Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	151,643	$4.657M	3.8%	$31.08	-9.3%	COM	125269100
TECK	TECK RESOURCES LTD	231,723	$3.225M	2.6%	$11.33	+4.6%	CL B	878742204
TSN	TYSON FOODS INC	49,344	$2.935M	2.4%	$55.69	-5.9%	CL A	902494103
AGCO	AGCO CORP	37,152	$2.759M	2.3%	$53.10	+7.6%	COM	001084102
VALE	VALE S A	258,077	$2.73M	2.2%	$10.43	—	SPONSORED ADS	91912E105
—	VIVINT SOLAR INC	61,159	$2.59M	2.1%	$12.81	—	COM	92854Q106
FMC	F M C CORP	24,413	$2.339M	1.9%	$65.98	+37.5%	COM NEW	302491303
SCCO	SOUTHERN COPPER CORP	51,613	$2.337M	1.9%	$33.92	0.0%	COM	84265V105
CTVA	CORTEVA INC	77,981	$2.247M	1.8%	$25.66	+3.2%	COM	22052L104
—	MARATHON OIL CORP	520,896	$2.13M	1.7%	$7.51	—	COM	565849106
DE	DEERE & CO	9,582	$2.124M	1.7%	$130.85	+37.4%	COM	244199105
NTR	NUTRIEN LTD	53,328	$2.091M	1.7%	$31.49	-2.6%	COM	67077M108
—	RENEWABLE ENERGY GROUP INC	34,817	$1.86M	1.5%	$32.26	—	COM NEW	75972A301
JKS	JINKOSOLAR HLDG CO LTD	45,615	$1.814M	1.5%	$18.55	—	SPONSORED ADR	47759T100
ENPH	ENPHASE ENERGY INC	21,310	$1.76M	1.4%	$16.82	+298.2%	COM	29355A107
HP	HELMERICH & PAYNE INC	119,240	$1.747M	1.4%	$26.27	-33.7%	COM	423452101
AA	ALCOA CORP	149,022	$1.733M	1.4%	$18.39	-30.3%	COM	013872106
—	PDC ENERGY INC	135,582	$1.681M	1.4%	$20.93	—	COM	69327R101
STLD	STEEL DYNAMICS INC	58,331	$1.67M	1.4%	$28.12	-7.2%	COM	858119100
CLF	CLEVELAND-CLIFFS INC NEW	259,055	$1.663M	1.4%	$6.63	-9.2%	COM	185899101
—	CONTINENTAL RES INC	131,832	$1.619M	1.3%	$36.84	—	COM	212015101
GGB	GERDAU SA	435,725	$1.612M	1.3%	$2.96	—	SPON ADR REP PFD	373737105
FCX	FREEPORT-MCMORAN INC	100,193	$1.567M	1.3%	$13.50	0.0%	CL B	35671D857
CTRA	CABOT OIL & GAS CORP	88,426	$1.535M	1.3%	$13.70	+4.4%	COM	127097103
DAR	DARLING INGREDIENTS INC	40,425	$1.457M	1.2%	$20.18	+51.6%	COM	237266101
EOG	EOG RES INC	37,592	$1.351M	1.1%	$63.25	-44.9%	COM	26875P101
—	LIVENT CORP	148,763	$1.334M	1.1%	$7.67	—	COM	53814L108
PLUG	PLUG POWER INC	99,274	$1.331M	1.1%	$4.10	+168.5%	COM NEW	72919P202
CSIQ	CANADIAN SOLAR INC	36,949	$1.297M	1.1%	$14.89	+79.1%	COM	136635109
DQ	DAQO NEW ENERGY CORP	9,290	$1.256M	1.0%	$49.54	—	SPNSRD ADR NEW	23703Q203
SQM	SOCIEDAD QUIMICA Y MINERA DE	38,312	$1.242M	1.0%	$27.58	—	SPON ADR SER B	833635105
—	PIONEER NAT RES CO	14,231	$1.224M	1.0%	$119.91	—	COM	723787107
COP	CONOCOPHILLIPS	36,503	$1.199M	1.0%	$43.95	-29.0%	COM	20825C104
PPC	PILGRIMS PRIDE CORP	75,185	$1.125M	0.9%	$22.56	-29.2%	COM	72147K108
SSRM	SSR MNG INC	59,907	$1.118M	0.9%	$17.72	+20.2%	COM	784730103
CMC	COMMERCIAL METALS CO	55,418	$1.107M	0.9%	$15.25	+25.7%	COM	201723103
