Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOS	MOSAIC CO/THE	188,490	$4.806M	0.9%	$27.87	0.0%	COM	61945C103
CF	CF INDUSTRIES HOLDINGS INC	32,647	$4.239M	0.8%	$90.08	0.0%	COM	125269100
KGS	KODIAK GAS SERVICES INC	50,156	$2.925M	0.5%	$43.52	0.0%	COM	50012A108
FSLR	FIRST SOLAR INC	10,523	$2.076M	0.4%	$237.12	0.0%	COM	336433107
WTRG	ESSENTIAL UTILITIES INC	42,109	$1.696M	0.3%	$38.77	0.0%	COM	29670G102
AESI	ATLAS ENERGY SOLUTIONS INC	99,010	$1.299M	0.2%	$11.20	0.0%	COM NEW	642045108
NBR	NABORS INDUSTRIES LTD	13,016	$1.12M	0.2%	$67.34	0.0%	SHS	G6359F137
FMC	FMC CORP	58,615	$1.009M	0.2%	$15.20	0.0%	COM NEW	302491303
AR	ANTERO RESOURCES CORP	21,620	$918K	0.2%	$33.80	0.0%	COM	03674X106
AAUC	ALLIED GOLD CORP	23,906	$737K	0.1%	$29.54	0.0%	COM NEW	01921D204
OVV	OVINTIV INC	12,436	$736K	0.1%	$43.67	0.0%	COM	69047Q102
WY	WEYERHAEUSER CO	27,587	$674K	0.1%	$23.80	0.0%	COM NEW	962166104
ORA	ORMAT TECHNOLOGIES INC	5,636	$631K	0.1%	$120.51	0.0%	COM	686688102
AMRC	AMERESCO INC-CL A	24,522	$625K	0.1%	$31.76	0.0%	CL A	02361E108
EGY	VAALCO ENERGY INC	81,205	$515K	0.1%	$4.62	0.0%	COM NEW	91851C201
INVX	INNOVEX INTERNATIONAL INC	20,384	$497K	0.1%	$25.01	0.0%	COM	457651107
METC	RAMACO RESOURCES INC-A	22,878	$354K	0.1%	$19.64	0.0%	COM CL A	75134P600
BTG	B2GOLD CORP	61,883	$280K	0.1%	$5.12	0.0%	COM	11777Q209
IMO	IMPERIAL OIL LTD	1,900	$248K	0.0%	$104.95	0.0%	COM NEW	453038408
EQT	EQT CORP	3,468	$221K	0.0%	$55.27	0.0%	COM	26884L109
APA	APA CORP	5,101	$216K	0.0%	$26.43	0.0%	COM	03743Q108
CNX	CNX RESOURCES CORP	5,277	$203K	0.0%	$37.79	0.0%	COM	12653C108

Increased Positions (39)

NTR NUTRIEN LTD 1.4%

Value $7.494M (+2056.3%) Shares 99,318 (+1663.8%) Est. Cost $67.06 Unrealized +1.6%

SM SM ENERGY CO 1.2%

Value $6.574M (+199.1%) Shares 210,852 (+79.4%) Est. Cost $27.84 Unrealized -28.5%

CRC CALIFORNIA RESOURCES CORP 0.7%

Value $3.72M (+778.8%) Shares 53,745 (+467.6%) Est. Cost $50.45 Unrealized +3.2%

CHRD CHORD ENERGY CORP 1.0%

Value $5.237M (+115.7%) Shares 36,833 (+40.6%) Est. Cost $105.06 Unrealized -6.9%

DQ DAQO NEW ENERGY CORP-ADR 0.6%

Value $3.148M (+768.7%) Shares 147,983 (+1104.8%) Est. Cost $21.30 Unrealized —

PR PERMIAN RESOURCES CORP-CL A 0.5%

Value $2.956M (+577.4%) Shares 138,631 (+345.7%) Est. Cost $15.11 Unrealized +4.4%

OXY OCCIDENTAL PETROLEUM CORP 0.6%

Value $3.424M (+240.9%) Shares 52,672 (+115.6%) Est. Cost $45.32 Unrealized +0.2%

