Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	2,807,337	$9.046M	3.3%	$3.51	-18.5%	COM	11777Q209
FMC	FMC CORP	79,769	$8.432M	3.1%	$97.29	-2.5%	COM NEW	302491303
CF	CF INDS HLDGS INC	75,135	$7.232M	2.6%	$33.74	+168.2%	COM	125269100
HRL	HORMEL FOODS CORP	151,688	$6.893M	2.5%	$44.27	-2.3%	COM	440452100
NEM	NEWMONT CORP	161,871	$6.803M	2.5%	$44.94	-6.2%	COM	651639106
GFI	GOLD FIELDS LTD	805,559	$6.517M	2.4%	$9.12	—	SPONSORED ADR	38059T106
TECK	TECK RESOURCES LTD	196,924	$5.989M	2.2%	$32.98	-6.4%	CL B	878742204
CTVA	CORTEVA INC	100,956	$5.77M	2.1%	$32.23	+74.3%	COM	22052L104
DAR	DARLING INGREDIENTS INC	70,785	$4.682M	1.7%	$73.30	-4.9%	COM	237266101
—	TOTALENERGIES SE	97,580	$4.539M	1.7%	$50.85	—	SPONSORED ADS	89151E109
AGCO	AGCO CORP	46,055	$4.429M	1.6%	$96.88	-2.9%	COM	001084102
FCX	FREEPORT-MCMORAN INC	152,486	$4.167M	1.5%	$35.93	-22.4%	CL B	35671D857
CC	CHEMOURS CO	165,422	$4.078M	1.5%	$27.56	+5.5%	COM	163851108
SCCO	SOUTHERN COPPER CORP	89,862	$4.029M	1.5%	$50.78	-20.8%	COM	84265V105
FANG	DIAMONDBACK ENERGY INC	32,895	$3.963M	1.4%	$65.95	+62.9%	COM	25278X109
DE	DEERE & CO	11,788	$3.936M	1.4%	$208.22	+56.8%	COM	244199105
EOG	EOG RES INC	35,032	$3.914M	1.4%	$60.09	+62.5%	COM	26875P101
KGC	KINROSS GOLD CORP	946,263	$3.558M	1.3%	$6.60	-48.5%	COM	496902404
—	CRESCENT PT ENERGY CORP	540,600	$3.342M	1.2%	$4.38	—	COM	22576C101
—	CHAMPIONX CORPORATION	169,510	$3.317M	1.2%	$17.18	—	COM	15872M104
MTDR	MATADOR RES CO	67,510	$3.303M	1.2%	$46.52	+16.0%	COM	576485205
TALO	TALOS ENERGY INC	196,290	$3.268M	1.2%	$14.28	+25.4%	COM	87484T108
—	CONTINENTAL RES INC	48,162	$3.218M	1.2%	$65.35	—	COM	212015101
SM	SM ENERGY CO	85,236	$3.206M	1.2%	$29.55	+23.0%	COM	78454L100
VALE	VALE S A	240,555	$3.204M	1.2%	$14.37	—	SPONSORED ADS	91912E105
TSN	TYSON FOODS INC	45,816	$3.021M	1.1%	$79.36	-11.3%	CL A	902494103
—	CALLON PETE CO DEL	84,813	$2.969M	1.1%	$39.44	—	COM	13123X508
CNH	CNH INDL N V	264,038	$2.949M	1.1%	$10.57	+4.4%	SHS	N20944109
—	ATLANTICA SUSTAINABLE INFR P	111,049	$2.921M	1.1%	$34.93	—	SHS	G0751N103
TX	TERNIUM SA	106,465	$2.916M	1.1%	$37.84	—	SPONSORED ADS	880890108
—	UNITED STATES STL CORP NEW	154,378	$2.797M	1.0%	$18.07	—	COM	912909108
COP	CONOCOPHILLIPS	26,731	$2.736M	1.0%	$42.64	+106.8%	COM	20825C104
CIVI	CIVITAS RESOURCES INC	46,794	$2.686M	1.0%	$44.23	-2.3%	COM NEW	17888H103
—	PIONEER NAT RES CO	12,385	$2.682M	1.0%	$195.22	—	COM	723787107
—	MARATHON OIL CORP	118,177	$2.668M	1.0%	$13.37	—	COM	565849106
ATI	ATI INC	94,808	$2.523M	0.9%	$24.31	+14.5%	COM	01741R102
