Goehring & Rozencwajg Resources Fund Class A USD Accumulation

Objective: The investment objective of the Fund is to maximise total returns. Policy: The Fund pursues an actively-managed investment strategy and the Investment Manager will seek to achieve the Fund’s investment objective by primarily investing, at least 80% of the Net Asset Value of the Fund, in equity and equity-related securities of natural resources companies and other investments (including derivatives, specifically long and short positions in exchange traded futures and options, and exchange-traded funds (“ETFs”) domiciled within the European Union, including ETFs that are exposed to natural resources or commodities) that provide economic exposure to natural resources or natural resources companies as determined by the Investment Manager (together “natural resources investments”). ETFs will not exceed 10% of the Fund. Natural resources companies are U.S. and foreign global companies that may own, explore, develop, produce, refine, transport, or market natural resources or that provide related equipment, infrastructure, or services. Natural resources include energy commodities resources, such as oil, natural gas, coal and uranium; precious metals, such as gold, silver, platinum, palladium and rhodium; diamond; base metals, such as copper, lead and zinc; ferrous metals; agricultural commodities; and fertiliser commodities, such as potash, phosphate and nitrogen. The Fund will typically invest primarily in equity and equity-related securities consisting of common stock, preferred stock, convertible securities, rights and warrants and depository receipts. The Fund Investment Manager may purchase invest up to 10% of the Fund’s Net Asset Value in securities issued in private placements and initial public offerings (IPOs). Contingent Convertible Securities are not permitted. In addition, the Fund may invest up to 20% of the Net Asset Value of the Fund in debt securities of natural resources companies. These debt-securities shall be “investment-grade” corporate bonds (i.e., BBB- or better from S&P Global Ratings, Baa3 or better from Moody’s Investors Services, Inc. and BBB- or better from Fitch Investor Services, Inc.) as well as corporate bonds that are rated below “investment-grade” or are not rated by any rating agency. The Fund may invest in derivatives, specifically long and short positions in exchange traded futures and options in order to gain market exposure to natural resources or natural resources companies, enhance returns or hedge an existing position . The Fund may hold both U.S. and foreign securities (including in excess of 30% of Fund’s Net Asset Value in emerging market securities) and does not limit the proportion of securities held by geography. In addition, the Fund does not seek to limit its investments based upon market capitalisation and may hold securities of companies whose market capitalisation may range from very-small to very large. Benchmark: The Fund is actively managed and the investment objectives and strategy does not refer to a benchmark. Other information: A typical investor in the Fund may be an investor with a medium to long term time horizon of up to five years or more, seeks to maximise total returns, and who is willing to accept fluctuations (sometimes significant) in the Net Asset Value per share of the Fund during the short term. You can buy, Sell and convert your shares daily. The minimum intial investment for this share class is 1000 GBP or currency equivalent. Your Shares will be distributing. Income and capital gains may be distributed. The Fund Currency is USD. The Share Class Currency is GBP.