund, a reasonable notification period will be provided by the Company and the Company will","page_number":64,"box":{"x":87,"y":801,"width":824,"height":10}},{"id":"7143ac9c-c2e1-4a7a-9de0-9e4bd401baaf","block_type":"box","text":"provide facilities to enable Shareholders to redeem their Shares prior to implementation of these changes.","page_number":64,"box":{"x":87,"y":814,"width":706,"height":10}},{"id":"0a47d53b-87c5-4435-a9ad-0a8fde93abbd","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":64,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"6edac847-c8c6-4dab-9285-a9523b10e58d","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":64,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"4ea3459d-1112-4807-bcc1-b7448a987aa5","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":64,"box":{"x":586,"y":965,"width":330,"height":10}},{"id":"c8f25681-882b-4288-bcb7-c3f9759ec59d","block_type":"box","text":"5","page_number":64,"box":{"x":956,"y":965,"width":7,"height":8}},{"id":"9b10bf18-4fc7-45a8-b71b-e58eabed09ef","block_type":"box","text":"Background to the Company","page_number":65,"box":{"x":88,"y":117,"width":319,"height":15}},{"id":"8d6fbb28-6ee1-4136-b492-2593b5bb94dd","block_type":"box","text":"(continued)","page_number":65,"box":{"x":415,"y":117,"width":126,"height":15}},{"id":"157549cb-d2b7-4929-b749-d359e094daae","block_type":"box","text":"LVNAV MMFs, Short Term VNAV MMFs, Standard VNAV MMFs and Public debt MMFs","page_number":65,"box":{"x":87,"y":149,"width":613,"height":10}},{"id":"953cc488-e2b4-415e-816c-2d69e4c56df9","block_type":"box","text":"(continued)","page_number":65,"box":{"x":706,"y":149,"width":81,"height":10}},{"id":"b25c715a-3c19-41a1-a86e-2941598d4511","block_type":"box","text":"Finance costs - Distributions","page_number":65,"box":{"x":87,"y":176,"width":206,"height":7}},{"id":"8e0d282c-2f1e-4f99-93f0-0cdb3cdea324","block_type":"box","text":"It is the intention of the Directors to declare a dividend on each Dealing Day in respect of the distributing Share Classes out of","page_number":65,"box":{"x":88,"y":200,"width":824,"height":10}},{"id":"5d6523ff-4fa9-486b-ab99-4d58c4b2e0d3","block_type":"box","text":"a sum equal to the aggregate of the share capital, realised and unrealised gains net of realised and unrealised losses and the","page_number":65,"box":{"x":87,"y":213,"width":824,"height":10}},{"id":"2193016f-9bfb-481b-99ba-82ec692ffcd1","block_type":"box","text":"net income received by the Company (whether in the form of dividends, interest or otherwise), which will be paid monthly and","page_number":65,"box":{"x":87,"y":226,"width":824,"height":10}},{"id":"c1656091-5dd2-40bb-982d-9c044c8ffc3e","block_type":"box","text":"will, unless the Directors otherwise determine or a Shareholder elects to receive a cash payment of a dividend in the application","page_number":65,"box":{"x":86,"y":239,"width":825,"height":10}},{"id":"cef790ed-7578-4632-be11-1b50bc6a625d","block_type":"box","text":"form, be automatically reinvested in the form of additional Shares. Shareholders shall be entitled to dividends from the Dealing","page_number":65,"box":{"x":86,"y":253,"width":825,"height":10}},{"id":"618d01a7-aee8-4d8b-86c2-d89d2ea1e5dc","block_type":"box","text":"Day on which Shares are issued until the day preceding the Dealing Day on which Shares are redeemed.","page_number":65,"box":{"x":87,"y":266,"width":700,"height":10}},{"id":"27699630-ee3f-4cca-ab4a-fa72da14caf0","block_type":"box","text":"It is not the current intention of the Directors to declare dividends in respect of certain accumulating Share Classes, but rather","page_number":65,"box":{"x":88,"y":292,"width":824,"height":10}},{"id":"857cd8df-b74d-47ce-a1d7-1b1b61d081a5","block_type":"box","text":"that the sum equal to the aggregate of the share capital, realised and unrealised gains net of realised and unrealised losses","page_number":65,"box":{"x":86,"y":305,"width":825,"height":10}},{"id":"ecfae9d7-f76c-4862-9b56-2992dae7cf19","block_type":"box","text":"and the net income received by the Company (whether in the form of dividends, interest or otherwise) may be accumulated and","page_number":65,"box":{"x":87,"y":318,"width":824,"height":10}},{"id":"efb6a216-4301-4951-8711-7ecdbee46417","block_type":"box","text":"reinvested on behalf of Shareholders.","page_number":65,"box":{"x":87,"y":331,"width":251,"height":8}},{"id":"7c8b3dde-dbd7-42ec-b3b0-3cac1a3c6d49","block_type":"box","text":"Calculation of NAV","page_number":65,"box":{"x":87,"y":358,"width":135,"height":8}},{"id":"3f53e425-29d4-4b4b-9a53-7609031cd3e0","block_type":"box","text":"The NAV per redeemable participating share, for dealing purposes, shall be the value of the gross assets attributable to the","page_number":65,"box":{"x":86,"y":383,"width":825,"height":10}},{"id":"9fc35912-c358-46a1-8a1a-47dc15d023b8","block_type":"box","text":"shares less all of the liabilities attributable to such shares (including such provisions and allowances for contingencies as the","page_number":65,"box":{"x":87,"y":396,"width":824,"height":10}},{"id":"26ce1468-d1f7-4b5d-91a8-26d9c95be900","block_type":"box","text":"Administrator considers appropriate in respect of the costs and expenses payable), and dividing the remainder by the number","page_number":65,"box":{"x":86,"y":409,"width":826,"height":10}},{"id":"cd10160d-168a-4934-9aa9-c2badbc57b2c","block_type":"box","text":"of the relevant redeemable participating shares outstanding at the close of business on each Dealing Day.","page_number":65,"box":{"x":87,"y":422,"width":707,"height":10}},{"id":"febcee64-eed7-4983-994d-cbc9dd642b18","block_type":"box","text":"The NAV of each Fund is expressed in its functional currency. The calculation of the NAV of each Fund, the NAV of each class","page_number":65,"box":{"x":86,"y":448,"width":825,"height":10}},{"id":"1ba824aa-f312-4f7d-9bcb-8d84c2297b2f","block_type":"box","text":"in a Fund and the NAV per redeemable participating share is prepared as at the relevant Valuation Point. The Dealing NAV per","page_number":65,"box":{"x":87,"y":461,"width":825,"height":10}},{"id":"b5d52b04-1998-4599-9a38-3151e9f11533","block_type":"box","text":"redeemable participating share of each Fund is available at the Registered office of the Company, and in the case of the","page_number":65,"box":{"x":87,"y":474,"width":824,"height":10}},{"id":"f6d5b9a7-567f-4f95-88c5-caac768d94b9","block_type":"box","text":"Institutional Shares and the Institutional Accumulating Shares is published daily in the Financial Times and in the case of the","page_number":65,"box":{"x":88,"y":487,"width":823,"height":10}},{"id":"3ebe8945-1ba1-4857-a75e-da9333dcb5ec","block_type":"box","text":"Institutional Shares, S Shares and Institutional Accumulating Shares (for State Street EUR Liquidity LVNAV Fund, State Street","page_number":65,"box":{"x":88,"y":500,"width":824,"height":10}},{"id":"1ca5a72e-d957-49f3-a7b3-f7a2e83fde7e","block_type":"box","text":"GBP Liquidity LVNAV Fund and State Street USD Liquidity LVNAV Fund) are not published.","page_number":65,"box":{"x":87,"y":513,"width":608,"height":10}},{"id":"f76e91b2-904e-4f3c-a8aa-07bf79a11465","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":65,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"560b244e-2f23-4f06-aff9-b0a5f34931ed","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":65,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"5e4e0b3f-220f-4008-a026-8ee89b0b8c68","block_type":"box","text":"6","page_number":65,"box":{"x":35,"y":965,"width":7,"height":8}},{"id":"9d0ebfd8-b233-446f-a5af-ad2c6c4f660d","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":65,"box":{"x":82,"y":965,"width":330,"height":10}},{"id":"6f7fd611-7ff3-43e0-9fb4-ef555cf79454","block_type":"box","text":"State Street USD Liquidity LVNAV Fund","page_number":66,"box":{"x":87,"y":167,"width":282,"height":10}},{"id":"df3c93d4-a0bb-4995-8f67-382210c0747d","block_type":"box","text":"Investment Objective","page_number":66,"box":{"x":87,"y":190,"width":150,"height":10}},{"id":"b2e52c86-e4d8-499e-84ef-193e3cfb3673","block_type":"box","text":"The State Street USD Liquidity LVNAV Fund (the “Fund”) seeks to maintain a high level of liquidity, preserve capital and stability","page_number":66,"box":{"x":86,"y":215,"width":826,"height":10}},{"id":"22d8b2df-22f2-4bab-bca6-77f774d9849a","block_type":"box","text":"of principal expressed in the Fund’s Designated Currency and, consistent with those objectives, earn current income and aims","page_number":66,"box":{"x":87,"y":228,"width":824,"height":10}},{"id":"5272d000-02aa-450d-8b71-28a5ba9d2732","block_type":"box","text":"to provide a return in line with money market rates. The Fund’s benchmark is the FTSE 1Month US Treasury Bill (the “Index”).","page_number":66,"box":{"x":86,"y":241,"width":824,"height":10}},{"id":"dd89bcf3-93ae-4b14-8471-6efeebe5a9b9","block_type":"box","text":"Performance","page_number":66,"box":{"x":87,"y":263,"width":91,"height":8}},{"id":"0f9f594f-5e8f-49e1-9e25-25fd690e6638","block_type":"box","text":"For the period from 1 January to 31 December 2025 (the “Reporting Period”), the total gross return for the Fund was 4.53%, and","page_number":66,"box":{"x":87,"y":288,"width":824,"height":10}},{"id":"10f2fd43-1b2a-4039-8edb-5d4af5c2f7c5","block_type":"box","text":"the Index was 4.35%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with","page_number":66,"box":{"x":86,"y":301,"width":825,"height":10}},{"id":"8049fc69-27ce-4ec5-ba13-ee6bf7cfb900","block_type":"box","text":"its investment guidelines.","page_number":66,"box":{"x":87,"y":314,"width":165,"height":10}},{"id":"58c6ae55-f846-4836-bb8e-89e2f716266b","block_type":"box","text":"Market Summary","page_number":66,"box":{"x":87,"y":337,"width":121,"height":10}},{"id":"6f26d8f3-ff52-448f-b08d-ba7db16edbb1","block_type":"box","text":"Over the course of 2025 the Fund adhered to its primary objective of principle preservation and liquidity while generating a","page_number":66,"box":{"x":87,"y":362,"width":824,"height":10}},{"id":"fa8ff26a-778e-4b4f-942f-60b9eecda77e","block_type":"box","text":"market rate of return. Due to mixed economic data and slow-to-cool inflation, the Federal Reserve was slow to continue its rate","page_number":66,"box":{"x":87,"y":375,"width":824,"height":9}},{"id":"38997044-55d5-40c9-ab57-769343f1b330","block_type":"box","text":"cutting cycle, and short-term Treasury and spread-based strategies benefitted from yields remaining higher for longer.","page_number":66,"box":{"x":87,"y":388,"width":823,"height":10}},{"id":"57b31724-23d6-4f31-97de-a0cd93749b9b","block_type":"box","text":"Ultimately the Fed cut interest rates by a total of 75 basis points (“bps”), with rate decisions taking place in the last three","page_number":66,"box":{"x":87,"y":401,"width":824,"height":10}},{"id":"e2a52655-e641-4c4c-bfb9-51b442ea9419","block_type":"box","text":"meetings of 2025, decreasing the Fund’s one-day yield from 4.60% at the start of the year to 3.91% by year-end. Cash Fund","page_number":66,"box":{"x":87,"y":414,"width":824,"height":10}},{"id":"f74f9dad-36f2-4f2b-80c2-8c7f1fd87b2d","block_type":"box","text":"returns are expected to be dampened in 2026 compared to 2025 due to lowered interest rates.","page_number":66,"box":{"x":87,"y":427,"width":628,"height":10}},{"id":"68c979da-ec3d-48e8-909b-477492224bc4","block_type":"box","text":"Short-term yields, particularly 1-month Treasury yields, experienced headline-based fluctuations throughout the first half of","page_number":66,"box":{"x":87,"y":452,"width":825,"height":10}},{"id":"0804d17c-dff2-4a89-9c33-bfb663ae2edc","block_type":"box","text":"2025, before declining meaningfully at the commencement of the rate cutting cycle. One-month Bills started the year yielding","page_number":66,"box":{"x":87,"y":465,"width":824,"height":10}},{"id":"9505906d-01c1-4bcc-b03e-2bdbfb42cf96","block_type":"box","text":"4.28% and ended the year at 3.95%.","page_number":66,"box":{"x":86,"y":478,"width":244,"height":10}},{"id":"48ac728d-31bc-46f9-a09a-80dff16579cd","block_type":"box","text":"Investor demand for money market funds (MMFs) remained robust during this period. The attractiveness of MMFs was","page_number":66,"box":{"x":88,"y":503,"width":823,"height":10}},{"id":"07cd5c24-994f-45d5-94a7-c2fb4dbbd805","block_type":"box","text":"underscored by their competitive yields relative to other investment alternatives. As a result, MMF assets in the United States","page_number":66,"box":{"x":87,"y":516,"width":824,"height":10}},{"id":"ea1995cc-e9fb-4fd3-bd87-ced8de262871","block_type":"box","text":"reached a significant milestone, with total assets amounting to $7 trillion. This growth was driven by both retail and institutional","page_number":66,"box":{"x":87,"y":528,"width":824,"height":11}},{"id":"ea3f2107-d4ee-4cff-b213-2ca13f7cfb97","block_type":"box","text":"investors, highlighting the continued confidence in the stability and returns offered by money market instruments.","page_number":66,"box":{"x":87,"y":542,"width":748,"height":10}},{"id":"0a801548-5f90-4f15-9a4e-5fc30a35d91d","block_type":"box","text":"Fund Summary","page_number":66,"box":{"x":87,"y":564,"width":109,"height":10}},{"id":"45188022-5bdc-4a8e-bd1f-847591fafdec","block_type":"box","text":"Assets under management (AUM) ended the Reporting Period around $26.4 billion, a decrease of about $1.5 billion from the","page_number":66,"box":{"x":86,"y":589,"width":825,"height":10}},{"id":"7a876f3e-0666-45a3-a2a4-07758da92513","block_type":"box","text":"start of the reporting period. At year end, the weighted average maturity (WAM) of the Fund, measuring interest rate sensitivity,","page_number":66,"box":{"x":87,"y":602,"width":823,"height":10}},{"id":"6855e034-2eb4-4729-96f8-69e591f9c459","block_type":"box","text":"was around 45 days, an increase from 38 days at the start of the year. The weighted average life (WAL) reflecting the credit risk","page_number":66,"box":{"x":86,"y":615,"width":826,"height":10}},{"id":"0785a706-7023-4cd0-aaad-71254f502b88","block_type":"box","text":"for the Fund was 76 days, an increase from the 75 days reported at the beginning of the year. At the end of the Reporting","page_number":66,"box":{"x":86,"y":628,"width":825,"height":10}},{"id":"c9e6d565-319a-4618-9832-a29052fdf4ec","block_type":"box","text":"Period, commercial paper, certificates of deposits, and time deposits made up a combined 70% of the Fund’s holdings. Just","page_number":66,"box":{"x":87,"y":641,"width":825,"height":10}},{"id":"60de1d63-91e0-4375-a450-a3d4099f5815","block_type":"box","text":"under 65% of the Fund’s holdings had a liquidity schedule of less than three months, with 28% having overnight liquidity. 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The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with its","page_number":72,"box":{"x":86,"y":301,"width":825,"height":10}},{"id":"8e7f8ece-619c-44ea-a15b-1ca1cc87b007","block_type":"box","text":"investment guidelines.","page_number":72,"box":{"x":87,"y":314,"width":146,"height":10}},{"id":"cc9e68fc-465f-4846-a6bc-3ab5edb25810","block_type":"box","text":"Market Commentary","page_number":72,"box":{"x":87,"y":337,"width":144,"height":10}},{"id":"c3c6075a-0750-40af-9a8f-0e31a3f50441","block_type":"box","text":"In 2025, European money markets transitioned into a more normalized phase as front-end rates moved lower and liquidity","page_number":72,"box":{"x":88,"y":362,"width":824,"height":10}},{"id":"8650e98b-1aa3-4a67-8bb3-78c096337d9c","block_type":"box","text":"dynamics increasingly shaped pricing and activity. The European Central Bank cut its three key policy rates by 25 basis points","page_number":72,"box":{"x":87,"y":375,"width":824,"height":10}},{"id":"4367c342-18af-4021-a283-34f4d7011b80","block_type":"box","text":"in June, lowering the deposit facility rate to 2.00%, and subsequently held rates steady into year-end, maintaining a","page_number":72,"box":{"x":87,"y":388,"width":824,"height":10}},{"id":"dfd093fa-c6c1-4ad4-a623-16a8e17e3f23","block_type":"box","text":"data-dependent approach with policy viewed as appropriately calibrated. 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Money-market benchmarks such as","page_number":72,"box":{"x":87,"y":453,"width":491,"height":10}},{"id":"17ff660e-06ff-4d97-bf5d-0ae12a24e6d1","block_type":"box","text":"€","page_number":72,"box":{"x":583,"y":453,"width":10,"height":8}},{"id":"de785b9b-80f7-4bcd-9224-98629ca18f45","block_type":"box","text":"STR tracked policy easing closely, moving lower","page_number":72,"box":{"x":594,"y":453,"width":318,"height":10}},{"id":"4e2fb92a-beb7-4550-839c-b3aec64ba107","block_type":"box","text":"over the course of the year as the","page_number":72,"box":{"x":87,"y":466,"width":233,"height":10}},{"id":"35b4ae7c-f48c-48f7-a452-e955e4ba7363","block_type":"box","text":"€","page_number":72,"box":{"x":326,"y":466,"width":11,"height":8}},{"id":"2275593c-c681-4ee7-9364-f2c29addd7f8","block_type":"box","text":"STR deposit rate spread narrowed. Against this backdrop, market volatility remained","page_number":72,"box":{"x":338,"y":466,"width":573,"height":10}},{"id":"f8ca3156-8b0f-4d84-a62b-e960fc5280bd","block_type":"box","text":"contained, carry values were attractive, and investor focus increasingly shifted toward reinvestment risk and liquidity","page_number":72,"box":{"x":87,"y":479,"width":825,"height":10}},{"id":"2bbf2973-d78c-4ca7-b393-dfcbef7aed28","block_type":"box","text":"management as the system edged away from peak surplus reserves.","page_number":72,"box":{"x":87,"y":492,"width":459,"height":10}},{"id":"daf985e2-8db9-402d-b6a5-58c434003e78","block_type":"box","text":"Fund Summary","page_number":72,"box":{"x":87,"y":515,"width":109,"height":10}},{"id":"483d7228-898d-4b6a-a18a-fc61645dfdf2","block_type":"box","text":"Fund net assets started the year at","page_number":72,"box":{"x":87,"y":540,"width":238,"height":9}},{"id":"ca8a1e4c-0b1d-4036-96db-93ce283b1597","block_type":"box","text":"€","page_number":72,"box":{"x":330,"y":540,"width":11,"height":7}},{"id":"1ff709df-89c1-4743-8e11-0afcd68f447c","block_type":"box","text":"362 million and finished the period at","page_number":72,"box":{"x":342,"y":539,"width":250,"height":10}},{"id":"639bd348-0c04-4139-8871-34fe09d07a75","block_type":"box","text":"€","page_number":72,"box":{"x":597,"y":540,"width":11,"height":7}},{"id":"83698143-8df1-4d70-8713-9c3d0172a3bf","block_type":"box","text":"2,365 million. The weighted average maturity","page_number":72,"box":{"x":609,"y":540,"width":303,"height":9}},{"id":"bd283628-b63b-4487-a111-6cd3d98ca6e6","block_type":"box","text":"(WAM) measuring interest rate sensitivity, started the period at 39 days and finished at 64 days. Similarly, the weighted average","page_number":72,"box":{"x":87,"y":552,"width":824,"height":10}},{"id":"e5303cb6-0de2-495c-bf0b-e3cfc608cbcc","block_type":"box","text":"life (WAL) measuring credit risk started at 68 days, finishing at 115 days.","page_number":72,"box":{"x":87,"y":566,"width":482,"height":10}},{"id":"c1097541-f0c1-46f4-8c63-5cc24740aa63","block_type":"box","text":"The top positive contributors to the Fund’s performance were:","page_number":72,"box":{"x":86,"y":590,"width":446,"height":10}},{"id":"5290ad66-813e-49a7-9305-b8c78f47ec0a","block_type":"box","text":"•","page_number":72,"box":{"x":86,"y":618,"width":4,"height":3}},{"id":"cdf7d691-00a0-4142-bbd2-9a8fcb6b1374","block_type":"box","text":"Asset Backed commercial paper that contributed additional yield over securities of the same maturity 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Fund","page_number":74,"box":{"x":87,"y":167,"width":294,"height":10}},{"id":"23187726-c843-4d33-92cf-da7c24ef8421","block_type":"box","text":"Investment Objective","page_number":74,"box":{"x":87,"y":190,"width":150,"height":10}},{"id":"31d80fa3-759b-4696-919f-e2c92392f8f4","block_type":"box","text":"The State Street USD Treasury Liquidity Fund (the “Fund”) seeks to maintain a high level of liquidity, preserve capital and","page_number":74,"box":{"x":86,"y":215,"width":825,"height":10}},{"id":"ce7399ab-b979-47aa-95f7-0158e4511a9f","block_type":"box","text":"stability of principal expressed in the Fund’s Designated Currency and, consistent with those objectives, earn current income","page_number":74,"box":{"x":87,"y":228,"width":824,"height":10}},{"id":"9ac46e0c-9916-4533-9a72-726fbc6be815","block_type":"box","text":"and aims to provide a return in line with money market rates. The Fund’s benchmark is the ICE BofAML US 3 Month Treasury","page_number":74,"box":{"x":87,"y":241,"width":825,"height":10}},{"id":"d95b22e1-49c9-426f-89dc-2f6ebbadf70e","block_type":"box","text":"Bill (the “Index”).","page_number":74,"box":{"x":87,"y":254,"width":108,"height":10}},{"id":"567fcef9-e8ac-4ab9-88be-079266fd002e","block_type":"box","text":"Performance","page_number":74,"box":{"x":87,"y":276,"width":91,"height":8}},{"id":"173a61f5-2695-438a-930d-d6feaddf899d","block_type":"box","text":"For the period from 1 January to 31 December 2025 (the “Reporting Period”), the total gross return for the Fund was 4.36%, and","page_number":74,"box":{"x":87,"y":301,"width":824,"height":10}},{"id":"9068b5f9-0ccf-4f43-b9e7-960cdbf53040","block_type":"box","text":"the Index was 4.18%. The Fund tracked within expectations to the Index during the Reporting Period while keeping in line with","page_number":74,"box":{"x":86,"y":314,"width":825,"height":10}},{"id":"baa222f7-04b8-4de7-8bf4-28288a66ddc7","block_type":"box","text":"its investment guidelines.","page_number":74,"box":{"x":87,"y":327,"width":165,"height":10}},{"id":"0c1d61a8-81b5-4b74-acd8-e0d4d8effd97","block_type":"box","text":"Market Summary","page_number":74,"box":{"x":87,"y":350,"width":121,"height":10}},{"id":"b37f83fe-0ff9-425a-a9b7-7141a99dbd41","block_type":"box","text":"Over the course of 2025 the fund adhered to its primary objective of principle preservation and liquidity while generating a","page_number":74,"box":{"x":87,"y":375,"width":824,"height":10}},{"id":"70c0a55d-0050-4095-8706-c79e45c9c8a4","block_type":"box","text":"market rate of return. Due to mixed economic data and slow-to-cool inflation, the Federal Reserve was slow to continue its rate","page_number":74,"box":{"x":87,"y":388,"width":824,"height":9}},{"id":"160a3d12-3585-4196-bee1-8cbdca1cc766","block_type":"box","text":"cutting cycle, and short-term Treasury and spread-based strategies benefitted from yields remaining higher for longer.","page_number":74,"box":{"x":87,"y":401,"width":823,"height":10}},{"id":"169a30fa-8075-419e-a473-aa5f1ea5fdb1","block_type":"box","text":"Ultimately the Fed cut interest rates by a total of 75 basis points (“bps”), with rate decisions taking place in the last three","page_number":74,"box":{"x":87,"y":414,"width":824,"height":10}},{"id":"1c316ff4-8811-409a-af2f-03864312d6ec","block_type":"box","text":"meetings of 2025, decreasing the Fund’s one-day yield from 4.60% at the start of the year to 3.91% by year-end. Cash fund","page_number":74,"box":{"x":87,"y":427,"width":824,"height":10}},{"id":"96310edc-2a2e-4332-b28b-f32603469411","block_type":"box","text":"returns are expected to be dampened in 2026 compared to 2025 due to lowered interest rates.","page_number":74,"box":{"x":87,"y":440,"width":628,"height":10}},{"id":"c4e9d04f-8bc2-44c2-baf9-054366ca2b28","block_type":"box","text":"Short-term yields, particularly 1-month Treasury yields, experienced headline-based fluctuations throughout the first half of","page_number":74,"box":{"x":87,"y":465,"width":825,"height":10}},{"id":"576e4f44-13bd-4b77-a3ac-e586ce0bb3c0","block_type":"box","text":"2025, before declining meaningfully at the commencement of the rate cutting cycle. One-month Bills started the year yielding","page_number":74,"box":{"x":87,"y":478,"width":824,"height":10}},{"id":"93885197-d6a3-488f-ae22-46ede0c40b4f","block_type":"box","text":"4.28% and ended the year at 3.95%.","page_number":74,"box":{"x":86,"y":491,"width":244,"height":10}},{"id":"670e9fc7-c29d-4486-956c-b4c726ae683e","block_type":"box","text":"Investor demand for money market funds (MMFs) remained robust during this period. The attractiveness of MMFs was","page_number":74,"box":{"x":88,"y":516,"width":823,"height":10}},{"id":"aa7e81c0-b536-400b-8a76-05f2753719b0","block_type":"box","text":"underscored by their competitive yields relative to other investment alternatives. As a result, MMF assets in the United States","page_number":74,"box":{"x":87,"y":529,"width":824,"height":10}},{"id":"174ff859-7bb5-4105-9162-3bddc2046ce2","block_type":"box","text":"reached a significant milestone, with total assets amounting to $7 trillion. This growth was driven by both retail and institutional","page_number":74,"box":{"x":87,"y":541,"width":824,"height":11}},{"id":"0886d667-083d-49b2-9aab-fe7263d12286","block_type":"box","text":"investors, highlighting the continued confidence in the stability and returns offered by money market instruments.","page_number":74,"box":{"x":87,"y":555,"width":748,"height":10}},{"id":"25f95228-21e4-4054-9bc3-a9e262732796","block_type":"box","text":"Fund Summary","page_number":74,"box":{"x":87,"y":577,"width":109,"height":10}},{"id":"c5980892-ed31-46f4-a9b2-161298a3daa4","block_type":"box","text":"Assets under management (AUM) ended the Reporting Period at $4.16 billion, a decrease of $64 million from the start of the","page_number":74,"box":{"x":86,"y":602,"width":825,"height":10}},{"id":"258a2ebd-18fa-4e6f-94fc-7720ad5e9ddb","block_type":"box","text":"year. 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The Fund maintained its objectives","page_number":74,"box":{"x":86,"y":641,"width":825,"height":10}},{"id":"d2235b73-2c3c-46d2-ab0b-2c9293e5e56f","block_type":"box","text":"of liquidity and principal preservation throughout the Reporting Period.","page_number":74,"box":{"x":87,"y":654,"width":468,"height":10}},{"id":"526ddd16-3b8b-405d-9ffb-6914c4bd61b6","block_type":"box","text":"The top positive contributors to the Fund’s performance were:","page_number":74,"box":{"x":86,"y":679,"width":446,"height":10}},{"id":"47fcbb39-def1-4bd7-af2d-1653f805f8ce","block_type":"box","text":"•","page_number":74,"box":{"x":86,"y":707,"width":4,"height":3}},{"id":"d46f6272-b092-4f42-af9f-453a7d7b79e9","block_type":"box","text":"Hesitation by the Fed to cut interest rates amid strong data – the higher interest rates benefitted cash 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There was no change in the nature of the Company’s business during the financial year.","page_number":80,"box":{"x":88,"y":873,"width":637,"height":10}},{"id":"fc0f0cc5-4b34-4233-a831-135e0fdee75d","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":80,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"59921aed-cecb-40f5-883c-aeab14f116db","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":80,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"6aa24918-a8c3-41f0-849d-bff5040050f6","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":80,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"a991fdd6-dec6-4f98-9885-5d0fa976b7c2","block_type":"box","text":"21","page_number":80,"box":{"x":947,"y":965,"width":14,"height":8}},{"id":"41ca2958-3960-4911-b075-5e004d48b31f","block_type":"box","text":"Directors’ Report","page_number":81,"box":{"x":88,"y":117,"width":190,"height":15}},{"id":"cd496447-be49-4449-8968-e4dcc194232c","block_type":"box","text":"(continued)","page_number":81,"box":{"x":286,"y":117,"width":125,"height":15}},{"id":"02db5a73-a1eb-4ecf-9104-9bcc92ce80ab","block_type":"box","text":"Review of business and future developments","page_number":81,"box":{"x":87,"y":149,"width":322,"height":10}},{"id":"c074fcae-9514-4472-acef-e122519f9fe6","block_type":"box","text":"(continued)","page_number":81,"box":{"x":415,"y":149,"width":81,"height":10}},{"id":"0e56f334-7838-451c-9f82-e283ea3836bc","block_type":"box","text":"The investment objectives of the Funds are outlined in the Background to the Company. The assets under management in the","page_number":81,"box":{"x":86,"y":160,"width":825,"height":10}},{"id":"76ed0bae-1df8-44f4-8234-b9019254edee","block_type":"box","text":"Company decreased to GBP 39,138,238,205 from GBP 39,758,103,756 during the financial year. 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The Management Company is responsible for the investment","page_number":81,"box":{"x":87,"y":237,"width":825,"height":10}},{"id":"3a88b199-9143-463b-9331-7ffdf8fe5564","block_type":"box","text":"management of the assets of the Company, the administration of the Company and the implementation of the Company’s and","page_number":81,"box":{"x":87,"y":250,"width":824,"height":10}},{"id":"9bb49845-44ce-4fbf-996d-fc4088cc883c","block_type":"box","text":"Funds’ distribution and marketing policy.","page_number":81,"box":{"x":87,"y":263,"width":265,"height":10}},{"id":"ed7d797d-466e-4439-9fb3-661ec2b96468","block_type":"box","text":"Risk management objectives and policies","page_number":81,"box":{"x":87,"y":288,"width":297,"height":10}},{"id":"ef4ea01f-40cc-4b25-b687-98ed1352df15","block_type":"box","text":"The main risks arising from the Company’s financial instruments are market risk, interest risk, liquidity risk and credit risk. Non","page_number":81,"box":{"x":86,"y":301,"width":825,"height":10}},{"id":"646284f1-475a-40af-9139-d5af1eaebc60","block_type":"box","text":"financial risks would include management risk, market disruption/geopolitical risk, commodities risk, concentration risk and","page_number":81,"box":{"x":86,"y":314,"width":825,"height":10}},{"id":"485d3ae3-728f-425f-89b6-b1c236f95c60","block_type":"box","text":"conflicts of interest risk. For further information on risk management objectives and policies, please see Note 12 of these","page_number":81,"box":{"x":87,"y":327,"width":824,"height":10}},{"id":"94c7ed5d-3e0c-4580-ad52-a30863cc24a4","block_type":"box","text":"financial statements and the Prospectus and Supplements of the Company.","page_number":81,"box":{"x":86,"y":340,"width":503,"height":10}},{"id":"322c000b-cde4-4433-a16b-63e7715c9137","block_type":"box","text":"Corporate Governance Statement","page_number":81,"box":{"x":87,"y":365,"width":240,"height":10}},{"id":"eb74f4ec-9ac7-4d03-8378-d4c590a5ccc0","block_type":"box","text":"General Principles","page_number":81,"box":{"x":87,"y":390,"width":131,"height":10}},{"id":"db0f4b29-54c9-409d-b64f-5b1aa5cda74a","block_type":"box","text":"The Company is required to comply with the requirements of the Companies Act 2014 (the “Companies Act”) and UCITS","page_number":81,"box":{"x":86,"y":403,"width":825,"height":10}},{"id":"1656a5c1-145c-4b8c-9359-40f036513f83","block_type":"box","text":"Regulations, as applicable to the Company.","page_number":81,"box":{"x":87,"y":416,"width":287,"height":10}},{"id":"021fa03d-62fd-4005-87a3-a8a2a07bc724","block_type":"box","text":"The Company is subject to corporate governance practices imposed by:","page_number":81,"box":{"x":86,"y":442,"width":478,"height":10}},{"id":"7d87c86f-f0e9-45dd-ad93-cd649384a2af","block_type":"box","text":"The Companies Act 2014 which is available for inspection at the registered office of the Company and may also be obtained","page_number":81,"box":{"x":86,"y":455,"width":825,"height":10}},{"id":"9f72116f-bf13-4ecd-b2d9-93605af65ead","block_type":"box","text":"at","page_number":81,"box":{"x":87,"y":469,"width":12,"height":7}},{"id":"7b31f502-4e25-425a-bb88-f7b9f3450403","block_type":"box","text":"http://www.irishstatutebook.ie","page_number":81,"box":{"x":104,"y":468,"width":193,"height":10}},{"id":"213435ad-f6f3-45e7-bdce-d25ef3dc0c54","block_type":"box","text":";","page_number":81,"box":{"x":299,"y":471,"width":2,"height":7}},{"id":"d0bf19d5-9b3e-4379-a3e4-e5dddd605af6","block_type":"box","text":"The Articles of Association of the Company which are available for inspection at the registered office of the Company and at","page_number":81,"box":{"x":86,"y":492,"width":826,"height":10}},{"id":"3bfbb48c-9977-414c-a517-28c7b7379bbd","block_type":"box","text":"the Companies Registration Office in Ireland; and","page_number":81,"box":{"x":86,"y":505,"width":329,"height":10}},{"id":"9900d7ae-2855-42da-8d95-545493119077","block_type":"box","text":"The Central Bank UCITS Regulations and Guidance which can be obtained from the Central Bank’s website at","page_number":81,"box":{"x":86,"y":529,"width":826,"height":10}},{"id":"f33ed0ed-1ba5-4287-9302-2a7a3284c61f","block_type":"box","text":"https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits","page_number":81,"box":{"x":87,"y":542,"width":482,"height":10}},{"id":"bead5d2b-7d3e-4e5b-8b8c-0573222d6505","block_type":"box","text":"and are available for inspection at the registered","page_number":81,"box":{"x":577,"y":542,"width":334,"height":10}},{"id":"d1c52648-7528-415e-9896-88d197dbd8c6","block_type":"box","text":"office of the Company.","page_number":81,"box":{"x":87,"y":555,"width":149,"height":10}},{"id":"a61855eb-7446-4dae-ac87-db10cdb24a33","block_type":"box","text":"On 27 November 2012, the Board of Directors (the “Board”) voluntarily adopted the IF Code for Irish domiciled collective","page_number":81,"box":{"x":87,"y":581,"width":824,"height":10}},{"id":"2c7a87b9-69bc-48f2-a86a-fcbba64b13cb","block_type":"box","text":"investment schemes, as the Company’s corporate governance code effective from 1 January 2013.","page_number":81,"box":{"x":87,"y":594,"width":658,"height":10}},{"id":"621e86b8-2c4d-4c55-8526-f74cd5ce8882","block_type":"box","text":"Dealings with Shareholders","page_number":81,"box":{"x":87,"y":619,"width":197,"height":10}},{"id":"ead03d9c-6266-4164-b656-cd1f2b01b4da","block_type":"box","text":"The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the","page_number":81,"box":{"x":86,"y":632,"width":825,"height":10}},{"id":"16f605c8-2306-4d8a-9279-007d6acc5eba","block_type":"box","text":"Companies Act. 