Goehring & Rozencwajg Associates, LLC (GRA) was established in 2015 and is wholly owned by its two Managing Partners, Leigh R. Goehring and Adam A. Rozencwajg. GRA provides investment advisory services to separately managed accounts, private funds and pooled investment vehicles including but not limited to those registered under the Investment Company Act of 1940, as amended (the 1940 Act and, with respect to such fund, the Fund). GRA also provides investment sub-advisory services to a UCITS fund. GRA seeks to generate superior long-term investment returns by focusing on investments in the Global Natural Resources sector. These investments most often consist of the common equity and fixed income securities of companies that produce or help to support the global natural resource industries, including but not limited to energy, precious and base metal mining, ferrous metal and non-ferrous mining, agriculture and shipping. GRA may also invest in the listed derivative options of natural resource related companies. At times, GRA may seek to generate superior investment returns by investing directly in physical commodities or associated futures and options. At present, GRA expects that its investment advice will be limited to investments in the Global Natural Resources sector. GRA currently offers investment advisory services on a fully discretionary basis, however on certain occasions it may agree to tailor its services by placing restrictions on certain types of securities (i.e., fixed income, options, physical commodities) or on certain sub-sectors (i.e., coal- related securities) or other restrictions based upon client needs. GRA’s willingness to agree to such restrictions will depend upon the nature of the client account, including the type of client, the nature of the restriction imposed, the size of the account and other business considerations. GRA may elect to forego

providing investment advisory services in the event that it does not agree to the limitations demanded by a prospective client. Accounts that are subject to such limitations may perform differently (and potentially less successfully) than other accounts managed by GRA that do not have such limitations. As the investment adviser for its clients, GRA’s services include portfolio management, investment research and analysis, and the securities trading capabilities needed for making investment decisions for such clients, as well as managing client assets on an ongoing basis and placing orders for the execution of securities transactions. GRA provides investment advice directly to its clients, subject to the discretion and control of the board of trustees or directors of the Fund or UCITS fund or the owner of the account, as applicable. GRA provides investment advisory services to each account in accordance with the account’s investment restrictions and guidelines, which are established in a written advisory agreement with the applicable client. GRA is the investment adviser to the Fund and has entered into an advisory agreement with the Fund that is subject to periodic review and continuance (generally annually) by the Fund’s board of 5 122942567_6 trustees, as required under the 1940 Act. GRA also is the sub-adviser to a UCITS fund and has entered into a sub-advisory agreement with the fund. GRA may in the future manage other investment funds established in accordance with foreign law or provide non-discretionary or consulting-based investment-related services to investment advisers. GRA may occasionally speak at industry events and conferences and charge a separate fee for such engagements. As of December 31, 2022, Goehring & Rozencwajg Associates, LLC managed $355,564,227 of client assets on a discretionary basis and advised on an additional $9,682,259.
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