Table of Contents
- Copyright Notice and Policy
- No Offer and Local Restrictions
- Disclaimer of Warranties
- Accuracy of Information
- Limitation of Liability
- Links, Frames and Metatags
- Links To Third Party Sites
- Fund Connect®
- State Street Global Markets LLC Administrative Service Fees/Revenue Sharing Disclosure
- Revenue Sharing Fees
- Administrative Service Fees
Your access to and use of this web site and each of its pages (the "Site") is subject to your compliance with all of the terms and conditions set forth below, which you should read carefully before using this site. You have been provided with access to the site in reliance upon representations and warranties that you have made in separate user agreements. If you are a subscriber to any of the products or services offered on this Site, your use of this Site and any of its content also will be governed by and subject to the terms and conditions of your separate user agreements, which will control in the event of any conflict.
Products and services available on this Site may be offered to professional investors through State Street Global Markets LLC, which is a member of FINRA, SIPC and the New York Stock Exchange, State Street Global Markets Canada, Inc., which is a member of the Investment Industry Regulatory Organization of Canada and the Toronto Stock Exchange and a wholly-owned subsidiary of State Street Corporation, and State Street Bank and Trust Company and State Street Global Markets International Limited. Each of which is authorized and regulated by the Financial Services Authority in the United Kingdom, and their affiliates. The products and services may not be available in all jurisdictions. Please contact your sales representative for further information. The references in this Site to State Street or State Street Corporation may include State Street Corporation and its affiliates.
2. Copyright Notice and Policy
The contents of this Site are protected by applicable United States and international copyright laws. You may not copy, distribute (in any form, including retransmittals over any local area or other network or service or posting to other online services or sites), display, extract for use in a database, sell, license or otherwise use any materials on this Site outside of your organization without the express written approval of State Street, except that you may download and print material that you plan to use only for internal, noncommercial purposes and only if you do not alter any such material or remove any trademark, copyright or other notice displayed on such material. You also may not modify any material herein or post any text, graphics, video, audio or other material to this Site without the express written approval of State Street. This Site is copyrighted by State Street Corporation. All rights reserved.
Global Link®, Fund Connect® , ETF ConnectTM, and other trademarks and service marks on this Site are service marks and trademarks exclusively owned by State Street in the United States and other countries. You may not use our trademarks or service marks in connection with any product or service that does not belong to us nor in any manner that is likely to cause confusion among users about whether we are the source, sponsor, or endorser of the product or service, nor in any manner that disparages or discredits us.
4. No Offer and Local Restrictions
Nothing contained in or on this Site should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Fund Connect® is not available to all investors and is only offered to investors in countries and regions in accordance with applicable laws and regulations. The information provided on this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable laws or regulations. This Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited by reason of the nationality, residence or other characteristics or qualifications of that person. Those persons under these restrictions must not access the Site.
You agree to use this Site only for lawful purposes. You further agree that you are responsible for your use of the Site. You agree that you will not access this Site from any territory where it would be illegal to do so and that you are responsible for compliance with applicable laws and regulations.
5. Disclaimer of Warranties
OUR SITE IS AVAILABLE "AS IS" AND "AS AVAILABLE" AND WITHOUT ANY WARRANTIES OF ANY KIND. SPECIFICALLY, TO THE MAXIMUM EXTENT PERMITTED UNDER LAW AND WITHOUT LIMITING THE FOREGOING, ALL WARRANTIES WITH RESPECT TO THE SITE OR ANY PRODUCTS OR SERVICES THAT ARE AVAILABLE THROUGH THE SITE, WHETHER EXPRESS, IMPLIED OR STATUTORY, ARISING BY LAW, CUSTOM, PRIOR ORAL OR WRITTEN STATEMENTS BY STATE STREET OR ITS AGENTS OR AFFILIATES OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO, WARRANTIES AS TO ACCURACY, COMPLETENESS, UNINTERRUPTED USE, COMPLETENESS, NON-INFRINGEMENT, TIMELINESS, MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE, EVEN IF THE PURPOSE OR INTENDED USE HAS BEEN DISCLOSED, AND ANY IMPLIED WARRANTIES, CONDITIONS AND OTHER CONTRACTUAL TERMS ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF PERFORMANCE) ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.
6. Accuracy of Information
The information and content published and opinions expressed on this Site are provided by State Street for informational purposes only and are subject to change without notice. Such information and content are provided on an "as is" basis without any warranty of any kind, and the user of such information and content assumes the entire risk of any use thereof. Although State Street believes the information and content on this web site have been obtained from sources considered reliable, neither State Street, nor its affiliates nor any third party sponsor of any products, services or information and content on this site guarantees or warrants the accuracy, completeness or timeliness of any information or content on this site or of any benefit associated with any such information or content.
