Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDERSON FARMS INC	38,140	$6.16M	5.8%	$89.25	—	COM	800013104
INGR	INGREDION INC	22,712	$2.74M	2.6%	$105.55	+15.5%	COM	457187102
GGB	GERDAU S A	560,477	$1.922M	1.8%	$3.38	—	SPON ADR REP PFD	373737105
MPC	MARATHON PETE CORP	34,138	$1.914M	1.8%	$33.16	+24.6%	COM	56585A102
—	CRESCENT PT ENERGY CORP	234,778	$1.88M	1.8%	$10.85	—	COM	22576C101
—	CONTINENTAL RESOURCES INC	44,844	$1.731M	1.6%	$38.79	—	COM	212015101
VLO	VALERO ENERGY CORP NEW	22,143	$1.703M	1.6%	$33.39	+48.0%	COM	91913Y100
—	AK STL HLDG CORP	295,397	$1.651M	1.6%	$6.07	—	COM	001547108
PPC	PILGRIMS PRIDE CORP NEW	57,363	$1.63M	1.5%	$25.00	+5.2%	COM	72147K108
CALM	CAL MAINE FOODS INC	39,256	$1.613M	1.5%	$32.50	-12.5%	COM NEW	128030202
—	BUNGE LIMITED	23,035	$1.6M	1.5%	$77.26	—	COM	G16962105
SCCO	SOUTHERN COPPER CORP	40,114	$1.595M	1.5%	$22.64	+15.7%	COM	84265V105
SBS	COMPANHIA DE SANEAMENTO BASI	146,224	$1.53M	1.4%	$5.24	—	SPONSORED ADR	20441A102
SQM	SOCIEDAD QUIMICA MINERA DE C	26,626	$1.482M	1.4%	$19.20	—	SPON ADR SER B	833635105
MOS	MOSAIC CO NEW	64,541	$1.393M	1.3%	$25.19	-24.9%	COM	61945C103
—	MONSANTO CO NEW	11,144	$1.335M	1.3%	$109.90	—	COM	61166W101
CVE	CENOVUS ENERGY INC	133,250	$1.332M	1.3%	$12.43	-43.6%	COM	15135U109
VET	VERMILION ENERGY INC	36,600	$1.297M	1.2%	$37.71	-12.8%	COM	923725105
—	OASIS PETE INC NEW	138,892	$1.267M	1.2%	$9.12	—	COM	674215108
—	PDC ENERGY INC	25,550	$1.253M	1.2%	$58.48	—	COM	69327R101
—	PIONEER NAT RES CO	8,333	$1.229M	1.2%	$155.37	—	COM	723787107
FCX	FREEPORT-MCMORAN INC	85,938	$1.207M	1.1%	$12.64	+0.8%	CL B	35671D857
BP	BP PLC	30,523	$1.173M	1.1%	$33.34	—	SPONSORED ADR	055622104
FTI	TECHNIPFMC PLC	40,750	$1.138M	1.1%	$20.13	-8.5%	COM	G87110105
—	ATWOOD OCEANICS INC	119,936	$1.126M	1.1%	$9.53	—	COM	050095108
—	HOLLYFRONTIER CORP	30,867	$1.11M	1.1%	$46.20	—	COM	436106108
OII	OCEANEERING INTL INC	41,129	$1.08M	1.0%	$40.37	-40.0%	COM	675232102
PSX	PHILLIPS 66	11,740	$1.076M	1.0%	$43.93	+39.4%	COM	718546104
TX	TERNIUM SA	34,435	$1.065M	1.0%	$18.61	—	SPON ADR	880890108
—	NOBLE ENERGY INC	36,946	$1.048M	1.0%	$39.30	—	COM	655044105
—	RSP PERMIAN INC	30,190	$1.044M	1.0%	$39.60	—	COM	74978Q105
—	CNOOC LTD	7,854	$1.019M	1.0%	$128.27	—	SPONSORED ADR	126132109
—	DRIL-QUIP INC	22,197	$980K	0.9%	$54.21	—	COM	262037104
SLB	SCHLUMBERGER LTD	13,523	$943K	0.9%	$57.96	-10.5%	COM	806857108
—	NEWFIELD EXPL CO	31,261	$928K	0.9%	$30.80	—	COM	651290108
—	POTASH CORP SASK INC	47,979	$923K	0.9%	$18.25	—	COM	73755L107
CLF	CLEVELAND CLIFFS INC	127,935	$915K	0.9%	$7.07	0.0%	COM	185899101
FANG	DIAMONDBACK ENERGY INC	9,232	$904K	0.9%	$66.84	+6.5%	COM	25278X109
