Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	3,107,403	$12.25M	3.5%	$3.44	-3.5%	COM	11777Q209
GFI	GOLD FIELDS LTD	635,638	$8.467M	2.4%	$9.12	—	SPONSORED ADR	38059T106
NEM	NEWMONT CORP	156,842	$7.688M	2.2%	$44.66	+0.4%	COM	651639106
AEM	AGNICO EAGLE MINES LTD	135,791	$6.912M	2.0%	$46.83	+2.7%	COM	008474108
FMC	FMC CORP	53,673	$6.555M	1.9%	$104.00	+7.4%	COM NEW	302491303
—	CRESCENT PT ENERGY CORP	908,900	$6.41M	1.8%	$5.48	—	COM	22576C101
—	BUNGE LIMITED	66,692	$6.37M	1.8%	$89.74	—	COM	G16962105
VET	VERMILION ENERGY INC	480,900	$6.232M	1.8%	$17.58	-19.8%	COM	923725105
AGCO	AGCO CORP	45,221	$6.114M	1.7%	$96.88	+26.6%	COM	001084102
INGR	INGREDION INC	58,994	$6.001M	1.7%	$95.05	+5.0%	COM	457187102
DE	DEERE & CO	14,497	$5.986M	1.7%	$242.58	+63.7%	COM	244199105
PPC	PILGRIMS PRIDE CORP	256,025	$5.935M	1.7%	$24.29	-0.4%	COM	72147K108
CTVA	CORTEVA INC	98,218	$5.924M	1.7%	$32.23	+83.4%	COM	22052L104
TSN	TYSON FOODS INC	94,512	$5.606M	1.6%	$66.23	-16.3%	CL A	902494103
SM	SM ENERGY CO	195,623	$5.509M	1.6%	$29.58	-4.1%	COM	78454L100
BYND	BEYOND MEAT INC	331,540	$5.381M	1.5%	$19.95	-17.4%	COM	08862E109
BTE	BAYTEX ENERGY CORP	1,419,900	$5.322M	1.5%	$3.90	0.0%	COM	07317Q105
TECK	TECK RESOURCES LTD	144,582	$5.277M	1.5%	$33.06	+20.0%	CL B	878742204
CNH	CNH INDL N V	324,477	$4.955M	1.4%	$11.39	+30.3%	SHS	N20944109
ADM	ARCHER DANIELS MIDLAND CO	57,889	$4.611M	1.3%	$70.70	+5.2%	COM	039483102
KGC	KINROSS GOLD CORP	917,954	$4.324M	1.2%	$5.88	-27.9%	COM	496902404
—	PIONEER NAT RES CO	20,231	$4.132M	1.2%	$208.74	—	COM	723787107
DVN	DEVON ENERGY CORP NEW	81,194	$4.109M	1.2%	$44.54	+13.5%	COM	25179M103
—	SOUTHWESTERN ENERGY CO	808,435	$4.042M	1.2%	$5.31	—	COM	845467109
CVE	CENOVUS ENERGY INC	205,600	$3.584M	1.0%	$17.14	-0.7%	COM	15135U109
MTDR	MATADOR RES CO	73,989	$3.526M	1.0%	$48.23	+16.6%	COM	576485205
SSRM	SSR MINING IN	225,481	$3.409M	1.0%	$15.15	+0.6%	COM	784730103
—	UNITED STATES STL CORP NEW	130,060	$3.395M	1.0%	$18.17	—	COM	912909108
TALO	TALOS ENERGY INC	227,193	$3.372M	1.0%	$14.79	+16.4%	COM	87484T108
MPC	MARATHON PETE CORP	24,705	$3.331M	1.0%	$33.12	+255.0%	COM	56585A102
FNV	FRANCO NEV CORP	22,517	$3.283M	0.9%	$135.73	0.0%	COM	351858105
HRL	HORMEL FOODS CORP	78,647	$3.136M	0.9%	$44.27	-11.7%	COM	440452100
CSIQ	CANADIAN SOLAR INC	78,086	$3.109M	0.9%	$33.59	+18.1%	COM	136635109
