# EDGAR Filing Document

**Accession Number:** 0001680255
**File Stem:** 0001398344-23-002180
**Filing Date:** 2023-2
**Character Count:** 98386
**Document Hash:** 253805675dc2dbddda19b15f15bbef08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002180.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001398344-23-002180

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goehring & Rozencwajg Investment Funds
- **CENTRAL INDEX KEY:** 0001680255
- **IRS NUMBER:** 816652260
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23177
- **FILM NUMBER:** 23590384

**BUSINESS ADDRESS:**
- **STREET 1:** 110 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 646-216

**MAIL ADDRESS:**
- **STREET 1:** 110 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## 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           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 811-23177

GOEHRING & ROZENCWAJG INVESTMENT FUNDS

(Exact name of Registrant as specified in charter)

<u>110 Wall Street, New York, NY 10005-5991</u>

(Address of principal executive offices) (Zip code)

Registrant's Telephone Number, including Area Code: (646) 216-9777

Adam A. Rozencwajg

Goehring & Rozencwajg Associates, LLC

110 Wall Street

New York, NY 10005-5991

(Name and address of agent for service)

With copies To:

Michael Doherty, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Date of fiscal year end: <u>May 31</u>

Date of reporting period: <u>June 1, 2022 – November 30, 2022</u>

Item 1. **Report to Stockholders.**

(a) ![](fp0081608-1_01.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Manager Commentary | 1 |
| Disclosure of Fund Expenses | 8 |
| Schedule of Investments | 9 |
| Statement of Assets and Liabilities | 14 |
| Statement of Operations | 15 |
| Statements of Changes in Net Assets | 16 |
| Financial Highlights | 18 |
| Notes to Financial Statements | 22 |
| Disclosure Regarding Approval Of Fund Advisory Agreement | 31 |
| Additional Information | 33 |

---

Goehring & Rozencwajg Resources Fund Manager Commentary

*November 30, 2022 (Unaudited)*

November 30<sup>th</sup> 2022

Dear Shareholders:

**Investment Results**

The Goehring & Rozencwajg Resources Fund Retail Share Class fell by 5.32% from May 31<sup>st</sup>, 2022 until November 30<sup>th</sup>, 2022. The Fund trailed the Lipper Natural Resources Index<sup>(1)</sup> which advanced by 0.06% and the MSCI World Index<sup>(2)</sup> which fell by 2.51% between May 31<sup>st</sup> 2022 and November 30<sup>th</sup> 2022. The Fund's investments in coal related equities, oil service and drilling related equities and uranium related equities were the largest positive contributors to absolute performance while the Fund's investments in copper, gold, agriculture and exploration and production related equities were largest detractors from absolute performance.

**Market Environment**

Commodity prices were weak during the period from May 31<sup>st</sup> 2022 to November 30<sup>th</sup> 2022. Many investors worried about a looming recession as global Central Banks increased interest rates throughout the period. As a result, many investors became concerned that global commodities would suffer and prices fell as a result.

West Texas Intermediate (WTI) oil prices fell sharply by 29.75% from $114.67 to $80.55 per barrel. Brent crude prices fell by 30.45% from $122.84 to $85.43 per barrel. Many European countries took aggressive actions, such as burning large amounts of coal and curtailing industrial production, to help refill natural gas inventories ahead of the winter. As a result, natural gas prices fell. Henry Hub fell by 14.92% from $8.15 to $6.93 per mmbtu.

Copper prices were weak as investors worried about slowing economic growth. Copper is thought to be very economically sensitive and so it fell by 13.19% from 429.60 cents to 372.95 cents per pound.

Owing to higher interest rates, gold fell slightly during the period. It fell by 3.75% from $1,837.35 to $1,768.52 per ounce. Silver prices rose slightly by 2.99% from $21.55 to $22.19 per ounce.

The grain complex was weak during the period. Corn prices fell by 12.14% from $7.54 to $6.62 per bushel. Soy prices fell by 12.70% from $16.83 to $14.70 per bushel. Wheat prices fell 29.06% from $10.88 to $7.72 per bushel.

Uranium prices were up slightly during the period. Spot prices rose 4.46% from $47.75 to $49.88 per pound while term contract prices rose 2.46% from $50.75 to $52.00 per pound.

Coal prices fell during the period. Newcastle coal prices fell by 6.67% from $427.00 to $398.50 per tonne.

**Investment Analysis**

The Fund's investments in coal and oil service related equities were the largest contributors to positive absolute performance.

**Past performance does not guarantee future results**

Semi-Annual Report \| November 30, 2022 1

Goehring & Rozencwajg Resources Fund Manager Commentary

November 30, 2022 (Unaudited)

The Fund's three largest individual contributors to absolute performance between May 31<sup>st</sup> 2022 and November 30<sup>th</sup> 2022 were the following:

*CEIX -* Shares of Consol Energy had a total return of 55.10%, with the stock price going from $49.94 to $77.45 per share. Performance was driven by strength in Northern Appalachian coal prices.

*CHX* - Shares of ChampionX Corp had a total return of 33.48%, with the stock price going from $23.04 to $30.76 per share. Performance was driven by a material revenue and earnings beat in 3Q22, and an increase in 4Q22 guidance. The company also increased its share buy-back authorization from $500 to $750 mm.

*MTDR* - Shares of Matador Energy had a total return of 9.30%, with the stock price going from $60.71 to $66.36 per share. Performance was driven by continued excellent drilling and completion results in the Permian Basin.

The Fund's investments in oil and gas exploration and production, agriculture and gold related equities were the largest detractors from absolute performance. The Fund's three largest individual detractors to absolute performance were the following:

*RRC* - Range Resources had a total return of -14.75%, with the stock price going from $33.76 to $28.78 per share. Performance was driven by the pull back in natural gas during the period, and warmer than normal forecasts for the first half of the natural gas withdrawal season.

*IPI* - Intrepid Potash had a total return of -45.27% with the stock price going from $65.87 to $36.05 per share. Performance was driven by a slight miss in 3Q22 earnings, and by comments made by Nutrien (the world's largest fertilizer producer), warning that high prices were negatively impacting farmer's demand for fertilizer.

*AR* - Antero Resources had a total return of -14.76% with the stock pricing going from $42.88 to $36.55 per share. Performance was driven by the pull back in natural gas during the period, and warmer than normal forecasts for the first half of the natural gas withdrawal season.