MTDR MATADOR RESOURCES CO 0.8%

Value $4.221M (+114.0%) Shares 66,803 (+43.8%) Est. Cost $44.53 Unrealized +1.9%

CNQ CANADIAN NATURAL RESOURCES 0.6%

Value $3.4M (+137.9%) Shares 69,922 (+65.8%) Est. Cost $34.03 Unrealized +9.3%

TDW TIDEWATER INC 0.7%

Value $3.575M (+118.0%) Shares 42,784 (+31.8%) Est. Cost $55.98 Unrealized +14.4%

EOG EOG RESOURCES INC 0.8%

Value $4.372M (+77.3%) Shares 30,241 (+28.8%) Est. Cost $110.95 Unrealized +1.1%

CTVA CORTEVA INC 0.8%

Value $4.328M (+77.6%) Shares 51,698 (+42.3%) Est. Cost $45.40 Unrealized +60.3%

DE DEERE & CO 0.5%

Value $2.812M (+178.1%) Shares 4,992 (+129.8%) Est. Cost $455.77 Unrealized +21.0%

VAL VALARIS LTD 0.5%

Value $2.796M (+172.6%) Shares 28,516 (+40.1%) Est. Cost $54.28 Unrealized +24.7%

HRL HORMEL FOODS CORP 0.5%

Value $2.682M (+161.5%) Shares 118,403 (+173.7%) Est. Cost $28.09 Unrealized -13.7%

NXE NEXGEN ENERGY LTD 0.3%

Value $1.798M (+761.9%) Shares 155,014 (+583.4%) Est. Cost $11.00 Unrealized +8.1%

RYN RAYONIER INC 0.4%

Value $2.103M (+261.4%) Shares 101,982 (+279.4%) Est. Cost $22.83 Unrealized —

CTRA COTERRA ENERGY INC 0.6%

Value $3.455M (+77.8%) Shares 98,331 (+33.2%) Est. Cost $24.14 Unrealized +17.4%

ENPH ENPHASE ENERGY INC 0.4%

Value $2.1M (+218.2%) Shares 55,532 (+169.7%) Est. Cost $48.14 Unrealized -14.3%

TALO TALOS ENERGY INC 0.3%

Value $1.465M (+819.7%) Shares 92,963 (+543.1%) Est. Cost $11.46 Unrealized +4.0%

AGCO AGCO CORP 0.3%

Value $1.812M (+201.2%) Shares 15,639 (+171.1%) Est. Cost $116.98 Unrealized +3.5%

CNH BUNGE GLOBAL SA 0.7%

Value $3.87M (+39.0%) Shares 122,785 (+199.4%) Est. Cost $11.11 Unrealized +2.8%

ARRY ARRAY TECHNOLOGIES INC 0.3%

Value $1.381M (+295.4%) Shares 191,073 (+404.3%) Est. Cost $10.03 Unrealized +6.2%

AROC ARCHROCK INC 0.3%

Value $1.783M (+99.2%) Shares 51,225 (+48.9%) Est. Cost $26.14 Unrealized +11.9%

PDS PRECISION DRILLING CORP 0.2%

Value $1.283M (+131.5%) Shares 13,078 (+69.4%) Est. Cost $65.02 Unrealized +23.5%

ALB ALBEMARLE CORP 0.2%

Value $1.105M (+188.8%) Shares 6,157 (+127.5%) Est. Cost $159.47 Unrealized +7.4%

