Background and Ownership Structure Recurrent is a Texas limited liability company located Houston, Texas. Recurrent was formed on April 19, 2017, for the purpose of providing discretionary investment advisory services to U.S. open-end investment companies registered under the Investment Company Act of 1940, as amended, and to separately managed accounts whose investors include large institutions and high net worth individuals, including but not limited to, state and local pensions, corporate pensions, endowments and foundations, regional banks, and family offices. Recurrent filed its initial registration as an investment adviser with the SEC on May 30, 2017 and was granted effective registration by the SEC on June 30, 2017, under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Registration of an investment adviser does not imply any level of skill or training. Recurrent was co-founded by its two co-managing principals, Messrs. Mark J. Laskin and Bradley R. Olsen (each, a “Principal” and together, the “Principals”). In October 2017, Recurrent launched a U.S. open-end investment company with a multi-series third-party trust that is an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Advisory Services Recurrent’s portfolio management and investment advisory services are offered (directly or indirectly through a sub-advisory arrangement with the client's primary investment adviser) to registered investment companies, single-investor funds, discretionary advisory programs, commingled investment vehicles, and institutional investors through separate account management. Recurrent currently provides portfolio management and investment advisory services as an investment adviser on a discretionary basis through the following types of products: (i) an investment company registered under the 1940 Act (the “Fund”); and (ii) high net worth individuals, corporations, and pooled investment vehicles through separately managed accounts (the “Separate Accounts”). The Fund and Separate Accounts are each, a “Client” and collectively, the “Clients”1. The types of Clients to which Recurrent provides investment management services are more fully disclosed in Recurrent’s Form ADV Part 1 and summarized in Item 7 – Types of Clients of this Brochure. Recurrent’s investment strategies employ an energy and natural resources sector focus by primarily investing in publicly-traded equity and debt securities of U.S. energy and natural resources companies. Recurrent considers U.S. natural resources companies to be companies operating in the United States in a capacity related to the supply, production, distribution, refining, transportation, and consumption of natural resources. Primary categories of the natural resources include: 1 As an SEC-registered investment adviser, Recurrent owes a fiduciary duty to all of its Clients. An investment in a Fund by an investor or shareholder does not, in and of itself, create an advisory relationship between the investor or shareholder and Recurrent. Investors or shareholders are not permitted to impose restrictions or limitations on the management of any Fund. In 2006, the decision by the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect to funds, clarified that the “client” of an investment adviser to a fund is the fund itself and not an investor in the fund.
• Energy Companies (Supply-Side Oriented) – companies across the energy supply chain spectrum, including upstream, midstream, and downstream energy companies (i.e., companies engaged in exploration and production; gathering, transporting, and processing; and marketing and distribution, respectively), of various energy sources such as natural gas, crude oil, refined products, coal, and electricity, as well as companies that provide services to oil and gas companies.
• Natural Resources/Industrial Companies – chemical, metal, industrial, consumer, and manufacturing companies and engineering and construction companies involved in the production, processing, distributing, and transporting of natural resources.
• Infrastructure Companies – companies which manufacture, install, own, operate, or service assets that enable the connectivity of the supply and demand of natural resources.
• Transportation and Logistics Companies – companies that provide solutions for transportation and logistics to the U.S. manufacturing industry. Additionally, Recurrent focuses its investments on energy infrastructure companies and master limited partnerships (“MLPs”), which own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, or electricity or that

provide energy related equipment or services. Recurrent offers several investment strategies to Clients and in doing so may invest in a wide range of securities and other financial instruments, including: equity securities of domestic and foreign issuers (both publicly and privately traded); corporate debt securities of domestic and foreign issuers (both publicly and privately traded); derivative securities, including, but not limited to, futures, options, swaps, and forward contracts; warrants; commercial paper; foreign currency contracts; registered investment company securities, including exchange‐traded funds (“ETFs”); and U.S. government securities. As financial markets and products evolve, Recurrent may invest in other instruments or securities, whether currently existing or developed in the future, when consistent with the Client’s investment guidelines, objectives, and policies. Generally, Recurrent invests for long‐term growth of capital and income. Within that framework, a Client’s objectives and unique circumstances may dictate that short‐term positions be taken. Recurrent’s primary objective is to manage assets in securities of companies focused on the energy and natural resources industry while employing an investment strategy appropriate to the Client’s investment goals and objectives. Recurrent’s advisory services consist of managing each of its Client’s portfolios, including sourcing, selecting, determining investments in, and monitoring investments in and the execution of transactions on behalf of its Clients. Recurrent is generally responsible for investing and re-investing the assets of each Client account in accordance with the investment objectives, policies, and guidelines established by its Clients. With respect to any Client, this Brochure is qualified in its entirety by the Clients’ offering memorandum, prospectus and statement of additional information, investment management agreement, or other similar disclosures and governing documents (collectively, the “governing documents”). Recurrent tailors its investment advice to the specific needs of its Clients and is subject to applicable investment restrictions set forth in the governing documents for each respective Client. Recurrent works with Clients to formulate appropriate and agreed-upon investment guidelines. Recurrent works with Clients to determine the feasibility of monitoring proposed restrictions and limitations. Clients who restrict their investment portfolios may experience potentially worse performance results than Clients with unrestricted portfolios even for Clients with similar objectives. Recurrent reserves the right to reject or terminate any Client that seeks restrictions which Recurrent is unable to implement or which may fundamentally alter the investment objective of the strategy selected by the Client. Investors who participate in pooled investment vehicles, such as U.S. registered investment companies, may generally not tailor investment guidelines. When Recurrent serves as investment adviser, it enters into a written investment management agreement with each of its advisory Clients. Investors in pooled investment vehicles are not considered as Recurrent’s advisory Clients and do not enter into investment management agreements with Recurrent. Investment management agreements include provisions related to each Client’s management fees, investment strategy, investment guidelines, termination rights, proxy voting, and sub-adviser, if applicable. Recurrent’s standard investment management contract generally permits either party to terminate the contract at the end of any calendar quarter following 30 days’ written notice or at any time following 60 days written notice for pooled investment vehicles. Upon termination, Clients are billed only for the pro-rata portion of the management period. Clients do not pay a termination fee. Should Recurrent serve as a sub-adviser, Recurrent would enter into a sub-advisory agreement with an unaffiliated investment adviser. These sub-advisory agreements typically include information related to Recurrent’s sub-advisory fee, investment strategy, investment guidelines, termination rights, and proxy voting. The adviser enters into an investment management agreement with the end client. Wrap Fee Disclosure Recurrent does not participate in or sponsor any wrap fee programs. Regulatory Assets Under Management As of December 31, 2023, Recurrent managed approximately $782,237,028 of advisory assets, of which all were on a discretionary basis and none were on a non-discretionary basis. The SEC has adopted a uniform method for advisers to calculate assets under management for regulatory purposes which it refers to as an adviser’s “regulatory assets under management.” Regulatory assets under management are generally an adviser’s gross assets, i.e., assets under management without deduction for outstanding indebtedness or other accrued but unpaid liabilities. Recurrent reports its regulatory assets under management in Item 5 of Part 1 of Form ADV which you can find at www.adviserinfo.sec.gov.