INGR	INGREDION INC	31,061	$2.501M	0.9%	$88.67	-1.0%	COM	457187102
RS	RELIANCE STEEL & ALUMINUM CO	14,208	$2.478M	0.9%	$166.29	+10.5%	COM	759509102
MPC	MARATHON PETE CORP	24,817	$2.465M	0.9%	$33.12	+162.4%	COM	56585A102
XOM	EXXON MOBIL CORP	27,822	$2.429M	0.9%	$41.27	+97.1%	COM	30231G102
SU	SUNCOR ENERGY INC NEW	84,600	$2.393M	0.9%	$19.72	+40.3%	COM	867224107
FSLR	FIRST SOLAR INC	18,030	$2.385M	0.9%	$72.37	+48.1%	COM	336433107
DVN	DEVON ENERGY CORP NEW	39,038	$2.347M	0.9%	$37.33	+41.8%	COM	25179M103
MUR	MURPHY OIL CORP	65,420	$2.301M	0.8%	$22.14	+37.2%	COM	626717102
RYN	RAYONIER INC	76,088	$2.28M	0.8%	$29.97	—	COM	754907103
—	PDC ENERGY INC	38,780	$2.241M	0.8%	$26.09	—	COM	69327R101
CALM	CAL MAINE FOODS INC	40,220	$2.236M	0.8%	$37.31	+15.3%	COM NEW	128030202
PPC	PILGRIMS PRIDE CORP	96,529	$2.222M	0.8%	$24.45	+18.2%	COM	72147K108
PBR	PETROLEO BRASILEIRO SA PETRO	179,501	$2.215M	0.8%	$11.18	—	SPONSORED ADR	71654V408
HAL	HALLIBURTON CO	89,942	$2.214M	0.8%	$18.13	+46.4%	COM	406216101
ENPH	ENPHASE ENERGY INC	7,965	$2.21M	0.8%	$50.36	+435.6%	COM	29355A107
CRK	COMSTOCK RES INC	121,708	$2.104M	0.8%	$7.29	+115.1%	COM	205768302
AWK	AMERICAN WTR WKS CO INC NEW	16,058	$2.09M	0.8%	$138.63	+1.0%	COM	030420103
SLB	SCHLUMBERGER LTD	54,018	$1.939M	0.7%	$24.43	+36.8%	COM STK	806857108
CWT	CALIFORNIA WTR SVC GROUP	36,121	$1.903M	0.7%	$56.03	-3.5%	COM	130788102
PCH	POTLATCHDELTIC CORPORATION	46,075	$1.891M	0.7%	$45.30	—	COM	737630103
—	BUNGE LIMITED	22,474	$1.856M	0.7%	$75.18	—	COM	G16962105
MGY	MAGNOLIA OIL & GAS CORP	92,979	$1.842M	0.7%	$23.00	-3.8%	CL A	559663109
RIO	RIO TINTO PLC	32,964	$1.815M	0.7%	$74.16	—	SPONSORED ADR	767204100
HBM	HUDBAY MINERALS INC	438,800	$1.774M	0.6%	$6.11	-34.4%	COM	443628102
CGAU	CENTERRA GOLD INC	394,400	$1.744M	0.6%	$7.10	-33.8%	COM	152006102
VLO	VALERO ENERGY CORP	16,098	$1.72M	0.6%	$33.55	+196.2%	COM	91913Y100
—	U S SILICA HLDGS INC	156,206	$1.71M	0.6%	$7.99	—	COM	90346E103
HL	HECLA MNG CO	425,021	$1.675M	0.6%	$5.89	-32.1%	COM	422704106
BYND	BEYOND MEAT INC	118,077	$1.673M	0.6%	$27.58	0.0%	COM	08862E109
AGRO	ADECOAGRO S A	201,627	$1.671M	0.6%	$7.74	-2.1%	COM	L00849106
PAAS	PAN AMERN SILVER CORP	103,764	$1.648M	0.6%	$23.97	-27.3%	COM	697900108
APA	APA CORPORATION	47,678	$1.63M	0.6%	$19.12	+66.5%	COM	03743Q108
WY	WEYERHAEUSER CO MTN BE	56,994	$1.628M	0.6%	$33.94	-11.3%	COM NEW	962166104
E	ENI S P A	73,195	$1.547M	0.6%	$23.21	—	SPONSORED ADR	26874R108
HP	HELMERICH & PAYNE INC	41,178	$1.522M	0.6%	$26.14	+61.0%	COM	423452101