PKX	POSCO	12,693	$881K	0.8%	$48.03	—	SPONSORED ADR	693483109
GFI	GOLD FIELDS LTD NEW	202,320	$872K	0.8%	$3.46	—	SPONSORED ADR	38059T106
—	RANDGOLD RES LTD	8,702	$850K	0.8%	$84.52	—	ADR	752344309
WY	WEYERHAEUSER CO	24,828	$845K	0.8%	$19.48	+21.4%	COM	962166104
DE	DEERE & CO	6,575	$826K	0.8%	$89.46	+21.3%	COM	244199105
—	CARRIZO OIL & GAS INC	46,416	$795K	0.8%	$20.63	—	COM	144577103
SSRM	SSR MNG INC	74,544	$791K	0.7%	$9.96	0.0%	COM	784730103
AR	ANTERO RES CORP	39,721	$790K	0.7%	$23.01	-12.4%	COM	03674X106
—	HALCON RES CORP	114,857	$781K	0.7%	$6.80	—	COM PAR NEW	40537Q605
RYN	RAYONIER INC	26,418	$763K	0.7%	$28.09	—	COM	754907103
SID	COMPANHIA SIDERURGICA NACION	256,219	$758K	0.7%	$2.97	—	SPONSORED ADR	20440W105
—	CORE LABORATORIES N V	7,596	$750K	0.7%	$111.63	—	COM	N22717107
ADM	ARCHER DANIELS MIDLAND CO	17,623	$749K	0.7%	$29.04	+13.2%	COM	039483102
—	CALGON CARBON CORP	34,868	$746K	0.7%	$14.88	—	COM	129603106
OIS	OIL STS INTL INC	28,662	$727K	0.7%	$29.39	-16.3%	COM	678026105
—	AGRIUM INC	6,597	$707K	0.7%	$98.12	—	COM	008916108
—	ROWAN COMPANIES PLC	54,889	$705K	0.7%	$13.50	—	SHS CL A	G7665A101
—	BARRICK GOLD CORP	42,867	$690K	0.7%	$15.73	—	COM	067901108
NEM	NEWMONT MINING CORP	18,019	$676K	0.6%	$25.02	+14.7%	COM	651639106
ARLP	ALLIANCE RES PARTNER L P	34,564	$669K	0.6%	$20.17	—	UT LTD PART	01877R108
CRS	CARPENTER TECHNOLOGY CORP	13,673	$657K	0.6%	$35.71	-3.0%	COM	144285103
RRC	RANGE RES CORP	33,132	$648K	0.6%	$30.50	-36.6%	COM	75281A109
—	BRF SA	44,756	$645K	0.6%	$15.15	—	SPONSORED ADR	10552T107
—	MCDERMOTT INTL INC	88,740	$645K	0.6%	$5.08	—	COM	580037109
AA	ALCOA CORP	13,384	$624K	0.6%	$36.63	+4.3%	COM	013872106
PCH	POTLATCH CORP NEW	12,225	$623K	0.6%	$31.35	—	COM	737630103
AGRO	ADECOAGRO S A	56,940	$615K	0.6%	$9.82	-9.3%	COM	L00849106
AWK	AMERICAN WTR WKS CO INC NEW	7,562	$612K	0.6%	$61.71	+11.9%	COM	030420103
HL	HECLA MNG CO	120,107	$603K	0.6%	$4.93	-0.1%	COM	422704106
XOM	EXXON MOBIL CORP	7,257	$595K	0.6%	$58.02	-6.4%	COM	30231G102
—	RESOLUTE ENERGY CORP	20,051	$595K	0.6%	$29.67	—	COM NEW	76116A306
—	ADVANTAGE OIL & GAS LTD	94,700	$592K	0.6%	$6.79	—	COM	00765F101
—	KOSMOS ENERGY LTD	74,212	$591K	0.6%	$7.49	—	SHS	G5315B107
KALU	KAISER ALUMINUM CORP	5,639	$582K	0.6%	$62.13	+17.3%	COM PAR $0.01	483007704
—	SCHNITZER STL INDS	20,655	$581K	0.5%	$26.94	—	CL A	806882106
—	QEP RES INC	66,376	$569K	0.5%	$12.29	—	COM	74733V100
WPM	WHEATON PRECIOUS METALS CORP	29,543	$564K	0.5%	$18.25	-3.3%	COM	962879102
—	RICE ENERGY INC	19,322	$559K	0.5%	$26.20	—	COM	762760106
VALE	VALE S A	54,006	$544K	0.5%	$9.95	—	ADR	91912E105
