Bridgewater Advisors Inc

Item 5     Fees and Compensation
                       INDIVIDUAL PORTFOLIO MANAGEMENT FEES
The annual fee for portfolio management services is charged as a percentage of assets under
management. The annual fee is 1.00% of the first $3 million, plus 0.75% of the next $3 million,
plus 0.5% of any assets in excess of $6 million. The minimum annual fee is $20,000. We retain
the discretion to negotiate fees on accounts larger than $20 million. Fees are invoiced quarterly,
in advance, and are deducted from the client’s account.
We may group certain related and family accounts for the purposes of determining the annual
and minimum fee. Reduced fees may be offered to family members and friends of people
associated with our firm and to not-for-profit organizations.

                                     GENERAL INFORMATION
Terminating the Advisory Relationship
A client agreement may be canceled at any time, by either party, and for any reason, upon
receipt of 10 days written notice. As disclosed above, certain fees are paid in advance of
services provided. Upon termination of any account, any prepaid, unearned fees will be
promptly refunded to you. We will pro rate the reimbursement according to the number of days
remaining in the billing period compared with the total number of days in such period.
Pooled Investment Vehicle Fees (e.g., Mutual Fund, ETF and Private Fund Fees)
Fees paid to us for investment advisory services are separate and distinct from the management
fees and other expenses charged by mutual funds, exchange traded funds, private investment
funds or other similar vehicles to their investors. These fees and expenses are described in
each fund's prospectus or a similar disclosure. Since you could invest in a mutual fund directly,
and without our services, you should review both the fees charged by the funds and our own
fees to fully understand the total amount of fees to help evaluate the advisory services we
provide.
Additional Fees and Expenses
In addition to Bridgewater’s advisory fees, clients are also responsible for the fees and expenses
charged by custodians and imposed by broker-dealers, including, but not limited to, any
transaction charges imposed by a broker dealer with which we or their separate account
manager effects transactions. Please refer to the "Brokerage Practices" section (Item 12) of this
Form ADV for additional information.
Pre-existing Clients
Pre-existing advisory clients are subject to Bridgewater’s minimum fee requirements and
advisory fees that were in effect at the time the client entered into the advisory relationship.
Therefore, fee arrangements will differ among clients.
ERISA Accounts
Bridgewater Advisors, Inc. is deemed to be a fiduciary to advisory clients that are employee
benefit plans or individual retirement accounts (IRAs) pursuant to the Employee Retirement
Income and Securities Act ("ERISA"), and regulations under the Internal Revenue Code of 1986
(the "Code"), respectively. As such, our firm is subject to specific duties and obligations under
ERISA and the Internal Revenue Code that include among other things, restrictions concerning
certain forms of compensation. Bridgewater does not receive any such restricted compensation.
Advisory Fees in General
You should note that similar advisory services may (or may not) be available from other
registered (or unregistered) investment advisers for similar or lower fees. Bridgewater, in its sole
discretion, may charge a lesser investment advisory fee and/or charge a flat fee based upon
certain criteria (i.e. anticipated future earning capacity, anticipated future additional assets, dollar
amount of assets to be managed, related accounts, account composition, competition,
negotiations with client, etc.).
Use of Margin
Bridgewater recommends the use of margin. A margin account is a brokerage account that
allows investors to borrow money to buy securities. By using borrowed funds, the customer is
employing leverage that will magnify both account gains and losses. The broker charges the

investor interest for the right to borrow money and uses the securities as collateral. Should a
client determine to use margin, Bridgewater will include the entire market value of the margined
assets when computing its advisory fee. Accordingly, Bridgewater’s fee shall be based upon a
higher margined account value, resulting in Bridgewater earning a correspondingly higher
advisory fee. As a result, the potential of conflict of interest arises since Bridgewater may have
an economic disincentive to recommend that the client terminate the use of margin.

Item 7      Types of Clients
We provide advisory services to the following types of clients:
•   Individuals
•   Pension and profit sharing plans (other than plan participants)
•   Charitable organizations
•   Corporations or other businesses