Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	224,318	$15.88M	4.4%	$33.74	+70.0%	COM	125269100
SQM	SOCIEDAD QUIMICA Y MINERA DE	156,913	$7.913M	2.2%	$46.48	—	SPON ADR SER B	833635105
PCH	POTLATCHDELTIC CORPORATION	120,260	$7.242M	2.0%	$51.08	—	COM	737630103
—	BUNGE LIMITED	76,231	$7.117M	2.0%	$75.18	—	COM	G16962105
NTR	NUTRIEN LTD	94,222	$7.079M	1.9%	$37.50	+64.4%	COM	67077M108
INGR	INGREDION INC	70,814	$6.843M	1.9%	$88.58	+8.6%	COM	457187102
PAAS	PAN AMERN SILVER CORP	265,419	$6.628M	1.8%	$30.21	-16.6%	COM	697900108
BTG	B2GOLD CORP	1,663,116	$6.536M	1.8%	$3.91	-13.6%	COM	11777Q209
MOS	MOSAIC CO NEW	164,684	$6.47M	1.8%	$24.60	+41.1%	COM	61945C103
AGCO	AGCO CORP	55,658	$6.457M	1.8%	$97.15	+8.3%	COM	001084102
CTVA	CORTEVA INC	123,190	$5.824M	1.6%	$30.72	+41.7%	COM	22052L104
TSN	TYSON FOODS INC	65,625	$5.72M	1.6%	$63.71	+13.2%	CL A	902494103
KGC	KINROSS GOLD CORP	920,314	$5.347M	1.5%	$7.09	-15.7%	COM	496902404
HL	HECLA MNG CO	948,446	$4.951M	1.4%	$5.89	-7.1%	COM	422704106
NEM	NEWMONT CORP	79,430	$4.926M	1.4%	$52.95	-5.9%	COM	651639106
—	FORTUNA SILVER MINES INC	1,239,364	$4.834M	1.3%	$4.87	—	COM	349915108
—	CRESCENT PT ENERGY CORP	902,500	$4.813M	1.3%	$4.28	—	COM	22576C101
FANG	DIAMONDBACK ENERGY INC	44,577	$4.808M	1.3%	$65.95	+35.6%	COM	25278X109
—	KIRKLAND LAKE GOLD LTD	114,623	$4.801M	1.3%	$39.15	—	COM	49741E100
SSRM	SSR MNG INC	270,999	$4.796M	1.3%	$16.10	+6.2%	COM	784730103
—	SANDERSON FARMS INC	24,510	$4.683M	1.3%	$175.39	—	COM	800013104
AEM	AGNICO EAGLE MINES LTD	84,014	$4.465M	1.2%	$54.67	-12.6%	COM	008474108
AGI	ALAMOS GOLD INC NEW	576,018	$4.43M	1.2%	$7.88	-5.0%	COM CL A	011532108
FMC	FMC CORP	38,142	$4.191M	1.2%	$85.57	+1.9%	COM NEW	302491303
AG	FIRST MAJESTIC SILVER CORP	372,233	$4.136M	1.1%	$12.67	-5.9%	COM	32076V103
—	YAMANA GOLD INC	945,729	$3.991M	1.1%	$4.23	—	COM	98462Y100
DE	DEERE & CO	10,306	$3.534M	1.0%	$172.97	+90.0%	COM	244199105
BP	BP PLC	132,050	$3.516M	1.0%	$23.11	—	SPONSORED ADR	055622104
—	BRF SA	853,629	$3.491M	1.0%	$5.27	—	SPONSORED ADR	10552T107
CNH	CNH INDL N V	177,182	$3.443M	0.9%	$9.85	+39.9%	SHS	N20944109
—	CONTINENTAL RES INC	76,665	$3.432M	0.9%	$41.44	—	COM	212015101
EOG	EOG RES INC	37,695	$3.348M	0.9%	$60.09	+22.0%	COM	26875P101
HAL	HALLIBURTON CO	145,636	$3.331M	0.9%	$18.13	+20.2%	COM	406216101
ORA	ORMAT TECHNOLOGIES INC	40,751	$3.232M	0.9%	$68.65	+7.3%	COM	686688102
RIO	RIO TINTO PLC	48,037	$3.216M	0.9%	$69.77	—	SPONSORED ADR	767204100