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On a poll, every holder of participating shares present, in person or by proxy, is entitled to one vote in","page_number":81,"box":{"x":87,"y":841,"width":824,"height":10}},{"id":"867db2a8-caed-4b2f-88ac-4483a63c4f13","block_type":"box","text":"respect of each share held by him, and every holder of non-participating shares is entitled to one vote in respect of all","page_number":81,"box":{"x":87,"y":854,"width":824,"height":10}},{"id":"18c1e041-9b6a-400b-92d0-3399389eb270","block_type":"box","text":"non-participating shares held by him. At any general meeting of the Company, a resolution put to the vote of the meeting is","page_number":81,"box":{"x":87,"y":867,"width":824,"height":10}},{"id":"9afcc0cf-1fe2-46d6-bdb4-4ad37d0426c2","block_type":"box","text":"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","page_number":81,"box":{"x":87,"y":880,"width":825,"height":10}},{"id":"5bd457cd-1e1b-4b1f-8f15-f4570ffd6003","block_type":"box","text":"the chairman of the general meeting, or by at least five members or shareholders present, in person or by proxy, having the","page_number":81,"box":{"x":86,"y":893,"width":825,"height":10}},{"id":"02e9d107-5950-46b3-b0e3-d04ba4e2cbfc","block_type":"box","text":"right to vote at such meeting, or any holder or holders of participating shares present, in person or by proxy, representing at","page_number":81,"box":{"x":87,"y":906,"width":825,"height":10}},{"id":"662c12db-6c86-4dc6-96e8-c4ab872d29e4","block_type":"box","text":"least one tenth of the shares in issue having the right to vote at such meeting.","page_number":81,"box":{"x":87,"y":919,"width":517,"height":10}},{"id":"d0c8e09d-c769-4f80-b414-2b08aed1ff0e","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":81,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"bb3a8066-5677-49d1-b463-35ecfc1da4d8","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":81,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"79f490b6-fce0-48e5-8044-43a1f17df4bf","block_type":"box","text":"22","page_number":81,"box":{"x":35,"y":965,"width":15,"height":8}},{"id":"0ed77bf9-5e9c-4b6f-b5cd-e3992f10d99c","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":81,"box":{"x":90,"y":965,"width":331,"height":10}},{"id":"d39b0565-48c0-4d8d-a409-68b75497ed4d","block_type":"box","text":"Directors’ Report","page_number":82,"box":{"x":88,"y":117,"width":190,"height":15}},{"id":"069e4538-68db-49ec-b516-a78b6c6ee19d","block_type":"box","text":"(continued)","page_number":82,"box":{"x":286,"y":117,"width":125,"height":15}},{"id":"8ee8165f-4e22-46c9-a027-e8ed47ad6923","block_type":"box","text":"Corporate Governance Statement","page_number":82,"box":{"x":87,"y":149,"width":240,"height":10}},{"id":"9b69e5fd-81b8-4365-8e36-8e5159798cb5","block_type":"box","text":"(continued)","page_number":82,"box":{"x":332,"y":149,"width":81,"height":10}},{"id":"fc2e3739-56b2-476d-b441-21b49986b68d","block_type":"box","text":"Dealings with Shareholders","page_number":82,"box":{"x":87,"y":175,"width":197,"height":10}},{"id":"f20bb69c-4098-424d-86e9-a8e7862afcf3","block_type":"box","text":"(continued)","page_number":82,"box":{"x":289,"y":175,"width":81,"height":10}},{"id":"4979456d-2e7d-45c7-a54b-809bb4890774","block_type":"box","text":"Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. Alternatively, a","page_number":82,"box":{"x":87,"y":189,"width":824,"height":10}},{"id":"31704500-96e7-484c-bd9b-a75d88efd9c8","block_type":"box","text":"resolution in writing signed by all of the shareholders and holders of non-participating shares for the time being entitled to","page_number":82,"box":{"x":87,"y":202,"width":824,"height":10}},{"id":"cc7471ae-9640-406a-9839-28f383e53abe","block_type":"box","text":"attend and vote on such resolution at a general meeting of the Company, will be valid and effective for all purposes as if the","page_number":82,"box":{"x":87,"y":215,"width":824,"height":10}},{"id":"10cf6da7-0b97-4a84-8749-20f200232d32","block_type":"box","text":"resolution had been passed at a general meeting of the Company duly convened and held. An ordinary resolution of the","page_number":82,"box":{"x":87,"y":228,"width":824,"height":10}},{"id":"17383ed6-5bc5-4acf-9515-ecdffa182ff6","block_type":"box","text":"Company (or of the shareholders of a particular fund or class of shares) requires a simple majority of the votes cast by the","page_number":82,"box":{"x":87,"y":241,"width":824,"height":10}},{"id":"29ecbb68-262f-425d-873b-f496e4e68f91","block_type":"box","text":"shareholders voting, in person or by proxy, at the meeting at which the resolution is proposed. A special resolution of the","page_number":82,"box":{"x":87,"y":254,"width":824,"height":10}},{"id":"73b202a1-6688-4a86-a03e-41b6579674e3","block_type":"box","text":"Company (or of the shareholders of a particular fund or class of shares) requires a majority of not less than 75% of","page_number":82,"box":{"x":87,"y":267,"width":825,"height":10}},{"id":"c07e4087-26f5-482d-8f1b-290387bc8584","block_type":"box","text":"shareholders present, in person or by proxy, and voting in general meeting in order to pass a special resolution including a","page_number":82,"box":{"x":87,"y":280,"width":824,"height":10}},{"id":"d6853393-1712-4cc2-a437-fed1933ced8e","block_type":"box","text":"resolution to amend the Articles of Association.","page_number":82,"box":{"x":87,"y":293,"width":315,"height":8}},{"id":"0b41423d-4e1e-423a-aa91-d886af167c6a","block_type":"box","text":"Board composition and activities","page_number":82,"box":{"x":87,"y":318,"width":236,"height":10}},{"id":"8b35f7a2-719b-4589-bcd9-438fe5eefada","block_type":"box","text":"In accordance with the Companies Act and the Articles of Association, unless otherwise determined by an ordinary","page_number":82,"box":{"x":88,"y":331,"width":824,"height":10}},{"id":"84934b94-d794-4d0e-bb1d-b9d528a2ff3e","block_type":"box","text":"resolution of the Company in general meeting, the number of Directors may not be less than two nor more than twelve.","page_number":82,"box":{"x":87,"y":344,"width":823,"height":10}},{"id":"f28ec17b-c00f-4fe5-abc3-dc3a30e3ee6a","block_type":"box","text":"Currently the Board is comprised of three non-executive Directors, two of whom are independent. Details of the current","page_number":82,"box":{"x":87,"y":357,"width":825,"height":10}},{"id":"a041d278-1b88-41d4-a168-c657b7b28fce","block_type":"box","text":"Directors are set out below, under the heading “Directors”.","page_number":82,"box":{"x":87,"y":370,"width":385,"height":10}},{"id":"3754740e-f8f8-4e59-a8ff-fa92758db740","block_type":"box","text":"The business of the Company is managed by the Directors, who exercise all such powers of the Company as set out by the","page_number":82,"box":{"x":86,"y":396,"width":825,"height":10}},{"id":"575a7367-8ba2-4e85-b68d-0e3a3726b219","block_type":"box","text":"Companies Act or by the Articles of Association of the Company required to be exercised by the Company in general","page_number":82,"box":{"x":87,"y":409,"width":824,"height":10}},{"id":"b75ff025-c700-4b13-b0d2-11f96d6175fb","block_type":"box","text":"meeting.","page_number":82,"box":{"x":87,"y":422,"width":55,"height":10}},{"id":"26350874-f7d4-4252-9190-18ca4adbab82","block_type":"box","text":"The Board is responsible for the Company’s overall direction and strategy and to this end it reserves the decision making","page_number":82,"box":{"x":86,"y":448,"width":825,"height":10}},{"id":"26165266-fb77-4624-b7cf-fb84dbc13827","block_type":"box","text":"power on issues such as the determination of medium and long term goals, review of managerial performance,","page_number":82,"box":{"x":87,"y":461,"width":823,"height":10}},{"id":"62b6dced-bead-4307-b00a-83e0cea2ed6a","block_type":"box","text":"organisational structure and capital needs and commitments to achieve the Company’s strategic goals. To achieve these","page_number":82,"box":{"x":87,"y":474,"width":824,"height":10}},{"id":"0a908629-cc1e-44c8-84a3-b4486a103002","block_type":"box","text":"responsibilities, the Board meets four times a year to review the operations of the Company, address matters of strategic","page_number":82,"box":{"x":87,"y":487,"width":825,"height":10}},{"id":"43173a30-f970-4b0f-b939-9acde1c0c974","block_type":"box","text":"importance and to receive reports from the Administrator, Depositary and the Investment Manager. However, a Director may,","page_number":82,"box":{"x":87,"y":500,"width":823,"height":10}},{"id":"4d653e87-8584-495b-b0a4-68fbffa85ba1","block_type":"box","text":"and the company secretary on the requisition of a Director will, at any time summon a meeting of the Directors. Ad hoc","page_number":82,"box":{"x":87,"y":513,"width":825,"height":10}},{"id":"0397c5a7-7b57-4adc-b880-2d2f232c38c4","block_type":"box","text":"meetings, in addition to the four meetings, are convened as required.","page_number":82,"box":{"x":87,"y":526,"width":456,"height":10}},{"id":"2dbb8cfc-65db-451b-8589-0ec9075d3e16","block_type":"box","text":"Questions arising at any meeting of the Directors are determined by the Chairman. In the case of an equality of votes, the","page_number":82,"box":{"x":87,"y":552,"width":824,"height":10}},{"id":"dbdd491a-9c98-4158-80ac-ece2f8d297a3","block_type":"box","text":"Chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a","page_number":82,"box":{"x":87,"y":566,"width":824,"height":9}},{"id":"3c877765-3860-4b4b-96c6-6c2866674f79","block_type":"box","text":"second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two.","page_number":82,"box":{"x":87,"y":579,"width":760,"height":10}},{"id":"b3c0329c-c94d-4e00-9185-99ee9e6530e5","block_type":"box","text":"Directors’ Compliance Statement","page_number":82,"box":{"x":87,"y":603,"width":236,"height":10}},{"id":"e7e978cb-6aaf-4bf3-9fea-e056191dfdd1","block_type":"box","text":"In accordance with Section 225 of the Companies Act 2014, the Directors:","page_number":82,"box":{"x":88,"y":616,"width":493,"height":10}},{"id":"5925d1f1-40be-4dd7-bfa5-7be1a43849f0","block_type":"box","text":"(a) acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations; and","page_number":82,"box":{"x":87,"y":640,"width":784,"height":10}},{"id":"72cfe5d3-0620-4002-bc7e-9db94a9ed4e6","block_type":"box","text":"(b) confirm that:","page_number":82,"box":{"x":87,"y":664,"width":124,"height":10}},{"id":"14e4ecbb-b49e-4454-9c09-77b88dc5a761","block_type":"box","text":"i) A compliance policy statement has been prepared setting out the Company’s policies (that, in the Directors’","page_number":82,"box":{"x":132,"y":688,"width":779,"height":10}},{"id":"a8a1f38c-09e8-410f-a5a2-dfd29424c736","block_type":"box","text":"opinion, are appropriate to the Company) for ensuring compliance by the company with its relevant obligations;","page_number":82,"box":{"x":173,"y":701,"width":737,"height":10}},{"id":"56fa096d-11ba-4c1f-9d6f-98acd267cb45","block_type":"box","text":"ii) An adequate structure is in place, that in the Directors’ opinion, is designed to secure material compliance with the","page_number":82,"box":{"x":132,"y":714,"width":779,"height":10}},{"id":"ddd84a03-7d29-4a6b-8c95-568e0d849bc4","block_type":"box","text":"Company’s relevant obligations; and","page_number":82,"box":{"x":173,"y":727,"width":241,"height":10}},{"id":"5dc74bae-3b49-4367-841f-fcbf81dd2f23","block_type":"box","text":"iii) An annual review procedure has been put in place to review the Company’s relevant obligations and ensure a","page_number":82,"box":{"x":132,"y":740,"width":779,"height":10}},{"id":"02f48bf4-a724-4dd0-b621-52dd27ad94ab","block_type":"box","text":"structure is in place to comply with these obligations.","page_number":82,"box":{"x":173,"y":753,"width":350,"height":10}},{"id":"1d6dc45f-34a8-4b83-9c9e-bd48a2c5de2f","block_type":"box","text":"Results and dividends","page_number":82,"box":{"x":87,"y":778,"width":159,"height":8}},{"id":"53eb8247-ec27-47f5-8587-07a6d110f193","block_type":"box","text":"The results and dividends for the financial year are set out in the Statement of Comprehensive Income.","page_number":82,"box":{"x":86,"y":791,"width":685,"height":10}},{"id":"617b8ae8-2a72-4b10-86ae-2487e5a292c9","block_type":"box","text":"Events during the financial year","page_number":82,"box":{"x":87,"y":816,"width":228,"height":10}},{"id":"b6c5d347-343a-4828-bf9b-46a156c2cbc5","block_type":"box","text":"Please refer to Note 21 in the notes to the financial statements.","page_number":82,"box":{"x":87,"y":829,"width":419,"height":8}},{"id":"6039cd0f-5570-460d-ad48-a8eb54eefe92","block_type":"box","text":"Events since the financial year end","page_number":82,"box":{"x":87,"y":854,"width":249,"height":10}},{"id":"fa90f309-42d5-4a90-b956-09f33d220653","block_type":"box","text":"Please refer to Note 22 in the notes to the financial statements.","page_number":82,"box":{"x":87,"y":867,"width":419,"height":8}},{"id":"bf152d5a-b15e-453c-ac80-f970b0cf537f","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":82,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"af0d4197-66ee-429d-a3b7-b8c4e0297b61","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":82,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"b0c5e385-584c-4c3c-af83-c094077b8a18","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":82,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"6f701134-04a2-4b8e-8638-37cb0f5ad191","block_type":"box","text":"23","page_number":82,"box":{"x":947,"y":965,"width":16,"height":8}},{"id":"930b91e9-ca8f-45ac-9c6f-d3bdf021bd4c","block_type":"box","text":"Directors’ Report","page_number":83,"box":{"x":88,"y":117,"width":190,"height":15}},{"id":"64328364-dcd1-4b22-bf0b-19af02a1dbb1","block_type":"box","text":"(continued)","page_number":83,"box":{"x":286,"y":117,"width":125,"height":15}},{"id":"8aa90d8f-e0fb-450e-b1d0-1585eede418d","block_type":"box","text":"Directors","page_number":83,"box":{"x":88,"y":150,"width":64,"height":7}},{"id":"dfa229c6-2bf3-48de-8960-e20faf9cdbe3","block_type":"box","text":"The names of the persons who were Directors at any time during the financial year ended 31 December 2025 are set out below.","page_number":83,"box":{"x":87,"y":162,"width":823,"height":10}},{"id":"aa5381b7-e8e7-4155-909e-57204a933bfa","block_type":"box","text":"Unless otherwise indicated, they served for the entire financial year:","page_number":83,"box":{"x":88,"y":175,"width":449,"height":11}},{"id":"946ebe65-1c5d-4272-9496-11c9adc0fbb8","block_type":"box","text":"Barbara Healy* (Irish)","page_number":83,"box":{"x":87,"y":200,"width":143,"height":10}},{"id":"3c68af97-6711-48dc-b9b0-d30fed8cad2e","block_type":"box","text":"Rebecca Bridger (British)","page_number":83,"box":{"x":88,"y":213,"width":166,"height":11}},{"id":"ffaee59a-2f41-4422-865a-34ae18ae8f93","block_type":"box","text":"Tom Coghlan* (Irish)","page_number":83,"box":{"x":87,"y":226,"width":136,"height":10}},{"id":"ac24b23f-9d63-46fa-9ff9-0e653133b771","block_type":"box","text":"*Independent Director. All other Directors are not independent Directors.","page_number":83,"box":{"x":87,"y":252,"width":478,"height":10}},{"id":"64694874-2378-44ef-b48b-1de202313c6d","block_type":"box","text":"All of the Directors are non-executive Directors.","page_number":83,"box":{"x":86,"y":267,"width":315,"height":8}},{"id":"989506ff-8836-4a63-9387-5b4502a856b8","block_type":"box","text":"The Directors’ fees for the independent Directors during the financial year were GBP 99,455 (31 December 2024: GBP","page_number":83,"box":{"x":87,"y":294,"width":824,"height":10}},{"id":"1a457bfe-d3c1-4a74-8a97-84ce7c21a1e3","block_type":"box","text":"126,741), the amount payable to the Directors at financial year end was GBP 49,872 (31 December 2024: GBP 67,440).","page_number":83,"box":{"x":88,"y":307,"width":797,"height":10}},{"id":"0d493cc3-c1b8-466a-af58-8c8c2e3335b8","block_type":"box","text":"Directors’ and Secretary’s Interests","page_number":83,"box":{"x":88,"y":332,"width":252,"height":10}},{"id":"cd7a53a2-2d11-4641-bc5e-f9ff60f75441","block_type":"box","text":"The Board is not aware of any shareholding in the Company by any Director or secretary during the financial year ended","page_number":83,"box":{"x":87,"y":345,"width":823,"height":10}},{"id":"9c56abea-9662-4390-863f-4949c6b47522","block_type":"box","text":"31 December 2025 or 31 December 2024.","page_number":83,"box":{"x":87,"y":358,"width":281,"height":8}},{"id":"3dfe9550-134c-4932-bbff-a5e13e7f3ba3","block_type":"box","text":"Political donations","page_number":83,"box":{"x":88,"y":383,"width":132,"height":8}},{"id":"254f8837-69c8-4b4e-b9db-2aa8fd588213","block_type":"box","text":"There were no political donations made during the financial year ended 31 December 2025 or 31 December 2024.","page_number":83,"box":{"x":87,"y":396,"width":758,"height":10}},{"id":"98b2ed8c-9b26-4a8d-bf2d-ace1a2016084","block_type":"box","text":"Independent Auditors","page_number":83,"box":{"x":87,"y":421,"width":155,"height":10}},{"id":"5a73d316-ff0f-4bc0-96e1-7520d191b7b2","block_type":"box","text":"The auditors, PricewaterhouseCoopers, have indicated their willingness to continue in office in accordance with Section 382(2)","page_number":83,"box":{"x":87,"y":434,"width":824,"height":10}},{"id":"d0666a9c-694b-4019-989a-015dcf951eb8","block_type":"box","text":"of the Companies Act 2014.","page_number":83,"box":{"x":87,"y":447,"width":186,"height":10}},{"id":"98100d28-f83d-4043-88c9-244af373bc33","block_type":"box","text":"Audit Committee","page_number":83,"box":{"x":86,"y":472,"width":121,"height":8}},{"id":"8af78af6-64a8-46d1-91a7-c98a70ccbb52","block_type":"box","text":"In accordance with Section 167 of Companies Act 2014, the Board of Directors of the Company has considered the","page_number":83,"box":{"x":88,"y":485,"width":823,"height":10}},{"id":"30aa6c85-9604-4452-a2d0-1c2df1eccbbe","block_type":"box","text":"requirement to establish an Audit Committee. Having regard to the nature, scale, and complexity of the Company’s current","page_number":83,"box":{"x":87,"y":498,"width":824,"height":10}},{"id":"5cb00207-2bab-4cd2-90f4-43998d0b1500","block_type":"box","text":"operations, the Board has determined that it is not necessary to establish a separate Audit Committee at this time. The Board","page_number":83,"box":{"x":87,"y":511,"width":824,"height":10}},{"id":"c93f641c-3968-4fd8-a9d4-80210521e881","block_type":"box","text":"is satisfied that the existing governance framework provides effective oversight of the Company’s financial reporting process,","page_number":83,"box":{"x":87,"y":524,"width":823,"height":10}},{"id":"7b92e744-b83f-42ec-a6b0-3eaeb7e1c64d","block_type":"box","text":"internal controls, risk management systems, and audit functions. These responsibilities are undertaken directly by the full","page_number":83,"box":{"x":87,"y":537,"width":823,"height":10}},{"id":"7e1949a4-192f-4532-a90b-a5b8874fcda2","block_type":"box","text":"Board, which includes directors with relevant financial and accounting expertise. The Board will continue to review this position","page_number":83,"box":{"x":87,"y":550,"width":823,"height":10}},{"id":"e348610b-ff32-4904-9691-6a6edf1455a9","block_type":"box","text":"on a periodic basis to ensure that the Company’s governance arrangements remain appropriate and in compliance with","page_number":83,"box":{"x":87,"y":563,"width":823,"height":10}},{"id":"979d25f0-5470-4b83-9103-9ca7369b0569","block_type":"box","text":"applicable legislation.","page_number":83,"box":{"x":87,"y":576,"width":142,"height":10}},{"id":"f7303244-bd67-48d0-b87b-2c39545545be","block_type":"box","text":"The Company had previously established an Audit Committee on 26 February 1998, comprising Barbara Healy and Tom","page_number":83,"box":{"x":87,"y":602,"width":824,"height":10}},{"id":"a505b9b0-2b3f-4094-a82a-40c4ac975156","block_type":"box","text":"Coghlan. The committee met at least once annually in line with the reporting and audit cycle and oversaw financial reporting,","page_number":83,"box":{"x":87,"y":615,"width":823,"height":10}},{"id":"ec0454ad-dcec-47f6-89b8-40631e44c0e1","block_type":"box","text":"the external audit process, and related reporting responsibilities. 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(outflow)/inflow from financing activities (889,443,709) (2,746,891,878) (191,250,130) (62,419,120) 1,956,714,956 (135,826,257)","page_number":100,"box":{"x":401,"y":0,"width":10,"height":908}},{"id":"0f3bcb25-f717-45df-abec-b9bd568a0ea2","block_type":"box","text":"Net increase/(decrease) in cash and cash equivalents 324,760,920 285,923,182 254,411 508,578 (916) 127,318,783","page_number":100,"box":{"x":422,"y":0,"width":10,"height":908}},{"id":"0fd4a881-35b4-4d8a-803c-c4420a422406","block_type":"box","text":"Cash and cash equivalents at the start of the financial year 859,058,372 463,725,851 148,000,227 179,582,062 976 204,934,807","page_number":100,"box":{"x":444,"y":0,"width":10,"height":909}},{"id":"bc718d0f-e4b6-4a7e-8361-4179b6b50ced","block_type":"box","text":"Unrealised movement on foreign exchange (37,370,953) - - - - -","page_number":100,"box":{"x":469,"y":0,"width":10,"height":908}},{"id":"73297594-9b94-4e31-ace2-e54c5c673127","block_type":"box","text":"Cash and cash 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for:","page_number":102,"box":{"x":232,"y":809,"width":10,"height":101}},{"id":"0fd02149-4257-47fe-9afe-93b825f4c04d","block_type":"box","text":"Distributions to redeemable participating Shareholders 1,688,489,401 1,385,870,854 300,816,339 192,391,670 - 167,120,007","page_number":102,"box":{"x":243,"y":0,"width":10,"height":908}},{"id":"98e64eb0-614d-46ec-b5bf-192e9de4b93e","block_type":"box","text":"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) (1,5","page_number":102,"box":{"x":268,"y":0,"width":10,"height":909}},{"id":"f60b02dc-eb5c-4402-ae0b-bde08f8767e9","block_type":"box","text":"35,898,022)","page_number":102,"box":{"x":268,"y":0,"width":10,"height":0}},{"id":"f0fea2dc-fd33-44df-bb96-ceb997b603f1","block_type":"box","text":"Movement in receivables 4,330,671 18,894,951 (3,439,134) (6,514,329) (949,549) (649,738)","page_number":102,"box":{"x":279,"y":0,"width":10,"height":909}},{"id":"a5d99d0a-6aaa-4aa1-8b31-4e628039350d","block_type":"box","text":"Movement in payables 2,251,648 1,664,889 536,309 (210,812) 123,789 455,146","page_number":102,"box":{"x":290,"y":0,"width":10,"height":909}},{"id":"e9be1cc7-6927-44f0-a099-5c5d733684e3","block_type":"box","text":"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) (1,368,972,50","page_number":102,"box":{"x":316,"y":0,"width":10,"height":908}},{"id":"7accf780-c035-4632-8ab9-3b4fc8bbd18d","block_type":"box","text":"7)","page_number":102,"box":{"x":316,"y":0,"width":10,"height":0}},{"id":"57f08052-f191-4fc8-9ad8-e0b826e9fad5","block_type":"box","text":"Cash flows from financing activities","page_number":102,"box":{"x":342,"y":653,"width":10,"height":256}},{"id":"3b7504df-07e5-4736-8aef-3dedbcb425e7","block_type":"box","text":"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","page_number":102,"box":{"x":353,"y":0,"width":10,"height":909}},{"id":"ffc228ee-ab46-4add-9270-0f9a239409fe","block_type":"box","text":",256","page_number":102,"box":{"x":353,"y":0,"width":9,"height":0}},{"id":"cfeea72a-2787-46b6-a9e9-1ab77f247bcd","block_type":"box","text":"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","page_number":102,"box":{"x":364,"y":0,"width":10,"height":909}},{"id":"1b946522-63e5-4998-b6b6-5de3cb0ccdc4","block_type":"box","text":",880,334,124)","page_number":102,"box":{"x":364,"y":0,"width":10,"height":0}},{"id":"b446ddb1-9925-4d5d-8f9b-750514bf293b","block_type":"box","text":"Distributions to redeemable participating Shareholders (418,135,242) (388,960,283) (51,611,911) (51,606,369) - (22,928,502)","page_number":102,"box":{"x":375,"y":0,"width":10,"height":908}},{"id":"3192d5b9-74c0-4684-86ec-928f9bb0d679","block_type":"box","text":"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","page_number":102,"box":{"x":401,"y":0,"width":10,"height":908}},{"id":"dc38b8b4-7eb1-462b-a7cf-24c26fa4a381","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (39,726,436) 14,896,358 (33,165,202) (100,418,110) 723 50,201,123","page_number":102,"box":{"x":422,"y":0,"width":10,"height":908}},{"id":"e3f4dd11-b297-41eb-98fd-f49948ab5400","block_type":"box","text":"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","page_number":102,"box":{"x":444,"y":0,"width":10,"height":909}},{"id":"55210e9e-df8e-4b19-b9d0-10de41a3ebb8","block_type":"box","text":"Unrealised movement on foreign exchange 1,533,760 - - - - 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The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no","page_number":105,"box":{"x":120,"y":232,"width":791,"height":10}},{"id":"92315728-1069-4e7b-98de-b85fe22abe40","block_type":"box","text":"judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying","page_number":105,"box":{"x":119,"y":245,"width":792,"height":10}},{"id":"f40d0a88-644f-4579-8395-91c7ccdcba43","block_type":"box","text":"amounts of assets and liabilities within the next financial year.","page_number":105,"box":{"x":120,"y":257,"width":408,"height":10}},{"id":"30b3494d-cefb-451a-9006-013e1a40de04","block_type":"box","text":"The Investment Manager and Administrator have an agreed documented pricing policy in place which sets out the","page_number":105,"box":{"x":120,"y":282,"width":791,"height":10}},{"id":"385cefb6-4870-4d4a-87e5-18bead6e7e13","block_type":"box","text":"policies, sources and approach to the pricing methodologies.","page_number":105,"box":{"x":121,"y":294,"width":402,"height":10}},{"id":"05b1f7a7-1324-46e9-a7ab-5bcc587acd8e","block_type":"box","text":"a) Foreign Currency","page_number":105,"box":{"x":120,"y":318,"width":150,"height":10}},{"id":"162784e5-a989-4df9-bc33-1a777c3e7a67","block_type":"box","text":"Functional and presentational currency","page_number":105,"box":{"x":146,"y":342,"width":260,"height":10}},{"id":"9c98a4cd-b818-4810-92c4-814a3c4c9566","block_type":"box","text":"The financial statements of the Funds are prepared using the functional currency which reflects its primary economic","page_number":105,"box":{"x":145,"y":365,"width":767,"height":10}},{"id":"523eace2-10ef-4147-a634-9db3e3ea3ff1","block_type":"box","text":"environment. 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Company totals are presented in GBP,","page_number":105,"box":{"x":146,"y":427,"width":310,"height":10}},{"id":"eab8df86-80bd-47fa-802a-db33b8ae90c3","block_type":"box","text":"P, which reflects the fact that the Company’s investor base is largely","page_number":105,"box":{"x":454,"y":427,"width":458,"height":10}},{"id":"959303e8-46f5-43c0-bfd9-dc1abb3391b7","block_type":"box","text":"located in the United Kingdom.","page_number":105,"box":{"x":146,"y":439,"width":203,"height":10}},{"id":"8f12e1fa-a7c6-47d9-8145-fe24a1e833f0","block_type":"box","text":"Transactions in other currencies have been translated at the rate of exchange ruling at the date of the transaction.","page_number":105,"box":{"x":145,"y":464,"width":765,"height":10}},{"id":"6bb9276a-ae2b-48ca-8475-7dbd456b086a","block_type":"box","text":"Assets and liabilities have been translated at the rate of exchange ruling at the financial year end. 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The effective interest method is a method of calculating the amortised cost of a financial asset or","page_number":105,"box":{"x":146,"y":809,"width":766,"height":10}},{"id":"6c0daf80-7e6d-4e4d-8421-fe2cc47fe1a5","block_type":"box","text":"financial liability and of allocating the interest income over the relevant financial period. The effective interest rate is","page_number":105,"box":{"x":145,"y":822,"width":766,"height":10}},{"id":"c5cb1963-15c1-42c7-a9d5-668ac5502cc6","block_type":"box","text":"the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial","page_number":105,"box":{"x":145,"y":834,"width":766,"height":10}},{"id":"61ab1b7a-79f1-45f9-aaff-affb10cfd00d","block_type":"box","text":"instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability.","page_number":105,"box":{"x":146,"y":846,"width":764,"height":10}},{"id":"a2c2c8ce-7ee0-4c74-979f-6adf507d658a","block_type":"box","text":"When calculating the effective interest rate, the Funds estimate cash flows considering all contractual terms of the","page_number":105,"box":{"x":145,"y":859,"width":766,"height":10}},{"id":"1e5687cf-beea-44f8-ab5f-df9d0a8effe6","block_type":"box","text":"financial instrument but does not consider future credit loss. Dividend income is recognised in the Statement of","page_number":105,"box":{"x":145,"y":871,"width":767,"height":10}},{"id":"4813f424-d8f7-4b75-aa89-b2e7d44d5de3","block_type":"box","text":"Comprehensive Income in the line called Income from financial assets at fair value.","page_number":105,"box":{"x":146,"y":884,"width":550,"height":10}},{"id":"ebc6e869-b0db-43cc-a6f2-abcf86ea0e64","block_type":"box","text":"Discounts and premiums on purchases of fixed income securities are amortised over the life of the investment, on an","page_number":105,"box":{"x":146,"y":908,"width":765,"height":10}},{"id":"a1abce48-2e3b-48b5-b355-6dcff8c920ac","block_type":"box","text":"effective interest basis.","page_number":105,"box":{"x":145,"y":921,"width":151,"height":7}},{"id":"1c5bf13a-74bf-49d4-961e-24c851fd95d2","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":105,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"5eb2ee04-ed5f-4b80-aab9-50cdf223bf3f","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":105,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"212e4fd2-5a4e-4f0e-a71b-04ea9d1a8cf7","block_type":"box","text":"Notes to the financial statements","page_number":105,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"c6bf3a2e-ddf3-467e-8140-26116ecb5993","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":105,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"4a668e68-6827-4223-a154-3ec845ad2056","block_type":"box","text":"(continued)","page_number":105,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"7e17abbf-b164-4e86-9945-f509fb871dc1","block_type":"box","text":"46","page_number":105,"box":{"x":34,"y":965,"width":16,"height":8}},{"id":"38f7ee34-d293-4ea7-b234-2f953ed853c6","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":105,"box":{"x":90,"y":965,"width":331,"height":10}},{"id":"80fb3923-5873-4937-a40c-21c12f8c7ace","block_type":"box","text":"1. Material Accounting Policies","page_number":106,"box":{"x":88,"y":167,"width":282,"height":12}},{"id":"f18fa6f5-c4b4-4b6a-bf06-3bdf8442c963","block_type":"box","text":"(continued)","page_number":106,"box":{"x":377,"y":167,"width":99,"height":12}},{"id":"384d1b8c-5dde-45b0-a596-22d3cf74cf1b","block_type":"box","text":"d) Expenses","page_number":106,"box":{"x":120,"y":194,"width":95,"height":10}},{"id":"6384c3da-fe5e-43bc-b6f3-49b32f441f05","block_type":"box","text":"Each Fund shall pay all of its expenses and such proportion of the Company’s expenses as is allocated to that Fund.","page_number":106,"box":{"x":146,"y":218,"width":764,"height":10}},{"id":"2351d598-abe3-46d0-b5c1-b0f2afa821b7","block_type":"box","text":"All expenses are recognised in the Statement of Comprehensive Income on an accruals basis. For further detail,","page_number":106,"box":{"x":145,"y":231,"width":765,"height":10}},{"id":"d12c998f-506c-4022-a656-3d960bd1d7eb","block_type":"box","text":"please refer to Note 8.","page_number":106,"box":{"x":146,"y":243,"width":147,"height":10}},{"id":"2f066ebb-0f25-41e7-b9da-2ad7caa148de","block_type":"box","text":"e) Financial Assets at fair value through Profit or Loss","page_number":106,"box":{"x":120,"y":267,"width":395,"height":10}},{"id":"b2a7c82e-0008-4c92-90e8-128baf65a40e","block_type":"box","text":"i) Classification","page_number":106,"box":{"x":121,"y":291,"width":112,"height":10}},{"id":"31282a51-f3be-49d9-b059-75e9c1fde496","block_type":"box","text":"The Company classifies its investments based on both the Company’s business model for managing those financial","page_number":106,"box":{"x":145,"y":316,"width":766,"height":10}},{"id":"cb6ee558-70c5-4ff1-a03c-444916fb038a","block_type":"box","text":"assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is","page_number":106,"box":{"x":145,"y":328,"width":766,"height":10}},{"id":"44d4d4dc-4955-4083-b876-5de7a20cd194","block_type":"box","text":"managed and performance is evaluated on a fair value basis. The Company is primarily focused on fair value","page_number":106,"box":{"x":146,"y":341,"width":765,"height":10}},{"id":"35fe7f86-9f50-4ae7-8152-546f172e407b","block_type":"box","text":"information and uses that information to assess the assets’ performance and to make decisions. The Company has","page_number":106,"box":{"x":146,"y":353,"width":765,"height":10}},{"id":"42f9f5b4-cc01-439b-8894-5d9a48cccd8b","block_type":"box","text":"not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income.","page_number":106,"box":{"x":146,"y":366,"width":764,"height":10}},{"id":"d1c12a5f-01f5-493f-a2a3-eb5ab6d28b82","block_type":"box","text":"The contractual cash flows of the Company’s debt securities are solely principal and interest, however, these","page_number":106,"box":{"x":145,"y":378,"width":766,"height":10}},{"id":"a2278550-1407-4651-aeb2-afe9c3a8b262","block_type":"box","text":"securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual","page_number":106,"box":{"x":145,"y":391,"width":766,"height":10}},{"id":"cfa9751e-6efa-4e80-bc94-5cb9693f0498","block_type":"box","text":"cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Company’s","page_number":106,"box":{"x":145,"y":403,"width":766,"height":10}},{"id":"25400aa1-334a-4316-a256-e7e4ded12eb0","block_type":"box","text":"business model’s objective. Consequently, all investments are measured at fair value through profit or loss.","page_number":106,"box":{"x":146,"y":416,"width":707,"height":10}},{"id":"92f7f323-7261-4ebd-8330-95b88c16c09e","block_type":"box","text":"ii) Recognition, derecognition and measurement","page_number":106,"box":{"x":121,"y":440,"width":328,"height":10}},{"id":"bcf3990b-bc59-4734-a441-3a5f104f0c71","block_type":"box","text":"Regular purchases and sales of investments are recognised on the trade date - the date on which the Company","page_number":106,"box":{"x":146,"y":465,"width":766,"height":10}},{"id":"2fc02bf4-21e4-4b9b-829d-96b0a44fa53e","block_type":"box","text":"contracts to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss","page_number":106,"box":{"x":145,"y":477,"width":766,"height":10}},{"id":"87af4370-f41d-4e75-abf8-d18a1f0899f3","block_type":"box","text":"are initially recognised at fair value. Transaction costs are expensed as incurred in the Statement of Comprehensive","page_number":106,"box":{"x":145,"y":490,"width":766,"height":10}},{"id":"63e8d1d5-db79-43d5-8d45-911784f9459b","block_type":"box","text":"Income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired","page_number":106,"box":{"x":146,"y":502,"width":765,"height":10}},{"id":"f620d655-0a0b-4e5d-85df-b313b49e0e45","block_type":"box","text":"or the Company has transferred substantially all risks and rewards of ownership.","page_number":106,"box":{"x":145,"y":515,"width":535,"height":10}},{"id":"0ce817b8-6ac8-4a97-9dd1-756a3d88836b","block_type":"box","text":"iii) Subsequent measurement","page_number":106,"box":{"x":121,"y":539,"width":201,"height":10}},{"id":"a0d7457f-7b48-4c6d-9b81-1f7ffc982b0c","block_type":"box","text":"Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are","page_number":106,"box":{"x":146,"y":564,"width":765,"height":10}},{"id":"926d2a2b-2f98-4173-a3a6-1a8d32ba98d7","block_type":"box","text":"measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financial","page_number":106,"box":{"x":146,"y":576,"width":765,"height":10}},{"id":"10018a04-eee0-4181-ba3d-bf5659cdc5c4","block_type":"box","text":"liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income within","page_number":106,"box":{"x":146,"y":589,"width":765,"height":10}},{"id":"b24521c2-3328-4f34-a7de-4a3b66d240e6","block_type":"box","text":"’net movement on unrealised loss on financial assets at fair value’ in the year in which they arise.","page_number":106,"box":{"x":146,"y":601,"width":642,"height":10}},{"id":"2bcaa81f-779e-4cff-ae12-4b9dfed0dc58","block_type":"box","text":"iv) Impairment","page_number":106,"box":{"x":121,"y":625,"width":100,"height":10}},{"id":"a81cbc61-095d-4e95-83f8-bc97967380dd","block_type":"box","text":"IFRS 9 requires an impairment assessment to be carried out on its financial assets. Management has assessed that","page_number":106,"box":{"x":146,"y":650,"width":766,"height":10}},{"id":"097880ad-b5e9-4566-8467-91e069f360bb","block_type":"box","text":"impairment does not apply to financial assets classified as fair value through profit or loss. For the financial assets and","page_number":106,"box":{"x":146,"y":663,"width":765,"height":10}},{"id":"5fcdb455-9c47-45c7-bd89-cd18528b2ea0","block_type":"box","text":"liabilities measured at amortised cost, the Company measures credit risk and expected credit loss using probability of","page_number":106,"box":{"x":146,"y":675,"width":766,"height":10}},{"id":"183c879b-0966-4f71-bc6f-f4947bebae09","block_type":"box","text":"default, exposure at default and loss given default. Management considers historical analysis and forward-looking","page_number":106,"box":{"x":145,"y":688,"width":766,"height":10}},{"id":"0b8ba0bd-ecec-48f3-a435-dd8754a74e85","block_type":"box","text":"information in determining any expected credit loss. As at 31 December 2025 and 31 December 2024, Management","page_number":106,"box":{"x":146,"y":700,"width":766,"height":10}},{"id":"3bb08ed9-af6f-401e-a3dd-04c76c0d0c70","block_type":"box","text":"has determined the probability of default on financial assets carried at amortised cost to be low, as they are short-term","page_number":106,"box":{"x":146,"y":713,"width":765,"height":10}},{"id":"3e95926f-91b0-4d36-bb21-c837293b1505","block_type":"box","text":"in nature, and accordingly no loss allowance has been recognised based on the 12-month expected credit loss as any","page_number":106,"box":{"x":146,"y":725,"width":766,"height":10}},{"id":"93c82ca8-25fb-40c3-a283-e9ce44bbef6a","block_type":"box","text":"such impairment would be insignificant.","page_number":106,"box":{"x":145,"y":737,"width":262,"height":10}},{"id":"2314c5b9-a7d1-40ff-b878-191a66e16de1","block_type":"box","text":"v) Valuation of Investments at fair value","page_number":106,"box":{"x":120,"y":762,"width":272,"height":10}},{"id":"ef2d230f-62c7-4d78-8f71-d322810220b9","block_type":"box","text":"Money Market Instruments","page_number":106,"box":{"x":146,"y":787,"width":177,"height":10}},{"id":"48918e45-c79b-4b03-bdbb-f1fd934b58b5","block_type":"box","text":"All financial instruments in the Schedule of Investments have been designated at fair value through profit or loss.","page_number":106,"box":{"x":145,"y":809,"width":765,"height":10}},{"id":"8bff6f9b-4829-485c-bf65-1549190ea1b9","block_type":"box","text":"Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value","page_number":106,"box":{"x":146,"y":822,"width":765,"height":10}},{"id":"d82595c6-dcd8-4c51-bd18-e7043fc98f3f","block_type":"box","text":"with changes in their value recognised in the Statement of Comprehensive Income.","page_number":106,"box":{"x":145,"y":834,"width":554,"height":10}},{"id":"63bd7dbf-29cf-4539-98e5-cb24fd0c3da8","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":106,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"1b9677ff-552d-40b1-b904-efc5dfca7a04","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":106,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"46b50e65-2e36-4750-b446-da93fd05a6af","block_type":"box","text":"Notes to the financial statements","page_number":106,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"2a16c428-8daf-420f-8ffb-b487836be6d9","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":106,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"23248871-3f0f-4b4e-8443-76b6b70bdefc","block_type":"box","text":"(continued)","page_number":106,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"34411579-48d5-4c94-89ab-d77ff832a6e0","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":106,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"17be158f-5d38-4b25-937f-61da3a80f43e","block_type":"box","text":"47","page_number":106,"box":{"x":947,"y":965,"width":16,"height":8}},{"id":"5cb650b1-25e4-4885-bd95-e5830f4de8c1","block_type":"box","text":"1. Material Accounting Policies","page_number":107,"box":{"x":88,"y":167,"width":282,"height":12}},{"id":"605c0ca1-0274-4b14-92f8-28e74c803286","block_type":"box","text":"(continued)","page_number":107,"box":{"x":377,"y":167,"width":99,"height":12}},{"id":"aa8494ec-01b2-46fc-92a3-f1ec5d694033","block_type":"box","text":"e) Financial Assets at fair value through Profit or Loss","page_number":107,"box":{"x":120,"y":192,"width":395,"height":10}},{"id":"de8d8b2d-f6f7-46f5-a88b-1be98ae3f1ca","block_type":"box","text":"(continued)","page_number":107,"box":{"x":521,"y":192,"width":80,"height":10}},{"id":"84c89844-52ce-4935-af91-63ba2a19da56","block_type":"box","text":"v) Valuation of Investments at fair value","page_number":107,"box":{"x":120,"y":215,"width":272,"height":10}},{"id":"39f45c15-8123-42b9-bd24-54cf27c19c85","block_type":"box","text":"(continued)","page_number":107,"box":{"x":398,"y":215,"width":74,"height":10}},{"id":"b868a368-e0f1-427e-8db3-b4b1f7b226a0","block_type":"box","text":"Money Market Instruments","page_number":107,"box":{"x":146,"y":238,"width":177,"height":10}},{"id":"b4ad682b-e958-40f8-80ec-ae5aa31d44c7","block_type":"box","text":"(continued)","page_number":107,"box":{"x":329,"y":238,"width":73,"height":10}},{"id":"b4dcd720-a284-4c80-92a3-c1cd9a41f6ac","block_type":"box","text":"In accordance with the Prospectus, the LVNAV MMFs’ and Public debt MMFs’ investments are valued using