Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOS	MOSAIC CO NEW	124,774	$3.03M	2.3%	$24.15	-4.2%	COM	61945C103
INGR	INGREDION INC	21,670	$2.794M	2.1%	$115.06	+16.3%	COM	457187102
SQM	SOCIEDAD QUIMICA MINERA DE C	53,482	$2.629M	2.0%	$34.36	—	SPON ADR SER B	833635105
—	BUNGE LIMITED	35,327	$2.612M	2.0%	$75.81	—	COM	G16962105
MPC	MARATHON PETE CORP	34,073	$2.491M	1.9%	$33.16	+62.1%	COM	56585A102
AWK	AMERICAN WTR WKS CO INC NEW	28,565	$2.346M	1.8%	$68.60	+2.5%	COM	030420103
AGCO	AGCO CORP	33,807	$2.192M	1.7%	$55.01	+2.6%	COM	001084102
DE	DEERE & CO	13,631	$2.117M	1.6%	$124.34	+15.8%	COM	244199105
VLO	VALERO ENERGY CORP NEW	22,101	$2.05M	1.5%	$33.39	+104.1%	COM	91913Y100
CLF	CLEVELAND CLIFFS INC	276,917	$1.925M	1.5%	$7.01	+1.3%	COM	185899101
—	REXNORD CORP NEW	64,316	$1.909M	1.4%	$29.51	—	COM	76169B102
CF	CF INDS HLDGS INC	49,820	$1.88M	1.4%	$33.21	+0.6%	COM	125269100
RIO	RIO TINTO PLC	36,122	$1.861M	1.4%	$50.76	—	SPONSORED ADR	767204100
GFI	GOLD FIELDS LTD NEW	462,881	$1.861M	1.4%	$3.91	—	SPONSORED ADR	38059T106
—	CONTINENTAL RESOURCES INC	29,833	$1.759M	1.3%	$40.66	—	COM	212015101
—	RANDGOLD RES LTD	20,553	$1.711M	1.3%	$84.37	—	ADR	752344309
SBS	COMPANHIA DE SANEAMENTO BASI	143,680	$1.522M	1.1%	$5.24	—	SPONSORED ADR	20441A102
—	OASIS PETE INC NEW	187,275	$1.517M	1.1%	$8.88	—	COM	674215108
MUR	MURPHY OIL CORP	58,340	$1.508M	1.1%	$21.69	+0.1%	COM	626717102
—	CALLON PETE CO DEL	113,890	$1.508M	1.1%	$13.38	—	COM	13123X102
—	HOLLYFRONTIER CORP	30,808	$1.505M	1.1%	$46.20	—	COM	436106108
CALM	CAL MAINE FOODS INC	34,191	$1.494M	1.1%	$32.50	+1.6%	COM NEW	128030202
TECK	TECK RESOURCES LTD	57,509	$1.481M	1.1%	$21.73	+29.7%	CL B	878742204
BP	BP PLC	36,406	$1.476M	1.1%	$34.54	—	SPONSORED ADR	055622104
—	MONSANTO CO NEW	12,581	$1.468M	1.1%	$110.68	—	COM	61166W101
—	RSP PERMIAN INC	30,898	$1.448M	1.1%	$39.64	—	COM	74978Q105
—	PIONEER NAT RES CO	8,199	$1.408M	1.1%	$156.30	—	COM	723787107
PAAS	PAN AMERICAN SILVER CORP	85,825	$1.386M	1.0%	$16.11	-1.2%	COM	697900108
AEM	AGNICO EAGLE MINES LTD	32,160	$1.353M	1.0%	$36.36	+1.3%	COM	008474108
—	PDC ENERGY INC	26,753	$1.312M	1.0%	$57.90	—	COM	69327R101
CVE	CENOVUS ENERGY INC	152,550	$1.297M	1.0%	$11.85	-35.7%	COM	15135U109
PPC	PILGRIMS PRIDE CORP NEW	52,203	$1.285M	1.0%	$25.49	+5.3%	COM	72147K108