CNX	CNX RES CORP	115,608	$1.091M	0.9%	$9.19	+10.9%	COM	12653C108
HRL	HORMEL FOODS CORP	21,963	$1.074M	0.9%	$38.12	+13.0%	COM	440452100
SBS	COMPANHIA DE SANEAMENTO BASI	129,264	$1.073M	0.9%	$7.84	—	SPONSORED ADR	20441A102
PCH	POTLATCHDELTIC CORPORATION	25,431	$1.071M	0.9%	$39.49	—	COM	737630103
CNH	CNH INDL N V	132,943	$1.04M	0.9%	$8.04	-26.5%	SHS	N20944109
SEDG	SOLAREDGE TECHNOLOGIES INC	4,303	$1.026M	0.8%	$76.14	+152.4%	COM	83417M104
—	EVOQUA WATER TECHNOLOGIES CO	47,573	$1.009M	0.8%	$11.83	—	COM	30057T105
RYN	RAYONIER INC	37,991	$1.004M	0.8%	$31.22	—	COM	754907103
—	SANDERSON FARMS INC	8,029	$947K	0.8%	$135.07	—	COM	800013104
HAL	HALLIBURTON CO	78,008	$940K	0.8%	$16.11	-18.2%	COM	406216101
—	BRF SA	286,209	$939K	0.8%	$7.26	—	SPONSORED ADR	10552T107
TS	TENARIS S A	93,970	$926K	0.8%	$12.79	—	SPONSORED ADS	88031M109
PTEN	PATTERSON UTI ENERGY INC	317,814	$906K	0.7%	$6.90	-46.7%	COM	703481101
CMP	COMPASS MINERALS INTL INC	14,504	$861K	0.7%	$50.18	-0.0%	COM	20451N101
HBM	HUDBAY MINERALS INC	201,300	$851K	0.7%	$4.65	-17.2%	COM	443628102
—	PRETIUM RES INC	66,307	$851K	0.7%	$10.99	—	COM	74139C102
FSLR	FIRST SOLAR INC	12,778	$846K	0.7%	$45.99	+44.4%	COM	336433107
CALM	CAL MAINE FOODS INC	21,993	$844K	0.7%	$33.14	-0.9%	COM NEW	128030202
BLDP	BALLARD PWR SYS INC NEW	55,315	$835K	0.7%	$8.95	+79.9%	COM	058586108
SLB	SCHLUMBERGER LTD	53,394	$831K	0.7%	$25.59	-35.4%	COM	806857108
RES	RPC INC	308,258	$814K	0.7%	$8.56	-66.7%	COM	749660106
INGR	INGREDION INC	10,607	$803K	0.7%	$95.59	-15.0%	COM	457187102
—	SUNPOWER CORP	63,531	$795K	0.7%	$8.71	—	COM	867652406
MPC	MARATHON PETE CORP	26,543	$779K	0.6%	$33.16	-9.1%	COM	56585A102
—	UNITED STATES STL CORP NEW	104,408	$766K	0.6%	$15.78	—	COM	912909108
TX	TERNIUM SA	40,431	$761K	0.6%	$23.85	—	SPONSORED ADS	880890108
VLO	VALERO ENERGY CORP	17,217	$746K	0.6%	$33.39	+27.6%	COM	91913Y100
NEM	NEWMONT CORP	11,609	$737K	0.6%	$55.14	0.0%	COM	651639106
BVN	COMPANIA DE MINAS BUENAVENTU	59,347	$725K	0.6%	$8.42	—	SPONSORED ADR	204448104
TPICQ	TPI COMPOSITES INC	24,456	$708K	0.6%	$28.85	-2.7%	COM	87266J104
MOS	MOSAIC CO NEW	38,540	$704K	0.6%	$14.60	0.0%	COM	61945C103
BP	BP PLC	40,049	$699K	0.6%	$29.31	—	SPONSORED ADR	055622104
MGY	MAGNOLIA OIL & GAS CORP	134,418	$695K	0.6%	$6.91	-9.9%	CL A	559663109
FANG	DIAMONDBACK ENERGY INC	22,702	$684K	0.6%	$31.90	-4.8%	COM	25278X109
XOM	EXXON MOBIL CORP	19,556	$671K	0.5%	$36.69	-11.9%	COM	30231G102
CWT	CALIFORNIA WTR SVC GROUP	14,642	$636K	0.5%	$37.92	+9.4%	COM	130788102
IAG	IAMGOLD CORP	163,637	$627K	0.5%	$3.52	+23.5%	COM	450913108
