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member organizations effecting the order would delete a condition investment adviser registered under the
transactions in Fund Shares to deliver a related to future relief in the Prior Investment Advisers Act of 1940, will
Product Description to purchasers of Order. serve as investment adviser to the New
Fund Shares. APPLICANTS: SSgA Funds Management, Funds. The Adviser may retain sub-
For the Commission, by the Division of Inc. (‘‘Adviser’’), State Street Global advisers (‘‘Sub-Advisers’’) to manage the
Investment Management, under delegated Markets LLC (‘‘Distributor’’), assets of a New Fund. Any Sub-Adviser
authority. streetTRACKS Series Trust, and will be registered under the Advisers
Florence E. Harmon, streetTRACKS Index Shares Funds Act. The Distributor, a broker-dealer
Deputy Secretary. (each, a ‘‘Trust’’ and together, the registered under the Securities
‘‘Trusts’’). Exchange Act of 1934 (‘‘Exchange Act’’),
[FR Doc. E7–8599 Filed 5–4–07; 8:45 am]
will serve as the principal underwriter
BILLING CODE 8010–01–P FILING DATES: The application was filed
of the New Funds’’ shares.
on January 5, 2007 and amended on 2. Each Trust is currently permitted to
April 23, 2007. offer series based on equity securities
SECURITIES AND EXCHANGE HEARING OR NOTIFICATION OF HEARING: An indices in reliance on the Prior Order.
COMMISSION order granting the requested relief will Applicants seek to amend the Prior
[Release No. IC–27809; 812–13356] be issued unless the Commission orders Order to permit the Trusts to offer the
a hearing. Interested persons may New Funds that, except as described in
SSgA Funds Management, Inc., et al.; request a hearing by writing to the the application, would operate in a
Notice of Application Commission’s Secretary and serving manner identical to the existing series of
applicants with a copy of the request, the Trusts that are subject to the Prior
April 30, 2007. personally or by mail. Hearing requests Order.
AGENCY: Securities and Exchange should be received by the Commission 3. The New Funds will invest in
Commission (‘‘Commission’’). by 5:30 p.m. on May 24, 2007, and portfolios of securities generally
ACTION: Notice of application to amend should be accompanied by proof of consisting of the component securities
a prior order under section 6(c) of the service on applicants, in the form of an of the Lehman Brothers 1–3 Year U.S.
Investment Company Act of 1940 affidavit or, for lawyers, a certificate of Treasury Index, Lehman Brothers
(‘‘Act’’) for an exemption from sections service. Hearing requests should state Intermediate U.S. Treasury Index,
2(a)(32), 5(a)(1), 22(d), 22(e) and 24(d) of the nature of the writer’s interest, the Lehman Brothers Long U.S. Treasury
the Act and rule 22c–1 under the Act, reason for the request, and the issues Index, Lehman Brothers U.S. Aggregate
and under sections 6(c) and 17(b) of the contested. Persons who wish to be Index, Lehman Brothers 1–3 Year U.S.
Act for an exemption from sections notified of a hearing may request Corporate Investment Grade Index,
17(a)(1) and (a)(2) of the Act. notification by writing to the Lehman Brothers U.S. Intermediate
Commission’s Secretary. Corporate Grade Index, and Lehman
SUMMARY OF APPLICATION: Applicants ADDRESSES: Secretary, U.S. Securities Brothers U.S. Long Corporate
request an order to amend a prior order and Exchange Commission, 100 F Investment Grade Index (the
that permits: (a) Open-end management Street, NE, Washington, DC 20549– ‘‘Underlying Indexes’’). No entity that
investment companies, whose series are 1090. Applicants: Scott M. Zoltowski, creates, compiles, sponsors, or
based on certain equity securities Esq., State Street Global Advisors, One maintains an Underlying Index is or
indices, to issue shares of limited Lincoln Street, Boston Massachusetts will be an affiliated person, as defined
redeemability; (b) secondary market 02111; Vincent Manzi, State Street in section 2(a)(3) of the Act, or an
transactions in the shares of the series Global Markets LLC, One Lincoln Street, affiliated person of an affiliated person,
to occur at negotiated prices; (c) dealers Boston, Massachusetts 02111; and W. of the Trusts, the Adviser, any Sub-
to sell shares to purchasers in the John McGuire, Esq., Morgan, Lewis & Adviser, the Distributor, or a promoter
secondary market unaccompanied by a Bockius LLP, 1111 Pennsylvania of a New Fund.