VET	VERMILION ENERGY INC	39,000	$1.256M	0.9%	$37.53	-7.3%	COM	923725105
WY	WEYERHAEUSER CO	35,561	$1.245M	0.9%	$21.42	+21.0%	COM	962166104
ADM	ARCHER DANIELS MIDLAND CO	28,456	$1.234M	0.9%	$31.18	+7.0%	COM	039483102
AG	FIRST MAJESTIC SILVER CORP	192,709	$1.177M	0.9%	$6.69	-9.3%	COM	32076V103
—	NOBLE ENERGY INC	38,408	$1.164M	0.9%	$38.14	—	COM	655044105
—	MARATHON OIL CORP	71,356	$1.151M	0.9%	$16.84	—	COM	565849106
PSX	PHILLIPS 66	11,718	$1.124M	0.8%	$43.93	+62.7%	COM	718546104
—	AQUA AMERICA INC	32,224	$1.098M	0.8%	$34.37	—	COM	03836W103
OII	OCEANEERING INTL INC	58,826	$1.091M	0.8%	$34.37	-41.7%	COM	675232102
FMC	F M C CORP	14,117	$1.081M	0.8%	$60.79	-0.2%	COM NEW	302491303
FNV	FRANCO NEVADA CORP	15,405	$1.053M	0.8%	$68.23	-0.8%	COM	351858105
RYN	RAYONIER INC	29,922	$1.053M	0.8%	$28.82	—	COM	754907103
—	TOTAL S A	17,876	$1.031M	0.8%	$55.66	—	SPONSORED ADR	89151E109
—	NEWFIELD EXPL CO	41,865	$1.022M	0.8%	$30.09	—	COM	651290108
EC	ECOPETROL S A	50,984	$986K	0.7%	$13.28	—	SPONSORED ADS	279158109
CNH	CNH INDL N V	79,134	$981K	0.7%	$10.32	+1.1%	SHS	N20944109
CMP	COMPASS MINERALS INTL INC	16,248	$980K	0.7%	$53.57	+0.1%	COM	20451N101
VALE	VALE S A	77,074	$980K	0.7%	$10.70	—	ADR	91912E105
KGC	KINROSS GOLD CORP	242,886	$959K	0.7%	$3.96	+0.8%	COM NO PAR	496902404
SSRM	SSR MNG INC	99,626	$956K	0.7%	$9.69	-9.8%	COM	784730103
—	ENERGEN CORP	15,167	$953K	0.7%	$59.14	—	COM	29265N108
—	BARRICK GOLD CORP	76,143	$948K	0.7%	$14.33	—	COM	067901108
DAR	DARLING INGREDIENTS INC	53,089	$918K	0.7%	$17.52	+3.7%	COM	237266101
HL	HECLA MNG CO	242,062	$888K	0.7%	$4.40	-15.4%	COM	422704106
PCH	POTLATCHDELTIC CORPORATION	17,002	$885K	0.7%	$37.00	—	COM	737630103
AR	ANTERO RES CORP	44,211	$878K	0.7%	$22.15	-12.5%	COM	03674X106
—	BRF SA	126,597	$876K	0.7%	$9.65	—	SPONSORED ADR	10552T107
SLB	SCHLUMBERGER LTD	13,459	$872K	0.7%	$57.59	-3.2%	COM	806857108
—	ENERPLUS CORP	78,387	$862K	0.7%	$9.88	—	COM	292766102
XOM	EXXON MOBIL CORP	11,231	$838K	0.6%	$57.22	-2.6%	COM	30231G102
—	CARRIZO OIL & GAS INC	51,810	$829K	0.6%	$19.94	—	COM	144577103
—	ROWAN COMPANIES PLC	69,197	$799K	0.6%	$13.55	—	SHS CL A	G7665A101
WPM	WHEATON PRECIOUS METALS CORP	37,767	$769K	0.6%	$18.32	+1.2%	COM	962879102
—	UNITED STATES STL CORP NEW	21,689	$763K	0.6%	$35.19	—	COM	912909108