AEM	AGNICO EAGLE MINES LTD	11,963	$541K	0.5%	$34.07	+16.3%	COM	008474108
CVX	CHEVRON CORP NEW	4,572	$537K	0.5%	$70.75	+7.7%	COM	166764100
—	TAHOE RES INC	101,700	$533K	0.5%	$8.64	—	COM	873868103
ANDE	ANDERSONS INC	15,254	$522K	0.5%	$22.96	+19.6%	COM	034164103
SEDG	SOLAREDGE TECHNOLOGIES INC	18,038	$515K	0.5%	$14.60	+72.7%	COM	83417M104
NVRI	HARSCO CORP	23,709	$496K	0.5%	$9.89	+72.5%	COM	415864107
FNV	FRANCO NEVADA CORP	6,406	$496K	0.5%	$60.33	+17.1%	COM	351858105
HTO	SJW GROUP	8,487	$480K	0.5%	$49.26	+9.1%	COM	784305104
TSN	TYSON FOODS INC	6,757	$476K	0.5%	$41.43	+23.4%	CL A	902494103
MTDR	MATADOR RES CO	17,270	$469K	0.4%	$23.31	+1.9%	COM	576485205
EC	ECOPETROL S A	49,423	$469K	0.4%	$13.21	—	SPONSORED ADS	279158109
—	WHITING PETE CORP NEW	83,063	$454K	0.4%	$7.14	—	COM	966387102
RIG	TRANSOCEAN LTD	41,155	$443K	0.4%	$20.21	-57.4%	REG SHS	H8817H100
CTRA	CABOT OIL & GAS CORP	15,885	$425K	0.4%	$17.34	+7.3%	COM	127097103
—	OSISKO GOLD ROYALTIES LTD	32,969	$424K	0.4%	$12.86	—	COM	68827L101
—	PARSLEY ENERGY INC	15,768	$415K	0.4%	$23.95	—	CL A	701877102
COP	CONOCOPHILLIPS	8,236	$412K	0.4%	$34.75	-0.9%	COM	20825C104
—	PETROCHINA CO LTD	6,277	$402K	0.4%	$106.26	—	SPONSORED ADR	71646E100
—	CALLON PETE CO DEL	34,212	$385K	0.4%	$15.04	—	COM	13123X102
AWR	AMERICAN STS WTR CO	7,759	$382K	0.4%	$31.01	+36.0%	COM	029899101
BKR	BAKER HUGHES A GE CO	10,237	$375K	0.4%	$28.18	0.0%	CL A	05722G100
CENX	CENTURY ALUM CO	22,270	$369K	0.3%	$11.81	+46.2%	COM	156431108
CSIQ	CANADIAN SOLAR INC	21,909	$369K	0.3%	$13.01	+25.9%	COM	136635109
CCJ	CAMECO CORP	37,649	$364K	0.3%	$12.87	-26.4%	COM	13321L108
DAR	DARLING INGREDIENTS INC	20,556	$360K	0.3%	$16.52	+2.4%	COM	237266101
FSLR	FIRST SOLAR INC	7,857	$360K	0.3%	$33.93	+36.7%	COM	336433107
ERII	ENERGY RECOVERY INC	44,740	$353K	0.3%	$10.80	-33.9%	COM	29270J100
—	EP ENERGY CORP	107,772	$351K	0.3%	$4.51	—	CL A	268785102
—	SRC ENERGY INC	35,028	$339K	0.3%	$8.45	—	COM	78470V108
—	FRANKS INTL N V	43,138	$333K	0.3%	$15.32	—	COM	N33462107
RIO	RIO TINTO PLC	6,990	$330K	0.3%	$46.83	—	SPONSORED ADR	767204100
—	WPX ENERGY INC	28,684	$330K	0.3%	$13.79	—	COM	98212B103
—	PRECISION DRILLING CORP	103,858	$324K	0.3%	$3.72	—	COM 2010	74022D308
—	LAREDO PETROLEUM INC	24,777	$320K	0.3%	$10.40	—	COM	516806106
TECK	TECK RESOURCES LTD	15,143	$318K	0.3%	$18.66	+16.7%	CL B	878742204
HBM	HUDBAY MINERALS INC	42,724	$316K	0.3%	$4.52	+66.7%	COM	443628102
EPD	ENTERPRISE PRODS PARTNERS L	11,611	$303K	0.3%	$52.99	—	COM	293792107
—	TURQUOISE HILL RES LTD	96,686	$300K	0.3%	$2.89	—	COM	900435108
HLX	HELIX ENERGY SOLUTIONS GRP I	40,244	$297K	0.3%	$8.86	-28.6%	COM	42330P107