NVRI	HARSCO CORP	44,375	$617K	0.5%	$12.69	+13.8%	COM	415864107
CCJ	CAMECO CORP	60,138	$607K	0.5%	$11.58	-8.2%	COM	13321L108
CVX	CHEVRON CORP NEW	8,128	$585K	0.5%	$72.54	-8.3%	COM	166764100
PUMP	PROPETRO HLDG CORP	143,467	$582K	0.5%	$9.67	-43.8%	COM	74347M108
—	CHAMPIONX CORPORATION	72,201	$577K	0.5%	$8.65	—	COM	15872M104
BTG	B2GOLD CORP	86,255	$562K	0.5%	$2.95	+77.8%	COM	11777Q209
—	CORE LABORATORIES N V	36,074	$550K	0.4%	$40.87	—	COM	N22717107
KGC	KINROSS GOLD CORP	61,175	$540K	0.4%	$5.54	+56.1%	COM	496902404
OVV	OVINTIV INC	65,800	$537K	0.4%	$8.73	+18.1%	COM	69047Q102
VET	VERMILION ENERGY INC	227,573	$531K	0.4%	$4.63	-15.1%	COM	923725105
—	VEDANTA LIMITED	69,147	$511K	0.4%	$10.87	—	SPONSORED ADR	92242Y100
ADM	ARCHER DANIELS MIDLAND CO	10,523	$489K	0.4%	$32.90	+14.3%	COM	039483102
DVN	DEVON ENERGY CORP NEW	51,576	$488K	0.4%	$23.34	-66.1%	COM	25179M103
EC	ECOPETROL S A	48,810	$480K	0.4%	$12.84	—	SPONSORED ADS	279158109
PSX	PHILLIPS 66	9,160	$475K	0.4%	$43.93	+11.7%	COM	718546104
—	HOLLYFRONTIER CORP	23,999	$473K	0.4%	$46.20	—	COM	436106108
FDP	FRESH DEL MONTE PRODUCE INC	20,376	$467K	0.4%	$35.72	-43.1%	ORD	G36738105
PKX	POSCO	10,589	$443K	0.4%	$55.76	—	SPONSORED ADR	693483109
BKR	BAKER HUGHES COMPANY	33,343	$443K	0.4%	$20.66	-35.9%	CL A	05722G100
—	TOTAL SE	12,523	$430K	0.4%	$38.49	—	SPONSORED ADS	89151E109
GFI	GOLD FIELDS LTD	34,040	$418K	0.3%	$4.55	—	SPONSORED ADR	38059T106
—	KIRKLAND LAKE GOLD LTD	8,423	$411K	0.3%	$30.43	—	COM	49741E100
—	CNOOC LIMITED	4,222	$406K	0.3%	$157.97	—	SPONSORED ADR	126132109
RIO	RIO TINTO PLC	6,576	$397K	0.3%	$53.72	—	SPONSORED ADR	767204100
SU	SUNCOR ENERGY INC NEW	31,000	$378K	0.3%	$12.67	0.0%	COM	867224107
—	BUNGE LIMITED	8,204	$375K	0.3%	$63.07	—	COM	G16962105
BSM	BLACK STONE MINERALS L P	56,047	$344K	0.3%	$6.14	—	COM UNIT	09225M101
HLX	HELIX ENERGY SOLUTIONS GRP I	142,156	$343K	0.3%	$3.65	0.0%	COM	42330P107
—	SANDSTORM GOLD LTD	40,274	$340K	0.3%	$6.24	—	COM NEW	80013R206
MUR	MURPHY OIL CORP	37,725	$337K	0.3%	$16.62	-36.1%	COM	626717102
RUN	SUNRUN INC	4,373	$337K	0.3%	$16.25	+189.6%	COM	86771W105
—	NOBLE ENERGY INC	38,660	$331K	0.3%	$8.75	—	COM	655044105
—	CIMAREX ENERGY CO	13,500	$328K	0.3%	$24.30	—	COM	171798101
GPRE	GREEN PLAINS INC	20,544	$318K	0.3%	$13.70	0.0%	COM	393222104
EQT	EQT CORP	23,746	$307K	0.3%	$13.78	0.0%	COM	26884L109
—	NEXTIER OILFIELD SOLUTIONS	164,985	$305K	0.2%	$1.85	—	COM	65290C105
IMO	IMPERIAL OIL LTD	25,123	$301K	0.2%	$12.85	+5.3%	COM NEW	453038408
TGS	TRANSPORTADORA DE GAS SUR	72,033	$300K	0.2%	$5.17	—	SPONSORED ADS B	893870204