WFG WEST FRASER TIMBER CO LTD 0.5%

Value $2.844M (+30.0%) Shares 43,585 (+21.8%) Est. Cost $74.25 Unrealized -6.6%

GPRK GEOPARK LTD 0.2%

Value $1.164M (+100.8%) Shares 122,555 (+56.6%) Est. Cost $7.56 Unrealized +5.7%

FANG DIAMONDBACK ENERGY INC 0.2%

Value $830K (+209.7%) Shares 4,195 (+135.4%) Est. Cost $149.78 Unrealized +6.7%

EQNR EQUINOR ASA-SPON ADR 0.1%

Value $737K (+226.4%) Shares 17,473 (+82.8%) Est. Cost $32.45 Unrealized —

INGR INGREDION INC 0.4%

Value $1.936M (+35.3%) Shares 17,186 (+32.4%) Est. Cost $106.67 Unrealized +8.9%

HTO H2O AMERICA 0.2%

Value $1.335M (+60.7%) Shares 22,751 (+34.2%) Est. Cost $51.58 Unrealized +2.2%

CMP COMPASS MINERALS INTERNATION 0.1%

Value $724K (+180.4%) Shares 30,997 (+135.8%) Est. Cost $18.48 Unrealized +27.8%

FDP FRESH DEL MONTE PRODUCE INC 0.2%

Value $1.123M (+65.5%) Shares 27,884 (+46.5%) Est. Cost $33.29 Unrealized +16.5%

DOLE DOLE PLC 0.2%

Value $1.029M (+55.7%) Shares 72,023 (+63.4%) Est. Cost $15.04 Unrealized +2.4%

PBR PETROLEO BRASILEIRO-SPON ADR 0.1%

Value $492K (+244.2%) Shares 23,717 (+96.6%) Est. Cost $17.91 Unrealized —

BHP BHP GROUP LTD-SPON ADR 0.2%

Value $838K (+57.3%) Shares 11,522 (+30.5%) Est. Cost $62.54 Unrealized —

CSIQ CANADIAN SOLAR INC 0.2%

Value $895K (+34.5%) Shares 64,657 (+130.9%) Est. Cost $17.35 Unrealized +20.4%

MP MP MATERIALS CORP 0.3%

Value $1.463M (-1.5%) Shares 30,313 (+3.1%) Est. Cost $63.36 Unrealized -2.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTR	NUTRIEN LTD	99,318 (+1663.8%)	$7.494M (+2056.3%)	1.4%	$67.06	+1.6%	COM	67077M108
SM	SM ENERGY CO	210,852 (+79.4%)	$6.574M (+199.1%)	1.2%	$27.84	-28.5%	COM	78454L100
CRC	CALIFORNIA RESOURCES CORP	53,745 (+467.6%)	$3.72M (+778.8%)	0.7%	$50.45	+3.2%	COM STOCK	13057Q305
CHRD	CHORD ENERGY CORP	36,833 (+40.6%)	$5.237M (+115.7%)	1.0%	$105.06	-6.9%	COM NEW	674215207
DQ	DAQO NEW ENERGY CORP-ADR	147,983 (+1104.8%)	$3.148M (+768.7%)	0.6%	$21.30	—	SPNSRD ADS NEW	23703Q203
PR	PERMIAN RESOURCES CORP-CL A	138,631 (+345.7%)	$2.956M (+577.4%)	0.5%	$15.11	+4.4%	CLASS A COM	71424F105
OXY	OCCIDENTAL PETROLEUM CORP	52,672 (+115.6%)	$3.424M (+240.9%)	0.6%	$45.32	+0.2%	COM	674599105
MTDR	MATADOR RESOURCES CO	66,803 (+43.8%)	$4.221M (+114.0%)	0.8%	$44.53	+1.9%	COM	576485205
CNQ	CANADIAN NATURAL RESOURCES	69,922 (+65.8%)	$3.4M (+137.9%)	0.6%	$34.03	+9.3%	COM	136385101
TDW	TIDEWATER INC	42,784 (+31.8%)	$3.575M (+118.0%)	0.7%	$55.98	+14.4%	COM	88642R109
EOG	EOG RESOURCES INC	30,241 (+28.8%)	$4.372M (+77.3%)	0.8%	$110.95	+1.1%	COM	26875P101