OIS	OIL STS INTL INC	28,983	$759K	0.6%	$29.23	-2.0%	COM	678026105
MTDR	MATADOR RES CO	23,732	$710K	0.5%	$25.08	+21.0%	COM	576485205
EOG	EOG RES INC	6,734	$709K	0.5%	$74.58	+8.4%	COM	26875P101
GGB	GERDAU S A	151,950	$708K	0.5%	$3.38	—	SPON ADR REP PFD	373737105
NTR	NUTRIEN LTD	14,801	$699K	0.5%	$38.37	0.0%	COM	67077M108
PBR	PETROLEO BRASILEIRO SA PETRO	47,745	$675K	0.5%	$10.29	—	SPONSORED ADR	71654V408
—	TAHOE RES INC	141,400	$663K	0.5%	$7.54	—	COM	873868103
—	SCHNITZER STL INDS	20,433	$661K	0.5%	$27.04	—	CL A	806882106
—	CENTENNIAL RESOURCE DEV INC	35,431	$650K	0.5%	$19.68	—	CL A	15136A102
IAG	IAMGOLD CORP	123,908	$643K	0.5%	$5.32	+5.0%	COM	450913108
ARLP	ALLIANCE RES PARTNER L P	36,028	$636K	0.5%	$20.15	—	UT LTD PART	01877R108
—	QEP RES INC	64,889	$635K	0.5%	$11.85	—	COM	74733V100
—	AK STL HLDG CORP	137,381	$622K	0.5%	$6.04	—	COM	001547108
—	FORTUNA SILVER MINES INC	117,187	$611K	0.5%	$5.22	—	COM	349915108
RGLD	ROYAL GOLD INC	7,005	$602K	0.5%	$84.52	-0.3%	COM	780287108
—	CRESCENT PT ENERGY CORP	86,878	$590K	0.4%	$10.76	—	COM	22576C101
—	ANGLOGOLD ASHANTI LTD	61,708	$586K	0.4%	$10.18	—	SPONSORED ADR	035128206
—	MCDERMOTT INTL INC	95,715	$583K	0.4%	$5.33	—	COM	580037109
—	HALCON RES CORP	119,750	$583K	0.4%	$6.86	—	COM PAR NEW	40537Q605
—	CNOOC LTD	3,889	$575K	0.4%	$128.27	—	SPONSORED ADR	126132109
RES	RPC INC	31,284	$564K	0.4%	$20.11	-8.3%	COM	749660106
—	KOSMOS ENERGY LTD	89,245	$562K	0.4%	$7.32	—	SHS	G5315B107
CRS	CARPENTER TECHNOLOGY CORP	12,558	$554K	0.4%	$35.71	+22.9%	COM	144285103
CTRA	CABOT OIL & GAS CORP	22,837	$548K	0.4%	$18.02	+4.9%	COM	127097103
—	CONCHO RES INC	3,643	$548K	0.4%	$150.43	—	COM	20605P101
CVX	CHEVRON CORP NEW	4,663	$532K	0.4%	$70.98	+19.8%	COM	166764100
FSLR	FIRST SOLAR INC	7,448	$529K	0.4%	$34.59	+96.8%	COM	336433107
—	PARSLEY ENERGY INC	18,081	$524K	0.4%	$24.60	—	CL A	701877102
BKR	BAKER HUGHES A GE CO	18,567	$516K	0.4%	$26.79	-8.5%	CL A	05722G100
FDP	FRESH DEL MONTE PRODUCE INC	11,409	$516K	0.4%	$39.75	+0.0%	ORD	G36738105
NVRI	HARSCO CORP	24,680	$510K	0.4%	$10.26	+87.1%	COM	415864107
AGI	ALAMOS GOLD INC NEW	95,205	$496K	0.4%	$6.25	-15.4%	COM CL A	011532108
AGRO	ADECOAGRO S A	65,549	$493K	0.4%	$9.66	-15.7%	COM	L00849106
—	JAGGED PEAK ENERGY INC	34,881	$493K	0.4%	$15.77	—	COM	47009K107
TX	TERNIUM SA	15,155	$492K	0.4%	$19.07	—	SPON ADR	880890108
