AUXIER ASSET MANAGEMENT LLC

15668 NE Eilers Road A U X I E R A S S E T M A N A G E M E N T L L C Aurora, Oregon 97002 www.auxierasset.com 800-835-9556 503-885-8807 December 31, 2024 This brochure provides information about the qualifications and business practices of Auxier Asset Management LLC. Please contact us at 503-885-8807 or info@auxierasset.com, if you have any questions about the contents of this brochure. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Auxier Asset Management LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number, known as a CRD number. The CRD number for Auxier Asset Management LLC is 107980. Auxier Asset Management LLC is a Registered Investment Adviser under the Investment Adviser’s Act of 1940. Registration does not imply a certain level of skill or training. 1  SUMMARY OF MATERIAL CHANGES This brochure is an annual updating amendment to the previous brochure, dated 12/31/2023. • There were no material changes for this brochure dated 12/31/2024. 2  Summary of Material Changes CONTENTS ................................................................................................................................. 2 Advisory Business ............................................................................................................................................................. 4 Fees and Compensation .................................................................................................................................................. 4 Types of Clients .................................................................................................................................................................. 6 Methods of Analysis, Investment Strategies and Risks...................................................................................... 6 Disciplinary Information ................................................................................................................................................ 8 Other Financial Industry Activities and Affiliations ............................................................................................ 8 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ....................... 8 Brokerage Practices.......................................................................................................................................................... 9 Review of Accounts......................................................................................................................................................... 11 Client Referrals and Other Compensation ............................................................................................................ 12 Custody ................................................................................................................................................................................ 12 Investment Discretion ................................................................................................................................................... 12 Voting Client Securities ................................................................................................................................................. 13 Financial Information .................................................................................................................................................... 13 Brochure Supplement: ADV Part 2B Educational Standards .................................................................................................................................................. 14 .................................................................................................................. 15 Education and Business Background ................................................................................................................. 16 Disciplinary Information ......................................................................................................................................... 16 Other Business Activities & Additional Compensation ............................................................................... 16 3  ADVISORY BUSINESS Auxier Asset Management LLC (“AAM”) was established in July 1998 in Tualatin, a suburb of Portland, Oregon. The firm is owned by JA Holdings, Inc. J. Jeffrey Auxier owns 100% of JA Holdings, Inc. The Adviser provides investment supervisory services as defined in the Investment Adviser’s Act of 1940. In general accounts are managed based on an existing Auxier investment strategy. Auxier may tailor its advisory services to the reasonable demands of its clients. The tailoring of any Auxier investment strategy is generally accomplished through investment restrictions established by the client and provided to Auxier in writing. For example, clients may impose reasonable investment limitations and restrictions on specific securities or industry sectors. On occasion, the Adviser may act as Investment Adviser in situations where either: the management services provided are not continuous, or the Adviser manages only a portion of the client’s total portfolio based upon specific objectives determined with the client. 