CTVA	CORTEVA INC	51,698 (+42.3%)	$4.328M (+77.6%)	0.8%	$45.40	+60.3%	COM	22052L104
DE	DEERE & CO	4,992 (+129.8%)	$2.812M (+178.1%)	0.5%	$455.77	+21.0%	COM	244199105
VAL	VALARIS LTD	28,516 (+40.1%)	$2.796M (+172.6%)	0.5%	$54.28	+24.7%	CL A	G9460G101
HRL	HORMEL FOODS CORP	118,403 (+173.7%)	$2.682M (+161.5%)	0.5%	$28.09	-13.7%	COM	440452100
NXE	NEXGEN ENERGY LTD	155,014 (+583.4%)	$1.798M (+761.9%)	0.3%	$11.00	+8.1%	COM	65340P106
RYN	RAYONIER INC	101,982 (+279.4%)	$2.103M (+261.4%)	0.4%	$22.83	—	COM	754907103
CTRA	COTERRA ENERGY INC	98,331 (+33.2%)	$3.455M (+77.8%)	0.6%	$24.14	+17.4%	COM	127097103
ENPH	ENPHASE ENERGY INC	55,532 (+169.7%)	$2.1M (+218.2%)	0.4%	$48.14	-14.3%	COM	29355A107
TALO	TALOS ENERGY INC	92,963 (+543.1%)	$1.465M (+819.7%)	0.3%	$11.46	+4.0%	COM	87484T108
AGCO	AGCO CORP	15,639 (+171.1%)	$1.812M (+201.2%)	0.3%	$116.98	+3.5%	COM	001084102
CNH	BUNGE GLOBAL SA	122,785 (+199.4%)	$3.87M (+39.0%)	0.7%	$11.11	+2.8%	SHS	N20944109
ARRY	ARRAY TECHNOLOGIES INC	191,073 (+404.3%)	$1.381M (+295.4%)	0.3%	$10.03	+6.2%	COM SHS	04271T100
AROC	ARCHROCK INC	51,225 (+48.9%)	$1.783M (+99.2%)	0.3%	$26.14	+11.9%	COM	03957W106
PDS	PRECISION DRILLING CORP	13,078 (+69.4%)	$1.283M (+131.5%)	0.2%	$65.02	+23.5%	COM NEW	74022D407
ALB	ALBEMARLE CORP	6,157 (+127.5%)	$1.105M (+188.8%)	0.2%	$159.47	+7.4%	COM	012653101
WFG	WEST FRASER TIMBER CO LTD	43,585 (+21.8%)	$2.844M (+30.0%)	0.5%	$74.25	-6.6%	COM	952845105
GPRK	GEOPARK LTD	122,555 (+56.6%)	$1.164M (+100.8%)	0.2%	$7.56	+5.7%	USD SHS	G38327105
FANG	DIAMONDBACK ENERGY INC	4,195 (+135.4%)	$830K (+209.7%)	0.2%	$149.78	+6.7%	COM	25278X109
EQNR	EQUINOR ASA-SPON ADR	17,473 (+82.8%)	$737K (+226.4%)	0.1%	$32.45	—	SPONSORED ADR	29446M102
INGR	INGREDION INC	17,186 (+32.4%)	$1.936M (+35.3%)	0.4%	$106.67	+8.9%	COM	457187102
HTO	H2O AMERICA	22,751 (+34.2%)	$1.335M (+60.7%)	0.2%	$51.58	+2.2%	COM	784305104
CMP	COMPASS MINERALS INTERNATION	30,997 (+135.8%)	$724K (+180.4%)	0.1%	$18.48	+27.8%	COM	20451N101
FDP	FRESH DEL MONTE PRODUCE INC	27,884 (+46.5%)	$1.123M (+65.5%)	0.2%	$33.29	+16.5%	ORD	G36738105
DOLE	DOLE PLC	72,023 (+63.4%)	$1.029M (+55.7%)	0.2%	$15.04	+2.4%	ORD SHS	G27907107
PBR	PETROLEO BRASILEIRO-SPON ADR	23,717 (+96.6%)	$492K (+244.2%)	0.1%	$17.91	—	SPONSORED ADR	71654V408
BHP	BHP GROUP LTD-SPON ADR	11,522 (+30.5%)	$838K (+57.3%)	0.2%	$62.54	—	SPONSORED ADS	088606108
CSIQ	CANADIAN SOLAR INC	64,657 (+130.9%)	$895K (+34.5%)	0.2%	$17.35	+20.4%	COM	136635109
MP	MP MATERIALS CORP	30,313 (+3.1%)	$1.463M (-1.5%)	0.3%	$63.36	-2.6%	COM CL A	553368101