EQT	EQT CORP	10,299	$489K	0.4%	$32.14	-17.5%	COM	26884L109
COP	CONOCOPHILLIPS	7,906	$469K	0.4%	$34.75	+25.9%	COM	20825C104
—	U S SILICA HLDGS INC	18,392	$469K	0.4%	$32.48	—	COM	90346E103
KALU	KAISER ALUMINUM CORP	4,644	$469K	0.4%	$62.13	+31.7%	COM PAR $0.01	483007704
RRC	RANGE RES CORP	32,037	$466K	0.4%	$30.27	-50.6%	COM	75281A109
CCJ	CAMECO CORP	50,442	$459K	0.3%	$11.89	-24.3%	COM	13321L108
—	C&J ENERGY SVCS INC NEW	17,469	$451K	0.3%	$33.48	—	COM	12674R100
AWR	AMERICAN STS WTR CO	8,411	$446K	0.3%	$32.23	+44.7%	COM	029899101
ANDE	ANDERSONS INC	13,366	$442K	0.3%	$22.96	+23.7%	COM	034164103
—	PETROCHINA CO LTD	6,313	$440K	0.3%	$105.84	—	SPONSORED ADR	71646E100
—	SANDSTORM GOLD LTD	90,690	$432K	0.3%	$4.79	—	COM NEW	80013R206
FTI	TECHNIPFMC PLC	14,413	$424K	0.3%	$20.07	+6.5%	COM	G87110105
—	WPX ENERGY INC	28,684	$424K	0.3%	$13.80	—	COM	98212B103
TSN	TYSON FOODS INC	5,760	$422K	0.3%	$44.39	+38.6%	CL A	902494103
RIG	TRANSOCEAN LTD	40,622	$402K	0.3%	$19.97	-48.4%	REG SHS	H8817H100
—	EXTRACTION OIL AND GAS INC	34,849	$400K	0.3%	$14.29	—	COM	30227M105
—	GOLDCORP INC NEW	28,855	$399K	0.3%	$13.97	—	COM	380956409
HTO	SJW GROUP	7,468	$394K	0.3%	$49.26	+14.0%	COM	784305104
PUMP	PROPETRO HLDG CORP	24,616	$391K	0.3%	$16.95	+6.6%	COM	74347M108
ERII	ENERGY RECOVERY INC	45,271	$372K	0.3%	$10.78	-25.0%	COM	29270J100
CSIQ	CANADIAN SOLAR INC	22,845	$372K	0.3%	$13.17	+22.3%	COM	136635109
IMO	IMPERIAL OIL LTD	13,746	$364K	0.3%	$23.74	-1.0%	COM NEW	453038408
HP	HELMERICH & PAYNE INC	5,343	$356K	0.3%	$70.09	-3.8%	COM	423452101
—	ADVANTAGE OIL & GAS LTD	119,200	$352K	0.3%	$6.10	—	COM	00765F101
PKX	POSCO	4,453	$351K	0.3%	$48.03	—	SPONSORED ADR	693483109
—	ROYAL DUTCH SHELL PLC	5,469	$349K	0.3%	$58.94	—	SPONS ADR A	780259206
E	ENI S P A	9,690	$342K	0.3%	$32.63	—	SPONSORED ADR	26874R108
CENX	CENTURY ALUM CO	20,688	$342K	0.3%	$11.81	+77.0%	COM	156431108
—	SRC ENERGY INC	36,121	$341K	0.3%	$8.46	—	COM	78470V108
—	TURQUOISE HILL RES LTD	106,470	$327K	0.2%	$2.91	—	COM	900435108
DVN	DEVON ENERGY CORP NEW	10,034	$319K	0.2%	$33.81	-22.8%	COM	25179M103
—	OSISKO GOLD ROYALTIES LTD	33,069	$317K	0.2%	$12.83	—	COM	68827L101
HBM	HUDBAY MINERALS INC	43,600	$308K	0.2%	$5.36	+55.8%	COM	443628102
—	DRIL-QUIP INC	6,875	$308K	0.2%	$53.74	—	COM	262037104