AEM	AGNICO EAGLE MINES LTD	35,391	$1.501M	0.5%	$54.34	-27.4%	COM	008474108
PTEN	PATTERSON-UTI ENERGY INC	127,995	$1.495M	0.5%	$7.24	+97.3%	COM	703481101
RIG	TRANSOCEAN LTD	585,246	$1.446M	0.5%	$3.54	-9.6%	REG SHS	H8817H100
NTR	NUTRIEN LTD	16,779	$1.402M	0.5%	$40.37	+90.8%	COM	67077M108
RRC	RANGE RES CORP	54,971	$1.389M	0.5%	$30.03	+0.7%	COM	75281A109
ICL	ICL GROUP LTD.	168,581	$1.379M	0.5%	$9.34	0.0%	COM	M53213100
MP	MP MATERIALS CORP	49,025	$1.338M	0.5%	$40.01	-18.3%	COM CL A	553368101
AG	FIRST MAJESTIC SILVER CORP	167,966	$1.28M	0.5%	$12.67	-41.7%	COM	32076V103
IMO	IMPERIAL OIL LTD	29,100	$1.266M	0.5%	$39.96	+4.6%	COM NEW	453038408
AGI	ALAMOS GOLD INC NEW	170,077	$1.26M	0.5%	$7.88	-8.1%	COM CL A	011532108
BVN	COMPANIA DE MINAS BUENAVENTU	186,481	$1.255M	0.5%	$9.24	—	SPONSORED ADR	204448104
DINO	HF SINCLAIR CORP	22,800	$1.228M	0.4%	$30.32	+42.4%	COM	403949100
CVX	CHEVRON CORP NEW	8,369	$1.202M	0.4%	$81.97	+62.0%	COM	166764100
WPM	WHEATON PRECIOUS METALS CORP	35,717	$1.156M	0.4%	$41.30	-23.2%	COM	962879102
PR	PERMIAN RESOURCES CORP	168,094	$1.143M	0.4%	$6.91	0.0%	CLASS A COM	71424F105
SBS	COMPANHIA DE SANEAMENTO BASI	121,356	$1.106M	0.4%	$8.20	—	SPONSORED ADR	20441A102
LBRT	LIBERTY ENERGY INC	86,159	$1.092M	0.4%	$12.32	+9.6%	COM CL A	53115L104
—	TURQUOISE HILL RES LTD	36,859	$1.09M	0.4%	$16.92	—	COM	900435207
SQM	SOCIEDAD QUIMICA Y MINERA DE	11,887	$1.079M	0.4%	$46.48	—	SPON ADR SER B	833635105
ANDE	ANDERSONS INC	34,377	$1.067M	0.4%	$32.73	0.0%	COM	034164103
GPRE	GREEN PLAINS INC	35,481	$1.031M	0.4%	$28.65	+17.9%	COM	393222104
AROC	ARCHROCK INC	156,857	$1.007M	0.4%	$6.84	-4.6%	COM	03957W106
STLD	STEEL DYNAMICS INC	13,052	$926K	0.3%	$63.45	+13.2%	COM	858119100
—	LIVENT CORP	29,903	$917K	0.3%	$15.27	—	COM	53814L108
AA	ALCOA CORP	26,758	$901K	0.3%	$47.96	-6.4%	COM	013872106
ADM	ARCHER DANIELS MIDLAND CO	11,122	$895K	0.3%	$41.90	+77.2%	COM	039483102
RGLD	ROYAL GOLD INC	9,368	$879K	0.3%	$109.53	-9.6%	COM	780287108
EGO	ELDORADO GOLD CORP NEW	137,948	$832K	0.3%	$11.13	-47.3%	COM	284902509
PNR	PENTAIR PLC	20,397	$829K	0.3%	$51.02	-12.9%	SHS	G7S00T104
VET	VERMILION ENERGY INC	37,300	$802K	0.3%	$12.75	+84.1%	COM	923725105
MOS	MOSAIC CO NEW	15,903	$769K	0.3%	$24.60	+91.8%	COM	61945C103
CTRA	COTERRA ENERGY INC	29,020	$758K	0.3%	$15.66	+57.9%	COM	127097103
TS	TENARIS S A	28,284	$731K	0.3%	$16.47	—	SPONSORED ADS	88031M109
RES	RPC INC	105,013	$728K	0.3%	$8.26	-19.5%	COM	749660106
—	HESS CORP	6,670	$727K	0.3%	$96.05	—	COM	42809H107
PSX	PHILLIPS 66	8,535	$689K	0.3%	$44.01	+71.3%	COM	718546104