You should not consider any of the information or content on this Site as investment advice. Many of the investment and trading options accessible through this Site are speculative and involve a substantial risk of loss.
7. Limitation of Liability
We and our officers, directors, subsidiaries, affiliates, agents, and licensors are not liable for (1) any direct, indirect, incidental, consequential, special, punitive, or exemplary damages, including lost revenues or profits, loss of business, or loss of data, arising out of or in connection with the use of this Site or the use of any products or information offered through or made available on this site, regardless of whether such liability is based in tort, contract or legal or equitable theory or (2) for any claim, loss or damages based on errors, omissions, interruptions or other inaccuracies in this Site or in any of the products or information offered through or made available on this Site.
If the foregoing limitation is held to be unenforceable, our maximum liability will not exceed the amount you paid, if any, for use of this Site during the period when your claim accrued.
8. Links, Frames and Metatags
You may link to the public pages of this Site, as long as the link does not cast us in a false or misleading light. You may not, however, link to the other, private pages of our Site. You also may not frame the content of this Site. You may not use metatags or any other "hidden text" that incorporates our trademarks or our name without our express written consent.
9. Links To Third Party Sites
The links and referrals to other web sites, publications or information resources provided by State Street via this site do not constitute the endorsement of those web sites or resources by State Street, its affiliates, agents or representatives. State Street has no control over these other web sites, publications or information resources or their content. The content to which you link will not have been developed, checked for accuracy or otherwise reviewed by State Street. State Street accepts no responsibility for the content of such web sites publications or information resources, makes no representations or claims as to the quality, content and accuracy of the information, services or products which may be provided by such web sites, publications and information resources, and specifically disclaims any warranties, including but not limited to the implied or express warranties of merchantability or fitness for any particular usage, application or purpose. State Street reserves the right to prohibit any entity from linking to this Site.
10. Fund Connect®
Investments related to or initiated via Fund Connect® are not insured by the Federal Deposit Insurance Corporation (FDIC) or by another governmental agency and are not obligations of the FDIC. Such investments also are not securities, deposits or obligations of, or guaranteed by, State Street. Such investments are subject to market risk and may lose value, including loss of principal. You should read the relevant mutual fund prospectuses carefully before investing. If you need further information or wish to obtain a prospectus, please contact State Street Global Markets, LLC at 1-800-892-4514.
11. State Street Global Markets LLC ("SSGM") Administrative Service Fees and Revenue Sharing Disclosure
State Street Global Markets LLC ("SSGM") receives revenue sharing fees from certain mutual funds and their distributors and affiliates, which are ancillary to the effecting of mutual fund transactions that we provide on behalf of those funds. SSGM may also receive administrative service fees in consideration for certain services that it provides to those funds. Please review the additional information provided below concerning these fees.
12. Revenue Sharing Fees
A fund's investment advisors, distributors and/or their affiliates may pay SSGM compensation, out of their own assets and not as an additional charge to each fund (although the entity's revenues or profits may reflect fees paid to them by the fund), in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares ("revenue sharing"). Such revenue sharing payments are in addition to any distribution or administrative service fees payable to SSGM under any Rule 12b-1 or service plan of any fund, any non-cash compensation arrangements expressly permitted under applicable rules of the Financial Industry Regulatory Authority ("FINRA") or any sales charges, commissions or other servicing concessions described in the Prospectuses or the Statement of Additional Information of any fund. For example, SSGM may receive compensation for providing each fund with access to a distribution platform or fund offering list, or other marketing programs.
The level of revenue sharing payments received by SSGM may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of each fund attributable to SSGM, the particular fund or fund type or other measures as agreed to by the fund, SSGM and/or their affiliates. The amount of these payments is determined at the discretion of the fund's investment advisors, distributors and/or their affiliates from time to time, may be substantial, and may be different for different fund companies based on, for example, the nature of the services provided by SSGM.
SSGM currently receives revenue sharing payments in connection with the sale and/or distribution of various fund shares, or the retention and/or servicing of investors, in amounts that generally range from 0 up to 35 basis points of assets of the fund serviced and maintained by SSGM on behalf of its clients. These amounts are subject to change. SSGM may receive such fees, which vary depending on the fund and share class, from the distributors and/or investment managers for the mutual funds offered by the fund providers listed on Appendix 1.
