Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	219,432	$8.494M	4.3%	$30.58	-3.6%	COM	125269100
VALE	VALE S A	370,340	$6.207M	3.1%	$12.35	—	SPONSORED ADS	91912E105
AA	ALCOA CORP	242,815	$5.597M	2.8%	$17.71	-6.1%	COM	013872106
SQM	SOCIEDAD QUIMICA Y MINERA DE	96,774	$4.751M	2.4%	$40.58	—	SPON ADR SER B	833635105
PLUG	PLUG POWER INC	123,405	$4.185M	2.1%	$7.73	+193.0%	COM NEW	72919P202
AGCO	AGCO CORP	40,004	$4.124M	2.1%	$54.63	+36.5%	COM	001084102
NTR	NUTRIEN LTD	81,656	$3.922M	2.0%	$33.64	+12.0%	COM	67077M108
—	MARATHON OIL CORP	587,074	$3.916M	2.0%	$7.42	—	COM	565849106
—	BUNGE LIMITED	57,858	$3.794M	1.9%	$65.22	—	COM	G16962105
FMC	FMC CORP	35,003	$3.761M	1.9%	$74.70	+26.9%	COM NEW	302491303
CTVA	CORTEVA INC	95,934	$3.715M	1.9%	$27.17	+24.2%	COM	22052L104
CSIQ	CANADIAN SOLAR INC	66,825	$3.424M	1.7%	$26.56	+54.3%	COM	136635109
SCCO	SOUTHERN COPPER CORP	51,630	$3.362M	1.7%	$33.92	+25.1%	COM	84265V105
HP	HELMERICH & PAYNE INC	140,868	$3.263M	1.7%	$25.21	-23.1%	COM	423452101
TSN	TYSON FOODS INC	49,609	$3.197M	1.6%	$55.69	-4.4%	CL A	902494103
DAR	DARLING INGREDIENTS INC	53,107	$3.063M	1.6%	$26.78	+78.5%	COM	237266101
CLF	CLEVELAND-CLIFFS INC NEW	206,654	$3.009M	1.5%	$6.63	+52.7%	COM	185899101
RIO	RIO TINTO PLC	39,228	$2.951M	1.5%	$71.62	—	SPONSORED ADR	767204100
ENPH	ENPHASE ENERGY INC	16,605	$2.914M	1.5%	$16.82	+654.0%	COM	29355A107
DE	DEERE & CO	10,722	$2.885M	1.5%	$141.61	+63.9%	COM	244199105
TS	TENARIS S A	176,186	$2.81M	1.4%	$14.26	—	SPONSORED ADS	88031M109
BP	BP PLC	136,092	$2.793M	1.4%	$23.11	—	SPONSORED ADR	055622104
—	UNITED STATES STL CORP NEW	156,184	$2.619M	1.3%	$16.11	—	COM	912909108
STLD	STEEL DYNAMICS INC	69,668	$2.569M	1.3%	$28.72	+10.9%	COM	858119100
FCX	FREEPORT-MCMORAN INC	98,054	$2.551M	1.3%	$13.50	+44.1%	CL B	35671D857
EOG	EOG RES INC	49,578	$2.472M	1.3%	$56.21	-39.3%	COM	26875P101
—	LIVENT CORP	129,290	$2.436M	1.2%	$7.67	—	COM	53814L108
ATI	ALLEGHENY TECHNOLOGIES INC	141,869	$2.379M	1.2%	$12.09	+5.1%	COM	01741R102
—	PDC ENERGY INC	114,550	$2.352M	1.2%	$20.93	—	COM	69327R101
INGR	INGREDION INC	29,258	$2.302M	1.2%	$83.81	-8.0%	COM	457187102
CMC	COMMERCIAL METALS CO	106,056	$2.178M	1.1%	$17.15	+12.1%	COM	201723103
COP	CONOCOPHILLIPS	52,788	$2.111M	1.1%	$39.87	-22.9%	COM	20825C104
TECK	TECK RESOURCES LTD	116,048	$2.106M	1.1%	$11.33	+36.1%	CL B	878742204
—	SANDERSON FARMS INC	15,742	$2.081M	1.1%	$133.66	—	COM	800013104
