Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	149,558	$15.41M	3.4%	$33.74	+120.1%	COM	125269100
NTR	NUTRIEN LTD	102,411	$10.64M	2.3%	$40.37	+81.9%	COM	67077M108
FMC	FMC CORP	75,085	$9.879M	2.2%	$93.89	+9.2%	COM NEW	302491303
BTG	B2GOLD CORP	1,764,906	$8.101M	1.8%	$3.89	-11.9%	COM	11777Q209
KGC	KINROSS GOLD CORP	1,360,855	$8.002M	1.8%	$6.60	-15.5%	COM	496902404
CTVA	CORTEVA INC	134,245	$7.716M	1.7%	$32.23	+52.0%	COM	22052L104
AGCO	AGCO CORP	46,490	$6.789M	1.5%	$97.15	+12.8%	COM	001084102
—	CRESCENT PT ENERGY CORP	934,200	$6.78M	1.5%	$4.38	—	COM	22576C101
CRK	COMSTOCK RES INC	513,634	$6.703M	1.5%	$7.29	+15.7%	COM	205768302
FCX	FREEPORT-MCMORAN INC	133,350	$6.633M	1.5%	$34.54	+21.2%	CL B	35671D857
RIO	RIO TINTO PLC	81,893	$6.584M	1.4%	$74.16	—	SPONSORED ADR	767204100
SSRM	SSR MNG INC	300,347	$6.533M	1.4%	$16.37	+15.0%	COM	784730103
SCCO	SOUTHERN COPPER CORP	84,648	$6.425M	1.4%	$50.46	+11.0%	COM	84265V105
FANG	DIAMONDBACK ENERGY INC	42,708	$5.854M	1.3%	$65.95	+63.2%	COM	25278X109
VALE	VALE S A	291,055	$5.818M	1.3%	$14.46	—	SPONSORED ADS	91912E105
HL	HECLA MNG CO	863,404	$5.673M	1.2%	$5.89	-3.7%	COM	422704106
SQM	SOCIEDAD QUIMICA Y MINERA DE	66,109	$5.659M	1.2%	$46.48	—	SPON ADR SER B	833635105
CMP	COMPASS MINERALS INTL INC	89,357	$5.611M	1.2%	$55.44	-1.5%	COM	20451N101
AEM	AGNICO EAGLE MINES LTD	89,267	$5.47M	1.2%	$54.34	-9.8%	COM	008474108
—	BUNGE LIMITED	48,712	$5.398M	1.2%	$75.18	—	COM	G16962105
PCH	POTLATCHDELTIC CORPORATION	98,703	$5.205M	1.1%	$51.08	—	COM	737630103
—	YAMANA GOLD INC	930,287	$5.191M	1.1%	$4.23	—	COM	98462Y100
CC	CHEMOURS CO	148,557	$4.677M	1.0%	$27.29	-0.5%	COM	163851108
VET	VERMILION ENERGY INC	221,800	$4.664M	1.0%	$10.89	+63.0%	COM	923725105
CNQ	CANADIAN NAT RES LTD	74,394	$4.613M	1.0%	$16.90	+31.6%	COM	136385101
PBR	PETROLEO BRASILEIRO SA PETRO	303,663	$4.494M	1.0%	$11.13	—	SPONSORED ADR	71654V408
EOG	EOG RES INC	37,257	$4.442M	1.0%	$60.09	+55.6%	COM	26875P101
TX	TERNIUM SA	97,188	$4.437M	1.0%	$38.87	—	SPONSORED ADS	880890108
HAL	HALLIBURTON CO	116,940	$4.429M	1.0%	$18.13	+64.7%	COM	406216101
CGAU	CENTERRA GOLD INC	445,300	$4.384M	1.0%	$7.10	+12.3%	COM	152006102
INGR	INGREDION INC	48,803	$4.253M	0.9%	$88.58	+2.2%	COM	457187102
—	FORTUNA SILVER MINES INC	1,090,848	$4.156M	0.9%	$4.87	—	COM	349915108
RIG	TRANSOCEAN LTD	902,045	$4.122M	0.9%	$3.53	+7.7%	REG SHS	H8817H100
—	ATLANTICA SUSTAINABLE INFR P	114,260	$4.007M	0.9%	$35.71	—	SHS	G0751N103
