Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BUNGE LIMITED	82,601	$3.389M	3.9%	$63.07	—	COM	G16962105
CTVA	CORTEVA INC	123,123	$2.893M	3.3%	$25.57	0.0%	COM	22052L104
DE	DEERE & CO	20,759	$2.868M	3.3%	$130.85	+11.4%	COM	244199105
FMC	F M C CORP	31,662	$2.586M	3.0%	$61.96	+25.8%	COM NEW	302491303
CLF	CLEVELAND CLIFFS INC	594,320	$2.348M	2.7%	$6.63	-6.6%	COM	185899101
AWK	AMERICAN WTR WKS CO INC NEW	19,583	$2.341M	2.7%	$82.29	+40.3%	COM	030420103
CF	CF INDS HLDGS INC	85,931	$2.337M	2.7%	$33.81	-4.9%	COM	125269100
RIO	RIO TINTO PLC	49,881	$2.273M	2.6%	$53.72	—	SPONSORED ADR	767204100
WTRG	ESSENTIAL UTILS INC	54,973	$2.237M	2.6%	$47.18	0.0%	COM	29670G102
AGCO	AGCO CORP	45,261	$2.139M	2.5%	$52.94	-0.1%	COM	001084102
INGR	INGREDION INC	26,536	$2.003M	2.3%	$95.59	-10.1%	COM	457187102
DAR	DARLING INGREDIENTS INC	102,917	$1.973M	2.3%	$20.18	+25.6%	COM	237266101
CNH	CNH INDL N V	300,378	$1.685M	1.9%	$8.04	-13.5%	SHS	N20944109
PPC	PILGRIMS PRIDE CORP	91,029	$1.649M	1.9%	$22.56	+8.1%	COM	72147K108
SBS	COMPANHIA DE SANEAMENTO BASI	218,927	$1.616M	1.9%	$7.82	—	SPONSORED ADR	20441A102
TSN	TYSON FOODS INC	22,715	$1.315M	1.5%	$60.00	+4.5%	CL A	902494103
—	SANDERSON FARMS INC	10,003	$1.234M	1.4%	$139.74	—	COM	800013104
ADM	ARCHER DANIELS MIDLAND CO	32,119	$1.13M	1.3%	$32.90	+5.0%	COM	039483102
STLD	STEEL DYNAMICS INC	49,408	$1.114M	1.3%	$29.16	-16.5%	COM	858119100
PNR	PENTAIR PLC	35,709	$1.063M	1.2%	$33.98	+9.1%	SHS	G7S00T104
CALM	CAL MAINE FOODS INC	22,729	$1M	1.2%	$33.14	-11.4%	COM NEW	128030202
AWR	AMER STATES WTR CO	12,236	$1M	1.2%	$44.05	+73.4%	COM	029899101
CMP	COMPASS MINERALS INTL INC	25,581	$984K	1.1%	$50.18	-3.9%	COM	20451N101
COP	CONOCOPHILLIPS	31,162	$960K	1.1%	$46.05	-11.0%	COM	20825C104
—	MARATHON OIL CORP	284,711	$937K	1.1%	$9.33	—	COM	565849106
RYN	RAYONIER INC	39,322	$926K	1.1%	$31.22	—	COM	754907103
CWT	CALIFORNIA WTR SVC GROUP	18,134	$913K	1.1%	$37.92	+20.9%	COM	130788102
EOG	EOG RES INC	25,051	$900K	1.0%	$76.52	-35.1%	COM	26875P101
PCH	POTLATCHDELTIC CORPORATION	26,646	$836K	1.0%	$39.49	—	COM	737630103
—	BRF SA	284,189	$824K	1.0%	$7.26	—	SPONSORED ADR	10552T107
VLO	VALERO ENERGY CORP	17,231	$782K	0.9%	$33.39	+71.3%	COM	91913Y100
AA	ALCOA CORP	126,013	$776K	0.9%	$20.57	-36.3%	COM	013872106
XOM	EXXON MOBIL CORP	20,344	$772K	0.9%	$49.34	-14.7%	COM	30231G102
—	CNOOC LIMITED	7,179	$743K	0.9%	$172.04	—	SPONSORED ADR	126132109
ENPH	ENPHASE ENERGY INC	21,807	$704K	0.8%	$16.82	+124.1%	COM	29355A107
DQ	DAQO NEW ENERGY CORP	12,087	$700K	0.8%	$49.54	—	SPNSRD ADR NEW	23703Q203
HRL	HORMEL FOODS CORP	14,839	$692K	0.8%	$35.74	+8.1%	COM	440452100
BP	BP PLC	27,392	$668K	0.8%	$32.30	—	SPONSORED ADR	055622104
—	PDC ENERGY INC	107,003	$664K	0.8%	$23.21	—	COM	69327R101