SLB	SCHLUMBERGER LTD	92,612	$2.022M	1.0%	$21.90	-22.9%	COM	806857108
MOS	MOSAIC CO NEW	84,397	$1.942M	1.0%	$16.50	+9.7%	COM	61945C103
JKS	JINKOSOLAR HLDG CO LTD	30,796	$1.905M	1.0%	$18.55	—	SPONSORED ADR	47759T100
PNR	PENTAIR PLC	35,270	$1.872M	0.9%	$47.98	0.0%	SHS	G7S00T104
—	RENEWABLE ENERGY GROUP INC	26,290	$1.862M	0.9%	$32.26	—	COM NEW	75972A301
NEM	NEWMONT CORP	29,488	$1.766M	0.9%	$53.45	-2.1%	COM	651639106
HRL	HORMEL FOODS CORP	36,829	$1.717M	0.9%	$39.71	+5.9%	COM	440452100
—	ROYAL DUTCH SHELL PLC	48,262	$1.696M	0.9%	$35.14	—	SPONS ADR A	780259206
—	CONTINENTAL RES INC	101,603	$1.656M	0.8%	$36.84	—	COM	212015101
CNH	CNH INDL N V	118,205	$1.518M	0.8%	$8.04	-3.5%	SHS	N20944109
PPC	PILGRIMS PRIDE CORP	76,125	$1.493M	0.8%	$22.50	-19.5%	COM	72147K108
—	ANGLOGOLD ASHANTI LIMITED	63,624	$1.439M	0.7%	$22.62	—	SPONSORED ADR	035128206
HBM	HUDBAY MINERALS INC	205,800	$1.438M	0.7%	$4.67	+21.1%	COM	443628102
CTRA	CABOT OIL & GAS CORP	88,280	$1.437M	0.7%	$13.70	-1.3%	COM	127097103
FSLR	FIRST SOLAR INC	14,509	$1.435M	0.7%	$50.85	+70.5%	COM	336433107
PBR	PETROLEO BRASILEIRO SA PETRO	123,817	$1.39M	0.7%	$11.55	—	SPONSORED ADR	71654V408
SEDG	SOLAREDGE TECHNOLOGIES INC	4,250	$1.356M	0.7%	$76.14	+263.0%	COM	83417M104
PCH	POTLATCHDELTIC CORPORATION	26,510	$1.326M	0.7%	$39.92	—	COM	737630103
PTEN	PATTERSON-UTI ENERGY INC	249,875	$1.314M	0.7%	$6.90	-43.0%	COM	703481101
BLDP	BALLARD PWR SYS INC NEW	56,013	$1.311M	0.7%	$9.07	+103.2%	COM	058586108
TPICQ	TPI COMPOSITES INC	24,738	$1.306M	0.7%	$28.98	+38.0%	COM	87266J104
—	EVOQUA WATER TECHNOLOGIES CO	48,084	$1.297M	0.7%	$11.99	—	COM	30057T105
OVV	OVINTIV INC	82,737	$1.188M	0.6%	$9.34	+25.4%	COM	69047Q102
—	SUNPOWER CORP	46,172	$1.184M	0.6%	$8.71	—	COM	867652406
—	BRF SA	281,508	$1.182M	0.6%	$7.26	—	SPONSORED ADR	10552T107
HAL	HALLIBURTON CO	61,985	$1.172M	0.6%	$16.11	-12.1%	COM	406216101
BKR	BAKER HUGHES COMPANY	55,488	$1.157M	0.6%	$18.56	-17.0%	CL A	05722G100
BTG	B2GOLD CORP	205,085	$1.149M	0.6%	$4.12	+20.6%	COM	11777Q209
SBS	COMPANHIA DE SANEAMENTO BASI	132,946	$1.142M	0.6%	$7.86	—	SPONSORED ADR	20441A102
—	KIRKLAND LAKE GOLD LTD	27,523	$1.135M	0.6%	$37.93	—	COM	49741E100
MPC	MARATHON PETE CORP	27,153	$1.123M	0.6%	$33.12	-5.5%	COM	56585A102
ADM	ARCHER DANIELS MIDLAND CO	21,657	$1.092M	0.6%	$38.00	+12.7%	COM	039483102