**Market Outlook**

Russia's invasion of the Ukraine pushed many commodities to cycle highs in the first calendar quarter of 2022. Investors quickly realized there would be no near-term resolution to the hostilities. As the second calendar quarter of 2022 came to pass, investors realized that global Central Bankers would continue their rate hiking cycle in the face of persistent inflation. Although we have long argued that inflation would not be transitory, the market only caught up to our views as we progressed through the middle of 2022.

As it became clear that the Fed (and other global central banks) would not halt their rate hiking for the foreseeable future, investors' concern moved from COVID-related lockdowns to the fear of a looming recession. In this environment, investors became very concerned about commodity demand and prices fell.

2 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Manager Commentary

*November 30, 2022 (Unaudited)*

We do not share the markets' concerns. Commodity demand remains extremely strong across the board, from energy to materials. At the same time, global exchange listed inventories in many commodities remain at multi-year lows, suggesting physical tightness. As 2022 progressed, speculators expressed intense bearishness that, time and time again, we did not see confirmed in the physical balances.

We believe the current commodity bull market, which started in the spring of 2020, with oil prices turning negative for the first time in history, is far from over. This bull market cycle has many drivers, but a sharp reduction in upstream investment plays a primary role. For nearly a decade, our models suggest commodity producers have underinvested in their depleting asset bases. The result has been lackluster production growth and tight physical balances. We believe that until we see a massive uptick in investment, we will not have solved the current problem, and the bull market will continue. As we write today, we see no indications this has happened. Investment in oil and gas remains depressed and mining discoveries are at multi-year lows.

Investors worried about the impact of new variants of COVID-19 on commodity demand at this time last year, and today they remain worried about a looming recession. We believe both of these concerns miss the point. Until we have increased investor demand, and the resulting increase in upstream spending, we believe the current bull market will continue. There will certainly be pullbacks along the way, but our models tell us the bull market remains in force.

Adam Rozencwajg, CFA

Goehring & Rozencwajg Associates, LLC

**Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund's prospectus. Please visit <u>www.gr-funds.com</u> or call 1-844-464-6467 to obtain current performance information and for the current prospectus and statement of additional information.**

**Fund holdings are subject to change.**

**This report is for the information of shareholders of Goehring & Rozencwajg Resources Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.**

The views of Goehring & Rozencwajg Associates, LLC and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Goehring & Rozencwajg Associates, LLC nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

Diversification does not eliminate the risk of experiencing investment losses.

Semi-Annual Report \| November 30, 2022 3

Goehring & Rozencwajg Resources Fund Manager Commentary

November 30, 2022 (Unaudited)

The Goehring & Rozencwajg Resources Fund is distributed by ALPS Distributors, Inc. Goehring & Rozencwajg is not affiliated with ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested, and therefore is not suitable for all investors. The Fund may not achieve its objectives.

<sup>(1)</sup> Lipper Natural Resources Index, an additional comparative index, is an unmanaged equally weighted index of the largest mutual funds in the Lipper Natural Resources category of funds. Index returns reflect the reinvestment of income dividends and capital gains, if any. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

<sup>(2)</sup> MSCI All Country World Index (ACWI), a broad-based securities index that will be used as a benchmark for assessing the performance of the Fund. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Performance data shown for the MSCI ACWI is net of dividend tax withholding. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

www.gr-funds.com

Goehring & Rozencwajg Resources Fund Manager Commentary

*November 30, 2022 (Unaudited)*

**AVERAGE ANNUAL TOTAL RETURN (for the period ended November 30, 2022)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Expense Ratio<sup>(2)</sup>** | **Expense Ratio<sup>(2)</sup>** |
|  | <br>**6 Month** | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | **Since**<br>**Inception<sup>(1)</sup>** | **Gross** | **Net<sup>(3)</sup>** |
| **Goehring & Rozencwajg Resources Fund - Institutional - NAV** | -5.29% | 27.21% | 31.52% | 8.69% | 5.75% | 1.31% | 0.92% |
| **Goehring & Rozencwajg Resources Fund - Retail - NAV** | -5.41% | 26.93% | 31.11% | 8.35% | 5.42% | 1.65% | 1.25% |
| **MSCI All Country World Index (ACWI)<sup>(4)</sup>** | -2.51% | -11.62% | 6.63% | 6.41% | 8.98% |  |  |
| **Lipper Natural Resources Index<sup>(5)</sup>** | 0.24% | 32.42% | 22.02% | 8.83% | 7.45% |  |  |

---

**TOP TEN HOLDINGS** 

**(as a % of Net Assets)\***

---

| | |
|:---|:---|
| Range Resources Corp. | 7.1% |
| Antero Resources Corp. | 5.2% |
| EQT Corp. | 4.3% |
| Pioneer Natural Resources Co. | 4.2% |
| Mosaic Co. | 3.8% |
| Cameco Corp. | 3.7% |
| Matador Resources Co. | 3.4% |
| Sprott Physical Uranium Trust | 3.3% |
| CONSOL Energy, Inc. | 3.2% |
| PDC Energy, Inc. | 2.7% |
| **Top Ten Holdings** | **40.8%** |

---

**INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)\***

---

| | |
|:---|:---|
| Oil & Gas Producers | 37.0% |
| Metals & Mining | 22.1% |
| Base Metal | 9.1% |
| Oil & Gas Services & Equipment | 8.8% |
| Chemicals | 6.1% |
| Agricultural Chemicals | 4.7% |
| Exploration & Production | 2.5% |
| Commercial Support Services | 1.9% |
| Precious Metal Mining | 1.9% |
| Coal Operations | 1.8% |
| Oil & Gas Drilling | 0.0% |
| **Cash, Cash Equivalents, & Other Net Assets** | **4.1%** |

---

\* *Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings. Holdings are as of November 30, 2022.*

***The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Shares of the Fund redeemed or exchanged within 30 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain the Fund's most recent month-end performance, visit www.gr-funds.com or call 1-844-464-6467. This report is for the information of shareholders of Goehring & Rozencwajg Resources Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.***