Exited Positions (20)

AA ALCOA CORP 0.9%

Value $5.017M Shares 94,403 Est. Cost $32.42 Unrealized +88.4%

CIVI CIVITAS RESOURCES INC 0.6%

Value $3.031M Shares 111,870 Est. Cost $42.15 Unrealized -36.3%

SCCO SOUTHERN COPPER CORP 0.5%

Value $2.707M Shares 18,865 Est. Cost $92.89 Unrealized +101.7%

EOSE EOS ENERGY ENTERPRISES INC 0.3%

Value $1.852M Shares 161,649 Est. Cost $4.88 Unrealized +183.6%

AWK AMERICAN WTR WKS CO INC NEW 0.3%

Value $1.774M Shares 13,593 Est. Cost $140.03 Unrealized -8.0%

EGO ELDORADO GOLD CORP NEW 0.3%

Value $1.75M Shares 48,720 Est. Cost $19.49 Unrealized +118.8%

HL HECLA MNG CO 0.3%

Value $1.497M Shares 78,025 Est. Cost $5.46 Unrealized +341.0%

PAAS PAN AMERN SILVER CORP 0.3%

Value $1.374M Shares 26,523 Est. Cost $22.83 Unrealized +155.8%

CVX CHEVRON CORP NEW 0.2%

Value $1.268M Shares 8,320 Est. Cost $149.02 Unrealized +15.3%

NEM NEWMONT CORP 0.2%

Value $1.035M Shares 10,355 Est. Cost $55.50 Unrealized +112.8%

PCH POTLATCHDELTIC CORPORATION 0.1%

Value $762K Shares 19,144 Est. Cost $41.35 Unrealized —

IAG IAMGOLD CORP 0.1%

Value $633K Shares 38,363 Est. Cost $6.95 Unrealized +184.6%

AMPX AMPRIUS TECHNOLOGIES INC 0.1%

Value $584K Shares 74,022 Est. Cost $9.56 Unrealized +13.6%

TWI TITAN INTL INC ILL 0.1%

Value $448K Shares 57,189 Est. Cost $8.27 Unrealized +17.0%

NPKI NPK INTERNATIONAL INC 0.1%

Value $315K Shares 26,414 Est. Cost $7.18 Unrealized +92.3%

SQM SOCIEDAD QUIMICA Y MINERA DE 0.0%

Value $213K Shares 3,097 Est. Cost $68.80 Unrealized —

B BARRICK MNG CORP 0.0%

Value $210K Shares 4,816 Est. Cost $37.42 Unrealized +29.1%

NE NOBLE CORP PLC 0.0%

Value $182K Shares 10,011 Est. Cost $34.83 Unrealized +6.7%

CLF CLEVELAND-CLIFFS INC NEW 0.0%

Value $139K Shares 10,444 Est. Cost $14.89 Unrealized -13.7%

KOS KOSMOS ENERGY LTD 0.0%

Value $17,404 Shares 19,180 Est. Cost $1.87 Unrealized -22.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AA	ALCOA CORP	94,403	$5.017M	0.9%	$32.42	+88.4%	—	013872106
CIVI	CIVITAS RESOURCES INC	111,870	$3.031M	0.6%	$42.15	-36.3%	—	17888H103
SCCO	SOUTHERN COPPER CORP	18,865	$2.707M	0.5%	$92.89	+101.7%	—	84265V105
EOSE	EOS ENERGY ENTERPRISES INC	161,649	$1.852M	0.3%	$4.88	+183.6%	—	29415C101
AWK	AMERICAN WTR WKS CO INC NEW	13,593	$1.774M	0.3%	$140.03	-8.0%	—	030420103
EGO	ELDORADO GOLD CORP NEW	48,720	$1.75M	0.3%	$19.49	+118.8%	—	284902509
HL	HECLA MNG CO	78,025	$1.497M	0.3%	$5.46	+341.0%	—	422704106