the","page_number":107,"box":{"x":146,"y":262,"width":765,"height":10}},{"id":"b0714150-8bc3-483e-994a-291884c0693b","block_type":"box","text":"amortised cost method of valuation for the purposes of determining the redemption value of the redeemable","page_number":107,"box":{"x":145,"y":274,"width":766,"height":10}},{"id":"7622693f-3a09-4300-9171-c437d98e31b7","block_type":"box","text":"participating shares in respect of investments whose residual maturity is less than 75 days and whose amortised cost","page_number":107,"box":{"x":146,"y":287,"width":766,"height":10}},{"id":"bacd8693-1b41-4a8f-914a-c628cca0c2f1","block_type":"box","text":"NAV per share is within 20 basis points of the mark-to-market NAV per share.When calculating the Stable NAV per","page_number":107,"box":{"x":146,"y":299,"width":766,"height":10}},{"id":"b49c1459-8f8a-4201-98a0-bdd5b28227f4","block_type":"box","text":"Share of the LVNAV MMF’s, the amortised cost method is used, in accordance with the Central Bank’s requirements","page_number":107,"box":{"x":146,"y":312,"width":765,"height":10}},{"id":"40b80b2f-f054-42c8-9b28-ad5bbc29846c","block_type":"box","text":"and Article 29 of the MMF’s Regulations, in respect of investments whose residual maturity is less than 75 days and","page_number":107,"box":{"x":145,"y":324,"width":766,"height":10}},{"id":"c190d718-f871-4e62-8708-4c62276e0cea","block_type":"box","text":"whose mark-to-market value is within 10 basis points of the amortised cost value. All other investment shall be valued","page_number":107,"box":{"x":145,"y":337,"width":766,"height":10}},{"id":"a4114ff7-a30c-46d8-8a38-c843bbd73897","block_type":"box","text":"using the mark-to-market method. Under the amortised cost method, all investments purchased at a discount or","page_number":107,"box":{"x":146,"y":349,"width":766,"height":10}},{"id":"d1f3c6b2-673d-47ab-abe4-08fe39267cf6","block_type":"box","text":"premium are valued by accreting or amortising the difference between the original purchase price and the expected","page_number":107,"box":{"x":146,"y":362,"width":765,"height":10}},{"id":"ad7c324e-1eba-42a1-bb3d-d0bfa4e1de21","block_type":"box","text":"maturity value of the investment, as an adjustment to interest income.","page_number":107,"box":{"x":146,"y":374,"width":462,"height":10}},{"id":"7ba1452a-d019-4c65-8a80-c78d47314f4b","block_type":"box","text":"The Standard VNAV MMFs’ investments are measured in accordance with IFRS 13 Fair Value Measurement. The fair","page_number":107,"box":{"x":145,"y":398,"width":767,"height":8}},{"id":"fb848113-63db-419f-ab3d-c908f0fb830d","block_type":"box","text":"value of financial assets and financial liabilities traded in active markets (such as publicly traded derivatives and","page_number":107,"box":{"x":145,"y":411,"width":766,"height":10}},{"id":"d58f738e-7bc4-48ac-9acd-308e12db2c9f","block_type":"box","text":"trading securities) are based on quoted market prices at the Statement of Financial Position date, as detailed in the","page_number":107,"box":{"x":145,"y":423,"width":766,"height":10}},{"id":"d5a0d04f-f78f-4983-898a-0f1522428bf4","block_type":"box","text":"Company’s Prospectus and Funds’ Supplements. The quoted market price used for financial assets and financial","page_number":107,"box":{"x":146,"y":436,"width":765,"height":10}},{"id":"275cb5e6-6cb6-43b1-9ca2-62b6af3aacba","block_type":"box","text":"liabilities held by the Funds are based on a price within the bid ask spread that is most representative of fair value.","page_number":107,"box":{"x":146,"y":448,"width":759,"height":10}},{"id":"13e32b1a-bf34-4ac8-87d8-b653d2fd6356","block_type":"box","text":"The value of any investment which is not normally quoted, listed or traded on or under the rules of a recognised market","page_number":107,"box":{"x":145,"y":472,"width":767,"height":10}},{"id":"ddb8dcc9-d3a0-4531-878c-1ffc932452ce","block_type":"box","text":"will be valued at its probable realisation value estimated with care and in good faith by the Directors in consultation","page_number":107,"box":{"x":145,"y":485,"width":766,"height":10}},{"id":"89885750-15bc-48ba-bd4f-3615d21a39cf","block_type":"box","text":"with the Administrator or by a competent person, firm or corporation appointed by the Directors and approved for such","page_number":107,"box":{"x":145,"y":497,"width":766,"height":10}},{"id":"b38c23cb-1ed1-4c72-add9-25431c458d5d","block_type":"box","text":"purpose by the Depositary.","page_number":107,"box":{"x":146,"y":510,"width":176,"height":10}},{"id":"ba66e12d-b45b-4ae0-a1a7-54118b29c210","block_type":"box","text":"Collective Investment Schemes","page_number":107,"box":{"x":146,"y":534,"width":207,"height":8}},{"id":"35d91d97-f819-4aa2-b2d8-08485bd9bd19","block_type":"box","text":"Investments in open-ended investment funds are valued on the basis of the latest available unaudited NAV per unit or","page_number":107,"box":{"x":146,"y":557,"width":766,"height":9}},{"id":"3102d69e-019e-4eee-9e9a-09a83047cbbc","block_type":"box","text":"share. If a price is unavailable, or in the opinion of the Administrator unrepresentative of fair market value, the value","page_number":107,"box":{"x":145,"y":569,"width":766,"height":10}},{"id":"30cd2894-87d4-476c-ba92-10c2fed184b1","block_type":"box","text":"shall be calculated with care and in good faith by the Investment Manager, on the basis of the probable realisable value","page_number":107,"box":{"x":145,"y":582,"width":766,"height":10}},{"id":"128148ba-7387-46b9-b1bd-f23c525589de","block_type":"box","text":"for such assets as at the close of business.","page_number":107,"box":{"x":145,"y":594,"width":288,"height":8}},{"id":"f4f3fe67-6a24-4254-81fd-9ec9a8056b87","block_type":"box","text":"Reverse Repurchase Agreements","page_number":107,"box":{"x":146,"y":618,"width":225,"height":10}},{"id":"03e78e34-128e-4706-a655-abcab96267eb","block_type":"box","text":"Each Fund may utilise reverse repurchase agreements for efficient portfolio management purposes. Under a Reverse","page_number":107,"box":{"x":146,"y":641,"width":765,"height":10}},{"id":"4eabaac8-68a4-40d1-8fd4-e2a3bb91914a","block_type":"box","text":"Repurchase Agreement, securities are purchased by the Company with the agreement to sell back to the","page_number":107,"box":{"x":146,"y":653,"width":765,"height":10}},{"id":"81778225-b6b4-4438-aa0e-504a688bac7e","block_type":"box","text":"counterparty at a specified future date and are transferred to a third-party agent responsible for the administration of","page_number":107,"box":{"x":145,"y":666,"width":767,"height":10}},{"id":"45c4f3c2-ca66-450a-ad1c-ebc1e3a5f66f","block_type":"box","text":"the transaction.","page_number":107,"box":{"x":145,"y":678,"width":102,"height":8}},{"id":"3f7397fd-26e0-411c-b072-39882d07c39a","block_type":"box","text":"The securities purchased and held by the third-party agent represent, for the Company, collateral against counterparty","page_number":107,"box":{"x":145,"y":702,"width":767,"height":10}},{"id":"9fefbbbc-47d8-46de-b30c-2eaf2bf76e31","block_type":"box","text":"risk arising from the transaction. The difference between the purchase price paid by the Company and the repurchase","page_number":107,"box":{"x":146,"y":715,"width":765,"height":10}},{"id":"d636f244-5ee9-4fe7-b950-97279d6ea3a9","block_type":"box","text":"price received at the termination of the transaction is effectively the return on the loan made to the counterparty. The","page_number":107,"box":{"x":146,"y":727,"width":765,"height":10}},{"id":"a84fdfc2-875e-4011-9176-a226da626d4c","block_type":"box","text":"resale price is greater than the purchase price, reflecting an agreed-upon rate which is effective for the period of time","page_number":107,"box":{"x":146,"y":740,"width":765,"height":10}},{"id":"343c3498-6bbb-4e44-9cdb-d40028554f11","block_type":"box","text":"the investor’s money is invested in the security and which is not related to the coupon rate on the purchased security.","page_number":107,"box":{"x":145,"y":752,"width":765,"height":10}},{"id":"b7bb6657-d3d2-4464-b6c7-246389822114","block_type":"box","text":"Reverse repurchase agreements permit the Funds to remain fully invested pending the purchase of appropriate","page_number":107,"box":{"x":146,"y":765,"width":765,"height":10}},{"id":"e518a470-3334-4bb2-b42e-40b3670b1789","block_type":"box","text":"longer term investments. The Funds will enter into reverse repurchase agreements only with financial institutions","page_number":107,"box":{"x":146,"y":777,"width":765,"height":10}},{"id":"6e142015-f4e1-4baf-b119-5b974cf008f5","block_type":"box","text":"deemed to be creditworthy by the Investment Manager.","page_number":107,"box":{"x":145,"y":790,"width":365,"height":10}},{"id":"7c50aa07-7f1c-4f4f-8319-016027c57936","block_type":"box","text":"During the term of any reverse repurchase agreement, the creditworthiness of the buyer will be monitored by the","page_number":107,"box":{"x":146,"y":814,"width":765,"height":10}},{"id":"ec21e095-9c03-4424-ba42-69558abf4241","block_type":"box","text":"Investment Manager to ensure that the buyer has a minimum credit rating of A1 from a Nationally Recognised","page_number":107,"box":{"x":146,"y":826,"width":765,"height":10}},{"id":"b51baab3-e861-47d8-85a3-3a9c2cd243f2","block_type":"box","text":"Statistical Rating Organisation (“NRSRO”). For bilateral reverse repurchase agreements, it is the Funds’ policy to take","page_number":107,"box":{"x":146,"y":839,"width":765,"height":10}},{"id":"e2c3bf86-719d-408d-bbfe-fc086edd01ca","block_type":"box","text":"custody of securities to protect the Fund in the event securities are not repurchased by the counterparty. The Funds","page_number":107,"box":{"x":145,"y":851,"width":766,"height":10}},{"id":"c0e8720c-696e-498d-a48c-c448dc61c957","block_type":"box","text":"will monitor the value of collateral compared to the reverse repurchase agreement obligation plus accrued interest. If","page_number":107,"box":{"x":145,"y":864,"width":767,"height":10}},{"id":"7fec2a78-1910-49c3-ba9e-be3426b5085e","block_type":"box","text":"the value of the collateral drops below the amount of the reverse repurchase agreement obligation, additional","page_number":107,"box":{"x":145,"y":876,"width":766,"height":10}},{"id":"e2e79a4b-a82a-45d2-9ff6-c598c1a29c41","block_type":"box","text":"collateral will be sought by the Funds. If the event of default on the obligation to repurchase arises, the Funds have the","page_number":107,"box":{"x":145,"y":889,"width":766,"height":10}},{"id":"ed752121-d9b7-44e2-aaea-1afdaf57bfeb","block_type":"box","text":"right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Default or bankruptcy of the","page_number":107,"box":{"x":146,"y":901,"width":765,"height":10}},{"id":"032dc4ac-20fd-40d5-a6ff-54b3ebfbe9bd","block_type":"box","text":"seller would, however, expose the Funds to possible loss because of adverse market action or delays in connection","page_number":107,"box":{"x":145,"y":913,"width":766,"height":10}},{"id":"99eb88dc-6be8-477e-91e1-fcf043607f16","block_type":"box","text":"with the disposal of the collateral. Due to the buyer’s repurchase obligations, the collateral subject to reverse","page_number":107,"box":{"x":145,"y":926,"width":766,"height":10}},{"id":"7fe60aa6-c2a2-4516-be8a-cd76d68f116e","block_type":"box","text":"repurchase agreements do not have maturity limitations.","page_number":107,"box":{"x":146,"y":938,"width":373,"height":10}},{"id":"8b066a6b-a33e-41e1-80b1-77d304e9fe6b","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":107,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"1285db00-b718-40f2-a67b-edd61c3d69f3","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":107,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"1b14ebc7-4f67-497f-aa32-b6d98c9a11c0","block_type":"box","text":"Notes to the financial statements","page_number":107,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"def2fee3-1ba6-4023-9add-98328ec93802","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":107,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"4d7ec8de-7b34-4b94-80f3-5bc46571c06c","block_type":"box","text":"(continued)","page_number":107,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"9dc3510f-819c-4aee-99b9-3b1db425a531","block_type":"box","text":"48","page_number":107,"box":{"x":34,"y":965,"width":16,"height":8}},{"id":"e43ea701-74d2-4052-9b3e-618f59317819","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":107,"box":{"x":90,"y":965,"width":331,"height":10}},{"id":"8ed17969-48c6-4672-be92-43bd57c8c3fd","block_type":"box","text":"1. Material Accounting Policies","page_number":108,"box":{"x":88,"y":167,"width":282,"height":12}},{"id":"dd1fce9b-992b-47bc-a8f5-ce5ebf313ec7","block_type":"box","text":"(continued)","page_number":108,"box":{"x":377,"y":167,"width":99,"height":12}},{"id":"5584d1cf-6457-43bf-9deb-151e0265da14","block_type":"box","text":"e) Financial Assets at fair value through Profit or Loss","page_number":108,"box":{"x":120,"y":192,"width":395,"height":10}},{"id":"894f6475-b230-4d4f-85bd-67a0ede8584f","block_type":"box","text":"(continued)","page_number":108,"box":{"x":521,"y":192,"width":80,"height":10}},{"id":"f6fb7908-359b-4d93-9639-012e20500f79","block_type":"box","text":"v) Valuation of Investments at fair value","page_number":108,"box":{"x":120,"y":215,"width":272,"height":10}},{"id":"094ac31c-98e1-4def-9ddd-06d3df303a67","block_type":"box","text":"(continued)","page_number":108,"box":{"x":398,"y":215,"width":74,"height":10}},{"id":"3e983d79-4d58-4c51-a51d-d427ee6e1cb2","block_type":"box","text":"Reverse Repurchase Agreements","page_number":108,"box":{"x":146,"y":238,"width":225,"height":10}},{"id":"bea2b498-7c24-4b28-9602-50a6352c4ee0","block_type":"box","text":"(continued)","page_number":108,"box":{"x":377,"y":238,"width":73,"height":10}},{"id":"76b9cb6a-c183-4324-880f-ef9990d2d8a0","block_type":"box","text":"The value of collateral received for reverse repurchase agreements held by Funds, pursuant to guidelines established","page_number":108,"box":{"x":145,"y":262,"width":766,"height":10}},{"id":"66780290-6777-4369-bcea-37e78baecf0a","block_type":"box","text":"by the Directors were as 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2,009,400,238","page_number":108,"box":{"x":146,"y":326,"width":763,"height":10}},{"id":"2f9986a7-2126-45fb-8dd8-6956a90d1b99","block_type":"box","text":"State Street USD Liquidity LVNAV Fund USD 1,989,000,036 USD 1,326,000,072","page_number":108,"box":{"x":146,"y":340,"width":763,"height":10}},{"id":"7b9062bb-ba56-4d50-8a88-f5a94af4504d","block_type":"box","text":"State Street EUR Liquidity Standard VNAV Fund EUR 183,347,233 -","page_number":108,"box":{"x":146,"y":354,"width":763,"height":10}},{"id":"6c1a172b-be96-4998-bbfd-1ecef5f11960","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund EUR 1,530,038,116 EUR 1,256,317,100","page_number":108,"box":{"x":146,"y":369,"width":763,"height":10}},{"id":"33aea43a-a72b-4fdf-b53f-6bcf7af3a509","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund GBP 921,592,931 GBP 387,321,871","page_number":108,"box":{"x":146,"y":383,"width":761,"height":10}},{"id":"9a74ff84-3712-4e35-b337-9ad696b73cd2","block_type":"box","text":"State Street GBP Government Liquidity Fund GBP 136,036,654 GBP 244,675,419","page_number":108,"box":{"x":146,"y":397,"width":763,"height":10}},{"id":"dc18ddd2-d7d9-499b-a924-a90e82f2ba82","block_type":"box","text":"State Street EUR Government Liquidity Fund EUR 156,927,843 EUR 110,095,923","page_number":108,"box":{"x":146,"y":411,"width":763,"height":10}},{"id":"e910b1b8-caf4-41ab-b1db-1075dcd339b1","block_type":"box","text":"See details of reverse repurchase agreements held at 31 December 2025 on the Schedule of Investments of each","page_number":108,"box":{"x":146,"y":434,"width":765,"height":10}},{"id":"aed34778-d8e9-4e14-b1f7-79c71101f1c0","block_type":"box","text":"Fund.","page_number":108,"box":{"x":146,"y":446,"width":36,"height":8}},{"id":"17c4b040-8ddc-450c-b2c4-9dd5eb1f9639","block_type":"box","text":"f) Cash and Bank Balances","page_number":108,"box":{"x":120,"y":471,"width":204,"height":10}},{"id":"5099423c-2bce-44f6-9949-e0226a4143e3","block_type":"box","text":"Cash and bank balances will be valued at their face value with interest accrued, where applicable.","page_number":108,"box":{"x":146,"y":494,"width":651,"height":10}},{"id":"3bf49a5b-6260-4a72-b10e-986034230834","block_type":"box","text":"Cash and bank balances per the Statement of Financial Positions refers only to cash at bank.","page_number":108,"box":{"x":146,"y":519,"width":622,"height":10}},{"id":"acf77277-f6bd-4bb0-87b1-d68d42975207","block_type":"box","text":"g) Notional Exchange Adjustment","page_number":108,"box":{"x":120,"y":543,"width":248,"height":10}},{"id":"ed7cae9b-f867-4f88-b25e-bbf108424e3e","block_type":"box","text":"For the purpose of combining the financial statements of the Funds to arrive at Company totals (required under Irish","page_number":108,"box":{"x":146,"y":567,"width":765,"height":10}},{"id":"3258133c-72f4-45a4-8df9-081f15112a5c","block_type":"box","text":"Company Law), the amounts in the Statement of Comprehensive Income and Statement of Changes in Net Assets","page_number":108,"box":{"x":146,"y":579,"width":765,"height":10}},{"id":"13989704-4b33-4390-9e45-50a8a0c3a2f6","block_type":"box","text":"Attributable to Redeemable Participating Shareholders have been translated to GBP,","page_number":108,"box":{"x":145,"y":592,"width":580,"height":10}},{"id":"60c2afc8-c51d-47a5-bc4b-41a006e782b5","block_type":"box","text":"P, at the average month end","page_number":108,"box":{"x":723,"y":592,"width":188,"height":10}},{"id":"2e89a9a7-91e8-4f1c-82e2-5ced1dcaf757","block_type":"box","text":"exchange rates ruling for the financial year ended 31 December 2025 and 31 December 2024. The amounts in the","page_number":108,"box":{"x":145,"y":604,"width":766,"height":10}},{"id":"25e2b29a-4d70-4ae6-badd-fe921ebdb6c3","block_type":"box","text":"Statement of Financial Position have been translated to GBP using year end exchange rates. This method of","page_number":108,"box":{"x":146,"y":616,"width":766,"height":10}},{"id":"ccd64ad2-a687-4e04-a770-70f86682dbfd","block_type":"box","text":"translation has no effect on the NAV per redeemable participating share attributable to the individual Funds. The","page_number":108,"box":{"x":145,"y":629,"width":766,"height":10}},{"id":"eece92b1-faba-4394-8ca7-e85f45b1b697","block_type":"box","text":"presentation currency of the Company is the currency in which the financial statements are prepared.","page_number":108,"box":{"x":146,"y":641,"width":675,"height":10}},{"id":"e5fb53e2-770c-42cd-a36b-407102e3562d","block_type":"box","text":"The value of State Street Liquidity Public Limited Company has been determined using the exchange rate ruling at","page_number":108,"box":{"x":145,"y":666,"width":767,"height":10}},{"id":"25f352e8-c58c-43f8-adbf-3951282f3b28","block_type":"box","text":"31 December 2025. The resulting notional exchange loss of GBP 1,323,106,481 is owing to the movement in","page_number":108,"box":{"x":146,"y":678,"width":765,"height":10}},{"id":"e2401f0a-a6a7-470a-aa63-0bbec482de19","block_type":"box","text":"exchange rates between 31 December 2025 and 31 December 2024 and the difference between the average","page_number":108,"box":{"x":145,"y":691,"width":766,"height":10}},{"id":"5bdd1cdf-c500-4543-afff-31c600ca05e4","block_type":"box","text":"exchange rates for the financial year used to calculate the Statement of Comprehensive Income, subscriptions and","page_number":108,"box":{"x":145,"y":703,"width":766,"height":10}},{"id":"0dac90bb-a00b-4957-a598-a6f62dfb3f24","block_type":"box","text":"redemptions compared to the financial year end rates. The difference is reflected as a notional exchange adjustment","page_number":108,"box":{"x":146,"y":715,"width":766,"height":10}},{"id":"c8a86f84-bca8-4d7b-a549-44741599ace6","block_type":"box","text":"in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. In the financial","page_number":108,"box":{"x":146,"y":728,"width":765,"height":10}},{"id":"b11b6bae-d992-4e39-9f9a-9ed1986be3be","block_type":"box","text":"year ended 31 December 2024 there was a resulting notional exchange gain of GBP 137,630,627.","page_number":108,"box":{"x":145,"y":740,"width":655,"height":10}},{"id":"34026055-b68a-41a4-91f9-3068c3390a32","block_type":"box","text":"h) Redeemable Participating shares","page_number":108,"box":{"x":121,"y":765,"width":261,"height":10}},{"id":"1cbd8b95-24c8-45c6-a072-441f121b8f78","block_type":"box","text":"All redeemable shares issued by the Company provide the investors with the right to require redemption for cash at the","page_number":108,"box":{"x":145,"y":788,"width":766,"height":10}},{"id":"13631ef4-0173-44e2-9848-20965b2b5137","block_type":"box","text":"value proportionate to the investor’s share in the Company’s net assets at the redemption date. In accordance with","page_number":108,"box":{"x":145,"y":801,"width":766,"height":10}},{"id":"0af70c65-7ead-45ee-a451-a739fab00cb0","block_type":"box","text":"IFRS, such instruments give rise to a financial liability for the value of the redemption amount. In accordance with the","page_number":108,"box":{"x":146,"y":813,"width":765,"height":10}},{"id":"2edece76-bd42-468d-ae66-400a6b54d7e5","block_type":"box","text":"Prospectus, the Company is contractually obliged to redeem shares at market prices.","page_number":108,"box":{"x":146,"y":826,"width":564,"height":10}},{"id":"0fcd2675-3a94-4a96-896b-3c398a5b6bf7","block_type":"box","text":"Financial liabilities arising from the redeemable shares issued by the Company are carried at the redemption amount","page_number":108,"box":{"x":146,"y":850,"width":766,"height":10}},{"id":"99967149-5be9-4e61-b2f7-567df449eb65","block_type":"box","text":"representing the investors’ rights to a residual interest in the Company’s assets.","page_number":108,"box":{"x":146,"y":862,"width":527,"height":10}},{"id":"9b7a65be-5afb-43a9-9119-35169a64bde7","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":108,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"97a2a7e1-f531-409d-af6b-80bf1b43a39c","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":108,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"6dfaa3f4-6c21-43f5-9aab-219ccf686e6c","block_type":"box","text":"Notes to the financial statements","page_number":108,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"770e1828-6e3e-4fa7-a032-df42909527aa","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":108,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"b37e2098-3cb3-478c-919c-d35a8d003e4c","block_type":"box","text":"(continued)","page_number":108,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"801f674c-8e9d-468d-9100-5b1e7a284c6f","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":108,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"17e0be6a-ceeb-4639-bfb9-20e52d25f1cc","block_type":"box","text":"49","page_number":108,"box":{"x":947,"y":965,"width":16,"height":8}},{"id":"31b7a077-29e5-41c1-835d-1a36c043a051","block_type":"box","text":"1. Material Accounting Policies","page_number":109,"box":{"x":88,"y":167,"width":282,"height":12}},{"id":"baf9d06e-2350-41e9-b9f7-7ad7bcc60150","block_type":"box","text":"(continued)","page_number":109,"box":{"x":377,"y":167,"width":99,"height":12}},{"id":"9aa52801-d6de-482d-87c9-984c9159a966","block_type":"box","text":"i) Finance costs - Distributions","page_number":109,"box":{"x":121,"y":194,"width":231,"height":10}},{"id":"323eb9e0-225e-4cbc-8601-0b775a057846","block_type":"box","text":"It is the intention of the Directors to declare a dividend on each Dealing Day in respect of the Institutional Shares,","page_number":109,"box":{"x":146,"y":218,"width":764,"height":10}},{"id":"ca6dd138-a6aa-4ea4-a07e-eb56dc45a700","block_type":"box","text":"Investment Shares, Global Securities Lending Shares, Standard Shares, S2 Shares, S3 Shares, Z Shares, Premier","page_number":109,"box":{"x":146,"y":231,"width":766,"height":10}},{"id":"2d35423a-0b77-4d5b-9b51-85c102154293","block_type":"box","text":"Shares, Select Shares, UOB Shares and Distributor Shares out of a sum equal to the aggregate of the share capital,","page_number":109,"box":{"x":146,"y":243,"width":764,"height":10}},{"id":"f856dfdd-cd37-4c6b-81f5-76ce7d5d8e49","block_type":"box","text":"realised and unrealised gains net of realised and unrealised losses and the net income received by the Company","page_number":109,"box":{"x":146,"y":256,"width":766,"height":10}},{"id":"3547b44c-1a0e-42e6-bf55-a9fdbb496c93","block_type":"box","text":"(whether in the form of dividends, interest or otherwise) which will be paid monthly and will, unless the Directors","page_number":109,"box":{"x":146,"y":268,"width":765,"height":10}},{"id":"dc21e856-c160-4693-827b-bee73e3b678a","block_type":"box","text":"otherwise determine or a Shareholder elects to receive a cash payment of a dividend in the application form, be","page_number":109,"box":{"x":145,"y":280,"width":766,"height":10}},{"id":"ea92aa3d-5133-4a14-90f1-d41a1922f162","block_type":"box","text":"automatically reinvested in the form of additional shares. Shareholders shall be entitled to dividends from the Dealing","page_number":109,"box":{"x":145,"y":293,"width":766,"height":10}},{"id":"a06f5c5b-b400-4ce7-b07c-64d3d17c1a0c","block_type":"box","text":"Day on which shares are issued until the day preceding the Dealing Day on which shares are redeemed.","page_number":109,"box":{"x":146,"y":305,"width":694,"height":10}},{"id":"274cfee7-83ac-407e-ad52-9b5b1eb25ee2","block_type":"box","text":"j) Transaction costs","page_number":109,"box":{"x":119,"y":330,"width":155,"height":10}},{"id":"5f3342d8-ef17-4bda-a980-b594de46d31c","block_type":"box","text":"Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial","page_number":109,"box":{"x":145,"y":353,"width":766,"height":10}},{"id":"aca4d590-ec0d-435d-b0ef-289f36c77d73","block_type":"box","text":"asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or","page_number":109,"box":{"x":145,"y":366,"width":767,"height":10}},{"id":"c01174c9-dc29-4332-aa26-04a1cef4f976","block_type":"box","text":"disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure","page_number":109,"box":{"x":145,"y":378,"width":766,"height":10}},{"id":"03cb6b47-7749-4554-936a-9419b9f3f0ac","block_type":"box","text":"it at its fair value through profit or loss, plus transaction costs that are directly attributable to the acquisition or issue of","page_number":109,"box":{"x":146,"y":391,"width":766,"height":10}},{"id":"16df0531-b881-4852-a787-cfd9cd63be80","block_type":"box","text":"the financial asset or financial liability.","page_number":109,"box":{"x":145,"y":403,"width":248,"height":10}},{"id":"f7038c30-a284-4888-a709-513098983359","block_type":"box","text":"Custody transaction costs which include transaction costs paid to the Depositary are disclosed in Note 7.","page_number":109,"box":{"x":146,"y":427,"width":696,"height":10}},{"id":"3bd06005-4a6b-417c-8117-748c15b1fa82","block_type":"box","text":"k) Cross holdings within the Company","page_number":109,"box":{"x":121,"y":452,"width":281,"height":10}},{"id":"25626218-d85f-4a42-a9f1-88c40c958e8c","block_type":"box","text":"For the purposes of producing the Company total, investments by Funds within the Company in shares of other Funds","page_number":109,"box":{"x":146,"y":475,"width":765,"height":10}},{"id":"4764ed46-c418-4383-8cc9-15717fc2effe","block_type":"box","text":"within the Company, also known as “Cross Investments” must be eliminated in order to prevent double counting. In","page_number":109,"box":{"x":145,"y":488,"width":766,"height":10}},{"id":"89673022-3d33-486f-9f22-a2808765312e","block_type":"box","text":"preparing the Company Statement of Financial Position, the value of ‘financial assets at fair value through profit or","page_number":109,"box":{"x":146,"y":500,"width":766,"height":10}},{"id":"ca3991b4-d14d-4722-928c-782b978be6ab","block_type":"box","text":"loss’ of each of the Funds as recognised on each respective Fund’s Statement of Financial Position is reduced by the","page_number":109,"box":{"x":146,"y":513,"width":765,"height":10}},{"id":"8ae47842-ab1e-43cc-89bb-d4005b7df17c","block_type":"box","text":"value of its Cross Investments. 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Where such a conversion is implemented, the distributing Share Classes affected by the","page_number":110,"box":{"x":145,"y":304,"width":766,"height":10}},{"id":"f2c615a3-8d4c-435a-8d5c-1d21bb59855f","block_type":"box","text":"Negative Yield Occurrence will be amended as follows: (i) the distribution policy will be amended and the Shares will","page_number":110,"box":{"x":146,"y":317,"width":765,"height":10}},{"id":"cf1e4d7a-981b-45a0-b180-692e0988b8e4","block_type":"box","text":"become accumulating Shares; and (ii) the negative income will be accrued in to the NAV and as such the NAV per","page_number":110,"box":{"x":146,"y":329,"width":766,"height":10}},{"id":"05ebd392-697a-4f77-83f3-718809f92202","block_type":"box","text":"Share for these Shares Classes will not remain stable and their capital may be eroded.","page_number":110,"box":{"x":146,"y":341,"width":576,"height":10}},{"id":"0e7e84c7-b895-4c7e-a806-06793622aee5","block_type":"box","text":"The Board reserves the right to reverse the conversion of the distributing Shares into accumulating Shares, if they","page_number":110,"box":{"x":145,"y":366,"width":767,"height":10}},{"id":"f73778cd-a751-405b-98b5-0d0af3e2267a","block_type":"box","text":"deem it to be in the interests of the Shareholders. 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Such expenses shall be at normal commercial rates.","page_number":135,"box":{"x":121,"y":925,"width":767,"height":10}},{"id":"8f1ede20-22fa-470a-81ad-ad8b5bdd42a1","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":135,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"33e0641a-20a2-4c80-9d61-7f193efb453e","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":135,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"8899650a-9f57-437a-a8da-cd0969a4f59e","block_type":"box","text":"Notes to the financial statements","page_number":135,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"97628666-8014-46b9-a6ca-6ded12b41851","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":135,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"280186e5-491e-4822-86ca-a813468e4deb","block_type":"box","text":"(continued)","page_number":135,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"09dde610-51f1-4d51-9f9b-4208d6710364","block_type":"box","text":"76","page_number":135,"box":{"x":35,"y":965,"width":15,"height":8}},{"id":"c4cb967e-dee8-4277-bf5a-12b15d3795cd","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":135,"box":{"x":90,"y":965,"width":331,"height":10}},{"id":"7c60846f-cdac-4905-a75b-8763ddde8cfa","block_type":"box","text":"8. 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All transactions with related parties were","page_number":136,"box":{"x":121,"y":654,"width":790,"height":10}},{"id":"643311d5-b221-42b6-8bcc-665ec2af2a1a","block_type":"box","text":"entered into in the normal course of business.","page_number":136,"box":{"x":120,"y":666,"width":306,"height":8}},{"id":"4e834f14-8037-4990-b036-6125bcb1f79e","block_type":"box","text":"Investment Manager, Management Company State Street Global Advisors Europe Limited","page_number":136,"box":{"x":121,"y":690,"width":596,"height":9}},{"id":"59963bc8-d9c9-4f03-bd7c-7a1fae561084","block_type":"box","text":"and Global Distributor","page_number":136,"box":{"x":120,"y":705,"width":138,"height":8}},{"id":"f07339f0-ea60-4dfc-a031-05fd5ff75fd5","block_type":"box","text":"Administrator/Registrar/Transfer Agent State Street Fund Services (Ireland) Limited","page_number":136,"box":{"x":120,"y":721,"width":597,"height":9}},{"id":"784f332d-0f9f-4c4f-8373-4cff6ee6ac90","block_type":"box","text":"Depositary State Street Custodial Services (Ireland) Limited","page_number":136,"box":{"x":121,"y":736,"width":623,"height":9}},{"id":"c9f0a6f5-14fe-4778-8bb5-05703927740e","block_type":"box","text":"Sub-Investment Managers State Street Global Advisors Trust Company,","page_number":136,"box":{"x":120,"y":751,"width":600,"height":10}},{"id":"37b4ca18-75b6-466e-b02c-d3da349d1faa","block_type":"box","text":"State Street Global Advisors Limited","page_number":136,"box":{"x":440,"y":767,"width":227,"height":7}},{"id":"be3bf589-fc9e-426a-96a7-3b03e986bdab","block_type":"box","text":"Board of Directors Barbara Healy, Rebecca Bridger, Tom Coghlan, Eric Linnane (Appointed 2","page_number":136,"box":{"x":121,"y":782,"width":783,"height":10}},{"id":"be3e6996-8557-409b-85dd-8c51e55a1fc5","block_type":"box","text":"January 2026, Lim Siong Kwong (Benjamin) Lam Thuon Mine (Appointed","page_number":136,"box":{"x":440,"y":798,"width":460,"height":9}},{"id":"4f42e6ba-8aa1-4a66-b6b3-c6a77e8753a7","block_type":"box","text":"2 January 2026)","page_number":136,"box":{"x":440,"y":812,"width":102,"height":9}},{"id":"f31ad4e6-abce-4e27-8543-2f1e0918774b","block_type":"box","text":"Board of Directors of the Management Company Nigel Wightman, Ann Prendergast, Eric Linnane, Scott Sanderson,","page_number":136,"box":{"x":121,"y":827,"width":764,"height":10}},{"id":"eb5211f5-37b0-41a6-9fb6-df54f3dddc5b","block_type":"box","text":"Margaret Cullen, Patrick Mulvihill and Marie-Anne Heeren","page_number":136,"box":{"x":440,"y":842,"width":386,"height":9}},{"id":"5dae69e6-d31e-4498-ba52-2d1eafec1609","block_type":"box","text":"Ann Prendergast is an Executive Vice President and Head of the Europe, Middle East and Africa (EMEA) region for State","page_number":136,"box":{"x":120,"y":870,"width":791,"height":10}},{"id":"0a8fd02b-b2cd-4d19-b5a2-79965848af1e","block_type":"box","text":"Street Global Advisors (SSGA).","page_number":136,"box":{"x":120,"y":882,"width":209,"height":10}},{"id":"e21c20fd-b264-48fc-872b-4d6539bbb4ee","block_type":"box","text":"Rebecca Bridger who works as a Managing Director of the EMEA Funds Management Team for State Street Global","page_number":136,"box":{"x":121,"y":906,"width":790,"height":10}},{"id":"bd350846-97a5-4808-beb2-5fbf9901659e","block_type":"box","text":"Advisors Limited.","page_number":136,"box":{"x":120,"y":919,"width":113,"height":8}},{"id":"a0e0de57-b0db-4708-a3ee-7f351acbe767","block_type":"box","text":"Eric Linnane is a Managing Director and Head of State Street Global Advisors Europe Investment Operations.","page_number":136,"box":{"x":121,"y":943,"width":731,"height":10}},{"id":"81a16783-cc9f-476b-81d6-d14fb0ddea52","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":136,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"8dabc433-c459-4922-9e81-5c469735ecde","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":136,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"027ffc2b-7d82-4f31-84f8-c9658d318b77","block_type":"box","text":"Notes to the financial statements","page_number":136,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"4e6baeec-34ab-4993-abd7-74b35a3a258b","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":136,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"dc781a4c-9c30-4411-bfa9-b544f41ca2ed","block_type":"box","text":"(continued)","page_number":136,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"e2483030-b16c-4772-942b-5f2b5cbc4a2a","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":136,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"4ecbbbd4-1efe-4dd9-89da-95654fad08dc","block_type":"box","text":"77","page_number":136,"box":{"x":948,"y":965,"width":15,"height":8}},{"id":"0b80cb9b-47c4-440b-b046-7d309ee56f3c","block_type":"box","text":"10. Related Party Transactions","page_number":137,"box":{"x":88,"y":167,"width":269,"height":12}},{"id":"a42bdcc1-f529-4cf4-ba4e-dfab7d990bc9","block_type":"box","text":"(continued)","page_number":137,"box":{"x":364,"y":167,"width":98,"height":12}},{"id":"0a6b5390-dd61-43db-ad94-295339c638d1","block_type":"box","text":"Scott Sanderson is a Managing Director and Chief Financial Officer for SSGA in EMEA.","page_number":137,"box":{"x":120,"y":194,"width":585,"height":10}},{"id":"8cf8377b-a730-44d6-8928-3404b0437a3d","block_type":"box","text":"Marie-Anne Heeren is a Senior Managing Director, Head of the Institutional client group for Europe, Branch Manager for","page_number":137,"box":{"x":121,"y":219,"width":791,"height":10}},{"id":"34cbfef0-10a9-4669-b2d6-cf730a6aec51","block_type":"box","text":"State Street Global Advisors Europe Limited’s Belgian Branch.","page_number":137,"box":{"x":120,"y":231,"width":415,"height":10}},{"id":"8b3eaec9-9515-4c25-982a-a285321a40f3","block_type":"box","text":"Transactions with Entities with Significant Influence","page_number":137,"box":{"x":120,"y":258,"width":372,"height":10}},{"id":"fe89d8d3-4e1d-4c2d-bc2b-1b91a2bc6541","block_type":"box","text":"Management Company fees net of fees waived for the financial year were GBP 35,311,576 (31 December 2024: GBP","page_number":137,"box":{"x":121,"y":271,"width":790,"height":10}},{"id":"6aa3cec0-b0b4-4bc8-b7f4-584c863a6e23","block_type":"box","text":"34,307,842) and the amount payable at the financial year end was GBP 4,437,477 (31 December 2024: GBP 4,765,790).","page_number":137,"box":{"x":120,"y":283,"width":790,"height":10}},{"id":"df9836ad-5c74-46ea-917b-d75f0068a604","block_type":"box","text":"Please refer to Note 8 for details of gross Management Company fees and fees waived for the financial year ended","page_number":137,"box":{"x":121,"y":296,"width":790,"height":10}},{"id":"cd96d28c-009c-4e32-8744-aa19f7bd35ba","block_type":"box","text":"31 December 2025.","page_number":137,"box":{"x":120,"y":308,"width":131,"height":8}},{"id":"86ec498c-35dc-4d8d-9440-241e348e7197","block_type":"box","text":"Distributor fees for the financial year were GBP 3,222,715 (31 December 2024: GBP 3,488,748) and the amount