# EDGAR Filing Document

**Accession Number:** 0001680255
**File Stem:** 0001049169-25-000501
**Filing Date:** 2025-10
**Character Count:** 58917
**Document Hash:** b989759509567e3f634e4cc849140ffe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000501.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001049169-25-000501

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goehring & Rozencwajg Investment Funds
- **CENTRAL INDEX KEY:** 0001680255

**ORGANIZATION NAME:**
- **EIN:** 816652260
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23177
- **FILM NUMBER:** 251432949

**BUSINESS ADDRESS:**
- **STREET 1:** 115 BROADWAY
- **STREET 2:** SUITE 05 141
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 646-216

**MAIL ADDRESS:**
- **STREET 1:** 115 BROADWAY
- **STREET 2:** SUITE 05 141
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006

## Series and Classes Contracts Data

### Goehring & Rozencwajg Resources Fund (Series ID: S000055275)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000173812 | Institutional Class Shares | GRHIX           |
| C000173813 | Retail Class Shares        | GRHAX           |

## Nport-Ex

Goehring & Rozencwajg Resources Fund Schedule of Investments

*August 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (95.9%)** |  |  |
| **ENERGY (32.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers (18.3%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 430844 | $13752540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birchcliff Energy, Ltd. | 2946163 | 13536454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. | 343630 | 10881763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 101016 | 3715368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 214281 | 3456353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 36522 | 5433013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 310983 | 16121358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 57929 | 5606369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 150714 | 7589957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 742776 | 25454933 |
|  |  | 105548108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment (14.3%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borr Drilling, Ltd.<sup>(a)</sup> | 552728 | 1608438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Corp. PLC | 598315 | 17243438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<sup>(a)</sup> | 247078 | 6028703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 96405 | 3551560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seadrill, Ltd.<sup>(a)</sup> | 898716 | 28678028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc.<sup>(a)</sup> | 3914 | 235623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valaris, Ltd.<sup>(a)</sup> | 498065 | 24738889 |
|  |  | 82084679 |
| **MATERIALS (63.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Agricultural Chemicals (5.5%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 226954 | 7580264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | 416545 | 24001323 |
|  |  | 31581587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Base Metal (11.1%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerigo Resources Ltd. | 1518150 | 2476176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | 341916 | 26460879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd.<sup>(a)</sup> | 160894 | 2819906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 119546 | 5307842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO<sup>(a)(b)</sup> | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 413690 | 4964220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> | 629853 | 5567711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 278870 | 3226595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mako Mining Corp.<sup>(a)</sup> | 288165 | 1305120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC<sup>(c)</sup> | 102466 | 4764669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 760449 | 5992338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 689701 | 1165112 |
|  |  | 64050568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals (0.6%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.<sup>(a)</sup> | 110354 | 3358072 |

