Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INGR	INGREDION INC	83,260	$9.036M	2.7%	$97.61	+2.8%	COM	457187102
ADM	ARCHER DANIELS MIDLAND CO	112,720	$8.141M	2.4%	$71.21	-4.8%	COM	039483102
WFG	WEST FRASER TIMBER CO LTD	93,200	$8.001M	2.4%	$76.35	-3.0%	COM	952845105
BTG	B2GOLD CORP	2,511,843	$7.942M	2.4%	$3.19	-8.7%	COM	11777Q209
AEM	AGNICO EAGLE MINES LTD	127,169	$6.994M	2.1%	$47.45	+1.1%	COM	008474108
LPX	LOUISIANA PAC CORP	94,007	$6.659M	2.0%	$59.73	0.0%	COM	546347105
CALM	CAL MAINE FOODS INC	112,070	$6.432M	1.9%	$41.51	+3.7%	COM NEW	128030202
VET	VERMILION ENERGY INC	504,500	$6.101M	1.8%	$15.05	-12.1%	COM	923725105
—	BUNGE LIMITED	60,003	$6.057M	1.8%	$90.24	—	COM	G16962105
—	CRESCENT PT ENERGY CORP	863,700	$6.011M	1.8%	$6.78	—	COM	22576C101
MUR	MURPHY OIL CORP	137,163	$5.851M	1.7%	$32.87	+20.9%	COM	626717102
CNH	CNH INDL N V	480,180	$5.849M	1.7%	$10.59	-0.6%	SHS	N20944109
DE	DEERE & CO	13,832	$5.531M	1.6%	$324.94	+12.4%	COM	244199105
DVN	DEVON ENERGY CORP NEW	119,515	$5.414M	1.6%	$44.86	-5.5%	COM	25179M103
AGCO	AGCO CORP	43,756	$5.312M	1.6%	$109.88	+1.4%	COM	001084102
CTVA	CORTEVA INC	106,164	$5.087M	1.5%	$33.84	+37.6%	COM	22052L104
HL	HECLA MNG CO	1,029,906	$4.954M	1.5%	$4.44	-1.7%	COM	422704106
GFI	GOLD FIELDS LTD	338,788	$4.899M	1.5%	$10.83	—	SPONSORED ADR	38059T106
WTRG	ESSENTIAL UTILS INC	130,859	$4.888M	1.5%	$34.90	0.0%	COM	29670G102
HRL	HORMEL FOODS CORP	144,535	$4.641M	1.4%	$39.67	-23.9%	COM	440452100
SSRM	SSR MINING IN	415,374	$4.469M	1.3%	$12.47	-2.6%	COM	784730103
NEM	NEWMONT CORP	103,914	$4.301M	1.3%	$41.52	-11.4%	COM	651639106
FMC	FMC CORP	68,116	$4.295M	1.3%	$99.48	-47.3%	COM NEW	302491303
EOG	EOG RES INC	35,503	$4.294M	1.3%	$102.65	+12.6%	COM	26875P101
NTR	NUTRIEN LTD	74,193	$4.191M	1.2%	$56.56	-7.2%	COM	67077M108
MGY	MAGNOLIA OIL & GAS CORP	193,417	$4.118M	1.2%	$21.60	+1.3%	CL A	559663109
TSN	TYSON FOODS INC	74,471	$4.003M	1.2%	$65.82	-31.5%	CL A	902494103
DAR	DARLING INGREDIENTS INC	80,233	$3.999M	1.2%	$67.32	-32.6%	COM	237266101
FNV	FRANCO NEV CORP	35,823	$3.97M	1.2%	$127.51	-6.4%	COM	351858105
FANG	DIAMONDBACK ENERGY INC	23,797	$3.69M	1.1%	$130.72	+10.4%	COM	25278X109
—	UNITED STATES STL CORP NEW	75,113	$3.654M	1.1%	$19.51	—	COM	912909108