***The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.***

***Subject to investment risks, including possible loss of the principal amount invested.***

Semi-Annual Report \| November 30, 2022 5

Goehring & Rozencwajg Resources Fund Manager Commentary

*November 30, 2022 (Unaudited)*

*<sup>(1)</sup>* *The Fund commenced operations on December 30, 2016.*

*<sup>(2)</sup>* *Ratios as of the Prospectus dated September 29, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(3)</sup>* *Goehring & Rozencwajg Associates, LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed to limit the amount of the Fund's total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses, to 0.92% and 1.25% of the Fund's average daily net assets for Institutional Class shares and Retail Class shares, respectively. This agreement is in effect through September 30, 2023, may only be terminated before then by the Board of Trustees, and is reevaluated on an annual basis. With respect to the Fund, the Adviser shall be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods fall below the lesser of (1) the expense limit in effect at the time the Adviser waives or limits the expenses and (2) the expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such reduced fees and expenses more than three years after the date on which the fee and expense was reduced.*

*<sup>(4)</sup>* *MSCI All Country World Index (ACWI), a broad-based securities index that will be used as a benchmark for assessing the performance of the Fund, and the Lipper Natural Resources Index, an additional comparative index. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Performance data shown for the MSCI ACWI is net of dividend tax withholding. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.*

*<sup>(5)</sup>* *Lipper Natural Resources Index is an unmanaged equally weighted index of the largest mutual funds in the Lipper Natural Resources category of funds. Index returns reflect the reinvestment of income dividends and capital gains, if any. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.*

6 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Manager Commentary

*November 30, 2022 (Unaudited)*

**<u>GROWTH OF $100,000 INVESTMENT IN THE FUND (for the period ended November 30, 2022)</u>**

![](fp0081608-1_02.jpg)

***The chart shown above represent a hypothetical investment of $100,000 in the Fund's Institutional Class shares for the period from inception to November 30, 2022. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.***

***Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.***

***The Fund also offers Retail Class shares, performance for which is not reflected in the graph above. The performance of Retail Class shares is likely to be lower than the performance of the Institutional Class shares shown in the graphs above because of higher expenses paid by shareholders investing in the Retail Class shares as compared to Institutional Class shares.***

Semi-Annual Report \| November 30, 2022 7

Goehring & Rozencwajg Resources Fund Disclosure of Fund Expenses

*November 30, 2022 (Unaudited)*

As a shareholder of the Goehring & Rozencwajg Resources Fund (the "Fund"), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on June 1, 2022 and held until November 30, 2022.

**Actual Expenses.** The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes.** The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transaction fees, such as redemption fees or exchange fees. Therefore, the second line of each table below is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning** <br> **Account Value** <br> **June 1, 2022**  | **Ending** <br> **Account Value** <br> **November 30,** <br> **2022**  | **Expense** <br> **Ratio<sup>(a)</sup>**  | **Expenses Paid,** <br> **and During** <br> **Period** <br> **June 1, 2022 -** <br> **November 30,** <br> **2022<sup>(b)</sup>**  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $947.10 | 0.92% | $4.49 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.46 | 0.92% | $4.66 |
| **Retail Class** |  |  |  |  |
| Actual | $1000.00 | $945.90 | 1.25% | $6.10 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.80 | 1.25% | $6.33 |

---

*<sup>(a)</sup>* *Annualized, based on the Fund's most recent fiscal half-year expenses.*

*<sup>(b)</sup>* *Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183), divided by 365.*

*See Notes to Financial Statements.*

8 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Schedule of Investments

*November 30, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **COMMON STOCKS (92.7%)** |  |  |
| **ENERGY (45.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers (37.0%)* |  |  |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 300309 | $10976295 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 59638 | 2794040 |
| &nbsp;&nbsp;&nbsp;Berry Petroleum Corp. | 133065 | 1198916 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | 11756 | 492812 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. | 39595 | 4098082 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 73490 | 4950286 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 22769 | 3370267 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 214689 | 9104960 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc.<sup>(a)</sup> | 30039 | 1917389 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 108927 | 7228396 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 28582 | 1593732 |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 78132 | 5806770 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 76693 | 779201 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 37695 | 8895643 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 524100 | 15130768 |
|  |  | 78337557 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment (8.8%)* |  |  |
| &nbsp;&nbsp;&nbsp;CES Energy Solutions Corp. | 130036 | 277444 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 110182 | 3398013 |
| &nbsp;&nbsp;&nbsp;Diamond Offshore Drilling, Inc.<sup>(a)</sup> | 295460 | 2827552 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC<sup>(a)</sup> | 69864 | 2594058 |
| &nbsp;&nbsp;&nbsp;NOV, Inc.<sup>(a)</sup> | 64605 | 1451028 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<sup>(a)</sup> | 151186 | 2296515 |
| &nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | 63850 | 3291468 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.<sup>(a)</sup> | 2641 | 80286 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.<sup>(a)</sup> | 267144 | 1135362 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.<sup>(a)</sup> | 18635 | 1230096 |
|  |  | 18581822 |
| **INDUSTRIALS (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services (1.9%)* |  |  |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp.<sup>(a)</sup> | 67420 | 2561960 |
| &nbsp;&nbsp;&nbsp;Denison Mines Corp.<sup>(a)</sup> | 1216400 | 1484008 |
|  |  | 4045968 |
| **MATERIALS (45.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Agricultural Chemicals (9.7%)* |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 46994 | 5084281 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 31536 | 2117958 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 154917 | 7947242 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 65845 | 5293938 |
|  |  | 20443419 |
| &nbsp;&nbsp;&nbsp;*Base Metal (14.0%)* |  |  |
| &nbsp;&nbsp;&nbsp;Amerigo Resources Ltd. | 978818 | 945964 |

