RegAlert2009-04-20
Added · Updated
SEC Division of Investment Management staff letter: SEI Daily Income Trust ? Prime Obligation Fund
The Division of Investment Management will not recommend enforcement action under Sections 12(d)(3), 17(a)(1), or 17(d) of the Investment Company Act of 1940 if SEI Daily Income Trust and SEI Investments Company enter into an amendment to their capital support agreement. The amendment modifies the definition of a Contribution Event to exclude the receipt of Replacement Notes received on or after April 1, 2009, provided the Board of Trustees determines no other option is in the Fund's best interests, notifies the Division, and maintains the reasoning in Board minutes. This relief applies exclusively to SEI Daily Income Trust and SEI Investments Company, and no other entity may rely on this position.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON. D.C. 20549
DIVISION OF
INVESTMENT MANAGEMENT
April 20, 2009
.~'.:
Timothy W. Levin
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, PA 19103-2921
Re: SEI Daily Income Trust- Prime Obligation Fund (File No. 811-03451) Dear Mr. Levin:
Your letter ofApril 16, 2009 requests our assurance that we would not recommend that the Securities and Exchange Commission (the "Commission") take any enforcement action under Sections 17(a)(l)1, 17(di and 12(d)(3)3 ofthe Investment Company Act of1940 (the "Act"), and the rules thereunder, ifthe Prime Obligation Fund (the "Fund"), a series ofSEI Daily Income Trust (the ''Trust), and SEI Investments Company ("SEI"), enter into the arrangement summarized below and more fully descnbed in the letter. SEI is the parent ofthe Trust's investment adviser, SEI Investments Management Corporation and, thus, is an affiliated person of the Fund as defined in Section 2(a)(3) ofthe Act. The Trust is an open-end management investment company that is registered with the Commission under the Act. The Fund is a money market fund that seeks to maintain a stable net
Section 17(a)(1) generally makes it unlawful for any affiliated person ofa registered investment
company, or an affiliated person of such person, acting as principal, to knowingly sell any security or other property to the registered investment company. 2 Section 17(d) generally makes it unlawful for any affiliated person of a registered investment company, or any affiliated person ofsuch a person, acting as principal, to effect any transaction in which the registered investment company is a joint or joint and several participant with such person in contravention ofrules and regulations adopted by the Commission.
Section 12(d)(3) generally makes it unlawful for any registered investment company to acquire any
security issued by, or any interest in the business of, any broker-dealer, any person engaged in the business ofunderwriting, or an investment adviser of an investment company, or an investment adviser registered under the Investment Advisers Act of 1940.
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