—	SOUTHWESTERN ENERGY CO	536,639	$3.515M	1.0%	$5.48	—	COM	845467109
PCH	POTLATCHDELTIC CORPORATION	71,141	$3.493M	1.0%	$45.15	—	COM	737630103
CVE	CENOVUS ENERGY INC	204,300	$3.416M	1.0%	$17.21	+0.3%	COM	15135U109
LBRT	LIBERTY ENERGY INC	184,692	$3.35M	1.0%	$13.55	+40.2%	COM CL A	53115L104
PTEN	PATTERSON-UTI ENERGY INC	283,667	$3.064M	0.9%	$10.88	+11.7%	COM	703481101
—	CALLON PETE CO DEL	92,011	$2.981M	0.9%	$39.27	—	COM	13123X508
PR	PERMIAN RESOURCES CORP	216,046	$2.938M	0.9%	$10.95	+25.0%	CLASS A COM	71424F105
CHRD	CHORD ENERGY CORPORATION	16,743	$2.783M	0.8%	$113.16	+27.5%	COM NEW	674215207
CTRA	COTERRA ENERGY INC	108,628	$2.772M	0.8%	$21.44	+16.4%	COM	127097103
AGI	ALAMOS GOLD INC NEW	202,674	$2.73M	0.8%	$10.63	+22.0%	COM CL A	011532108
RIO	RIO TINTO PLC	35,623	$2.652M	0.8%	$70.29	—	SPONSORED ADR	767204100
HP	HELMERICH & PAYNE INC	72,863	$2.639M	0.8%	$32.75	+18.1%	COM	423452101
CSIQ	CANADIAN SOLAR INC	98,778	$2.591M	0.8%	$30.73	-28.1%	COM	136635109
BTE	BAYTEX ENERGY CORP	770,600	$2.568M	0.8%	$3.71	+0.2%	COM	07317Q105
HBM	HUDBAY MINERALS INC	461,600	$2.548M	0.8%	$5.06	-7.4%	COM	443628102
SU	SUNCOR ENERGY INC NEW	76,500	$2.459M	0.7%	$24.12	+25.8%	COM	867224107
KOS	KOSMOS ENERGY LTD	357,192	$2.397M	0.7%	$7.02	-0.3%	COM	500688106
—	VITAL ENERGY INC	52,681	$2.396M	0.7%	$50.48	—	COM	516806205
HAL	HALLIBURTON CO	65,631	$2.373M	0.7%	$24.33	+49.8%	COM	406216101
MOS	MOSAIC CO NEW	64,234	$2.295M	0.7%	$31.88	+3.8%	COM	61945C103
DQ	DAQO NEW ENERGY CORP	86,128	$2.291M	0.7%	$26.60	—	SPNSRD ADS NEW	23703Q203
—	MARATHON OIL CORP	94,663	$2.287M	0.7%	$23.49	—	COM	565849106
RYN	RAYONIER INC	68,330	$2.283M	0.7%	$29.12	—	COM	754907103
BVN	COMPANIA DE MINAS BUENAVENTU	149,017	$2.271M	0.7%	$9.24	—	SPONSORED ADR	204448104
KGC	KINROSS GOLD CORP	372,327	$2.253M	0.7%	$4.93	+10.9%	COM	496902404
—	VIPER ENERGY INC	70,175	$2.202M	0.7%	$31.38	—	CL A	927959106
SLB	SCHLUMBERGER LTD	42,057	$2.189M	0.7%	$24.43	+109.7%	COM STK	806857108
CWT	CALIFORNIA WTR SVC GROUP	42,050	$2.181M	0.6%	$54.65	-13.2%	COM	130788102
ATI	ATI INC	46,620	$2.12M	0.6%	$39.01	+6.4%	COM	01741R102
NUE	NUCOR CORP	11,999	$2.088M	0.6%	$150.54	+1.8%	COM	670346105
CGAU	CENTERRA GOLD INC	348,100	$2.085M	0.6%	$6.78	-23.3%	COM	152006102
