Princeton Fund Advisors LLC

Item 5.             Fees and Compensation

The extent and nature of advisory services that PFA provides will vary depending upon the specific arrangements it makes
with each client. As a result, PFA’s fees will differ among its client accounts due to a number of factors, such as account
type, the level of service provided to the account, investment strategy employed by the account, the size of the account,
relationships to other accounts, the historical or projected nature of trading for the account, and the extent of
supplemental client services to be provided to the account, among other factors.

Registered Funds

Information regarding PFA’s fees for advisory services to a Registered Fund is available in the applicable Registered
Fund’s prospectus. The Registered Funds each bear certain other expenses as described in the prospectuses of each
Registered Fund. Fees for advisory services and any additional compensation paid to PFA may be waived by PFA in its
sole discretion, both voluntarily and on a negotiated basis with a Registered Fund’s Board of Directors or similar
body (though not with individual investors in the Registered Fund).

SMAs

PFA generally charges an annual management fee from each SMA client ranging up to 2.0% per annum. In addition
to an asset-based management fee, PFA may enter performance-based compensation arrangements with certain
SMA clients. Performance-based compensation may be structured in a variety of ways, generally ranging up to 30%
of net profits achieved over a high water mark and/or hurdle. Any performance compensation arrangements comply
with Section 205 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and the rules thereunder.
The services rendered to each SMA will be pursuant to a written advisory contract generally terminable by either
party on 30 days' (or less, depending on the contract) prior written notice. Fees are negotiable and may differ from
the above range. Accounts managed with the same investment strategy may not have the same fee structure. Please
see each SMA client’s applicable governing documents for specific fee terms applicable to the SMA client.

Model Portfolios
For its model portfolio provider services, PFA has agreements with independent financial intermediaries to provide
model portfolios for a fee. PFA’s model portfolio fees are negotiable, can take the form of an asset-based fee or fixed
fee, and vary from client to client.

Additional Fees and Expenses

PFA’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which
shall be incurred by the client in connection with transactions effected or recommendations made by PFA. Clients
will incur certain charges imposed by custodians, brokers, third party investment managers and other third parties
such as 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.

Item 7.            Types of Clients

PFA offers investment advisory services to registered investment companies, individuals (including high net worth
individuals), trusts, institutions, corporations, pension and profit-sharing plans, state or municipal government
entities, insurance companies, charitable organizations, model providers, investment advisers, broker-dealers, banks
and other financial intermediaries.

The minimum account requirements for the Registered Funds are described in the for the applicable Registered
Fund, and may be modified or waived as described therein.

In general, minimum account sizes for SMA clients vary by investment strategy, beginning with a $25,000 minimum.

Account minimums may be waived at the discretion of PFA.

There is no minimum applicable to PFA’s model portfolio services.