payable","page_number":137,"box":{"x":121,"y":333,"width":790,"height":10}},{"id":"d327b4cf-8826-466e-9f19-fb797383a1e4","block_type":"box","text":"at the financial year end was GBP Nil (31 December 2024: GBP Nil).","page_number":137,"box":{"x":120,"y":345,"width":456,"height":10}},{"id":"7ea5167d-b1eb-4ccb-ae72-1f9543ad1378","block_type":"box","text":"Transactions with Key Management Personnel","page_number":137,"box":{"x":120,"y":372,"width":333,"height":10}},{"id":"d36d8c8d-7d6b-4360-8ece-4c7102b26659","block_type":"box","text":"The Directors fees for the independent Directors during the financial year were GBP 99,455 (31 December 2024: GBP","page_number":137,"box":{"x":120,"y":385,"width":791,"height":10}},{"id":"0c056d26-e20f-4d09-b8e0-78b3fb688fcf","block_type":"box","text":"126,741), the amount payable to the Directors at financial year end was GBP 49,872 (31 December 2024: GBP 67,440).","page_number":137,"box":{"x":121,"y":397,"width":789,"height":10}},{"id":"aa8bcd90-2740-4533-9b96-db375578ded3","block_type":"box","text":"Cross Holdings","page_number":137,"box":{"x":120,"y":424,"width":111,"height":10}},{"id":"c11cc6ee-0f92-4076-be36-ac546ee3dd34","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund held 111,790,253 shares with fair value of GBP 111,790,253 in State Street GBP","page_number":137,"box":{"x":120,"y":437,"width":791,"height":10}},{"id":"f7ebedc9-4465-479d-8733-60f4742ccc42","block_type":"box","text":"Government Liquidity Fund (31 December 2024: 87,454,574 shares with fair value of GBP 87,454,574) at the financial","page_number":137,"box":{"x":120,"y":449,"width":791,"height":10}},{"id":"b846254b-1feb-494b-959d-da3e0d910eb4","block_type":"box","text":"year end.","page_number":137,"box":{"x":120,"y":462,"width":61,"height":10}},{"id":"9d6f2eef-d177-4212-bf1a-3050c66b437f","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund held 103,611,969 shares with fair value of EUR 103,611,969 in State Street EUR","page_number":137,"box":{"x":120,"y":486,"width":792,"height":10}},{"id":"16d0f956-27e8-4824-9098-730efc385474","block_type":"box","text":"Government Liquidity Fund (31 December 2024: 61,768,683 shares with fair value of EUR 61,768,683) at the financial","page_number":137,"box":{"x":120,"y":499,"width":791,"height":10}},{"id":"e8915a31-1673-44da-a18c-6131089da814","block_type":"box","text":"year end.","page_number":137,"box":{"x":120,"y":511,"width":61,"height":10}},{"id":"00a447aa-b68a-42a2-8652-33126a4132bb","block_type":"box","text":"The movement of Cross Holdings for the financial year ended 31 December 2025 and 31 December 2024 were:","page_number":137,"box":{"x":120,"y":535,"width":744,"height":10}},{"id":"6278d2d5-80c7-46d8-bb45-306ce10a10ad","block_type":"box","text":"Cross-holdings eliminations","page_number":137,"box":{"x":631,"y":557,"width":179,"height":10}},{"id":"231ad27f-7d7e-46d0-a012-8e4496428491","block_type":"box","text":"State Street","page_number":137,"box":{"x":641,"y":571,"width":74,"height":8}},{"id":"19a7e5b6-21c3-4b37-8133-44cfe88712b7","block_type":"box","text":"GBP","page_number":137,"box":{"x":687,"y":584,"width":28,"height":8}},{"id":"fc5b24dc-a6b0-413d-ad01-5a351471210b","block_type":"box","text":"Liquidity","page_number":137,"box":{"x":660,"y":598,"width":55,"height":10}},{"id":"0dee2a07-9b50-4f4a-a354-ba3605707d56","block_type":"box","text":"LVNAV Fund","page_number":137,"box":{"x":634,"y":611,"width":80,"height":7}},{"id":"2f96d249-f84c-47d9-b9e5-ea24f2824b4c","block_type":"box","text":"State 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197,457,936","page_number":137,"box":{"x":120,"y":759,"width":786,"height":10}},{"id":"8924859b-68c8-43b7-b01b-42d39a0766ad","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":137,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"55836eb6-6a94-4d2c-9a46-8d43256c9d75","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":137,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"a56db632-82ac-4215-8ba5-35578bb8154c","block_type":"box","text":"Notes to the financial statements","page_number":137,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"c005ac3f-40de-479e-bc82-fd1386163c9f","block_type":"box","text":"for the financial year ended 31 December 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0.000*","page_number":139,"box":{"x":120,"y":402,"width":786,"height":10}},{"id":"b7c6cd3f-7abf-40ce-b43a-1c4f33170d9b","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund State Street IUT Euro Liquidity Fund 1.729 4.958","page_number":139,"box":{"x":120,"y":418,"width":786,"height":9}},{"id":"4110d2b5-9d2a-4feb-b15d-8dacd8df7f1d","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund Windwise Property Unit Trust 0.340 0.449","page_number":139,"box":{"x":120,"y":433,"width":786,"height":10}},{"id":"49a18880-8215-43e4-925e-0aabf35c580a","block_type":"box","text":"State Street EUR Liquidity Standard VNAV Fund State Street IUT Active Ethically Managed Fund 0.000* 1.969","page_number":139,"box":{"x":120,"y":449,"width":786,"height":9}},{"id":"897cb048-4e90-462a-9c21-311930dc1a4e","block_type":"box","text":"State Street EUR Liquidity Standard VNAV Fund State Street IUT Euro Ultra Short Bond Fund 13.919 90.048","page_number":139,"box":{"x":120,"y":464,"width":786,"height":9}},{"id":"098c28b5-6d69-499a-af92-c4def61ba7e5","block_type":"box","text":"State Street GBP Government Liquidity Fund State Street GBP Liquidity LVNAV Fund 36.389 20.335","page_number":139,"box":{"x":120,"y":479,"width":786,"height":10}},{"id":"e01c7b99-d8d5-4b5a-a387-241a2356f75b","block_type":"box","text":"State Street GBP Government Liquidity Fund State Street Global Advisors Cayman - 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The VaR methodology is a statistical","page_number":140,"box":{"x":120,"y":882,"width":791,"height":10}},{"id":"d8274406-402f-4803-9794-350c55b86d3b","block_type":"box","text":"measurement that produces a single aggregate result for the overall portfolio, taking into consideration the market","page_number":140,"box":{"x":121,"y":894,"width":791,"height":10}},{"id":"62b4cc36-523c-40b9-b255-0c5165c1d3f1","block_type":"box","text":"volatilities of all the markets and assets as well as their correlations allowing for offsetting across different assets and","page_number":140,"box":{"x":120,"y":907,"width":791,"height":10}},{"id":"02804096-daab-424c-852f-2b8b8790e2c9","block_type":"box","text":"markets.","page_number":140,"box":{"x":121,"y":920,"width":55,"height":7}},{"id":"37b957ef-86e6-4421-a664-af7bd81fabfb","block_type":"box","text":"The Funds use the Commitment Approach to measure global exposure.","page_number":140,"box":{"x":120,"y":944,"width":477,"height":10}},{"id":"34f5908a-97c3-4f72-baf6-7c55d263d2e4","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":140,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"48a457ef-f225-46fe-9965-c9bd2ce21f13","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":140,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"8b799e92-68aa-4113-96a4-234383eb06f5","block_type":"box","text":"Notes to the financial statements","page_number":140,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"b4a412e6-9130-43ed-a7b2-12574116e13e","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":140,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"931ad0ad-a309-44cd-a8e3-87620b43b933","block_type":"box","text":"(continued)","page_number":140,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"48d02c41-9225-4a38-ba9e-46d4cb151b71","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":140,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"6dc24c39-129b-46c4-953f-89121b4a8d3c","block_type":"box","text":"81","page_number":140,"box":{"x":948,"y":965,"width":13,"height":8}},{"id":"92aea0aa-7c82-40fc-9247-93a99b824573","block_type":"box","text":"12. 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The Company’s","page_number":141,"box":{"x":121,"y":231,"width":790,"height":10}},{"id":"0972f575-b96a-49dd-8175-f1eff187cb0a","block_type":"box","text":"strategy on the management of each of these risks is driven by the Company’s investment objective, as stated in the","page_number":141,"box":{"x":120,"y":243,"width":791,"height":10}},{"id":"275c7b99-3cca-4e4c-807c-bcf2573736ef","block_type":"box","text":"Prospectus.","page_number":141,"box":{"x":121,"y":256,"width":77,"height":9}},{"id":"07f9eb75-b6f3-4862-8334-68cd24714ea6","block_type":"box","text":"The LVNAV MMFs seek to maintain a high level of liquidity and preserve capital and stability of principal expressed in the","page_number":141,"box":{"x":120,"y":280,"width":791,"height":10}},{"id":"ffa7f073-10d2-4098-9942-dba581a5ec00","block_type":"box","text":"Fund’s functional currency. 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The Investment Manager does not currently use derivative instruments to hedge the investment","page_number":141,"box":{"x":120,"y":391,"width":792,"height":10}},{"id":"40850e85-5542-4b05-aa34-dbcdae2209be","block_type":"box","text":"portfolio against market risk.","page_number":141,"box":{"x":121,"y":403,"width":187,"height":10}},{"id":"46a926c9-570b-44d1-abdf-a073fecf4e64","block_type":"box","text":"Interest rate risk","page_number":141,"box":{"x":120,"y":430,"width":118,"height":8}},{"id":"1802bf26-1fb7-45e2-b91d-b8320b7ddc8e","block_type":"box","text":"Funds that hold fixed interest rate debt securities and cash and bank balances, including bank overdrafts, are exposed to","page_number":141,"box":{"x":121,"y":443,"width":790,"height":10}},{"id":"aab8660b-4869-4aba-8a8c-78faf59be088","block_type":"box","text":"interest rate risk so the value of these positions may fluctuate as a result of changes in market interest rates. Funds that","page_number":141,"box":{"x":121,"y":455,"width":791,"height":10}},{"id":"f6ac0959-f177-40c1-850a-9dc17e827272","block_type":"box","text":"hold floating interest rate debt are also exposed to interest rate risk. Interest rates affect the price of a floating rate security,","page_number":141,"box":{"x":121,"y":468,"width":789,"height":10}},{"id":"8dd107d1-57d1-4990-845e-c9651f8db7ea","block_type":"box","text":"but the extent of this exposure is usually less than for a fixed rate note, however, as the periodic and regular (generally","page_number":141,"box":{"x":121,"y":480,"width":791,"height":10}},{"id":"33c5b7f6-bf63-4400-92e8-e30cc17891ca","block_type":"box","text":"every three-months or less) coupon reset mechanism implies that the coupon rate, and hence the cash flow of the","page_number":141,"box":{"x":120,"y":493,"width":791,"height":10}},{"id":"bbcf2d06-7cfe-42fc-8c5a-85b970fef8a1","block_type":"box","text":"security, is reset to reflect prevailing market interest rates (but not other risk factors such as credit quality) every period.","page_number":141,"box":{"x":120,"y":505,"width":790,"height":10}},{"id":"b75b91ac-309c-41ec-9b9f-7af377e0c3fd","block_type":"box","text":"By the same token, there is interest rate risk in the cash flows generated by a floating rate security, since the coupon to be","page_number":141,"box":{"x":121,"y":517,"width":790,"height":10}},{"id":"81062be3-c91c-4d1d-927a-8db3b14ff567","block_type":"box","text":"paid changes every reset period, creating fluctuations in future cash flows, as future interest rates are not known. The","page_number":141,"box":{"x":121,"y":530,"width":790,"height":10}},{"id":"e7ab4523-47a7-4f92-8bc2-a47def1ce15b","block_type":"box","text":"Funds hold both types of securities.","page_number":141,"box":{"x":121,"y":542,"width":236,"height":10}},{"id":"7792da05-809d-4462-a5ad-bb31082422a2","block_type":"box","text":"Exhibit 1","page_number":141,"box":{"x":121,"y":569,"width":59,"height":8}},{"id":"d74d3132-62a3-403e-8f6f-a20ade5c0f0f","block_type":"box","text":"The following tables show the interest rate profile of the Funds’ financial assets and liabilities at 31 December 2025 with","page_number":141,"box":{"x":120,"y":582,"width":791,"height":10}},{"id":"15fabcfd-99d8-4893-b4ea-d9774606bca2","block_type":"box","text":"comparative figures for 31 December 2024. All instruments with rate sensitivities are monitored to ensure there are no","page_number":141,"box":{"x":120,"y":595,"width":791,"height":10}},{"id":"c2088775-c934-473e-9475-7759c6a7258d","block_type":"box","text":"unintentional or excessive rate exposures relative to the Funds’ particular investment objective. The Investment Manager","page_number":141,"box":{"x":121,"y":607,"width":791,"height":10}},{"id":"1d94c42b-3a61-4bd1-9e26-fe2364185352","block_type":"box","text":"monitors the Funds’ overall interest rate sensitivity on a daily basis, and the Board reviews it on a quarterly basis.","page_number":141,"box":{"x":121,"y":620,"width":750,"height":9}},{"id":"f022018a-8308-4b4f-bc4d-beb70b57ae0a","block_type":"box","text":"The interest rate profile of each Fund’s financial assets and liabilities at 31 December 2025 was as follows:","page_number":141,"box":{"x":120,"y":644,"width":712,"height":10}},{"id":"3805655c-52ac-4810-89cf-e893d8020c3e","block_type":"box","text":"State Street USD Liquidity LVNAV Fund","page_number":141,"box":{"x":120,"y":670,"width":282,"height":10}},{"id":"7b9f3255-aa79-4d2b-b8f6-52f201b17ee4","block_type":"box","text":"Up to","page_number":141,"box":{"x":306,"y":697,"width":37,"height":9}},{"id":"0d7845b9-3d6b-4294-9686-6f3dbc571bad","block_type":"box","text":"3 months","page_number":141,"box":{"x":277,"y":708,"width":66,"height":8}},{"id":"dd5c8818-6a75-40af-ae32-4740044da761","block_type":"box","text":"3–6","page_number":141,"box":{"x":423,"y":697,"width":32,"height":7}},{"id":"2ab50e43-9e36-4f8f-a94e-b95821c7cf57","block_type":"box","text":"months","page_number":141,"box":{"x":402,"y":708,"width":53,"height":8}},{"id":"46d12335-c296-45dc-87c9-c56e3e2adce6","block_type":"box","text":"6 – 12","page_number":141,"box":{"x":527,"y":697,"width":41,"height":7}},{"id":"01e9d006-33cc-48f1-9deb-428e2b635ead","block_type":"box","text":"months","page_number":141,"box":{"x":515,"y":708,"width":53,"height":8}},{"id":"997c797c-1ef8-45a6-83d0-cf9f5d474392","block_type":"box","text":"Over","page_number":141,"box":{"x":647,"y":685,"width":34,"height":8}},{"id":"307f6dc0-687a-49e0-aa7e-c0f59eebbe56","block_type":"box","text":"12","page_number":141,"box":{"x":666,"y":697,"width":14,"height":7}},{"id":"129990e7-06e3-4616-9e0e-e8c83000a2d3","block_type":"box","text":"months","page_number":141,"box":{"x":628,"y":708,"width":53,"height":8}},{"id":"e73546f2-7cad-42f3-aca2-28c06fff23f1","block_type":"box","text":"Non","page_number":141,"box":{"x":761,"y":685,"width":32,"height":8}},{"id":"10d48f2b-3f6b-4e70-992f-02c7d090b407","block_type":"box","text":"Interest","page_number":141,"box":{"x":740,"y":697,"width":54,"height":7}},{"id":"696b6605-c13b-4566-ba54-daf6cfa46b5e","block_type":"box","text":"bearing Total","page_number":141,"box":{"x":740,"y":708,"width":166,"height":10}},{"id":"7ee4763a-3e26-495c-bb13-af74bb966711","block_type":"box","text":"USD USD USD USD USD USD","page_number":141,"box":{"x":312,"y":723,"width":594,"height":7}},{"id":"49c7f416-f906-459c-901a-c661d7fe19a1","block_type":"box","text":"Cash and bank","page_number":141,"box":{"x":120,"y":737,"width":101,"height":8}},{"id":"0898313f-6c89-4599-8aaf-a4631cb31432","block_type":"box","text":"balances 749,649,033 - - - - 749,649,033","page_number":141,"box":{"x":121,"y":749,"width":785,"height":9}},{"id":"4c730b91-ff39-4ca1-83af-6d48f9ff6d03","block_type":"box","text":"Transferable","page_number":141,"box":{"x":120,"y":763,"width":82,"height":8}},{"id":"c2d78804-52de-45d5-8f4e-1129656db60c","block_type":"box","text":"Securities 16,726,880,605 5,793,112,789 2,987,911,089 439,019,004 - 25,946,923,487","page_number":141,"box":{"x":120,"y":775,"width":786,"height":9}},{"id":"2ff420d2-0dd1-4998-9a55-379697a9b496","block_type":"box","text":"Other assets","page_number":141,"box":{"x":120,"y":789,"width":85,"height":8}},{"id":"811f58d3-b236-4154-b46a-69308431feea","block_type":"box","text":"- - - - 1,","page_number":141,"box":{"x":339,"y":789,"width":370,"height":9}},{"id":"c32f9d08-3439-4216-bfe2-eb13862c97c8","block_type":"box","text":"344,906,527 1,344,906,527","page_number":141,"box":{"x":711,"y":789,"width":195,"height":9}},{"id":"40d89837-291f-4634-bb24-1a20bd39dfb4","block_type":"box","text":"Total Assets 17,476,529,638 5,793,112,789 2,987,911,089 439,019,004 1,344,906,527 28,041,479,047","page_number":141,"box":{"x":120,"y":807,"width":786,"height":10}},{"id":"fe17d94a-44e9-47a2-8735-9c59d7039839","block_type":"box","text":"Other liabilities","page_number":141,"box":{"x":120,"y":830,"width":98,"height":8}},{"id":"f702b10f-b490-41a7-a0b8-c34a0c8de46c","block_type":"box","text":"- - 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Derivatives and Other Financial Instruments","page_number":149,"box":{"x":88,"y":167,"width":418,"height":9}},{"id":"f8bccfb3-8b87-4f5b-9016-a8f719dc9fa4","block_type":"box","text":"(continued)","page_number":149,"box":{"x":513,"y":167,"width":98,"height":12}},{"id":"8ec3a307-226f-4114-83fc-8db1ffb4bebb","block_type":"box","text":"a) Market Risk","page_number":149,"box":{"x":120,"y":192,"width":109,"height":10}},{"id":"909e2433-61a2-493d-be20-84d6327771bb","block_type":"box","text":"(continued)","page_number":149,"box":{"x":235,"y":192,"width":80,"height":10}},{"id":"9e3f6f51-c57f-4c1a-96ed-3b3c05cf899c","block_type":"box","text":"Interest Rate Sensitivity","page_number":149,"box":{"x":120,"y":217,"width":171,"height":10}},{"id":"b75bb138-b1c9-45e6-9860-429d1bbe5260","block_type":"box","text":"The LVNAV MMFs are operated with procedures designed to stabilise the NAV at the initial subscription price. The NAV","page_number":149,"box":{"x":120,"y":230,"width":792,"height":10}},{"id":"86cd6ee8-b18d-4e06-a742-670ce8ae0a00","block_type":"box","text":"of each Liquidity Fund for dealing purposes shall be calculated using the amortised cost method of valuation and/or as","page_number":149,"box":{"x":120,"y":242,"width":791,"height":10}},{"id":"fc2c5562-2562-4640-af20-a8322228dd29","block_type":"box","text":"otherwise permitted by the Articles of Association. In these terms, the dealing NAV of the Liquidity Funds will not reflect","page_number":149,"box":{"x":120,"y":255,"width":792,"height":10}},{"id":"98d321ac-f934-4059-a192-c663ef57ae65","block_type":"box","text":"substantial sensitivity to interest rates. The Public debt MMFs’ NAV per share is variable (i.e. not stabilised). Hence, the","page_number":149,"box":{"x":120,"y":267,"width":791,"height":10}},{"id":"56c890a3-0ef2-4b6a-9a12-42dbfc79311e","block_type":"box","text":"dealing NAV of the State Street EUR Liquidity Standard VNAV Fund and of the State Street USD Treasury Liquidity Fund","page_number":149,"box":{"x":120,"y":280,"width":791,"height":10}},{"id":"30d3d56e-2353-44a0-a81e-0f3484699411","block_type":"box","text":"may reflect sensitivity to interest rates.","page_number":149,"box":{"x":121,"y":292,"width":252,"height":10}},{"id":"534d1750-41c0-4901-8030-fa81f6b33e79","block_type":"box","text":"However, the value of the securities underlying the Funds are impacted by interest rate changes, and so the fair value (or","page_number":149,"box":{"x":121,"y":317,"width":791,"height":10}},{"id":"7be1deb4-2d52-4336-9ad9-b4836c5e8d01","block_type":"box","text":"shadow NAV), as opposed to the dealing NAV of the Fund, is affected by the interest rates. These sensitivities are","page_number":149,"box":{"x":120,"y":329,"width":791,"height":10}},{"id":"06a6210b-ba92-4928-9418-855b3266e740","block_type":"box","text":"described below in Exhibit 3.","page_number":149,"box":{"x":120,"y":342,"width":190,"height":7}},{"id":"1356705b-ed0a-450a-bc09-b014d32a44a4","block_type":"box","text":"Exhibit 3","page_number":149,"box":{"x":121,"y":368,"width":61,"height":8}},{"id":"4f93b70f-13a2-4a60-bbff-3eb261896133","block_type":"box","text":"31-Dec-25 Duration yrs","page_number":149,"box":{"x":120,"y":399,"width":424,"height":10}},{"id":"f9e506d2-1067-4596-b144-f4086c618080","block_type":"box","text":"Yield Curve","page_number":149,"box":{"x":582,"y":386,"width":82,"height":8}},{"id":"0dc9f953-9956-4620-a2d3-3a79348624d6","block_type":"box","text":"Shift NAV Impact Yield Impact","page_number":149,"box":{"x":632,"y":399,"width":274,"height":10}},{"id":"2782d619-2498-4684-ae41-47babcbf4e01","block_type":"box","text":"State Street USD Liquidity LVNAV Fund 0.13 0.25% (0.032)% 0.25%","page_number":149,"box":{"x":120,"y":413,"width":786,"height":10}},{"id":"6c5b8fd7-103d-4593-a949-413c346de231","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund 0.11 0.25% (0.027)% 0.25%","page_number":149,"box":{"x":120,"y":427,"width":786,"height":10}},{"id":"59753b26-ae15-44a5-a47f-1b72894d876a","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund 0.07 0.25% (0.018)% 0.25%","page_number":149,"box":{"x":120,"y":442,"width":786,"height":10}},{"id":"580fea94-027a-45b1-88ad-41b0f92562ac","block_type":"box","text":"State Street EUR Liquidity 0.18 0.25% (0.046)% 0.25%","page_number":149,"box":{"x":120,"y":456,"width":786,"height":10}},{"id":"1f1dce53-9110-47f1-9a7b-62e4e8370144","block_type":"box","text":"Standard VNAV Fund","page_number":149,"box":{"x":120,"y":470,"width":143,"height":8}},{"id":"f1e44859-7473-4e5d-b1a7-118c4b5facfa","block_type":"box","text":"State Street USD Treasury Liquidity Fund 0.13 0.25% (0.034)% 0.25%","page_number":149,"box":{"x":120,"y":484,"width":786,"height":10}},{"id":"fb24c378-b80f-44bc-afe0-c02141565673","block_type":"box","text":"State Street EUR Government Liquidity Fund 0.03 0.25% (0.008)% 0.25%","page_number":149,"box":{"x":120,"y":499,"width":786,"height":10}},{"id":"6969363b-0303-49d9-bb5f-357714a58132","block_type":"box","text":"State Street GBP Government Liquidity Fund 0.07 0.25% (0.017)% 0.25%","page_number":149,"box":{"x":120,"y":513,"width":786,"height":10}},{"id":"c9ae6c3b-4cfc-4b71-bdad-21ae7c509cee","block_type":"box","text":"31-Dec-2024 Duration yrs","page_number":149,"box":{"x":120,"y":541,"width":424,"height":10}},{"id":"1a27f290-17b2-40a1-95b4-6e2f08ac2cc8","block_type":"box","text":"Yield Curve","page_number":149,"box":{"x":582,"y":528,"width":82,"height":8}},{"id":"f2c07668-fe24-4f99-9459-32013dd97964","block_type":"box","text":"Shift NAV Impact Yield Impact","page_number":149,"box":{"x":632,"y":541,"width":274,"height":10}},{"id":"2af96bf6-d7ce-4742-b2d8-b3c585e9cf87","block_type":"box","text":"State Street USD Liquidity LVNAV Fund 0.10 0.25% (0.030)% 0.25%","page_number":149,"box":{"x":120,"y":555,"width":786,"height":10}},{"id":"15b1a3c3-066c-42b0-a4d3-56e081318a14","block_type":"box","text":"State Street EUR Liquidity LVNAV Fund 0.08 0.25% (0.020)% 0.25%","page_number":149,"box":{"x":120,"y":570,"width":786,"height":10}},{"id":"e67fa545-d8e0-4409-8cac-374b7de7810c","block_type":"box","text":"State Street GBP Liquidity LVNAV Fund 0.10 0.25% (0.020)% 0.25%","page_number":149,"box":{"x":120,"y":584,"width":786,"height":10}},{"id":"f8ffe9d8-04fd-4d5b-b620-bbbf467bdee8","block_type":"box","text":"State Street EUR Liquidity","page_number":149,"box":{"x":120,"y":598,"width":175,"height":10}},{"id":"a8f61c4a-f025-41d6-9246-6997a464ac5e","block_type":"box","text":"Standard VNAV Fund 0.10 0.25% (0.020)% 0.25%","page_number":149,"box":{"x":120,"y":612,"width":786,"height":10}},{"id":"4148e9c5-06e8-4317-a259-934fdce93240","block_type":"box","text":"State Street USD Treasury Liquidity Fund 0.11 0.25% (0.030)% 0.25%","page_number":149,"box":{"x":120,"y":627,"width":786,"height":10}},{"id":"e5baaba8-2c05-4256-a543-e265a06119c3","block_type":"box","text":"State Street EUR Government Liquidity Fund 0.04 0.25% (0.010)% 0.25%","page_number":149,"box":{"x":120,"y":641,"width":786,"height":10}},{"id":"67be497b-f3fb-4585-b65a-9e44e06e2776","block_type":"box","text":"State Street GBP Government Liquidity Fund 0.05 0.25% (0.010)% 0.25%","page_number":149,"box":{"x":120,"y":655,"width":786,"height":10}},{"id":"0fe01136-c882-49d3-991c-fd4d4c201546","block_type":"box","text":"Spread Risk","page_number":149,"box":{"x":120,"y":678,"width":87,"height":9}},{"id":"494a2403-d74c-41be-aa50-19dfcc8a551a","block_type":"box","text":"Spread is the extra yield that needs to be generated by a security above low risk domestic government securities to","page_number":149,"box":{"x":120,"y":691,"width":791,"height":10}},{"id":"602f857b-9ad5-4a8a-a91a-4615bcf59a47","block_type":"box","text":"compensate for the extra risk associated with this security. This extra risk is related to the country of issue or the industry","page_number":149,"box":{"x":120,"y":703,"width":792,"height":10}},{"id":"76cac7bc-a0a6-45a5-95ef-86d2a591e36d","block_type":"box","text":"sector.","page_number":149,"box":{"x":120,"y":716,"width":42,"height":7}},{"id":"9c2a7383-138d-4199-b1bd-b566f94ee6cb","block_type":"box","text":"The Investment Manager considers the asset allocation of the portfolio in order to minimise the risk associated with","page_number":149,"box":{"x":120,"y":740,"width":791,"height":10}},{"id":"d1abcd4f-6a8a-49ce-bceb-b64953b61b9a","block_type":"box","text":"particular countries or industry sectors, whilst continuing to follow the Company’s investment objective.","page_number":149,"box":{"x":121,"y":752,"width":680,"height":10}},{"id":"a383c3c6-0812-4a19-ad0e-8a4b2f706cd4","block_type":"box","text":"The Funds will generally have a majority of exposure to the short-term debt of banking and financial sectors. The","page_number":149,"box":{"x":120,"y":777,"width":791,"height":10}},{"id":"dd8a6350-05e3-430d-ac89-77e41b2f1f28","block_type":"box","text":"Investment Manager believes this sector exposure remains consistent with the Funds’ investment objectives which places","page_number":149,"box":{"x":121,"y":789,"width":790,"height":10}},{"id":"c741ca84-3369-43f3-8c0d-bab3ac39cde1","block_type":"box","text":"a priority on the preservation of capital. In conjunction with the Investment Manager’s proprietary credit research, the","page_number":149,"box":{"x":120,"y":801,"width":791,"height":10}},{"id":"3d7335bf-3b86-4c02-84b7-3151ca6ac0e8","block_type":"box","text":"banking sector remains highly regulated and benefits from a lender of last resort, i.e. their respective central bank.","page_number":149,"box":{"x":121,"y":814,"width":758,"height":10}},{"id":"bfee6233-b07a-41aa-bd0f-4c39f1bb9115","block_type":"box","text":"Both sector spread exposures in terms of spread duration and percentage market value and scenario results to","page_number":149,"box":{"x":121,"y":838,"width":790,"height":10}},{"id":"4333f380-766f-422d-8006-8c13fe4befa2","block_type":"box","text":"instantaneous changes in sector spreads are available to the Investment Manager on a daily basis and are discussed with","page_number":149,"box":{"x":121,"y":851,"width":790,"height":10}},{"id":"262b2da1-bd39-4402-ac98-9b53032baf5f","block_type":"box","text":"the Investment Risk Management team in a monthly meeting.","page_number":149,"box":{"x":120,"y":863,"width":408,"height":10}},{"id":"d2077141-dbb4-4eff-b413-221a7cafcd7a","block_type":"box","text":"Currency Risk","page_number":149,"box":{"x":120,"y":887,"width":102,"height":10}},{"id":"29769ab6-551f-49e0-bdfb-0e8f3da2749c","block_type":"box","text":"All the financial assets and financial liabilities of each Fund are denominated in the respective subscription currency of","page_number":149,"box":{"x":120,"y":900,"width":792,"height":10}},{"id":"b66ad50b-0cff-490f-8795-d6c8b10bc7fa","block_type":"box","text":"each Fund and therefore there are no material foreign currency risk exposures in 2025 or 2024.","page_number":149,"box":{"x":120,"y":913,"width":639,"height":10}},{"id":"38ec0b79-b93f-49b0-a101-630c703572b0","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":149,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"1aaf0223-0967-4f56-bcd0-64ce60534843","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":149,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"cb5182ce-9c84-4e56-b88a-83e9e81efd4f","block_type":"box","text":"Notes to the financial statements","page_number":149,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"da1c4ef8-445d-4cd6-bff9-6fe9949e02db","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":149,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"b9a399e8-9df1-43aa-ab6b-ee9422675d89","block_type":"box","text":"(continued)","page_number":149,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"4c98ac38-abf2-47e2-9751-260cdd53a7a9","block_type":"box","text":"90","page_number":149,"box":{"x":35,"y":965,"width":15,"height":8}},{"id":"0b50de9f-dbcb-4b45-8c72-e5b3dbc2946b","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":149,"box":{"x":90,"y":965,"width":331,"height":10}},{"id":"8e1b255b-ee6b-4903-985d-229aa81a7e58","block_type":"box","text":"12. Derivatives and Other Financial Instruments","page_number":150,"box":{"x":88,"y":167,"width":418,"height":9}},{"id":"a3559646-3ed9-4ab7-afbc-554d01adedb2","block_type":"box","text":"(continued)","page_number":150,"box":{"x":513,"y":167,"width":98,"height":12}},{"id":"c2f30ee0-f9f3-42c9-9fab-a53a15626440","block_type":"box","text":"a) Market Risk","page_number":150,"box":{"x":120,"y":192,"width":109,"height":10}},{"id":"f4b8d402-4e19-45a8-8f6c-3531a85f291a","block_type":"box","text":"(continued)","page_number":150,"box":{"x":235,"y":192,"width":80,"height":10}},{"id":"a3adcd88-2551-448f-8725-dc5a3590331c","block_type":"box","text":"Price Risk","page_number":150,"box":{"x":121,"y":217,"width":72,"height":8}},{"id":"fc01d2f4-7686-4809-a91f-789322af46d9","block_type":"box","text":"Price risk arises from investments held for which prices in the future are uncertain. Majority of the Funds’ investments are","page_number":150,"box":{"x":121,"y":230,"width":790,"height":10}},{"id":"c733972a-adb1-441f-b935-ec8978504740","block_type":"box","text":"short term MMFs therefore there are minimal or no price risk exposures in 2025 or 2024.","page_number":150,"box":{"x":120,"y":242,"width":589,"height":10}},{"id":"c6055f33-fb73-4cea-83a0-e4f46e033b01","block_type":"box","text":"b) Credit Risk","page_number":150,"box":{"x":121,"y":267,"width":103,"height":10}},{"id":"1713b2aa-5117-42b7-8d49-516bdcdf3fd8","block_type":"box","text":"Credit risk is the risk that the issuer of a financial instrument will fail to discharge an obligation or commitment that it","page_number":150,"box":{"x":120,"y":290,"width":792,"height":10}},{"id":"70bbddf0-7d7d-49a4-8734-89e0bced4372","block_type":"box","text":"entered into with the Company. Credit risk may take the form of a direct holding of an issuer’s debt, through a collateralised","page_number":150,"box":{"x":120,"y":303,"width":791,"height":10}},{"id":"4c6d1315-9a57-4f25-ad8f-fe06196a5ed1","block_type":"box","text":"repurchase agreement, or through entering a derivative contract with a counterparty. In all cases, the Funds will be","page_number":150,"box":{"x":121,"y":315,"width":790,"height":10}},{"id":"01124113-20e4-46b2-b99b-e20467ae5aaa","block_type":"box","text":"affected by the continued credit worthiness of the issuer/counterparty.","page_number":150,"box":{"x":120,"y":328,"width":464,"height":10}},{"id":"9ad71cf3-fc60-40f0-b9ae-882ede5a52df","block_type":"box","text":"Direct investments are monitored on the following levels:","page_number":150,"box":{"x":121,"y":352,"width":373,"height":10}},{"id":"7fd03901-d9cc-46f8-a598-c52fedcdf28b","block_type":"box","text":"Ratings","page_number":150,"box":{"x":121,"y":379,"width":54,"height":10}},{"id":"a39eef26-fcda-40f3-8515-89beffaf1791","block_type":"box","text":"The Funds are monitored to ensure they do not contain unintended exposures to credit risk and are reviewed on a regular","page_number":150,"box":{"x":120,"y":392,"width":792,"height":10}},{"id":"42649b6f-170a-4e0a-b933-bb3bd42e5bdc","block_type":"box","text":"basis to ensure that the minimum allowable credit ratings within the Funds are adhered to at the time of purchase. Where","page_number":150,"box":{"x":121,"y":404,"width":790,"height":10}},{"id":"68deb79d-c1ae-426f-9640-897629c4f1f6","block_type":"box","text":"the Funds are rated by an independent rating agency, the Investment Manager maintains internal controls and procedures","page_number":150,"box":{"x":120,"y":417,"width":791,"height":10}},{"id":"8cc4d0fe-1e66-4ff5-933a-45b7300bca1e","block_type":"box","text":"to ensure that the minimum credit quality standards are met for maintaining the applicable Fund credit rating. Reports of","page_number":150,"box":{"x":120,"y":429,"width":792,"height":10}},{"id":"59a1515e-db8c-47ce-9b10-14a415ff002f","block_type":"box","text":"the Funds’ aggregate rating and their migrations are provided on a daily basis to the Investment Manager and are","page_number":150,"box":{"x":120,"y":442,"width":791,"height":10}},{"id":"261402b0-2b68-4caf-b389-a85a62736c99","block_type":"box","text":"discussed with the Investment Risk Management team in a monthly meeting. 