Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDS HLDGS INC	139,364	$11.95M	3.1%	$33.74	+166.0%	COM	125269100
FMC	FMC CORP	101,738	$10.89M	2.9%	$97.29	+9.9%	COM NEW	302491303
HRL	HORMEL FOODS CORP	189,556	$8.977M	2.4%	$44.27	+0.3%	COM	440452100
GFI	GOLD FIELDS LTD	950,128	$8.665M	2.3%	$9.12	—	SPONSORED ADR	38059T106
TSN	TYSON FOODS INC	96,254	$8.284M	2.2%	$79.36	0.0%	CL A	902494103
DAR	DARLING INGREDIENTS INC	137,952	$8.25M	2.2%	$73.30	+3.6%	COM	237266101
CTVA	CORTEVA INC	131,304	$7.109M	1.9%	$32.23	+73.2%	COM	22052L104
FCX	FREEPORT-MCMORAN INC	226,877	$6.638M	1.7%	$35.93	+5.5%	CL B	35671D857
—	TOTALENERGIES SE	123,403	$6.496M	1.7%	$50.85	—	SPONSORED ADS	89151E109
SCCO	SOUTHERN COPPER CORP	126,948	$6.323M	1.7%	$50.78	+1.3%	COM	84265V105
CIVI	CIVITAS RESOURCES INC	116,691	$6.102M	1.6%	$44.23	+6.0%	COM NEW	17888H103
BTG	B2GOLD CORP	1,785,798	$6.053M	1.6%	$3.88	-7.6%	COM	11777Q209
ATI	ALLEGHENY TECHNOLOGIES INC	248,899	$5.652M	1.5%	$24.31	+8.4%	COM	01741R102
CRK	COMSTOCK RES INC	455,325	$5.5M	1.4%	$7.29	+115.1%	COM	205768302
VET	VERMILION ENERGY INC	272,900	$5.195M	1.4%	$12.75	+63.4%	COM	923725105
FANG	DIAMONDBACK ENERGY INC	42,363	$5.132M	1.3%	$65.95	+74.9%	COM	25278X109
CC	CHEMOURS CO	153,330	$4.91M	1.3%	$27.44	+17.4%	COM	163851108
—	CRESCENT PT ENERGY CORP	686,800	$4.883M	1.3%	$4.38	—	COM	22576C101
—	ATLANTICA SUSTAINABLE INFR P	147,477	$4.758M	1.2%	$34.93	—	SHS	G0751N103
INGR	INGREDION INC	53,869	$4.749M	1.2%	$88.67	+1.0%	COM	457187102
RIO	RIO TINTO PLC	75,730	$4.62M	1.2%	$74.16	—	SPONSORED ADR	767204100
SSRM	SSR MNG INC	270,279	$4.514M	1.2%	$16.37	+26.1%	COM	784730103
PPC	PILGRIMS PRIDE CORP	143,290	$4.475M	1.2%	$24.45	+20.3%	COM	72147K108
CNQ	CANADIAN NAT RES LTD	83,029	$4.457M	1.2%	$17.81	+43.8%	COM	136385101
—	CHAMPIONX CORPORATION	223,818	$4.443M	1.2%	$17.18	—	COM	15872M104
CALM	CAL MAINE FOODS INC	88,339	$4.365M	1.1%	$37.31	+5.9%	COM NEW	128030202
SM	SM ENERGY CO	125,230	$4.282M	1.1%	$29.55	+27.0%	COM	78454L100
KGC	KINROSS GOLD CORP	1,163,110	$4.164M	1.1%	$6.60	-26.7%	COM	496902404
EOG	EOG RES INC	37,551	$4.147M	1.1%	$60.09	+76.0%	COM	26875P101
AGCO	AGCO CORP	41,984	$4.144M	1.1%	$97.15	+13.2%	COM	001084102
