STT State Street Corporation

State Street Global Advisors (State Street) (NYSE: STT), announced today that all of its exchange-traded funds (ETFs) now have exemptive relief from the U.S. Securities and Exchange Commission (SEC) permitting investment by investment companies in excess of the limitations under the Investment Company Act of 1940, as amended (1940 Act). The relief will enable registered investment companies to invest in ETFs managed by State Street in excess of the limits set by Section 12(d)(1)(A) of the 1940 Act, providing them with more flexibility to achieve their asset allocation and investment strategies. Section 12(d)(1)(A) prohibits an investment company from acquiring more than three percent of the total outstanding voting stock of another investment company, investing more than five percent of its total assets in a single investment company, and investing more than 10 percent of its total assets in two or more investment companies. The latest SEC exemptive order covers Select Sector SPDRs�, State Street�s ETF offering that divide the Standard & Poor�s 500 Index� into nine sector index funds and streetTRACKS�, a collection of ETFs that track a variety of market cap, style, international and sector/industry indexes. The SPDR� Trust and DIAMONDS� Trust were granted similar relief in a 2004 SEC order. �This relief will allow mutual funds greater flexibility to invest in State Street managed ETFs to achieve their portfolio management goals,� said James Ross, senior managing director of State Street. �Previously, they were restricted by the 40 Act stipulation in the amount they could invest, and we are pleased that this obstacle has been removed.� The SEC order includes specific terms and conditions under which an investment company may invest in an ETF in excess of the Investment Company Act�s limits. For example, it must enter into an agreement with the ETF, refrain from exercising undue influence over the ETF, and comply with the investment company�s own investment restrictions and policies. State Street, in partnership with the American Stock Exchange, introduced the first and now largest ETF�the SPDR�in 1993. ETFs are investment companies that hold portfolios of securities that generally track indexes such as the S&P 500� or Dow Jones Industrial Average, but trade like shares of stock. They are subject to investment risk and fluctuate in market value. ETFs are designed to provide individual and institutional investors with tax efficiency, relatively low costs, buying and selling flexibility, all-day tracking and trading, and diversification. Institutional investors use ETFs to accomplish a variety of investment strategies, such as equitizing cash, managing cash flows, allocating assets between equity and fixed-income investments, diversifying country and sector exposure, and using hedging techniques. A global leader in the exchange-traded market, State Street has more than $110 billion in ETF assets under management worldwide (at October 31, 2006), with a market share of nearly 21 percent.* It manages 66 ETFs worldwide. About State Street Global Advisors State Street Global Advisors, the investment management arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.6 trillion in assets under management as of September 30, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com. * Source: SSgA Advisor Consulting Services as of October 31, 2006 ETFs trade like a stock and are subject to market risk. streetTRACKS� are distributed by State Street Global Markets, LLC, member NASD, SIPC. Before investing, consider the funds� investment objectives, risks, charges and expenses. A prospectus, which contains this and other important information about the fund can be obtained by calling 866.787.2257. Read it carefully before investing. State Street Global Advisors (State Street) (NYSE: STT), announced today that all of its exchange-traded funds (ETFs) now have exemptive relief from the U.S. Securities and Exchange Commission (SEC) permitting investment by investment companies in excess of the limitations under the Investment Company Act of 1940, as amended (1940 Act). The relief will enable registered investment companies to invest in ETFs managed by State Street in excess of the limits set by Section 12(d)(1)(A) of the 1940 Act, providing them with more flexibility to achieve their asset allocation and investment strategies. Section 12(d)(1)(A) prohibits an investment company from acquiring more than three percent of the total outstanding voting stock of another investment company, investing more than five percent of its total assets in a single investment company, and investing more than 10 percent of its total assets in two or more investment companies. The latest SEC exemptive order covers Select Sector SPDRs(R), State Street's ETF offering that divide the Standard & Poor's 500 Index(R) into nine sector index funds and streetTRACKS(R), a collection of ETFs that track a variety of market cap, style, international and sector/industry indexes. The SPDR(R) Trust and DIAMONDS(R) Trust were granted similar relief in a 2004 SEC order. "This relief will allow mutual funds greater flexibility to invest in State Street managed ETFs to achieve their portfolio management goals," said James Ross, senior managing director of State Street. "Previously, they were restricted by the 40 Act stipulation in the amount they could invest, and we are pleased that this obstacle has been removed." The SEC order includes specific terms and conditions under which an investment company may invest in an ETF in excess of the Investment Company Act's limits. For example, it must enter into an agreement with the ETF, refrain from exercising undue influence over the ETF, and comply with the investment company's own investment restrictions and policies. State Street, in partnership with the American Stock Exchange, introduced the first and now largest ETF--the SPDR--in 1993. ETFs are investment companies that hold portfolios of securities that generally track indexes such as the S&P 500(R) or Dow Jones Industrial Average, but trade like shares of stock. They are subject to investment risk and fluctuate in market value. ETFs are designed to provide individual and institutional investors with tax efficiency, relatively low costs, buying and selling flexibility, all-day tracking and trading, and diversification. Institutional investors use ETFs to accomplish a variety of investment strategies, such as equitizing cash, managing cash flows, allocating assets between equity and fixed-income investments, diversifying country and sector exposure, and using hedging techniques. A global leader in the exchange-traded market, State Street has more than $110 billion in ETF assets under management worldwide (at October 31, 2006), with a market share of nearly 21 percent.* It manages 66 ETFs worldwide. About State Street Global Advisors State Street Global Advisors, the investment management arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.6 trillion in assets under management as of September 30, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com. * Source: SSgA Advisor Consulting Services as of October 31, 2006 ETFs trade like a stock and are subject to market risk. streetTRACKS(R) are distributed by State Street Global Markets, LLC, member NASD, SIPC. Before investing, consider the funds' investment objectives, risks, charges and expenses. A prospectus, which contains this and other important information about the fund can be obtained by calling 866.787.2257. Read it carefully before investing.