You will not pay any additional sales loads, short-term trading fees, commissions, or redemption fees for the investments purchased or sold in your Portfolio Advisory Services account. As a result, the Investment Management Team can put more of your money to work for you because your account is not charged additional sales expenses. Investments in separately managed accounts (SMAs) are subject to the management and operating expenses of the SMA manager, which are charged through the advisory fee. In funding your account, any securities that Strategic Advisers, Inc. sells will be subject to redemption and other applicable fees, including commissions on sales of securities; however, under certain circumstances, Portfolio Advisory Services may voluntarily assume the costs of certain commissions. In addition, any applicable transaction fees and commissions made on the sales of securities for your account are paid by the service;* however, unaffiliated market makers may still charge spreads when executing these orders.
* The fees do not cover charges resulting from trades effected with or through broker-dealers other than Strategic Advisers, Inc. or its affiliates, mark-ups or mark-downs by such other broker-dealers, transfer taxes, exchange fees, Securities and Exchange Commission (SEC) fees, odd-lot differentials, handling charges, electronic fund and wire transfer fees, and any other charges imposed by law or otherwise agreed to with regard to your account. The respective charges will be reflected on your monthly statement.