—	CONTINENTAL RES INC	86,079	$658K	0.8%	$47.94	—	COM	212015101
MPC	MARATHON PETE CORP	26,564	$627K	0.7%	$33.16	+15.7%	COM	56585A102
HP	HELMERICH & PAYNE INC	39,944	$625K	0.7%	$41.85	-15.8%	COM	423452101
HBM	HUDBAY MINERALS INC	331,800	$625K	0.7%	$4.65	-40.5%	COM	443628102
—	HOLLYFRONTIER CORP	24,019	$589K	0.7%	$46.20	—	COM	436106108
AGI	ALAMOS GOLD INC NEW	116,842	$584K	0.7%	$5.47	+2.1%	COM CL A	011532108
GFI	GOLD FIELDS LTD NEW	121,475	$577K	0.7%	$4.55	—	SPONSORED ADR	38059T106
—	EVOQUA WATER TECHNOLOGIES CO	49,938	$560K	0.6%	$11.83	—	COM	30057T105
FDP	FRESH DEL MONTE PRODUCE INC	20,297	$560K	0.6%	$35.72	-23.4%	ORD	G36738105
CSIQ	CANADIAN SOLAR INC	35,158	$559K	0.6%	$14.73	+37.6%	COM	136635109
—	RENEWABLE ENERGY GROUP INC	26,348	$541K	0.6%	$20.45	—	COM NEW	75972A301
—	UNITED STATES STL CORP NEW	85,303	$538K	0.6%	$17.67	—	COM	912909108
RES	RPC INC	255,063	$525K	0.6%	$9.80	-65.4%	COM	749660106
DVN	DEVON ENERGY CORP NEW	75,816	$524K	0.6%	$23.34	-43.7%	COM	25179M103
HTO	SJW GROUP	9,058	$523K	0.6%	$60.29	+11.6%	COM	784305104
—	PIONEER NAT RES CO	7,411	$520K	0.6%	$141.74	—	COM	723787107
CTRA	CABOT OIL & GAS CORP	29,883	$514K	0.6%	$12.00	0.0%	COM	127097103
CMC	COMMERCIAL METALS CO	32,229	$509K	0.6%	$14.61	+18.5%	COM	201723103
PSX	PHILLIPS 66	9,160	$491K	0.6%	$43.93	+45.2%	COM	718546104
TX	TERNIUM SA	40,997	$488K	0.6%	$23.85	—	SPONSORED ADS	880890108
JKS	JINKOSOLAR HLDG CO LTD	32,804	$487K	0.6%	$18.88	—	SPONSORED ADR	47759T100
—	PARSLEY ENERGY INC	84,175	$482K	0.6%	$19.92	—	CL A	701877102
SEDG	SOLAREDGE TECHNOLOGIES INC	5,859	$480K	0.6%	$76.14	+38.9%	COM	83417M104
CCJ	CAMECO CORP	61,457	$470K	0.5%	$11.58	-30.5%	COM	13321L108
PLUG	PLUG POWER INC	132,595	$469K	0.5%	$4.07	0.0%	COM NEW	72919P202
SSRM	SSR MNG INC	41,001	$467K	0.5%	$15.99	+2.9%	COM	784730103
EC	ECOPETROL S A	49,092	$467K	0.5%	$12.84	—	SPONSORED ADS	279158109
—	PRETIUM RES INC	79,319	$450K	0.5%	$7.11	—	COM	74139C102
KGC	KINROSS GOLD CORP	108,859	$433K	0.5%	$4.84	0.0%	COM	496902404
CNX	CNX RESOURCES CORPORATION	80,524	$428K	0.5%	$8.69	-23.5%	COM	12653C108
—	CONCHO RES INC	9,463	$405K	0.5%	$98.31	—	COM	20605P101
IAG	IAMGOLD CORP	171,860	$392K	0.5%	$3.52	-17.4%	COM	450913108
BKR	BAKER HUGHES COMPANY	36,935	$388K	0.4%	$21.21	-24.9%	CL A	05722G100
BLDP	BALLARD PWR SYS INC NEW	50,191	$382K	0.4%	$8.72	+11.4%	COM	058586108
PKX	POSCO	11,592	$378K	0.4%	$55.76	—	SPONSORED ADR	693483109
—	LIVENT CORP	70,514	$370K	0.4%	$5.25	—	COM	53814L108
—	KIRKLAND LAKE GOLD LTD	11,723	$344K	0.4%	$29.34	—	COM	49741E100
E	ENI S P A	21,735	$343K	0.4%	$27.15	—	SPONSORED ADR	26874R108
—	PETROCHINA CO LTD	9,532	$343K	0.4%	$65.47	—	SPONSORED ADR	71646E100
MGY	MAGNOLIA OIL & GAS CORP	83,235	$333K	0.4%	$8.61	0.0%	CL A	559663109