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In event of the insolvency or bankruptcy of the Depositary, the Fund will be treated as a general creditor","page_number":158,"box":{"x":120,"y":746,"width":792,"height":10}},{"id":"eb958a40-6343-4b61-8c83-af2f601d9542","block_type":"box","text":"of the Depositary in relation to cash holdings of the Funds.","page_number":158,"box":{"x":120,"y":759,"width":391,"height":10}},{"id":"5a4d7134-8d19-4139-aae3-60c0eff0dd21","block_type":"box","text":"c) Liquidity Risk","page_number":158,"box":{"x":120,"y":783,"width":124,"height":10}},{"id":"d8bc1404-1ce1-4759-8688-28b0334f0f78","block_type":"box","text":"This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The","page_number":158,"box":{"x":120,"y":807,"width":791,"height":10}},{"id":"62067768-95ff-4fd0-94ef-079621e52cca","block_type":"box","text":"Company has availed itself of the segregated liability provisions of Section 1405 of the Companies Act 2014. As such,","page_number":158,"box":{"x":120,"y":819,"width":790,"height":10}},{"id":"85c1f03c-efdb-4867-bcec-ec3e2efa9694","block_type":"box","text":"there is no potential from cross liability between the Funds and means that liquidity risk is appropriately managed at the","page_number":158,"box":{"x":120,"y":832,"width":791,"height":10}},{"id":"52c4fb52-bd59-4002-8e60-91bb7173d835","block_type":"box","text":"Fund level. However, cross investments between the Funds could expose the investor Fund to the liquidity risk of the","page_number":158,"box":{"x":121,"y":844,"width":790,"height":10}},{"id":"29c10e62-7407-489d-b88d-2275f8fae07c","block_type":"box","text":"underlying Fund. As an open-ended investment company with variable capital, the Company is required to redeem shares","page_number":158,"box":{"x":121,"y":857,"width":790,"height":10}},{"id":"d1e519f5-641f-4f14-bdbb-1f8b866c5c90","block_type":"box","text":"back to shareholders at the price equivalent to the NAV per share, subject to settlement and dealing restrictions laid down","page_number":158,"box":{"x":121,"y":869,"width":790,"height":10}},{"id":"b901c2af-ad4c-47b0-98fd-f2c9d73c3113","block_type":"box","text":"in the Company’s Articles of Association and Prospectus.","page_number":158,"box":{"x":121,"y":881,"width":381,"height":10}},{"id":"d900b637-1a20-448a-a091-265fe577246c","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":158,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"b3ac3f0b-6a95-4306-996d-0931cfe56af2","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":158,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"e9d06b82-31eb-45bf-a6cf-8217fc68dd8c","block_type":"box","text":"Notes to the financial statements","page_number":158,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"6036dbd2-61dd-46d0-8515-a5161748ccc4","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":158,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"0c8b0afd-d8a9-4d40-be18-713deda384d5","block_type":"box","text":"(continued)","page_number":158,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"90d74898-26e6-4957-b262-67ed9a641abb","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":158,"box":{"x":578,"y":965,"width":330,"height":10}},{"id":"5cbb6e3e-e1c9-4886-a331-3b4ac1ce84ea","block_type":"box","text":"99","page_number":158,"box":{"x":948,"y":965,"width":15,"height":8}},{"id":"f9798137-b398-4980-8d52-909e8f68ec14","block_type":"box","text":"12. Derivatives and Other Financial Instruments","page_number":159,"box":{"x":88,"y":167,"width":418,"height":9}},{"id":"d5cad398-4095-4c0c-9829-ca42262213a9","block_type":"box","text":"(continued)","page_number":159,"box":{"x":513,"y":167,"width":98,"height":12}},{"id":"084e40e3-7e2d-4c9b-afdb-af5697b683d1","block_type":"box","text":"c) Liquidity Risk","page_number":159,"box":{"x":120,"y":192,"width":124,"height":10}},{"id":"5d47e616-429e-4319-913d-27ea4951cab2","block_type":"box","text":"(continued)","page_number":159,"box":{"x":249,"y":192,"width":81,"height":10}},{"id":"6fdf2777-16be-4494-b3be-18f3dfb5dd60","block_type":"box","text":"The Funds are exposed to daily cash redemptions of redeemable shares. This is the main liability of the Company. Hence,","page_number":159,"box":{"x":120,"y":217,"width":790,"height":10}},{"id":"e49da593-1c34-47b1-a2c0-3ad1d7b41465","block_type":"box","text":"the Funds invest the large majority of their assets in high quality, short-term transferable securities which, if required, can","page_number":159,"box":{"x":120,"y":229,"width":791,"height":10}},{"id":"74b65a3e-89e2-4cdc-a41e-f9a12ac3af21","block_type":"box","text":"be readily disposed. However, liquidity risk will occur if an issuer or issue becomes credit impaired or if the relevant market","page_number":159,"box":{"x":121,"y":242,"width":791,"height":10}},{"id":"fb7f449a-68c0-4bb1-a191-155b196d7a99","block_type":"box","text":"becomes illiquid. In such a case, it may not be possible to liquidate a position at a price that is deemed by the Investment","page_number":159,"box":{"x":121,"y":254,"width":791,"height":10}},{"id":"5deb601c-290e-46b8-ac5e-7e3d6c1ed885","block_type":"box","text":"Manager to be demonstrating fair value. The risk of illiquidity may be temporary or may remain for extended periods","page_number":159,"box":{"x":121,"y":267,"width":790,"height":10}},{"id":"d7075ed6-6a93-47fc-a2a6-134ecca88ab6","block_type":"box","text":"depending on the circumstances of the individual issuer or the market environment for particular sectors.","page_number":159,"box":{"x":120,"y":279,"width":696,"height":10}},{"id":"79435ae1-cebd-4c91-b895-6b17144673fe","block_type":"box","text":"The Investment Manager structures the portfolio in anticipation that maturities will meet the Funds’ liquidity requirements.","page_number":159,"box":{"x":120,"y":304,"width":790,"height":10}},{"id":"12c7221a-d50a-4d99-94b8-cd5d57b54e19","block_type":"box","text":"The Company’s financial liabilities due for payment within 1 month relate in the most part, to security purchases awaiting","page_number":159,"box":{"x":120,"y":328,"width":791,"height":10}},{"id":"d58bb39c-1929-4634-8f3d-319b3095effc","block_type":"box","text":"settlement, redemptions of redeemable participating shares and payment of bank overdraft interest. Financial liabilities","page_number":159,"box":{"x":120,"y":340,"width":791,"height":10}},{"id":"3e1ac25f-8c31-42e1-8764-ff7944af3323","block_type":"box","text":"due for payment between 1 and 3 months relate, in the most part, to expenses payable. Balances due within 12 months","page_number":159,"box":{"x":120,"y":353,"width":791,"height":10}},{"id":"e741ba4c-5303-431d-859c-1e55cb4ebf15","block_type":"box","text":"equal their carrying balances. There are no financial liabilities that fall due over 12 months.","page_number":159,"box":{"x":120,"y":365,"width":602,"height":10}},{"id":"788e5c15-cbc2-4a63-a2e7-2473ba6007cb","block_type":"box","text":"The Company maintains a liquidity management policy to monitor the liquidity risk of the Funds. The liquidity management","page_number":159,"box":{"x":120,"y":389,"width":792,"height":10}},{"id":"2dc53755-2bcb-4f3d-8c4d-6952400b63f2","block_type":"box","text":"systems and procedures employed by the Company allow the Company to apply various tools and arrangements","page_number":159,"box":{"x":120,"y":402,"width":791,"height":10}},{"id":"3cf8282a-97f2-43aa-bd9e-7b4802012c0a","block_type":"box","text":"necessary to respond appropriately to redemption requests. These tools and arrangements are detailed as follows:","page_number":159,"box":{"x":121,"y":414,"width":763,"height":10}},{"id":"d9d6c76a-2380-4067-87ef-9b59860e0980","block_type":"box","text":"Redemption limits","page_number":159,"box":{"x":121,"y":441,"width":129,"height":10}},{"id":"c502ca5e-15cc-4ccb-98d5-79a15ee3d20c","block_type":"box","text":"If the proportion of the weekly maturing assets falls below 30% of a Stable NAV MMF and the net daily redemptions on","page_number":159,"box":{"x":121,"y":454,"width":790,"height":10}},{"id":"d7200a95-9bb4-4d87-a83c-4c901943c7c6","block_type":"box","text":"a single Dealing Day exceed 10 % of the relevant Stable NAV MMF’s NAV, the Board shall undertake a documented","page_number":159,"box":{"x":120,"y":467,"width":791,"height":10}},{"id":"d656eeb2-483b-4724-bb35-afe87eed60e5","block_type":"box","text":"assessment of the situation to determine the appropriate course of action having regard to the interests of the","page_number":159,"box":{"x":120,"y":479,"width":791,"height":10}},{"id":"e90c7704-b58d-4b32-bdbb-0c94e6f3c94c","block_type":"box","text":"Shareholders and shall decide whether to apply one or more of the following measures:","page_number":159,"box":{"x":120,"y":491,"width":583,"height":10}},{"id":"20373baf-44a1-4e66-b776-4098b43e9b9d","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":521,"width":4,"height":3}},{"id":"f1eb8d3e-1e55-403f-a2cb-6bef294d41dc","block_type":"box","text":"liquidity fees on redemptions;","page_number":159,"box":{"x":172,"y":518,"width":193,"height":10}},{"id":"b8981c96-28a8-4503-b0be-6baac5150d6f","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":533,"width":4,"height":2}},{"id":"7561186c-4b3b-4e95-a755-b0ed3fdc2e16","block_type":"box","text":"redemption gates that limit the amount of shares or units to be redeemed on any one Dealing Day to a maximum","page_number":159,"box":{"x":172,"y":530,"width":729,"height":10}},{"id":"214b9596-940e-4031-9026-f532a8ae8bfb","block_type":"box","text":"of 10 % of the shares in the relevant Stable NAV MMF for any period up to 15 Business Days;","page_number":159,"box":{"x":171,"y":541,"width":626,"height":10}},{"id":"5343a5bb-ce2f-405d-abc3-09e9cbcd0082","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":555,"width":4,"height":3}},{"id":"d94e0463-acc8-413f-84d8-175a6644bc1d","block_type":"box","text":"suspension of redemptions for any period up to 15 Business Days; or","page_number":159,"box":{"x":171,"y":552,"width":463,"height":10}},{"id":"be4ba558-94c2-4220-9a1b-26667f0f73f5","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":567,"width":4,"height":3}},{"id":"b7aa5767-6fd5-430e-a3b5-fcdf0bcf69df","block_type":"box","text":"take no immediate action except as otherwise required under the MMF Regulation.","page_number":159,"box":{"x":171,"y":564,"width":550,"height":10}},{"id":"17f4750d-5d58-4615-9e54-c355285f488c","block_type":"box","text":"If the proportion of the weekly maturing assets falls below 10% of the NAV of any Stable NAV MMF, the Board shall","page_number":159,"box":{"x":121,"y":587,"width":790,"height":10}},{"id":"4bce7fde-d1f2-4671-b250-80bf9bd00508","block_type":"box","text":"undertake a documented assessment of the situation to determine the appropriate course of action having regard to the","page_number":159,"box":{"x":121,"y":599,"width":790,"height":10}},{"id":"a6987bea-60e5-4f50-818e-38bb2f6a9365","block_type":"box","text":"interests of the Shareholders and shall decide whether to apply one or more of the following measures and document the","page_number":159,"box":{"x":121,"y":612,"width":790,"height":10}},{"id":"dd6cfade-096d-4a3a-a1d4-843b855ef0a0","block_type":"box","text":"reasons for its choice:","page_number":159,"box":{"x":121,"y":624,"width":144,"height":8}},{"id":"eb89f080-5b19-4dbb-aeed-c9973fdba18e","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":654,"width":4,"height":2}},{"id":"bc38842a-619a-4c94-8e7c-0759d98423aa","block_type":"box","text":"liquidity fees on redemptions; or","page_number":159,"box":{"x":172,"y":651,"width":212,"height":10}},{"id":"d30a0a7b-9511-4e47-bff9-37ee499dbc29","block_type":"box","text":"•","page_number":159,"box":{"x":120,"y":666,"width":4,"height":2}},{"id":"52443fa6-a9ad-4e14-a17e-1e28cf77bc0c","block_type":"box","text":"suspension of redemptions for any period up to 15 Business Days.","page_number":159,"box":{"x":171,"y":663,"width":443,"height":10}},{"id":"bec72b5c-a102-44b7-854f-c9165b5dac77","block_type":"box","text":"Redemption Restrictions","page_number":159,"box":{"x":121,"y":688,"width":177,"height":9}},{"id":"efd07278-72cd-4b5c-883f-dfdc8f0bf53e","block_type":"box","text":"If redemption requests on any Dealing Day exceed 10% of the shares in any MMF, the Management Company may defer","page_number":159,"box":{"x":121,"y":701,"width":791,"height":10}},{"id":"15195e31-50f1-4649-9a76-b95d5de86ebb","block_type":"box","text":"the excess redemption requests to subsequent Dealing Days and shall redeem such shares rateably. Any deferred","page_number":159,"box":{"x":120,"y":713,"width":791,"height":10}},{"id":"5260751e-2160-4541-aeb1-942e3b5aab64","block_type":"box","text":"redemption requests shall be treated as if they were received on each subsequent Dealing Day, subject to the provisions","page_number":159,"box":{"x":121,"y":726,"width":790,"height":10}},{"id":"7ffc36a4-db45-4f54-a1ba-4817cc484f58","block_type":"box","text":"of this paragraph, until all the shares to which the original request related have been redeemed.","page_number":159,"box":{"x":120,"y":738,"width":637,"height":10}},{"id":"3e8e679e-8ae3-4e40-996e-786fe5858f8c","block_type":"box","text":"Redemption in-kind","page_number":159,"box":{"x":121,"y":765,"width":139,"height":10}},{"id":"6f244451-7c4e-4941-86d0-768722ad672e","block_type":"box","text":"The Management Company may choose to redeem shares in kind where the redeeming Shareholder requests such","page_number":159,"box":{"x":120,"y":778,"width":791,"height":10}},{"id":"9ac38e0d-e2ef-4cc3-b265-30d7ddc980fe","block_type":"box","text":"redemption. All Shareholders shall be treated fairly. A determination to provide redemption in specie may be solely at the","page_number":159,"box":{"x":121,"y":790,"width":790,"height":10}},{"id":"d662edf6-8622-4510-a878-32a968ef8e47","block_type":"box","text":"discretion of the Management Company where a redeeming Shareholder requests redemption of a number of shares that","page_number":159,"box":{"x":120,"y":803,"width":792,"height":10}},{"id":"904d0392-66a5-4540-9073-418415ce1987","block_type":"box","text":"represent 5% or more of the NAV of a Fund. In this event, the Management Company will, if requested to do so by the","page_number":159,"box":{"x":121,"y":815,"width":790,"height":10}},{"id":"f51a6889-88b7-4ea3-90a0-25d6db28cc41","block_type":"box","text":"redeeming Shareholder, sell the relevant assets on behalf of the Shareholder and the cost of such a sale will be charged","page_number":159,"box":{"x":121,"y":828,"width":790,"height":10}},{"id":"12eee845-5c58-4371-abfe-a0aa39e47692","block_type":"box","text":"to that Shareholder. For the avoidance of doubt, consent from a redeeming Shareholder will only be required where that","page_number":159,"box":{"x":120,"y":840,"width":792,"height":10}},{"id":"124eb3af-fcd1-4459-92dd-2074bfc89620","block_type":"box","text":"Shareholder is requesting to redeem a number of shares less than 5% of NAV of the relevant Fund.","page_number":159,"box":{"x":120,"y":852,"width":666,"height":10}},{"id":"2d1a64fd-f1e5-4caf-8c46-eeef08a38f49","block_type":"box","text":"Temporary Suspension of NAV calculation and Dealings","page_number":159,"box":{"x":120,"y":879,"width":403,"height":10}},{"id":"f7f0ef4f-17b4-448b-8aa9-e2a2bc6ec250","block_type":"box","text":"The Board may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the NAV in the","page_number":159,"box":{"x":120,"y":892,"width":791,"height":10}},{"id":"ad24b18c-78af-42ad-93ae-72e7d0793b93","block_type":"box","text":"following circumstances:","page_number":159,"box":{"x":120,"y":905,"width":162,"height":10}},{"id":"c9e8b6ca-8987-481d-9722-4f828bf50821","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":159,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"94a2236a-185d-47bf-b025-73910d365a2c","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":159,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"890f936f-328d-4022-8d07-a2de75178f57","block_type":"box","text":"Notes to the financial statements","page_number":159,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"82ed09c2-4244-49ff-b8ef-785384dffe08","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":159,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"c8da0f09-1f0e-4093-a288-7d70a7505560","block_type":"box","text":"(continued)","page_number":159,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"1f3fc39f-7458-454b-9017-08ba24364f63","block_type":"box","text":"100","page_number":159,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"c5c033ac-beb0-48b8-8c34-87a8c8dd8c09","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":159,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"6a8fad34-1b0c-4ae1-a20e-f3d4944b448e","block_type":"box","text":"12. Derivatives and Other Financial Instruments","page_number":160,"box":{"x":88,"y":167,"width":418,"height":9}},{"id":"205e5bb5-89af-4959-ab1e-5019bb207ca4","block_type":"box","text":"(continued)","page_number":160,"box":{"x":513,"y":167,"width":98,"height":12}},{"id":"efb37fb7-a22a-4f87-bc02-7baa4df29c4b","block_type":"box","text":"Temporary Suspension of NAV calculation and Dealings","page_number":160,"box":{"x":120,"y":193,"width":403,"height":10}},{"id":"595a32ef-5a12-4035-825d-56fa005de500","block_type":"box","text":"(continued)","page_number":160,"box":{"x":528,"y":193,"width":81,"height":10}},{"id":"c96390da-ecf7-4fa8-9c52-7d5c70b6d12f","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":220,"width":4,"height":2}},{"id":"fc04f78e-fea3-44c4-a822-e1f3bb526ec4","block_type":"box","text":"where one or more stock exchanges or other markets which are the basis for valuing a significant part of the NAV","page_number":160,"box":{"x":171,"y":217,"width":731,"height":10}},{"id":"b3d58f05-f63f-4798-8e06-4666b1f11109","block_type":"box","text":"are closed (apart from on normal public holidays), or during which trading is suspended;","page_number":160,"box":{"x":171,"y":228,"width":586,"height":10}},{"id":"a7fa92e5-0758-4902-8478-236aa906a4ab","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":242,"width":4,"height":3}},{"id":"69fe30be-371a-4a3c-8b8b-e9b1785b03a1","block_type":"box","text":"where in the opinion of the Company it is impossible to sell or to value assets as a result of particular","page_number":160,"box":{"x":171,"y":239,"width":731,"height":10}},{"id":"e3b578d4-a7e1-4a1e-8ae3-d1bbc77a2f2b","block_type":"box","text":"circumstances;","page_number":160,"box":{"x":171,"y":250,"width":99,"height":9}},{"id":"0eae88b1-f2c5-443a-8231-2087826314b0","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":265,"width":4,"height":3}},{"id":"1ce5a209-ef73-44a7-8ddf-1da16168dea9","block_type":"box","text":"where the communication technology normally used in determining the price of a security of the Fund fails or","page_number":160,"box":{"x":171,"y":262,"width":731,"height":10}},{"id":"f09dbc70-8686-42c9-87c6-933379e6dc34","block_type":"box","text":"provides only partial functionality;","page_number":160,"box":{"x":172,"y":273,"width":221,"height":10}},{"id":"e5d7c209-9837-464f-b03a-369779d861cf","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":287,"width":4,"height":3}},{"id":"9d5e2d38-79b7-453a-abe9-a1d87eea61f8","block_type":"box","text":"where the transfer of moneys for the purchase or sale of investments of the Company is impractical;","page_number":160,"box":{"x":171,"y":285,"width":668,"height":10}},{"id":"98cb83d1-19d4-437c-8a67-a8717f3f58fb","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":299,"width":4,"height":3}},{"id":"6b56de27-aa55-4ff7-9699-85c2dab4b01c","block_type":"box","text":"following a decision to merge a Fund or the Company, if justified in order to protect the interest of Shareholders;","page_number":160,"box":{"x":171,"y":296,"width":729,"height":10}},{"id":"7128d340-b12e-42e1-8031-8de5f69f3d75","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":311,"width":4,"height":3}},{"id":"fc037020-717b-488e-b5eb-29a1f7b2ecf7","block_type":"box","text":"where a Fund is a feeder fund and the net asset value calculation of the master UCITS (or Fund thereof) is","page_number":160,"box":{"x":171,"y":308,"width":730,"height":10}},{"id":"bae55419-f3f4-4b5a-b7b2-426b5c2c5aaa","block_type":"box","text":"suspended;","page_number":160,"box":{"x":171,"y":319,"width":77,"height":10}},{"id":"2ba41ad8-c65d-47e5-ad3c-26ca02cfe053","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":334,"width":4,"height":2}},{"id":"50d71a00-6da2-4f58-8013-c82545171323","block_type":"box","text":"in the case of a resolution to liquidate the Company on or after the date of publication of the first calling of a","page_number":160,"box":{"x":172,"y":331,"width":729,"height":10}},{"id":"fdf94d64-9421-405b-a5ec-9ac4bec145c6","block_type":"box","text":"general meeting of Shareholders for the purpose of such resolution;","page_number":160,"box":{"x":171,"y":341,"width":453,"height":10}},{"id":"cea2aef6-d427-4118-849d-a087014e8490","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":356,"width":4,"height":3}},{"id":"e33c56ef-5ec7-41fd-949a-c42fbe712ab7","block_type":"box","text":"the conditions set forth in section “Redemption limits” above are met;","page_number":160,"box":{"x":171,"y":353,"width":457,"height":10}},{"id":"1b23dbe2-74ad-439c-b329-a75e5ffb004a","block_type":"box","text":"•","page_number":160,"box":{"x":120,"y":368,"width":4,"height":3}},{"id":"4a38a15c-32ca-4545-91bd-898e88e573e7","block_type":"box","text":"any period when the Board determine that it is in the best interests of Shareholders to do so.","page_number":160,"box":{"x":171,"y":365,"width":616,"height":10}},{"id":"da6e68da-a1f7-4ece-a1da-70bc3611695d","block_type":"box","text":"Transaction Risk","page_number":160,"box":{"x":120,"y":390,"width":121,"height":8}},{"id":"e2a64e6a-a9cb-4ac2-9ed5-4dbfac7d9d73","block_type":"box","text":"All transactions are done on a Delivery versus Payment (the “DVP”) or triparty repo basis. In this case, there is no direct","page_number":160,"box":{"x":120,"y":403,"width":792,"height":10}},{"id":"68fb7d29-1959-40f0-9512-3b080277d009","block_type":"box","text":"transaction risk for the Funds as payment is only made against delivery. Furthermore, the SSGA credit team monitors the","page_number":160,"box":{"x":120,"y":416,"width":791,"height":10}},{"id":"36fa860b-02c2-4797-b7dd-e92ae4f743a8","block_type":"box","text":"credit rating and financial positions of the approved counterparties.","page_number":160,"box":{"x":120,"y":428,"width":445,"height":10}},{"id":"c6e3016e-8adc-4a2e-adc4-3c93f116f3b0","block_type":"box","text":"d) Fair valuation hierarchy","page_number":160,"box":{"x":120,"y":452,"width":195,"height":10}},{"id":"f65b79a4-86d5-40fe-8595-342cde6db919","block_type":"box","text":"IFRS 13 Financial Instruments Disclosure (“IFRS 13”) requires the Company to classify fair value measurements using a","page_number":160,"box":{"x":121,"y":476,"width":790,"height":10}},{"id":"13ba76ef-5f10-40f3-bac9-81c66ca6db32","block_type":"box","text":"fair value hierarchy that reflects the significance of the inputs used in making the measurements.","page_number":160,"box":{"x":120,"y":488,"width":643,"height":10}},{"id":"59a5539c-5901-4f46-9e19-a1a0fc61c6f4","block_type":"box","text":"The fair value hierarchy is as follows:","page_number":160,"box":{"x":120,"y":513,"width":245,"height":10}},{"id":"88526a47-2ee8-4c0b-b784-791487081507","block_type":"box","text":"Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.","page_number":160,"box":{"x":121,"y":539,"width":569,"height":10}},{"id":"1d94fc9a-d244-4efb-ac49-c24546c6d73f","block_type":"box","text":"Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly","page_number":160,"box":{"x":121,"y":564,"width":781,"height":10}},{"id":"d76c4c79-9c59-4114-bddb-6be381ec8722","block_type":"box","text":"(as prices) or indirectly (derived from prices).","page_number":160,"box":{"x":121,"y":575,"width":295,"height":10}},{"id":"2245baf8-e405-4aff-8a7d-46956d11dfc3","block_type":"box","text":"Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).","page_number":160,"box":{"x":121,"y":600,"width":718,"height":10}},{"id":"c0f30f72-7946-4f4b-9250-d489ebebb49c","block_type":"box","text":"The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on","page_number":160,"box":{"x":120,"y":622,"width":791,"height":10}},{"id":"e61042a0-a56f-47ab-b92f-41a65a1b4441","block_type":"box","text":"the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the","page_number":160,"box":{"x":120,"y":635,"width":791,"height":10}},{"id":"1d7a978b-a98e-4333-a798-b16d101322e9","block_type":"box","text":"significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses","page_number":160,"box":{"x":120,"y":647,"width":791,"height":10}},{"id":"144c4abe-52f3-4aa3-9547-bd5abf2fbc7e","block_type":"box","text":"observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3","page_number":160,"box":{"x":120,"y":660,"width":791,"height":10}},{"id":"2166864f-9a9e-4ea6-93b7-7e3e91fd726d","block_type":"box","text":"measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires","page_number":160,"box":{"x":121,"y":672,"width":790,"height":10}},{"id":"644a9d25-99ee-4f08-97d2-04d5aa5febc8","block_type":"box","text":"judgement, considering factors specific to the asset or liability.","page_number":160,"box":{"x":119,"y":685,"width":411,"height":10}},{"id":"638c6142-9c80-4e8d-8b57-1bc378703f22","block_type":"box","text":"The determination of what constitutes ‘observable’ requires significant judgement by the Investment Manager. The","page_number":160,"box":{"x":120,"y":709,"width":791,"height":10}},{"id":"4f53ab78-391f-43a3-853c-25d7085e3a24","block_type":"box","text":"Investment Manager considers observable data to be that market data that is readily available, regularly distributed or","page_number":160,"box":{"x":121,"y":722,"width":791,"height":9}},{"id":"3ab574dd-c7d8-4aae-a637-d8b1a8bd973a","block_type":"box","text":"updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the","page_number":160,"box":{"x":121,"y":734,"width":790,"height":10}},{"id":"f409d388-44e3-4226-9af1-cb0bcdcb8a3c","block_type":"box","text":"relevant market.","page_number":160,"box":{"x":121,"y":746,"width":105,"height":8}},{"id":"52696691-db6c-472f-81bb-23d464146148","block_type":"box","text":"All of the Company’s financial assets and liabilities measured at fair value as at 31 December 2025 were Level 2","page_number":160,"box":{"x":120,"y":771,"width":791,"height":10}},{"id":"13e5876f-fb6b-4652-a9a7-4c599bba538a","block_type":"box","text":"(31 December 2024: Level 2), with the exception of Time Deposits and cash which were Level 1 (31 December 2024:","page_number":160,"box":{"x":121,"y":783,"width":789,"height":10}},{"id":"94d4291d-e084-41d8-b92f-1e2b4d27beb9","block_type":"box","text":"Level 1).","page_number":160,"box":{"x":121,"y":795,"width":54,"height":10}},{"id":"7eb2b7af-9bc2-4db8-8993-9a6d643be156","block_type":"box","text":"Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1,","page_number":160,"box":{"x":121,"y":820,"width":789,"height":10}},{"id":"8b9a0b01-b2de-48f1-ab29-ffac57b3c12f","block_type":"box","text":"include active listed equities, exchange traded derivatives and certain non-US sovereign obligations. The Company does","page_number":160,"box":{"x":121,"y":832,"width":790,"height":10}},{"id":"fb1835fa-5b42-41dc-b033-021bdba59d02","block_type":"box","text":"not adjust the quoted price for these instruments. The Company does not hold any of these assets as at","page_number":160,"box":{"x":121,"y":845,"width":791,"height":10}},{"id":"ef1f114b-c7f9-4de4-87c0-d73768056d3d","block_type":"box","text":"31 December 2025 (31 December 2024: Nil).","page_number":160,"box":{"x":120,"y":857,"width":300,"height":10}},{"id":"d01f78ae-d661-41ff-9b62-b4fa5cf24a8e","block_type":"box","text":"Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market","page_number":160,"box":{"x":121,"y":882,"width":791,"height":9}},{"id":"51101d24-37c0-4df5-9960-17ef33461ac4","block_type":"box","text":"prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These","page_number":160,"box":{"x":121,"y":894,"width":790,"height":10}},{"id":"4efde696-93c8-47ea-83b6-6b2c9b4f99b3","block_type":"box","text":"include, investment-grade corporate bonds and certain non-US sovereign obligations, listed equities, over the counter","page_number":160,"box":{"x":121,"y":906,"width":791,"height":10}},{"id":"083cc8e8-c7c4-45ae-891f-7ee51bb40e4d","block_type":"box","text":"derivatives and investment funds. As Level 2 investments include positions that are not traded in active markets and/or are","page_number":160,"box":{"x":120,"y":919,"width":791,"height":10}},{"id":"0520d65d-42ce-45e6-98ef-be7c8444804d","block_type":"box","text":"subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or nontransferability, which are generally","page_number":160,"box":{"x":120,"y":931,"width":792,"height":10}},{"id":"f19c41b5-056a-428c-89ef-95a9d011f749","block_type":"box","text":"based on available market information.","page_number":160,"box":{"x":121,"y":944,"width":257,"height":8}},{"id":"9976e9b7-6034-4767-9306-d7861afbe2a4","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":160,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"03e37814-e26c-4d08-a006-184e730b7e80","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":160,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"a5cdf117-02ed-455c-b124-f3b8f73ce43e","block_type":"box","text":"Notes to the financial statements","page_number":160,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"22adb39c-d8ae-4196-b342-e9051ce60799","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":160,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"cf28e173-18ff-4cc1-890c-8527f377248d","block_type":"box","text":"(continued)","page_number":160,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"d88b654c-549f-471b-b2aa-0aa647c3ad8b","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":160,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"609a7181-2c90-48e7-ae5b-7cf52633ea6a","block_type":"box","text":"101","page_number":160,"box":{"x":940,"y":965,"width":21,"height":8}},{"id":"5a15817f-0af3-4651-be00-01a48275ee31","block_type":"box","text":"12. Derivatives and Other Financial Instruments","page_number":161,"box":{"x":88,"y":167,"width":418,"height":9}},{"id":"859ccdd7-328f-4511-b164-d0b648d9842c","block_type":"box","text":"(continued)","page_number":161,"box":{"x":513,"y":167,"width":98,"height":12}},{"id":"5764ffd7-2291-43f7-8d2a-651a1ca75738","block_type":"box","text":"d) Fair valuation hierarchy","page_number":161,"box":{"x":120,"y":192,"width":195,"height":10}},{"id":"eb746376-c78e-4d5f-9fa9-c32f7892248e","block_type":"box","text":"(continued)","page_number":161,"box":{"x":320,"y":192,"width":81,"height":10}},{"id":"eb3dfa59-7be0-40f0-b24e-b59afe3e7ed1","block_type":"box","text":"Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. There were no","page_number":161,"box":{"x":121,"y":217,"width":790,"height":10}},{"id":"b1c59ebf-bf32-4237-b572-68e90ae5c34e","block_type":"box","text":"Level 3 securities held at 31 December 2025 (31 December 2024: Nil).","page_number":161,"box":{"x":121,"y":229,"width":468,"height":10}},{"id":"6174206f-6448-4fa9-ae1f-285c6dc8e77b","block_type":"box","text":"There were no transfers between levels of the fair value hierarchy for financial assets and financial liabilities which are","page_number":161,"box":{"x":120,"y":254,"width":791,"height":10}},{"id":"5ea31d1d-64f9-4766-b7fa-f25550628bb9","block_type":"box","text":"recorded at fair value during the financial year ended 31 December 2025 or 31 December 2024.","page_number":161,"box":{"x":121,"y":266,"width":637,"height":10}},{"id":"89d0c4dc-1840-45c8-901e-2de91ace49b3","block_type":"box","text":"13. Efficient Portfolio Management","page_number":161,"box":{"x":88,"y":290,"width":303,"height":12}},{"id":"ddeadbb0-1d09-4bbb-a233-553660d637d2","block_type":"box","text":"The Company may, on behalf of the Funds and subject to the conditions and within the limits laid down by the Central","page_number":161,"box":{"x":120,"y":317,"width":791,"height":10}},{"id":"f32c09a2-c509-4e91-90a4-19c8bcb033b1","block_type":"box","text":"Bank, employ techniques and instruments relating to transferable securities as set out in the Prospectus, including","page_number":161,"box":{"x":121,"y":329,"width":790,"height":10}},{"id":"e70d1270-0954-4541-bab7-0c9caa1d71c6","block_type":"box","text":"investments in derivative instruments, provided that such techniques and instruments are used for efficient portfolio","page_number":161,"box":{"x":121,"y":341,"width":790,"height":10}},{"id":"05b1e425-4941-437f-9a72-983293577609","block_type":"box","text":"management purposes or to provide protection against exchange risk or, where disclosed in the Supplements, as part of","page_number":161,"box":{"x":121,"y":354,"width":791,"height":10}},{"id":"37dcf86c-52ac-43fd-a1f9-977a42e7c736","block_type":"box","text":"the Funds’ investment policy.","page_number":161,"box":{"x":120,"y":366,"width":190,"height":10}},{"id":"7bc47afb-8b6a-4bd1-a58e-5491d6100bc5","block_type":"box","text":"In particular, the Company may use Repurchase Agreements and Reverse Repurchase Agreements for efficient portfolio","page_number":161,"box":{"x":121,"y":391,"width":790,"height":10}},{"id":"0f33a07c-e78f-4471-bd95-60a73349417b","block_type":"box","text":"management purposes. Efficient portfolio management means investment techniques involving transactions that are","page_number":161,"box":{"x":121,"y":403,"width":790,"height":10}},{"id":"a80e3ec6-4e84-41c9-89ae-26c3fda2983c","block_type":"box","text":"entered into for one or more of the following specific aims: the reduction of risk, the reduction of cost, or the generation","page_number":161,"box":{"x":120,"y":416,"width":791,"height":10}},{"id":"481a7f4b-b783-4edb-baef-0131a33830ad","block_type":"box","text":"of additional capital or income for the Fund with an appropriate level of risk, taking into account the risk profile of the","page_number":161,"box":{"x":120,"y":428,"width":791,"height":10}},{"id":"bba45171-2e45-4797-8499-b04b79f0a1c2","block_type":"box","text":"Funds. New techniques and instruments may be developed which may be suitable for use by the Company and the","page_number":161,"box":{"x":121,"y":440,"width":790,"height":10}},{"id":"22c0e4c8-9034-4360-8035-8be19f645c5f","block_type":"box","text":"Company (subject as aforesaid and to the requirements of the Central Bank) may employ such techniques and","page_number":161,"box":{"x":120,"y":453,"width":791,"height":10}},{"id":"c49ce873-5721-4d62-97fd-6f9ea2c2a1de","block_type":"box","text":"instruments.","page_number":161,"box":{"x":121,"y":465,"width":80,"height":8}},{"id":"cded2aea-e18c-42ef-aba0-4d7988cf5a5a","block_type":"box","text":"Currently, the Funds use Reverse Repurchase Agreements as an efficient portfolio management tool and the realised and","page_number":161,"box":{"x":120,"y":490,"width":791,"height":10}},{"id":"efe160e6-9bb3-4c01-8080-624b2a174516","block_type":"box","text":"unrealised gains or losses arising from these Reverse Repurchase Agreements are included in the Statement of","page_number":161,"box":{"x":121,"y":502,"width":791,"height":10}},{"id":"4fa2ac21-7e98-4bcf-a64d-eac898d20d81","block_type":"box","text":"Comprehensive Income in the financial year in which they arise, on an average cost basis, if the mark to market value is","page_number":161,"box":{"x":120,"y":515,"width":791,"height":10}},{"id":"1fd46ce1-781d-4d82-870c-1f326fe1b8be","block_type":"box","text":"materially different to the amortised cost. The interest income earned by the Funds on Reverse Repurchase Agreements","page_number":161,"box":{"x":121,"y":527,"width":790,"height":10}},{"id":"f27204a8-1bfc-4b37-9d62-ec4a6887c38f","block_type":"box","text":"for the financial year ended 31 December 2025 was GBP 117,839,391 (31 December 2024: GBP 156,763,469). Any","page_number":161,"box":{"x":120,"y":539,"width":792,"height":10}},{"id":"206876c8-3b1a-4e17-91a3-b283de320e68","block_type":"box","text":"transaction costs relating to the Reverse Repurchase Agreements are embedded in the interest rate applied to each","page_number":161,"box":{"x":120,"y":552,"width":791,"height":10}},{"id":"46191e4b-7e02-451d-902e-e1183c87b1aa","block_type":"box","text":"contract therefore they are not separately identifiable.","page_number":161,"box":{"x":120,"y":564,"width":354,"height":10}},{"id":"1fca9165-669c-48f7-bb76-1aaa33034d6f","block_type":"box","text":"14. Securities Lending","page_number":161,"box":{"x":88,"y":588,"width":196,"height":12}},{"id":"429261cb-34ae-4e08-a3ac-1d43c62bfb0b","block_type":"box","text":"The Funds did not engage in any securities lending activities during the current and prior financial years.","page_number":161,"box":{"x":120,"y":615,"width":692,"height":10}},{"id":"b87ab078-120a-4c3d-a4b5-b3826a12e7b9","block_type":"box","text":"15. Contingent Liabilities","page_number":161,"box":{"x":88,"y":638,"width":219,"height":13}},{"id":"576d4074-46bf-44ff-b043-9a6db95d3b72","block_type":"box","text":"There were no contingent liabilities on the Funds as at 31 December 2025 and 31 December 2024.","page_number":161,"box":{"x":120,"y":665,"width":659,"height":10}},{"id":"48bcab88-49cb-424d-8023-f43ecdb96730","block_type":"box","text":"16. Indemnification","page_number":161,"box":{"x":88,"y":689,"width":167,"height":9}},{"id":"3b0daa7f-be56-473f-85c4-acc8e1c4674f","block_type":"box","text":"The Company may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure","page_number":161,"box":{"x":120,"y":715,"width":791,"height":10}},{"id":"719f25fe-93b8-4324-af8b-16f17df11ff8","block_type":"box","text":"under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these","page_number":161,"box":{"x":121,"y":728,"width":790,"height":10}},{"id":"ca9c1d86-1b1e-4f8f-ad06-689dcdb5e170","block_type":"box","text":"contracts.","page_number":161,"box":{"x":120,"y":741,"width":63,"height":7}},{"id":"0a215f98-a9f8-4e14-bb5d-1b13878041fd","block_type":"box","text":"17. Segment Information","page_number":161,"box":{"x":88,"y":764,"width":215,"height":12}},{"id":"a7080323-e9f8-4487-a5f3-54b131cafed8","block_type":"box","text":"IFRS 8 Operating Segments (the “IFRS 8”) requires a “management approach”, under which segment information is","page_number":161,"box":{"x":121,"y":791,"width":790,"height":10}},{"id":"8708f518-d905-4604-a974-b08b2f24b9c7","block_type":"box","text":"presented on the same basis as that used for internal reporting purposes.","page_number":161,"box":{"x":121,"y":803,"width":489,"height":10}},{"id":"f3e4229c-cbdb-4e84-b0b6-ef5c553ab6fb","block_type":"box","text":"The Directors are charged with the overall governance of the Company in accordance with the Prospectus, Articles of","page_number":161,"box":{"x":120,"y":827,"width":792,"height":10}},{"id":"a33bbc52-db0b-47bf-a07d-e6cbd4e019c3","block_type":"box","text":"Association and Memorandum of Association. The Directors have appointed State Street Global Advisors Europe Limited","page_number":161,"box":{"x":120,"y":840,"width":791,"height":10}},{"id":"a26d98ef-b6a3-45c7-9be5-69e2c49d6887","block_type":"box","text":"as the Investment Manager and Distributor. State Street Global Advisors Europe Limited are considered the Chief","page_number":161,"box":{"x":120,"y":852,"width":792,"height":10}},{"id":"edd6dc6d-89c1-4d57-9ea3-baef58847546","block_type":"box","text":"Operating Decision Maker (the “CODM”) for the purposes of IFRS 8.","page_number":161,"box":{"x":120,"y":865,"width":455,"height":10}},{"id":"6843af21-9cd1-4317-a606-0759f7563039","block_type":"box","text":"For management purposes, the Company is organised into one main operating segment, which invests in equity","page_number":161,"box":{"x":121,"y":889,"width":791,"height":10}},{"id":"42e96bc6-a373-4df7-95d6-a2a611f79542","block_type":"box","text":"securities, debt instruments and related derivatives. All of the Company’s activities are interrelated, and each activity is","page_number":161,"box":{"x":120,"y":902,"width":791,"height":10}},{"id":"2b4da026-fb45-407f-ace4-ca980d22a4d7","block_type":"box","text":"dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Company as one","page_number":161,"box":{"x":120,"y":914,"width":791,"height":10}},{"id":"3535b5c7-391b-4479-b1da-77d133ff2f56","block_type":"box","text":"segment. The financial results from this segment are equivalent to the financial statements of the Company as a whole.","page_number":161,"box":{"x":120,"y":926,"width":790,"height":10}},{"id":"22423715-7541-4d95-96e6-97a8f67adfba","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":161,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"23b0fa76-2a5b-4b49-854f-3c517e6692ee","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":161,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"032ce341-293f-4732-8b2e-5b7105a19cfc","block_type":"box","text":"Notes to the financial statements","page_number":161,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"41442662-d10c-4f91-8e29-b7fd55d7bdd1","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":161,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"bf2979c7-400b-448a-b06b-912b27e2ba74","block_type":"box","text":"(continued)","page_number":161,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"cc45b12f-6738-43bf-8c1f-ab1cb007a10a","block_type":"box","text":"102","page_number":161,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"edf208eb-c602-4201-90db-860d86e04b6f","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":161,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"474d5e9b-a62c-4675-aa68-e3ddfd57556f","block_type":"box","text":"17. 