Auxier Asset Management LLC

Auxier Asset Management LLC (“AAM”) is a venture capital firm established in July of 1998 in Tualatin, a suburb of Portland, Oregon. AAM believes that the power of compounding is the most underappreciated and valuable investment concept. A dedicated, diligent research effort is the key to pursuing the objective of long-term capital appreciation in this “go anywhere” value fund. Our unique advantage comes from the wisdom of managing portfolios in every kind of market for over 30 years. We strive to maintain an intense work ethic to master the principles of capital allocation. Our investment philosophy is based on the conviction that compounding is the most influential element of an investment program. We believe leading companies in slow-growth industries often achieve the best performance over the long-term investment horizon. We look for value with a significant margin of safety relative to price. We continue to believe in a price/value strategy that helps eliminate emotional reactions to market panics. AAM's president, Jeff Auxier is constantly monitoring the operating fundamentals of the companies held in their clients’ portfolios. He researches to find compelling, undervalued companies that ideally exhibit the following attributes: -Strong or improving fundamentals -Consistency in operating results -A substantial advantage over the competition (strong franchise) -A demonstrated ability to earn high rates of return on capital -Understandable products -Honest, competent shareholder-oriented management -Intelligent capital allocation policies The investment candidates are then screened to determine what price represents good value with low risk and above-average returns. We will generally diversify a portfolio with 15 to 35 positions, with a maximum of 10% of portfolio value in any one position, to minimize risk.