BVN	COMPANIA DE MINAS BUENAVENTU	44,941	$328K	0.4%	$7.30	—	SPONSORED ADR	204448104
PUMP	PROPETRO HLDG CORP	124,480	$311K	0.4%	$11.05	-27.3%	COM	74347M108
—	CHINA PETE & CHEM CORP	6,255	$305K	0.4%	$79.56	—	SPON ADR H SHS	16941R108
TPICQ	TPI COMPOSITES INC	20,418	$302K	0.3%	$29.00	-32.1%	COM	87266J104
MT	ARCELORMITTAL SA LUXEMBOURG	32,169	$300K	0.3%	$17.46	—	NY REGISTRY SH	03938L203
—	ISRAEL CHEMICALS LIMITED	92,738	$295K	0.3%	$4.94	—	SHS	M5920A109
FSLR	FIRST SOLAR INC	7,949	$287K	0.3%	$47.54	0.0%	COM	336433107
—	ROYAL DUTCH SHELL PLC	7,990	$279K	0.3%	$57.89	—	SPONS ADR A	780259206
RUN	SUNRUN INC	27,543	$278K	0.3%	$16.41	0.0%	COM	86771W105
ANDE	ANDERSONS INC	14,574	$273K	0.3%	$23.78	-22.0%	COM	034164103
PTEN	PATTERSON UTI ENERGY INC	112,854	$265K	0.3%	$12.80	-49.5%	COM	703481101
CVX	CHEVRON CORP NEW	3,630	$263K	0.3%	$80.05	-5.0%	COM	166764100
SLB	SCHLUMBERGER LTD	18,674	$252K	0.3%	$44.35	-43.0%	COM	806857108
—	VEDANTA LTD	69,691	$248K	0.3%	$10.87	—	SPONSORED ADR	92242Y100
—	CRESCENT PT ENERGY CORP	319,600	$247K	0.3%	$1.22	—	COM	22576C101
NVRI	HARSCO CORP	34,395	$240K	0.3%	$14.53	-6.1%	COM	415864107
FNV	FRANCO NEVADA CORP	2,373	$236K	0.3%	$102.98	0.0%	COM	351858105
TS	TENARIS S A	19,460	$234K	0.3%	$21.18	—	SPONSORED ADS	88031M109
—	GULFPORT ENERGY CORP	520,615	$232K	0.3%	$4.56	—	COM NEW	402635304
BTG	B2GOLD CORP	71,019	$217K	0.3%	$2.20	+44.3%	COM	11777Q209
—	CIMAREX ENERGY CO	12,520	$211K	0.2%	$66.64	—	COM	171798101
NTR	NUTRIEN LTD	6,127	$208K	0.2%	$37.81	-13.3%	COM	67077M108
SQM	SOCIEDAD QUIMICA MINERA DE C	9,137	$206K	0.2%	$22.55	—	SPON ADR SER B	833635105
—	SANDSTORM GOLD LTD	40,691	$204K	0.2%	$5.01	—	COM NEW	80013R206
—	CORE LABORATORIES N V	19,450	$201K	0.2%	$58.86	—	COM	N22717107
BHP	BHP GROUP LTD	5,479	$201K	0.2%	$36.69	—	SPONSORED ADS	088606108
HAL	HALLIBURTON CO	29,048	$199K	0.2%	$27.34	-42.8%	COM	406216101
YPF	YPF SOCIEDAD ANONIMA	46,174	$193K	0.2%	$13.15	—	SPON ADR CL D	984245100
OXY	OCCIDENTAL PETE CORP	16,197	$188K	0.2%	$51.07	-41.1%	COM	674599105
WTI	W & T OFFSHORE INC	106,196	$181K	0.2%	$5.64	-39.5%	COM	92922P106
—	CENTENNIAL RESOURCE DEV INC	688,927	$181K	0.2%	$3.04	—	CL A	15136A102
—	WPX ENERGY INC	54,482	$166K	0.2%	$12.50	—	COM	98212B103
MUR	MURPHY OIL CORP	27,038	$166K	0.2%	$20.46	-27.2%	COM	626717102
EPD	ENTERPRISE PRODS PARTNERS L	11,553	$165K	0.2%	$52.99	—	COM	293792107
—	SOUTHWESTERN ENERGY CO	95,158	$161K	0.2%	$5.74	—	COM	845467109
TGS	TRANSPORTADORA DE GAS SUR	32,813	$151K	0.2%	$4.60	—	SPONSORED ADS B	893870204
AROC	ARCHROCK INC	39,473	$148K	0.2%	$6.65	-23.2%	COM	03957W106
—	VIPER ENERGY PARTNERS LP	22,243	$147K	0.2%	$31.66	—	COM UNT RP INT	92763M105
HCC	WARRIOR MET COAL INC	13,351	$142K	0.2%	$26.18	-31.0%	COM	93627C101