In addition to the payments described above, from time to time, advisors may reimburse SSGM for expenses incurred in connection with certain training and educational meetings, conferences or seminars, or we may receive promotional items, meals or entertainment, or other similar "non cash" compensation from representatives of the mutual fund companies with whom SSGM does business. Although funds independently decide what they will spend on these activities, some funds allocate their promotional budgets based upon prior sales and asset levels and plan promotional and educational activities on the basis of such budgets. SSGM does not control fund companies' determinations of how to allocate their promotional budgets or their spending decisions in this regard.
Revenue-sharing payments may present a conflict between the interests of SSGM and your interests because the prospect of receiving, or the receipt of additional compensation or promotional incentives described above by SSGM may provide SSGM with an incentive to favor sales of shares of a particular fund over sales of shares of funds with respect to which SSGM receives lower levels of additional compensation or promotional incentives. Similarly, SSGM may receive different compensation or incentives that may influence its recommendation of any particular share class of the funds or of other funds. These payment arrangements, however, will not change the price that an investor pays for fund shares or the amount that the fund receives to invest on behalf of an investor and will not increase fund expenses. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to investing in fund shares and you should discuss this matter with your financial advisors and review each fund's Prospectus, Statement of Additional Information and any other disclosures prior to investing in any fund. Although mutual funds from several different mutual fund families are available through SSGM, this is only part of the universe of mutual funds that are available to you in the marketplace.
SSGM or its affiliates may enter into additional revenue sharing arrangements or change or discontinue existing arrangements with a fund, its distributor or its affiliates at any time without notice.
13. Administrative Service Fees
SSGM receives compensation from funds, fund advisors, or their service providers for providing certain record keeping, support services, and related services to the funds, which may include, but are not limited to providing necessary personnel or facilities for shareholder accounts and records, account management, wire services, assistance with purchasing and redeeming fund shares, sub-accounting services, designation and changing of dividend options, account designations and addresses, providing periodic statements, managing customer communication and correspondence, account statements, and other similar services. SSGM processes transactions with certain funds on an omnibus basis, which means we consolidate our clients' orders into aggregated trades with the fund, and therefore maintain pertinent individual shareholder information for the fund. Trading in this manner requires that we maintain the transaction history necessary to track and process any applicable sales charges, annual service fees, redemption fees and deferred sales charges for each position, as well as other transaction details required for ongoing position maintenance purposes. Compensation received by SSGM for providing these administrative services may be viewed as a form of revenue sharing but is not included in the data provided in the Revenue Sharing Fees section above.
The level of administrative service fees received by SSGM may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of each fund attributable to SSGM, the particular fund or fund type or other measures as agreed to by the fund, SSGM and/or their affiliates. The amount of these payments is determined at the discretion of the fund companies from time to time, may be substantial, and may be different with respect to different funds based on, for example, the nature of the services provided. In exchange for providing administrative services, we receive administrative service fees, which vary depending on the fund and share class, from the mutual fund providers listed on Appendix 1, in amounts that generally range from 0 up to 45 basis points of assets of the fund serviced and maintained by SSGM on behalf of its clients..
The receipt of administrative service fees by SSGM may present a conflict between its interests and your interests because the prospect of receiving, or the receipt of higher levels of fees may provide SSGM with an incentive to favor sales of shares of a particular fund over sales of shares of funds with respect to which SSGM receives lower levels of administrative service fees. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to fund shares and you should discuss this matter with your financial advisor and review each fund's Prospectus, Statement of Additional Information and any other disclosures prior to investing in any fund. Although mutual funds from several different mutual fund families are available through Fund Connect®, this is only part of the universe of mutual funds that are available to you in the marketplace.
SSGM or its affiliates may enter into additional administrative servicing arrangements or change or discontinue existing arrangements with a fund, its distributors or its affiliates at any time without notice.
For More Information
For additional information on a particular fund's payment and compensation practices, please refer to the fund's Prospectus and Statement of Additional Information.
Date of last revision: March 2, 2016. Any additions, modifications or deletions to the list of fund providers identified on Appendix 1 that have occurred since the date of last revision are not reflected.
For additional information on SSGM compensation practices, the most up to date list of fund providers that pay fees to SSGM as described herein, or if you would like to receive this information about SSGM compensation practices in paper form, please contact us at the following e-mail address: email@example.com.
- Deutsche Asset Management
- Federated Investors
- First American Funds
- Fidelity Investments
- Goldman Sachs Asset Management
- HSBC Global Asset Management
- J.P. Morgan Asset Management
- Morgan Stanley Institutional Liquidity Funds
- Northern Trust
- State Street Global Advisor
- Wells Fargo Funds Management