—	ATLANTICA SUSTAINABLE INFR P	96,823	$2.082M	0.6%	$34.93	—	SHS	G0751N103
—	CHAMPIONX CORPORATION	70,314	$2.054M	0.6%	$27.13	—	COM	15872M104
STLD	STEEL DYNAMICS INC	17,197	$2.031M	0.6%	$85.04	+26.9%	COM	858119100
FCX	FREEPORT-MCMORAN INC	47,680	$2.03M	0.6%	$36.45	-1.5%	CL B	35671D857
BKR	BAKER HUGHES COMPANY	57,916	$1.98M	0.6%	$25.99	+25.0%	CL A	05722G100
AWR	AMER STATES WTR CO	24,147	$1.942M	0.6%	$80.65	-5.7%	COM	029899101
—	BARRICK GOLD CORP	106,263	$1.922M	0.6%	$16.78	—	COM	067901108
CVX	CHEVRON CORP NEW	12,698	$1.894M	0.6%	$112.00	+23.0%	COM	166764100
—	U S SILICA HLDGS INC	156,022	$1.765M	0.5%	$7.99	—	COM	90346E103
—	PIONEER NAT RES CO	7,826	$1.76M	0.5%	$212.08	—	COM	723787107
ARRY	ARRAY TECHNOLOGIES INC	104,190	$1.75M	0.5%	$17.25	0.0%	COM SHS	04271T100
CMC	COMMERCIAL METALS CO	34,766	$1.74M	0.5%	$38.57	+14.6%	COM	201723103
CF	CF INDS HLDGS INC	21,498	$1.709M	0.5%	$42.70	+76.9%	COM	125269100
CNX	CNX RES CORP	83,566	$1.671M	0.5%	$17.47	+22.1%	COM	12653C108
NXE	NEXGEN ENERGY LTD	232,900	$1.635M	0.5%	$4.17	+49.3%	COM	65340P106
BSM	BLACK STONE MINERALS L P	100,310	$1.601M	0.5%	$15.95	—	COM UNIT	09225M101
EQX	EQUINOX GOLD CORP	327,153	$1.6M	0.5%	$4.67	+1.5%	COM	29446Y502
WTI	W & T OFFSHORE INC	477,898	$1.558M	0.5%	$6.48	-43.1%	COM	92922P106
SCCO	SOUTHERN COPPER CORP	17,643	$1.519M	0.5%	$59.46	+13.3%	COM	84265V105
MTUS	TIMKENSTEEL CORPORATION	63,695	$1.494M	0.4%	$17.47	+20.1%	COM	887399103
VALE	VALE S A	90,653	$1.438M	0.4%	$14.15	—	SPONSORED ADS	91912E105
CMP	COMPASS MINERALS INTL INC	56,231	$1.424M	0.4%	$37.69	-33.0%	COM	20451N101
ICL	ICL GROUP LTD	280,976	$1.408M	0.4%	$7.81	-34.9%	SHS	M53213100
NE	NOBLE CORP PLC	28,486	$1.372M	0.4%	$33.61	+22.6%	ORD SHS A	G65431127
SQM	SOCIEDAD QUIMICA Y MINERA DE	22,467	$1.353M	0.4%	$53.85	—	SPON ADR SER B	833635105
ASTL	ALGOMA STL GROUP INC	134,022	$1.344M	0.4%	$7.00	+6.0%	COM	015658107
PPC	PILGRIMS PRIDE CORP	47,298	$1.308M	0.4%	$25.45	0.0%	COM	72147K108
—	SANDSTORM GOLD LTD	244,952	$1.232M	0.4%	$4.74	—	COM NEW	80013R206
OII	OCEANEERING INTL INC	55,790	$1.187M	0.4%	$13.22	+67.7%	COM	675232102
SM	SM ENERGY CO	30,425	$1.178M	0.4%	$29.58	+22.9%	COM	78454L100
TX	TERNIUM SA	27,378	$1.163M	0.3%	$40.45	—	SPONSORED ADS	880890108