—	PIONEER NAT RES CO	9,500	$1.082M	0.5%	$119.91	—	COM	723787107
CNX	CNX RES CORP	99,942	$1.079M	0.5%	$9.19	+9.6%	COM	12653C108
VLO	VALERO ENERGY CORP	17,612	$996K	0.5%	$33.55	+20.9%	COM	91913Y100
KGC	KINROSS GOLD CORP	133,657	$981K	0.5%	$6.86	+16.2%	COM	496902404
—	CORE LABORATORIES N V	37,009	$981K	0.5%	$40.51	—	COM	N22717107
GFI	GOLD FIELDS LTD	102,553	$951K	0.5%	$7.71	—	SPONSORED ADR	38059T106
—	CHAMPIONX CORPORATION	60,457	$925K	0.5%	$8.65	—	COM	15872M104
CMP	COMPASS MINERALS INTL INC	14,546	$898K	0.5%	$50.18	+13.8%	COM	20451N101
XOM	EXXON MOBIL CORP	20,875	$860K	0.4%	$36.29	-16.3%	COM	30231G102
TX	TERNIUM SA	29,160	$848K	0.4%	$23.85	—	SPONSORED ADS	880890108
PUMP	PROPETRO HLDG CORP	114,102	$843K	0.4%	$9.67	-42.5%	COM	74347M108
CALM	CAL MAINE FOODS INC	22,299	$837K	0.4%	$33.10	-9.7%	COM NEW	128030202
DVN	DEVON ENERGY CORP NEW	52,617	$832K	0.4%	$23.06	-58.7%	COM	25179M103
CCJ	CAMECO CORP	61,984	$831K	0.4%	$11.55	-8.9%	COM	13321L108
RGLD	ROYAL GOLD INC	7,517	$800K	0.4%	$115.52	0.0%	COM	780287108
NVRI	HARSCO CORP	44,244	$796K	0.4%	$12.69	+26.6%	COM	415864107
SSRM	SSR MNG INC	39,440	$792K	0.4%	$17.72	+7.6%	COM	784730103
RYN	RAYONIER INC	25,757	$757K	0.4%	$31.22	—	COM	754907103
MGY	MAGNOLIA OIL & GAS CORP	107,080	$756K	0.4%	$6.91	-13.6%	CL A	559663109
FANG	DIAMONDBACK ENERGY INC	15,596	$755K	0.4%	$31.90	-6.5%	COM	25278X109
AWK	AMERICAN WTR WKS CO INC NEW	4,879	$749K	0.4%	$139.36	0.0%	COM	030420103
MT	ARCELORMITTAL SA LUXEMBOURG	31,122	$713K	0.4%	$19.69	—	NY REGISTRY SH	03938L203
CVX	CHEVRON CORP NEW	8,273	$699K	0.4%	$72.41	-10.2%	COM	166764100
PSX	PHILLIPS 66	9,338	$653K	0.3%	$44.01	+9.0%	COM	718546104
EC	ECOPETROL S A	49,571	$640K	0.3%	$12.84	—	SPONSORED ADS	279158109
RES	RPC INC	202,733	$639K	0.3%	$8.56	-67.8%	COM	749660106
—	HOLLYFRONTIER CORP	24,551	$635K	0.3%	$45.74	—	COM	436106108
—	VEDANTA LIMITED	69,827	$613K	0.3%	$10.87	—	SPONSORED ADR	92242Y100
IAG	IAMGOLD CORP	165,415	$607K	0.3%	$3.52	+4.3%	COM	450913108
VET	VERMILION ENERGY INC	127,373	$567K	0.3%	$4.63	-23.2%	COM	923725105
—	APACHE CORP	38,853	$551K	0.3%	$14.00	—	COM	037411105
WPM	WHEATON PRECIOUS METALS CORP	13,045	$544K	0.3%	$42.11	0.0%	COM	962879102
CWT	CALIFORNIA WTR SVC GROUP	10,067	$544K	0.3%	$37.92	+16.3%	COM	130788102
—	TOTAL SE	12,739	$534K	0.3%	$38.55	—	SPONSORED ADS	89151E109
FDP	FRESH DEL MONTE PRODUCE INC	20,606	$496K	0.3%	$35.56	-41.0%	ORD	G36738105