PAAS	PAN AMERN SILVER CORP	210,211	$4.135M	1.1%	$23.97	0.0%	COM	697900108
—	SANDERSON FARMS INC	18,868	$4.067M	1.1%	$179.40	—	COM	800013104
PBR	PETROLEO BRASILEIRO SA PETRO	331,358	$3.87M	1.0%	$11.18	—	SPONSORED ADR	71654V408
—	BUNGE LIMITED	41,505	$3.764M	1.0%	$75.18	—	COM	G16962105
—	CONTINENTAL RES INC	55,011	$3.595M	0.9%	$65.35	—	COM	212015101
PTEN	PATTERSON-UTI ENERGY INC	225,973	$3.561M	0.9%	$7.24	+131.9%	COM	703481101
TX	TERNIUM SA	96,915	$3.498M	0.9%	$38.87	—	SPONSORED ADS	880890108
HAL	HALLIBURTON CO	110,417	$3.463M	0.9%	$18.13	+90.3%	COM	406216101
DE	DEERE & CO	11,217	$3.359M	0.9%	$202.19	+72.9%	COM	244199105
MTDR	MATADOR RES CO	71,781	$3.344M	0.9%	$46.52	+16.7%	COM	576485205
ENPH	ENPHASE ENERGY INC	16,645	$3.25M	0.9%	$50.36	+259.0%	COM	29355A107
HL	HECLA MNG CO	823,473	$3.228M	0.8%	$5.89	-13.4%	COM	422704106
VALE	VALE S A	220,460	$3.225M	0.8%	$14.46	—	SPONSORED ADS	91912E105
AEM	AGNICO EAGLE MINES LTD	70,023	$3.206M	0.8%	$54.34	-6.6%	COM	008474108
AGI	ALAMOS GOLD INC NEW	456,633	$3.206M	0.8%	$7.88	-3.7%	COM CL A	011532108
COP	CONOCOPHILLIPS	35,275	$3.168M	0.8%	$42.64	+110.9%	COM	20825C104
RIG	TRANSOCEAN LTD	912,276	$3.038M	0.8%	$3.54	+14.5%	REG SHS	H8817H100
HP	HELMERICH & PAYNE INC	70,188	$3.022M	0.8%	$26.14	+77.8%	COM	423452101
SU	SUNCOR ENERGY INC NEW	85,900	$3.012M	0.8%	$19.72	+60.2%	COM	867224107
CGAU	CENTERRA GOLD INC	432,700	$2.935M	0.8%	$7.10	+6.8%	COM	152006102
SQM	SOCIEDAD QUIMICA Y MINERA DE	34,499	$2.882M	0.8%	$46.48	—	SPON ADR SER B	833635105
SID	COMPANHIA SIDERURGICA NACION	974,052	$2.854M	0.7%	$4.81	—	SPONSORED ADR	20440W105
—	PIONEER NAT RES CO	12,537	$2.797M	0.7%	$195.22	—	COM	723787107
PNR	PENTAIR PLC	60,240	$2.757M	0.7%	$51.02	-6.4%	SHS	G7S00T104
NTR	NUTRIEN LTD	34,467	$2.75M	0.7%	$40.37	+114.1%	COM	67077M108
CWT	CALIFORNIA WTR SVC GROUP	45,947	$2.552M	0.7%	$56.03	-11.8%	COM	130788102
—	PDC ENERGY INC	40,759	$2.511M	0.7%	$26.09	—	COM	69327R101
NEM	NEWMONT CORP	41,165	$2.456M	0.6%	$53.09	+19.2%	COM	651639106
APA	APA CORPORATION	69,744	$2.434M	0.6%	$19.12	+97.3%	COM	03743Q108
—	HESS CORP	22,846	$2.42M	0.6%	$96.05	—	COM	42809H107
CNH	CNH INDL N V	208,770	$2.42M	0.6%	$10.45	+24.5%	SHS	N20944109
FSLR	FIRST SOLAR INC	34,242	$2.333M	0.6%	$72.37	-1.6%	COM	336433107