BP	BP PLC	30,614	$1.084M	0.3%	$31.89	—	SPONSORED ADR	055622104
XPRO	EXPRO GROUP HOLDINGS NV	66,492	$1.059M	0.3%	$18.69	-7.6%	COM	N3144W105
CRGY	CRESCENT ENERGY COMPANY	78,343	$1.035M	0.3%	$10.70	+0.0%	CL A COM	44952J104
RNW	RENEW ENERGY GLOBAL PLC	130,969	$1.003M	0.3%	$5.49	+12.2%	CL A SHS	G7500M104
NOV	NOV INC	47,675	$967K	0.3%	$17.35	+13.2%	COM	62955J103
SBS	COMPANHIA DE SANEAMENTO BASI	61,424	$935K	0.3%	$9.63	—	SPONSORED ADR	20441A102
AA	ALCOA CORP	26,901	$915K	0.3%	$40.69	-35.2%	COM	013872106
RRC	RANGE RES CORP	29,115	$886K	0.3%	$30.03	+9.3%	COM	75281A109
—	TOTALENERGIES SE	13,088	$882K	0.3%	$50.85	—	SPONSORED ADS	89151E109
OXY	OCCIDENTAL PETE CORP	14,162	$846K	0.3%	$60.15	-2.5%	COM	674599105
EQT	EQT CORP	21,815	$843K	0.3%	$32.23	+21.9%	COM	26884L109
SD	SANDRIDGE ENERGY INC	61,575	$842K	0.3%	$16.10	-8.3%	COM NEW	80007P869
WTTR	SELECT WATER SOLUTIONS INC	105,348	$800K	0.2%	$7.75	—	CL A COM	81617J301
—	OSISKO GOLD ROYALTIES LTD	55,259	$789K	0.2%	$14.28	—	COM	68827L101
MP	MP MATERIALS CORP	39,317	$780K	0.2%	$28.14	-39.4%	COM CL A	553368101
METC	RAMACO RES INC	44,686	$768K	0.2%	$11.56	+17.2%	COM CL A	75134P600
AWK	AMERICAN WTR WKS CO INC NEW	5,766	$761K	0.2%	$138.46	-13.3%	COM	030420103
HCC	WARRIOR MET COAL INC	12,329	$752K	0.2%	$36.24	+45.6%	COM	93627C101
XOM	EXXON MOBIL CORP	7,433	$743K	0.2%	$41.27	+136.4%	COM	30231G102
—	HESS CORP	5,123	$739K	0.2%	$96.05	—	COM	42809H107
DNOW	NOW INC	64,322	$728K	0.2%	$10.86	+0.9%	COM	67011P100
SXC	SUNCOKE ENERGY INC	67,352	$723K	0.2%	$8.02	+18.8%	COM	86722A103
RES	RPC INC	96,465	$702K	0.2%	$7.74	-5.2%	COM	749660106
—	SUNPOWER CORP	142,600	$689K	0.2%	$10.90	—	COM	867652406
CNQ	CANADIAN NAT RES LTD	10,346	$680K	0.2%	$24.90	+19.8%	COM	136385101
NOG	NORTHERN OIL & GAS INC	18,342	$680K	0.2%	$36.32	+4.1%	COM	665531307
CENX	CENTURY ALUM CO	54,434	$661K	0.2%	$7.77	+1.0%	COM	156431108
ERO	ERO COPPER CORP	41,600	$660K	0.2%	$14.06	0.0%	COM	296006109
JKS	JINKOSOLAR HLDG CO LTD	17,540	$648K	0.2%	$32.41	—	SPONSORED ADR	47759T100
PUMP	PROPETRO HLDG CORP	73,677	$617K	0.2%	$9.30	+1.4%	COM	74347M108
SHLS	SHOALS TECHNOLOGIES GROUP IN	39,372	$612K	0.2%	$22.68	-33.3%	CL A	82489W107
COP	CONOCOPHILLIPS	5,162	$599K	0.2%	$43.43	+152.7%	COM	20825C104
