Item 5. Fees and Compensation
PSG’s fees and compensation are described in the advisory contracts with its Clients.
Management fees are generally paid by the Funds monthly in arrears. Depending on the Share Class the
annual management fee may be up to 1.75% of the net asset value of the respective Class prior to the
deduction of any performance based fees. PSG has the right to negotiate or waive the management fee
in its sole discretion.
Expenses charged to the Funds include, but are not limited to, the costs and expenses incurred in its
operation, including, without limitation, taxes, expenses for administration, legal, auditing and consulting
services, the preparation of investor tax reporting in respect of the Company and other investor reporting,
promotional activities, registration fees and other expenses due to supervising authorities, including the
cost of any regulatory reporting required in respect of the Company, insurance, interest, listing costs, the
cost of the publication of the net asset value and all other payments and other fees and expenses incurred
in connection therewith.
Expenses charged to the Managed Account include, but are not limited to, trading expenses, brokerage
commissions and other transaction charges, fees and expenses incurred in the borrowing and lending of
securities, interest, margin expense and other financing charges charged to the account attributable to
the acquisition of securities by the account, custodial fees, bank service fees, transfer taxes, withholding
taxes, and other fees and expenses directly related to the purchase, sale or other disposition of the
Managed Account assets.
Generally, PSG or its affiliates receive performance-based fees from Client accounts on an annual basis in
arrears and upon redemptions by Fund investors.
PSG may also allocate a portion of certain Clients’ capital to money market funds or exchange-traded
funds. In addition to the fees and expenses discussed above, Clients will indirectly incur similar fees and
expenses if PSG invests their capital in such funds, as these funds in turn pay similar fees and expenses to
their investment managers and other service providers.
Please refer to the Client’s advisory contracts or offering documents for further information regarding the
fees and expenses of PSG and its Clients.
Neither PSG nor any of its supervised persons accepts compensation for the sale of securities or other
investment products.