TPICQ	TPI COMPOSITES INC	59,164	$667K	0.2%	$12.75	+24.0%	COM	87266J104
CCJ	CAMECO CORP	24,362	$646K	0.2%	$17.86	+41.9%	COM	13321L108
BP	BP PLC	21,182	$605K	0.2%	$23.54	—	SPONSORED ADR	055622104
NOV	NOV INC	37,352	$604K	0.2%	$14.35	+17.2%	COM	62955J103
—	TELLURIAN INC NEW	251,582	$601K	0.2%	$2.79	—	COM	87968A104
AWR	AMER STATES WTR CO	7,500	$585K	0.2%	$82.08	-3.9%	COM	029899101
BKR	BAKER HUGHES COMPANY	27,874	$584K	0.2%	$19.45	+18.7%	CL A	05722G100
HCC	WARRIOR MET COAL INC	19,678	$560K	0.2%	$30.76	0.0%	COM	93627C101
SSRM	SSR MNG INC	88,621	$542K	0.2%	$16.37	-8.0%	COM	784730103
—	SOUTHWESTERN ENERGY CO	88,621	$542K	0.2%	$5.76	—	COM	845467109
CMC	COMMERCIAL METALS CO	14,910	$529K	0.2%	$17.86	+106.4%	COM	201723103
CNQ	CANADIAN NAT RES LTD	10,806	$505K	0.2%	$17.81	+25.0%	COM	136385101
—	BARRICK GOLD CORP	30,275	$469K	0.2%	$20.39	—	COM	067901108
DNOW	NOW INC	43,204	$434K	0.2%	$8.90	+21.4%	COM	67011P100
—	SUNPOWER CORP	17,216	$397K	0.1%	$17.12	—	COM	867652406
—	BROOKFIELD RENEWABLE CORP	12,029	$393K	0.1%	$32.67	—	CL A SUB VTG	11284V105
—	VIPER ENERGY PARTNERS LP	12,283	$352K	0.1%	$28.66	—	COM UNT RP INT	92763M105
—	ENERPLUS CORP	24,270	$344K	0.1%	$9.23	—	COM	292766102
—	NEXTIER OILFIELD SOLUTIONS	45,635	$338K	0.1%	$5.58	—	COM	65290C105
CLF	CLEVELAND-CLIFFS INC NEW	24,776	$334K	0.1%	$15.31	+8.7%	COM	185899101
BHP	BHP GROUP LTD	6,609	$331K	0.1%	$70.27	—	SPONSORED ADS	088606108
OII	OCEANEERING INTL INC	40,685	$324K	0.1%	$13.06	-28.0%	COM	675232102
MT	ARCELORMITTAL SA LUXEMBOURG	16,042	$319K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
SXC	SUNCOKE ENERGY INC	53,897	$313K	0.1%	$7.54	-11.0%	COM	86722A103
MTUS	TIMKENSTEEL CORPORATION	20,618	$309K	0.1%	$16.68	0.0%	COM	887399103
GGB	GERDAU SA	68,447	$309K	0.1%	$5.23	—	SPON ADR REP PFD	373737105
CVE	CENOVUS ENERGY INC	19,300	$298K	0.1%	$18.15	-10.4%	COM	15135U109
CNX	CNX RES CORP	18,117	$281K	0.1%	$13.99	+21.1%	COM	12653C108
—	ANGLOGOLD ASHANTI LIMITED	18,871	$261K	0.1%	$18.27	—	SPONSORED ADR	035128206
EPD	ENTERPRISE PRODS PARTNERS L	10,850	$258K	0.1%	$52.09	—	COM	293792107
ARRY	ARRAY TECHNOLOGIES INC	10,048	$167K	0.1%	$20.85	-17.1%	COM SHS	04271T100
EC	ECOPETROL S A	18,405	$164K	0.1%	$13.06	—	SPONSORED ADS	279158109
KOS	KOSMOS ENERGY LTD	29,924	$155K	0.1%	$7.21	-16.0%	COM	500688106
CENX	CENTURY ALUM CO	25,865	$137K	0.0%	$7.60	0.0%	COM	156431108
—	YAMANA GOLD INC	16,461	$75,000	0.0%	$4.23	—	COM	98462Y100
SID	COMPANHIA SIDERURGICA NACION	21,328	$51,000	0.0%	$4.81	—	SPONSORED ADR	20440W105
—	BRF SA	15,806	$37,000	0.0%	$5.23	—	SPONSORED ADR	10552T107