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However, by their nature of","page_number":162,"box":{"x":122,"y":317,"width":792,"height":10}},{"id":"295147c3-d86a-46db-8e68-803307964556","block_type":"box","text":"tracking indices which represent specific markets in specific regions, each Fund’s revenue may be considered as being","page_number":162,"box":{"x":121,"y":330,"width":791,"height":10}},{"id":"7aa8fd28-9599-4d8a-9495-22904c0485d3","block_type":"box","text":"attributed to the region stated in its investment objective.","page_number":162,"box":{"x":120,"y":342,"width":373,"height":10}},{"id":"9e943a3b-6ef3-4ec1-94f6-47c6f752a367","block_type":"box","text":"Major customers","page_number":162,"box":{"x":120,"y":366,"width":111,"height":10}},{"id":"93ff1e0c-2d96-4732-86b4-51c947799f6d","block_type":"box","text":"As the Company is an investment company, its distinct major customers are the institutional investors who make the","page_number":162,"box":{"x":119,"y":379,"width":792,"height":10}},{"id":"accd66af-09cb-457e-9e44-3befc61ca8ca","block_type":"box","text":"primary market for the Funds’ shares.","page_number":162,"box":{"x":120,"y":391,"width":249,"height":10}},{"id":"95deba8e-4f4c-49bf-b37a-141a57ecd4a5","block_type":"box","text":"The investments are allocated across seven distinct Funds which each have a separate Schedule of Investments.","page_number":162,"box":{"x":122,"y":416,"width":754,"height":9}},{"id":"02f7f393-61b3-435b-ba9b-a25eee2d1fe3","block_type":"box","text":"18. Interest in Unconsolidated Entities","page_number":162,"box":{"x":88,"y":439,"width":335,"height":10}},{"id":"2d8e4723-8f02-458d-a083-926d3a3a3801","block_type":"box","text":"IFRS 12 defines a structured entity as an entity that has been designed so that voting or similar rights are not the dominant","page_number":162,"box":{"x":121,"y":466,"width":791,"height":10}},{"id":"aa6d1869-4cce-4993-af80-674ebc91783d","block_type":"box","text":"factor in deciding who controls the entity, such as when any voting rights relate to the administrative tasks only and the","page_number":162,"box":{"x":120,"y":478,"width":791,"height":10}},{"id":"cc100dff-d007-40b6-93c4-c53bd8f2bff3","block_type":"box","text":"relevant activities are directed by means of contractual agreements. A structured entity often has some of the following","page_number":162,"box":{"x":121,"y":491,"width":790,"height":10}},{"id":"0d02d750-58a3-4873-a679-9856d3acd045","block_type":"box","text":"features or attributes:","page_number":162,"box":{"x":120,"y":503,"width":141,"height":8}},{"id":"f2c231d1-6277-4e66-a2d5-e02a70ca0ce8","block_type":"box","text":"(1) restricted activities;","page_number":162,"box":{"x":121,"y":528,"width":148,"height":10}},{"id":"941c36b6-6ee5-4f8a-9001-ba0d988096d7","block_type":"box","text":"(2) narrow and well defined objectives;","page_number":162,"box":{"x":121,"y":540,"width":254,"height":10}},{"id":"111d5245-ab85-4056-87c9-c639f76b45a7","block_type":"box","text":"(3) insufficient equity to permit the structured entity to finance its activities without subordinated financial support;","page_number":162,"box":{"x":121,"y":552,"width":751,"height":10}},{"id":"beb81853-15da-4d1f-a4c2-9d5f7f42e0cc","block_type":"box","text":"and","page_number":162,"box":{"x":120,"y":565,"width":24,"height":8}},{"id":"513ba7c2-0955-44c9-9522-126282059a81","block_type":"box","text":"(4) financing in the form of contractually linked instruments that create concentration of credit or other risk.","page_number":162,"box":{"x":121,"y":577,"width":708,"height":10}},{"id":"c6109b32-62ec-4aec-aa27-8a20f00faed4","block_type":"box","text":"IFRS 12 states that examples of structured entities include: securitisation vehicles, asset-backed financings and some","page_number":162,"box":{"x":121,"y":602,"width":790,"height":10}},{"id":"3ee6592c-b281-43fa-944f-f3e7e764f269","block_type":"box","text":"investment funds.","page_number":162,"box":{"x":121,"y":614,"width":114,"height":8}},{"id":"627ddfe3-57b8-482a-bfcd-bc5a9a417ce8","block_type":"box","text":"All of the Funds currently invest in asset backed securities, furthermore, the State Street Liquidity Standard VNAV Fund","page_number":162,"box":{"x":120,"y":638,"width":791,"height":10}},{"id":"07b74403-71f1-4a86-b6b0-b5762768e2de","block_type":"box","text":"invests into Funds of the Company. The nature and rationale behind each of these investments are in order to meet each","page_number":162,"box":{"x":121,"y":651,"width":790,"height":10}},{"id":"90c5b610-0164-4a0b-9f56-b0647303b0ab","block_type":"box","text":"respective Fund’s investment objectives and policies.","page_number":162,"box":{"x":121,"y":663,"width":349,"height":10}},{"id":"02348716-355a-4ba3-94d1-403812274963","block_type":"box","text":"Such individual holdings can be viewed in the Schedule of Investments. The Schedule of Investments shows the nominal","page_number":162,"box":{"x":120,"y":688,"width":791,"height":10}},{"id":"db5e6071-6894-4794-9dc0-cb0f78c9e904","block_type":"box","text":"and fair value amounts of such holdings and the fair value of such assets can also be found on the Statement of Financial","page_number":162,"box":{"x":120,"y":700,"width":791,"height":10}},{"id":"c84a9e7d-180c-43f1-8893-8d61bba56bca","block_type":"box","text":"Position with the gains and losses recognised in the Statement of Comprehensive Income.","page_number":162,"box":{"x":121,"y":713,"width":601,"height":10}},{"id":"c3bdb39a-782c-4bcd-9045-d158ee6f6b4c","block_type":"box","text":"The Company confirms that the carrying value of each of the investments in asset backed securities and investment funds","page_number":162,"box":{"x":120,"y":737,"width":791,"height":10}},{"id":"1869f4fe-f6d9-4798-bc18-7d918407efb7","block_type":"box","text":"is equivalent to the fair value and there is no potential exposure to the Funds over and above the fair value in the Statement","page_number":162,"box":{"x":121,"y":749,"width":791,"height":10}},{"id":"0c8be29f-368f-4e9c-8a99-f294adb7a227","block_type":"box","text":"of Financial Position. The Funds have not provided, and would not be required to provide, any financial support in respect","page_number":162,"box":{"x":120,"y":762,"width":792,"height":10}},{"id":"b0add7cf-ba51-4f26-91cd-67d98ffc7eab","block_type":"box","text":"of these investments.","page_number":162,"box":{"x":120,"y":774,"width":141,"height":8}},{"id":"13cd21a8-5ab1-4417-b72c-e7c1d92e8154","block_type":"box","text":"19. Segregated Liability","page_number":162,"box":{"x":88,"y":798,"width":207,"height":12}},{"id":"557fac19-6f38-4a17-afd2-abfb13081862","block_type":"box","text":"The Company has segregated liability between its Funds. As a consequence, the assets of a Fund should not be available","page_number":162,"box":{"x":120,"y":825,"width":791,"height":10}},{"id":"af3524c9-616e-4eb0-9cdb-020380faa784","block_type":"box","text":"to pay the debts of any other Fund of the Company.","page_number":162,"box":{"x":120,"y":837,"width":344,"height":10}},{"id":"def61218-7961-48e0-b90e-7632605ab578","block_type":"box","text":"20. Prospectus","page_number":162,"box":{"x":87,"y":861,"width":133,"height":12}},{"id":"0d2e9cbb-7886-4651-8ec6-ea804e58ab45","block_type":"box","text":"The Prospectus of the Company was updated effective date 30 September 2025.","page_number":162,"box":{"x":120,"y":887,"width":541,"height":10}},{"id":"4e733761-ffd7-4c4c-997a-27dad070cbf4","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":162,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"a6427d1c-fa5c-4147-ac6c-61d5e6707d62","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":162,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"a44a464b-cc84-422c-a3e1-cf1046b45c52","block_type":"box","text":"Notes to the financial statements","page_number":162,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"0b3378ef-68eb-40c5-944e-9fdba0a2440d","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":162,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"6168c177-8359-42df-b98b-696a9e758181","block_type":"box","text":"(continued)","page_number":162,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"4f0f8050-c45f-4bc9-9e3a-66162b37fd36","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":162,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"daf2d960-fa4e-4ac5-8ca9-d0017a60121f","block_type":"box","text":"103","page_number":162,"box":{"x":940,"y":965,"width":23,"height":8}},{"id":"8cc5201f-c523-47fa-83ff-67339bee7bca","block_type":"box","text":"21. Significant Events During the Financial Year","page_number":163,"box":{"x":87,"y":167,"width":421,"height":12}},{"id":"a70f8a67-e3af-41c3-9baa-637902030d07","block_type":"box","text":"Effective 19 March 2025, the Supplements were updated as per below;","page_number":163,"box":{"x":121,"y":193,"width":471,"height":10}},{"id":"0c98a288-fd7d-4e15-88af-2dfae8925167","block_type":"box","text":"- Distributor Accumulating, Institutional Accumulating, Premier Accumulating, Select Accumulating and Z Accumulating","page_number":163,"box":{"x":120,"y":206,"width":791,"height":10}},{"id":"b439409f-799f-4e43-883d-a220f2c00142","block_type":"box","text":"Share Classes are being added to each of the State Street EUR Government Liquidity Fund, State Street GBP","page_number":163,"box":{"x":120,"y":218,"width":791,"height":10}},{"id":"4e2c3b80-a311-4c9a-a1f6-19730f886d78","block_type":"box","text":"Government Liquidity Fund and State Street USD Treasury Liquidity Fund.","page_number":163,"box":{"x":120,"y":231,"width":494,"height":10}},{"id":"84c1f456-256f-43ca-a76a-306fdd3fd1a4","block_type":"box","text":"- A cross investments disclosure has been added to each of the Supplements to clarify that each Sub-Fund may invest in","page_number":163,"box":{"x":120,"y":243,"width":791,"height":10}},{"id":"6a70543f-0c6f-4ab8-8c60-4fafa3d55e89","block_type":"box","text":"the other Sub-Funds of the Company. The disclosure details the requirements as set forth by the Central Bank in relation","page_number":163,"box":{"x":120,"y":256,"width":791,"height":10}},{"id":"48700f64-f2d9-419d-be60-d5e81c2d386f","block_type":"box","text":"to cross investments and in particular, the fee arrangements applicable where cross investing occurs.","page_number":163,"box":{"x":120,"y":268,"width":671,"height":10}},{"id":"bf451564-6ca6-44bf-8e9f-e9fb553a5dfa","block_type":"box","text":"The Annual General Meeting (AGM) of the Company was held on 19 June 2025. All resolutions were passed at the","page_number":163,"box":{"x":120,"y":292,"width":791,"height":10}},{"id":"7d9aa912-f3fe-4a2a-beb7-dbec4268edc6","block_type":"box","text":"meeting. State Street Global Advisors is now State Street Investment Management. Effective 30 June 2025, State Street","page_number":163,"box":{"x":121,"y":305,"width":791,"height":10}},{"id":"7dafac3b-9ee1-46bc-8194-9763840d7b0b","block_type":"box","text":"Global Advisors began operating under the marketing name State Street Investment Management. This change does not","page_number":163,"box":{"x":120,"y":317,"width":792,"height":10}},{"id":"58937e60-da2c-43f9-a82e-fca847ef7062","block_type":"box","text":"affect the legal name or structure of the Investment Adviser, State Street Global Advisors Trust Company, or the","page_number":163,"box":{"x":120,"y":330,"width":791,"height":10}},{"id":"682ddff0-e120-4eb3-b011-a4943aaf975a","block_type":"box","text":"management of the Fund(s).","page_number":163,"box":{"x":121,"y":342,"width":189,"height":10}},{"id":"c3648b00-5bb3-484e-a772-4ef3d21b2f8d","block_type":"box","text":"Recent Market Volatility","page_number":163,"box":{"x":121,"y":366,"width":169,"height":10}},{"id":"47496e86-4b41-4431-bbee-4dfb7ade6360","block_type":"box","text":"Financial markets entered a period of heightened volatility following the April 2nd announcements in the US, as they tried","page_number":163,"box":{"x":121,"y":391,"width":790,"height":10}},{"id":"e3a60884-cd26-494b-bff1-4f94e8550aa7","block_type":"box","text":"to absorb the implications of the larger than expected tariffs placed on trading partners and potential economic fallout","page_number":163,"box":{"x":120,"y":403,"width":792,"height":10}},{"id":"df2fcc83-d674-48fe-9645-79e3d2543d83","block_type":"box","text":"resulting from widening trade tensions. 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Subsequent Events Since the Financial Year End","page_number":163,"box":{"x":87,"y":771,"width":460,"height":12}},{"id":"f0503f65-c5b7-413b-a131-4fbe5415f90c","block_type":"box","text":"Mr. Eric Linnane (Irish) was appointed to the Board of Directors effective 2 January 2026.","page_number":163,"box":{"x":121,"y":797,"width":592,"height":10}},{"id":"71fa800e-0264-43b2-8fb8-0d43ac77a2de","block_type":"box","text":"Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine (Luxembourgish) was appointed to the Board of Directors as an","page_number":163,"box":{"x":121,"y":822,"width":790,"height":10}},{"id":"e52819c7-d502-4fb9-bb9f-b80dc503f84f","block_type":"box","text":"Independent Non-Executive Director effective 2 January 2026.","page_number":163,"box":{"x":121,"y":834,"width":412,"height":10}},{"id":"453b8b17-359c-41bf-bed3-a47b1367537f","block_type":"box","text":"The following parties became related parties to the Company effective 2 January 2026: Eric Linnane and Lim Siong","page_number":163,"box":{"x":120,"y":858,"width":791,"height":10}},{"id":"4d7fb33f-a8b4-4609-9abe-c90b09dea84b","block_type":"box","text":"Kwong (Benjamin) Lam Thuon Mine.","page_number":163,"box":{"x":121,"y":871,"width":241,"height":10}},{"id":"87408e7b-cc6c-4ad7-9070-22c1714091d2","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":163,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"42057eec-a840-4aaf-8c52-194979dc007b","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":163,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"df96b0f5-7996-46ce-8cfd-029c81c9f0ee","block_type":"box","text":"Notes to the financial statements","page_number":163,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"f970a5fd-99f4-4d6e-bc62-d4b2746156bc","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":163,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"627d713e-3a77-4ab7-8d7d-fe52969514f9","block_type":"box","text":"(continued)","page_number":163,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"135db5e9-0629-49c1-8f7d-c6b8b1c83009","block_type":"box","text":"104","page_number":163,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"e2295e74-ad53-4984-ba1e-4e30bcd43e71","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":163,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"952c8b88-e02a-41b9-a8c7-736be0268558","block_type":"box","text":"22. Subsequent Events Since the Financial Year End","page_number":164,"box":{"x":87,"y":167,"width":460,"height":12}},{"id":"b2f7365f-4983-4fe9-a43e-afabd49fcde0","block_type":"box","text":"(continued)","page_number":164,"box":{"x":555,"y":167,"width":98,"height":12}},{"id":"e5e358ee-2bec-4d42-83c0-37ebb3502152","block_type":"box","text":"Middle East Conflict","page_number":164,"box":{"x":121,"y":194,"width":143,"height":8}},{"id":"f6d77f8f-56dc-4104-ad09-bcd5b8197fa7","block_type":"box","text":"In February 2026, a geopolitical conflict escalated in the Middle East. The Investment Manager has assessed the potential","page_number":164,"box":{"x":121,"y":219,"width":790,"height":10}},{"id":"ea2ddb7b-34ff-4207-866f-7b2e29b589da","block_type":"box","text":"impact of this event on the Funds and has determined that the Funds have minimal direct exposure to the region.","page_number":164,"box":{"x":121,"y":231,"width":789,"height":10}},{"id":"952c3a70-99bf-48ca-8d12-848d974f25ce","block_type":"box","text":"Accordingly, there has been no material effect on the Funds’ operations or financial position to date. The Investment","page_number":164,"box":{"x":120,"y":244,"width":792,"height":10}},{"id":"bb07f0d5-e618-408d-89ae-870625771bd4","block_type":"box","text":"Manager will continue to monitor developments and will reflect any material impacts in future financial statements, if","page_number":164,"box":{"x":121,"y":256,"width":791,"height":10}},{"id":"d3d76b52-7ba1-4f3c-8945-dad12c4eca76","block_type":"box","text":"applicable.","page_number":164,"box":{"x":120,"y":269,"width":70,"height":9}},{"id":"744a8bbf-6e62-4f07-8259-e2db426b2662","block_type":"box","text":"There were no other significant events affecting the Company since the financial year end.","page_number":164,"box":{"x":120,"y":293,"width":600,"height":10}},{"id":"cc3412fc-44eb-4f7b-99b2-d01945ada3e3","block_type":"box","text":"23. Approval of the Financial Statements","page_number":164,"box":{"x":87,"y":317,"width":357,"height":12}},{"id":"3a6443ec-2fe4-4250-88f1-e32cd38fb6a8","block_type":"box","text":"The financial statements were approved by the Directors on 22 April 2026.","page_number":164,"box":{"x":120,"y":343,"width":494,"height":10}},{"id":"f50cb78c-d95d-40c5-8f4a-0541007e792c","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":164,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"2e9a9d53-8b5a-45ec-a6ff-638b83981cf3","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":164,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"6ba7729a-0dd3-44d8-a4bd-95117dcfc304","block_type":"box","text":"Notes to the financial statements","page_number":164,"box":{"x":88,"y":117,"width":365,"height":12}},{"id":"af519895-033f-4caf-8f23-5cf1beb0a7a6","block_type":"box","text":"for the financial year ended 31 December 2025","page_number":164,"box":{"x":86,"y":134,"width":349,"height":11}},{"id":"fe32514c-03b6-431f-b8cc-9f2224ac8575","block_type":"box","text":"(continued)","page_number":164,"box":{"x":441,"y":134,"width":82,"height":11}},{"id":"2dad1460-98bb-4240-a468-e5875e2e617c","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":164,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"4e7026d5-c6e8-44b6-ad84-7008ca5c22fe","block_type":"box","text":"105","page_number":164,"box":{"x":940,"y":965,"width":23,"height":8}},{"id":"27b997fe-5237-4a2f-9332-d3f4919c4926","block_type":"box","text":"Holdings Financial assets at fair value through profit or loss","page_number":165,"box":{"x":123,"y":190,"width":446,"height":10}},{"id":"f4917515-5dee-4a0c-9d0b-df00673f073e","block_type":"box","text":"Fair Value","page_number":165,"box":{"x":760,"y":178,"width":71,"height":8}},{"id":"b3563f05-df07-4952-984d-495fe996e1d0","block_type":"box","text":"USD","page_number":165,"box":{"x":800,"y":190,"width":30,"height":8}},{"id":"ec191b5a-411a-484b-9d79-6fb1bea80cb7","block_type":"box","text":"% of","page_number":165,"box":{"x":901,"y":178,"width":31,"height":8}},{"id":"c314ffcc-18fe-4d84-8e09-90d6f7a801f2","block_type":"box","text":"Net Assets","page_number":165,"box":{"x":855,"y":190,"width":76,"height":8}},{"id":"971d1865-4917-4d96-af4e-858de496eff0","block_type":"box","text":"Asset Backed Commercial Paper – 9.62% (December 2024 – 11.03%)","page_number":165,"box":{"x":207,"y":218,"width":488,"height":10}},{"id":"77ef2723-2bcb-4305-9755-25ae1285bcac","block_type":"box","text":"70,000,000 4.268% Antalis SA 05/01/2026 69,975,442 0.26%","page_number":165,"box":{"x":112,"y":231,"width":819,"height":9}},{"id":"649d6fa1-f03c-47e1-87dd-997f76427baa","block_type":"box","text":"179,800,000 4.106% Antalis SA 10/02/2026 179,011,127 0.66%","page_number":165,"box":{"x":105,"y":244,"width":826,"height":9}},{"id":"ee58fed6-d6f3-4dfd-8668-8b3caec9de8a","block_type":"box","text":"125,000,000 4.309% Bay Square Funding LLC 02/01/2026 125,000,000 0.46%","page_number":165,"box":{"x":105,"y":257,"width":826,"height":10}},{"id":"792c86be-3a1b-4889-8183-b2fd09bfa10d","block_type":"box","text":"144,706,000 4.127% Bennington Stark Capital Co. 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8.57%)","page_number":170,"box":{"x":207,"y":218,"width":479,"height":10}},{"id":"1df59c3f-f1d6-4907-a701-de1617c69cef","block_type":"box","text":"30,363,000 4.073% Albion Capital Corp. SA/Albion Capital LLC 26/01/2026 30,281,120 0.48%","page_number":170,"box":{"x":112,"y":231,"width":819,"height":9}},{"id":"e5728fea-a8e6-4abf-b2d9-4d5e9ae13216","block_type":"box","text":"20,000,000 4.093% Portdalon SAS 20/01/2026 19,959,355 0.32%","page_number":170,"box":{"x":112,"y":244,"width":819,"height":9}},{"id":"bc0b9cac-7b77-47c6-9489-5e4d3fabeff1","block_type":"box","text":"40,000,000 4.142% Satellite SAS 30/01/2026 39,873,781 0.64%","page_number":170,"box":{"x":111,"y":257,"width":820,"height":9}},{"id":"610075b0-39d8-4060-b3b7-3b25ee01a08f","block_type":"box","text":"70,000,000 4.093% Verto Capital I Compartment 09/01/2026 69,944,508 1.12%","page_number":170,"box":{"x":112,"y":270,"width":819,"height":10}},{"id":"f26f692b-ff13-436f-962c-96450765347f","block_type":"box","text":"25,000,000 4.044% Verto Capital I Compartment 14/01/2026 24,966,531 0.40%","page_number":170,"box":{"x":112,"y":283,"width":819,"height":10}},{"id":"6d185144-83ea-422c-9a31-f7415640f7c1","block_type":"box","text":"80,000,000 4.044% Verto Capital I Compartment 16/01/2026 79,874,685 1.28%","page_number":170,"box":{"x":112,"y":296,"width":819,"height":10}},{"id":"634c8db2-5cae-46ed-a616-dd1ca85b6af4","block_type":"box","text":"75,000,000 4.064% Verto Capital I Compartment 04/02/2026 74,722,572 1.20%","page_number":170,"box":{"x":112,"y":309,"width":819,"height":10}},{"id":"f783ad6c-d482-456c-b17c-6ea037379665","block_type":"box","text":"339,622,552 5.44%","page_number":170,"box":{"x":748,"y":327,"width":183,"height":10}},{"id":"5343ed00-c7e7-4648-9a78-d01213628ed3","block_type":"box","text":"Certificate of Deposit – 17.50% (December 2024 – 27.62%)","page_number":170,"box":{"x":208,"y":355,"width":411,"height":10}},{"id":"e683e601-451f-46dc-82ee-983642055ab9","block_type":"box","text":"50,000,000 3.975% Banco Santander SA 02/03/2026 49,677,528 0.80%","page_number":170,"box":{"x":112,"y":368,"width":819,"height":9}},{"id":"b9adbeb0-90e4-470f-923f-6fb4522f297a","block_type":"box","text":"44,500,000 4.014% Bank of Montreal 26/01/2026 44,381,964 0.71%","page_number":170,"box":{"x":111,"y":381,"width":820,"height":9}},{"id":"05db4863-449e-432f-b26f-f2e1f3821b9e","block_type":"box","text":"100,000,000 3.985% Credit Agricole Corporate & Investment Bank SA 19/06/2026 98,175,249 1.57%","page_number":170,"box":{"x":105,"y":394,"width":826,"height":10}},{"id":"48b51e53-b68c-4d4b-912e-373a51b7b253","block_type":"box","text":"100,000,000 4.014% KBC Bank NV 06/02/2026 100,000,000 1.60%","page_number":170,"box":{"x":105,"y":407,"width":826,"height":10}},{"id":"7a51dc9a-a152-4453-a6d0-1ab969046094","block_type":"box","text":"100,000,000 4.034% Mizuho Bank Ltd. 07/01/2026 99,944,353 1.60%","page_number":170,"box":{"x":105,"y":420,"width":826,"height":10}},{"id":"94ccfd24-9b91-451a-b3c6-62aea221eb86","block_type":"box","text":"100,000,000 4.064% Mizuho Bank Ltd. 06/02/2026 99,608,204 1.59%","page_number":170,"box":{"x":105,"y":433,"width":826,"height":10}},{"id":"6be8bc13-9af4-40bd-8b2f-9133438eab22","block_type":"box","text":"20,000,000 3.965% MUFG Bank Ltd. 09/03/2026 19,856,046 0.32%","page_number":170,"box":{"x":112,"y":446,"width":819,"height":10}},{"id":"714096ed-b32a-4c87-bb0a-631d756e675a","block_type":"box","text":"75,000,000 3.945% MUFG Bank Ltd. 11/03/2026 74,446,555 1.19%","page_number":170,"box":{"x":112,"y":459,"width":819,"height":10}},{"id":"17ba2f69-5814-4ef8-b3b8-c7c692a2083e","block_type":"box","text":"85,000,000 4.113% National Westminster Bank PLC 14/01/2026 84,885,868 1.36%","page_number":170,"box":{"x":112,"y":472,"width":819,"height":10}},{"id":"bbdde3c4-dce8-4201-ba5e-d72263c50991","block_type":"box","text":"75,000,000 3.985% Nationwide Building Society 13/02/2026 74,654,819 1.19%","page_number":170,"box":{"x":112,"y":485,"width":819,"height":10}},{"id":"a52ecd26-0bbd-45d0-8a8b-24518837c5ad","block_type":"box","text":"50,000,000 4.764% Royal Bank of Canada 02/01/2026 50,000,000 0.80%","page_number":170,"box":{"x":112,"y":499,"width":819,"height":10}},{"id":"55a2cf41-2279-4445-8485-40a60bfa9eef","block_type":"box","text":"50,000,000 0.000% Royal Bank of Canada 03/08/2026 48,873,000 0.78%","page_number":170,"box":{"x":112,"y":512,"width":819,"height":10}},{"id":"88761336-f844-4dc4-bb05-c9c8b7b059f9","block_type":"box","text":"75,000,000 4.152% Sumitomo Mitsui Banking Corp. 07/01/2026 74,957,645 1.20%","page_number":170,"box":{"x":112,"y":525,"width":819,"height":10}},{"id":"fe45054c-da84-4381-9e41-4a16433bf4ff","block_type":"box","text":"75,000,000 3.945% Sumitomo Mitsui Banking Corp. 09/01/2026 74,942,710 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1.42%","page_number":171,"box":{"x":112,"y":231,"width":819,"height":10}},{"id":"38d99631-fcd8-46f2-9fde-5620858fc422","block_type":"box","text":"37,000,000 3.881% State of Netherlands 08/01/2026 36,976,146 0.59%","page_number":171,"box":{"x":112,"y":244,"width":819,"height":9}},{"id":"eeb505e2-26f5-4131-baa5-ef18aceaa1d1","block_type":"box","text":"100,000,000 0.000% Swedbank AB 02/07/2026 98,059,000 1.57%","page_number":171,"box":{"x":105,"y":257,"width":826,"height":9}},{"id":"74b81681-7c16-45d1-8e94-427d84080ea3","block_type":"box","text":"21,000,000 4.133% Toyota Motor Finance Netherlands BV 02/01/2026 21,000,000 0.34%","page_number":171,"box":{"x":112,"y":270,"width":819,"height":10}},{"id":"84bc1c5c-cbac-45ba-9463-cc16cc90705e","block_type":"box","text":"30,000,000 0.000% Toyota Motor Finance Netherlands BV 02/04/2026 29,707,800 0.48%","page_number":171,"box":{"x":112,"y":283,"width":819,"height":10}},{"id":"a9eae27c-9b72-45e6-a6dc-75796b085c1f","block_type":"box","text":"1,598,119,168 25.57%","page_number":171,"box":{"x":736,"y":301,"width":195,"height":10}},{"id":"584496b2-a439-4ce5-ac6f-a588af612a5a","block_type":"box","text":"Corporate and Bank Note – 18.64% (December 2024 – 15.18%)","page_number":171,"box":{"x":208,"y":329,"width":441,"height":10}},{"id":"ad7b6ee7-6ebe-44ea-b8b7-d74ed19fe1c0","block_type":"box","text":"100,000,000 4.009% Australia & New Zealand Banking Group Ltd. 26/06/2026* 99,968,809 1.60%","page_number":171,"box":{"x":105,"y":342,"width":826,"height":10}},{"id":"e5ad378a-3990-4cc5-8d8e-20d893d06829","block_type":"box","text":"80,000,000 4.042% Australia & New Zealand Banking Group Ltd. 21/12/2026* 79,989,600 1.28%","page_number":171,"box":{"x":112,"y":355,"width":819,"height":10}},{"id":"b72aa0f8-9ca3-4139-bbdd-29390535ebc5","block_type":"box","text":"25,000,000 4.062% Bank of Montreal 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1.04%","page_number":171,"box":{"x":112,"y":420,"width":819,"height":10}},{"id":"2064f3a6-a59e-4a61-a5b3-21c379c602df","block_type":"box","text":"30,000,000 3.999% National Australia Bank Ltd. 10/04/2026* 30,003,504 0.48%","page_number":171,"box":{"x":112,"y":433,"width":819,"height":10}},{"id":"025b6806-582a-4ef6-b614-c60426c1063a","block_type":"box","text":"85,000,000 4.037% National Australia Bank Ltd. 08/12/2026* 84,979,600 1.36%","page_number":171,"box":{"x":112,"y":446,"width":819,"height":10}},{"id":"2852bc98-9516-4448-8b2c-2638da9c92a4","block_type":"box","text":"100,000,000 4.021% National Bank of Canada 02/09/2026* 99,972,691 1.60%","page_number":171,"box":{"x":105,"y":459,"width":826,"height":10}},{"id":"ebed16ee-a20c-44ea-885a-69f1787b126c","block_type":"box","text":"95,000,000 4.130% Oversea-Chinese Banking Corp. 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(December 2024 – 3.21%)","page_number":171,"box":{"x":208,"y":558,"width":359,"height":10}},{"id":"090e04d3-3f4f-4f7d-b62c-7d2a94be4f1f","block_type":"box","text":"5,000,000 3.985% U.K. Treasury Bills 05/01/2026 4,998,357 0.08%","page_number":171,"box":{"x":120,"y":571,"width":811,"height":10}},{"id":"6a8cf58e-acc4-4bde-90db-6fd05faa88c1","block_type":"box","text":"20,000,000 4.053% U.K. Treasury Bills 19/01/2026 19,962,493 0.32%","page_number":171,"box":{"x":112,"y":584,"width":819,"height":10}},{"id":"fc6424ee-bbef-4d86-b667-da80d3e4b661","block_type":"box","text":"1,000,000 3.896% U.K. Treasury Bills 02/02/2026 996,676 0.02%","page_number":171,"box":{"x":121,"y":597,"width":810,"height":10}},{"id":"479fe9aa-a148-4c58-8120-dc29de4acba8","block_type":"box","text":"10,000,000 3.958% U.K. Treasury Bills 09/02/2026 9,958,635 0.16%","page_number":171,"box":{"x":113,"y":610,"width":818,"height":10}},{"id":"9aaa11e0-70d3-4bff-a58d-e62ca97bdf73","block_type":"box","text":"2,000,000 3.842% U.K. Treasury Bills 16/02/2026 1,990,474 0.03%","page_number":171,"box":{"x":120,"y":623,"width":811,"height":10}},{"id":"b88fdc8d-8fd0-4529-9107-c694cc31c665","block_type":"box","text":"9,000,000 3.847% U.K. Treasury Bills 02/03/2026 8,943,809 0.14%","page_number":171,"box":{"x":120,"y":636,"width":811,"height":10}},{"id":"a28f7eb2-0678-4c5d-9a45-3b31fbeda041","block_type":"box","text":"20,000,000 3.846% U.K. Treasury Bills 09/03/2026 19,860,352 0.32%","page_number":171,"box":{"x":112,"y":649,"width":819,"height":10}},{"id":"1914370c-21be-4285-bb2f-a01983dd03b1","block_type":"box","text":"10,000,000 3.836% U.K. Treasury Bills 16/03/2026 9,924,524 0.16%","page_number":171,"box":{"x":113,"y":662,"width":818,"height":10}},{"id":"e57c731b-09cb-4253-be4f-5503341fa27d","block_type":"box","text":"250,000 3.817% U.K. Treasury Bills 07/04/2026 247,546 0.01%","page_number":171,"box":{"x":133,"y":675,"width":798,"height":10}},{"id":"05561d71-f261-4897-96ef-58319dc7d363","block_type":"box","text":"250,000 3.809% U.K. Treasury Bills 13/04/2026 247,392 0.00%","page_number":171,"box":{"x":133,"y":688,"width":798,"height":10}},{"id":"807b119e-f19f-440b-b5dc-603c4983fea7","block_type":"box","text":"77,130,258 1.24%","page_number":171,"box":{"x":756,"y":707,"width":175,"height":9}},{"id":"c857a5d0-5584-464e-9c47-5cee52c25929","block_type":"box","text":"Time Deposit – 12.35% (December 2024 – 6.09%)","page_number":171,"box":{"x":207,"y":734,"width":347,"height":10}},{"id":"f046ae1c-d350-49ac-8c6f-056aff63fbaa","block_type":"box","text":"172,000,000 3.689% BRED Banque Populaire COBPFA 02/01/2026 172,000,000 2.75%","page_number":171,"box":{"x":105,"y":747,"width":826,"height":10}},{"id":"9143f4de-56fc-466f-90e5-d89aaf79e3cc","block_type":"box","text":"100,000,000 3.720% Credit Agricole Corporate & Investment Bank SA 02/01/2026 100,000,000 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19,899,800 0.84%","page_number":177,"box":{"x":112,"y":270,"width":819,"height":9}},{"id":"84e7fd11-9821-4f81-af55-f144762b5749","block_type":"box","text":"20,000,000 2.120% Verto Capital I Compartment 07/01/2026 19,991,798 0.85%","page_number":177,"box":{"x":112,"y":283,"width":819,"height":10}},{"id":"2d6dfde4-a457-4368-a45b-963817c81bb4","block_type":"box","text":"50,000,000 2.120% Verto Capital I Compartment 23/01/2026 49,932,500 2.11%","page_number":177,"box":{"x":112,"y":296,"width":819,"height":10}},{"id":"f450ecb4-a5ec-40bf-b307-c3e9bc484c7f","block_type":"box","text":"25,000,000 2.110% Verto Capital I Compartment 28/01/2026 24,959,039 1.06%","page_number":177,"box":{"x":112,"y":309,"width":819,"height":10}},{"id":"47b9e206-324c-4eff-939f-72c89c1286be","block_type":"box","text":"220,598,300 9.33%","page_number":177,"box":{"x":748,"y":327,"width":183,"height":10}},{"id":"e1953e19-9d91-4d58-83af-6bbb84726338","block_type":"box","text":"Certificate of Deposit – 17.75% (December 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Macquarie Bank Ltd. 26/01/2026 14,977,393 0.63%","page_number":177,"box":{"x":113,"y":472,"width":818,"height":10}},{"id":"5cc0c3ed-3a75-41b8-ae3b-503746913c31","block_type":"box","text":"25,000,000 2.200% Macquarie Bank Ltd. 28/09/2026 24,596,263 1.04%","page_number":177,"box":{"x":112,"y":485,"width":819,"height":10}},{"id":"09a50c73-fead-4883-bf03-b6ff90696638","block_type":"box","text":"25,000,000 2.150% Macquarie Bank Ltd. 26/10/2026 24,552,299 1.04%","page_number":177,"box":{"x":112,"y":499,"width":819,"height":9}},{"id":"78fb70ac-f9bc-4f04-9e88-52b4e6934a84","block_type":"box","text":"25,000,000 2.310% MUFG Bank Ltd. 07/04/2026 24,857,695 1.05%","page_number":177,"box":{"x":112,"y":512,"width":819,"height":9}},{"id":"3ed541a6-218f-4896-95b0-61e9eee1ed79","block_type":"box","text":"25,000,000 2.330% National Australia Bank Ltd. 02/01/2026 24,997,139 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0.47%","page_number":180,"box":{"x":113,"y":270,"width":818,"height":10}},{"id":"129935c8-9854-47c2-b011-1da522c43bd7","block_type":"box","text":"100,910,000 4.205% United States Treasury Bill 08/01/2026 100,840,225 2.43%","page_number":180,"box":{"x":105,"y":283,"width":826,"height":10}},{"id":"5e2acef1-3485-487d-b5c3-80c455b9e864","block_type":"box","text":"90,340,000 3.911% United States Treasury Bill 13/01/2026 90,233,575 2.17%","page_number":180,"box":{"x":112,"y":296,"width":819,"height":10}},{"id":"79d5e87e-7024-42df-b0dd-37b45eb5ee81","block_type":"box","text":"42,350,000 3.868% United States Treasury Bill 20/01/2026 42,269,241 1.02%","page_number":180,"box":{"x":111,"y":309,"width":820,"height":10}},{"id":"61b19740-31a5-490a-b184-f4982d038f48","block_type":"box","text":"94,150,000 3.868% United States Treasury Bill 22/01/2026 93,944,238 2.26%","page_number":180,"box":{"x":112,"y":322,"width":819,"height":10}},{"id":"8781f7ba-44e4-4001-80a4-05c5f1c4abde","block_type":"box","text":"43,300,000 3.858% United States Treasury Bill 27/01/2026 43,185,636 1.04%","page_number":180,"box":{"x":111,"y":335,"width":820,"height":10}},{"id":"769adf4e-3ddd-4ff4-bca7-b11f896072cd","block_type":"box","text":"45,810,000 3.848% United States Treasury Bill 03/02/2026 45,655,710 1.10%","page_number":180,"box":{"x":111,"y":348,"width":820,"height":10}},{"id":"c10aa610-5efd-4281-b56f-ab2b36488055","block_type":"box","text":"43,470,000 3.834% United States Treasury Bill 10/02/2026 43,292,097 1.04%","page_number":180,"box":{"x":111,"y":361,"width":820,"height":10}},{"id":"2c6f5f6d-7d85-4089-b3a4-9e38e30d7426","block_type":"box","text":"71,040,000 3.850% United States Treasury Bill 17/02/2026 70,694,748 1.70%","page_number":180,"box":{"x":112,"y":374,"width":819,"height":10}},{"id":"ca52b85f-3532-4a21-b22e-6e4189b55bd7","block_type":"box","text":"123,240,000 4.000% United States Treasury Bill 19/02/2026 122,596,806 2.95%","page_number":180,"box":{"x":105,"y":387,"width":826,"height":10}},{"id":"f237e39e-8a67-4c94-80b4-823ea039af54","block_type":"box","text":"53,730,000 3.792% United States Treasury Bill 24/02/2026 53,434,492 1.28%","page_number":180,"box":{"x":112,"y":400,"width":819,"height":10}},{"id":"522d6c1e-a466-4fc3-a2f9-60e89eeb3f20","block_type":"box","text":"28,910,000 3.792% United States Treasury Bill 26/02/2026 28,744,682 0.69%","page_number":180,"box":{"x":112,"y":413,"width":819,"height":10}},{"id":"e9d7925e-a8a9-4224-a987-429a414ab681","block_type":"box","text":"5,620,000 4.177% United States Treasury Bill 28/02/2026 5,587,762 0.13%","page_number":180,"box":{"x":120,"y":426,"width":811,"height":10}},{"id":"7441b259-2844-4cc5-b41b-101e637a97c9","block_type":"box","text":"15,000,000 4.307% United States Treasury Bill 28/02/2026 15,008,319 0.36%","page_number":180,"box":{"x":113,"y":439,"width":818,"height":10}},{"id":"d68eeef5-4a74-4227-96f1-b11823273e61","block_type":"box","text":"35,850,000 3.934% United States Treasury Bill 05/03/2026 35,610,442 0.86%","page_number":180,"box":{"x":112,"y":452,"width":819,"height":10}},{"id":"1df2948e-67f5-46eb-afc7-5ef0522e4935","block_type":"box","text":"46,320,000 3.822% United States Treasury Bill 10/03/2026 45,994,928 1.11%","page_number":180,"box":{"x":111,"y":465,"width":820,"height":10}},{"id":"8ce159c2-5a93-4657-b142-32581771530b","block_type":"box","text":"44,721,000 3.782% United States Treasury Bill 12/03/2026 44,401,023 1.07%","page_number":180,"box":{"x":111,"y":478,"width":820,"height":10}},{"id":"9c34a7c4-f7c5-48fc-9856-6ffcc6555e72","block_type":"box","text":"46,350,000 3.809% United States Treasury Bill 17/03/2026 45,992,430 1.11%","page_number":180,"box":{"x":111,"y":491,"width":820,"height":10}},{"id":"e2edf897-fe8c-4f13-bec4-832da3ba0d73","block_type":"box","text":"48,020,000 3.762% United States Treasury Bill 19/03/2026 47,643,476 1.15%","page_number":180,"box":{"x":111,"y":504,"width":820,"height":10}},{"id":"a4f3b3e2-45dc-4c77-ad48-60b13ed0509d","block_type":"box","text":"32,810,000 3.802% United States Treasury Bill 24/03/2026 32,533,166 0.78%","page_number":180,"box":{"x":112,"y":517,"width":819,"height":10}},{"id":"79fcd93f-5088-40b9-b291-944bd028e038","block_type":"box","text":"61,910,000 3.777% United States Treasury Bill 26/03/2026 61,380,652 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1.67%","page_number":180,"box":{"x":112,"y":583,"width":819,"height":10}},{"id":"59d015ba-109c-40db-a6f6-9231de473d37","block_type":"box","text":"51,390,000 3.746% United States Treasury Bill 09/04/2026 50,878,409 1.22%","page_number":180,"box":{"x":112,"y":596,"width":819,"height":10}},{"id":"3c4fcf14-2e09-467a-adf8-02f4ee420232","block_type":"box","text":"58,090,000 3.736% United States Treasury Bill 16/04/2026 57,471,693 1.38%","page_number":180,"box":{"x":112,"y":609,"width":819,"height":10}},{"id":"4f212917-cc71-4089-a158-45bf54d4313d","block_type":"box","text":"20,000,000 3.589% United States Treasury Bill 21/04/2026 19,785,443 0.48%","page_number":180,"box":{"x":112,"y":622,"width":819,"height":10}},{"id":"70487386-6a9d-4449-b3e5-fc55c7efceb9","block_type":"box","text":"54,910,000 3.713% United States Treasury Bill 23/04/2026 54,290,307 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14.44%","page_number":181,"box":{"x":207,"y":440,"width":377,"height":10}},{"id":"bcd3dee7-7267-4026-b9cc-f80ad0705e9d","block_type":"box","text":"(31 December 2024 – 45.03%)","page_number":181,"box":{"x":208,"y":453,"width":208,"height":10}},{"id":"929c6c10-3896-4d99-b860-f707472fc388","block_type":"box","text":"200,000,000 3.820% BNP Paribas Tri Party A 02/01/2026 200,000,000 4.82%","page_number":181,"box":{"x":103,"y":467,"width":828,"height":10}},{"id":"fda97bb8-ef29-4d2c-ace7-9fd7c1fcb1e1","block_type":"box","text":"200,000,000 3.820% Merrill Lynch Tri Party A 02/01/2026 200,000,000 4.81%","page_number":181,"box":{"x":103,"y":480,"width":828,"height":10}},{"id":"89673a79-6f47-49ed-a75e-ad8b0fb085f7","block_type":"box","text":"200,000,000 3.820% RBC Dominion Securities Tri Party A 02/01/2026 200,000,000 4.81%","page_number":181,"box":{"x":103,"y":493,"width":828,"height":10}},{"id":"42cc5dd3-7945-4804-bfa7-ce7b027169de","block_type":"box","text":"Tri-party Reverse Repurchase 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of collateral for these reverse repurchase agreements to the value of USD 612,000,001. 