IMO	IMPERIAL OIL LTD	58,900	$2.993M	0.9%	$46.22	0.0%	COM NEW	453038408
—	ATLANTICA SUSTAINABLE INFR P	100,544	$2.972M	0.8%	$34.93	—	SHS	G0751N103
CIVI	CIVITAS RESOURCES INC	43,361	$2.963M	0.8%	$44.40	+14.2%	COM NEW	17888H103
NTR	NUTRIEN LTD	39,432	$2.91M	0.8%	$57.75	+21.1%	COM	67077M108
MUR	MURPHY OIL CORP	77,431	$2.863M	0.8%	$24.26	+46.3%	COM	626717102
FSLR	FIRST SOLAR INC	13,131	$2.856M	0.8%	$72.37	+152.3%	COM	336433107
—	YAMANA GOLD INC	483,999	$2.831M	0.8%	$5.52	—	COM	98462Y100
AA	ALCOA CORP	66,051	$2.811M	0.8%	$46.82	-0.7%	COM	013872106
WTI	W & T OFFSHORE INC	547,983	$2.784M	0.8%	$6.84	-18.2%	COM	92922P106
CC	CHEMOURS CO	91,191	$2.73M	0.8%	$27.56	+6.8%	COM	163851108
TX	TERNIUM SA	64,356	$2.655M	0.8%	$37.84	—	SPONSORED ADS	880890108
DQ	DAQO NEW ENERGY CORP	55,723	$2.61M	0.7%	$38.72	—	SPNSRD ADS NEW	23703Q203
DAR	DARLING INGREDIENTS INC	44,422	$2.594M	0.7%	$73.30	-14.2%	COM	237266101
CF	CF INDS HLDGS INC	35,779	$2.594M	0.7%	$33.74	+126.5%	COM	125269100
COP	CONOCOPHILLIPS	25,885	$2.568M	0.7%	$43.43	+129.1%	COM	20825C104
LBRT	LIBERTY ENERGY INC	199,262	$2.553M	0.7%	$13.78	+7.4%	COM CL A	53115L104
HCC	WARRIOR MET COAL INC	68,562	$2.517M	0.7%	$36.25	+2.0%	COM	93627C101
RYN	RAYONIER INC	75,448	$2.509M	0.7%	$30.61	—	COM	754907103
—	CALLON PETE CO DEL	71,380	$2.387M	0.7%	$39.34	—	COM	13123X508
SU	SUNCOR ENERGY INC NEW	76,500	$2.373M	0.7%	$19.86	+46.8%	COM	867224107
HBM	HUDBAY MINERALS INC	452,300	$2.371M	0.7%	$6.08	-13.5%	COM	443628102
RIO	RIO TINTO PLC	33,458	$2.295M	0.7%	$73.79	—	SPONSORED ADR	767204100
CALM	CAL MAINE FOODS INC	37,221	$2.266M	0.6%	$41.13	+10.9%	COM NEW	128030202
CHRD	CHORD ENERGY CORPORATION	16,798	$2.261M	0.6%	$112.51	0.0%	COM NEW	674215207
EOG	EOG RES INC	19,690	$2.257M	0.6%	$94.04	+16.2%	COM	26875P101
VLO	VALERO ENERGY CORP	16,025	$2.237M	0.6%	$33.55	+266.6%	COM	91913Y100
SBS	COMPANHIA DE SANEAMENTO BASI	217,268	$2.175M	0.6%	$9.14	—	SPONSORED ADR	20441A102
—	PDC ENERGY INC	33,092	$2.124M	0.6%	$26.09	—	COM	69327R101
FCX	FREEPORT-MCMORAN INC	51,595	$2.111M	0.6%	$35.93	+11.3%	CL B	35671D857
SLB	SCHLUMBERGER LTD	42,804	$2.102M	0.6%	$24.43	+102.2%	COM STK	806857108
PTEN	PATTERSON-UTI ENERGY INC	179,073	$2.095M	0.6%	$10.40	+40.4%	COM	703481101
CWT	CALIFORNIA WTR SVC GROUP	35,999	$2.095M	0.6%	$56.03	-1.6%	COM	130788102