prospectus when prospectus delivery is Avenue, NW, Washington, DC 20004. 4. The investment objective of each
not required by the Securities Act of New Fund will be to provide investment
FOR FURTHER INFORMATION CONTACT:
1933 (‘‘Securities Act’’); (d) certain results that correspond generally to the
Emerson S. Davis, Sr., Senior Counsel, price and yield performance of the
affiliated persons of the series to deposit
at (202) 551–6868, or Mary Kay Frech, relevant Underlying Index. The Adviser
securities into, and receive securities
Branch Chief, at (202) 551–6821 may fully replicate a New Fund’s
from, the series in connection with the
(Division of Investment Management, relevant Underlying Index or use a
purchase and redemption of
Office of Investment Company representative sampling strategy where
aggregations of the series’ shares; and (e)
Regulation). the New Fund will seek to hold a
under certain circumstances, the series
that track certain foreign equity SUPPLEMENTARY INFORMATION: The representative sample of the component
securities indices to pay redemption following is a summary of the securities of the Underlying Index. Each
proceeds more than seven days after the application. The complete application New Fund generally will invest at least
tender of shares (the ‘‘Prior Order’’).1 may be obtained for a fee at the 80% or 90% of its total assets, as
Applicants seek to amend the Prior Commission’s Public Reference Branch, disclosed in the relevant prospectus, in
Order in order to offer additional series 100 F Street, NE, Washington, DC the securities that comprise the relevant
based on certain fixed income securities 20549–0102 (tel. 202–551–5850). Underlying Index, but at times may
indices (the ‘‘New Funds’’). In addition, invest up to 20% of its total assets in
Applicants’ Representations certain futures, options, and swap
1. Each Trust is an open-end contracts, cash and cash equivalents, as
pwalker on PROD1PC71 with NOTICES
Investment Company Act Release No. 24666 (Sept. management investment company well as securities not included in its
24, 2000), superseding The Select Sector SPDR registered under the Act and organized Underlying Index which the Adviser
Trust, Investment Company Act Release No. 23534
(Nov. 13, 1998), as amended by SSgA Funds
as a Massachusetts business trust. The believes will help the New Fund track
Management, Inc., et al., Investment Company Act Trusts are organized as series funds the Underlying Index. At all times, a
Release No. 27543 (Nov. 1, 2006). with multiple series. The Adviser, an New Fund will hold, in the aggregate, at
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Federal Register / Vol. 72, No. 87 / Monday, May 7, 2007 / Notices 25809
least 80% of its total assets in registration statement or by any other SECURITIES AND EXCHANGE
component securities and investments means, unless applicants have requested COMMISSION
that have economic characteristics that and received with respect to such
are substantially identical to the Future Fund, either exemptive relief Sunshine Act Meeting
economic characteristics of the from the Commission or a no-action
component securities of its Underlying FEDERAL REGISTER CITATION OF PREVIOUS
letter from the Division of Investment
Index. Applicants expect that each New ANNOUNCEMENT: [To be Published].
Management of the Commission, or if
Fund will have a tracking error relative the Future Fund could be listed on a STATUS: Closed meeting.
to the performance of its respective national securities exchange PLACE: 100 F Street, NE., Washington,
Underlying Index of less than 5 percent. (‘‘Exchange’’) without the need for a DC.
5. Applicants state that a New Fund
filing pursuant to rule 19b–4 under the DATE AND TIME OF PREVIOUSLY ANNOUNCED
will comply with the federal securities
Exchange Act. MEETING: Tuesday, May 8, 2007 at 2 p.m.
laws in accepting a deposit of a portfolio
of securities designated by the Adviser 8. The order would amend the Prior CHANGE IN THE MEETING: Time change.
to correspond generally to the price and Order to delete this condition. Any The closed meeting scheduled for
yield of the New Fund’s Underlying Future Funds will (a) be advised by the Tuesday, May 8, 2007 at 2 p.m. has been
Index (‘‘Deposit Securities’’) 2 and Adviser or an entity controlled by or changed to Tuesday, May 8, 2007 at
satisfying redemptions with portfolio under common control with the 12:30 p.m.
securities of the New Fund (‘‘Fund Adviser; (b) track Underlying Indices At times, changes in Commission
Securities’’), including that the Deposit that are created, compiled, sponsored or priorities require alterations in the
Securities and Fund Securities are sold maintained by an entity that is not an scheduling of meeting items. For further
in transactions that would be exempt affiliated person, as defined in section information and to ascertain what, if
from registration under the Securities 2(a)(3) of the Act, or an affiliated person any, matters have been added, deleted
Act.3 of an affiliated person, of the Adviser, or postponed, please contact the Office
6. Applicants state that the New of the Secretary at (202) 551–5400.
the Distributor, the Trusts or any Sub-
Funds will operate in a manner Adviser or promoter of a Future Fund, Dated: May 2, 2007.
identical to the operation of the existing and (c) comply with the respective Florence E. Harmon,
series of the Trusts in the Prior Order,
terms and conditions of the Prior Order, Deputy Secretary.
except as specifically noted by
as amended by the present application. [FR Doc. E7–8649 Filed 5–4–07; 8:45 am]
applicants (and summarized in this
notice), and will comply with all of the 9. Applicants believe that the BILLING CODE 8010–01–P
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