SPC offers a wrap fee program where a single bundled fee covers account management, transaction costs, and custodial/administrative costs. The overall cost may be higher than purchasing services separately. The Client Fee does not include other fees that account custodians are customarily permitted to charge clients, including, but not limited to, account opening, maintenance, transfer, termination, wire transfer, electronic fund, retirement plan, 990- T reporting, and applicable third -party fees. The Client Fee also does not include other fees that may be incurred due to the securities in question and/or a specific transaction, including, but not limited to, markups and mark- downs, dealer spreads, deferred sal es charges, odd -lot differentials, transfer taxes, national securities exchange fees, charges for transactions not executed through the Custodian, costs associated with exchanging currencies, other fees and taxes on brokerage, other fees required by law or imposed by thir d parties, and special fees for alternative investments or qualified accounts. Your account will be assessed these additional fees and expenses. A Brokerage Fee Schedule detailing certain additional expenses is available on the SPC website ( www.spc4clients.com ) and can also be obtained from your IAR. The minimum investment for an APM and FSP account is $10,000. The minimum investment for an SMA account is $100,000.