---

*See Notes to Schedule of Investments*

Goehring & Rozencwajg Resources Fund Schedule of Investments

*August 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining (44.6%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Gold, Ltd.<sup>(a)</sup> | 1930366 | $372682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 622730 | 18962130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 45121 | 6731602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc.<sup>(a)</sup> | 402421 | 8456599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asante Gold Corp.<sup>(a)</sup> | 1907110 | 2319055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bannerman Energy, Ltd.<sup>(a)</sup> | 1943071 | 3636900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellevue Gold, Ltd.<sup>(a)</sup> | 2412250 | 1357680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boss Energy, Ltd.<sup>(a)</sup> | 1927040 | 2465552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixton Metals Corp.<sup>(a)</sup> | 7101600 | 413680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | 138275 | 3537075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp.<sup>(a)</sup> | 86133 | 17375610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean Metals, Inc.<sup>(a)(b)</sup> | 70046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 173131 | 12856708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep Yellow, Ltd.<sup>(a)</sup> | 4507203 | 5353778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 1978924 | 4591104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Energy Corp.<sup>(a)</sup> | 614418 | 1462315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 615496 | 7115134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)</sup> | 1189295 | 10400432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erdene Resource Development Corp.<sup>(a)</sup> | 5758877 | 5367432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foran Mining Corp.<sup>(a)</sup> | 2767440 | 6065456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founders Metals, Inc.<sup>(a)</sup> | 555027 | 1656978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G Mining Ventures Corp.<sup>(a)</sup> | 369172 | 5534825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO<sup>(b)</sup> | 285500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 2051778 | 3630408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenheart Gold, Inc.<sup>(a)</sup> | 313582 | 152984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Metal Resources PLC<sup>(a)</sup> | 3751968 | 3980881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gunnison Copper Corp.<sup>(a)</sup> | 635000 | 121373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hercules Metals Corp.<sup>(a)</sup> | 2343470 | 1416303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | 1460787 | 13242034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.<sup>(a)</sup> | 899621 | 8024619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(a)</sup> | 270244 | 3048079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loncor Gold, Inc.<sup>(a)</sup> | 6917200 | 3777551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Andes Copper, Ltd.<sup>(a)</sup> | 98742 | 542835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera Alamos, Inc.<sup>(a)</sup> | 2991681 | 773326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montage Gold Corp.<sup>(a)(c)</sup> | 1388966 | 5542312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Province Diamonds, Inc.<sup>(a)</sup> | 317715 | 11567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)</sup> | 604059 | 4131764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omai Gold Mines Corp.<sup>(a)</sup> | 1422055 | 952627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orezone Gold Corp.<sup>(a)</sup> | 4521827 | 3753510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orla Mining, Ltd.<sup>(a)</sup> | 624721 | 6896108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.<sup>(a)</sup> | 1068228 | 5487951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 131178 | 4449558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Metallic Mines, Inc.<sup>(a)</sup> | 3486680 | 3554339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd. | 1781071 | 13482707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(a)</sup> | 461966 | 7743443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 18700 | 31603 |

---

*See Notes to Schedule of Investments*

Goehring & Rozencwajg Resources Fund Schedule of Investments

*August 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining (continued)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triple Flag Precious Metals Corp. | 53194 | $| 1454812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Co. RUSAL International PJSC<sup>(a)(b)</sup> | 1326798 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 911721 |  | 9746297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ur-Energy, Inc.<sup>(a)</sup> | 1736196 |  | 2413312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 249774 |  | 11343236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. ADR | 1413889 |  | 10823320 |
|  |  |  | 256561586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Precious Metal Mining (1.5%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 255720 |  | 8891128 |
| **TOTAL COMMON STOCKS** |  |  |  |
| (Cost $381,861,474) |  |  | 552075728 |
| **MUTUAL FUND (2.6%)** | **MUTUAL FUND (2.6%)** | **MUTUAL FUND (2.6%)** | **MUTUAL FUND (2.6%)** |
| **MATERIALS (2.6%)** | **MATERIALS (2.6%)** | **MATERIALS (2.6%)** | **MATERIALS (2.6%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Base Metal (2.6%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>(a)</sup> | 802216 |  | 14679206 |
| **TOTAL MUTUAL FUND** |  |  |  |
| (Cost $8,777,355) |  |  | 14679206 |
| **WARRANTS (0.1%)** | **WARRANTS (0.1%)** | **WARRANTS (0.1%)** | **WARRANTS (0.1%)** |
| **MATERIALS (0.1%)** | **MATERIALS (0.1%)** | **MATERIALS (0.1%)** | **MATERIALS (0.1%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining (0.1%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixton Metals Corp. Warrants, Expires 11/21/2025, Strike Price $0.23 | 2395500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Metal Resources Warrants EXP 08/28/2026, Expires 08/28/2026, Strike Price $0.01 | 1597128 |  | 831096 |
|  |  |  | 831096 |
| **TOTAL WARRANTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  |  | 831096 |

---

*See Notes to Schedule of Investments*

Goehring & Rozencwajg Resources Fund Schedule of Investments

*August 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS (1.0%)** | **SHORT-TERM INVESTMENTS (1.0%)** | **SHORT-TERM INVESTMENTS (1.0%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management, <br> Institutional Class (7 day yield 4.121%) | 5520409 | $5520409 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| (Cost $5,520,409) |  | 5520409 |
| **TOTAL INVESTMENTS - (99.6%)** |  |  |
| (Cost $396,159,238) |  | 573106439 |
| **Assets in Excess of Other Liabilities - (0.4%)** |  | 2298199 |
| **NET ASSETS - (100.0%)** |  | $575404638 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *Level 3 security in accordance with fair value hierarchy.*

