Sbauer Funds LLC

Item 5      Fees and Compensation
                     MUTUAL FUND PORTFOLIO MANAGEMENT FEES

SBAuer Funds, LLC, charges an asset-based fee for this service. The fee arrangement,
termination, and refund policies are described in the Mutual Fund's prospectus and Statement of
Additional Information ("SAI").

                                  GENERAL INFORMATION

Fees: SBAuer Funds, LLC charges a management fee for investment advisory services to the
Auer Growth Fund which is separate and distinct from the fees and expenses charged by the
Ultimus Fund Distributors, LLC, or Ultimus Funds Solutions to the fund’s shareholders. These
fees and expenses are described in each fund's prospectus. These fees will generally include
custody and accounting fees, other fund expenses, and a possible distribution fee.

Additional Fees and Expenses: In addition to our advisory fees, shareholders are also
responsible for the fees and expenses charged by custodians and imposed by broker dealers,
including, but not limited to, any transaction charges imposed by a broker dealer with which an
independent investment manager effects transactions for the client's account(s). Please refer to
the "Brokerage Practices" section (Item 12) of this Form ADV for additional information.

Advisory Fees in General: Clients should note that similar advisory services may (or may not)
be available from other registered (or unregistered) investment advisers for similar or lower fees.

Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of fees
in excess of $1,200 more than six months in advance of services rendered.

The adviser will be providing investment management for the Auer Growth Fund. The adviser will
issue no reports or publications on a subscription basis or for a fee. The adviser will charge a
management fee of 1.5% of fund net asset value as set forth in the fund prospectus. The
management fee will be the same regardless of share class and is not negotiable. Adviser
compensation will be paid on a monthly basis from the fund accountant and administrator, Ultimus
Funds. The fund will be sold by prospectus only and all fees are disclosed therein.

Item 7     Types of Clients
SBAuer Funds, LLC provides advisory services to the following types of clients:

    Investment companies (including mutual funds)