---

*See Notes to Financial Statements.* 

Semi-Annual Report \| November 30, 2022 9

Goehring & Rozencwajg Resources Fund Schedule of Investments

*November 30, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;*Base Metal (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 318590 | $7767223 |
| &nbsp;&nbsp;&nbsp;Copper Mountain Mining Corp.<sup>(a)</sup> | 677253 | 921364 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp.<sup>(a)</sup> | 108917 | 1378922 |
| &nbsp;&nbsp;&nbsp;Excelsior Mining Corp.<sup>(a)</sup> | 557182 | 68346 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. | 86837 | 2064489 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 82290 | 3275142 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> | 408055 | 3652368 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 147032 | 905048 |
| &nbsp;&nbsp;&nbsp;Mako Mining Corp.<sup>(a)</sup> | 1979714 | 206044 |
| &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC ADR<sup>(b)</sup> | 5 |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC<sup>(c)</sup> | 200704 | 5639782 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.<sup>(a)</sup> | 516592 | 2448646 |
| &nbsp;&nbsp;&nbsp;Trilogy Metals, Inc.<sup>(a)</sup> | 646001 | 374591 |
|  |  | 29647929 |
| &nbsp;&nbsp;&nbsp;*Chemicals (1.2%)* |  |  |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.<sup>(a)</sup> | 71090 | 2562795 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining (18.9%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alta Mesa Resources, Inc. - Class A | 30873 | 5286384 |
| &nbsp;&nbsp;&nbsp;Arch Coal, Inc. - Class A | 24300 | 3760425 |
| &nbsp;&nbsp;&nbsp;Artemis Gold, Inc.<sup>(a)</sup> | 171890 | 594200 |
| &nbsp;&nbsp;&nbsp;Asante Gold Corp.<sup>(a)</sup> | 522470 | 462208 |
| &nbsp;&nbsp;&nbsp;Bellevue Gold, Ltd.<sup>(a)</sup> | 1211475 | 904515 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | 89078 | 965606 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | 86400 | 6691680 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.<sup>(a)</sup> | 358900 | 2490766 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.<sup>(a)</sup> | 342700 | 1207596 |
| &nbsp;&nbsp;&nbsp;GoGold Resources, Inc.<sup>(a)</sup> | 799755 | 1165312 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.<sup>(a)(b)(c)</sup> | 118419 | 1122257 |
| &nbsp;&nbsp;&nbsp;K92 Mining, Inc.<sup>(a)</sup> | 174200 | 1001053 |
| &nbsp;&nbsp;&nbsp;Loncor Gold, Inc.<sup>(a)</sup> | 1800000 | 468349 |
| &nbsp;&nbsp;&nbsp;Los Andes Copper, Ltd.<sup>(a)</sup> | 34403 | 351920 |
| &nbsp;&nbsp;&nbsp;Minera Alamos, Inc.<sup>(a)</sup> | 1876309 | 620717 |
| &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC<sup>(b)</sup> | 2855 |  |
| &nbsp;&nbsp;&nbsp;Mountain Province Diamonds, Inc.<sup>(a)</sup> | 321015 | 131255 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.<sup>(a)</sup> | 126390 | 729270 |
| &nbsp;&nbsp;&nbsp;Orezone Gold Corp.<sup>(a)</sup> | 487411 | 460181 |
| &nbsp;&nbsp;&nbsp;Orla Mining, Ltd.<sup>(a)</sup> | 437550 | 1626399 |
| &nbsp;&nbsp;&nbsp;Osisko Mining, Inc.<sup>(a)</sup> | 793700 | 2118264 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 86730 | 1421505 |
| &nbsp;&nbsp;&nbsp;Reunion Gold Corp.<sup>(a)</sup> | 4315601 | 1379555 |
| &nbsp;&nbsp;&nbsp;Sabina Gold & Silver Corp.<sup>(a)</sup> | 669050 | 641620 |
| &nbsp;&nbsp;&nbsp;Skeena Resources, Ltd.<sup>(a)</sup> | 143252 | 786999 |
| &nbsp;&nbsp;&nbsp;Tietto Minerals, Ltd.<sup>(a)</sup> | 1225233 | 673616 |
| &nbsp;&nbsp;&nbsp;United Co. RUSAL International PJSC | 1326798 | 635291 |

---

*See Notes to Financial Statements.* 

10 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Schedule of Investments

*November 30, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;*Metals & Mining (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.<sup>(a)</sup> | 363722 | $1411241 |
| &nbsp;&nbsp;&nbsp;Victoria Gold Corp.<sup>(a)</sup> | 156920 | 947248 |
|  |  | 40055432 |
| &nbsp;&nbsp;&nbsp;*Precious Metal Mining (1.2%)* |  |  |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 80690 | 1712596 |
| &nbsp;&nbsp;&nbsp;Marathon Gold Corp.<sup>(a)</sup> | 575078 | 427520 |
| &nbsp;&nbsp;&nbsp;Maverix Metals, Inc. | 93767 | 409880 |
|  |  | 2549996 |
| **TOTAL COMMON STOCKS** |  |  |
| (Cost $127,756,303) |  | 196224918 |
| **MUTUAL FUND (3.3%)** |  |  |
| **MATERIALS (3.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Base Metal (3.3%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust<sup>(a)</sup> | 610888 | 6880239 |
| **TOTAL MUTUAL FUND** |  |  |
| (Cost $5,531,753) |  | 6880239 |
| **WARRANTS (0.0%)** |  |  |
| **ENERGY (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Drilling (0.0%)<sup>(d)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Offshore Drilling, Inc., Expires 12/31/2049, Strike Price $0.00 | 4732 | 6625 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment (0.0%)<sup>(d)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc., Expires 11/14/2042, Strike Price $0.01 | 920 | 27958 |
| **MATERIALS (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining (0.0%)<sup>(d)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Loncor Gold Warrants<sup>(a)(b)(c)</sup>, Expires 06/30/2024, Strike Price $0.75 | 900000 | 1 |
| **TOTAL WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $467,157) |  | 34584 |

---

*See Notes to Financial Statements.* 

Semi-Annual Report \| November 30, 2022 11

Goehring & Rozencwajg Resources Fund Schedule of Investments

*November 30, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal Amount** | **Value** |
| **CORPORATE BONDS (0.0%)** |  |  |
| **ENERGY (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment (0.0%)<sup>(d)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC<sup>(e)</sup> 9.00%, 04/22/2027 | $78401 | $75265 |
|  |  | 75265 |
| **TOTAL CORPORATE BONDS** |  |  |
| (Cost $78,401) |  | 75265 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management, Institutional Class (7 day yield 3.609%) | 7893434 | 7893434 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |
| (Cost $7,893,434) |  | 7893434 |
| **TOTAL INVESTMENTS - (99.7%)** |  |  |
| (Cost $141,727,048) |  | 211108440 |
| **Assets in Excess of Other Liabilities - (0.3%)** |  | 724410 |
| **NET ASSETS - (100.0%)** |  | $211832850 |

---

*<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 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 November 30, 2022, the aggregate market value of those securities was $5,552,594, which represents approximately 2.62% of net assets.*