BP	BP PLC	134,706	$3.96M	0.9%	$23.23	—	SPONSORED ADR	055622104
AGI	ALAMOS GOLD INC NEW	469,690	$3.955M	0.9%	$7.88	-7.1%	COM CL A	011532108
PTEN	PATTERSON-UTI ENERGY INC	254,732	$3.943M	0.9%	$7.24	+74.2%	COM	703481101
AG	FIRST MAJESTIC SILVER CORP	298,416	$3.927M	0.9%	$12.67	-8.6%	COM	32076V103
SID	COMPANHIA SIDERURGICA NACION	718,045	$3.892M	0.9%	$5.48	—	SPONSORED ADR	20440W105
DE	DEERE & CO	9,362	$3.89M	0.9%	$172.97	+109.9%	COM	244199105
GGB	GERDAU SA	567,707	$3.65M	0.8%	$5.23	—	SPON ADR REP PFD	373737105
—	TOTALENERGIES SE	69,571	$3.516M	0.8%	$49.47	—	SPONSORED ADS	89151E109
—	BRF SA	880,913	$3.497M	0.8%	$5.23	—	SPONSORED ADR	10552T107
COP	CONOCOPHILLIPS	34,829	$3.483M	0.8%	$42.03	+89.5%	COM	20825C104
HBM	HUDBAY MINERALS INC	441,700	$3.475M	0.8%	$6.11	+27.2%	COM	443628102
—	PDC ENERGY INC	46,941	$3.412M	0.7%	$26.09	—	COM	69327R101
SBS	COMPANHIA DE SANEAMENTO BASI	344,899	$3.39M	0.7%	$8.20	—	SPONSORED ADR	20441A102
—	HESS CORP	31,497	$3.371M	0.7%	$96.05	—	COM	42809H107
MOS	MOSAIC CO NEW	50,641	$3.368M	0.7%	$24.60	+84.8%	COM	61945C103
PPC	PILGRIMS PRIDE CORP	133,819	$3.359M	0.7%	$24.10	+7.7%	COM	72147K108
NEM	NEWMONT CORP	40,599	$3.226M	0.7%	$52.95	+13.4%	COM	651639106
CNH	CNH INDL N V	203,238	$3.223M	0.7%	$10.38	+34.7%	SHS	N20944109
DQ	DAQO NEW ENERGY CORP	77,615	$3.207M	0.7%	$42.08	—	SPNSRD ADS NEW	23703Q203
—	SANDERSON FARMS INC	16,983	$3.184M	0.7%	$175.39	—	COM	800013104
HP	HELMERICH & PAYNE INC	72,151	$3.087M	0.7%	$26.14	+31.8%	COM	423452101
JKS	JINKOSOLAR HLDG CO LTD	63,615	$3.072M	0.7%	$34.77	—	SPONSORED ADR	47759T100
APA	APA CORPORATION	73,861	$3.053M	0.7%	$19.12	+61.4%	COM	03743Q108
SEDG	SOLAREDGE TECHNOLOGIES INC	9,353	$3.015M	0.7%	$191.63	+43.3%	COM	83417M104
FSLR	FIRST SOLAR INC	35,754	$2.994M	0.7%	$72.37	+5.8%	COM	336433107
EXK	ENDEAVOUR SILVER CORP	641,786	$2.984M	0.7%	$4.61	-5.6%	COM	29258Y103
—	U S SILICA HLDGS INC	158,119	$2.951M	0.6%	$7.99	—	COM	90346E103
DAR	DARLING INGREDIENTS INC	36,666	$2.947M	0.6%	$66.01	+5.5%	COM	237266101
RYN	RAYONIER INC	70,907	$2.916M	0.6%	$37.84	—	COM	754907103
CSIQ	CANADIAN SOLAR INC	80,777	$2.856M	0.6%	$31.99	-5.6%	COM	136635109
HLX	HELIX ENERGY SOLUTIONS GRP I	592,242	$2.831M	0.6%	$4.12	-0.4%	COM	42330P107
ENPH	ENPHASE ENERGY INC	14,000	$2.825M	0.6%	$25.72	+511.0%	COM	29355A107
CWT	CALIFORNIA WTR SVC GROUP	46,734	$2.77M	0.6%	$56.03	-1.7%	COM	130788102
WPM	WHEATON PRECIOUS METALS CORP	55,807	$2.655M	0.6%	$41.30	+0.8%	COM	962879102
SM	SM ENERGY CO	67,594	$2.633M	0.6%	$22.73	+46.4%	COM	78454L100