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2.04%","page_number":182,"box":{"x":120,"y":303,"width":811,"height":10}},{"id":"cf1bea5f-6ca2-4eaa-85a2-034ce1d9e62c","block_type":"box","text":"4,917,125 2.04%","page_number":182,"box":{"x":764,"y":321,"width":167,"height":10}},{"id":"ee6e2137-15bc-465f-83f3-24ac306d0cf4","block_type":"box","text":"Government Bill – 20.70% (December 2024 – 24.41%)","page_number":182,"box":{"x":208,"y":349,"width":376,"height":10}},{"id":"2f78f89e-e5b4-45f6-9606-0f051e0ce796","block_type":"box","text":"5,000,000 1.967% France Treasury Bills BTF 07/01/2026 4,998,639 2.07%","page_number":182,"box":{"x":120,"y":362,"width":811,"height":10}},{"id":"a1e68208-bcf9-45d6-920b-9e7b0ba5d9fb","block_type":"box","text":"5,000,000 1.984% France Treasury Bills BTF 14/01/2026 4,996,723 2.07%","page_number":182,"box":{"x":120,"y":375,"width":811,"height":10}},{"id":"d234de1e-2d05-4574-93bc-447cae95a41f","block_type":"box","text":"7,000,000 2.031% France Treasury Bills BTF 21/01/2026 6,992,517 2.90%","page_number":182,"box":{"x":120,"y":388,"width":811,"height":10}},{"id":"cc8f3f3e-054c-4731-8c7e-dd298da6fc19","block_type":"box","text":"5,000,000 1.979% France Treasury Bills BTF 28/01/2026 4,992,924 2.07%","page_number":182,"box":{"x":120,"y":401,"width":811,"height":10}},{"id":"fcfbd4b7-3175-43bd-af7a-6a0abdbab7eb","block_type":"box","text":"5,000,000 1.970% France Treasury Bills BTF 11/02/2026 4,989,168 2.07%","page_number":182,"box":{"x":120,"y":414,"width":811,"height":10}},{"id":"dc006e5f-546a-4ec3-9378-8f7f8eca3e6d","block_type":"box","text":"5,000,000 2.033% France Treasury Bills BTF 18/02/2026 4,986,775 2.07%","page_number":182,"box":{"x":120,"y":427,"width":811,"height":10}},{"id":"6162c3ee-a397-4a57-9687-c9f1fc892f45","block_type":"box","text":"5,000,000 1.972% France Treasury Bills BTF 25/02/2026 4,985,371 2.07%","page_number":182,"box":{"x":120,"y":440,"width":811,"height":10}},{"id":"46e028c8-b7fe-4952-b19d-963367d8536d","block_type":"box","text":"5,000,000 2.058% France Treasury Bills BTF 04/03/2026 4,982,655 2.07%","page_number":182,"box":{"x":120,"y":453,"width":811,"height":10}},{"id":"afed50a1-1613-4a65-bc9e-b7e4772104c1","block_type":"box","text":"8,000,000 1.970% Kingdom of Belgium Treasury Bills 12/02/2026 7,982,241 3.31%","page_number":182,"box":{"x":120,"y":467,"width":811,"height":10}},{"id":"e64a5304-48e4-4538-8f79-024cc49be840","block_type":"box","text":"49,907,013 20.70%","page_number":182,"box":{"x":756,"y":485,"width":175,"height":9}},{"id":"6225a255-65ad-41f3-a499-67137a67a1ee","block_type":"box","text":"Money Market Instruments 67,812,812 28.13%","page_number":182,"box":{"x":208,"y":518,"width":723,"height":10}},{"id":"dc1c9b6a-3e59-4ad1-8e2d-6a52e705e483","block_type":"box","text":"Bilateral Reverse Repurchase Agreement* – 86.44% (31 December 2024","page_number":182,"box":{"x":208,"y":546,"width":510,"height":10}},{"id":"bb7fd80d-46e1-4bdf-82b3-2ec771fb26a8","block_type":"box","text":"– 93.29%)","page_number":182,"box":{"x":207,"y":559,"width":68,"height":10}},{"id":"f9ad4847-19e6-41b2-8583-071bf121d3a7","block_type":"box","text":"36,000,000 1.950% Bank of Nova Scotia 02/01/2026 36,000,000 14.93%","page_number":182,"box":{"x":112,"y":572,"width":819,"height":9}},{"id":"dc6d1530-aaaa-4429-8fcc-a0b50a40ac05","block_type":"box","text":"36,000,000 1.930% Canadian Imperial Bank of Commerce 02/01/2026 36,000,000 14.94%","page_number":182,"box":{"x":112,"y":585,"width":819,"height":10}},{"id":"b6e76fc1-94c0-47d8-a8d0-b43978340cb3","block_type":"box","text":"20,000,000 1.820% Citigroup Global Markets 02/01/2026 20,000,000 8.29%","page_number":182,"box":{"x":112,"y":598,"width":819,"height":10}},{"id":"acea4ed9-c734-4436-a80e-0d7d897d148e","block_type":"box","text":"36,000,000 1.840% Commonwealth Bank of Australia 02/01/2026 36,000,000 14.94%","page_number":182,"box":{"x":112,"y":611,"width":819,"height":9}},{"id":"e2f3a990-2c94-4116-aebf-7eff96e815ba","block_type":"box","text":"14,773,200 1.950% Merrill Lynch International 11/12/2026 14,773,200 6.13%","page_number":182,"box":{"x":113,"y":624,"width":818,"height":10}},{"id":"d0c5f6c3-5c3e-4682-b6c4-32e4d1868193","block_type":"box","text":"20,000,000 1.880% National Australia Bank Ltd. 02/01/2026 20,000,000 8.29%","page_number":182,"box":{"x":112,"y":637,"width":819,"height":9}},{"id":"58b1f3ac-3e3b-4924-b304-5090d242ae5e","block_type":"box","text":"14,434,848 1.940% Royal Bank of Canada 15/12/2026 14,434,848 5.99%","page_number":182,"box":{"x":113,"y":650,"width":818,"height":10}},{"id":"4e4e297e-ba67-4238-a6ab-f5d9399599fc","block_type":"box","text":"15,178,766 1.900% Societe Generale SA 05/01/2026 15,178,766 6.29%","page_number":182,"box":{"x":113,"y":663,"width":818,"height":10}},{"id":"562516f2-50a7-45c2-96df-af30f0d5dba0","block_type":"box","text":"16,000,000 1.800% Standard Chartered Bank 02/01/2026 16,000,000 6.64%","page_number":182,"box":{"x":113,"y":676,"width":818,"height":10}},{"id":"abffb89c-e8ed-4ed9-9e08-183187a5b3a0","block_type":"box","text":"Bilateral Reverse Repurchase Agreement 208,386,814 86.44%","page_number":182,"box":{"x":208,"y":695,"width":723,"height":10}},{"id":"25cee2a0-e210-4eb6-bf93-e8c6a6768494","block_type":"box","text":"Total value of financial assets at fair value through profit or loss 276,199,626 114.57%","page_number":182,"box":{"x":207,"y":723,"width":724,"height":10}},{"id":"e1bdb642-cf00-4c4b-93a9-6301f89934b7","block_type":"box","text":"Other Net Liabilities (35,124,923) (14.57)%","page_number":182,"box":{"x":208,"y":751,"width":723,"height":10}},{"id":"c58edb8b-e4b9-4dbf-9c19-6a52a8e674bb","block_type":"box","text":"Net Assets attributable to redeemable participating shareholders 241,074,703 100.00%","page_number":182,"box":{"x":208,"y":780,"width":723,"height":10}},{"id":"3ca5bdfe-0b91-4e01-aeec-b26c494cb7d6","block_type":"box","text":"* The Fund held 158,838,012 shares of collateral for these reverse repurchase agreements to the value of EUR 156,927,843. Collateral consists of","page_number":182,"box":{"x":87,"y":806,"width":824,"height":8}},{"id":"d51c8e3d-d3df-4cf8-8373-e8c7d3743944","block_type":"box","text":"highly-rated securities or other Sovereign debt that meets fund and ESMA guidelines. All collateral is held with State Street Custodial Services Ire","page_number":182,"box":{"x":102,"y":815,"width":807,"height":8}},{"id":"75917937-6cac-4174-827b-23c46176a32e","block_type":"box","text":"land","page_number":182,"box":{"x":910,"y":815,"width":22,"height":6}},{"id":"73186f22-c455-4c61-9071-834d9d83006c","block_type":"box","text":"Limited.","page_number":182,"box":{"x":102,"y":824,"width":42,"height":6}},{"id":"515ea32d-2520-4ee0-836d-82598eb6d654","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":182,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"b7380aec-30ec-471d-bb7d-a7a31e98406e","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":182,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"7fe5d8ee-603b-4ce0-bcf2-695b6ee18fe9","block_type":"box","text":"Schedule of 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Reverse","page_number":183,"box":{"x":86,"y":167,"width":835,"height":10}},{"id":"a394fed0-8742-45f3-bfa7-bec16d56f10e","block_type":"box","text":"Repurchase Agreements.","page_number":183,"box":{"x":87,"y":178,"width":169,"height":10}},{"id":"0ab7ae6f-e52c-438c-b2bc-0a80d0b17f65","block_type":"box","text":"Analysis of Total Assets (Unaudited)","page_number":183,"box":{"x":86,"y":213,"width":262,"height":10}},{"id":"187b98fa-8a45-4463-8e04-e93b4ce9914b","block_type":"box","text":"% of","page_number":183,"box":{"x":890,"y":202,"width":32,"height":8}},{"id":"1373f11f-73d2-436a-991a-26f3311c4aa1","block_type":"box","text":"Total Assets","page_number":183,"box":{"x":832,"y":214,"width":89,"height":7}},{"id":"474d4e41-aad3-451c-82f8-5e3dc6c9df22","block_type":"box","text":"Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 22.96%","page_number":183,"box":{"x":87,"y":228,"width":834,"height":10}},{"id":"b23b75a5-e29e-45dc-9e00-4211db6fe2ea","block_type":"box","text":"Repurchase agreements","page_number":183,"box":{"x":87,"y":242,"width":164,"height":10}},{"id":"2a8d1d29-44f4-49ca-9c6d-d1d2ebe7b8d6","block_type":"box","text":"70.57%","page_number":183,"box":{"x":871,"y":242,"width":50,"height":8}},{"id":"7eec2d85-3af3-4a2a-911d-7dfa95220cca","block_type":"box","text":"Assets","page_number":183,"box":{"x":86,"y":256,"width":45,"height":8}},{"id":"538f5a4a-3288-436d-b40e-dbd23e0bd6ad","block_type":"box","text":"6.47%","page_number":183,"box":{"x":880,"y":256,"width":41,"height":8}},{"id":"f5f12c90-4ee6-429f-950b-7c9ecedf3dc3","block_type":"box","text":"100.00%","page_number":183,"box":{"x":863,"y":277,"width":58,"height":8}},{"id":"10ea4071-6596-49a7-9d25-35f70d5f5393","block_type":"box","text":"State Street Liquidity Public Limited 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2025","page_number":183,"box":{"x":86,"y":147,"width":204,"height":9}},{"id":"d207b1da-fb99-4ed1-aea6-215baa469e40","block_type":"box","text":"124","page_number":183,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"16b35864-a5b7-4209-82eb-90c072f001c3","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":183,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"73205c2f-1ccc-40ea-9ccb-c512f7665c19","block_type":"box","text":"Holdings Financial assets at fair value through profit or loss","page_number":184,"box":{"x":123,"y":190,"width":446,"height":10}},{"id":"665bfdf3-b5e8-4481-9c3f-32ebcd89af62","block_type":"box","text":"Fair Value","page_number":184,"box":{"x":760,"y":178,"width":71,"height":8}},{"id":"c77899c0-6832-40d1-9451-e871459b06ca","block_type":"box","text":"GBP","page_number":184,"box":{"x":799,"y":190,"width":31,"height":8}},{"id":"6d53d260-1a59-439a-9cd8-7a8d2c7cbe5e","block_type":"box","text":"% of","page_number":184,"box":{"x":901,"y":178,"width":31,"height":8}},{"id":"cca537eb-e6ce-450b-a7e4-d33c862aca96","block_type":"box","text":"Net Assets","page_number":184,"box":{"x":855,"y":190,"width":76,"height":8}},{"id":"5b51deaf-3713-4555-9679-13413593856e","block_type":"box","text":"Commercial Paper – 5.19% (December 2024 – Nil)","page_number":184,"box":{"x":208,"y":218,"width":351,"height":10}},{"id":"f08a0d2b-6667-466f-8507-42725c5f05e7","block_type":"box","text":"8,000,000 3.886% Kingdom of Belgium Government Bonds 08/01/2026 7,994,836 2.59%","page_number":184,"box":{"x":120,"y":231,"width":811,"height":10}},{"id":"7ffca883-ef27-4355-9aca-467e0a670522","block_type":"box","text":"8,000,000 3.881% State of Netherlands 08/01/2026 7,994,842 2.60%","page_number":184,"box":{"x":120,"y":244,"width":811,"height":9}},{"id":"a0608ce9-25b8-4ed7-a248-414a0641f468","block_type":"box","text":"15,989,678 5.19%","page_number":184,"box":{"x":757,"y":262,"width":174,"height":9}},{"id":"8ac3b1f2-d743-48ae-8e76-b8f08dd6dca8","block_type":"box","text":"Government Bill – 36.45% (December 2024 – 31.34%)","page_number":184,"box":{"x":208,"y":290,"width":376,"height":10}},{"id":"55fef21e-f135-41f0-83d6-0114724045ea","block_type":"box","text":"10,000,000 3.985% U.K. Treasury Bills 05/01/2026 9,996,746 3.25%","page_number":184,"box":{"x":113,"y":303,"width":818,"height":10}},{"id":"89695d26-c2c7-43a7-bb59-e9ae7fe9a7aa","block_type":"box","text":"10,000,000 4.053% U.K. Treasury Bills 19/01/2026 9,981,246 3.24%","page_number":184,"box":{"x":113,"y":316,"width":818,"height":10}},{"id":"f796e667-b1ea-4a43-be70-97497f213219","block_type":"box","text":"8,000,000 3.896% U.K. Treasury Bills 02/02/2026 7,973,412 2.59%","page_number":184,"box":{"x":120,"y":329,"width":811,"height":10}},{"id":"e0e70cf6-1050-425e-bb50-a0ff94eadc04","block_type":"box","text":"10,000,000 3.958% U.K. Treasury Bills 09/02/2026 9,958,635 3.23%","page_number":184,"box":{"x":113,"y":342,"width":818,"height":10}},{"id":"4bfd0d61-a97a-4765-9958-7e1a3b191a4f","block_type":"box","text":"7,000,000 3.842% U.K. Treasury Bills 16/02/2026 6,966,660 2.26%","page_number":184,"box":{"x":120,"y":355,"width":811,"height":10}},{"id":"f68fe810-ec5f-4faf-8946-c5caca7227d7","block_type":"box","text":"18,000,000 3.847% U.K. Treasury Bills 02/03/2026 17,885,777 5.81%","page_number":184,"box":{"x":113,"y":368,"width":818,"height":10}},{"id":"bd756d42-e1cf-4eff-8bc6-3086a1e3a52e","block_type":"box","text":"10,000,000 3.846% U.K. Treasury Bills 09/03/2026 9,930,176 3.22%","page_number":184,"box":{"x":113,"y":381,"width":818,"height":10}},{"id":"bfeeebf4-10d1-4021-9f21-57e227a0ff0e","block_type":"box","text":"10,000,000 3.836% U.K. Treasury Bills 16/03/2026 9,922,967 3.22%","page_number":184,"box":{"x":113,"y":394,"width":818,"height":10}},{"id":"f57ac786-11e0-4d9c-86ac-92bd7cd7edca","block_type":"box","text":"10,000,000 3.817% U.K. Treasury Bills 07/04/2026 9,901,905 3.21%","page_number":184,"box":{"x":113,"y":407,"width":818,"height":10}},{"id":"c2696f21-9da5-4a2c-a2cf-3f76c028d446","block_type":"box","text":"10,000,000 3.809% U.K. Treasury Bills 13/04/2026 9,896,044 3.21%","page_number":184,"box":{"x":113,"y":420,"width":818,"height":10}},{"id":"e8bd632b-e459-432f-81c6-c291725f35a6","block_type":"box","text":"10,000,000 0.000% U.K. Treasury Bills 05/05/2026 9,874,316 3.21%","page_number":184,"box":{"x":113,"y":433,"width":818,"height":10}},{"id":"c22fa31c-1b2c-45d3-83e1-a243cd9bc13f","block_type":"box","text":"112,287,884 36.45%","page_number":184,"box":{"x":748,"y":452,"width":183,"height":9}},{"id":"e173c495-adbe-4f5f-96f8-9b8f37311bb5","block_type":"box","text":"Money Market Instruments 128,277,562 41.64%","page_number":184,"box":{"x":208,"y":485,"width":723,"height":10}},{"id":"2bba59b0-0748-4fdc-8c0c-4cf190e5daab","block_type":"box","text":"Bilateral Reverse Repurchase Agreement* – 51.94% (31 December 2024","page_number":184,"box":{"x":208,"y":513,"width":510,"height":10}},{"id":"c63ece1c-a32a-43ee-b5d0-629f308a8e1e","block_type":"box","text":"– 66.07%)","page_number":184,"box":{"x":207,"y":526,"width":68,"height":10}},{"id":"fe4a4bbd-e297-4d4d-8afe-9f0e027bc2a2","block_type":"box","text":"18,000,000 3.900% Bank of Montreal 02/01/2026 18,000,000 5.85%","page_number":184,"box":{"x":113,"y":539,"width":818,"height":9}},{"id":"b2c57288-3e34-4cde-a47a-d4367cbfe2d7","block_type":"box","text":"18,000,000 3.850% Bank of Nova Scotia 02/01/2026 18,000,000 5.84%","page_number":184,"box":{"x":113,"y":552,"width":818,"height":9}},{"id":"f4426955-9487-4b96-a178-d08364d7a74f","block_type":"box","text":"18,000,000 3.748% Canadian Imperial Bank of Commerce 02/01/2026 18,000,000 5.85%","page_number":184,"box":{"x":113,"y":565,"width":818,"height":10}},{"id":"f812c1c6-bc51-429c-ac0d-8550431573af","block_type":"box","text":"15,000,000 3.748% Citigroup Global Markets 02/01/2026 15,000,000 4.87%","page_number":184,"box":{"x":113,"y":578,"width":818,"height":10}},{"id":"491e6058-8092-4e7d-a32f-8efce4897491","block_type":"box","text":"20,000,000 3.850% Credit Agricole 02/01/2026 20,000,000 6.49%","page_number":184,"box":{"x":112,"y":591,"width":819,"height":10}},{"id":"0600679c-2ffe-4378-9a88-8933e4e714c3","block_type":"box","text":"18,000,000 3.768% Merrill Lynch 02/01/2026 18,000,000 5.84%","page_number":184,"box":{"x":113,"y":604,"width":818,"height":10}},{"id":"7baf2442-def1-4233-8b36-6d76bd8c2cc0","block_type":"box","text":"18,000,000 3.699% RBC Europe Limited 02/01/2026 18,000,000 5.84%","page_number":184,"box":{"x":113,"y":617,"width":818,"height":10}},{"id":"e8b26be4-2e7b-4229-868c-7927b31401e1","block_type":"box","text":"15,000,000 3.860% Societe Generale 02/01/2026 15,000,000 4.87%","page_number":184,"box":{"x":113,"y":630,"width":818,"height":9}},{"id":"be8a0152-1eb4-4bda-91a8-8c305a01693b","block_type":"box","text":"20,000,000 3.760% Standard Chartered Bank 02/01/2026 20,000,000 6.49%","page_number":184,"box":{"x":112,"y":643,"width":819,"height":9}},{"id":"10b85330-4f76-49a1-9ed1-fd97cf776e11","block_type":"box","text":"Bilateral Reverse Repurchase Agreement 160,000,000 51.94%","page_number":184,"box":{"x":208,"y":662,"width":723,"height":10}},{"id":"9bb6ea2c-6589-45e1-a311-432f5fa4f68d","block_type":"box","text":"Total value of financial assets at fair value through profit or loss 288,277,562 93.58%","page_number":184,"box":{"x":207,"y":689,"width":724,"height":10}},{"id":"9116d21d-e2ec-4f40-aec3-f4cbce99ad22","block_type":"box","text":"Other Net Assets 19,776,681 6.42%","page_number":184,"box":{"x":208,"y":718,"width":723,"height":9}},{"id":"49546d50-9c17-4896-80e4-f8650accd0a8","block_type":"box","text":"Net Assets attributable to redeemable participating shareholders 308,054,243 100.00%","page_number":184,"box":{"x":208,"y":747,"width":723,"height":10}},{"id":"6bd5947a-8122-4b60-b97a-27b411c3b9f7","block_type":"box","text":"* The Fund held 142,926,234 shares of collateral for these reverse repurchase agreements to the value of GBP 136,036,654. Collateral consists of","page_number":184,"box":{"x":87,"y":772,"width":824,"height":9}},{"id":"d2cc81c1-b5ee-4d4f-a66e-057b6ddbd947","block_type":"box","text":"highly-rated securities or other Sovereign debt that meets fund and ESMA guidelines. All collateral is held with State Street Custodial Services Ire","page_number":184,"box":{"x":102,"y":781,"width":807,"height":9}},{"id":"51add97f-d218-47a5-993a-649ef7cc80f1","block_type":"box","text":"land","page_number":184,"box":{"x":910,"y":781,"width":22,"height":7}},{"id":"8bca4af0-27eb-4a3f-bd27-64e646b6099f","block_type":"box","text":"Limited.","page_number":184,"box":{"x":102,"y":790,"width":42,"height":7}},{"id":"49271a63-b280-4f58-b792-26b2dbb7b33a","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":184,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"e917bcb4-447f-4fe4-89fa-1019f5513c79","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":184,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"65d1f8a2-22a0-4a5d-8268-8e8036a79dd7","block_type":"box","text":"Schedule of Investments","page_number":184,"box":{"x":87,"y":117,"width":275,"height":12}},{"id":"6375e2f7-4a9b-454c-9ec6-ee8277c048a2","block_type":"box","text":"State Street GBP Government Liquidity Fund","page_number":184,"box":{"x":87,"y":133,"width":366,"height":13}},{"id":"4b2f0f33-9b0e-457c-9116-2ae71bec6d56","block_type":"box","text":"As at 31 December 2025","page_number":184,"box":{"x":86,"y":147,"width":204,"height":9}},{"id":"03c64212-7523-4957-ad1a-ee91a02fd6a5","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":184,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"077f3d8b-4bae-42bd-8716-d0d8b5238f33","block_type":"box","text":"125","page_number":184,"box":{"x":940,"y":965,"width":23,"height":8}},{"id":"b2a649fc-badb-4208-942e-1b21fcd37906","block_type":"box","text":"All of the above securities are listed on a recognised stock exchange or traded on a regulated market except for the Reverse","page_number":185,"box":{"x":86,"y":167,"width":835,"height":10}},{"id":"48011c7d-b51b-407e-8fd0-038d8954c18d","block_type":"box","text":"Repurchase Agreements.","page_number":185,"box":{"x":87,"y":178,"width":169,"height":10}},{"id":"9b6b28a7-81c9-4dde-bc99-f64e17fa043a","block_type":"box","text":"Analysis of Total Assets (Unaudited)","page_number":185,"box":{"x":86,"y":213,"width":262,"height":10}},{"id":"efb2f50e-182d-45b1-b695-fce303dfbb59","block_type":"box","text":"% of","page_number":185,"box":{"x":890,"y":202,"width":32,"height":8}},{"id":"d34b54ad-b96d-4add-af2d-ff4ec14a7deb","block_type":"box","text":"Total Assets","page_number":185,"box":{"x":832,"y":214,"width":89,"height":7}},{"id":"f6033203-05b2-4118-bd60-4b2ef3a42426","block_type":"box","text":"Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 41.60%","page_number":185,"box":{"x":87,"y":228,"width":834,"height":10}},{"id":"72fe7fa7-7470-43af-a2f5-96ef541071f4","block_type":"box","text":"Repurchase agreements","page_number":185,"box":{"x":87,"y":242,"width":164,"height":10}},{"id":"f3681491-af8d-4ef5-bf95-b36394f11d23","block_type":"box","text":"51.89%","page_number":185,"box":{"x":871,"y":242,"width":50,"height":8}},{"id":"93fe58d7-e882-4d55-9ad0-08fb951aa365","block_type":"box","text":"Assets","page_number":185,"box":{"x":86,"y":256,"width":45,"height":8}},{"id":"48c4b1ee-6a41-427f-8928-e0c0edd0f4ca","block_type":"box","text":"6.51%","page_number":185,"box":{"x":880,"y":256,"width":41,"height":8}},{"id":"35544f7a-6b0f-426b-969e-c6b995477895","block_type":"box","text":"100.00%","page_number":185,"box":{"x":863,"y":277,"width":58,"height":8}},{"id":"59be5d5a-f0a1-4127-825f-269b9630aa3b","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":185,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"538e44b8-814c-4aac-bc97-951fb4a3c9de","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":185,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"a23a6e54-ae99-4278-bb4b-b96c326547b9","block_type":"box","text":"Schedule of Investments","page_number":185,"box":{"x":87,"y":117,"width":275,"height":12}},{"id":"286f71f2-69af-4cc6-93c3-d69ae388c8bf","block_type":"box","text":"State Street GBP Government Liquidity Fund","page_number":185,"box":{"x":87,"y":133,"width":366,"height":13}},{"id":"ad4a11c1-6426-4597-bb6f-dd0c1a85d9be","block_type":"box","text":"(continued)","page_number":185,"box":{"x":461,"y":133,"width":90,"height":13}},{"id":"77c51a21-4f02-41de-aa6f-05bfccf88368","block_type":"box","text":"As at 31 December 2025","page_number":185,"box":{"x":86,"y":147,"width":204,"height":9}},{"id":"198ff07b-27e3-4a81-bfbc-1856b4bc89b9","block_type":"box","text":"126","page_number":185,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"9e24bc04-4a54-4b2c-92ec-02d8e3d1154e","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":185,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"b84626c7-6608-409b-adaa-e44da8115bf4","block_type":"box","text":"Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 December 2025 in","page_number":186,"box":{"x":87,"y":167,"width":844,"height":10}},{"id":"1fc1bf81-4b92-495d-bc46-9362b81abd85","block_type":"box","text":"excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be","page_number":186,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"e920e37a-0b5e-4130-9712-1f9ef8213d07","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":186,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"f38af903-e945-4994-b723-ce01d383650f","block_type":"box","text":"Largest Purchases Securities","page_number":186,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"c4cc5ebd-508a-496d-963c-1b72400320d2","block_type":"box","text":"89,313,000,000 4.280% Goldman Sachs Tri Party D 29/10/2025","page_number":186,"box":{"x":87,"y":235,"width":534,"height":10}},{"id":"f061a6cd-04d8-443f-a17c-ec357da95e62","block_type":"box","text":"87,400,000,000 4.080% RBC Dominion Securities Tri Party A 02/12/2025","page_number":186,"box":{"x":87,"y":250,"width":596,"height":10}},{"id":"8fc4a372-90b0-462f-9efc-97519ed6445a","block_type":"box","text":"65,288,000,000 3.890% RBC Dominion Securities Tri Party A 10/11/2025","page_number":186,"box":{"x":87,"y":266,"width":596,"height":10}},{"id":"aad169c6-e809-4b14-a3f5-d5164c071571","block_type":"box","text":"28,545,000,000 4.000% JP Morgan Securities Tri Party A 01/12/2025","page_number":186,"box":{"x":87,"y":281,"width":569,"height":10}},{"id":"24a429a4-cae3-43d1-bb97-177889d8ebef","block_type":"box","text":"4,000,000,000 4.290% Societe Generale Tri Party A 14/05/2025","page_number":186,"box":{"x":86,"y":296,"width":544,"height":10}},{"id":"e782a64e-fe60-4bb0-b6eb-f905be99c751","block_type":"box","text":"3,510,000,000 4.310% Goldman Sachs Tri Party A 06/05/2025","page_number":186,"box":{"x":87,"y":312,"width":534,"height":10}},{"id":"6fd95c6c-a1ad-4df4-bd17-1a48f20d5bb3","block_type":"box","text":"1,500,000,000 4.320% Societe Generale Tri Party D 06/05/2025","page_number":186,"box":{"x":88,"y":327,"width":542,"height":10}},{"id":"83e16ee2-5616-4725-9d3f-d76cbbc8ec0d","block_type":"box","text":"1,500,000,000 3.940% JP Morgan Securities Tri Party D 28/11/2025","page_number":186,"box":{"x":88,"y":343,"width":569,"height":10}},{"id":"4bd3b522-eb8f-437b-b300-8bbc3e8ea22c","block_type":"box","text":"1,051,200,000 3.870% Abu Dhabi International Bank 01/12/2025","page_number":186,"box":{"x":88,"y":358,"width":548,"height":9}},{"id":"983e38db-fda3-48b5-a9a5-78e21c7a6e34","block_type":"box","text":"1,050,248,000 3.860% Abu Dhabi International Bank 03/11/2025","page_number":186,"box":{"x":88,"y":373,"width":548,"height":10}},{"id":"60e25ab8-2616-4e1f-929b-75180f375a71","block_type":"box","text":"949,349,000 4.330% Abu Dhabi International Bank 27/02/2025","page_number":186,"box":{"x":87,"y":389,"width":549,"height":9}},{"id":"a5afb0b8-e4f9-44d3-ae2f-63c177de9243","block_type":"box","text":"929,734,000 3.620% Abu Dhabi International Bank 12/12/2025","page_number":186,"box":{"x":87,"y":404,"width":549,"height":10}},{"id":"0bafcf66-7373-4a7e-929b-6c0293cac862","block_type":"box","text":"928,410,000 4.340% Abu Dhabi International Bank 18/09/2025","page_number":186,"box":{"x":87,"y":420,"width":549,"height":9}},{"id":"5a699e0c-b468-4221-8e0f-a411812ad1b6","block_type":"box","text":"908,771,000 4.330% Abu Dhabi International Bank 02/07/2025","page_number":186,"box":{"x":87,"y":435,"width":549,"height":9}},{"id":"29faf749-332e-4627-94d7-86df979ae001","block_type":"box","text":"857,119,000 3.870% Abu Dhabi International Bank 03/12/2025","page_number":186,"box":{"x":87,"y":451,"width":549,"height":9}},{"id":"c23f2763-9b8f-4aea-902a-ef5119307ab9","block_type":"box","text":"807,535,000 3.860% Abu Dhabi International Bank 31/10/2025","page_number":186,"box":{"x":87,"y":466,"width":549,"height":9}},{"id":"f9792c91-672e-4cc4-ab16-bdd55c52c8f5","block_type":"box","text":"783,842,000 3.870% Abu Dhabi International Bank 19/11/2025","page_number":186,"box":{"x":87,"y":481,"width":549,"height":10}},{"id":"ecfa7333-87a5-4a7b-b46f-991b7827730c","block_type":"box","text":"780,466,000 4.330% Abu Dhabi International Bank 28/04/2025","page_number":186,"box":{"x":87,"y":497,"width":549,"height":9}},{"id":"732b44d5-9ce4-4db4-b988-96991ec36ba7","block_type":"box","text":"774,358,000 4.330% Abu Dhabi International Bank 11/07/2025","page_number":186,"box":{"x":87,"y":512,"width":549,"height":9}},{"id":"b1c8c071-46eb-4c15-b374-903ae45d6c10","block_type":"box","text":"750,000,000 3.980% Royal Bank of Canada 03/12/2025","page_number":186,"box":{"x":87,"y":528,"width":504,"height":10}},{"id":"bc9b6b9f-8b9e-41d8-9f67-7b9350c20967","block_type":"box","text":"Largest Sales Securities","page_number":186,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"0edc8225-4f83-4e72-b921-ecc6fe551bc6","block_type":"box","text":"250,018,245 0.000% United Overseas Bank 06/01/2026","page_number":186,"box":{"x":87,"y":567,"width":502,"height":9}},{"id":"2d46dd72-ad62-4d6e-a202-7c29a6a9205e","block_type":"box","text":"225,013,950 0.000% National Australia Bank Ltd. 20/01/2026","page_number":186,"box":{"x":87,"y":582,"width":538,"height":9}},{"id":"71ae7192-debd-4b7e-afb6-e82bfc071da3","block_type":"box","text":"175,000,000 0.000% Chesham Fin. Ltd. 07/03/2025","page_number":186,"box":{"x":88,"y":598,"width":474,"height":9}},{"id":"edf8d964-bf82-4e1b-aed3-503e048f79da","block_type":"box","text":"175,000,000 0.000% Chesham Fin. Ltd. 03/02/2025","page_number":186,"box":{"x":88,"y":613,"width":474,"height":9}},{"id":"ecc70fae-3080-46c2-8ee2-e4d01088cc59","block_type":"box","text":"150,014,312 0.000% Macquarie Bank Ltd. 27/01/2026","page_number":186,"box":{"x":88,"y":628,"width":489,"height":10}},{"id":"f4c6a052-dc5e-4a27-9d30-9898ce4faf16","block_type":"box","text":"149,980,194 4.500% Toronto-Dominion Bank 07/10/2025","page_number":186,"box":{"x":88,"y":644,"width":508,"height":9}},{"id":"491dd2a0-31fb-4351-854c-219cf67369c1","block_type":"box","text":"140,029,540 0.000% Svenska Handelsbanken 18/02/2026","page_number":186,"box":{"x":88,"y":659,"width":517,"height":9}},{"id":"4516ffd5-8eef-490c-b3b8-86678e0ee54b","block_type":"box","text":"122,004,972 0.000% Credit Agricole SA 02/02/2026","page_number":186,"box":{"x":88,"y":675,"width":474,"height":10}},{"id":"7fdce530-8f59-494d-967d-ce7b0bed39cb","block_type":"box","text":"99,988,083 0.000% BNG Bank NV 03/07/2025","page_number":186,"box":{"x":87,"y":690,"width":448,"height":9}},{"id":"1c727cc6-113d-4c4c-93d5-e6af5ef099e0","block_type":"box","text":"75,014,702 0.000% Svenska Handelsbanken 26/02/2026","page_number":186,"box":{"x":87,"y":705,"width":518,"height":10}},{"id":"be4d91d5-210f-4211-8c7a-cb532740f79b","block_type":"box","text":"75,000,000 0.000% Chesham Fin. Ltd. 04/04/2025","page_number":186,"box":{"x":87,"y":721,"width":475,"height":9}},{"id":"6a9b3153-8e78-4fcd-bdb4-dee7cb63bdc3","block_type":"box","text":"69,958,486 0.000% NRW. BANK 07/07/2025","page_number":186,"box":{"x":87,"y":736,"width":435,"height":9}},{"id":"fd2b6946-55db-4a4f-b76f-011e9c4b587f","block_type":"box","text":"25,002,751 0.000% Westpac Banking 20/01/2026","page_number":186,"box":{"x":87,"y":752,"width":468,"height":10}},{"id":"ab6dc49f-4380-4676-b555-97c5fd8fa949","block_type":"box","text":"There were no other sales during the financial year.","page_number":186,"box":{"x":86,"y":781,"width":340,"height":10}},{"id":"fdc0590d-39f3-4b2f-85db-4c8ccb1c4af9","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":186,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"194b432c-d831-413a-adb2-272c367cc64c","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":186,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"05a319aa-e1c4-476c-a64f-e737586f02e9","block_type":"box","text":"Schedule of Significant Portfolio Changes (Unaudited)","page_number":186,"box":{"x":87,"y":117,"width":603,"height":15}},{"id":"e0fe2c39-bf69-4cac-a05c-8e25987dd775","block_type":"box","text":"State Street USD Liquidity LVNAV Fund","page_number":186,"box":{"x":87,"y":133,"width":322,"height":13}},{"id":"441300f0-a8c2-4b1a-907d-0849a4c2c37d","block_type":"box","text":"For the financial year ended 31 December 2025","page_number":186,"box":{"x":88,"y":146,"width":387,"height":13}},{"id":"0dcdc66e-3c74-4430-8421-2f8d48bcfd76","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":186,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"89eca623-c37b-4165-b8b0-f5ecab93ce6e","block_type":"box","text":"127","page_number":186,"box":{"x":940,"y":965,"width":23,"height":8}},{"id":"1a6ef616-0cf7-467a-8e08-25c39c92138c","block_type":"box","text":"Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 December 2025 in","page_number":187,"box":{"x":87,"y":167,"width":844,"height":10}},{"id":"8cc7b85c-11a7-48c5-95dd-7992bf2fd0f7","block_type":"box","text":"excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be","page_number":187,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"cdddb7cf-2f93-44f1-a577-37bf8188ac0d","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":187,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"03d642ab-6ddd-4edc-8450-fcd49e6bf747","block_type":"box","text":"Largest Purchases Securities","page_number":187,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"540727a7-2187-4259-813f-2ae3ac1e6b8a","block_type":"box","text":"33,100,000,000 3.980% Standard Chartered Bank 17/12/2025","page_number":187,"box":{"x":87,"y":235,"width":524,"height":9}},{"id":"a640afc5-4456-40c0-af02-12bb84fd3c46","block_type":"box","text":"31,825,000,000 4.000% Societe Generale SA 17/12/2025","page_number":187,"box":{"x":87,"y":250,"width":493,"height":9}},{"id":"54384dd0-0fb6-4771-b2f2-b7d09aad56c6","block_type":"box","text":"28,285,000,000 4.000% Bank of Nova Scotia 17/12/2025","page_number":187,"box":{"x":87,"y":266,"width":490,"height":9}},{"id":"ace99a6e-6829-4c7b-85ec-89b56e1330a2","block_type":"box","text":"27,335,000,000 4.000% Canadian Imperial Bank of Commerce 17/12/2025","page_number":187,"box":{"x":87,"y":281,"width":609,"height":10}},{"id":"497c2706-c29d-4b3a-8cfc-17b84a33024a","block_type":"box","text":"25,737,000,000 4.020% Credit Agricole SA 17/12/2025","page_number":187,"box":{"x":87,"y":296,"width":475,"height":10}},{"id":"0b1168e7-96fc-429e-8fea-fbb0a5015461","block_type":"box","text":"24,100,000,000 4.000% JPMorgan Nominees Ltd. 04/11/2025","page_number":187,"box":{"x":87,"y":312,"width":522,"height":10}},{"id":"7f6c4f52-3b6e-49ce-9bf2-a6c96dc9c30b","block_type":"box","text":"18,510,000,000 4.240% Royal Bank of Canada 21/07/2025","page_number":187,"box":{"x":88,"y":327,"width":503,"height":10}},{"id":"c82d69d9-14bd-416f-aae4-de6b9a3608fa","block_type":"box","text":"16,520,000,000 2.230% Commonwealth Bank of Australia 14/05/2025","page_number":187,"box":{"x":88,"y":343,"width":575,"height":9}},{"id":"6112959d-af1b-4212-9ed5-dfbabdda201f","block_type":"box","text":"14,940,000,000 4.220% National Australia Bank Ltd. 11/06/2025","page_number":187,"box":{"x":88,"y":358,"width":537,"height":9}},{"id":"797fcdca-ef2d-45b4-b94a-aadb5e659629","block_type":"box","text":"14,635,000,000 3.990% BofA Securities 17/12/2025","page_number":187,"box":{"x":88,"y":373,"width":454,"height":10}},{"id":"ed49688a-10d0-4754-b404-283c97a7e015","block_type":"box","text":"8,545,000,000 4.000% Bank of Montreal 17/12/2025","page_number":187,"box":{"x":87,"y":389,"width":468,"height":9}},{"id":"5d6c0860-069d-48c8-9f8c-90a2c067948e","block_type":"box","text":"4,211,000,000 4.030% Citigroup Global Markets 17/12/2025","page_number":187,"box":{"x":86,"y":404,"width":519,"height":10}},{"id":"b15b147b-d4f6-4fe4-befd-818e50b1ae19","block_type":"box","text":"1,905,000,000 4.210% HSBC Bank 11/06/2025","page_number":187,"box":{"x":88,"y":420,"width":431,"height":9}},{"id":"8a3ad107-c64f-4b10-a7f8-a2eeea4a70b6","block_type":"box","text":"1,701,000,000 3.990% MUFG Securities EMEA plc 18/11/2025","page_number":187,"box":{"x":88,"y":435,"width":536,"height":10}},{"id":"934665d3-b3c8-4c77-acf9-9df759be1da8","block_type":"box","text":"1,685,000,000 4.010% Royal Bank of Canada 17/12/2025","page_number":187,"box":{"x":88,"y":451,"width":503,"height":10}},{"id":"72234d7e-2515-4b91-8b7d-66290b4e22b8","block_type":"box","text":"1,645,000,000 4.200% Barclays Bank PLC 11/06/2025","page_number":187,"box":{"x":88,"y":466,"width":480,"height":10}},{"id":"095eaf0f-153b-44e0-aaa9-7a7ca157238a","block_type":"box","text":"500,000,000 4.020% U.K. Debt Management Office 19/11/2025","page_number":187,"box":{"x":87,"y":481,"width":552,"height":10}},{"id":"aac91b59-1584-40a2-9af3-1054ab1f6634","block_type":"box","text":"500,000,000 4.020% U.K. Debt Management Office 03/11/2025","page_number":187,"box":{"x":87,"y":497,"width":552,"height":10}},{"id":"822b8925-5287-4898-a02b-4ce913df39c9","block_type":"box","text":"500,000,000 4.020% U.K. Debt Management Office 18/11/2025","page_number":187,"box":{"x":87,"y":512,"width":552,"height":10}},{"id":"7ec00a24-185e-4b62-9e2d-15f956a54c6d","block_type":"box","text":"500,000,000 4.020% U.K. Debt Management Office 17/10/2025","page_number":187,"box":{"x":87,"y":528,"width":552,"height":10}},{"id":"998b5608-75da-481e-879a-72a661db02f3","block_type":"box","text":"Largest Sales Securities","page_number":187,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"bf4ab628-9125-4461-8380-8df8b3c29f40","block_type":"box","text":"129,147,626 0.010% ABN AMRO Bank 21/07/2025","page_number":187,"box":{"x":88,"y":567,"width":470,"height":9}},{"id":"53c5e48e-7f83-4a20-8f52-09ecfc68e99e","block_type":"box","text":"110,030,557 5.717% Toronto-Dominion Bank 09/07/2025","page_number":187,"box":{"x":88,"y":582,"width":508,"height":9}},{"id":"2f3813fc-22d3-4fc3-bdc8-0c1f166a2038","block_type":"box","text":"78,382,739 0.010% UBS AG London 14/11/2025","page_number":187,"box":{"x":87,"y":598,"width":463,"height":9}},{"id":"bc2a6994-2647-4dbd-bda7-d177b52ebc40","block_type":"box","text":"74,760,541 0.010% Sumitomo Mitsui Trust Bank 23/06/2025","page_number":187,"box":{"x":87,"y":613,"width":539,"height":9}},{"id":"574b10df-7096-4d19-9cfa-f62484818a97","block_type":"box","text":"49,720,218 0.010% Mitsubishi Corporation 15/07/2025","page_number":187,"box":{"x":86,"y":628,"width":503,"height":10}},{"id":"a2464586-f30c-442b-a0e4-4cb900b04346","block_type":"box","text":"40,000,000 5.033% National Australia Bank Ltd. 10/12/2025","page_number":187,"box":{"x":86,"y":644,"width":539,"height":9}},{"id":"489b86d5-00fa-47f8-8e37-6456bfaa7e1e","block_type":"box","text":"There were no other sales during the financial 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09/06/2025","page_number":188,"box":{"x":87,"y":266,"width":609,"height":9}},{"id":"8c979aac-a656-43b0-845d-4aa66a4478d1","block_type":"box","text":"27,784,115,977 2.140% Commonwealth Bank of Australia 06/06/2025","page_number":188,"box":{"x":87,"y":281,"width":576,"height":9}},{"id":"ec142a23-3b8b-4750-97e4-efdce9368ff3","block_type":"box","text":"22,693,000,000 2.400% Bred Banque Populaire 20/03/2025","page_number":188,"box":{"x":87,"y":296,"width":507,"height":10}},{"id":"bae37963-71ed-4991-9a1e-4abc75e4fe25","block_type":"box","text":"20,175,000,000 2.150% Standard Chartered Bank 06/06/2025","page_number":188,"box":{"x":87,"y":312,"width":524,"height":9}},{"id":"4c1bf2e3-116b-42a3-980a-c22e6a7ab3f9","block_type":"box","text":"15,783,000,000 2.120% Credit Agricole SA 09/06/2025","page_number":188,"box":{"x":88,"y":327,"width":474,"height":10}},{"id":"936b3340-88bd-4785-ad67-8825ff868f93","block_type":"box","text":"10,668,000,000 2.380% Credit Agricole SA 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07/01/2025","page_number":188,"box":{"x":87,"y":497,"width":549,"height":10}},{"id":"c5f2d993-c841-4e48-b4f6-afc439def900","block_type":"box","text":"453,591,400 2.885% Societe Generale SA 28/01/2025","page_number":188,"box":{"x":86,"y":512,"width":494,"height":9}},{"id":"33f5e2cf-c2d9-4937-8c76-4d19c01ee005","block_type":"box","text":"450,000,000 2.650% Bank of Tokyo-Mitsubishi Ltd. 19/02/2025","page_number":188,"box":{"x":86,"y":528,"width":550,"height":10}},{"id":"17fa58ae-3eb6-47d0-a7bc-9b4fd7544f53","block_type":"box","text":"Largest Sales Securities","page_number":188,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"ed03db36-8875-4312-9617-8eb57ef64ca4","block_type":"box","text":"74,980,661 3.065% Toronto-Dominion Bank 10/09/2025","page_number":188,"box":{"x":87,"y":567,"width":509,"height":9}},{"id":"966e8ded-286a-4cc9-bd4f-3e2b92c8e0e5","block_type":"box","text":"49,997,223 3.282% Toronto-Dominion Bank 08/08/2025","page_number":188,"box":{"x":86,"y":582,"width":510,"height":9}},{"id":"aeb91d0f-990a-4332-ab8c-212cc505ea8a","block_type":"box","text":"49,410,776 0.010% Toronto-Dominion Bank 02/07/2025","page_number":188,"box":{"x":86,"y":598,"width":510,"height":9}},{"id":"2ba03bd1-c5ca-4ec8-9a92-dd27e0d5a143","block_type":"box","text":"24,987,772 