SM	SM ENERGY CO	108,431	$132K	0.2%	$12.22	-47.3%	COM	78454L100
PBR	PETROLEO BRASILEIRO SA PETRO	23,282	$128K	0.1%	$12.98	—	SPONSORED ADR	71654V408
—	OSISKO GOLD ROYALTIES LTD	16,855	$125K	0.1%	$7.42	—	COM	68827L101
MTDR	MATADOR RES CO	41,538	$103K	0.1%	$22.15	-50.4%	COM	576485205
SEI	SOLARIS OILFIELD INFRSTR INC	18,435	$97,000	0.1%	$10.80	-24.8%	COM CL A	83418M103
TECK	TECK RESOURCES LTD	12,529	$94,000	0.1%	$22.11	-45.8%	CL B	878742204
—	NEXTIER OILFIELD SOLUTIONS	76,836	$90,000	0.1%	$6.70	—	COM	65290C105
ARLP	ALLIANCE RES PARTNER L P	28,684	$89,000	0.1%	$19.52	—	UT LTD PART	01877R108
—	U S SILICA HLDGS INC	48,680	$88,000	0.1%	$14.56	—	COM	90346E103
—	FORTUNA SILVER MINES INC	36,880	$85,000	0.1%	$4.81	—	COM	349915108
OVV	OVINTIV INC	29,039	$78,000	0.1%	$13.13	0.0%	COM	69047Q102
SID	COMPANHIA SIDERURGICA NACION	59,270	$78,000	0.1%	$3.44	—	SPONSORED ADR	20440W105
GPRE	GREEN PLAINS INC	15,519	$75,000	0.1%	$15.00	-28.0%	COM	393222104
LBRT	LIBERTY OILFIELD SVCS INC	27,909	$75,000	0.1%	$6.98	0.0%	COM CL A	53115L104
CENX	CENTURY ALUM CO	19,983	$72,000	0.1%	$8.76	-36.1%	COM	156431108
SXC	SUNCOKE ENERGY INC	18,312	$71,000	0.1%	$11.95	-57.6%	COM	86722A103
OII	OCEANEERING INTL INC	22,630	$67,000	0.1%	$25.20	-58.6%	COM	675232102
—	ENERPLUS CORP	44,013	$65,000	0.1%	$10.89	—	COM	292766102
AG	FIRST MAJESTIC SILVER CORP	10,120	$63,000	0.1%	$6.24	+41.5%	COM	32076V103
—	NORTHERN OIL & GAS INC NEV	93,003	$62,000	0.1%	$2.34	—	COM	665531109
WTTR	SELECT ENERGY SVCS INC	18,351	$59,000	0.1%	$8.93	—	CL A COM	81617J301
—	OASIS PETROLEUM INC	169,213	$59,000	0.1%	$4.11	—	COM	674215108
—	SUNPOWER CORP	11,089	$56,000	0.1%	$6.85	—	COM	867652406
VET	VERMILION ENERGY INC	16,873	$52,000	0.1%	$11.16	0.0%	COM	923725105
SBSW	SIBANYE STILLWATER LTD	10,284	$49,000	0.1%	$4.76	—	SPONSORED ADR	82575P107
CDE	COEUR MNG INC	14,012	$45,000	0.1%	$5.50	-5.4%	COM NEW	192108504
—	EXTRACTION OIL AND GAS INC	103,326	$44,000	0.1%	$4.25	—	COM	30227M105
HLX	HELIX ENERGY SOLUTIONS GRP I	20,895	$34,000	0.0%	$8.69	-24.2%	COM	42330P107
—	LAREDO PETROLEUM INC	89,974	$34,000	0.0%	$3.70	—	COM	516806106
—	NABORS INDUSTRIES LTD	87,717	$34,000	0.0%	$5.17	—	SHS	G6359F103
OIS	OIL STS INTL INC	16,174	$33,000	0.0%	$24.78	-63.0%	COM	678026105
CVE	CENOVUS ENERGY INC	13,666	$28,000	0.0%	$11.77	-46.9%	COM	15135U109
—	TELLURIAN INC NEW	26,975	$24,000	0.0%	$10.07	—	COM	87968A104
—	QEP RESOURCES INC	62,755	$21,000	0.0%	$11.73	—	COM	74733V100
KOS	KOSMOS ENERGY LTD	23,716	$21,000	0.0%	$5.73	-31.7%	COM	500688106
—	CALLON PETE CO DEL	28,720	$16,000	0.0%	$6.72	—	COM	13123X102
NPKI	NEWPARK RES INC	14,183	$13,000	0.0%	$6.51	-42.4%	COM PAR $.01NEW	651718504
—	WHITING PETE CORP NEW	16,799	$11,000	0.0%	$16.55	—	COM NEW	966387409