RE: SSgA Funds Waiver and Reimbursement Agreement
EXHIBIT 23D5
December 29, 2009
Mr. Xxxx Xxxxxxx
Treasurer and Principal Financial Officer
000 X Xxxxxx
Tacoma, WA 98402
RE: SSgA Funds Waiver and Reimbursement Agreement
Dear Xxxx:
SSgA Funds Management, Inc. (“SFM”), as advisor to the SSgA Funds (the “Funds”), agrees until December 31, 2010 to (i) waive up to the full amount of the advisory fee payable by a Fund, and (ii) after giving effect to any contractual undertaking by State Street Global Markets, LLC to waive the Rule 12b-1 distribution or service fee otherwise payable out of the assets of a class of shares of the Fund, to reimburse that class of shares for all expenses, in each case to reduce the total expenses of such class of shares (exclusive of non-recurring account fees and extraordinary expenses and as measured on an annualized basis) to the level of the expense limitation for the class stated below:
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SSgA Fund Name |
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Expense Limitation |
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Expiration Date |
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Bond Market |
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All expenses in excess of .50% |
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December 31, 2010 |
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Bond Market Class R |
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All expenses in excess of 1.00% |
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December 31, 2010 |
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Core Edge Equity Fund |
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All expenses in excess of 1.60%(1) |
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December 31, 2010 |
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Directional Core Equity |
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All expenses in excess of 1.60%(2) |
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December 31, 2010 |
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Emerging Markets |
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All expenses in excess of 1.25% |
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December 31, 2010 |
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Enhanced Small Cap |
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All expenses in excess of .75% |
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December 31, 2010 |
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High Yield Bond |
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All expenses in excess of .75% |
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December 31, 2010 |
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IAM SHARES |
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All expenses in excess of .65% |
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December 31, 2010 |
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Intermediate Fund |
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All expenses in excess of .60% |
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December 31, 2010 |
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International Stock Selection |
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All expenses in excess of 1.00% |
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December 31, 2010 |
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International Stock Selection Class R |
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All expenses in excess of 1.60% |
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December 31, 2010 |
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Life Solutions Balanced |
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All expenses in excess of .45% |
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December 31, 2010 |
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Life Solutions Growth |
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All expenses in excess of .45% |
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December 31, 2010 |
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Life Solutions Income and Growth |
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All expenses in excess of .45% |
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December 31, 2010 |
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Money Market |
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All expenses in excess of .40% |
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December 31, 2010 |
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Prime Money Market |
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All expenses in excess of .20% |
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December 31, 2010 |
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S&P 500 Index |
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All expenses in excess of .18% |
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December 31, 2010 |
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Small Cap Class R |
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All expenses in excess of 1.60% |
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December 31, 2010 |
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Tuckerman Active REIT |
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All expenses in excess of 1.00% |
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December 31, 2010 |
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US Treasury Money Market |
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All expenses in excess of .20% |
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December 31, 2010 |
(1) Exclusive of nonrecurring account fees, extraordinary expenses, AND interest on securities sold short.
(2) Exclusive of nonrecurring account fees, extraordinary expenses, AND interest on securities sold short.
In addition, SFM agrees to the following management fee waivers on an annual basis for certain Funds in the amounts and for the expiration dates shown in the table below.
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SSgA Fund Name |
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Management Fee Waiver |
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Expiration Date |
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Prime Money Market |
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.05% of .15% management fee |
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December 31, 2010 |
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US Treasury Money Market |
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.05% of .15% management fee |
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December 31, 2010 |
Prior to December 31, 2010, this agreement may not be terminated with respect to a class of shares of a Fund without the approval of the Board of Trustees. This agreement supersedes any prior voluntary waiver or reimbursement arrangements for the Funds specifically named above and may, at SFM’s option, continue after the dates designated above.
If this arrangement is acceptable to you, please sign below to indicate your acceptance and agreement and return a copy of this letter to me.
Sincerely,
SSgA FUNDS MANAGEMENT, INC.
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By: |
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/s/ Xxxxx X. Xxxx, Senior Managing Director and President |
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Accepted and Agreed: |
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SSgA Funds, on behalf of the portfolios named above |
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By: |
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/s/ Xxxx X. Xxxxxxx |
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Treasurer and Principal Financial Officer |
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