*<sup>(c)</sup>* *Securities were originally issued pursuant to Rule 144 or Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of August 31, 2025, the aggregate market value of those securities was $10,306,981, which represents approximately 1.79% of net assets.*

---

| | |
|:---|:---|
| **COUNTRY COMPOSITION** | **COUNTRY COMPOSITION** |
| **(As of August 31, 2025)** | **(As of August 31, 2025)** |
| Canada | 41.9% |
| United States | 36.8% |
| South Africa | 9.2% |
| Great Britain | 7.4% |
| Australia | 3.2% |
| Kazakhstan | 0.8% |
| Bermuda | 0.3% |
| Russia | 0.0% |
| **Total** | **99.6%** |

---

*Percentages are based upon common stocks, rights, warrants, corporate bonds, private securities and short-term investments as a percentage of net assets.* 

*See Notes to Schedule of Investments*

Goehring & Rozencwajg Resources Fund

Notes to Schedule of Investments

*August 31, 2025 (Unaudited)*

1. ORGANIZATION

The Goehring & Rozencwajg Resources Fund (the "Fund") is a no-load investment portfolio of Goehring & Rozencwajg Investment Funds (the "Trust"), an open-end series management investment company organized as a Massachusetts business trust on July 14, 2016, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund commenced operations on December 30, 2016. The Fund is a diversified investment company with an investment objective which seeks to maximize total return, which consists of income on its investments and capital appreciation. The Fund currently offers Retail Class Shares and Institutional Class Shares. Each share class of the Fund represents an investment in the same portfolio of securities, but each share class has its own expense structure. The Board of Trustees (the "Board") may establish additional funds and classes of shares at any time in the future without shareholder approval. The Fund's Investment Adviser is Goehring & Rozencwajg Associates, LLC (the "Adviser").

The Fund will concentrate its investments in the securities of natural resources companies and other investments which provide economic exposure to natural resources or natural resources companies. When a Fund concentrates its investments in a particular sector or in particular industries, financial, economic, business, and other developments affecting issuers in that sector or in those industries will have a greater effect on that Fund than if it had not concentrated its assets in that sector or in those industries. The Fund's concentration in natural resources investments exposes it to the price movements of natural resources to a greater extent than if it were more broadly diversified. By investing primarily in natural resources investments, the Fund runs the risk of performing poorly during an economic downturn or a decline in demand for natural resources.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

**Investment Valuation**: The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange, or if there is no closing price or official closing price, the last sale price. If there have been no sales on that day, the securities are valued at the mean of the current bid and ask price. U.S. and non U.S. government and corporate debt securities are typically traded in the over-the-counter market internationally, and are generally valued using prices supplied by a pricing vendor approved by the Board based on the midpoint of quotes from multiple dealers and other factors deemed relevant by the pricing vendor. In the case of other securities not traded on an exchange, or if closing prices are not otherwise available, the market price is typically determined by independent third-party pricing vendors approved by the Fund's Board using a variety of pricing techniques and methodologies. U.S. government and agency securities are valued by a third-party pricing vendor at the mean between the closing bid and ask prices. Other than with respect to the debt securities discussed above, the market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Fund's Board, which may use, instead of quotes from dealers, a matrix, formula or other method that takes into consideration market indices, yield curves and other specific adjustments. Derivatives are valued using market quotations, a price supplied by a pricing service or counterparty, or using the fair value procedures discussed below, depending on the type of derivative and the availability of market quotations. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value. Investments in the underlying funds are based on the underlying fund's net asset value. Available cash is generally invested into a money market fund by the Fund's custodian, and is valued at the latest net asset value per share as reported to the Fund's administrator.

Goehring & Rozencwajg Resources Fund

Notes to Schedule of Investments

*August 31, 2025 (Unaudited)*

When the price quotations described above are not available, or when the Adviser believes that they are unreliable, the Fund's assets may be priced using fair value procedures approved by the Board. Because the Fund invests in investments that may be thinly traded or for which the price quotations described above may not be readily available or may be unreliable – such as securities of small capitalization companies, securities of issuers located in emerging markets, high yield securities and derivatives – the Fund may use fair valuation procedures more frequently than funds that invest primarily in securities that are more liquid – such as equity securities of large capitalization domestic issuers. The Fund may also use fair value procedures if the Adviser determines that a significant event has occurred between the time at which a market price is determined and the time at which the Fund's NAV is calculated. In particular, the value of non-U.S. securities may be materially affected by events occurring after the close of the market on which they are traded, but before the Fund prices its shares.