*<sup>(d)</sup>* *Less than 0.05%*

*<sup>(e)</sup>* *Paid-in-Kind.*

*ADR American Depositary Receipt*

*See Notes to Financial Statements.* 

12 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Schedule of Investments

*November 30, 2022 (Unaudited)*

**COUNTRY COMPOSITION <br> (As of November 30, 2022)**

---

| | |
|:---|:---|
| United States | 69.0% |
| Canada | 25.6% |
| Kazakhstan | 2.7% |
| Great Britain | 0.8% |
| Australia | 0.8% |
| South Africa | 0.5% |
| Russia | 0.3% |
| Cayman Islands | 0.0% |
| **Total** | **99.7%** |

---

*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 Financial Statements.* 

Semi-Annual Report \| November 30, 2022 13

Goehring & Rozencwajg Resources Fund Statement of <br> Assets and Liabilities

*November 30, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $141,727,048) | $211108439 |
| &nbsp;&nbsp;&nbsp;Cash | 110736 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 418813 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 746397 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 20471 |
| &nbsp;&nbsp;&nbsp;Prepaid assets | 20371 |
| &nbsp;&nbsp;&nbsp;Total Assets | 212425227 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 26547 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 354741 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 27321 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 67723 |
| &nbsp;&nbsp;&nbsp;Payable for administration fees | 39035 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 22586 |
| &nbsp;&nbsp;&nbsp;Payable to chief compliance officer | 6884 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 13871 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 19088 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 14581 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 592377 |
| **NET ASSETS** | $211832850 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $175532560 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 36300290 |
| **NET ASSETS** | $211832850 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $12.89 |
| &nbsp;&nbsp;&nbsp;Net Assets | $187216376 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 14520083 |
| &nbsp;&nbsp;&nbsp;**Retail Class:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $12.76 |
| &nbsp;&nbsp;&nbsp;Net Assets | $24616474 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1929499 |

---

*See Notes to Financial Statements.* 

14 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Statement of Operations

*For the Six Months ended November 30, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Interest | $4204 |
| &nbsp;&nbsp;&nbsp;Dividends | 2811740 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (35627) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 2780317 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 6) | 820566 |
| &nbsp;&nbsp;&nbsp;Administration fee | 90654 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 36276 |
| &nbsp;&nbsp;&nbsp;Custodian fee | 27553 |
| &nbsp;&nbsp;&nbsp;Professional fees | 71005 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee | 32722 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 22408 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 24238 |
| &nbsp;&nbsp;&nbsp;Printing fees | 1561 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fee | 21153 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 4052 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5154 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1157342 |
| &nbsp;&nbsp;&nbsp;Less fees waived by investment adviser |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (247836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | (33953) |
| &nbsp;&nbsp;&nbsp;Total fees waived/reimbursed by investment adviser (Note 6) | (281789) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 875553 |
| **NET INVESTMENT INCOME** | 1904764 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 33 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (4788) |
| Net realized loss | (4755) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (10944065) |
| &nbsp;&nbsp;&nbsp;Translation of asset and liabilities denominated in foreign currency | (337) |
| Net change in unrealized appreciation | (10944402) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (10949157) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(9044393) |

---

*See Notes to Financial Statements.* 

Semi-Annual Report \| November 30, 2022 15

Goehring & Rozencwajg Resources Fund Statements of <br> Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Period Ended <br> November 30, 2022 <br> (Unaudited)** | **Year Ended <br> May 31, 2022** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1904764 | $951630 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (4755) | (246682) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (10944402) | 46917199 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (9044393) | 47622147 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;Institutional |  | (3136493) |
| &nbsp;&nbsp;&nbsp;Retail | – | (588628) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (3725121) |
| **BENEFICIAL SHARE TRANSACTIONS (Note 5):** |  |  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 44526998 | 69859067 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 2304771 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (15776169) | (22585033) |
| &nbsp;&nbsp;&nbsp;Net increase from beneficial share transactions | 28750829 | 49578805 |
| **Retail Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3991193 | 11212761 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 581795 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2281674) | (9470552) |
| &nbsp;&nbsp;&nbsp;Net increase from beneficial share transactions | 1709519 | 2324004 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 21415955 | 95799835 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 190416895 | 94617060 |
| &nbsp;&nbsp;&nbsp;End of period | $211832850 | $190416895 |

---

*See Notes to Financial Statements.* 

16 www.gr-funds.com

*Page Intentionally Left Blank*

Goehring & Rozencwajg Resources Fund Financial Highlights

Institutional Class *For a share outstanding throughout the periods presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements.* 

18 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Financial Highlights

Institutional Class *For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended November 30, 2022 (Unaudited)** | **For the Year Ended May 31, 2022** | **For the Year Ended May 31, 2021** | **For the Year Ended May 31, 2020** | **For the Year Ended May 31, 2019** | **For the Year Ended May 31, 2018** |
| $13.61 | $9.79 | $4.99 | $6.59 | $9.76 | $8.44 |
| 0.13 | 0.09 | 0.00 (b) | 0.03 | (0.03) | (0.04) |
| (0.85) | 4.06 | 4.93 | (1.59) | (3.06) | 1.42 |
| (0.72) | 4.15 | 4.93 | (1.56) | (3.09) | 1.38 |
|  | (0.33) | (0.13) | (0.04) | (0.08) | (0.05) |
| – | – | – | – | – | (0.01) |
| – | (0.33) | (0.13) | (0.04) | (0.08) | (0.06) |
| (0.72) | 3.82 | 4.80 | (1.60) | (3.17) | 1.32 |
| $12.89 | $13.61 | $9.79 | $4.99 | $6.59 | $9.76 |
| (5.29 %) | 43.65% | 100.18% | (23.82%) | (31.67%) | 16.40% |
| $187216 | $166177 | $78230 | $26088 | $26793 | $26647 |
| 1.23 %<sup>(d)</sup> | 1.31% | 2.02% | 2.43% | 2.55% | 4.21% |
| 0.92 %<sup>(d)</sup> | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
| 2.13 %<sup>(d)</sup> | 0.79% | (0.02 %) | 0.50% | (0.40%) | (0.45%) |
| 0 %<sup>(e)</sup> | 22% | 18% | 84% | 25% | 15% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Assumes an initial investment at commencement of operations, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal year. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.* 

Semi-Annual Report \| November 30, 2022 19

Goehring & Rozencwajg Resources Fund Financial Highlights

Retail Class *For a share outstanding throughout the periods presented*

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **REDEMPTION FEES ADDED TO PAID IN CAPITAL** |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, End of Period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*See Notes to Financial Statements.* 