100% of total advisory billings are attributable to investment supervisory services. The Adviser manages primarily equity and balanced accounts using a value-oriented approach. Asset allocation decisions are based upon client objectives and value rather than economic forecasts. The Adviser generally offers investment advice on equity securities, including exchange-listed securities, over-the-counter securities and foreign issues, warrants, debt securities, commercial paper, United States Government Securities, and Options contracts. The Adviser may also offer advice on interests in partnerships investing in real estate. Clients may impose restrictions on investing in certain securities or types of securities. It is the client’s responsibility to advise the Adviser of these restrictions as applicable. The Adviser provides investment advice in a wrap fee program, the Managed Account Program (MAP) sponsored by RBC Wealth Management (“RBC”). This is a dual contract program. Clients in the program enter directly into an investment advisory agreement with AAM after RBC has determined that AAM’s advisory services are appropriate for the client. The client will have a separate contract with RBC. MAP accounts are managed in the same strategy and manner as direct accounts of AAM. AAM charges and receives an asset-based management fee from the client which is separate from RBC’s fee. As of December 31, 2024, the Adviser managed $855 million in assets, consisting of over $843 million in discretionary assets, $12 million in non-discretionary assets. The Adviser issues quarterly update letters to clients, prospective clients, consultants and business and financial media. These newsletters address the Adviser’s investment strategies, views of the current and historical market, and economic conditions. Letters may also discuss specific securities or industry sectors. FEES AND COMPENSATION For its services the Adviser will generally receive a fee based on a percentage of account value. For equity and combination equity and fixed income portfolios, the Adviser’s basic fee schedule will be: 1.10% up to $1,000,000 in market value 1.00% over $1,000,000 in market value For mutual fund portfolios, the Adviser will charge .50% of the market value of the account. 4  For fixed income portfolios, the Adviser will charge .50% of the market value of the account. For other services, such as pension consulting, the Adviser may charge a per-project rate. All fees may be negotiated based upon the account size and services provided. The market value of household and related accounts may be aggregated for fee purposes. Rates are subject to change from time to time upon 30 days written notice to the client. . Clients may choose to have their fees deducted from their portfolio or pay by check. Fees for the Adviser’s services are payable quarterly and deducted in advance based upon the market value of the account at the end of the previous calendar quarter. The initial valuation of the account is determined by the Adviser at inception. Fees will be pro-rated for new accounts and terminating accounts OTHER TYPES OF FEES OR EXPENSES Fees that clients may pay in connection with the Adviser’s services may include, but are not limited to: custodian transaction fees, or when trading away, brokerage commissions, negotiated at institutional rates, which generally range from .03¢ per share to .06¢ per share, prime broker trade away charges of $20-25 per transaction, and other fees (e.g. margin interest, checking-related charges, wire transfer fees, annual custodial fees, mutual fund expenses). Neither the Adviser nor any of our supervised persons accepts compensation for the sale of securities or other investment product which includes asset-based sales charges or service fees from the sale of mutual funds. REFUND OF FEES UPON TERMINATION Clients will enter into written contracts with the Adviser to receive advisory services for an initial term of one year and will be automatically extended from year to year unless terminated. A client may terminate a contract for any reason at any time upon written notice. If a client terminates the written contract within five business days of execution, any fees paid by the client will be fully refunded and no further fees will be due. Thereafter, if the contract is terminated after a quarterly fee has been paid out, but before the services for the quarter have been fully performed, the Adviser will refund to the client a pro rata portion of that quarter’s fee. The pro rata portion of the refund will be calculated as follows: st day of quarter until day the written Number of days in quarter terminated from 1 termination notice is received Divided by Number of total days in full quarter terminated Multiplied by Applicable Advisory fees prepaid for terminated quarter Equals Refund This refund amount will be adjusted for the five-day grace period noted above if the written contract is terminated before the initial one-year period. The client, if qualified for a refund due to termination of the written contract, needs only to provide written notice of termination to Adviser. 