—	NOBLE CORP PLC	82,673	$307K	0.2%	$4.79	—	SHS USD	G65431101
—	PRECISION DRILLING CORP	109,671	$304K	0.2%	$3.68	—	COM 2010	74022D308
—	APACHE CORP	7,795	$300K	0.2%	$69.53	—	COM	037411105
EPD	ENTERPRISE PRODS PARTNERS L	11,611	$284K	0.2%	$52.99	—	COM	293792107
BVN	COMPANIA DE MINAS BUENAVENTU	18,201	$277K	0.2%	$14.83	—	SPONSORED ADR	204448104
—	FRANKS INTL N V	50,207	$273K	0.2%	$14.03	—	COM	N33462107
—	LAREDO PETROLEUM INC	31,013	$270K	0.2%	$10.23	—	COM	516806106
CNX	CNX RESOURCES CORPORATION	16,795	$259K	0.2%	$13.91	+7.4%	COM	12653C108
—	CALIFORNIA RES CORP	14,098	$242K	0.2%	$15.07	—	COM NEW	13057Q206
NGD	NEW GOLD INC CDA	93,785	$242K	0.2%	$3.16	-11.0%	COM	644535106
—	SUNCOKE ENERGY PARTNERS L P	13,291	$237K	0.2%	$17.23	—	COMUNIT REP LT	86722Y101
REI	RING ENERGY INC	16,430	$236K	0.2%	$14.54	0.0%	COM	76680V108
HLX	HELIX ENERGY SOLUTIONS GRP I	40,660	$235K	0.2%	$8.86	-20.9%	COM	42330P107
CWT	CALIFORNIA WTR SVC GROUP	6,282	$234K	0.2%	$35.39	-3.7%	COM	130788102
—	WILDHORSE RESOURCE DEV CORP	11,446	$219K	0.2%	$19.01	—	COM	96812T102
—	FORUM ENERGY TECHNOLOGIES IN	18,956	$209K	0.2%	$12.54	—	COM	34984V100
—	BRISTOW GROUP INC	15,931	$207K	0.2%	$15.38	—	COM	110394103
—	ENCANA CORP	17,320	$191K	0.1%	$12.64	—	COM	292505104
PTEN	PATTERSON UTI ENERGY INC	10,424	$182K	0.1%	$17.50	+19.3%	COM	703481101
—	VEDANTA LTD	10,143	$178K	0.1%	$17.89	—	SPONSORED ADR	92242Y100
—	KIRKLAND LAKE GOLD LTD	11,500	$178K	0.1%	$15.48	—	COM	49741E100
BTE	BAYTEX ENERGY CORP	63,190	$173K	0.1%	$4.62	-40.0%	COM	07317Q105
—	PRETIUM RES INC	23,935	$159K	0.1%	$8.69	—	COM	74139C102
—	BASIC ENERGY SVCS INC NEW	10,657	$154K	0.1%	$15.73	—	COM NEW	06985P209
—	YAMANA GOLD INC	48,448	$134K	0.1%	$3.48	—	COM	98462Y100
—	SOUTHWESTERN ENERGY CO	30,316	$131K	0.1%	$18.83	—	COM	845467109
—	SUPERIOR ENERGY SVCS INC	14,108	$119K	0.1%	$30.56	—	COM	868157108
—	MCEWEN MNG INC	47,731	$99,000	0.1%	$2.07	—	COM	58039P107
—	ENSCO PLC	18,692	$82,000	0.1%	$30.50	—	SHS CLASS A	G3157S106
—	ISRAEL CHEMICALS LTD	18,262	$77,000	0.1%	$4.13	—	SHS	M5920A109
—	SIBANYE STILLWATER	18,971	$76,000	0.1%	$7.09	—	SPONSORED ADR	825724206
—	WEATHERFORD INTL PLC	22,377	$51,000	0.0%	$19.28	—	ORD SHS	G48833100
WTI	W & T OFFSHORE INC	10,742	$48,000	0.0%	$4.23	0.0%	COM	92922P106
—	CHESAPEAKE ENERGY CORP	13,560	$41,000	0.0%	$7.47	—	COM	165167107