—	CIMAREX ENERGY CO	12,678	$476K	0.2%	$24.30	—	COM	171798101
PKX	POSCO	7,440	$464K	0.2%	$55.76	—	SPONSORED ADR	693483109
—	ENERPLUS CORP	147,923	$463K	0.2%	$5.23	—	COM	292766102
HLX	HELIX ENERGY SOLUTIONS GRP I	109,811	$461K	0.2%	$3.65	-8.4%	COM	42330P107
BVN	COMPANIA DE MINAS BUENAVENTU	37,618	$459K	0.2%	$8.42	—	SPONSORED ADR	204448104
YPF	YPF SOCIEDAD ANONIMA	82,331	$387K	0.2%	$9.80	—	SPON ADR CL D	984245100
—	CONCHO RES INC	6,069	$354K	0.2%	$44.06	—	COM	20605P101
—	CRESCENT PT ENERGY CORP	143,500	$334K	0.2%	$1.50	—	COM	22576C101
—	NATIONAL OILWELL VARCO INC	23,118	$317K	0.2%	$12.34	—	COM	637071101
AROC	ARCHROCK INC	36,285	$314K	0.2%	$6.65	-16.3%	COM	03957W106
AG	FIRST MAJESTIC SILVER CORP	22,902	$308K	0.2%	$10.85	0.0%	COM	32076V103
OII	OCEANEERING INTL INC	38,429	$306K	0.2%	$12.53	-53.4%	COM	675232102
—	PETROCHINA CO LTD	9,795	$301K	0.2%	$64.56	—	SPONSORED ADR	71646E100
—	HESS CORP	5,647	$298K	0.2%	$52.77	—	COM	42809H107
—	BARRICK GOLD CORP	12,749	$290K	0.1%	$22.75	—	COM	067901108
—	DRIL QUIP INC	9,711	$288K	0.1%	$24.91	—	COM	262037104
—	CHINA PETROLEUM & CHEMICAL C	6,427	$287K	0.1%	$78.60	—	SPON ADR H SHS	16941R108
—	SANDSTORM GOLD LTD	40,082	$287K	0.1%	$6.24	—	COM NEW	80013R206
OXY	OCCIDENTAL PETE CORP	16,356	$283K	0.1%	$46.87	-72.4%	COM	674599105
HCC	WARRIOR MET COAL INC	13,255	$283K	0.1%	$26.18	-32.9%	COM	93627C101
MUR	MURPHY OIL CORP	23,270	$282K	0.1%	$16.62	-49.8%	COM	626717102
GPRE	GREEN PLAINS INC	21,016	$277K	0.1%	$13.74	+10.7%	COM	393222104
E	ENI S P A	12,822	$264K	0.1%	$27.15	—	SPONSORED ADR	26874R108
GGB	GERDAU SA	56,280	$263K	0.1%	$2.96	—	SPON ADR REP PFD	373737105
DQ	DAQO NEW ENERGY CORP	4,455	$256K	0.1%	$49.54	—	SPNSRD ADS NEW	23703Q203
EPD	ENTERPRISE PRODS PARTNERS L	11,871	$233K	0.1%	$52.09	—	COM	293792107
CENX	CENTURY ALUM CO	20,477	$226K	0.1%	$8.76	+3.6%	COM	156431108
SU	SUNCOR ENERGY INC NEW	12,600	$211K	0.1%	$12.67	-5.1%	COM	867224107
TALO	TALOS ENERGY INC	23,379	$193K	0.1%	$7.33	+6.1%	COM	87484T108
—	WPX ENERGY INC	22,431	$183K	0.1%	$11.78	—	COM	98212B103
EQT	EQT CORP	14,365	$183K	0.1%	$13.78	-1.8%	COM	26884L109
—	VIPER ENERGY PARTNERS LP	13,912	$162K	0.1%	$18.79	—	COM UNT RP INT	92763M105
LBRT	LIBERTY OILFIELD SVCS INC	13,870	$143K	0.1%	$6.96	+31.0%	COM CL A	53115L104
—	PARSLEY ENERGY INC	10,041	$143K	0.1%	$19.92	—	CL A	701877102
CRK	COMSTOCK RES INC	18,267	$80,000	0.0%	$5.02	-6.6%	COM	205768302