EXHIBIT (6)(i)
STATE STREET RESEARCH INVESTMENT SERVICES, INC.
One Financial Center
Boston, Massachusetts 02111-2690
Date: __________________________
State Street Research Concentrated Large-Cap Value Fund
State Street Research Tax-Managed Small-Cap Fund
series of State Street Research Securities Trust ("Trust")
One Financial Center
Boston, Massachusetts 02111
Ladies and Gentlemen:
State Street Research Investment Services, Inc. ("Distributor")
voluntarily undertakes to pay certain expenses of the State Street Research
Concentrated Large-Cap Value Fund and the State Street Research Tax-Managed
Small-Cap Fund up to an amount which will enable each Fund to maintain a level
of actual total operating expenses of approximately ____% of net assets of the
Concentrated Large-Cap Value Fund and ____% of net assets of the Tax-Managed
Small-Cap Fund, or as otherwise mutually agreed from time to time by the
Distributor and Board of Trustees of the Trust on behalf of each Fund ("Expense
Benchmark"). The following expenses are excluded from this undertaking: Rule
12b-1 fees and any other class specific expenses, interest, taxes, brokerage
commissions, and extraordinary expenses such as litigation and other expenses
not incurred in the ordinary course of each Fund's business. The Distributor may
unilaterally cease to pay Fund expenses pursuant to this undertaking at any
time.
The Distributor is entitled to payment from each Fund for the amount of
expenses paid on behalf of the Fund when the Fund's actual total operating
expenses are less than the Expense Benchmark then in effect, provided that the
effect of such payment does not cause the Fund to exceed the lower of (a) the
Expense Benchmark then in effect or (b) the Expense Benchmark in effect in the
year that the expenses were originally paid. The Distributor will not be
entitled to such repayments from a Fund after the end of the fifth fiscal year
of the Fund following the year in which the expenses were originally paid.
Sincerely,
State Street Research Investment Services, Inc.
By: ___________________________________
Acknowledged and accepted:
State Street Research Concentrated Large-Cap Value Fund
State Street Research Tax-Managed Small-Cap Fund
series of State Street Research Securities Trust
By: _________________________________________________