—	CORE LABORATORIES N V	81,593	$2.581M	0.6%	$34.69	—	COM	N22717107
SBSW	SIBANYE STILLWATER LTD	158,406	$2.571M	0.6%	$13.51	—	SPONSORED ADR	82575P107
TALO	TALOS ENERGY INC	158,168	$2.497M	0.5%	$12.19	+8.3%	COM	87484T108
ADM	ARCHER DANIELS MIDLAND CO	27,548	$2.486M	0.5%	$41.90	+66.2%	COM	039483102
SU	SUNCOR ENERGY INC NEW	75,500	$2.462M	0.5%	$18.08	+41.0%	COM	867224107
ALB	ALBEMARLE CORP	11,013	$2.436M	0.5%	$200.76	0.0%	COM	012653101
AGRO	ADECOAGRO S A	201,396	$2.433M	0.5%	$7.75	+5.8%	COM	L00849106
—	MARATHON OIL CORP	96,750	$2.429M	0.5%	$8.47	—	COM	565849106
PUMP	PROPETRO HLDG CORP	171,958	$2.395M	0.5%	$8.91	+34.1%	COM	74347M108
TPICQ	TPI COMPOSITES INC	169,146	$2.378M	0.5%	$12.75	0.0%	COM	87266J104
RS	RELIANCE STEEL & ALUMINUM CO	12,839	$2.354M	0.5%	$164.30	+5.3%	COM	759509102
XOM	EXXON MOBIL CORP	26,869	$2.219M	0.5%	$39.50	+71.9%	COM	30231G102
—	CENTENNIAL RESOURCE DEV INC	269,189	$2.172M	0.5%	$6.80	—	CL A	15136A102
MPC	MARATHON PETE CORP	25,148	$2.15M	0.5%	$33.12	+110.4%	COM	56585A102
—	SUNPOWER CORP	99,422	$2.136M	0.5%	$17.31	—	COM	867652406
—	PIONEER NAT RES CO	8,384	$2.096M	0.5%	$181.42	—	COM	723787107
NOV	NOV INC	104,464	$2.049M	0.5%	$14.35	+22.0%	COM	62955J103
RES	RPC INC	191,487	$2.043M	0.4%	$8.26	-11.5%	COM	749660106
CIVI	CIVITAS RESOURCES INC	34,098	$2.036M	0.4%	$37.80	+1.2%	COM NEW	17888H103
SLB	SCHLUMBERGER LTD	48,660	$2.01M	0.4%	$23.09	+55.4%	COM STK	806857108
AROC	ARCHROCK INC	217,054	$2.003M	0.4%	$6.84	+3.6%	COM	03957W106
CVX	CHEVRON CORP NEW	12,260	$1.996M	0.4%	$81.97	+49.7%	COM	166764100
AWK	AMERICAN WTR WKS CO INC NEW	11,898	$1.969M	0.4%	$138.14	+5.7%	COM	030420103
MTDR	MATADOR RES CO	37,110	$1.966M	0.4%	$39.25	+20.4%	COM	576485205
—	WHITING PETE CORP NEW	23,596	$1.923M	0.4%	$79.08	—	COM NEW	966387508
CTRA	COTERRA ENERGY INC	71,057	$1.916M	0.4%	$13.50	+42.5%	COM	127097103
—	PETROCHINA CO LTD	37,260	$1.883M	0.4%	$53.32	—	SPONSORED ADR	71646E100
MUR	MURPHY OIL CORP	44,796	$1.809M	0.4%	$18.29	+62.6%	COM	626717102
—	CHAMPIONX CORPORATION	72,457	$1.774M	0.4%	$11.59	—	COM	15872M104
MP	MP MATERIALS CORP	30,604	$1.755M	0.4%	$44.01	0.0%	COM CL A	553368101
OII	OCEANEERING INTL INC	113,214	$1.716M	0.4%	$13.06	+10.1%	COM	675232102
BLDP	BALLARD PWR SYS INC NEW	142,099	$1.654M	0.4%	$17.00	-37.3%	COM	058586108
VLO	VALERO ENERGY CORP	16,281	$1.653M	0.4%	$33.55	+129.4%	COM	91913Y100
EGO	ELDORADO GOLD CORP NEW	144,647	$1.621M	0.4%	$11.13	-8.0%	COM	284902509