**Foreign Currency Translation**: Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Transactions denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into U.S. dollar amounts on the date of those transactions. Adjustments from foreign currency transactions are reflected in the statement of operations.

The Fund does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of investments held. Those fluctuations are included with net unrealized gain from portfolio investments and foreign currency.

**Fair Value Measurements**: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Goehring & Rozencwajg Resources Fund

Notes to Schedule of Investments

*August 31, 2025 (Unaudited)*

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The following is a summary of the inputs used to value the Fund's investments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 - Quoted Prices** | **Level 2 - Other<br> Significant<br> Observable <br> Inputs** | **Level 3 - <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $552075728 | $– | $– | $552075728 |
| Warrants |  | 831096 |  | 831096 |
| Mutual Fund | 14679206 |  |  | 14679206 |
| Short-Term Investments | 5520409 | – | – | 5520409 |
| Total | $572275343 | $831096 | $– | $573106439 |

---

*\** *See Schedule of Investments for industry classification.*

**Investment Transactions and Investment Income**: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion or amortization of discounts or premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Fund. All of the realized and unrealized gains and losses and interest income is recognized on an accrual basis, are allocated daily to each class in proportion to its average daily net assets.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GOEHRING & ROZENCWAJG INVESTMENT FUNDS

- **b. Investment Company Act file number:** 811-23177

- **c. CIK number of Registrant:** 0001680255

- **d. LEI of Registrant:** 549300V4E6KKGCXU1376

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 115 BROADWAY 5TH FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10006

  - **Telephone number:** 6462169777

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goehring & Rozencwajg Resources Fund