—	DOMINION DIAMOND CORP	20,416	$289K	0.3%	$9.67	—	COM	257287102
EQT	EQT CORP	4,407	$288K	0.3%	$34.67	-9.6%	COM	26884L109
E	ENI S P A	8,706	$288K	0.3%	$32.37	—	SPONSORED ADR	26874R108
PAAS	PAN AMERICAN SILVER CORP	16,783	$286K	0.3%	$17.18	+0.3%	COM	697900108
—	GOLDCORP INC NEW	21,297	$276K	0.3%	$14.12	—	COM	380956409
AGCO	AGCO CORP	3,695	$273K	0.3%	$43.16	+32.2%	COM	001084102
—	ROYAL DUTCH SHELL PLC	4,364	$264K	0.2%	$57.71	—	SPONS ADR A	780259206
—	FORUM ENERGY TECHNOLOGIES IN	16,465	$262K	0.2%	$12.77	—	COM	34984V100
—	CONSOL ENERGY INC	15,463	$262K	0.2%	$16.79	—	COM	20854P109
EOG	EOG RES INC	2,684	$260K	0.2%	$65.30	+3.3%	COM	26875P101
AROC	ARCHROCK INC	20,420	$256K	0.2%	$8.30	-18.4%	COM	03957W106
SU	SUNCOR ENERGY INC NEW	6,910	$241K	0.2%	$23.96	-2.5%	COM	867224107
—	SUNCOKE ENERGY PARTNERS L P	13,291	$229K	0.2%	$17.23	—	COMUNIT REP LT	86722Y101
—	NEVSUN RES LTD	104,500	$225K	0.2%	$2.15	—	COM	64156L101
DVN	DEVON ENERGY CORP NEW	6,100	$224K	0.2%	$38.78	-40.8%	COM	25179M103
—	APACHE CORP	4,800	$220K	0.2%	$88.82	—	COM	037411105
PTEN	PATTERSON UTI ENERGY INC	10,151	$213K	0.2%	$17.15	+7.4%	COM	703481101
HP	HELMERICH & PAYNE INC	3,934	$205K	0.2%	$71.52	-30.8%	COM	423452101
BTE	BAYTEX ENERGY CORP	63,190	$190K	0.2%	$4.62	-46.0%	COM	07317Q105
—	SOUTHWESTERN ENERGY CO	30,316	$185K	0.2%	$18.83	—	COM	845467109
—	CALIFORNIA RES CORP	14,009	$147K	0.1%	$15.07	—	COM NEW	13057Q206
—	PRETIUM RES INC	15,753	$146K	0.1%	$8.95	—	COM	74139C102
—	SUPERIOR ENERGY SVCS INC	13,614	$145K	0.1%	$31.32	—	COM	868157108
—	GRAN TIERRA ENERGY INC	58,544	$133K	0.1%	$2.61	—	COM	38500T101
—	YAMANA GOLD INC	49,861	$132K	0.1%	$3.51	—	COM	98462Y100
AG	FIRST MAJESTIC SILVER CORP	19,036	$130K	0.1%	$8.43	-16.1%	COM	32076V103
—	ENCANA CORP	11,052	$130K	0.1%	$13.55	—	COM	292505104
—	NOBLE CORP PLC	28,100	$129K	0.1%	$6.52	—	SHS USD	G65431101
—	ENSCO PLC	20,125	$120K	0.1%	$30.50	—	SHS CLASS A	G3157S106
NGD	NEW GOLD INC CDA	31,738	$118K	0.1%	$3.84	-10.0%	COM	644535106
KGC	KINROSS GOLD CORP	26,298	$112K	0.1%	$3.68	+16.2%	COM NO PAR	496902404
IAG	IAMGOLD CORP	17,963	$110K	0.1%	$3.74	+55.5%	COM	450913108
—	ELDORADO GOLD CORP NEW	49,799	$110K	0.1%	$4.29	—	COM	284902103
—	BRISTOW GROUP INC	11,750	$110K	0.1%	$16.17	—	COM	110394103
—	NABORS INDUSTRIES LTD	13,091	$106K	0.1%	$26.64	—	SHS	G6359F103
AGI	ALAMOS GOLD INC NEW	15,324	$104K	0.1%	$6.76	+2.5%	COM CL A	011532108
—	WEATHERFORD INTL PLC	22,377	$102K	0.1%	$19.28	—	ORD SHS	G48833100
—	SANCHEZ ENERGY CORP	19,484	$94,000	0.1%	$9.43	—	COM	79970Y105
—	SIBANYE STILLWATER	19,642	$88,000	0.1%	$7.13	—	SPONSORED ADR	825724206
—	CHESAPEAKE ENERGY CORP	13,560	$58,000	0.1%	$7.47	—	COM	165167107