Audrey J. Charlebois

Acts as Closed-End Investment Fund/Investment Trust

Soundvest Capital Management employs a conservative, long-term approach to managing equity investments. They apply a rigorous buy/sell discipline to all investments. The firm focuses on the disciplined accumulation of securities at reasonable prices to maximize future cash flows for their clients. They take a top-down approach to selecting asset allocation and fixed-income portfolios and they take a bottom-up approach to equity security selection. In selecting equities, the firm identifies and invests in successful businesses that are run by experienced management teams, that have favorable microeconomic characteristics and are available at attractive prices. Soundvest employs risk reduction techniques to preserve capital. They look for firms with a sound cost control discipline, that make prudent assumptions for maintenance and growth capital expenditures, use debt conservatively, that use conservative accounting practices and that have sound corporate governance. Companies should also have a sustainable competitive position in their chosen market place, the ability to generate steady or growing free cash flow through various economic cycles, higher than average returns on equity and invested capital and low capital expenditure requirements. Soundvest seeks to invest in companies that are priced below their intrinsic value. However, if the intrinsic value of a company is growing at a meaningful rate, they may invest in such a corporation at its intrinsic value. The firm determines intrinsic values using the following methods: detailed discounted cash flow analysis, private market valuation analysis and comparative business analysis. Intrinsic value analysis is complemented with a proprietary quantitative model to determine the historical relationship between a company's share price and traditional valuation measures. Independent forecasts are made to identify businesses that offer a favorable upside reward profile relative to downside risk. Soundvest follows a conservative, disciplined and fundamentally based approach to fixed-income investing. They strive to construct high-quality, liquid, diversified portfolios with an emphasis on total rate of return while preserving capital against inflation over a full economic cycle. They use a measured approach to duration management, rather than making dramatic changes based on interest rate forecasts. The firm also continuously monitors market conditions and economic factors to ensure that portfolio durations are appropriate. They conduct their own due diligence with respect to credit quality and ensure that portfolios have appropriate credit diversification. While economic fundamentals drive their long-term approach, Soundvest also employs tactics to take advantage of periodic market opportunities to add value to client portfolios.

Acts as Closed-End Investment Fund/Investment Trust