- **b. EDGAR series identifier (if any):** S000055275

- **c. LEI of Series:** 549300Y91FH02GJC8555

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $575734170.69

**Total Liabilities:** $503070.52

**Net Assets:** $575231100.17

**Cash Not Reported:** $1267455.64

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173812 | 10.22%               | -1.43%               | 6.71%                |
| Class ID C000173813 | 10.22%               | -1.45%               | 6.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $966142.48               | $46607026.40                               |
| Month 2  | $320827.13               | $-8133115.05                               |
| Month 3  | $2171932.62              | $33620210.73                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                         | Brixton Metals Corp. Warrants                                    | CUSIP: 11120Q120<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |   2395500 | NC      | $0.17         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chilean Metals Inc                          | Chilean Metals, Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     70046 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| United Co Rusal International Pjsc          | United Co. RUSAL International PJSC                              | CUSIP: N/A<br>LEI: 213800WNO9IQTTI4PG55       | Long             | EC               | CORP              | RU        |   1326798 | NS      | $0.17         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| African Gold Ltd                            | African Gold, Ltd.                                               | CUSIP: N/A<br>LEI: 984500E8DA1DE9A0D939       | Long             | EC               | CORP              | AU        |   1930366 | NS      | $372681.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                             | Alamos Gold, Inc.                                                | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    622730 | NS      | $18962128.50  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources Inc           | Alpha Metallurgical Resources, Inc.                              | CUSIP: 020764106<br>LEI: 254900VEBGZO2PY8R678 | Long             | EC               | CORP              | US        |     45121 | NS      | $6731601.99   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                       | Valterra Platinum, Ltd.                                          | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |   1413889 | NS      | $10823320.30  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                       | Antero Resources Corp.                                           | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    430844 | NS      | $13752540.48  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerigo Resources Ltd                       | Amerigo Resources Ltd.                                           | CUSIP: 03074G109<br>LEI: 5299000WW697YX8VQX13 | Long             | EC               | CORP              | CA        |   1518150 | NS      | $2476175.77   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc                            | Artemis Gold, Inc.                                               | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    402421 | NS      | $8456598.87   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Asante Gold Corp                            | Asante Gold Corp.                                                | CUSIP: 04341X107<br>LEI: 529900F9PV1G9S5YD446 | Long             | EC               | CORP              | CA        |   1907110 | NS      | $2319054.65   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixton Metals Corp                         | Brixton Metals Corp.                                             | CUSIP: 11120Q302<br>LEI: 254900N5DFREO3U52485 | Long             | EC               | CORP              | CA        |   7101600 | NS      | $413680.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellevue Gold Ltd                           | Bellevue Gold, Ltd.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2412250 | NS      | $1357679.97   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hercules Metals Corp                        | Hercules Metals Corp.                                            | CUSIP: 427086103<br>LEI: 894500C6CSRIL3D6RX81 | Long             | EC               | CORP              | CA        |   2343470 | NS      | $1416303.27   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Birchcliff Energy Ltd                       | Birchcliff Energy, Ltd.                                          | CUSIP: 090697103<br>LEI: 5493000BBN3EF2L0XW29 | Long             | EC               | CORP              | CA        |   2946163 | NS      | $13536453.58  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bannerman Energy Ltd                        | Bannerman Energy, Ltd.                                           | CUSIP: N/A<br>LEI: 529900D04RI02L5UK707       | Long             | EC               | CORP              | AU        |   1943071 | NS      | $3636899.91   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Boss Energy Ltd                             | Boss Energy, Ltd.                                                | CUSIP: N/A<br>LEI: 9845000ED0A5F908A057       | Long             | EC               | CORP              | AU        |   1927040 | NS      | $2465551.83   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Borr Drilling Ltd                           | Borr Drilling, Ltd.                                              | CUSIP: G1466R173<br>LEI: 213800J2JPCTXLHQ5R78 | Long             | EC               | CORP              | BM        |    552728 | NS      | $1608438.48   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                 | Cameco Corp.                                                     | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    341916 | NS      | $26460879.24  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                       | Civitas Resources, Inc.                                          | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |    101016 | NS      | $3715368.48   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Caledonia Mining Corp Plc                   | Caledonia Mining Corp. PLC                                       | CUSIP: G1757E113<br>LEI: 21380093ZBI4BFM75Y51 | Long             | EC               | CORP              | JE        |    138275 | NS      | $3537074.50   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd              | Canadian Natural Resources, Ltd.                                 | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    343630 | NS      | $10881762.62  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc                  | Core Natural Resources, Inc.                                     | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |    173131 | NS      | $12856708.06  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc                      | Comstock Resources, Inc.                                         | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |    214281 | NS      | $3456352.53   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management, Institutional Class | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   5520409 | NS      | $5520409.40   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                          | Denison Mines Corp.                                              | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |   1978924 | NS      | $4591103.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Deep Yellow Ltd                             | Deep Yellow, Ltd.                                                | CUSIP: N/A<br>LEI: 529900FL7FGTGTVII319       | Long             | EC               | CORP              | AU        |   4507203 | NS      | $5353778.44   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining Plc                        | Endeavour Mining PLC                                             | CUSIP: N/A<br>LEI: 529900NI5MXQ91GHXR07       | Long             | EC               | CORP              | GB        |    255720 | NS      | $8891127.53   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eqt Corp                                    | EQT Corp.                                                