5  TYPES OF CLIENTS The Adviser generally provides investment advice to individuals, investment companies, pension and profit-sharing plans, trusts, estates or charitable organizations as well as corporations or business entities other than those listed above. The minimum account size is $2,000,000. The Adviser reserves the right to waive the account minimum requirement at the discretion of J. Jeffrey Auxier, President of the Adviser. METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISKS SECURITIES ANALYSIS The Wall Street Journal Barron’s and The Adviser relies primarily on fundamental financial analysis in making investment decisions. The Adviser’s decisions are based upon conventional financial statement analysis and measures of value such as dividend yields, price to earnings, price to sales, and price to cash flow ratios. The Adviser uses information obtained from annual reports, prospectuses, SEC filings, press releases, , trade journals and research financial publications such as materials prepared by others. INVESTMENT STRATEGIES The Adviser evaluates domestic and international companies traded on the major exchanges using a value-oriented approach with client objectives and long-term growth in mind. The Adviser monitors the operating fundamentals of the companies held in clients’ portfolios. The Adviser researches to find compelling, undervalued companies that ideally exhibit the following attributes: strong or improving fundamentals, consistency in operating results, a substantial advantage over competition (strong franchise), a demonstrated ability to earn high rates of return on capital, understandable products, honest, competent shareholder-oriented management, and intelligent capital allocation policies. The investment candidates are then screened to determine what price represents good value with low risk and above average returns. The Adviser will generally diversify a portfolio with ideal position sizes of 3% to 6% of portfolio value. Companies may be held indefinitely if operating fundamentals continue to improve and the price is reasonable. The Adviser primarily manages equity and balanced accounts using a value-oriented approach. Asset allocation decisions are based upon client objectives and value rather than upon economic forecasts. The Adviser will tend to pursue an investment blend of equity securities in medium to large U.S. companies, though the Adviser may invest in any size market capitalization and in growth or value securities. Certain sectors of the market are likely to be more heavily weighted than others as the Adviser will focus on sectors it believes demonstrate the best fundamentals for growth at a reasonable price and value. The Adviser may invest in foreign securities, including American Depositary Receipts (ADRs). In the fixed income component of balanced portfolios, the Adviser will seek to identify improving situations where credit quality will be upgraded. Upgraded credit quality coupled with coupon income can lead to lower risk than is assumed with the ownership of equities. Upon request, the Adviser will structure a laddered bond portfolio for a client, where interest payments and bond maturities occur systematically over a predetermined period. 6  INVESTMENT RISKS • Investing in securities involves a risk of loss that advisory clients should be prepared to bear. If you are not prepared to bear the risk of loss, the Adviser’s services are not suitable for you. Potential investment risks may include: • • • • • • • • • • • • General Market Risk. The investment return of a client’s account will fluctuate based upon changes in the value of the securities in the account. The account could lose money or underperform other investments. Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets could negatively affect issuers worldwide, which could have an adverse effect on a client’s account. ADR Risk. ADRs may be subject to some of the same risks as direct investments in foreign companies, as noted in “Foreign Investments Risk” below. In addition, ADRs may not track the price of the underlying securities perfectly. Company Risk. A client’s account value can fluctuate in response to the activities and financial prospects of an individual company in the account. The value of an individual company can be more volatile than the market as a whole. Equity Risk. A client account is subject to the risk that stock prices may fall over short or extended periods of time. Common stocks are generally subordinate to an issuer’s other securities. Fixed-Income Securities Risk. An increase in interest rates typically causes a fall in the value of the debt securities which may be held in a client account. Securities rated below investment grade are subject to greater risk of loss than higher rated securities. Issuers may increase/decrease prepayments of principal when interest rates fall/rise, affecting the maturity of a debt security and causing the value of the security to decline. Foreign Investments Risk. Foreign securities are subject to additional risks including international trade, currency, political, regulatory and diplomatic risks. Growth Company Risk. Securities of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general. Large Capitalization Company Risk. Securities of companies with large market capitalizations go in and out of favor based on market and economic conditions and may underperform other market segments. Management Risk. Client accounts are actively managed, and performance will reflect the Adviser’s ability to make investment decisions that are suited to achieving the account objectives. Regardless of active management, accounts could underperform other accounts with similar objectives. Mid-Capitalization Company Risk. The stocks of mid-capitalization companies may entail greater risk, and their prices may fluctuate more than those of the securities of larger, more established companies. Sector Risk. Client accounts over-weighted in a sector may experience a greater impact from a negative development in that sector than an account that is not over-weighted in that sector. Value Company Risk. The stock of value companies may continue to be undervalued for long periods of time and may not realize its expected value. CASH BALANCES The Adviser may hold all or a portion of client assets in cash instruments (such as money markets, certificates of deposit and cash deposit accounts) depending on the advisory client’s objectives as 7  well as other conditions that may make it advantageous to do so either on a temporary or permanent basis. DISCIPLINARY INFORMATION There are no past or currently pending disciplinary events involving Auxier Asset Management LLC, any management person or employee of the firm. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Auxier Asset Management LLC has an arrangement with Atlantic Fund Administration, LLC and its subsidiaries to provide administration, fund accounting and transfer agency services to the Auxier Focus Fund. AAM is the Adviser to the Auxier Focus Fund, a mutual fund from which the Adviser receives a monthly management fee equal to 0.80% (annualized) of the average daily net assets of the mutual fund. The Adviser pays certain operating and marketing expenses of the Fund. The Adviser recommends and sometimes purchases this mutual fund for advisory clients. This practice presents a conflict of interest and could give the Adviser an incentive to recommend the investment product based on the compensation received rather than on the clients’ needs. Advisory clients are informed of the conflict before the mutual fund is purchased for them. They are not charged advisory fees on assets invested in the Auxier Focus Fund. Advisory clients have the option to purchase the Auxier Focus Fund direct through Atlantic Fund Services (transfer agent) or through intermediaries such as Charles Schwab & Co., Inc., Fidelity and other brokers not affiliated with the Adviser. Foreside Fund Services, LLC (“Foreside”) is the distributor of Auxier Focus Fund. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Auxier Asset Management LLC, as a matter of policy and practice, and consistent with industry best practices and SEC requirements (Investment Advisers Act of 1940, rule 204A-1 and Investment Company Act of 1940, Rule 17j-1) has adopted a written Code of Ethics covering all supervised persons, a summary of which is contained herein. A complete copy of AAM’s Code of Ethics will be provided to any client or prospective client on request. Our firm’s Code of Ethics requires high standards of business conduct, compliance with federal and state securities laws, reporting and recordkeeping of personal securities transactions and holdings, reviews and sanctions. The Adviser does not act as principal (buying securities from or selling securities to any client or Other Financial Industry other person). The Adviser does not act as a broker or agent (effecting transactions for Activities and Affiliations compensation for any client or other person). As discussed in the section above, the Adviser may recommend shares of the Auxier Focus Fund (in which it has a financial interest) to clients. The Adviser may buy or sell for itself securities that it also recommends to clients. The Adviser may invest its idle cash to earn income. Advisory representatives may purchase securities that the Adviser recommends to its clients for their own accounts. To prevent possible conflicts of interest, the Adviser places the following restrictions on its advisory representatives and associated persons: 8  • • • • All advisory representatives are required to subscribe to and be bound by Auxier Asset Management’s Code of Ethics. A copy of which is available upon request. Representatives must seek prior approval before execution of personal securities transactions. All employees are required to report personal securities transactions. Adviser to the Auxier Focus Fund, J. Jeffrey Auxier, is prohibited from redeeming shares of the Auxier Focus Fund while serving as Manager of the Fund. BROKERAGE PRACTICES AAM does not maintain custody of your assets that we manage, although we may be deemed to have custody of your assets if you give us authority to withdraw assets from your account (see Custody, below). Your assets must be maintained in an account at a “qualified custodian,” generally a broker-dealer or bank. We request that our clients use Charles Schwab & Co., Inc. (Schwab), a registered broker-dealer, member SIPC, as the qualified custodian. We are independently owned and operated and are not affiliated with Schwab. Schwab will hold your assets in a brokerage account and buy and sell securities when we instruct them to do so. While we request that you use Schwab as custodian/broker, you will decide whether to do so and will open your account with Schwab by entering into an account agreement directly with them. We will assist you in doing so. Even though your account is maintained at Schwab, we may still use other brokers to execute trades for your account as described below. We seek to select a custodian/ broker that will hold your assets and execute transactions on terms that are, overall, most advantageous when compared with other available providers and their services. We consider a wide range of factors, including: • • • • • • • • Combination of transaction execution services and asset custody services (generally without a separate fee for custody) Capability to execute, clear, and settle trades (buy and sell securities for your account) Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payment, etc.) Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds [ETFs], etc.) Availability of investment research and tools that assist us in making investment decisions Quality of services Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices Reputation, financial strength, security and stability AGGREGATED TRADES Auxier Asset Management LLC will seek to provide fair and equitable treatment for each client in the selection of investments and the allocation of investment opportunities among AAM clients. AAM will aggregate client orders where permissible, and by custodian, to obtain best execution. In some instances, aggregating trades could adversely affect a given client. However, AAM believes that aggregating trades generally benefits clients as aggregate orders allow us to execute trades in a timelier and more equitable manner and AAM’s clients do not compete with one another 9  trading in the market. Directed brokerage trades in a particular security are typically executed separately from AAM’s other client trades. In instances where transactions are not effected simultaneously, but on the same day, a client will receive an average price based upon the total transaction executed at the same custodian, with transaction costs allocated pursuant to the applicable custodian fee schedule for the particular account. The following items are considered on each allocation:            Aggregation must be for best execution; no client may be favored over any other; no sales/purchase/trades or swaps are allowed between employees and affiliated persons including Jeff Auxier and the Auxier Focus Fund or any managed advisory account by AAM; average price must be used for all block trades in one security, at same custodian, for one day; portfolio manager will provide trader an allocation statement, which may be oral, describing the plan of allocation; the portfolio manager’s plan of allocation is customized at his discretion utilizing his knowledge of the client’s investment objectives, risk tolerance, time horizon and level of financial knowledge; if the aggregated order is filled in its entirety, it will be allocated among clients in accordance with the allocation statement; if the order is partially filled, it will be allocated pro-rata (typically 50 share minimum, depending on share price) based on the allocation statement – OR – It may be allocated on the basis of cash availability or need. The portfolio manager will make this decision on the basis of the number of shares available to allocate; notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the Allocation Statement if all client accounts receive fair and equitable treatment and the reason for different allocation is explained in writing and is approved in writing by adviser's Chief Compliance Officer as soon as practicable after execution; adviser will receive no additional compensation of any kind as a result of the proposed aggregation; individual investment advice and treatment will be accorded to each advisory client; each trade is reflected in the Advisor’s portfolio management system for each client’s account the following business day, from the custodial download or by manual entry where no download is available. Note: On orders that require a large number of shares to fill the Portfolio Manager may utilize an extended allocation, trading the stock in smaller blocks over a period of time, until all client accounts (with sufficient cash) for which the investment is deemed appropriate have received an allocation. The period of time can vary from days to weeks or even longer if the security being traded moves outside of the Portfolio Manager’s target price range. To assure fairness in the allocation of investment opportunities, the Adviser conducts periodic reviews of account returns, turnover and price testing. Eligible clients will be allocated stock (in the pre-trade allocation) in descending order of highest cash value, as a percentage of total account value. RESEARCH AND OTHER SOFT DOLLAR BENEFITS The Adviser may consider the value of proprietary research and other services provided by a custodian/broker. Clients may pay commissions higher than those obtainable from other brokers in return for these products and services. Research obtained thusly will be used to service all the Advisers accounts. The use of client brokerage commissions to obtain research is a benefit to the Adviser, as the Adviser then does not have to produce or pay for the research. This poses a potential conflict of interest as the Adviser may have incentive to select or recommend a broker- dealer based on receiving such research. Within the last fiscal year, the Adviser acquired only 10  proprietary research from a limited number of broker-dealers with client brokerage commissions. The Adviser maintains no written soft dollar agreements and is not obligated to direct transactions to any particular broker-dealer. The Adviser determines, at its discretion, when and which transactions to direct in return for soft dollar benefits. The Adviser, as a matter of policy and practice seeks to obtain best execution for client transactions, i.e., seeking to obtain not necessarily the lowest commission but the best overall qualitative execution in the circumstances. BROKERAGE FOR CLIENT REFERRALS The Adviser does not consider the receipt of client referrals in the selection or recommendation of a broker-dealer. DIRECTED BROKERAGE Upon written request, clients may