20 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Financial Highlights

Retail Class *For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended November 30, 2022 (Unaudited)** | **For the Year Ended May 31, 2022** | **For the Year Ended May 31, 2021** | **For the Year Ended May 31, 2020** | **For the Year Ended May 31, 2019** | **For the Year Ended May 31, 2018** |
| $13.49 | $9.72 | $4.95 | $6.55 | $9.72 | $8.42 |
| 0.11 | 0.05 | (0.03) | 0.02 | (0.04) | (0.05) |
| (0.84) | 4.02 | 4.91 | (1.59) | (3.07) | 1.41 |
| (0.73) | 4.07 | 4.88 | (1.57) | (3.11) | 1.36 |
|  | (0.31) | (0.11) | (0.03) | (0.06) | (0.05) |
| – | – | – | – | – | (0.01) |
| – | (0.31) | (0.11) | (0.03) | (0.06) | (0.06) |
| 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| (0.73) | 3.77 | 4.77 | (1.60) | (3.17) | 1.30 |
| $12.76 | $13.49 | $9.72 | $4.95 | $6.55 | $9.72 |
| (5.41 %) | 43.16% | 99.83% | (24.09%) | (32.00%) | 16.20% |
| $24616 | $24240 | $16387 | $4137 | $4906 | $8698 |
| 1.56 %<sup>(c)</sup> | 1.65% | 2.24% | 2.82% | 2.88% | 5.51% |
| 1.25 %<sup>(c)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 1.77 %<sup>(c)</sup> | 0.42% | (0.38%) | 0.34% | (0.46%) | (0.52%) |
| 0 | 22% | 18% | 84% | 25% | 15% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Assumes an initial investment at commencement of operations, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal year. Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.* 

Semi-Annual Report \| November 30, 2022 21

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (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 mid point 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 asked 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.

22 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (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 US 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 US 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.

Semi-Annual Report \| November 30, 2022 23

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (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 each input used to value the Fund as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 - Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant Unobservable<br> Inputs** | **Total** |
| Common Stocks | $195102661 | $– | $1122257 | $196224918 |
| Warrants | 6625 |  | 27959 | 34584 |
| Corporate Bonds |  | 75265 |  | 75265 |
| Mutual Fund | 6880239 |  |  | 6880239 |
| Short Term Investments | 7893434 | – | – | 7893434 |
| Total | $209882959 | $75265 | $1150216 | $211108440 |

---

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

24 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Common Stocks** | **Private Securities** | **Warrants** | **Total** |
| Balance as of May 31, 2022 | $26984 | $634120 | $– | $661104 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 369166 |  | (7534) | 361632 |
| &nbsp;&nbsp;&nbsp;Purchases | 726107 |  | 35493 | 761600 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds |  | (634120) |  | (634120) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – | – | – |
| Balance as of November 30, 2022 | $1122257 | $– | $27959 | $1150216 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at November 30, 2022 | $(26985) | $– | $(7534) | $(26985) |

---

All transfers are recognized by the fund at the end of each reporting period. Transfers into Level 3 generally relate to whether significant unobservable inputs are used for the fair value of measurements. The inputs used by management may include the transaction price and/or the last available reported trade price of the securities in determining fair value.

**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.

**Class Expenses:** Expenses that are specific to a class of shares of the Fund, including distribution fees (Rule 12b-1 fees), are charged directly to that share class.

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that the Fund will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the six months ended November 30, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required.

The Fund's tax return is subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and three years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Semi-Annual Report \| November 30, 2022 25

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

**Distributions to Shareholders:** The Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income the Fund receives from its investments, including short-term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than a year. The Fund may make additional distributions and dividends at other times if the portfolio manager believes doing so may be necessary for the Fund to avoid or reduce taxes.

3. TAX BASIS INFORMATION

**Tax Basis of Investments:** As of November 30, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for federal tax purposes was as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation (excess of value over tax cost) | $73402640 |
| Gross unrealized depreciation (excess of tax cost over value) | (12352272) |
| Net unrealized appreciation | $61050368 |
| Cost of investments for income tax purposes | $150168809 |

---

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund.

The tax character of distributions for the year ended May 31, 2022, were as follows:

---

| | |
|:---|:---|
| **Distributions Paid From:** | |
| Ordinary Income | $3725121 |
| Total | $3725121 |

---

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six months ended November 30, 2022, was as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Proceeds from Sales of Securities** |
| $33842928 | $766838 |

---

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Fund consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Fund or its creditors solely by reason of the purchaser' ownership of the shares. Shares have no pre-emptive rights.

---

| | | |
|:---|:---|:---|
|  | **For the Six <br> Months Ended <br> November 30, 2022 <br> (Unaudited)** | **For the Year <br> Ended <br> May 31, 2022** |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3637487 | 6028961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders |  | 231637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1329094) | (2036605) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2308393 | 4223993 |
| **Retail Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 331827 | 949715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions to shareholders |  | 58886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (199839) | (897346) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 131988 | 111255 |

---

Shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The Fund had redemption fees of $3,870 during the six months ended November 30, 2022, and had redemption fees of $30,476 during the year ended May 31, 2022.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund's business affairs. The Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Fund pays the Adviser an annual management fee of 0.90%, based on the Fund's average daily net assets. The management fee is paid on a monthly basis.

The Adviser has contractually agreed to limit the amount of the Fund's total annual fund operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses, to 0.92% and 1.25% of the Fund's average daily net assets for Institutional Class shares and Retail Class shares, respectively. This agreement is in effect through September 30, 2023, may only be terminated before then by the Board, and is reevaluated on an annual basis. With respect to the Fund, the Adviser shall be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods fall below the lesser of (1) the expense limit in effect at the time the Adviser waives or limits the expenses and (2) the expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such reduced fees and expenses more than three years after the date on which the fee and expense was reduced. Fees waived by the Adviser for the six months ended November 30, 2022, are disclosed in the Statement of Operations.

Semi-Annual Report \| November 30, 2022 27

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

For the six months ended November 30, 2022, the fee waivers were as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees <br> Waived/Reimbursed <br> by Adviser** |
| Institutional Class | $(247836) |
| Retail Class | (33953) |
| **TOTAL** | $(281789) |

---

As of November 30, 2022, the balances of recoupable expenses for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expiring in Fiscal <br> Year 2023** | **Expiring in Fiscal <br> Year 2024** | **Expiring in Fiscal <br> Year 2025** | **Expiring in Fiscal <br> Year 2026** |
| Institutional Class | $257550 | $450412 | $432662 | $247836 |
| Retail Class | 33394 | 83049 | 74725 | 33953 |
| **TOTAL** | $290944 | $533461 | $507387 | $281789 |

---

**Distributor:** ALPS Distributors, Inc. ("ADI" or the "Distributor") (an affiliate of ALPS Fund Services, Inc.) acts as the distributor of the Fund's shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Fund, although it is not obliged to sell any particular amount of shares.

