FSLTX Fees and Costs — Strategic Advisers Alternatives Fund
Data updated: 2026-08-12
The net expense ratio is 1.50% (1.75% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $378K in broker commissions, 0.0147% of average net assets, and portfolio turnover was 52%.
FSLTX Fees and Expenses
Annual operating expenses and sales charges of FSLTX. Prospectus, as of July 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.75% |
| Fee waiver | −0.25% |
| Net expense ratio | 1.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FSLTX Costs Over Time
On $10,000 invested in FSLTX, assuming 5% a year before costs, total costs come to $938 over 5 years, cutting the return by 1.59% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.50%) | $158 | $489 | $843 |
| Trading costs (broker commissions) | $2 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $25 | $86 |
| Total costs | $159 | $518 | $938 |
| Value after costs | $10,341 | $11,058 | $11,825 |
| Impact on return, per year | 1.59% | 1.59% | 1.59% |
FSLTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0147%
- Total broker commissions: $378K
- Bought from dealers (principal trades, not a cost): $380.6M
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
FSLTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS PLC | $218K | 57.71% |
| MORGAN STANLEY | $43K | 11.39% |
| DEUTSCHE BANK AG | $43K | 11.28% |
| GOLDMAN SACHS GROUP INC (THE) | $39K | 10.24% |
| JANE STREET GROUP LLC | $19K | 5.15% |
| JPMORGAN CHASE and CO | $9K | 2.44% |
| UBS GROUP AG | $5K | 1.34% |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC | $750 | 0.20% |
| BANK OF AMERICA CORPORATION | $600 | 0.16% |
| CITIGROUP INC | $359 | 0.10% |
FSLTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $141.9M | 39.70% |
| WELLS FARGO and CO | $72.5M | 20.30% |
| BARCLAYS PLC | $67.1M | 18.77% |
| BANK OF MONTREAL QUE | $16.7M | 4.66% |
| ASL CAPITAL MARKETS INC. | $14.5M | 4.06% |
| MORGAN STANLEY | $13.1M | 3.65% |
| CITIGROUP INC | $11.3M | 3.16% |
| JPMORGAN CHASE and CO | $8.6M | 2.42% |
| RBC Capital Markets, LLC | $7.3M | 2.04% |
| GOLDMAN SACHS GROUP INC (THE) | $4.4M | 1.24% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.