choose to direct brokerage (away from their custodian/broker) to a specific broker-dealer. It must be noted that the Adviser may not be able to achieve best execution of client transactions in this case. Directing brokerage may cost clients more money. For example, in a directed brokerage account, the client may pay higher brokerage commissions because the Adviser may not be able to negotiate lower commissions or aggregate orders to reduce transaction costs. Generally, trades for advisory clients that are directed to a broker-dealer “away” from the custodian are of a size greater than 1000 shares per account, due to the added charge that custodians may impose for prime broker away-trades. Commissions are typically more favorable to clients when trades are placed with their account custodian. COMMISSION NEGOTIATION The Adviser negotiates commissions on behalf of clients. The Adviser’s ability to negotiate standard commission rates at a custodian/broker-dealer may be based in part on the total assets custodied with the broker-dealer. Commissions may also be negotiated on a per-trade basis at broker-dealers with whom the Adviser does not have a custodial relationship. The Adviser’s ability to negotiate commissions may be dependent upon the size of a particular trade, or by the volume of trades regularly executed through a particular broker. REVIEW OF ACCOUNTS Client accounts are reviewed regularly by the Adviser. The Adviser determines the appropriate portfolio actions to be taken for each client’s account, based upon the client’s investment objectives as well as current economic and market conditions. In addition, the Adviser will review, at least quarterly, the positions held in the client’s account. The Adviser reviews asset allocation, performance, and client investment objectives. J. Jeffrey Auxier, President and CEO reviews all accounts. The Adviser relies on the custodian to furnish reports of transactions and holdings to advisory clients on a monthly basis. The Adviser provides reports to clients on a quarterly basis, which will include the following: portfolio appraisal, income and expense, realized gain/loss, purchase/sale, performance history, account performance versus comparable (in the Adviser’s opinion) indexes and a statement of management fees. 11  INVESTMENT PERFORMANCE The Adviser reports investment performance (rate of return) of portfolio composites both gross and net of management fees in comparison to the S&P 500 Index and the Russell 1000 Value Index using the requirements set forth by the Global Investment Performance Standards (GIPS). The historical performance results are based on fully discretionary accounts under management, including those accounts no longer with the firm. The composites consist of accounts that were managed with a view toward capital appreciation. Accounts included in the composites must be under management by the Adviser for at least one full quarter before entering a composite. Independent verification and examination reports on composites and composite data are available upon request. Historic performance results are not a guarantee of future results. Returns may fluctuate and may be negative. CLIENT REFERRALS AND OTHER COMPENSATION The Adviser receives no additional economic benefit for providing investment advice or other advisory services to its clients from someone who is not a client, except as noted above. The Adviser provides no compensation, direct or indirect, for client referrals. CUSTODY The Adviser does not maintain physical custody of client assets, although the Adviser may be deemed to have custody of client assets if authority to withdraw advisory fees directly from accounts under management is granted by the client. The custodian, which is a broker-dealer, selected by the client maintains actual custody of client assets. Clients will receive account statements from their custodian and should carefully review those statements. The Adviser strongly urges clients to compare the account statements they receive from their custodian, to the reports they receive from the Adviser. The Adviser may also be deemed to have custody of client assets where one or more of its employees has been requested by a client to serve as trustee. Those accounts will be subject to an annual surprise audit by an independent auditor. INVESTMENT DISCRETION With respect to clients over which the Adviser has investment discretion, the Adviser will have authority to determine, without obtaining specific client consent, the: securities to be bought or sold, amount of the securities to be bought or sold, broker or dealer to be used and the commission rates to be paid. Clients may impose limitations on the Adviser’s discretion by notice in writing. These limitations could include retaining the right to vote proxies, restrictions on investment objectives and specific investments or types of securities. Procedures followed before the Adviser assumes this authority include the following: • • • New clients are asked to complete an “AAM Investor Profile” to document objectives and risk tolerance. The client is provided this document, Form ADV Part II, the “Brochure.” The client and Adviser execute an “Investment Advisory Agreement.” 