A non fee paying portfolio is managed on a PRO BONO basis?

CFA Level III Portfolio Management
#1

In the Kaplan note, it states that “an example of a non-fee-paying portfolio is one that is managed on a PRO BONO basis.”

At first, I thought non-fee-paying portfolios are charged with commission and transaction fee. How come it becomes free now?

Thanks!

#2

Probably means no management fees. Transaction fees and commissions are paid to brokers.

#3

That makes sense! Thanks!