SEC Division of Investment Management staff letter: Shee Atika Investments, LLC

The SEC staff concludes that Shee Atika Investments, LLC (SAIL) is not required to look through Shee Atika, Incorporated (SAI) or the Settlement Trusts under the look-through provision of section 3(c)(1)(A) of the Investment Company Act of 1940. This determination relies on the representation that the Settlement Trusts are exempt from the Act pursuant to section 28(d)(2) of the Alaska Native Claims Settlement Act (ANCSA). Consequently, SAIL may treat SAI and the Settlement Trusts as single persons for the 100 Shareholder Limitation, avoiding registration as an investment company.

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Shee Atika Investments, LLC

January 20, 2004

RESPONSE OF THE OFFICE OF CHIEF COUNSEL

Our Ref. No. 20037281118 Shee Atika Investments, LLC

DIVISION OF INVESTMENT MANAGEMENT

File No. 132-3

Your letter dated January 14, 2004 requests that we concur with your view that compliance with the Investment Company Act of 1940 (the "1940 Act") is not required in connection with the establishment of Shee Atika Investments, LLC ("SAIL") or investments therein, provided that the only persons or entities which may invest through SAIL are Member Entities, as defined below.

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