12  VOTING CLIENT SECURITIES Generally, the Adviser will vote client securities, unless the client has opted to retain voting rights. In accordance with SEC Rule 206(4)-6, the Adviser has adopted proxy voting policies and procedures. The key objectives of these policies and procedures recognize that a company’s management is entrusted with the day-to-day operations and longer-term strategic planning of the company, subject to the oversight of the company’s board of directors. While “ordinary business matters” are primarily the responsibility of management and should be approved solely by the corporation’s board of directors, these objectives also recognize that the company’s shareholders must have final say over how management and directors are performing, and how shareholders’ rights and ownership interests are handled, especially when matters could have substantial economic implications to the shareholders. Therefore, the Adviser will pay particular attention to the following matters in exercising proxy voting responsibilities as a fiduciary for clients: Accountability . Each company should have effective means in place to hold those entrusted with running a company’s business accountable for their actions. Management of a company should be accountable to its board of directors and the board should be accountable to shareholders. Alignment of Management and Shareholder Interests . Each company should endeavor to align the interests of management and the board of directors with the interests of the company’s shareholders. For example, we generally believe that compensation should be designed to reward management for doing a good job of creating value for the shareholders of the company. Transparency . Promotion of timely disclosure of important information about a company’s business operations and financial performance enables investors to evaluate the performance of a company and to make informed decisions about the purchase and sale of a company’s securities. A complete copy of the Adviser’s Proxy Voting Policies and Procedures are available upon request, by calling 1-800-835-9556. Upon request we will provide each client, without charge, information regarding the proxy votes cast by us with regard to the client’s securities. In some instances, a proxy vote may present a conflict between the interests of a client, on the one hand, and the Adviser’s interests or the interests of a person affiliated with the Adviser, on the other. In such a case, a Proxy Voting Committee will make the voting decision. FINANCIAL INFORMATION The Adviser considers fiscal responsibility an important issue, and is currently, and intends to remain, debt free. The Adviser welcomes questions from clients regarding its financial situation at any time. The Adviser does not require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, and therefore does not include an audited balance sheet as part of this Brochure. 13  EDUCATIONAL STANDARDS Advisory persons associated with AAM must, at a minimum, possess a bachelor’s degree, in an applicable area of study, and/or five years of relevant industry experience. 14  BROCHURE SUPPLEMENT: ADV PART 2B Auxier Asset Management LLC 15668 NE Eilers Road Aurora, Oregon 97002 www.auxierasset.com 800-835-9556 503-885-8807 December 31, 2024 This brochure supplement provides information about J. Jeffrey Auxier that supplements the Auxier Asset Management LLC (AAM) Brochure. AAM’s brochure is attached and precedes this supplement. Please contact Lillian Widolff if you have any questions about the contents of this supplement. information about J. Jeffrey Auxier is available on the SEC’s website at Additional www.adviserinfo.sec.gov. 15  EDUCATION AND BUSINESS BACKGROUND J. Jeffrey Auxier Birth Year: 1959 B.S., Finance Education: 1978-1981 University of Oregon Eugene, Oregon Professional Designations: Series 7, 63 and 65 licenses President Business Background: 7/1999 - present Auxier Asset Management LLC 15668 NE Eilers Road Aurora, OR 97002 Senior Vice President – Investments, 10/1982-7/1998 Salomon Smith Barney, Inc. 121 SW Morrison Street, Suite 1600 Senior Portfolio Management Director Portland, OR 97204 DISCIPLINARY INFORMATION There is no disciplinary information to disclose for J. Jeffrey Auxier. OTHER BUSINESS ACTIVITIES & ADDITIONAL COMPENSATION Auxier Family Farms, LLC is a family held limited partnership in which J. Jeffrey Auxier is a member. The family partnership is actively engaged in farming, which includes hazelnuts as well as timber. J. Jeffrey Auxier receives distributions from the partnership and as manager of the partnership has the ability to receive compensation for acting as manager. Endicott, LLC is a family held limited liability company formed to own real property and produce a farming / rental income from the property. Filbert Bluff Farms, LLC is a family held limited liability company formed to own real property and produce income from the property. Auxier Resources No. 1 LLC is a limited liability company of which Auxier Asset Management LLC is the Managing Member. The LLC is engaged in agricultural / natural resource real estate investments. Currently the company is solely invested in real property in Dayville, Oregon. Moriah Hills, LLC is a family held limited liability company of which J. Jeffrey Auxier is the Managing Member. The LLC was formed to hold real property and produces rental income. J. Jeffrey Auxier serves as President and director for The Elijah J Auxier Foundation, a 501(c)3 established to support cardiac research and provide support for pediatric patients & their families. Auxier Asset Management provides investment management for the Foundation. Neither Mr. Auxier nor AAM receive compensation from the Foundation. 16