ANDE	ANDERSONS INC	50,258	$2.077M	0.6%	$33.00	+13.9%	COM	034164103
—	VITAL ENERGY INC	43,998	$2.004M	0.6%	$51.42	—	COM	516806205
CGAU	CENTERRA GOLD INC	305,900	$1.974M	0.6%	$6.92	-17.0%	COM	152006102
OII	OCEANEERING INTL INC	106,401	$1.876M	0.5%	$13.22	+45.8%	COM	675232102
MGY	MAGNOLIA OIL & GAS CORP	85,325	$1.867M	0.5%	$22.84	-2.8%	CL A	559663109
—	U S SILICA HLDGS INC	155,900	$1.861M	0.5%	$7.99	—	COM	90346E103
WTRG	ESSENTIAL UTILS INC	42,554	$1.857M	0.5%	$45.20	-0.2%	COM	29670G102
JKS	JINKOSOLAR HLDG CO LTD	36,171	$1.845M	0.5%	$40.88	—	SPONSORED ADR	47759T100
E	ENI S P A	65,754	$1.841M	0.5%	$23.21	—	SPONSORED ADR	26874R108
ENPH	ENPHASE ENERGY INC	8,531	$1.794M	0.5%	$64.30	+236.9%	COM	29355A107
HAL	HALLIBURTON CO	55,707	$1.763M	0.5%	$18.13	+91.1%	COM	406216101
PCH	POTLATCHDELTIC CORPORATION	35,336	$1.749M	0.5%	$44.56	—	COM	737630103
AROC	ARCHROCK INC	169,111	$1.652M	0.5%	$6.85	+27.0%	COM	03957W106
CTRA	COTERRA ENERGY INC	67,082	$1.646M	0.5%	$19.61	+12.5%	COM	127097103
—	CORE LABORATORIES N V	74,364	$1.64M	0.5%	$20.27	—	COM	N22717107
AGRO	ADECOAGRO S A	200,738	$1.624M	0.5%	$7.74	-4.6%	COM	L00849106
RS	RELIANCE STEEL & ALUMINUM CO	6,200	$1.592M	0.5%	$166.29	+41.6%	COM	759509102
AGI	ALAMOS GOLD INC NEW	128,443	$1.571M	0.4%	$7.88	+35.4%	COM CL A	011532108
CMP	COMPASS MINERALS INTL INC	45,211	$1.55M	0.4%	$38.98	0.0%	COM	20451N101
NUE	NUCOR CORP	9,969	$1.54M	0.4%	$152.30	0.0%	COM	670346105
XOM	EXXON MOBIL CORP	14,012	$1.537M	0.4%	$41.27	+142.7%	COM	30231G102
CMC	COMMERCIAL METALS CO	30,454	$1.489M	0.4%	$34.27	+45.2%	COM	201723103
CRK	COMSTOCK RES INC	136,516	$1.473M	0.4%	$8.62	+32.1%	COM	205768302
CNQ	CANADIAN NAT RES LTD	26,565	$1.469M	0.4%	$23.30	+8.1%	COM	136385101
MTUS	TIMKENSTEEL CORPORATION	78,983	$1.449M	0.4%	$17.47	+6.9%	COM	887399103
—	CHAMPIONX CORPORATION	53,339	$1.447M	0.4%	$23.07	—	COM	15872M104
TDW	TIDEWATER INC NEW	30,935	$1.364M	0.4%	$30.42	+41.3%	COM	88642R109
BVN	COMPANIA DE MINAS BUENAVENTU	152,855	$1.25M	0.4%	$9.24	—	SPONSORED ADR	204448104
CVX	CHEVRON CORP NEW	7,573	$1.236M	0.4%	$81.97	+81.1%	COM	166764100
HP	HELMERICH & PAYNE INC	34,491	$1.233M	0.4%	$26.14	+65.1%	COM	423452101
EQT	EQT CORP	38,575	$1.231M	0.4%	$30.69	0.0%	COM	26884L109
VALE	VALE S A	76,302	$1.204M	0.3%	$14.37	—	SPONSORED ADS	91912E105
