Bertolet Capital LLC

Item 5. Fees & Compensation
As compensation, Advisor receives a negotiated percentage of assets under management, typically 1-1.5%.
Advisory fees are generally payable quarterly in advance although any pre-paid fees are refundable on a
pro-rata basis if advisory contract is terminated before the end of a billing cycle. Advisory fees are
negotiated in advance and are generally set forth in an advisory agreement. Investment company (mutual
fund) client fees are deducted on a regular basis from client assets. In addition to advisory fees, mutual fund
clients may also pay custodian fees and other fund expenses as fully described in the Fund prospectus and
Statement of Additional Information (SAI). All clients incur brokerage/ transaction costs- see Item 12.

Advisor may invest a portion of assets in money market, exchange traded funds and other mutual funds
which normally have their own management fees and expenses. Advisor may receive its applicable
management fee on such amounts which could result in a duplication of fees for any such investment.
Advisor receives no compensation for directed brokerage transactions and receives no 12b-1 (marketing)
fees from the mutual fund it advises. Advisor receives no third-party compensation of any type.

Item 7. Types of Clients
Advisory clients may include investment companies, retirement plans, trusts, estates & charities,
endowments and institutional separate accounts. Minimum account size is $10 million.