VET	VERMILION ENERGY INC	246,400	$3.095M	0.9%	$10.89	0.0%	COM	923725105
DQ	DAQO NEW ENERGY CORP	76,346	$3.078M	0.8%	$42.09	—	SPNSRD ADS NEW	23703Q203
PBR	PETROLEO BRASILEIRO SA PETRO	278,021	$3.053M	0.8%	$10.79	—	SPONSORED ADR	71654V408
CNQ	CANADIAN NAT RES LTD	71,888	$3.037M	0.8%	$16.72	0.0%	COM	136385101
VALE	VALE S A	210,650	$2.953M	0.8%	$12.35	—	SPONSORED ADS	91912E105
ENPH	ENPHASE ENERGY INC	15,780	$2.887M	0.8%	$25.72	+711.2%	COM	29355A107
SEDG	SOLAREDGE TECHNOLOGIES INC	10,100	$2.834M	0.8%	$191.63	+64.8%	COM	83417M104
—	ATLANTICA SUSTAINABLE INFR P	78,130	$2.794M	0.8%	$36.00	—	SHS	G0751N103
CSIQ	CANADIAN SOLAR INC	89,030	$2.786M	0.8%	$31.99	+12.0%	COM	136635109
HBM	HUDBAY MINERALS INC	374,000	$2.707M	0.7%	$5.81	+19.5%	COM	443628102
SCCO	SOUTHERN COPPER CORP	39,741	$2.452M	0.7%	$44.17	+8.9%	COM	84265V105
COP	CONOCOPHILLIPS	33,584	$2.424M	0.7%	$40.64	+54.1%	COM	20825C104
BLDP	BALLARD PWR SYS INC NEW	192,951	$2.423M	0.7%	$17.00	-11.0%	COM	058586108
OXY	OCCIDENTAL PETE CORP	83,334	$2.416M	0.7%	$28.26	+4.7%	COM	674599105
CGAU	CENTERRA GOLD INC	313,400	$2.414M	0.7%	$6.73	0.0%	COM	152006102
GGB	GERDAU SA	489,434	$2.408M	0.7%	$5.04	—	SPON ADR REP PFD	373737105
CMP	COMPASS MINERALS INTL INC	46,808	$2.391M	0.7%	$56.18	+4.1%	COM	20451N101
MGY	MAGNOLIA OIL & GAS CORP	125,773	$2.373M	0.7%	$8.09	+145.4%	CL A	559663109
PNR	PENTAIR PLC	32,282	$2.358M	0.6%	$54.57	+27.9%	SHS	G7S00T104
CRK	COMSTOCK RES INC	291,404	$2.357M	0.6%	$6.42	+34.9%	COM	205768302
—	PDC ENERGY INC	46,921	$2.289M	0.6%	$26.09	—	COM	69327R101
—	SUNPOWER CORP	109,561	$2.287M	0.6%	$17.31	—	COM	867652406
AWK	AMERICAN WTR WKS CO INC NEW	12,009	$2.268M	0.6%	$138.14	+16.1%	COM	030420103
APA	APA CORPORATION	82,546	$2.22M	0.6%	$19.12	+22.4%	COM	03743Q108
PTEN	PATTERSON-UTI ENERGY INC	256,498	$2.167M	0.6%	$7.24	+19.0%	COM	703481101
VFF	VILLAGE FARMS INTL INC	333,842	$2.143M	0.6%	$9.26	-20.4%	COM	92707Y108
JKS	JINKOSOLAR HLDG CO LTD	45,961	$2.112M	0.6%	$29.58	—	SPONSORED ADR	47759T100
GPRE	GREEN PLAINS INC	60,160	$2.091M	0.6%	$28.65	+29.8%	COM	393222104
SU	SUNCOR ENERGY INC NEW	82,400	$2.061M	0.6%	$18.08	+14.2%	COM	867224107
PPC	PILGRIMS PRIDE CORP	71,981	$2.03M	0.6%	$22.50	+26.5%	COM	72147K108
HP	HELMERICH & PAYNE INC	85,133	$2.018M	0.6%	$26.14	+9.0%	COM	423452101
ADM	ARCHER DANIELS MIDLAND CO	28,230	$1.908M	0.5%	$41.90	+37.0%	COM	039483102
SBS	COMPANHIA DE SANEAMENTO BASI	256,778	$1.885M	0.5%	$7.64	—	SPONSORED ADR	20441A102
