December 5, 2011
EXHIBIT 23D5
December 5, 2011
Mr. Xxxx Xxxxxxx
Treasurer and Principal Financial Officer
SSgA Funds
c/x Xxxxxxx Financial Services Company
0000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, XX 00000
Treasurer and Principal Financial Officer
SSgA Funds
c/x Xxxxxxx Financial Services Company
0000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, XX 00000
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, 2012 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, extraordinary
expenses and acquired fund fees and as measured on an annualized basis) to the level of the expense
limitation for the class stated below:
SSgA Fund Name | Total Expense Reimbursement | Expiration Date | ||
Bond Market
|
All expenses in excess of .50% | December 31, 0000 | ||
Xxxx Xxxxxx Class R
|
All expenses in excess of 1.00% | December 31, 2012 | ||
Directional Core Equity
|
All expenses in excess of 1.60%1 | December 31, 2012 | ||
SSgA Disciplined Equity
|
All expenses in excess of 0.65% | December 31, 2012 | ||
Emerging Markets
|
All expenses in excess of 1.25% | December 31, 2012 | ||
Enhanced Small Cap
|
All expenses in excess of .75% | December 31, 2012 | ||
High Yield Bond
|
All expenses in excess of .75% | December 31, 2012 | ||
IAM SHARES
|
All expenses in excess of .65% | December 31, 2012 | ||
Intermediate
|
All expenses in excess of .60% | December 31, 2012 | ||
International Stock Selection
|
All expenses in excess of 1.00% | December 31, 2012 | ||
International Stock Selection Class R
|
All expenses in excess of 1.60% | December 31, 2012 | ||
Life Solutions Balanced
|
All expenses in excess of .45% | December 31, 2012 | ||
Life Solutions Growth
|
All expenses in excess of .45% | December 31, 2012 | ||
Life Solutions Income and Growth
|
All expenses in excess of .45% | December 31, 2012 | ||
Money Market
|
All expenses in excess of .40% | December 31, 2012 | ||
Prime Money Market
|
All expenses in excess of .20% | December 31, 2012 | ||
S&P 500 Index
|
All expenses in excess of .18% | December 31, 2012 | ||
Small Cap
|
All expenses in excess of 1.25% | December 31, 2012 | ||
Small Cap Class R
|
All expenses in excess of 1.60% | December 31, 2012 | ||
Tuckerman Active REIT
|
All expenses in excess of 1.00% | December 31, 2012 | ||
U.S. Treasury Money Market
|
All expenses in excess of .20% | December 31, 2012 |
1 | Exclusive of nonrecurring account fees, extraordinary expenses, acquired fund fees 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.
SSgA Fund Name | Management Fee Waiver | Expiration Date | ||
Prime Money Market
|
.05% of .15% management fee | December 31, 2012 | ||
U.S. Treasury Money Market
|
.05% of .15% management fee | December 31, 2012 |
Prior to December 31, 2012, 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 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.
By: /s/ Xxxxx X. Xxxx
Xxxxx X. Xxxx, Senior Managing Director and President
Xxxxx X. Xxxx, Senior Managing Director and President
Accepted and Agreed:
SSgA Funds, on behalf of the portfolios named above
By: /s/ Xxxx X. Xxxxxxx
Xxxx X. Xxxxxxx
Treasurer and Principal Financial Officer
Xxxx X. Xxxxxxx
Treasurer and Principal Financial Officer