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    310983 | NS      | $16121358.72  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                           | Equinox Gold Corp.                                               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   1189295 | NS      | $10400431.75  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Corp            | Erdene Resource Development Corp.                                | CUSIP: 29480N404<br>LEI: 529900T4O899O2ZM8216 | Long             | EC               | CORP              | CA        |   5758877 | NS      | $5367431.87   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Energy Corp                          | Encore Energy Corp.                                              | CUSIP: 29259W700<br>LEI: 5299007FNX2NVNJM3O59 | Long             | EC               | CORP              | CA        |    614418 | NS      | $1462314.84   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                          | Expand Energy Corp.                                              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     57929 | NS      | $5606368.58   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                      | Diamondback Energy, Inc.                                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     36522 | NS      | $5433012.72   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-mcmoran Inc                        | Freeport-McMoRan, Inc.                                           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    119546 | NS      | $5307842.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Founders Metals Inc                         | Founders Metals, Inc.                                            | CUSIP: 350590105<br>LEI: 984500F8843F89AC8H21 | Long             | EC               | CORP              | CA        |    555027 | NS      | $1656977.97   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                  | First Quantum Minerals Ltd.                                      | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    160894 | NS      | $2819906.49   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Foran Mining Corp                           | Foran Mining Corp.                                               | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |   2767440 | NS      | $6065456.29   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gunnison Copper Corp                        | Gunnison Copper Corp.                                            | CUSIP: 402880108<br>LEI: 529900D3J6SRW92GKY67 | Long             | EC               | CORP              | CA        |    635000 | NS      | $121372.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogold Resources Inc                        | GoGold Resources, Inc.                                           | CUSIP: 38045Y102<br>LEI: 549300PNCGJ26Y676N19 | Long             | EC               | CORP              | CA        |   2051778 | NS      | $3630407.79   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenheart Gold Inc                         | Greenheart Gold, Inc.                                            | CUSIP: 39526E102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    313582 | NS      | $152983.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Metal Resources Plc                | Guardian Metal Resources PLC                                     | CUSIP: N/A<br>LEI: 213800J4SKZAMUEPGW34       | Long             | EC               | CORP              | GB        |   3751968 | NS      | $3980881.36   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| G Mining Ventures Corp                      | G Mining Ventures Corp.                                          | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    369172 | NS      | $5534824.68   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Gmk Norilskiy Nickel Pao                    | GMK Norilskiy Nickel PAO                                         | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |    285500 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Guardian Metal Resources Warrants EXP 08/28/2026                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |   1597128 | NC      | $831095.45    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc                         | Hudbay Minerals, Inc.                                            | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    413690 | NS      | $4964219.75   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc / Us                   | Ivanhoe Electric, Inc.                                           | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    899621 | NS      | $8024619.32   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                | Impala Platinum Holdings, Ltd.                                   | CUSIP: 452553308<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   1460787 | NS      | $13242034.16  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc                         | Intrepid Potash, Inc.                                            | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |    110354 | NS      | $3358072.22   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                           | Ivanhoe Mines Ltd. - Class A                                     | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    629853 | NS      | $5567710.65   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nac Kazatomprom Jsc                         | NAC Kazatomprom JSC                                              | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |    102466 | NS      | $4764669.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                              | K92 Mining, Inc.                                                 | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    270244 | NS      | $3048079.19   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Los Andes Copper Ltd                        | Los Andes Copper, Ltd.                                           | CUSIP: 544312200<br>LEI: 529900KB4NEC2LETLR81 | Long             | EC               | CORP              | CA        |     98742 | NS      | $542834.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                         | Centrus Energy Corp.                                             | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |     86133 | NS      | $17375610.09  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Loncor Gold Inc                             | Loncor Gold, Inc.                                                | CUSIP: 54180A106<br>LEI: 984500A3C7E387C68B41 | Long             | EC               | CORP              | CA        |   6917200 | NS      | $3777551.24   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                          | Lundin Mining Corp.                                              | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    278870 | NS      | $3226595.04   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Minera Alamos Inc                           | Minera Alamos, Inc.                                              | CUSIP: 60283L105<br>LEI: 254900I6L38EFNS8Z440 | Long             | EC               | CORP              | CA        |   2991681 | NS      | $773325.63    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Gold Corp                           | Montage Gold Corp.                                               | CUSIP: 61178L101<br>LEI: 9845004C6BCE77ACA795 | Long             | EC               | CORP              | CA        |   1388966 | NS      | $5542311.63   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mako Mining Corp                            | Mako Mining Corp.                                                | CUSIP: 56089A400<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    288165 | NS      | $1305119.82   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gmk Norilskiy Nickel Pao                    | GMK Norilskiy Nickel PAO                                         | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         5 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mosaic Co/the                               | Mosaic Co.                                                       | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    226954 | NS      | $7580263.60   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mountain Province Diamonds Inc              | Mountain Province Diamonds, Inc.                                 | CUSIP: 62426E402<br>LEI: 549300Y5548SJTH51N28 | Long             | EC               | CORP              | CA        |    317715 | NS      | $11567.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                        | Matador Resources Co.                                            | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    150714 | NS      | $7589957.04   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp Plc                              | Noble Corp. PLC                                                  | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |    598315 | NS      | $17243438.30  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources Inc                      | Novagold Resources, Inc.                                         | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | CA        |    604059 | NS      | $4131763.56   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                 | Nutrien Ltd.                                                     | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    416545 | NS      | $24001322.90  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgen Energy Ltd                           | NexGen Energy, Ltd.                                              | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |    760449 | NS      | $5992338.12   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc               | Oceaneering International, Inc.                                  | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |    247078 | NS      | $6028703.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd                             | Orla Mining, Ltd.                                                | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |    624721 | NS      | $6896108.32   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Omai Gold Mines Corp                        | Omai Gold Mines Corp.                                            | CUSIP: 682043104<br>LEI: 254900GOHPZOKN6K3C88 | Long             | EC               | CORP              | CA        |   1422055 | NS      | $952627.23    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Orezone Gold Corp                           | Orezone Gold Corp.                                               | CUSIP: 68616T109<br>LEI: 529900ZRY6WGGRC9Z698 | Long             | EC               | CORP              | CA        |   4521827 | NS      | $3753509.87   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                    | Pan American Silver Corp.                                        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    131178 | NS      | $4449557.76   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Paladin Energy Ltd                          | Paladin Energy, Ltd.                                             | CUSIP: N/A<br>LEI: 549300M44UTJAP8J6B37       | Long             | EC               | CORP              | AU        |   1068228 | NS      | $5487951.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Metallic Mines Inc                    | Power Metallic Mines, Inc.                                       | CUSIP: 73929R105<br>LEI: 549300CR9SP6YYGW5003 | Long             | EC               | CORP              | CA        |   3486680 | NS      | $3554339.39   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                        | Range Resources Corp.                                            | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    742776 | NS      | $25454933.52  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd                      | Sibanye Stillwater, Ltd.                                         | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |   1781071 | NS      | $13482707.47  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd                                | Seadrill, Ltd.                                                   | CUSIP: G7997W102<br>LEI: 213800EQ6L456U2JCO89 | Long             | EC               | CORP              | BM        |    898716 | NS      | $28678027.56  | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Skeena Resources Ltd                        | Skeena Resources, Ltd.                                           | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |    461966 | NS      | $7743442.91   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Nv                             | Schlumberger NV                                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     96405 | NS      | $3551560.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                               | Tidewater, Inc.                                                  | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      3914 | NS      | $235622.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Corp            | Triple Flag Precious Metals Corp.                                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |     53194 | NS      | $1454812.42   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Trilogy Metals Inc                          | Trilogy Metals, Inc.                                             | CUSIP: 89621C105<br>LEI: 52990084YC9OR0TUH237 | Long             | EC               | CORP              | CA        |     18700 | NS      | $31603.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trilogy Metals Inc                          | Trilogy Metals, Inc.                                             | CUSIP: 89621C105<br>LEI: 52990084YC9OR0TUH237 | Long             | EC               | CORP              | CA        |    689701 | NS      | $1165111.82   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust               | Sprott Physical Uranium Trust                                    | CUSIP: 85210A104<br>LEI: 5493007M22KSTRPCA127 | Long             | EC               | RF                | CA        |    802216 | NS      | $14679206.38  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Uranium Energy Corp                         | Uranium Energy Corp.                                             | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |    911721 | NS      | $9746297.49   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ur-energy Inc                               | Ur-Energy, Inc.                                                  | CUSIP: 91688R108<br>LEI: 5493004ZEMNWEC7T6X93 | Long             | EC               | CORP              | CA        |   1736196 | NS      | $2413312.44   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Fuels Inc/canada                     | Energy Fuels, Inc.                                               | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |    615496 | NS      | $7115133.76   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                                 | Valaris, Ltd.                                                    | CUSIP: G9460G101<br>LEI: 7N0UJMJLXD0MDT5D5086 | Long             | EC               | CORP              | BM        |    498065 | NS      | $24738888.55  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                       | Valterra Platinum, Ltd.                                          | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |    249774 | NS      | $11343235.75  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** GOEHRING & ROZENCWAJG INVESTMENT FUNDS

**Signature:** Kevin OFriel

**Name of Signer:** Kevin OFriel

**Title:** Chief Operating Officer/Chief Compliance Officer