GPRE	GREEN PLAINS INC	37,514	$1.163M	0.3%	$29.15	+11.9%	COM	393222104
WY	WEYERHAEUSER CO MTN BE	38,488	$1.16M	0.3%	$33.94	-15.8%	COM NEW	962166104
TPICQ	TPI COMPOSITES INC	88,449	$1.154M	0.3%	$12.75	0.0%	COM	87266J104
—	EARTHSTONE ENERGY INC	88,456	$1.151M	0.3%	$14.23	—	CL A	27032D304
ICL	ICL GROUP LTD	168,111	$1.143M	0.3%	$9.34	-21.0%	SHS	M53213100
SCCO	SOUTHERN COPPER CORP	14,965	$1.141M	0.3%	$50.78	+24.6%	COM	84265V105
PNR	PENTAIR PLC	20,341	$1.124M	0.3%	$51.02	+0.7%	SHS	G7S00T104
PBR	PETROLEO BRASILEIRO SA PETRO	106,901	$1.115M	0.3%	$11.18	—	SPONSORED ADR	71654V408
CDE	COEUR MNG INC	273,674	$1.092M	0.3%	$3.47	0.0%	COM NEW	192108504
NXE	NEXGEN ENERGY LTD	284,000	$1.09M	0.3%	$4.17	+3.1%	COM	65340P106
CRGY	CRESCENT ENERGY COMPANY	96,090	$1.087M	0.3%	$10.69	-5.5%	CL A COM	44952J104
DINO	HF SINCLAIR CORP	22,340	$1.081M	0.3%	$30.32	+51.6%	COM	403949100
AMRC	AMERESCO INC	21,430	$1.055M	0.3%	$60.93	-13.0%	CL A	02361E108
XPRO	EXPRO GROUP HOLDINGS NV	57,244	$1.051M	0.3%	$18.90	+3.8%	COM	N3144W105
—	VIPER ENERGY PARTNERS LP	36,069	$1.01M	0.3%	$28.22	—	COM UNT RP INT	92763M105
—	MRC GLOBAL INC	101,969	$991K	0.3%	$10.09	—	COM	55345K103
—	ANGLOGOLD ASHANTI LIMITED	40,950	$991K	0.3%	$19.06	—	SPONSORED ADR	035128206
DNOW	NOW INC	84,473	$942K	0.3%	$10.67	+17.3%	COM	67011P100
MOS	MOSAIC CO NEW	20,231	$928K	0.3%	$28.96	+53.7%	COM	61945C103
RRC	RANGE RES CORP	33,968	$899K	0.3%	$30.03	-16.2%	COM	75281A109
SQM	SOCIEDAD QUIMICA Y MINERA DE	10,664	$864K	0.2%	$46.48	—	SPON ADR SER B	833635105
PSX	PHILLIPS 66	8,510	$863K	0.2%	$44.01	+108.3%	COM	718546104
—	TOTALENERGIES SE	14,346	$847K	0.2%	$50.85	—	SPONSORED ADS	89151E109
AG	FIRST MAJESTIC SILVER CORP	116,776	$842K	0.2%	$12.67	-42.4%	COM	32076V103
WPM	WHEATON PRECIOUS METALS CORP	17,163	$827K	0.2%	$41.30	+3.0%	COM	962879102
RES	RPC INC	105,250	$809K	0.2%	$8.26	-0.7%	COM	749660106
STLD	STEEL DYNAMICS INC	6,978	$789K	0.2%	$63.45	+75.3%	COM	858119100
EQX	EQUINOX GOLD CORP	147,830	$761K	0.2%	$4.16	0.0%	COM	29446Y502
—	ENERPLUS CORP	50,634	$730K	0.2%	$12.21	—	COM	292766102
BP	BP PLC	19,186	$728K	0.2%	$23.86	—	SPONSORED ADR	055622104
BKR	BAKER HUGHES COMPANY	24,775	$715K	0.2%	$19.45	+45.4%	CL A	05722G100
FLNG	FLEX LNG LTD	21,240	$713K	0.2%	$22.83	0.0%	SHS	G35947202
—	HESS CORP	5,249	$695K	0.2%	$96.05	—	COM	42809H107