GGB	GERDAU SA	532,848	$2.286M	0.6%	$5.23	—	SPON ADR REP PFD	373737105
XOM	EXXON MOBIL CORP	26,645	$2.282M	0.6%	$39.50	+101.5%	COM	30231G102
DVN	DEVON ENERGY CORP NEW	41,307	$2.276M	0.6%	$37.33	+46.3%	COM	25179M103
RS	RELIANCE STEEL & ALUMINUM CO	13,394	$2.275M	0.6%	$165.23	+13.0%	COM	759509102
CTRA	COTERRA ENERGY INC	86,400	$2.228M	0.6%	$15.66	+63.7%	COM	127097103
MOS	MOSAIC CO NEW	46,536	$2.198M	0.6%	$24.60	+126.7%	COM	61945C103
RRC	RANGE RES CORP	88,778	$2.197M	0.6%	$30.03	+2.0%	COM	75281A109
MPC	MARATHON PETE CORP	24,936	$2.05M	0.5%	$33.12	+160.5%	COM	56585A102
WY	WEYERHAEUSER CO MTN BE	60,932	$2.018M	0.5%	$33.94	-1.1%	COM NEW	962166104
AG	FIRST MAJESTIC SILVER CORP	277,804	$1.995M	0.5%	$12.67	-23.8%	COM	32076V103
CCJ	CAMECO CORP	94,119	$1.978M	0.5%	$17.86	+39.9%	COM	13321L108
ADM	ARCHER DANIELS MIDLAND CO	25,327	$1.965M	0.5%	$41.90	+87.3%	COM	039483102
WPM	WHEATON PRECIOUS METALS CORP	54,340	$1.958M	0.5%	$41.30	+1.1%	COM	962879102
TALO	TALOS ENERGY INC	124,469	$1.926M	0.5%	$12.19	+59.6%	COM	87484T108
SLB	SCHLUMBERGER LTD	52,082	$1.862M	0.5%	$24.09	+58.9%	COM STK	806857108
—	CENTENNIAL RESOURCE DEV INC	305,978	$1.83M	0.5%	$6.70	—	CL A	15136A102
—	SUNPOWER CORP	113,631	$1.797M	0.5%	$17.12	—	COM	867652406
HBM	HUDBAY MINERALS INC	439,100	$1.788M	0.5%	$6.11	-2.3%	COM	443628102
—	U S SILICA HLDGS INC	155,221	$1.773M	0.5%	$7.99	—	COM	90346E103
AROC	ARCHROCK INC	214,018	$1.77M	0.5%	$6.84	+12.7%	COM	03957W106
AWK	AMERICAN WTR WKS CO INC NEW	11,825	$1.759M	0.5%	$138.14	+2.1%	COM	030420103
CVX	CHEVRON CORP NEW	12,137	$1.757M	0.5%	$81.97	+74.1%	COM	166764100
—	MARATHON OIL CORP	77,129	$1.734M	0.5%	$8.47	—	COM	565849106
—	CALLON PETE CO DEL	44,104	$1.729M	0.5%	$43.52	—	COM	13123X508
—	PETROCHINA CO LTD	37,016	$1.726M	0.5%	$53.32	—	SPONSORED ADR	71646E100
VLO	VALERO ENERGY CORP	16,174	$1.719M	0.5%	$33.55	+215.7%	COM	91913Y100
NOV	NOV INC	101,529	$1.717M	0.5%	$14.35	+31.2%	COM	62955J103
TPICQ	TPI COMPOSITES INC	137,018	$1.713M	0.4%	$12.75	+2.8%	COM	87266J104
SBS	COMPANHIA DE SANEAMENTO BASI	212,109	$1.695M	0.4%	$8.20	—	SPONSORED ADR	20441A102
AGRO	ADECOAGRO S A	199,416	$1.687M	0.4%	$7.75	+24.9%	COM	L00849106