ADI is not entitled to any compensation from the Fund for its services as Distributor; however, ADI receives compensation from the Adviser. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

The Fund has adopted a Distribution and Services Plan pursuant to Rule 12b-1 of the 1940 Act (the "Plan"). The Plan allows the Fund, as applicable, to use the Fund's assets to pay fees in connection with the distribution and marketing of the Fund's shares and/or the provision of shareholder services to the Fund's shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use shares of the Fund as their funding medium and for related expenses. The recipients of such payments may include other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net asset value of the Retail Class. Because these fees are paid out of the Fund's assets on an ongoing basis, over time they will increase the cost of an investment in the Fund, and Plan fees may cost an investor more than other types of sales charges.

Under the Shareholder Services Plan (a "Services Plan"), the Fund is authorized to compensate certain financial institutions, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the "Participating Organizations"), for providing services to the Fund or the Fund's shareholders. This compensation may be used by the financial institution for payments to financial institutions and persons who provide administrative and support services to their customers who may from time to time beneficially own Retail Class shares. The Services Plan permits the Fund to make total payments at an annual rate of up to 0.15% of the Fund's average daily net assets attributable to its Retail Class shares. However, the Fund may pay fees under the Services Plan at a lesser rate. Shareholder Services Plan fees are included with distribution and service fees on the Statement of Operations.

28 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

**Fund Administrator Fees and Expenses:** ALPS Fund Services, Inc. ("ALPS") serves as administrator to the Fund. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund's operations. Several officers of the Trust are employees of ALPS. The Fund's administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the six months ended November 30, 2022, are disclosed in the Statement of Operations.

The Administrator is also reimbursed by the Fund for certain out-of-pocket expenses.

**Transfer Agent:** ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the six months ended November 30, 2022, are disclosed in the Statementof Operations.

**Compliance Services:** ALPS provides services that assist the Fund's chief compliance officer in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Fund. Compliance services fees paid by the Fund for the six months ended November 30, 2022, are disclosed in the Statement of Operations.

**Beneficial Ownership:** The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of November 30, 2022, there were no entities that beneficially owned 25% or greater of a Fund's outstanding shares.

7. PRINCIPAL RISKS

The following is a description of select principal risks of the Fund's portfolio, which may adversely affect its net asset value, yield and total return. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment objective. The Fund's prospectus and statement of additional information provide details of the risks the Fund is subject to.

**Commodities Risk:** Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund's shares to decline or fluctuate more than if the Fund had a broader range of investments. To the extent that the Fund is more heavily exposed to a commodity sub-sector that undergoes a period of weakness, an investor can expect poor returns from the Fund.

Semi-Annual Report \| November 30, 2022 29

Goehring & Rozencwajg Resources Fund Notes to Financial Statements

*November 30, 2022 (Unaudited)*

**Natural Resources Investment Risk:** Investment in companies in the natural resources industries can be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, environmental incidents, energy conservation, the success of exploration projects, changes in commodity prices, and tax and other government regulations. Energy prices may decline sharply (as occurred in 2015), and a prolonged slump in energy prices is likely to have a negative effect on companies that extract, process or deliver energy-related commodities.

**Concentration Risk:** The Fund concentrates its investments in natural resources investments. Concentrating in natural resources investments increases the risk of loss because the stocks of many or all of the companies in the natural resources industry may decline in value due to a development adversely affecting the industry or one or more particular sub-industries or commodities. In addition, investors may buy or sell substantial amounts of the Fund's shares in response to factors affecting or expected to affect the natural resources industry, resulting in extreme inflows and outflows of cash into and out of the Fund. Such inflows or outflows might affect management of the Fund adversely to the extent they were to cause the Fund's cash position or cash requirements to exceed normal levels.

**Market Disruption and Geopolitical Risk:** Geopolitical and other events , such as war (including Russia's military invasion of Ukraine), terrorist attacks, and natural or environmental disasters, may disrupt securities markets and adversely affect global economies and markets. Those events, as well as other changes in non-U.S. and U.S. economic and political conditions, could adversely affect the value of the Fund's investments.

**Coronavirus (COVID-19) Pandemic Risk:** The impact of the COVID-19 pandemic has negatively affected the worldwide economy, as well as the economies of individual countries, individual companies and the market in general, in significant and unforeseen ways. The energy and commodity markets have been especially negatively impacted by the economic disruptions caused by COVID-19. Health crises caused by outbreaks, such as the COVID-19 pandemic, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of the COVID-19 pandemic has resulted in substantial market volatility, which may have an adverse effect on the Fund's investments.

8. INDEMNIFICATIONS

Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

30 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Disclosure Regarding Approval Of Fund Advisory Agreement

*November 30, 2022 (Unaudited)*

The Board of Trustees, including a majority of the Trustees who are not interested persons of the Fund (the "Independent Trustees"), approved the renewal of the investment management agreement (the "Agreement") between Goehring & Rozencwajg Resources Fund (the "Fund") and Goehring & Rozencwajg Associates, LLC (the "Adviser") at an in-person Board meeting held at 1211 Avenue of the Americas, New York, New York on June 23, 2022.

The Board of Trustees, including the Independent Trustees, meet over the course of the year with the Adviser's principals and regularly reviews information regarding the investment program and performance of the Fund. The Trustees considered information provided to the Trustees in advance of and at the meeting, which included, among other things, information regarding: (i) information on the Fund's investment performance and the performance of a group of comparable funds; (ii) the Fund's investment objective and strategies; (iii) the Fund's advisory fee and other expenses, including comparisons of the Fund's fees to the fees of a group of similar funds and other Adviser accounts, (iv) the Fund's expense cap; and (v) arrangements in respect of the distribution of the Fund's shares.

In considering whether to renew the Agreement, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their renewal of the Agreement included, but were not limited to, the following:

**The nature, extent and quality of the services to be provided to the Fund under the Agreement.**

The Trustees considered the nature, extent and quality of the services provided by the Adviser to the Fund. In this regard, the Trustees took into account the experience of the Adviser's principals and the time and attention they devote to the Fund. The Trustees also considered the Fund's record of compliance with its investment restrictions and the compliance program of the Fund and the Adviser. They also took into account the time the Adviser devotes to the oversight of other Fund services providers.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of the services provided by the Adviser supported the renewal of the Agreement.