TECK	TECK RESOURCES LTD	64,423	$1.857M	0.5%	$18.77	+46.2%	CL B	878742204
FCX	FREEPORT-MCMORAN INC	44,219	$1.845M	0.5%	$19.81	+80.6%	CL B	35671D857
—	MARATHON OIL CORP	111,005	$1.823M	0.5%	$8.47	—	COM	565849106
SID	COMPANHIA SIDERURGICA NACION	409,842	$1.82M	0.5%	$5.52	—	SPONSORED ADR	20440W105
HLX	HELIX ENERGY SOLUTIONS GRP I	544,413	$1.699M	0.5%	$4.12	-10.5%	COM	42330P107
XOM	EXXON MOBIL CORP	27,425	$1.678M	0.5%	$39.50	+36.5%	COM	30231G102
NOV	NOV INC	123,766	$1.677M	0.5%	$14.35	-4.4%	COM	62955J103
FSLR	FIRST SOLAR INC	19,145	$1.669M	0.5%	$68.73	+49.6%	COM	336433107
PUMP	PROPETRO HLDG CORP	203,615	$1.649M	0.5%	$8.91	+2.1%	COM	74347M108
RIG	TRANSOCEAN LTD	597,461	$1.649M	0.5%	$3.39	0.0%	REG SHS	H8817H100
—	U S SILICA HLDGS INC	174,191	$1.637M	0.5%	$7.99	—	COM	90346E103
EGO	ELDORADO GOLD CORP NEW	174,938	$1.636M	0.5%	$11.13	-17.0%	COM	284902509
MPC	MARATHON PETE CORP	25,347	$1.622M	0.4%	$33.12	+76.4%	COM	56585A102
SLB	SCHLUMBERGER LTD	53,086	$1.59M	0.4%	$23.09	+24.3%	COM STK	806857108
EXK	ENDEAVOUR SILVER CORP	376,583	$1.589M	0.4%	$4.79	-2.0%	COM	29258Y103
TALO	TALOS ENERGY INC	158,007	$1.548M	0.4%	$12.19	-6.4%	COM	87484T108
—	ENERPLUS CORP	145,475	$1.539M	0.4%	$9.23	—	COM	292766102
—	CENTENNIAL RESOURCE DEV INC	253,749	$1.517M	0.4%	$6.73	—	CL A	15136A102
TX	TERNIUM SA	34,655	$1.508M	0.4%	$26.62	—	SPONSORED ADS	880890108
WTRG	ESSENTIAL UTILS INC	27,570	$1.48M	0.4%	$45.92	+5.7%	COM	29670G102
—	CORE LABORATORIES N V	65,630	$1.464M	0.4%	$35.44	—	COM	N22717107
SBSW	SIBANYE STILLWATER LTD	116,703	$1.463M	0.4%	$12.54	—	SPONSORED ADR	82575P107
CVX	CHEVRON CORP NEW	12,447	$1.461M	0.4%	$81.97	+17.2%	COM	166764100
KOS	KOSMOS ENERGY LTD	412,162	$1.426M	0.4%	$2.44	+47.1%	COM	500688106
—	TOTALENERGIES SE	28,449	$1.407M	0.4%	$47.93	—	SPONSORED ADS	89151E109
IAG	IAMGOLD CORP	445,546	$1.395M	0.4%	$2.90	+1.2%	COM	450913108
SM	SM ENERGY CO	47,160	$1.39M	0.4%	$18.17	+58.7%	COM	78454L100
CTRA	COTERRA ENERGY INC	72,755	$1.382M	0.4%	$13.50	+24.9%	COM	127097103
—	CHAMPIONX CORPORATION	67,243	$1.359M	0.4%	$10.59	—	COM	15872M104
SVM	SILVERCORP METALS INC	359,047	$1.35M	0.4%	$4.60	-12.0%	COM	82835P103
DAR	DARLING INGREDIENTS INC	19,227	$1.332M	0.4%	$62.72	+15.9%	COM	237266101
RS	RELIANCE STEEL & ALUMINUM CO	8,085	$1.312M	0.4%	$159.19	-2.9%	COM	759509102
ERO	ERO COPPER CORP	85,600	$1.305M	0.4%	$17.28	0.0%	COM	296006109
OII	OCEANEERING INTL INC	110,832	$1.254M	0.3%	$13.04	-0.6%	COM	675232102