LBRT	LIBERTY OILFIELD SVCS INC	36,594	$292K	0.2%	$6.96	0.0%	COM CL A	53115L104
YPF	YPF SOCIEDAD ANONIMA	80,493	$287K	0.2%	$9.92	—	SPON ADR CL D	984245100
—	PETROCHINA CO LTD	9,629	$283K	0.2%	$65.14	—	SPONSORED ADR	71646E100
—	ENERPLUS CORP	147,923	$275K	0.2%	$5.23	—	COM	292766102
—	CRESCENT PT ENERGY CORP	224,500	$271K	0.2%	$1.50	—	COM	22576C101
—	CONCHO RES INC	6,082	$268K	0.2%	$44.06	—	COM	20605P101
—	CHINA PETROLEUM & CHEMICAL C	6,318	$256K	0.2%	$79.19	—	SPON ADR H SHS	16941R108
—	VIPER ENERGY PARTNERS LP	33,643	$253K	0.2%	$18.79	—	COM UNT RP INT	92763M105
SID	COMPANHIA SIDERURGICA NACION	83,501	$245K	0.2%	$2.93	—	SPONSORED ADR	20440W105
MT	ARCELORMITTAL SA LUXEMBOURG	18,379	$244K	0.2%	$17.46	—	NY REGISTRY SH	03938L203
—	DRIL QUIP INC	9,446	$234K	0.2%	$24.77	—	COM	262037104
CNQ	CANADIAN NAT RES LTD	14,156	$227K	0.2%	$6.32	+10.4%	COM	136385101
HCC	WARRIOR MET COAL INC	13,255	$226K	0.2%	$26.18	-38.0%	COM	93627C101
OII	OCEANEERING INTL INC	62,121	$219K	0.2%	$12.53	-57.9%	COM	675232102
—	LAREDO PETROLEUM INC	22,210	$218K	0.2%	$9.82	—	COM	516806205
ATI	ALLEGHENY TECHNOLOGIES INC	24,859	$217K	0.2%	$9.20	0.0%	COM	01741R102
—	OSISKO GOLD ROYALTIES LTD	16,855	$199K	0.2%	$7.42	—	COM	68827L101
E	ENI S P A	12,822	$199K	0.2%	$27.15	—	SPONSORED ADR	26874R108
—	NATIONAL OILWELL VARCO INC	21,851	$198K	0.2%	$12.26	—	COM	637071101
AROC	ARCHROCK INC	36,285	$195K	0.2%	$6.65	-26.6%	COM	03957W106
EPD	ENTERPRISE PRODS PARTNERS L	11,553	$182K	0.1%	$52.99	—	COM	293792107
SVM	SILVERCORP METALS INC	24,860	$180K	0.1%	$7.38	0.0%	COM	82835P103
—	FORTUNA SILVER MINES INC	27,802	$177K	0.1%	$6.37	—	COM	349915108
OXY	OCCIDENTAL PETE CORP	18,398	$170K	0.1%	$46.87	-71.7%	COM	674599105
PBR	PETROLEO BRASILEIRO SA PETRO	23,129	$165K	0.1%	$12.98	—	SPONSORED ADR	71654V408
TALO	TALOS ENERGY INC	23,379	$151K	0.1%	$7.33	0.0%	COM	87484T108
CENX	CENTURY ALUM CO	20,477	$146K	0.1%	$8.76	-0.6%	COM	156431108
—	WPX ENERGY INC	28,541	$140K	0.1%	$11.78	—	COM	98212B103
AR	ANTERO RESOURCES CORP	38,420	$106K	0.1%	$3.17	0.0%	COM	03674X106
MTDR	MATADOR RES CO	11,969	$99,000	0.1%	$15.23	-41.2%	COM	576485205
—	APACHE CORP	10,005	$95,000	0.1%	$13.48	—	COM	037411105
—	PARSLEY ENERGY INC	10,041	$94,000	0.1%	$19.92	—	CL A	701877102
ARLP	ALLIANCE RESOURCE PARTNERS L	31,847	$88,000	0.1%	$17.49	—	UT LTD PART	01877R108
CRK	COMSTOCK RES INC	18,267	$80,000	0.1%	$5.02	0.0%	COM	205768302
SM	SM ENERGY CO	45,335	$72,000	0.1%	$2.56	0.0%	COM	78454L100
CVE	CENOVUS ENERGY INC	15,066	$59,000	0.0%	$7.92	-47.6%	COM	15135U109