—	ENERPLUS CORP	126,731	$1.609M	0.4%	$9.23	—	COM	292766102
BVN	COMPANIA DE MINAS BUENAVENTU	158,984	$1.601M	0.4%	$9.70	—	SPONSORED ADR	204448104
WY	WEYERHAEUSER CO MTN BE	41,418	$1.57M	0.3%	$34.12	0.0%	COM NEW	962166104
PNR	PENTAIR PLC	28,903	$1.567M	0.3%	$54.57	+5.3%	SHS	G7S00T104
—	TURQUOISE HILL RES LTD	51,687	$1.553M	0.3%	$16.92	—	COM	900435207
CCJ	CAMECO CORP	52,089	$1.516M	0.3%	$12.11	+91.9%	COM	13321L108
BKR	BAKER HUGHES COMPANY	41,441	$1.509M	0.3%	$18.78	+47.4%	CL A	05722G100
SXC	SUNCOKE ENERGY INC	164,957	$1.47M	0.3%	$7.54	+4.4%	COM	86722A103
NXE	NEXGEN ENERGY LTD	253,500	$1.438M	0.3%	$5.13	-6.4%	COM	65340P106
RGLD	ROYAL GOLD INC	10,147	$1.434M	0.3%	$109.53	+6.7%	COM	780287108
HRL	HORMEL FOODS CORP	27,746	$1.43M	0.3%	$43.38	0.0%	COM	440452100
CALM	CAL MAINE FOODS INC	25,756	$1.422M	0.3%	$31.99	+5.8%	COM NEW	128030202
WTRG	ESSENTIAL UTILS INC	27,321	$1.397M	0.3%	$45.92	+5.1%	COM	29670G102
STLD	STEEL DYNAMICS INC	16,620	$1.387M	0.3%	$63.45	0.0%	COM	858119100
AWR	AMER STATES WTR CO	15,403	$1.371M	0.3%	$82.08	0.0%	COM	029899101
SVM	SILVERCORP METALS INC	376,425	$1.363M	0.3%	$4.56	-19.9%	COM	82835P103
—	BARRICK GOLD CORP	55,154	$1.353M	0.3%	$20.67	—	COM	067901108
DVN	DEVON ENERGY CORP NEW	22,593	$1.336M	0.3%	$23.01	+93.7%	COM	25179M103
—	RENEWABLE ENERGY GROUP INC	21,637	$1.312M	0.3%	$54.57	—	COM NEW	75972A301
ERO	ERO COPPER CORP	89,200	$1.308M	0.3%	$17.14	-19.0%	COM	296006109
MSEX	MIDDLESEX WTR CO	12,371	$1.301M	0.3%	$101.95	0.0%	COM	596680108
GPRE	GREEN PLAINS INC	41,517	$1.287M	0.3%	$28.65	+9.6%	COM	393222104
IAG	IAMGOLD CORP	364,142	$1.267M	0.3%	$2.90	+3.3%	COM	450913108
EC	ECOPETROL S A	65,286	$1.214M	0.3%	$13.06	—	SPONSORED ADS	279158109
IMO	IMPERIAL OIL LTD	24,900	$1.207M	0.3%	$38.87	0.0%	COM NEW	453038408
—	ARCONIC CORPORATION	47,034	$1.205M	0.3%	$29.02	—	COM	03966V107
LBRT	LIBERTY OILFIELD SVCS INC	70,049	$1.038M	0.2%	$11.67	+9.6%	COM CL A	53115L104
TS	TENARIS S A	34,265	$1.03M	0.2%	$16.47	—	SPONSORED ADS	88031M109
—	CALLON PETE CO DEL	17,199	$1.016M	0.2%	$50.28	—	COM	13123X508
BE	BLOOM ENERGY CORP	41,272	$997K	0.2%	$19.54	0.0%	COM CL A	093712107
ATI	ALLEGHENY TECHNOLOGIES INC	35,743	$959K	0.2%	$12.09	+91.7%	COM	01741R102
DINO	HF SINCLAIR CORPORATION	22,800	$909K	0.2%	$30.32	0.0%	COM	403949100
CNX	CNX RES CORP	43,430	$900K	0.2%	$13.99	+19.0%	COM	12653C108
DNOW	NOW INC	81,388	$898K	0.2%	$8.90	+8.9%	COM	67011P100
WTI	W & T OFFSHORE INC	230,825	$882K	0.2%	$3.99	+10.5%	COM	92922P106