**Investment performance of the Adviser.** 

The Trustees reviewed performance information for the Fund for various time periods since the Fund's inception. The review included a comparison of the Fund's performance to the performance of a group of comparable funds and certain benchmark indices. The Trustees also considered the Adviser's performance and reputation generally and its investment techniques, risk management controls and decision-making processes. The Trustees noted that although the Fund had experienced periods of underperformance, the Fund's underperformance was attributable to market conditions and investment decisions that were consistent with the Fund's investment strategies, and the Fund had also experienced periods of outperformance, including FY 2022, where it performed in the top of the second quartile of peer funds.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that these factors supported the renewal of the Agreement.

Semi-Annual Report \| November 30, 2022 31

Goehring & Rozencwajg Resources Fund Disclosure Regarding Approval Of Fund Advisory Agreement

*November 30, 2022 (Unaudited)*

**The costs of the services provided and profits realized by the Adviser from its relationship with the Fund.**

The Trustees considered the fees charged to the Fund for advisory services as well as the Fund's total expense levels. The Adviser furnished information to the Trustees showing a comparison of the Fund's advisory fee and total expense levels compared to a group of comparable funds. The Trustees noted that an expense cap is currently in place for the Fund, and the Fund's proposed advisory fee and expected total expenses (after application of the expense caps and waivers) align competitively with comparable groups of mutual funds. The Trustees noted that the Fund's total expenses (after application of the expense caps and waivers) was below the median total expenses for comparable funds' Institutional Class shares and at the median total expenses for comparable funds' Retail Class shares. The Trustees also considered information about fees charged by the Adviser to institutional clients, and the different services provided to those clients. The Trustees considered the profits of the Adviser related to the Fund and its business as a whole. The Trustees also considered that the Adviser is aware of the need to commit resources to minimize the effect on shareholders of any diseconomies of scale, which can result when a fund is newer. In this regard, they noted that, because the Fund is relatively small, the Adviser is subsidizing much of the Fund's expenses by waiver of a significant portion of its management fee.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee for the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser in respect of its relationship with the Fund supported the renewal of the Agreement.

**Economies of scale.** 

The Trustees considered to what extent economies of scale would likely be realized as the Fund grows and whether those economies would be shared with the Fund. The Trustees noted that because the Fund is relatively small, it is not expected to attain any economies of scale for the near future. The Trustees also considered that the Fund and the Adviser are parties to an Expense Limitation Agreement, providing for reimbursement by the Adviser to the Fund for certain Net Annual Operating Expenses.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement that the extent to which economies of scale would be shared with the Fund supported the renewal of the Agreement.

The Trustees also considered other factors, which included but were not limited to so-called "fallout benefits" to the Adviser resulting from its management of the Fund, such as soft dollar arrangements. The Trustees also considered the possible conflicts of interest associated with these fallout and other benefits, as well as the steps the Adviser took to mitigate such possible conflicts of interest.

Based on their evaluation of all factors they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, concluded that the Agreement should be renewed for an additional one year period.

32 www.gr-funds.com

Goehring & Rozencwajg Resources Fund Additional Information

*November 30, 2022 (Unaudited)*

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Form N-PORT within 60 days after the end of the period. Copies of the Fund's Form N-PORT are available without charge on the SEC's website at http://www.sec.gov. Quarterly portfolio holdings are also available on the Fund's website at http://www.gr-funds.com/#holdings

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund's policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 1-844-464-6467 and (2) on the SEC's website at http://www.sec.gov.

Semi-Annual Report \| November 30, 2022 33

![](fp0081608-1_03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

Item 2. **Code of Ethics.**

Not applicable to this Report.

Item 3. **Audit Committee Financial Expert.**

Not applicable to this Report.

Item 4. **Principal Accountant Fees and Services.**

Not applicable to this Report.

Item 5. **Audit Committee of Listed Registrants.** 

Not applicable to Registrant.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the Report to Stockholders filed under Item 1 of
 this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
applicable.

Item 7. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to Registrant.

Item 8. **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to Registrant.

Item 9. **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to Registrant.

Item 10. **Submission of Matters to Vote of Security Holders.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2) of Regulation S-K, or this Item.

Item 11. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's principal executive officer and principal financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended) are effective based on their evaluation
 of these controls and procedures as of a date within 90 days of the filing date of this
 report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 was no change in the Registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during
 the period covered by this report that has materially affected, or is reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

Item 12. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to Registrant.

Item 13. **Exhibits.**

(a)(1) Not applicable to this Report.

(a)(2) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached hereto as Exhibit 99.Cert.](fp0081608-1_ex99cert.htm)

(a)(3) None.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.](fp0081608-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Goehring & Rozencwajg Investment Funds | Goehring & Rozencwajg Investment Funds |
| By: | /s/ Adam A. Rozencwajg |
|  | Adam A. Rozencwajg |
|  | President |
| Date: | February 6, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Goehring & Rozencwajg Investment Funds | Goehring & Rozencwajg Investment Funds |
| By: | /s/ Adam A. Rozencwajg |
|  | Adam A. Rozencwajg |
|  | Principal Executive Officer and Principal Financial Officer |
| Date: | February 6, 2023 |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, Adam A. Rozencwajg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Goehring & Rozencwajg Investment Funds
 (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Adam A. Rozencwajg |
|  | Adam A. Rozencwajg |
|  | Principal Executive Officer |
| Date: | February 6, 2023 |

---

I, Adam A. Rozencwajg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Goehring & Rozencwajg Investment Funds
 (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Adam A. Rozencwajg |
|  | Adam A. Rozencwajg |
|  | Principal Financial Officer |
| Date: | February 6, 2023 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended November 30, 2021 of Goehring & Rozencwajg Investment Funds (the "Company").

I, Adam A. Rozencwajg, the President and Chief Executive Officer/Principal Executive Officer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Report fully complies with the requirements of Section 13(a) or Section 15(d) of the
 Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | February 6, 2023 |
| By: | /s/ Adam A. Rozencwajg |
|  | Adam A. Rozencwajg |
|  | President and Chief Executive Officer/Principal Executive Officer and Principal Financial Officer |

---