Item 5. Fees and Compensation
SSGAL does not maintain a standardized fee schedule, and therefore SSGAL’s advisory or sub-advisory fees are negotiated
with each client, and may vary depending upon the size and type of the mandate and the strategy selected. SSGAL clients
are not required to pay fees in advance.
Fees are typically expressed as an annual percentage of a client’s average daily net assets managed by SSGAL, calculated
daily and paid monthly or quarterly, deducted directly from clients’ assets. In certain situations, SSGAL may agree to waive
or reimburse a portion of its advisory fee. Please see Item – 6 – Performance Fees and Side-by-Side Management for an
additional discussion regarding fees.
Custodial, Sub-Administrative or Securities Lending Agency Fees: Clients of SSGAL are responsible for certain
other fees and expenses, including custodial, administrative or securities lending agency fees. These fees may be paid to
affiliates of SSGAL, e.g., State Street Bank & Trust Company. To the extent client assets are invested in mutual funds, clients
will bear their pro-rata share of such mutual fund expenses.
Funds also typically bear their own operating and other expenses, including, but not limited to legal expenses (including
litigation and indemnification costs), internal and external accounting expenses, audit and tax preparation expenses, and
taxes, fees or other governmental charges.
SSGAL’s clients will also incur brokerage and other transaction costs. Please refer to Item 12 – Brokerage Practices for
more information about brokerage.
SSGAL does not have supervised persons that accept compensation for the sale of securities or other investment products,
including asset-based sales charges or service fees from the sale of mutual funds. Employees of SSGAL’s affiliates may
receive compensation in connection with the sale of SSGAL‐advised products.
SSGAL’s affiliates may have business relationships with, and purchase, distribute, or sell services or products from or to,
distributors, consultants, and others who recommend, distribute, or have interests or relationships associated with sales
or recommendations of Fund interests or portfolio transactions for the Funds. For example, SSGAL’s affiliates regularly
participate in industry and consultant sponsored conferences and may purchase related educational data or other services
from consultants or other third parties that they deem to be of value to their employees and their businesses. In addition,
SSGAL and its affiliates’ employees may have board or advisory relationships with issuers, distributors, consultants, and
charitable organizations that may own or that may recommend or distribute interests of the Funds or execute portfolio
transactions for the Funds. As a result, those persons and institutions may have conflicts associated with the promotion of
Fund securities and portfolio investment‐related matters that could create incentives for them to promote such sales or
raise other conflicts. Please refer to Item 14.Client Referrals and Other Compensation for more information.
Information Classification: General