CLF	CLEVELAND-CLIFFS INC NEW	29,216	$597K	0.2%	$15.52	+10.3%	COM	185899101
AU	ANGLOGOLD ASHANTI PLC	30,291	$566K	0.2%	$17.52	-4.3%	COM SHS	G0378L100
TROX	TRONOX HOLDINGS PLC	39,489	$559K	0.2%	$12.73	-3.6%	SHS	G9087Q102
GPRE	GREEN PLAINS INC	22,163	$559K	0.2%	$29.15	-9.3%	COM	393222104
ALB	ALBEMARLE CORP	3,520	$509K	0.2%	$196.03	-32.6%	COM	012653101
RIG	TRANSOCEAN LTD	77,937	$495K	0.1%	$6.27	+6.7%	REG SHS	H8817H100
MTDR	MATADOR RES CO	8,145	$463K	0.1%	$48.23	+21.3%	COM	576485205
FLNG	FLEX LNG LTD	15,764	$458K	0.1%	$22.74	-0.3%	SHS	G35947202
MT	ARCELORMITTAL SA LUXEMBOURG	15,998	$454K	0.1%	$22.00	—	NY REGISTRY SH	03938L203
—	BROOKFIELD RENEWABLE CORP	15,752	$454K	0.1%	$31.52	—	CL A SUB VTG	11284V105
CRK	COMSTOCK RES INC	49,410	$437K	0.1%	$10.24	+4.7%	COM	205768302
AG	FIRST MAJESTIC SILVER CORP	71,022	$437K	0.1%	$12.67	-56.8%	COM	32076V103
TDW	TIDEWATER INC NEW	5,973	$431K	0.1%	$30.42	+112.8%	COM	88642R109
FSLR	FIRST SOLAR INC	2,499	$431K	0.1%	$159.74	-4.3%	COM	336433107
CIVI	CIVITAS RESOURCES INC	6,249	$427K	0.1%	$44.40	+36.8%	COM NEW	17888H103
OIS	OIL STS INTL INC	61,645	$419K	0.1%	$7.53	-3.8%	COM	678026105
EGY	VAALCO ENERGY INC	90,215	$405K	0.1%	$3.79	+2.6%	COM NEW	91851C201
PAAS	PAN AMERN SILVER CORP	23,332	$381K	0.1%	$17.24	-13.2%	COM	697900108
RGLD	ROYAL GOLD INC	3,091	$374K	0.1%	$109.53	+3.2%	COM	780287108
RYZ	RYERSON HLDG CORP	10,445	$362K	0.1%	$29.81	0.0%	COM	783754104
—	SUNNOVA ENERGY INTL INC.	18,543	$283K	0.1%	$18.31	—	COM	86745K104
TECK	TECK RESOURCES LTD	6,619	$281K	0.1%	$38.19	+0.6%	CL B	878742204
KRP	KIMBELL RTY PARTNERS LP	17,703	$266K	0.1%	$15.05	—	UNIT	49435R102
EGO	ELDORADO GOLD CORP NEW	20,513	$266K	0.1%	$10.25	+9.7%	COM	284902509
APA	APA CORPORATION	6,887	$247K	0.1%	$34.62	0.0%	COM	03743Q108
—	SILVERBOW RES INC	8,286	$241K	0.1%	$29.08	—	COM	82836G102
BHP	BHP GROUP LTD	3,493	$239K	0.1%	$68.31	—	SPONSORED ADS	088606108
—	DRIL-QUIP INC	9,834	$229K	0.1%	$23.27	—	COM	262037104
TTI	TETRA TECHNOLOGIES INC DEL	47,297	$214K	0.1%	$5.05	0.0%	COM	88162F105
AR	ANTERO RESOURCES CORP	9,341	$212K	0.1%	$25.35	0.0%	COM	03674X106
AESI	ATLAS ENERGY SOLUTIONS INC	10,761	$185K	0.1%	$16.64	0.0%	COM NEW	642045108
GGB	GERDAU SA	22,576	$109K	0.0%	$4.85	—	SPON ADR REP PFD	373737105