Acuitas Investments LLC

Item 5. Fees and Compensation

      Acuitas charges a management fee based upon a percentage of assets under management.
      Fees for separately managed accounts are negotiable and subject to a number of factors,
      including, but not limited to, the amount of assets to be managed, asset class mandate,
      complexity of the client relationship, complexity of the client’s investment objectives and
      pre-existing contractual commitments. The specific fees charged by Acuitas are set forth
      in either the client’s investment advisory agreement, the prospectus or the subscription
      agreement. Acuitas will also accommodate client requests for performance-based fee
      structures. See also the section of this brochure entitled "Performance-Based Fees and
      Side-By-Side Management," which describes certain conflicts of interest inherent in
      performance-based compensation arrangements.

      Generally, for separate account clients the fees are as follows:

         •   Microcap – 1.10%
         •   Small Cap – 0.80%
         •   International Small Cap – 1.00%
         •   Emerging Markets Small Cap – 1.10%

      Fees for the Private Funds are as follows:

         •   Long/Short – 0.5% annual rate with a 10% performance allocation
         •   Emerging Markets Small Cap – 0.8% annual rate

      Advisory fees and expense-related information for the Mutual Fund and ETF can be found
      in the current prospectus for each vehicle.

      Fees for separate accounts will be billed in advance or arrears, as noted in the client
      agreement, using custodian market values and will exclude any amounts known to be
      invested in the Acuitas Mutual Fund or ETF. The separately managed accounts will be
      invoiced directly. Any fees unearned will be either pro-rated or refunded in the event a
      client terminates. Fees for the ETF, Private Funds and Mutual Fund are included in the
      gross expenses and paid directly to the Adviser. The management fees paid to Acuitas
      typically include the fee charged by the subadviser.

      The Private Funds bear expenses associated with their investment activities and operations
      and certain other expenses, which may include but are not limited to brokerage
      commissions; banking and custody charges; interest and fees relating to borrowing;
      withholding taxes; expenses of research and data collection and analysis; costs of
      communicating with Limited Partners; legal, accounting, auditing, organizational expenses
      (but not Acuitas’ organizational expenses); and expenses incurred in the offering and sale
      of ownership interests in the Private Funds.

      Acuitas bears organizational costs and overhead costs associated with operating the
      investment advisory business, including office space, utilities and compensation of
      personnel.

      Investors within the Mutual Fund and ETF will be responsible for a portion of the operating
      expenses of the Mutual Fund or ETF in which they are invested.

      Clients may be charged fees in addition to the management fee paid to Acuitas. This can
      include brokerage commissions and other custodian fees.

Item 7. Types of Clients

       Acuitas provides investment management services to limited partnerships, mutual funds,
       ETFs and separate account clients, including profit sharing plans and state and municipal
       government entities.

       The Private Funds’ PPMs specify investor eligibility requirements and minimum
       investment levels for investors. The Private Funds presently require a minimum initial
       investment of $250,000, though Acuitas has discretion to reduce this minimum for any
       Limited Partner. Subsequent investments may be made in minimum amounts of $100,000.
       In general, a Private Fund investor must be an "accredited investor" and a "qualified client,"
       as those terms are defined in the SEC regulations specified in the PPMs. The Subscription
       Agreement executed by each investor states in detail the several categories of "accredited
       investor" and "qualified client" under those definitions and requires the investor to qualify
       for both in order to invest.

       For the Mutual Fund, clients can be individuals or institutions. Minimum initial
       investments and additional investments for the Mutual Fund are $2,500 and $100 for
       Investor Shares and $10,000 and $100 for Institutional Shares, respectively. Please note
       that Acuitas is not currently offering Investor Shares for purchase although we may choose
       to do so in the future.

       There is no minimum for the ETF and it is traded daily on the NASDAQ exchange under
       the ticker symbol AIMS. Investors will need to establish a brokerage account in order to
       purchase the ETF.

       The minimum for separately managed accounts is generally $10 million, but is negotiable
       and considered on a case-by-case basis.