PUMP	PROPETRO HLDG CORP	165,795	$1.658M	0.4%	$8.91	+47.6%	COM	74347M108
EXK	ENDEAVOUR SILVER CORP	503,489	$1.581M	0.4%	$4.61	-14.4%	COM	29258Y103
JKS	JINKOSOLAR HLDG CO LTD	22,412	$1.55M	0.4%	$34.77	—	SPONSORED ADR	47759T100
TECK	TECK RESOURCES LTD	48,355	$1.478M	0.4%	$39.46	0.0%	CL B	878742204
IMO	IMPERIAL OIL LTD	29,000	$1.367M	0.4%	$39.96	+16.5%	COM NEW	453038408
—	TURQUOISE HILL RES LTD	50,281	$1.347M	0.4%	$16.92	—	COM	900435207
MUR	MURPHY OIL CORP	44,579	$1.346M	0.4%	$18.29	+83.8%	COM	626717102
BKR	BAKER HUGHES COMPANY	43,875	$1.267M	0.3%	$19.45	+59.1%	CL A	05722G100
—	ENERPLUS CORP	94,459	$1.25M	0.3%	$9.23	—	COM	292766102
AWR	AMER STATES WTR CO	15,305	$1.248M	0.3%	$82.08	-9.4%	COM	029899101
—	CORE LABORATORIES N V	58,558	$1.16M	0.3%	$34.69	—	COM	N22717107
HLX	HELIX ENERGY SOLUTIONS GRP I	352,181	$1.092M	0.3%	$4.12	+5.0%	COM	42330P107
STLD	STEEL DYNAMICS INC	16,491	$1.091M	0.3%	$63.45	+19.2%	COM	858119100
—	BARRICK GOLD CORP	60,897	$1.077M	0.3%	$20.39	—	COM	067901108
RGLD	ROYAL GOLD INC	10,002	$1.068M	0.3%	$109.53	+12.9%	COM	780287108
LBRT	LIBERTY ENERGY INC	82,336	$1.051M	0.3%	$12.27	+27.9%	COM CL A	53115L104
BVN	COMPANIA DE MINAS BUENAVENTU	158,013	$1.043M	0.3%	$9.70	—	SPONSORED ADR	204448104
MP	MP MATERIALS CORP	32,253	$1.035M	0.3%	$43.82	-7.9%	COM CL A	553368101
DINO	HF SINCLAIR CORP	22,800	$1.03M	0.3%	$30.32	+27.9%	COM	403949100
RES	RPC INC	143,042	$988K	0.3%	$8.26	+5.8%	COM	749660106
GPRE	GREEN PLAINS INC	35,641	$968K	0.3%	$28.65	+9.2%	COM	393222104
EGO	ELDORADO GOLD CORP NEW	138,605	$886K	0.2%	$11.13	-18.3%	COM	284902509
PCH	POTLATCHDELTIC CORPORATION	19,558	$864K	0.2%	$51.08	—	COM	737630103
TS	TENARIS S A	32,066	$824K	0.2%	$16.47	—	SPONSORED ADS	88031M109
BE	BLOOM ENERGY CORP	47,065	$777K	0.2%	$19.39	-5.5%	COM CL A	093712107
E	ENI S P A	30,364	$723K	0.2%	$26.14	—	SPONSORED ADR	26874R108
CNX	CNX RES CORP	43,151	$710K	0.2%	$13.99	+46.4%	COM	12653C108
PSX	PHILLIPS 66	8,575	$703K	0.2%	$44.01	+83.9%	COM	718546104
EC	ECOPETROL S A	64,574	$701K	0.2%	$13.06	—	SPONSORED ADS	279158109
—	LIVENT CORP	30,082	$683K	0.2%	$15.27	—	COM	53814L108
—	UNITED STATES STL CORP NEW	35,350	$633K	0.2%	$17.91	—	COM	912909108
MGY	MAGNOLIA OIL & GAS CORP	28,095	$590K	0.2%	$25.00	0.0%	CL A	559663109