VLO	VALERO ENERGY CORP	16,525	$1.241M	0.3%	$33.55	+94.1%	COM	91913Y100
—	RENEWABLE ENERGY GROUP INC	28,744	$1.22M	0.3%	$54.57	—	COM NEW	75972A301
DVN	DEVON ENERGY CORP NEW	27,631	$1.217M	0.3%	$23.01	+46.1%	COM	25179M103
RGLD	ROYAL GOLD INC	11,072	$1.165M	0.3%	$109.53	-7.9%	COM	780287108
CCJ	CAMECO CORP	52,479	$1.145M	0.3%	$12.11	+97.5%	COM	13321L108
—	PIONEER NAT RES CO	6,256	$1.138M	0.3%	$158.09	—	COM	723787107
CALM	CAL MAINE FOODS INC	30,564	$1.131M	0.3%	$31.99	-12.0%	COM NEW	128030202
—	PRETIUM RES INC	78,270	$1.103M	0.3%	$10.25	—	COM	74139C102
NXE	NEXGEN ENERGY LTD	244,600	$1.071M	0.3%	$5.14	0.0%	COM	65340P106
AGRO	ADECOAGRO S A	137,739	$1.058M	0.3%	$7.54	0.0%	COM	L00849106
—	BARRICK GOLD CORP	54,990	$1.045M	0.3%	$20.67	—	COM	067901108
—	EVOQUA WATER TECHNOLOGIES CO	21,927	$1.025M	0.3%	$28.59	—	COM	30057T105
BKR	BAKER HUGHES COMPANY	41,635	$1.002M	0.3%	$18.78	+19.1%	CL A	05722G100
RYN	RAYONIER INC	24,209	$977K	0.3%	$31.52	—	COM	754907103
CWT	CALIFORNIA WTR SVC GROUP	13,268	$953K	0.3%	$58.50	0.0%	COM	130788102
—	HESS CORP	12,437	$921K	0.3%	$79.22	—	COM	42809H107
MUR	MURPHY OIL CORP	33,543	$876K	0.2%	$14.45	+65.4%	COM	626717102
EC	ECOPETROL S A	66,639	$859K	0.2%	$13.06	—	SPONSORED ADS	279158109
—	LIVENT CORP	34,259	$835K	0.2%	$15.27	—	COM	53814L108
—	CALLON PETE CO DEL	17,325	$819K	0.2%	$50.28	—	COM	13123X508
—	TURQUOISE HILL RES LTD	48,913	$805K	0.2%	$16.17	—	COM	900435207
OVV	OVINTIV INC	22,579	$761K	0.2%	$24.76	+44.2%	COM	69047Q102
PLUG	PLUG POWER INC	26,896	$759K	0.2%	$22.68	+52.6%	COM NEW	72919P202
CC	CHEMOURS CO	22,608	$759K	0.2%	$28.12	-4.5%	COM	163851108
—	HOLLYFRONTIER CORP	23,035	$755K	0.2%	$45.74	—	COM	436106108
—	ARCONIC CORPORATION	20,697	$683K	0.2%	$33.36	—	COM	03966V107
TS	TENARIS S A	32,673	$682K	0.2%	$15.81	—	SPONSORED ADS	88031M109
—	TELLURIAN INC NEW	219,069	$675K	0.2%	$3.59	—	COM	87968A104
MTDR	MATADOR RES CO	17,979	$664K	0.2%	$30.72	+33.2%	COM	576485205
AROC	ARCHROCK INC	88,801	$664K	0.2%	$6.48	+0.9%	COM	03957W106
RES	RPC INC	146,144	$663K	0.2%	$8.56	-47.5%	COM	749660106
LBRT	LIBERTY OILFIELD SVCS INC	66,409	$644K	0.2%	$11.61	0.0%	COM CL A	53115L104
PSX	PHILLIPS 66	8,761	$635K	0.2%	$44.01	+47.1%	COM	718546104
CIVI	CIVITAS RESOURCES INC	12,784	$626K	0.2%	$37.02	0.0%	COM NEW	17888H103
—	ROYAL DUTCH SHELL PLC	14,366	$623K	0.2%	$43.37	—	SPONS ADR A	780259206
ARRY	ARRAY TECHNOLOGIES INC	38,624	$606K	0.2%	$20.85	-6.1%	COM SHS	04271T100
CNX	CNX RES CORP	43,817	$602K	0.2%	$13.99	+0.6%	COM	12653C108
