Ann: Becoming a substantial holder, page-25

State Street is a large custody bank. That means they hold stocks on behalf of institutional investors. They also run a large index equity business, so that means they hold all the stocks in the index, in large size. Part of the benefit of this is they (and their institutional clients) make stock available to other people by lending it out. Some of the lending is for market makers to provide liquidity in the stock, some of the lending is to hedge funds looking to short the stock. Sec lending activities give rise to changes in Relevant Interests, as do inflows/outflows in the underlying index accounts. There's really very little to learn from State Street's changes in substantial interests (as opposed to changes arising from corporate owners/insiders).