BOSTON--(BUSINESS WIRE)--May 3, 2004--State Street Corporation
(NYSE: STT), the world's leading provider of services to institutional
investors, announced today that its SPDR(R) and DIAMONDS(R)
exchange-traded funds (ETFs) have received additional exemptive relief
from the Securities and Exchange Commission (SEC). This relief will
enable registered investment companies to invest in these ETFs in
excess of the limits of Section 12(d)(1)(A) of the Investment Company
Act of 1940, subject to certain conditions.
Section 12(d)(1)(A) prohibits an investment company from a)
acquiring more than three percent of the total outstanding voting
stock of another investment company; b) investing more than five
percent of its total assets in a single investment company; and c)
investing more than 10 percent of its total assets in two or more
investment companies.
"The SPDR and DIAMONDS have proven to be effective portfolio
management tools, providing investors with broadly diversified, liquid
and cost effective exposure to equity markets," said Gus Fleites,
managing director of SSgA's Advisor Strategies team. "The SEC's action
provides U.S. mutual funds with more flexibility in utilizing the SPDR
and DIAMONDS toward achieving their investment goals."
"The SEC's approval of the exemptive relief for these ETFs will
help to enhance their utility," said Cliff Weber, senior vice
president of the Amex ETF Marketplace. "As the global leader in
listing exchange traded funds, we continually strive to bring new and
improved ETF investing opportunities to the marketplace."
State Street, in partnership with the American Stock Exchange,
introduced the first ETF, the SPDR, in 1993 and the DIAMONDS in 1998.
Both are Unit Investment Trusts (UITs). The SPDR Trust has assets of
approximately $42 billion and is benchmarked against the S&P 500
Index. The DIAMONDS Trust has assets of approximately $7.6 billion and
is benchmarked against the Dow Jones Industrial Average. State Street
Global Advisors, the investment management arm of State Street
Corporation and the largest institutional fund manager in the world,
has more than $63 billion in ETF assets under management worldwide,
which represents approximately 27 percent of ETF assets globally.(1)
State Street Global Advisors, the investment management group of
State Street Corporation, delivers investment strategies and
integrated solutions to clients worldwide across every asset class,
investment approach and style. With $1.2 trillion in investment
programs and portfolios, State Street Global Advisors has investment
centers in Boston, Hong Kong, Tokyo, Singapore, London, Paris,
Montreal, Munich, and Sydney, and offices in 28 cities worldwide. For
more information, visit State Street Global Advisors at www.ssga.com.
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing institutional investors with investment
servicing, investment management and investment research and trading.
With $9.4 trillion in assets under custody and $1.2 trillion in assets
under management, State Street operates in 24 countries and more than
100 markets worldwide and employs 19,800 people worldwide. For more
information, visit State Street's Web site at www.statestreet.com.
The American Stock Exchange(R) (Amex(R)) is the only primary
exchange that offers trading across a full range of equities, options
and exchange traded funds (ETFs), including structured products and
HOLDRS(SM). In addition to its role as a national equities market, the
Amex is the pioneer of the ETF, responsible for bringing the first
domestic product to market in 1993. Leading the industry in ETF
listings, the Amex lists 138 ETFs to date. The Amex is also one of the
largest options exchanges in the U.S., trading options on broad-based
and sector indexes as well as domestic and foreign stocks.
An investor should consider investment objectives, risks, charges
and expenses of the investment company carefully before investing. To
obtain a SPDR or DIAMONDS prospectus, which contains this and other
information, go to www.amex.com/SPY or www.amex.com/DIA or call
1-800-THE AMEX. Please read the prospectus carefully before investing.
ALPS Distributors, Inc., a registered broker-dealer, is
distributor for SPDR and DIAMONDS, both unit investment trust. SPDR
and DIAMONDS are subject to risks including loss of principal.
"Standard & Poor's(R)," "S&P(R)," "S&P 500(R)," "Standard & Poor's
Depositary Receipts(R)," "SPDR(R)," are trademarks of The McGraw-Hill
Companies, Inc., and have been licensed for use by PDR Services LLC
and the American Stock Exchange LLC in connection with the listing and
trading of SPDRs on the Amex. These products are not sponsored, sold
or endorsed by Standard & Poor's, (S&P), a division of The McGraw-Hill
Companies, Inc., and S&P makes no representation regarding the
advisability of investing in them.
"Dow Jones(SM)," "The Dow(SM)," "Dow Jones Industrial
Average(SM)", "DJIA(SM) " and "DIAMONDS(R)" are trade/service marks of
Dow Jones & Company, Inc. ("Dow Jones") and have been licensed for use
for certain purposes by the American Stock Exchange LLC and PDR
Services LLC pursuant to a License Agreement with Dow Jones. The
DIAMONDS Trust, based on the DJIA, is not sponsored, endorsed, sold or
promoted by Dow Jones, and Dow Jones makes no representation regarding
the advisability of investing in the DIAMONDS Trust.
(1) Source: SSgA Advisor Consulting Services. As of April 26,
2004.
CONTACT: State Street CorporationArlene Roberts, 617-664-3933
or
American Stock Exchange
Mary Chung, 212-306-1641
SOURCE: State Street Corporation