(Item 4) This Brochure relates to the investment advisory services offered by Campbell Global, LLC (“Campbell” or the “Adviser”). Founded in 1981, Campbell is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Campbell, together with 55I, LLC, Bear Stearns Asset Management Inc., Highbridge Capital Management, LLC, J.P. Morgan Alternative Asset Management, Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management (UK) Limited, JPMorgan Funds Limited, J.P. Morgan Investment Management Inc. (“JPMIM”), and Security Capital Research & Management Inc. (each, an SEC-registered investment adviser), various affiliated foreign investment advisers, and the asset management division of JPMorgan Chase Bank, N.A., comprise the Asset Management business of J.P. Morgan Asset & Wealth Management. J.P. Morgan Asset Management is the marketing name for the Asset Management businesses of JPMorgan Chase & Co. (individually, or collectively with its affiliates and subsidiaries, as the context requires, “JPMC”). JPMC is a publicly traded global financial services firm. JPMorgan Asset Management Holdings Inc. (“JPMAM Holdings”), which is a subsidiary of JPMC, owns 100% of the common stock of Campbell. Campbell’s primary business is providing certain entities with advisory services regarding timberlands and related assets (such entities, “Timberland Investments”). Campbell’s advisory business for purposes of the Advisers Act consists of (i) advising certain investors regarding the purchase and sale of interests in one or more Timberland Investments (such investors, “Investor Clients”), and (ii) advising Timberland Investments on the investment of their idle cash, or the investment in Timberland Investment related businesses (such Timberland Investments, “TI Clients” and together with the Investor Clients, the “Clients”). Purchasing or selling an interest in a Timberland Investment does not itself cause an investor to become an Investor Client. Campbell’s Investor Clients are those investors that have separate advisory agreements with Campbell which were entered into in anticipation of, or in connection with, the purchase or sale of interests in Timberland Investments. Most Investor Clients are institutional investors that are unaffiliated with Campbell. An entity being a Timberland Investment does not itself cause that entity to become a TI Client. Campbell’s TI Clients are Timberland Investments to which Campbell provides recommendations

regarding the investment of their cash balances in assets other than bank accounts and U.S. government securities (for example, the temporary investment from time to time in commercial paper or money market funds, including, in some cases, money market funds advised by JPMIM or its affiliates), and/or Timberland Investment related assets that constitute securities (such as interests in timberland-related businesses). Campbell seeks to tailor its advisory services and recommendations to the individual needs of each Client by focusing on investments that further that Client’s goals, risk tolerance, liquidity needs, investment horizons, and other characteristics communicated, or known, to Campbell regarding such Client. As part of this process, certain Clients may impose restrictions on the types of Timberland Investments in which they will invest. Generally, the minimum investment amount to become an Investor Client is $5 million, although in certain situations the minimum is lowered. There is no minimum investment amount for a Timberland Investment to become a TI Client. As of December 31, 2023, Campbell had approximately $9,106,187,442 of total assets under supervision, which includes $6,723,033,534 of total assets under management, consisting of $896,667,100 of discretionary assets under management and $5,826,366,434 of nondiscretionary assets under management. The majority of the discretionary and nondiscretionary assets under management reflect indirect interests in underlying timberland assets that are included in the total assets under management figure. In addition to acting as an investment advisory firm, Campbell monitors and oversees, in certain cases, property-level forest management and log sale services provided by advisors, independent contractors, consultants or other parties for Timberland Investments. These services and Campbell’s reimbursement policies are described under Item 5 “Fees and Compensation”. Although Campbell has entered into separate advisory and administrative agreements with Timberland Investments, these agreements relate timberlands or related assets and not securities, and therefore do not cause the Timberland Investments themselves to become advisory Clients of Campbell under the Advisers Act. Campbell does not publish a formal investment advisory letter. Campbell produces a newsletter entitled “Timber Trends” that provides a periodic review of current events and trends in the timberland investment market and analysis of these trends. No recommendations to buy or sell are made in this newsletter.