FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Ares Corporate Opportunities Fund II, L.P. 		2. Issuer Name and Ticker or Trading Symbol

Stream Global Services, Inc. [ OOO ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

2000 AVENUE OF THE STARS, 12TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

6/30/2009
(Street)

LOS ANGELES, CA 90067
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Convertible Preferred Stock, par value $0.001   $6.00   (1) (2) 6/30/2009     J   (1) (2)    0   (1) (2)        (1) (2)   (1) (2) Common Stock, par value $0.001   1657   (1) (2)   (1) (2) 702   D   (5) (6)  
Series A Convertible Preferred Stock, par value $0.001   $6.00   (3) (4) 6/30/2009     J   (3) (4)    0   (3) (4)        (3) (4)   (3) (4) Common Stock, par value $0.001   538987   (3) (4)   (3) (4) 150000   D   (5) (6)  

Explanation of Responses:
( 1)  The Series B Convertible Preferred Stock (the "Series B Preferred Stock") of the Issuer (initial stated value of $1000 per share) accrues dividends at the rate of 5% per annum, payable semi-annually in arrears on June 30 and December 31. If any dividend is not paid in cash on or before the dividend payment date, the amount thereof is added to the stated value of the Series B Preferred Stock on the dividend payment date. The Series B Preferred Stock is convertible at any time after the original issue date at the holder's election, with no expiration date, at a conversion price of $6.00 per share (the "Series B Conversion Price") into a number of shares of common stock (the "Common Stock") of the Issuer equal to the quotient of (i) the stated value of such Series B Preferred Stock (as increased as a result of the addition to stated value of dividends not paid in cash on or prior to the conversion date) plus any accrued but unpaid dividends on (Continued in footnote 2)
( 2)  such shares of Series B Preferred Stock that have not been added to the stated value as of the conversion date and (ii) the applicable Series B Conversion Price on the conversion date. As of the date of this Form 4, the Series B Preferred Stock is convertible into 118,658 shares of Common Stock, which includes 1,657 shares of Common Stock as a result of the increase in stated value pursuant to the dividend added to stated value at the election of the Issuer on June 30, 2009.
( 3)  The Series A Convertible Preferred Stock (the "Series A Preferred Stock") of the Issuer (initial stated value of $1000 per share) accrued dividends at the rate of 3% per annum until March 11, 2009, and accrues at the rate of 5% per annum commencing March 11, 2009, payable semi-annually in arrears on June 30 and December 31. If any dividend is not paid in cash on or before the dividend payment date, the amount thereof is added to the stated value of the Series A Preferred Stock on the dividend payment date. The Series A Preferred Stock is convertible at any time at the holder's election, in whole or in part, with no expiration date, at a conversion price of $6.00 per share (the "Series A Conversion Price"), into a number of shares of Common Stock of the Issuer (continued in footnote 4)
( 4)  equal to the quotient of (i) the stated value of such Series A Preferred Stock (as increased as a result of the addition to stated value of dividends not paid in cash on or prior to the conversion date) plus any accrued but unpaid dividends on such shares of Series A Preferred Stock that have not been added to the stated value as of the conversion date and (ii) the applicable Series A Conversion Price on the conversion date. As of the date of this Form 4, the Series A Preferred Stock is convertible into 25,836,987 shares of Common Stock, which includes 538,987 shares of Common Stock as a result of the increase in stated value pursuant to the dividend added to stated value at the election of the Issuer on June 30, 2009.
( 5)  The general partner of ACOF II is ACOF Management II, L.P. ("ACOF Management II") and the general partner of ACOF Management II is ACOF Operating Manager II, L.P. ("ACOF Operating Manager II"). ACOF Operating Manager II is indirectly controlled by Ares Management LLC ("Ares Management") which, in turn, is indirectly controlled by Ares Partners Management Company LLC ("APMC" and, together with ACOF II, ACOF Management II, ACOF Operating Manager II and Ares Management, the "Ares Entities"). Antony P. Ressler is the manager of APMC. (Continued in footnote 6)
( 6)  Each of Mr. Ressler, the Ares Entities (other than ACOF II, with respect to the securities held by ACOF II) and the partners, members, employees and managers of the Ares Entities disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Ares Corporate Opportunities Fund II, L.P.
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067 		X X

ACOF Management II, L.P.
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067 		X X

ACOF Operating Manager II, L.P.
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067 		X X

ARES MANAGEMENT LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067 		X X

ARES PARTNERS MANAGEMENT CO LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067 		X X


Signatures
/s/ Joshua M. Bloomstein, Authorized Signatory for ACOF OPERATING MANAGER II, L.P., Manager, for ARES CORPORATE OPPORTUNITIES FUND II, L.P. 7/2/2009
** Signature of Reporting Person Date

/s/ Michael D. Weiner, Authorized Signatory, for ARES PARTNERS MANAGEMENT COMPANY LLC 7/2/2009
** Signature of Reporting Person Date

/s/ Joshua M. Bloomstein, Authorized Signatory, for ARES MANAGEMENT LLC 7/2/2009
** Signature of Reporting Person Date

/s/ Joshua M. Bloomstein, Authorized Signatory, for ACOF OPERATING MANAGER II, L.P. 7/2/2009
** Signature of Reporting Person Date

/s/ Joshua M. Bloomstein, Authorized Signatory of ACOF OPERATING MANAGER II, L.P., General Partner, for ACOF MANAGEMENT II, L.P. 7/2/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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