PAAS	PAN AMERN SILVER CORP	26,523	$1.374M	0.3%	$22.83	+155.8%	—	697900108
CVX	CHEVRON CORP NEW	8,320	$1.268M	0.2%	$149.02	+15.3%	—	166764100
NEM	NEWMONT CORP	10,355	$1.035M	0.2%	$55.50	+112.8%	—	651639106
PCH	POTLATCHDELTIC CORPORATION	19,144	$762K	0.1%	$41.35	—	—	737630103
IAG	IAMGOLD CORP	38,363	$633K	0.1%	$6.95	+184.6%	—	450913108
AMPX	AMPRIUS TECHNOLOGIES INC	74,022	$584K	0.1%	$9.56	+13.6%	—	03214Q108
TWI	TITAN INTL INC ILL	57,189	$448K	0.1%	$8.27	+17.0%	—	88830M102
NPKI	NPK INTERNATIONAL INC	26,414	$315K	0.1%	$7.18	+92.3%	—	651718504
SQM	SOCIEDAD QUIMICA Y MINERA DE	3,097	$213K	0.0%	$68.80	—	—	833635105
B	BARRICK MNG CORP	4,816	$210K	0.0%	$37.42	+29.1%	—	06849F108
NE	NOBLE CORP PLC	10,011	$182K	0.0%	$34.83	+6.7%	—	G65431127
CLF	CLEVELAND-CLIFFS INC NEW	10,444	$139K	0.0%	$14.89	-13.7%	—	185899101
KOS	KOSMOS ENERGY LTD	19,180	$17,404	0.0%	$1.87	-22.2%	—	500688106

Decreased Positions (56)

CCNR ALPS CORECOMMODITY NTRL RES 62.6%

Value $337M (+9.1%) Shares 8,395,125 (-10.8%) Est. Cost $25.28 Unrealized —

HBM HUDBAY MINERALS INC 0.2%

Value $1.06M (-86.3%) Shares 50,800 (-86.9%) Est. Cost $7.81 Unrealized +213.1%

TSN TYSON FOODS INC-CL A 0.1%

Value $490K (-87.5%) Shares 7,643 (-88.5%) Est. Cost $60.14 Unrealized +3.6%

BTE BAYTEX ENERGY CORP 0.0%

Value $57,053 (-98.2%) Shares 12,800 (-98.7%) Est. Cost $2.44 Unrealized +41.3%

VLTO VERALTO CORP 0.1%

Value $566K (-84.7%) Shares 6,399 (-82.7%) Est. Cost $105.29 Unrealized -7.4%

FCX FREEPORT-MCMORAN INC 0.1%

Value $368K (-87.9%) Shares 6,258 (-89.6%) Est. Cost $42.46 Unrealized +43.9%

FLNC FLUENCE ENERGY INC 0.1%

Value $456K (-84.9%) Shares 33,148 (-78.3%) Est. Cost $8.79 Unrealized +158.7%

SU SUNCOR ENERGY INC 0.3%

Value $1.443M (-57.7%) Shares 21,882 (-71.5%) Est. Cost $35.18 Unrealized +47.3%

CALM CAL-MAINE FOODS INC 0.0%

Value $212K (-89.6%) Shares 2,674 (-89.5%) Est. Cost $72.04 Unrealized +12.0%

SHLS SHOALS TECHNOLOGIES GROUP -A 0.4%

Value $2.384M (-41.3%) Shares 362,241 (-24.1%) Est. Cost $4.42 Unrealized +113.2%

CGAU CENTERRA GOLD INC 0.2%

Value $945K (-63.5%) Shares 53,439 (-70.2%) Est. Cost $6.54 Unrealized +169.1%

PPC PILGRIM'S PRIDE CORP 0.0%

Value $220K (-86.8%) Shares 5,823 (-86.4%) Est. Cost $35.02 Unrealized +19.3%

DAR DARLING INGREDIENTS INC 0.8%

Value $4.39M (+35.3%) Shares 70,977 (-21.2%) Est. Cost $45.46 Unrealized -0.5%

CENX CENTURY ALUMINUM COMPANY 0.3%

Value $1.586M (-41.6%) Shares 27,031 (-61.0%) Est. Cost $17.31 Unrealized +179.6%