BP	BP PLC	19,939	$565K	0.1%	$23.23	—	SPONSORED ADR	055622104
—	MRC GLOBAL INC	51,385	$512K	0.1%	$11.90	—	COM	55345K103
KOS	KOSMOS ENERGY LTD	82,621	$511K	0.1%	$7.21	0.0%	COM	500688106
DQ	DAQO NEW ENERGY CORP	6,985	$499K	0.1%	$42.08	—	SPNSRD ADS NEW	23703Q203
CMC	COMMERCIAL METALS CO	14,907	$493K	0.1%	$17.86	+109.8%	COM	201723103
PLUG	PLUG POWER INC	26,488	$439K	0.1%	$22.68	-12.5%	COM NEW	72919P202
OII	OCEANEERING INTL INC	40,491	$432K	0.1%	$13.06	-5.9%	COM	675232102
—	NEXTIER OILFIELD SOLUTIONS	45,081	$429K	0.1%	$5.56	—	COM	65290C105
SVM	SILVERCORP METALS INC	170,625	$423K	0.1%	$4.56	-33.7%	COM	82835P103
DNOW	NOW INC	43,204	$423K	0.1%	$8.90	+19.4%	COM	67011P100
SXC	SUNCOKE ENERGY INC	57,849	$394K	0.1%	$7.54	+6.9%	COM	86722A103
CVE	CENOVUS ENERGY INC	19,300	$367K	0.1%	$18.15	0.0%	COM	15135U109
CLF	CLEVELAND-CLIFFS INC NEW	23,743	$365K	0.1%	$15.25	+56.7%	COM	185899101
MT	ARCELORMITTAL SA LUXEMBOURG	16,113	$364K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
ARRY	ARRAY TECHNOLOGIES INC	33,053	$364K	0.1%	$20.85	-52.6%	COM SHS	04271T100
CRC	CALIFORNIA RES CORP	8,990	$346K	0.1%	$38.50	+0.9%	COM STOCK	13057Q305
BHP	BHP GROUP LTD	6,143	$345K	0.1%	$71.80	—	SPONSORED ADS	088606108
NOG	NORTHERN OIL AND GAS INC MN	13,598	$343K	0.1%	$17.47	+66.3%	COM	665531307
—	ANGLOGOLD ASHANTI LIMITED	22,295	$330K	0.1%	$18.27	—	SPONSORED ADR	035128206
FNV	FRANCO NEV CORP	2,439	$321K	0.1%	$139.11	+2.7%	COM	351858105
—	CHINA PETROLEUM & CHEMICAL C	6,024	$270K	0.1%	$78.60	—	SPON ADR H SHS	16941R108
EPD	ENTERPRISE PRODS PARTNERS L	10,900	$266K	0.1%	$52.09	—	COM	293792107
AR	ANTERO RESOURCES CORP	8,430	$258K	0.1%	$22.45	+62.9%	COM	03674X106
EQNR	EQUINOR ASA	7,406	$257K	0.1%	$34.70	—	SPONSORED ADR	29446M102
—	TELLURIAN INC NEW	84,139	$251K	0.1%	$3.59	—	COM	87968A104
AA	ALCOA CORP	4,767	$217K	0.1%	$62.21	0.0%	COM	013872106
NFG	NATIONAL FUEL GAS CO	3,164	$209K	0.1%	$59.75	+17.4%	COM	636180101
—	YAMANA GOLD INC	35,018	$163K	0.0%	$4.23	—	COM	98462Y100
—	SOUTHWESTERN ENERGY CO	22,250	$139K	0.0%	$4.68	—	COM	845467109
HMY	HARMONY GOLD MINING CO LTD	38,457	$120K	0.0%	$3.76	—	SPONSORED ADR	413216300
—	BRF SA	15,806	$40,000	0.0%	$5.23	—	SPONSORED ADR	10552T107