—	PETROCHINA CO LTD	13,160	$582K	0.2%	$58.41	—	SPONSORED ADR	71646E100
ATI	ALLEGHENY TECHNOLOGIES INC	36,112	$575K	0.2%	$12.09	+32.8%	COM	01741R102
WTI	W & T OFFSHORE INC	173,657	$561K	0.2%	$3.85	0.0%	COM	92922P106
CMC	COMMERCIAL METALS CO	15,145	$550K	0.2%	$17.86	+75.0%	COM	201723103
HCC	WARRIOR MET COAL INC	21,227	$546K	0.2%	$23.80	+1.0%	COM	93627C101
E	ENI S P A	19,710	$545K	0.1%	$26.09	—	SPONSORED ADR	26874R108
GFI	GOLD FIELDS LTD	49,598	$545K	0.1%	$8.94	—	SPONSORED ADR	38059T106
MT	ARCELORMITTAL SA LUXEMBOURG	17,058	$543K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
DNOW	NOW INC	62,839	$537K	0.1%	$8.67	0.0%	COM	67011P100
CENX	CENTURY ALUM CO	32,361	$536K	0.1%	$10.92	+34.1%	COM	156431108
CLF	CLEVELAND-CLIFFS INC NEW	23,835	$519K	0.1%	$15.25	+41.2%	COM	185899101
FTI	TECHNIPFMC PLC	84,393	$499K	0.1%	$8.22	-18.1%	COM	G87110105
—	MAG SILVER CORP	31,355	$491K	0.1%	$15.66	—	COM	55903Q104
YPF	YPF SOCIEDAD ANONIMA	108,066	$413K	0.1%	$8.44	—	SPON ADR CL D	984245100
CRC	CALIFORNIA RES CORP	8,229	$351K	0.1%	$38.45	0.0%	COM STOCK	13057Q305
—	SOUTHWESTERN ENERGY CO	70,547	$329K	0.1%	$4.68	—	COM	845467109
—	NEXTIER OILFIELD SOLUTIONS	87,074	$309K	0.1%	$3.55	—	COM	65290C105
—	ANGLOGOLD ASHANTI LIMITED	14,695	$308K	0.1%	$20.29	—	SPONSORED ADR	035128206
FNV	FRANCO NEV CORP	2,063	$285K	0.1%	$138.67	-4.1%	COM	351858105
NOG	NORTHERN OIL AND GAS INC MN	13,598	$280K	0.1%	$17.47	+27.9%	COM	665531307
—	CHINA PETROLEUM & CHEMICAL C	6,024	$280K	0.1%	$78.60	—	SPON ADR H SHS	16941R108
WPM	WHEATON PRECIOUS METALS CORP	6,270	$269K	0.1%	$38.59	+2.0%	COM	962879102
GEVO	GEVO INC	62,769	$269K	0.1%	$6.13	0.0%	COM PAR	374396406
BVN	COMPANIA DE MINAS BUENAVENTU	35,884	$263K	0.1%	$8.42	—	SPONSORED ADR	204448104
—	LAREDO PETROLEUM INC	4,103	$247K	0.1%	$79.85	—	COM	516806205
EPD	ENTERPRISE PRODS PARTNERS L	11,138	$245K	0.1%	$52.09	—	COM	293792107
NBR	NABORS INDUSTRIES LTD	2,944	$239K	0.1%	$98.49	0.0%	SHS	G6359F137
EQT	EQT CORP	10,276	$224K	0.1%	$13.78	+42.6%	COM	26884L109
SXC	SUNCOKE ENERGY INC	33,737	$222K	0.1%	$6.26	+5.9%	COM	86722A103
—	WHITING PETE CORP NEW	3,412	$221K	0.1%	$64.77	—	COM NEW	966387508
WOR	WORTHINGTON INDS INC	4,034	$220K	0.1%	$32.91	0.0%	COM	981811102
NFG	NATIONAL FUEL GAS CO	3,154	$202K	0.1%	$59.75	0.0%	COM	636180101
HMY	HARMONY GOLD MINING CO LTD	39,695	$163K	0.0%	$3.73	—	SPONSORED ADR	413216300
—	FUELCELL ENERGY INC	29,743	$155K	0.0%	$6.69	—	COM	35952H601