—	LIVENT CORP	33,454	$872K	0.2%	$15.27	—	COM	53814L108
—	MRC GLOBAL INC	67,373	$802K	0.2%	$11.90	—	COM	55345K103
HCC	WARRIOR MET COAL INC	21,279	$790K	0.2%	$23.80	+34.3%	COM	93627C101
PLUG	PLUG POWER INC	26,896	$769K	0.2%	$22.68	+5.1%	COM NEW	72919P202
CLF	CLEVELAND-CLIFFS INC NEW	23,835	$768K	0.2%	$15.25	+49.4%	COM	185899101
PSX	PHILLIPS 66	8,672	$749K	0.2%	$44.01	+65.5%	COM	718546104
E	ENI S P A	24,449	$715K	0.2%	$26.70	—	SPONSORED ADR	26874R108
—	MAG SILVER CORP	40,144	$649K	0.1%	$15.77	—	COM	55903Q104
CMC	COMMERCIAL METALS CO	15,145	$630K	0.1%	$17.86	+99.3%	COM	201723103
YPF	YPF SOCIEDAD ANONIMA	121,137	$585K	0.1%	$8.05	—	SPON ADR CL D	984245100
—	TELLURIAN INC NEW	106,571	$565K	0.1%	$3.59	—	COM	87968A104
MT	ARCELORMITTAL SA LUXEMBOURG	17,058	$546K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
WOR	WORTHINGTON INDS INC	8,478	$436K	0.1%	$33.77	+2.3%	COM	981811102
ARRY	ARRAY TECHNOLOGIES INC	38,624	$435K	0.1%	$20.85	-46.1%	COM SHS	04271T100
CRC	CALIFORNIA RES CORP	9,261	$414K	0.1%	$38.50	+1.1%	COM STOCK	13057Q305
ALTO	ALTO INGREDIENTS INC	57,956	$395K	0.1%	$5.60	0.0%	COM	021513106
NOG	NORTHERN OIL AND GAS INC MN	13,598	$383K	0.1%	$17.47	+40.4%	COM	665531307
MTUS	TIMKENSTEEL CORPORATION	17,477	$382K	0.1%	$17.58	0.0%	COM	887399103
CHRD	OASIS PETROLEUM INC	2,597	$380K	0.1%	$92.35	0.0%	COM NEW	674215207
BHP	BHP GROUP LTD	4,539	$351K	0.1%	$77.33	—	SPONSORED ADS	088606108
FNV	FRANCO NEV CORP	2,190	$349K	0.1%	$138.68	+0.1%	COM	351858105
—	ANGLOGOLD ASHANTI LIMITED	14,116	$334K	0.1%	$20.29	—	SPONSORED ADR	035128206
—	CHINA PETROLEUM & CHEMICAL C	6,024	$298K	0.1%	$78.60	—	SPON ADR H SHS	16941R108
EPD	ENTERPRISE PRODS PARTNERS L	11,138	$287K	0.1%	$52.09	—	COM	293792107
—	LAREDO PETROLEUM INC	3,590	$284K	0.1%	$79.85	—	COM	516806205
—	NEXTIER OILFIELD SOLUTIONS	29,902	$276K	0.1%	$3.55	—	COM	65290C105
UUUU	ENERGY FUELS INC	29,833	$273K	0.1%	$7.80	0.0%	COM NEW	292671708
AR	ANTERO RESOURCES CORP	8,430	$257K	0.1%	$22.45	0.0%	COM	03674X106
NFG	NATIONAL FUEL GAS CO	3,164	$217K	0.0%	$59.75	+5.9%	COM	636180101
GFI	GOLD FIELDS LTD	13,752	$213K	0.0%	$8.94	—	SPONSORED ADR	38059T106
—	DRIL-QUIP INC	5,583	$209K	0.0%	$37.44	—	COM	262037104
RRC	RANGE RES CORP	6,855	$208K	0.0%	$22.82	0.0%	COM	75281A109
HMY	HARMONY GOLD MINING CO LTD	40,813	$205K	0.0%	$3.76	—	SPONSORED ADR	413216300
—	SOUTHWESTERN ENERGY CO	24,276	$174K	0.0%	$4.68	—	COM	845467109
—	FUELCELL ENERGY INC	29,743	$171K	0.0%	$6.69	—	COM	35952H601