PR	PERMIAN RESOURCES CORP	64,841	$681K	0.2%	$6.91	+47.8%	CLASS A COM	71424F105
NOV	NOV INC	35,993	$666K	0.2%	$14.80	+45.9%	COM	62955J103
RGLD	ROYAL GOLD INC	4,847	$629K	0.2%	$109.53	+12.5%	COM	780287108
—	MARATHON OIL CORP	24,028	$576K	0.2%	$15.99	—	COM	565849106
MP	MP MATERIALS CORP	18,982	$535K	0.2%	$40.01	-24.4%	COM CL A	553368101
EGO	ELDORADO GOLD CORP NEW	51,580	$534K	0.2%	$11.13	-16.3%	COM	284902509
HL	HECLA MNG CO	80,086	$507K	0.1%	$5.89	-4.1%	COM	422704106
AWK	AMERICAN WTR WKS CO INC NEW	3,422	$501K	0.1%	$138.63	+0.2%	COM	030420103
ERO	ERO COPPER CORP	27,300	$483K	0.1%	$12.37	+30.1%	COM	296006109
MT	ARCELORMITTAL SA LUXEMBOURG	15,998	$482K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
PAAS	PAN AMERN SILVER CORP	25,502	$464K	0.1%	$18.55	-7.3%	COM	697900108
SXC	SUNCOKE ENERGY INC	49,151	$441K	0.1%	$7.54	+21.1%	COM	86722A103
CLF	CLEVELAND-CLIFFS INC NEW	23,448	$430K	0.1%	$15.22	+30.1%	COM	185899101
HTO	SJW GROUP	4,718	$359K	0.1%	$77.27	0.0%	COM	784305104
—	LIVENT CORP	16,052	$349K	0.1%	$15.34	—	COM	53814L108
RNW	RENEW ENERGY GLOBAL PLC	58,125	$327K	0.1%	$5.34	0.0%	CL A SHS	G7500M104
—	BARRICK GOLD CORP	16,299	$303K	0.1%	$20.39	—	COM	067901108
CNX	CNX RES CORP	18,117	$290K	0.1%	$13.99	+13.6%	COM	12653C108
—	SUNPOWER CORP	20,941	$290K	0.1%	$17.28	—	COM	867652406
ATI	ATI INC	7,302	$288K	0.1%	$24.31	+55.3%	COM	01741R102
BHP	BHP GROUP LTD	4,449	$282K	0.1%	$70.27	—	SPONSORED ADS	088606108
SD	SANDRIDGE ENERGY INC	19,522	$281K	0.1%	$18.71	-18.3%	COM NEW	80007P869
EPD	ENTERPRISE PRODS PARTNERS L	10,850	$281K	0.1%	$52.09	—	COM	293792107
WOR	WORTHINGTON INDS INC	4,216	$273K	0.1%	$30.96	+14.3%	COM	981811102
EQNR	EQUINOR ASA	8,976	$255K	0.1%	$28.43	—	SPONSORED ADR	29446M102
PDS	PRECISION DRILLING CORP	4,400	$226K	0.1%	$64.76	0.0%	COM NEW	74022D407
PUMP	PROPETRO HLDG CORP	28,698	$206K	0.1%	$9.07	0.0%	COM	74347M108
NOG	NORTHERN OIL AND GAS INC MN	6,597	$200K	0.1%	$33.65	-7.4%	COM	665531307
BE	BLOOM ENERGY CORP	8,995	$179K	0.1%	$21.90	0.0%	COM CL A	093712107
TROX	TRONOX HOLDINGS PLC	12,405	$178K	0.1%	$13.30	+15.9%	SHS	G9087Q102
CENX	CENTURY ALUM CO	17,644	$176K	0.1%	$7.57	+36.8%	COM	156431108
KOS	KOSMOS ENERGY LTD	23,678	$176K	0.1%	$7.21	+1.5%	COM	500688106
RIG	TRANSOCEAN LTD	21,579	$137K	0.0%	$3.54	+81.4%	REG SHS	H8817H100