TECK TECK RESOURCES LTD-CLS B 0.3%

Value $1.404M (-42.3%) Shares 27,128 (-46.6%) Est. Cost $43.21 Unrealized +27.2%

MUR MURPHY OIL CORP 1.0%

Value $5.485M (+17.9%) Shares 132,978 (-10.7%) Est. Cost $30.14 Unrealized +5.4%

FSM FORTUNA MINING CORP 0.0%

Value $215K (-71.5%) Shares 21,621 (-71.9%) Est. Cost $7.30 Unrealized +49.9%

HLX HELIX ENERGY SOLUTIONS GROUP 0.3%

Value $1.82M (+41.3%) Shares 184,020 (-10.4%) Est. Cost $9.71 Unrealized -17.9%

GPRE GREEN PLAINS INC 0.3%

Value $1.397M (+52.9%) Shares 84,913 (-8.9%) Est. Cost $8.76 Unrealized +40.3%

HAL HALLIBURTON CO 0.5%

Value $2.873M (+19.4%) Shares 73,698 (-13.5%) Est. Cost $26.68 Unrealized +25.7%

BE BLOOM ENERGY CORP- A 0.3%

Value $1.451M (-23.2%) Shares 10,712 (-50.7%) Est. Cost $46.44 Unrealized +211.5%

PUMP PROPETRO HOLDING CORP 0.3%

Value $1.612M (-21.1%) Shares 111,854 (-47.9%) Est. Cost $6.82 Unrealized +59.2%

SLB SLB LTD 0.4%

Value $2.199M (+22.3%) Shares 42,782 (-8.6%) Est. Cost $35.70 Unrealized +35.3%

MGY MAGNOLIA OIL & GAS CORP - A 0.4%

Value $2.226M (+21.9%) Shares 70,522 (-15.5%) Est. Cost $24.91 Unrealized -0.4%

OII OCEANEERING INTL INC 0.3%

Value $1.635M (+32.1%) Shares 46,090 (-10.5%) Est. Cost $16.92 Unrealized +80.9%

DVN DEVON ENERGY CORP 0.6%

Value $3.081M (+14.3%) Shares 61,221 (-16.8%) Est. Cost $40.32 Unrealized -0.2%

HP HELMERICH & PAYNE 0.2%

Value $1.246M (-21.0%) Shares 34,595 (-37.1%) Est. Cost $29.67 Unrealized +12.1%

WTTR SELECT WATER SOLUTIONS INC 0.3%

Value $1.417M (+30.1%) Shares 92,614 (-10.5%) Est. Cost $8.32 Unrealized —

VET VERMILION ENERGY INC 0.2%

Value $1.005M (+47.7%) Shares 73,142 (-10.5%) Est. Cost $11.28 Unrealized -15.8%

XOM EXXON MOBIL CORP 0.3%

Value $1.394M (-18.9%) Shares 8,217 (-42.5%) Est. Cost $109.70 Unrealized +26.5%

ADM ARCHER-DANIELS-MIDLAND CO 0.4%

Value $2.186M (+17.3%) Shares 30,071 (-7.3%) Est. Cost $68.13 Unrealized -3.7%

LBRT LIBERTY ENERGY INC 0.9%

Value $4.576M (-5.6%) Shares 158,876 (-39.5%) Est. Cost $14.68 Unrealized +58.1%

EFXT ENERFLEX LTD 0.3%

Value $1.536M (+18.9%) Shares 73,638 (-12.1%) Est. Cost $9.22 Unrealized +90.2%

ERO ERO COPPER CORP 0.2%

Value $1.128M (-15.8%) Shares 42,455 (-10.0%) Est. Cost $15.03 Unrealized +111.2%

COP CONOCOPHILLIPS 0.7%

Value $3.918M (+5.4%) Shares 29,685 (-25.2%) Est. Cost $102.60 Unrealized +0.0%

XPRO EXPRO GROUP HOLDINGS NV 0.3%

Value $1.841M (+11.6%) Shares 105,716 (-14.4%) Est. Cost $12.29 Unrealized +30.3%

