Columbus Circle Investors

Item 5 – Fees and Compensation

CCI charges annual fees to clients based on a percentage of assets under management
according to the following schedules.

Large Cap Portfolios (consisting primarily of common stocks within the market
capitalization range of the Russell 1000 Growth Index)

            Annual Fee                   Assets Under Management
              0.750%                             first $10,000,000
              0.600%                     $10,000,000 - $25,000,000
              0.500%                         above $25,000,000

Mid-Cap Portfolios (consisting primarily of common stocks within the market
capitalization range of the Russell Mid Cap Growth Index)

            Annual Fee                   Assets Under Management

              0.750%                         first $100,000,000
              0.500%                        above $100,000,000

SMID Portfolios (consisting primarily of common stock within the market capitalization
range of the Russell 2500 Growth Index)

            Annual Fee                   Assets Under Management

              0.850%                             first $50,000,000

              0.750%                         above $50,000,000

Small Cap Portfolios (consisting primarily of common stock within the market
capitalization range of the Russell 2000 Growth Index)

             Annual Fee                    Assets Under Management

              0.850%                               first $50,000,000

              0.750%                           above $50,000,000

Sub-Advisory Mutual Fund Service

For its sub-advisory services to registered mutual funds, CCI is paid a fee that it negotiates
with the primary adviser to the fund.

Model Portfolios Delivered to Wrap Programs

CCI will be compensated a portion of the total wrap fee charged by the program sponsor
(ranging up to 0.38%). Depending on the level of assets to which PGI applies CCI’s model
portfolios, CCI has contractual provisions with Principal Global Investors to apportion the
total fee received by Principal Global Investors from each wrap fee program sponsor.

Performance Fees

CCI will negotiate fees that include a percentage of assets under management and an
incentive fee based upon the performance of the account. In such circumstances, CCI
receives a management fee based upon the market value of the account at the end of each
quarter and a performance fee calculated at the conclusion of each year. In measuring
clients' assets for the calculation of performance-based fees, CCI shall include realized and
unrealized capital gains and losses and adjust for any contributions or withdrawals made
throughout the year.

Additional Information

All fee arrangements are subject to negotiation depending upon client relationships, size
and servicing requirements, and in some cases exceptions are made to the above fee
schedules.

Fee Payment Information

The specific manner in which fees are charged by CCI is established in a client’s written
agreement with CCI. CCI will generally bill its fees on a quarterly basis. Clients may elect to
be billed in advance or arrears each calendar quarter. Clients may also elect to be billed
directly for fees or may authorize CCI to directly debit fees from client accounts.
Management fees are generally prorated for each capital contribution and withdrawal
made during the applicable calendar quarter subject to specific contractual terms with
clients. Accounts initiated or terminated during a calendar quarter will be charged a
prorated fee based on the number of days of account management. Any prepaid fees may
be returned to a client if the client terminates before the end of a billing period subject to
adequate notice provisions.

Termination Provisions

A client agreement may be canceled at any time, by either party, for any reason upon
receipt of 60 days written notice, or any other period mutually agreed upon between the
parties and specified in an advisory agreement. Upon termination of any account, any
prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due
and payable.

Additional Fee Arrangements

As a result of CCI’s operating history (since 1975), clients exist that have fee arrangements
based on legacy fee structures which are no longer offered to new clients.

Other Costs

CCI’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which shall be incurred by the client. Clients incur certain charges imposed
by custodians, brokers, third party investment and other third parties, such as fees charged
by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and
securities transactions. Mutual funds, including money market funds, and exchange traded
funds also charge internal management fees, which are disclosed in a fund’s prospectus.
Such charges, fees and commissions are exclusive of and in addition to CCI’s fee, and CCI
shall not receive any portion of these commissions, fees, and costs. See Item 12 for a
further discussion of CCI’s selection of brokers for client securities transactions.

Item 7 – Types of Clients

CCI provides portfolio management services to individuals, high net worth individuals,
corporate pension and profit-sharing plans, Taft-Hartley plans, charitable institutions,
foundations, endowments, municipalities, registered mutual funds, private investment
funds, trust programs, sovereign funds, foreign funds, and other U.S. and international
institutions.

CCI also provides sub-advisory services to certain registered investment companies,
including certain affiliated Principal Global Investors’ Funds. CCI also sub-advises accounts
of the Principal Global Investors Trust.

Conditions for Managing an Account

Generally, new accounts must have at least $10,000,000. On occasion, exceptions to such
minimum account sizes are made because of existing client relationships or for other
reasons. Institutional consultants or other market service providers may negotiate lower
minimums for groups of client accounts.