3.646% Toronto-Dominion Bank 29/08/2025","page_number":188,"box":{"x":87,"y":613,"width":509,"height":9}},{"id":"e29d9451-21d0-4fde-86b8-58a35fedfcd1","block_type":"box","text":"There were no other sales during the financial year.","page_number":188,"box":{"x":86,"y":643,"width":340,"height":10}},{"id":"d6d36a83-42f5-4ccb-8d0f-5aead0417c97","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":188,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"65ddbf4e-d42a-4372-b143-b0253704566d","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 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At a minimum the largest 20 purchases and 20 sales must be","page_number":189,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"4485580a-913a-49f2-a083-c96353f0a6cf","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":189,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"38c5b358-a88f-42be-b674-e254c0b6bc7e","block_type":"box","text":"Largest Purchases Securities","page_number":189,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"93cc9f12-bb37-47e6-8f6b-9c21fc5cee9a","block_type":"box","text":"13,411,000,000 2.200% BofA Securities 05/06/2026","page_number":189,"box":{"x":88,"y":235,"width":454,"height":9}},{"id":"97c9b95d-dd99-490b-9d74-82442c4365ff","block_type":"box","text":"4,941,149,153 2.150% Standard Chartered Bank 06/06/2025","page_number":189,"box":{"x":86,"y":250,"width":525,"height":9}},{"id":"9c1e82a3-4531-4106-ad36-a0da879806e7","block_type":"box","text":"4,666,000,000 1.930% Bank of Montreal 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21/03/2025","page_number":189,"box":{"x":87,"y":343,"width":447,"height":9}},{"id":"e25fb1c2-ff60-4f9c-b61c-cb155b2b8c03","block_type":"box","text":"240,000,000 2.400% Bank of Tokyo-Mitsubishi Ltd. 21/03/2025","page_number":189,"box":{"x":87,"y":358,"width":549,"height":10}},{"id":"7e89b482-04a3-4af3-a157-5d4f79b2c5b4","block_type":"box","text":"200,000,000 2.390% KBC Bank NV 25/03/2025","page_number":189,"box":{"x":87,"y":373,"width":447,"height":10}},{"id":"23f193aa-2fcd-4a65-a158-874afca66f46","block_type":"box","text":"190,000,000 2.390% KBC Bank NV 24/03/2025","page_number":189,"box":{"x":88,"y":389,"width":446,"height":9}},{"id":"a3c0addd-c6d0-4a79-b7a2-6d9ac33db974","block_type":"box","text":"180,000,000 2.400% Bank of Tokyo-Mitsubishi Ltd. 24/03/2025","page_number":189,"box":{"x":88,"y":404,"width":548,"height":10}},{"id":"ba16c0e0-11d1-4dee-b6df-abc3d82d68de","block_type":"box","text":"150,000,000 2.400% Bank of Tokyo-Mitsubishi Ltd. 25/03/2025","page_number":189,"box":{"x":88,"y":420,"width":548,"height":10}},{"id":"2af27627-cbb6-4888-b07e-f1ab79a3ef3e","block_type":"box","text":"125,000,000 2.410% La Banque Postale 25/03/2025","page_number":189,"box":{"x":88,"y":435,"width":478,"height":10}},{"id":"2cfc1c6d-9e30-47b7-b4d6-edf19a4a2f28","block_type":"box","text":"114,649,000 2.410% La Banque Postale 08/04/2025","page_number":189,"box":{"x":88,"y":451,"width":478,"height":9}},{"id":"44276b66-c860-44a9-940d-38cf8d31f803","block_type":"box","text":"106,918,653 0.010% TotalEnergies Capital SA 31/03/2025","page_number":189,"box":{"x":88,"y":466,"width":518,"height":10}},{"id":"c6dc78a3-ffb6-4f23-a251-a4b4bedb46f6","block_type":"box","text":"100,000,000 2.410% La Banque Postale 26/03/2025","page_number":189,"box":{"x":88,"y":481,"width":478,"height":10}},{"id":"6843c989-6c45-4103-b168-dad64a64f2b7","block_type":"box","text":"100,000,000 2.410% La Banque Postale 24/03/2025","page_number":189,"box":{"x":88,"y":497,"width":478,"height":10}},{"id":"5e214588-faba-443b-a57e-fa3986545501","block_type":"box","text":"100,000,000 2.380% Landesbank Baden-Wuerttemberg 24/03/2025","page_number":189,"box":{"x":88,"y":512,"width":582,"height":10}},{"id":"4f61f450-3bad-4b79-b657-8f6c8bbe9522","block_type":"box","text":"100,000,000 2.410% La Banque Postale 21/03/2025","page_number":189,"box":{"x":88,"y":528,"width":478,"height":9}},{"id":"f95d3b09-5918-4536-b379-28ec15fb4267","block_type":"box","text":"Largest Sales Securities","page_number":189,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"379bfe1c-fc5e-4886-b873-2791f9b0ffc3","block_type":"box","text":"24,993,252 0.010% Landwirtschaftliche Rentenbank 14/04/2025","page_number":189,"box":{"x":87,"y":567,"width":567,"height":9}},{"id":"c47fd639-73b3-48b3-8c1f-9664dbb7cddb","block_type":"box","text":"9,995,113 3.646% Toronto-Dominion Bank 29/08/2025","page_number":189,"box":{"x":87,"y":582,"width":509,"height":9}},{"id":"f0167901-5f3a-484b-8c31-47a34147f514","block_type":"box","text":"There were no other sales during the financial year.","page_number":189,"box":{"x":86,"y":612,"width":340,"height":10}},{"id":"3fc1e00c-33db-4297-be14-11f1306eb428","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":189,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"9231cd19-6822-4d7f-bd94-25441da4e976","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":189,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"c209543e-046a-4de6-879d-3d37d77e2059","block_type":"box","text":"Schedule of Significant Portfolio Changes (Unaudited)","page_number":189,"box":{"x":87,"y":117,"width":603,"height":15}},{"id":"b7f704a3-e9e2-4cb2-8e55-a3c3b39dd755","block_type":"box","text":"State Street EUR Liquidity Standard VNAV 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At a minimum the largest 20 purchases and 20 sales must be","page_number":190,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"9195916c-0af9-4d05-9841-a71b65c4faae","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":190,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"bddab9a8-5e75-4a88-a07c-13ef906ebdc7","block_type":"box","text":"Largest Purchases Securities","page_number":190,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"92b6e6e1-7034-4b4f-9dff-15475fd7f37f","block_type":"box","text":"52,787,000,000 4.280% Bank of Montreal Tri Patry A 15/05/2025","page_number":190,"box":{"x":87,"y":235,"width":542,"height":10}},{"id":"f15a4f6d-48f7-4ed8-8101-1fb9fdb83566","block_type":"box","text":"51,408,000,000 4.320% BofA Securities Tri Party A 14/04/2025","page_number":190,"box":{"x":87,"y":250,"width":529,"height":10}},{"id":"992b1a9c-d309-46ca-b256-54428d27b22f","block_type":"box","text":"50,436,000,000 4.280% TD Securities USA Tri Party A 15/05/2025","page_number":190,"box":{"x":87,"y":266,"width":552,"height":10}},{"id":"fced783c-ee37-40e9-80bf-267a9b679954","block_type":"box","text":"47,066,000,000 3.890% RBC Dominion Securities Tri Party A 10/11/2025","page_number":190,"box":{"x":86,"y":281,"width":597,"height":10}},{"id":"4412a4dd-ef53-4c77-bfdf-905d0de14bf4","block_type":"box","text":"44,964,000,000 4.280% Bank of Nova Scotia Tri Party A 15/05/2025","page_number":190,"box":{"x":86,"y":296,"width":565,"height":10}},{"id":"b13a3ad0-924e-4da2-9a4f-3308871f5ecb","block_type":"box","text":"43,300,000,000 4.280% BNP Paribas Tri Party A 15/05/2025","page_number":190,"box":{"x":86,"y":312,"width":513,"height":10}},{"id":"7040b57a-3d13-44c4-8b1c-618b22813130","block_type":"box","text":"42,975,000,000 4.280% Calyon Tri Party A 15/05/2025","page_number":190,"box":{"x":86,"y":327,"width":474,"height":10}},{"id":"9d53e29a-ce2d-46da-8991-0cd5e4214372","block_type":"box","text":"42,774,000,000 4.310% Goldman Sachs Tri Party A 06/05/2025","page_number":190,"box":{"x":86,"y":343,"width":535,"height":10}},{"id":"7472e2bb-0f5f-4765-aab5-caa4bba5ebb3","block_type":"box","text":"390,041,903 1.000% United States Treasury Floating Rate Note 30/04/2026","page_number":190,"box":{"x":87,"y":358,"width":636,"height":10}},{"id":"c5f940e8-8d8e-4fa2-bc8b-e035d4de63d3","block_type":"box","text":"264,510,000 4.000% JP Morgan Securities Tri Party A 01/12/2025","page_number":190,"box":{"x":87,"y":373,"width":569,"height":10}},{"id":"7cb69a79-fac9-4d35-87cc-582228142bc9","block_type":"box","text":"196,519,230 0.010% United States Treasury Bill 02/01/2026","page_number":190,"box":{"x":88,"y":389,"width":529,"height":10}},{"id":"0e77f8f6-8aa2-4203-9e1f-f3d96bd28d83","block_type":"box","text":"183,229,086 1.000% United States Treasury Bill 31/01/2026","page_number":190,"box":{"x":88,"y":404,"width":529,"height":10}},{"id":"f6c42b2b-5989-473b-9ad1-a890ec1e67e2","block_type":"box","text":"181,031,864 1.000% United States Treasury Floating Rate Note 31/07/2026","page_number":190,"box":{"x":88,"y":420,"width":635,"height":10}},{"id":"3669f419-d6c4-4981-92c2-95d54ba9c717","block_type":"box","text":"148,035,562 0.010% United States Treasury Bill 08/01/2026","page_number":190,"box":{"x":88,"y":435,"width":529,"height":10}},{"id":"be155e1e-99a9-4162-85a7-5c41a4ea0499","block_type":"box","text":"140,000,000 4.260% Citigroup Tri Party A 14/07/2025","page_number":190,"box":{"x":88,"y":451,"width":486,"height":10}},{"id":"362a7d3d-06f4-4d5f-a8cc-fecbe0e07b81","block_type":"box","text":"121,694,919 0.010% United States Treasury Bill 06/11/2025","page_number":190,"box":{"x":88,"y":466,"width":529,"height":10}},{"id":"148e61b4-a637-42ad-b115-eda7a97047ea","block_type":"box","text":"121,043,346 0.010% United States Treasury Bill 19/02/2026","page_number":190,"box":{"x":88,"y":481,"width":529,"height":10}},{"id":"91973b3d-1d1d-4452-8b37-3b664218f233","block_type":"box","text":"117,303,590 0.010% United States Treasury Bill 12/08/2025","page_number":190,"box":{"x":88,"y":497,"width":529,"height":10}},{"id":"1e0d8340-c5a3-498d-b05e-75ecfab40fa7","block_type":"box","text":"116,239,437 0.010% United States Treasury Bill 03/06/2025","page_number":190,"box":{"x":88,"y":512,"width":529,"height":10}},{"id":"124421bb-b974-4eb8-a942-3be5f9f7b22e","block_type":"box","text":"114,878,133 0.010% United States Treasury Bill 15/01/2026","page_number":190,"box":{"x":88,"y":528,"width":529,"height":10}},{"id":"34c39d38-1280-4802-8000-d046cca88eb5","block_type":"box","text":"Largest Sales Securities","page_number":190,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"dda642a8-1af1-4431-8ac3-83f2f3c1ae32","block_type":"box","text":"49,950,798 0.010% United States Treasury Bill 02/01/2026","page_number":190,"box":{"x":86,"y":567,"width":531,"height":10}},{"id":"79b2a8af-40da-4d62-bc69-b1e62ad01ede","block_type":"box","text":"49,921,367 0.010% United States Treasury Floating Rate Note 08/01/2026","page_number":190,"box":{"x":86,"y":582,"width":637,"height":10}},{"id":"8583e66f-b12d-45d2-ad4b-d82a57a45048","block_type":"box","text":"49,578,182 0.010% United States Treasury Bill 19/03/2026","page_number":190,"box":{"x":86,"y":598,"width":531,"height":10}},{"id":"c48eff18-bca0-4d2b-8a61-0de024c581d2","block_type":"box","text":"49,140,935 0.010% United States Treasury Bill 18/06/2026","page_number":190,"box":{"x":86,"y":613,"width":531,"height":10}},{"id":"dbc9c8fa-ef08-43c2-9644-955d78b1d8ff","block_type":"box","text":"34,502,246 0.010% United States Treasury Bill 30/10/2025","page_number":190,"box":{"x":87,"y":628,"width":530,"height":10}},{"id":"7765dafe-13cf-42d8-9dca-c071cc4f2805","block_type":"box","text":"29,555,582 0.010% United States Treasury Bill 10/07/2025","page_number":190,"box":{"x":87,"y":644,"width":530,"height":10}},{"id":"992d951c-01d4-47af-92fb-636231b77834","block_type":"box","text":"24,719,614 0.250% United States Treasury Note 31/05/2025","page_number":190,"box":{"x":87,"y":659,"width":542,"height":10}},{"id":"635b0933-dac7-40be-b6a3-4fec9cd6cbda","block_type":"box","text":"20,542,188 0.010% United States Treasury Bill 24/07/2025","page_number":190,"box":{"x":87,"y":675,"width":530,"height":10}},{"id":"67b7eacc-78af-4df3-8a8b-1182c7f4c44e","block_type":"box","text":"19,997,750 0.010% United States Treasury Bill 28/10/2025","page_number":190,"box":{"x":88,"y":690,"width":529,"height":10}},{"id":"70c8e250-ca5b-492b-86d5-34659cc62f24","block_type":"box","text":"16,070,734 0.010% United States Treasury Bill 17/07/2025","page_number":190,"box":{"x":88,"y":705,"width":529,"height":10}},{"id":"66074e86-a337-4058-92d0-29c07d0f9da1","block_type":"box","text":"14,803,175 0.010% United States Treasury Bill 28/08/2025","page_number":190,"box":{"x":88,"y":721,"width":529,"height":10}},{"id":"2d8a008f-ccfb-4da0-8d90-5560bf206697","block_type":"box","text":"3,086,000 4.875% United States Treasury Note 30/11/2025","page_number":190,"box":{"x":87,"y":736,"width":542,"height":10}},{"id":"9e3f9955-5575-4abe-bb2f-04a859da1da8","block_type":"box","text":"There were no other sales during the financial year.","page_number":190,"box":{"x":86,"y":766,"width":340,"height":10}},{"id":"61971f00-310a-4395-bc92-efa761d15b59","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":190,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"ecbc8c27-6d82-4c63-ac97-a8a1e59f003a","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":190,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"abd6123e-2867-4018-9c21-74a20d00b116","block_type":"box","text":"Schedule of Significant Portfolio Changes (Unaudited)","page_number":190,"box":{"x":87,"y":117,"width":603,"height":15}},{"id":"50b27a68-a4c7-49d6-8270-16b5d2035c9e","block_type":"box","text":"State Street USD Treasury Liquidity Fund","page_number":190,"box":{"x":87,"y":133,"width":337,"height":13}},{"id":"567c82b4-44da-4754-a13f-46efdd611803","block_type":"box","text":"For the financial year ended 31 December 2025","page_number":190,"box":{"x":88,"y":146,"width":387,"height":13}},{"id":"0aea2cc4-b9de-4b87-b27d-3db9417e8aef","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":190,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"f1bb7b5c-3435-4dac-92f1-ced810321aef","block_type":"box","text":"131","page_number":190,"box":{"x":940,"y":965,"width":21,"height":8}},{"id":"3bb6cb4f-6f54-4734-af53-d17005e09a47","block_type":"box","text":"Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 December 2025 in","page_number":191,"box":{"x":87,"y":167,"width":844,"height":10}},{"id":"ccd835d5-92b6-46cb-8afb-4266ba9a72f8","block_type":"box","text":"excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be","page_number":191,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"291298e4-3cc8-472a-b7b9-8f2107d086c4","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":191,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"bf3e8e0a-e421-4bf1-8463-5dd4a13f8536","block_type":"box","text":"Largest Purchases Securities","page_number":191,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"6683a6c6-5a1a-498f-8990-9ea4d9800e10","block_type":"box","text":"4,231,101,895 2.150% Standard Chartered Bank 06/06/2025","page_number":191,"box":{"x":86,"y":235,"width":525,"height":9}},{"id":"c8c7ecc8-3493-4f1b-9d15-dc34c3c7c331","block_type":"box","text":"3,578,500,000 2.140% Bank of Nova Scotia 06/06/2025","page_number":191,"box":{"x":87,"y":250,"width":490,"height":9}},{"id":"eb43b126-04a5-4685-8c3c-7ea5256e4592","block_type":"box","text":"3,436,000,000 2.160% JP Morgan Securities 06/06/2025","page_number":191,"box":{"x":87,"y":266,"width":495,"height":10}},{"id":"54421cba-5393-48bd-af91-435c6850b869","block_type":"box","text":"3,395,000,000 2.150% Canadian Imperial Bank of Commerce 09/06/2025","page_number":191,"box":{"x":87,"y":281,"width":609,"height":10}},{"id":"7eb95f5c-5349-457d-803b-c57e3a779724","block_type":"box","text":"3,254,000,000 2.140% Commonwealth Bank of Australia 06/06/2025","page_number":191,"box":{"x":87,"y":296,"width":576,"height":10}},{"id":"62701889-a64c-4a32-bd97-5b88c5bb7e6f","block_type":"box","text":"2,061,000,000 2.120% Credit Agricole SA 09/06/2025","page_number":191,"box":{"x":87,"y":312,"width":475,"height":10}},{"id":"ed0be288-8949-43a7-927e-7bb9d84c2562","block_type":"box","text":"739,398,105 2.130% National Australia Bank Ltd. 06/06/2025","page_number":191,"box":{"x":87,"y":327,"width":538,"height":9}},{"id":"48885355-c636-42e1-ad00-98da8de5cedd","block_type":"box","text":"687,000,000 1.930% Citigroup Global Markets 31/12/2025","page_number":191,"box":{"x":87,"y":343,"width":518,"height":10}},{"id":"4ef7257c-7894-4b08-b973-c7882cc33178","block_type":"box","text":"407,342,510 2.800% Societe Generale SA 10/01/2025","page_number":191,"box":{"x":86,"y":358,"width":494,"height":9}},{"id":"d377d1e2-ba45-4b3d-8c02-5d7c15bd92f8","block_type":"box","text":"358,274,252 2.200% BofA Securities 05/06/2026","page_number":191,"box":{"x":87,"y":373,"width":455,"height":10}},{"id":"b44e56a4-0a48-4838-bc07-ef1392ffb12b","block_type":"box","text":"336,192,323 1.940% Royal Bank of Canada 27/10/2026","page_number":191,"box":{"x":87,"y":389,"width":504,"height":10}},{"id":"45f9980c-1024-426c-bbbd-30b36aec0cbd","block_type":"box","text":"23,141,135 2.800% HSBC Bank 15/01/2025","page_number":191,"box":{"x":87,"y":404,"width":432,"height":10}},{"id":"2df9f51c-543b-488e-81e4-6733fc861cf0","block_type":"box","text":"19,894,196 2.800% BNP Paribas SA 18/12/2025","page_number":191,"box":{"x":88,"y":420,"width":461,"height":9}},{"id":"21c7fc49-eec7-4e94-9d75-eca6372e5b32","block_type":"box","text":"9,993,501 0.010% French Treasury Bill 17/09/2025","page_number":191,"box":{"x":87,"y":435,"width":485,"height":10}},{"id":"54cf0af4-12e6-4e4a-adc0-b80a91913997","block_type":"box","text":"9,989,719 0.010% French Treasury Bill 24/09/2025","page_number":191,"box":{"x":87,"y":451,"width":485,"height":10}},{"id":"561d755d-1b26-4b32-964d-165ec208c156","block_type":"box","text":"9,985,915 0.010% French Treasury Bill 01/10/2025","page_number":191,"box":{"x":87,"y":466,"width":485,"height":10}},{"id":"3c9c96f7-0439-4b5a-b700-800f89a46d36","block_type":"box","text":"9,949,680 0.010% French Treasury Bill 17/12/2025","page_number":191,"box":{"x":87,"y":481,"width":485,"height":10}},{"id":"9bd3b28f-7e16-45a6-84f2-259762166344","block_type":"box","text":"7,993,938 0.010% Kingdom of the Netherlands 15/09/2025","page_number":191,"box":{"x":87,"y":497,"width":541,"height":10}},{"id":"3cc51290-ceb8-4c4b-b808-3eefaa4e2359","block_type":"box","text":"7,993,907 0.010% Kingdom of the Netherlands 29/09/2025","page_number":191,"box":{"x":87,"y":512,"width":541,"height":10}},{"id":"90523cec-798e-493a-bcd3-0dcd30515f56","block_type":"box","text":"7,990,817 0.010% Kingdom of the Netherlands 05/12/2025","page_number":191,"box":{"x":87,"y":528,"width":541,"height":10}},{"id":"fa8daf89-e97f-443a-ac97-1a1b20fea152","block_type":"box","text":"Largest Sales Securities","page_number":191,"box":{"x":87,"y":551,"width":289,"height":10}},{"id":"e047c95b-bf8d-41fb-bbfc-c06572347a8d","block_type":"box","text":"9,995,654 0.010% French Treasury Bill 17/09/2025","page_number":191,"box":{"x":87,"y":567,"width":485,"height":10}},{"id":"4212c410-e2b1-4452-8466-fcdefe13bd32","block_type":"box","text":"9,991,782 0.010% French Treasury Bill 24/09/2025","page_number":191,"box":{"x":87,"y":582,"width":485,"height":10}},{"id":"8cff1b3e-4848-4d82-aab1-c626d9c8cbe6","block_type":"box","text":"There were no other sales during the financial year.","page_number":191,"box":{"x":86,"y":612,"width":340,"height":10}},{"id":"9859496a-84b4-41c4-b41f-b081940cc13c","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":191,"box":{"x":87,"y":60,"width":330,"height":10}},{"id":"ffb1c3ca-9469-45cc-abb2-6ed00aff3046","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":191,"box":{"x":86,"y":72,"width":687,"height":10}},{"id":"6fea54bd-a6ef-47cb-8427-0e115b1b6eed","block_type":"box","text":"Schedule of Significant Portfolio Changes (Unaudited)","page_number":191,"box":{"x":87,"y":117,"width":603,"height":15}},{"id":"ec6baaa6-c256-4a42-95d4-cd6983711073","block_type":"box","text":"State Street EUR Government Liquidity Fund","page_number":191,"box":{"x":87,"y":133,"width":366,"height":13}},{"id":"95fc3c0e-6074-47d9-af30-92fc04873191","block_type":"box","text":"For the financial year ended 31 December 2025","page_number":191,"box":{"x":88,"y":146,"width":387,"height":13}},{"id":"da076e45-ba94-45a7-8b32-2499cf6b2390","block_type":"box","text":"132","page_number":191,"box":{"x":36,"y":965,"width":23,"height":8}},{"id":"22da4d02-7fde-4032-af76-90c797940e3e","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":191,"box":{"x":99,"y":965,"width":330,"height":10}},{"id":"6668c9bd-fd30-4988-9d90-8045fdb59f4a","block_type":"box","text":"Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 December 2025 in","page_number":192,"box":{"x":87,"y":167,"width":844,"height":10}},{"id":"b472d1d1-56de-4b7e-bd49-a48295eb37e8","block_type":"box","text":"excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be","page_number":192,"box":{"x":87,"y":180,"width":844,"height":10}},{"id":"00ef0160-a1ff-4950-aeb4-01481449c5d8","block_type":"box","text":"given or all purchases and sales if less than 20.","page_number":192,"box":{"x":87,"y":193,"width":316,"height":10}},{"id":"96662b0e-d4ee-49cb-85f0-f6503cd61e37","block_type":"box","text":"Largest Purchases Securities","page_number":192,"box":{"x":87,"y":219,"width":289,"height":10}},{"id":"5fa094ac-abcb-4278-95ab-c69aacb416d9","block_type":"box","text":"6,540,000,000 4.000% Bank of Nova Scotia 17/12/2025","page_number":192,"box":{"x":87,"y":235,"width":490,"height":9}},{"id":"a3aceb0c-ece9-4e64-b9e8-38c4784481bc","block_type":"box","text":"6,439,000,000 3.980% Standard Chartered Bank 17/12/2025","page_number":192,"box":{"x":87,"y":250,"width":524,"height":9}},{"id":"430b7211-35ee-4488-b668-32a224ccd2c2","block_type":"box","text":"5,887,000,000 4.020% Credit Agricole SA 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The depositary of the collateral for State Street","page_number":204,"box":{"x":70,"y":518,"width":855,"height":10}},{"id":"7d8923bf-ec6d-46d1-aafc-41a76060aaab","block_type":"box","text":"GBP Liquidity LVNAV Fund, State Street EUR Liquidity LVNAV Fund, State Street EUR Liquidity Standard VNAV Fund, State Street","page_number":204,"box":{"x":70,"y":531,"width":855,"height":10}},{"id":"1e903414-04dd-423b-9c0f-d1f9d1d0530a","block_type":"box","text":"EUR Government Liquidity Fund and State Street GBP Government Liquidity Fund is State Street Custodial Services (Ireland)","page_number":204,"box":{"x":71,"y":544,"width":853,"height":10}},{"id":"53231741-20eb-410f-af78-8f450efa37bf","block_type":"box","text":"Limited and at 31 December 2025, the State Street GBP Liquidity LVNAV Fund received GBP 921,592,931, the State Street EUR","page_number":204,"box":{"x":70,"y":557,"width":855,"height":10}},{"id":"14607372-28f4-4477-8776-bba31a7a0e08","block_type":"box","text":"Liquidity LVNAV Fund received EUR 1,530,038,116, the State Street EUR Liquidity Standard VNAV Fund received EUR","page_number":204,"box":{"x":70,"y":570,"width":855,"height":10}},{"id":"9ced9ce3-ea49-4ccb-a36a-b25b0859d0b2","block_type":"box","text":"183,347,233, the State Street EUR Government Liquidity Fund received EUR 156,927,843, and the State Street GBP Government","page_number":204,"box":{"x":71,"y":583,"width":854,"height":10}},{"id":"2f9b0001-777d-49bd-bf06-9bbc01ae06ee","block_type":"box","text":"Liquidity Fund received GBP 136,036,654 as collateral in relation to the reverse repurchase agreements.","page_number":204,"box":{"x":70,"y":596,"width":695,"height":10}},{"id":"35dc6d63-cedb-4fc9-85fa-5caeb3f050c6","block_type":"box","text":"The net returns to the State Street EUR Government Liquidity Fund, State Street EUR Liquidity LVNAV Fund, State Street EUR","page_number":204,"box":{"x":70,"y":628,"width":855,"height":10}},{"id":"79758fd9-6290-4da1-a5fd-4c1aa927412f","block_type":"box","text":"Liquidity Standard VNAV Fund,State Street GBP Government Liquidity Fund, State Street GBP Liquidity LVNAV Fund, State Street","page_number":204,"box":{"x":70,"y":641,"width":855,"height":10}},{"id":"5bcc9574-1864-49a7-ba63-036461cd3717","block_type":"box","text":"USD Liquidity LVNAV Fund and State Street USD Treasury Liquidity Fund from reverse repurchase agreements for the financial","page_number":204,"box":{"x":71,"y":654,"width":853,"height":10}},{"id":"c90f97b1-9632-492c-8a6c-d4b5f7873d90","block_type":"box","text":"year ended 31 December 2025 amounted to EUR 2,422,333, EUR 25,886,545, EUR 1,962,786, GBP 7,384,006, GBP 34,579,679,","page_number":204,"box":{"x":70,"y":667,"width":854,"height":10}},{"id":"66595e80-bdd5-4ba5-b1f6-64e5d3c31f3c","block_type":"box","text":"USD 41,499,276, USD 24,359,640, respectively. The costs relating to the reverse repurchase agreements are not separately","page_number":204,"box":{"x":71,"y":680,"width":854,"height":10}},{"id":"ccc96e42-6a37-4e5a-9430-865b783a1784","block_type":"box","text":"identifiable as they are embedded in the purchase/sale price of the transactions.","page_number":204,"box":{"x":70,"y":694,"width":534,"height":10}},{"id":"5eb9603e-bef0-4501-ad8c-5da1f8a99cb6","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":204,"box":{"x":70,"y":58,"width":331,"height":10}},{"id":"ec34baa6-94d8-47a0-bea5-6923de616dc3","block_type":"box","text":"Annual Report and Audited Financial Statements for the financial year ended 31 December 2025","page_number":204,"box":{"x":69,"y":70,"width":687,"height":10}},{"id":"8f13b0d8-f0a6-4972-95b6-3edf36dac4a2","block_type":"box","text":"State Street Liquidity Public Limited Company","page_number":204,"box":{"x":569,"y":965,"width":331,"height":10}},{"id":"5085dcc6-e372-40c4-83ac-662faefd72c3","block_type":"box","text":"145","page_number":204,"box":{"x":940,"y":965,"width":23,"height":8}},{"id":"24afa6f1-7b8b-4ad9-a682-121e8cb07b43","block_type":"box","text":"Appendix II - Remuneration Policy (Unaudited)","page_number":205,"box":{"x":69,"y":106,"width":517,"height":16}},{"id":"d3d524cd-04bc-4dd4-bc39-21f68e818155","block_type":"box","text":"State Street Corporation (“SSC”), and its direct and indirect subsidiaries (together with SSC hereafter referred to as “State Street”)","page_number":205,"box":{"x":70,"y":140,"width":854,"height":10}},{"id":"ba06e938-0a09-4a06-99e5-0bebe11ebbdf","block_type":"box","text":"operate a group-wide compensation strategy including a remuneration policy that applies to all State Street entities globally. State","page_number":205,"box":{"x":70,"y":153,"width":855,"height":10}},{"id":"1a1eebdc-6892-4a77-b2fd-38a4a7ab4ab5","block_type":"box","text":"Street Global Advisors Europe Limited (“SSGAEL”) is the Management Company, Investment Manager and Global Distributor of","page_number":205,"box":{"x":70,"y":166,"width":856,"height":10}},{"id":"40332531-8796-46bd-945a-9c05e4ceb644","block_type":"box","text":"State Street Liquidity Plc and delegates certain activities in respect of the investment management and risk management to SSGA","page_number":205,"box":{"x":70,"y":179,"width":855,"height":10}},{"id":"cc0b4889-ef60-45ee-b34c-df0fb949f391","block_type":"box","text":"Limited and SSGA Trust Company (together, the “Investment Managers”). As State Street subsidiaries, the Investment Managers","page_number":205,"box":{"x":70,"y":192,"width":855,"height":10}},{"id":"e18daaa1-b653-4a2d-a01e-f8baefea87e9","block_type":"box","text":"are fully integrated into State Street’s group-wide compensation strategy and subject to the global and regional governing body","page_number":205,"box":{"x":70,"y":205,"width":855,"height":10}},{"id":"2f34c643-a800-48b9-8ef9-997c6c1ebc4f","block_type":"box","text":"structure of State Street to provide appropriate and effective control of the remuneration arrangements (incl. compliance with the","page_number":205,"box":{"x":70,"y":218,"width":855,"height":10}},{"id":"a8106f8e-e4d3-4646-8d75-30575c7c6aa6","block_type":"box","text":"relevant remuneration regulations) across the State Street group of affiliated entities. Under its publicly available charter, the","page_number":205,"box":{"x":70,"y":231,"width":855,"height":10}},{"id":"1bc1399a-b7af-4b3a-b080-3fc8e0d0b20f","block_type":"box","text":"Human Resources Committee (“HRC”) of SSC oversees all of State Street’s compensation plans, policies, and programs in which","page_number":205,"box":{"x":71,"y":244,"width":853,"height":10}},{"id":"0dcc9ede-85e6-4077-ad01-b69ed617696c","block_type":"box","text":"senior executives participate and incentive, retirement, welfare and equity plans in which certain other employees of SSC","page_number":205,"box":{"x":70,"y":257,"width":855,"height":10}},{"id":"18e4babe-3717-41f1-b29c-5f9fc9905a91","block_type":"box","text":"participate. It also oversees the alignment of the incentive compensation arrangements with the State Street’s financial safety and","page_number":205,"box":{"x":70,"y":270,"width":854,"height":10}},{"id":"449d44c9-6b05-469f-b615-49e40d5b966e","block_type":"box","text":"soundness consistent with applicable related regulatory rules and guidance. The HRC approves the overall allocation of the","page_number":205,"box":{"x":70,"y":283,"width":855,"height":10}},{"id":"fe2710ff-ac20-46f7-b8f2-b1cadd1f6aa5","block_type":"box","text":"Incentive Compensation (“IC”) Plan pool. State Street’s CEO allocates IC pools to business units and corporate functions based","page_number":205,"box":{"x":71,"y":296,"width":853,"height":10}},{"id":"a1c1cb88-5d24-4e86-ac48-15815ffd516d","block_type":"box","text":"upon a variety of factors, which may include budget performance, achievement of key goals and other considerations. The final","page_number":205,"box":{"x":70,"y":309,"width":854,"height":10}},{"id":"f9ead35a-30da-4d47-80b8-4f0206c91692","block_type":"box","text":"expenditure and overall allocation between current and deferred awards are then reviewed by the HRC prior to payment.","page_number":205,"box":{"x":70,"y":322,"width":800,"height":10}},{"id":"83046abb-1722-4c34-983e-a0f437de8887","block_type":"box","text":"State Street also has separate UK and SSGAEL Remuneration Committees in place with the primary duties to:","page_number":205,"box":{"x":70,"y":350,"width":737,"height":10}},{"id":"284399d2-9762-4ce7-8181-f60c1d2de44a","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":380,"width":3,"height":3}},{"id":"0a2f180f-4d24-4e9e-adac-11079b875f23","block_type":"box","text":"review the remuneration policy applicable to employees, management and Identified Staff of the Investment Managers","page_number":205,"box":{"x":122,"y":377,"width":792,"height":10}},{"id":"b43c420a-fe68-46ed-b9e6-fe6113122e9b","block_type":"box","text":"and oversee its implementation;","page_number":205,"box":{"x":121,"y":388,"width":211,"height":10}},{"id":"23369ac4-e1ef-422e-af47-01f8acb3cfd9","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":402,"width":3,"height":3}},{"id":"2c27005a-5748-4e28-ba79-ed8a074e8e04","block_type":"box","text":"oversee compliance with any applicable remuneration regulations;","page_number":205,"box":{"x":121,"y":400,"width":439,"height":10}},{"id":"fc6f1746-7a13-4abb-9c08-8b791513c022","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":414,"width":3,"height":3}},{"id":"b2eb735f-84c5-4ff0-8d61-8f24c307185f","block_type":"box","text":"review and endorse remuneration decisions related to Identified Staff and consider recommendations for ex-post risk","page_number":205,"box":{"x":122,"y":411,"width":793,"height":10}},{"id":"9148b28b-c336-47c7-a83f-285aea3cc215","block_type":"box","text":"adjustment of Identified Staff.","page_number":205,"box":{"x":121,"y":422,"width":195,"height":10}},{"id":"60b406c2-bf79-457d-bb30-dafa4bc88a73","block_type":"box","text":"State Street operates an annually reviewed global remuneration policy document (supplemented by any relevant addenda by","page_number":205,"box":{"x":70,"y":447,"width":855,"height":10}},{"id":"2135b3c4-be90-4c6e-9b48-3f89bf3cbc36","block_type":"box","text":"jurisdiction or regulatory regime), which documents State Street’s existing remuneration framework. This policy is intended to","page_number":205,"box":{"x":69,"y":460,"width":856,"height":10}},{"id":"c6ceeb61-b8be-43c7-ac91-78f37d5e7a96","block_type":"box","text":"comply with applicable remuneration regulatory requirements including, but not limited to, those contained in the CRD, UCITS V and","page_number":205,"box":{"x":70,"y":473,"width":854,"height":10}},{"id":"5ee0d5e4-1365-4066-8fa4-89c074d9be44","block_type":"box","text":"AIFMD, and will be interpreted and administered accordingly. State Street’s remuneration policies and practices apply on a global","page_number":205,"box":{"x":69,"y":486,"width":855,"height":10}},{"id":"5878d5b7-1eea-4b54-8143-1bf73b90c9ad","block_type":"box","text":"basis to all employees of the State Street group (incl. the Investment Managers). The key principles that align State Street’s","page_number":205,"box":{"x":70,"y":499,"width":855,"height":10}},{"id":"5d7f5f50-2741-405c-a4ca-be68e7cad750","block_type":"box","text":"remuneration system with the business strategy are as follows:","page_number":205,"box":{"x":70,"y":512,"width":417,"height":10}},{"id":"9cc1d835-4568-46e1-8475-1581ccfad881","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":542,"width":3,"height":3}},{"id":"5c5ab63c-d8ab-4793-8ade-aa834b9ad5ba","block_type":"box","text":"We emphasise total rewards.","page_number":205,"box":{"x":121,"y":540,"width":191,"height":9}},{"id":"711a6439-6d16-40ce-b8c9-2dcd72cb0213","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":554,"width":3,"height":3}},{"id":"e8d77912-f21b-455f-8b90-be998f5cbdc8","block_type":"box","text":"We target the aggregate annual value of our Total Rewards Program to be competitive with our business peers.","page_number":205,"box":{"x":121,"y":551,"width":741,"height":10}},{"id":"0dcb8119-65b0-4291-bc0f-6daae90b51d4","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":566,"width":3,"height":3}},{"id":"730a2776-28ab-4ec4-8ac2-247ac318f1d4","block_type":"box","text":"We unequivocally support equal pay for work of equal value.","page_number":205,"box":{"x":121,"y":563,"width":401,"height":10}},{"id":"006baf1d-5496-4d4e-874f-e6af68aaca24","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":578,"width":3,"height":2}},{"id":"684c3633-3787-490e-853b-bb6755a3123c","block_type":"box","text":"Funding for our Total Rewards Program is subject to affordability and is designed to be flexible based on corporate","page_number":205,"box":{"x":122,"y":575,"width":792,"height":10}},{"id":"da0e8a38-f161-4b5e-a2c9-2303d4480405","block_type":"box","text":"performance.","page_number":205,"box":{"x":122,"y":586,"width":86,"height":10}},{"id":"2032ad16-1f01-4bc2-8a0e-df1338032419","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":600,"width":3,"height":3}},{"id":"9ffcf8de-467e-495f-9e56-78a0db05a855","block_type":"box","text":"We differentiate pay based on performance.","page_number":205,"box":{"x":121,"y":598,"width":291,"height":10}},{"id":"49180def-70a0-47a5-b034-5a89127eb80a","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":612,"width":3,"height":3}},{"id":"83c70d4b-98e7-4f3e-8796-e648b243aa98","block_type":"box","text":"We align employees’ interests with shareholders’ interests.","page_number":205,"box":{"x":121,"y":609,"width":388,"height":10}},{"id":"156a7ff9-17ea-4c5a-b968-be5810d3571a","block_type":"box","text":"•","page_number":205,"box":{"x":70,"y":624,"width":3,"height":3}},{"id":"89c5daf7-68a1-42c4-97be-cec3ceb4f896","block_type":"box","text":"Our compensation plans are designed to comply with applicable regulations and related guidance, including prohibiting","page_number":205,"box":{"x":121,"y":621,"width":793,"height":10}},{"id":"653aee8b-5e20-49ed-bffa-d3f148d77fd3","block_type":"box","text":"incentives to take excessive risks.","page_number":205,"box":{"x":122,"y":632,"width":221,"height":8}},{"id":"be97661e-ac6e-4c2a-b2b5-cb6df10484e2","block_type":"box","text":"Given our process of structured discretion in determining incentive pool funding and individual award decisions, the deferral of","page_number":205,"box":{"x":70,"y":657,"width":856,"height":10}},{"id":"182c5368-8c54-4fde-815f-83deffb215a3","block_type":"box","text":"incentive compensation, and the availability of ex-ante and ex-post adjustments, such as forfeitures and clawbacks, our","page_number":205,"box":{"x":70,"y":670,"width":855,"height":10}},{"id":"b6419515-50ef-40e1-b532-374548b21d60","block_type":"box","text":"compensation system is appropriately risk-sensitive and links current decisions and actions to future risk outcomes.","page_number":205,"box":{"x":70,"y":683,"width":767,"height":10}},{"id":"53afa523-332c-4890-a38f-fc643a946781","block_type":"box","text":"State Street operates a fully flexible, discretionary bonus policy (i.e. the amount of individual variable pay may fluctuate significantly","page_number":205,"box":{"x":70,"y":710,"width":855,"height":10}},{"id":"e4785c58-a6c7-4566-9f2d-cdc22e56b243","block_type":"box","text":"from one year to the next, depending on performance and the other factors described below, and even could be reduced to zero for","page_number":205,"box":{"x":69,"y":723,"width":856,"height":10}},{"id":"fff9f00d-ec1f-4433-a042-02eded513fac","block_type":"box","text":"any given year). The discretionary bonus policy is structured so as to achieve a balance between fixed and variable components,","page_number":205,"box":{"x":70,"y":736,"width":854,"height":10}},{"id":"22814491-00ff-4737-ad10-3f5841e87155","block_type":"box","text":"but also includes specific maximum pay ratios where required by local regulations. A number of employees in sales participate in","page_number":205,"box":{"x":70,"y":749,"width":854,"height":10}},{"id":"3abf2bef-89fe-4b0f-b478-c4b3c6409329","block_type":"box","text":"Structured Incentive Plans, which aim to bring the variable compensation granted to plan participants into line with the revenues","page_number":205,"box":{"x":70,"y":762,"width":855,"height":10}},{"id":"7473c378-0b7b-4048-a75b-210a7780b5eb","block_type":"box","text":"they generate as well as taking into account non-financial qualitative performance indicators. All such participants receive","page_number":205,"box":{"x":70,"y":775,"width":855,"height":10}},{"id":"2d397b31-ca6f-4e79-a71e-cfb93bcda420","block_type":"box","text":"sufficiently high fixed compensation. 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