CVE CENOVUS ENERGY INC 0.1%

Value $596K (+38.3%) Shares 22,595 (-11.2%) Est. Cost $14.43 Unrealized +35.9%

DNOW DNOW INC 0.2%

Value $897K (-15.1%) Shares 75,296 (-5.6%) Est. Cost $13.16 Unrealized +10.8%

RES RPC INC 0.2%

Value $1.326M (+12.4%) Shares 187,238 (-13.7%) Est. Cost $6.14 Unrealized -2.8%

NOV NOV INC 0.3%

Value $1.651M (+8.3%) Shares 87,778 (-10.0%) Est. Cost $15.25 Unrealized +21.9%

ERII ENERGY RECOVERY INC 0.0%

Value $225K (-33.7%) Shares 22,332 (-11.2%) Est. Cost $15.16 Unrealized -2.2%

SXC SUNCOKE ENERGY INC 0.1%

Value $494K (-18.7%) Shares 75,857 (-10.1%) Est. Cost $8.02 Unrealized -5.0%

CRGY CRESCENT ENERGY INC-A 0.1%

Value $560K (+24.6%) Shares 41,468 (-22.6%) Est. Cost $9.21 Unrealized +1.2%

BKR BAKER HUGHES CO 0.1%

Value $647K (+20.1%) Shares 10,597 (-10.4%) Est. Cost $40.04 Unrealized +40.1%

RNW RENEW ENERGY GLOBAL PLC-A 0.1%

Value $273K (-27.6%) Shares 59,524 (-10.6%) Est. Cost $6.51 Unrealized -16.4%

TTI TETRA TECHNOLOGIES INC 0.1%

Value $481K (-15.9%) Shares 56,435 (-7.5%) Est. Cost $7.72 Unrealized +42.9%

CWT CALIFORNIA WATER SERVICE GRP 0.2%

Value $1.295M (-5.7%) Shares 28,561 (-9.9%) Est. Cost $50.92 Unrealized -12.4%

RIO RIO TINTO PLC-SPON ADR 0.1%

Value $480K (-13.0%) Shares 5,142 (-25.4%) Est. Cost $66.28 Unrealized —

ICL ICL GROUP LTD 0.1%

Value $293K (-18.3%) Shares 56,602 (-9.9%) Est. Cost $7.52 Unrealized -27.2%

MUX MCEWEN INC 0.1%

Value $692K (-5.8%) Shares 33,888 (-14.6%) Est. Cost $11.97 Unrealized +104.3%

TX TERNIUM SA-SPONSORED ADR 0.1%

Value $742K (-4.7%) Shares 18,483 (-9.3%) Est. Cost $31.16 Unrealized —

VALE VALE SA-SP ADR 0.1%

Value $335K (+12.1%) Shares 21,028 (-8.2%) Est. Cost $11.13 Unrealized —

CLB CORE LABORATORIES INC 0.1%

Value $537K (-6.0%) Shares 31,972 (-10.3%) Est. Cost $17.21 Unrealized +9.4%

CDE COEUR MINING INC 0.1%

Value $280K (-5.4%) Shares 14,912 (-10.1%) Est. Cost $6.17 Unrealized +261.8%

AEM AGNICO EAGLE MINES LTD 0.2%

Value $1.131M (+1.2%) Shares 5,579 (-15.3%) Est. Cost $73.71 Unrealized +179.5%

NFG NATIONAL FUEL GAS CO 0.0%

Value $210K (+3.3%) Shares 2,231 (-12.0%) Est. Cost $59.89 Unrealized +39.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCNR	ALPS CORECOMMODITY NTRL RES	8,395,125 (-10.8%)	$337M (+9.1%)	62.6%	$25.28	—	CORECOMMODITY NA	31761T886
HBM	HUDBAY MINERALS INC	50,800 (-86.9%)	$1.06M (-86.3%)	0.2%	$7.81	+213.1%	COM	443628102
TSN	TYSON FOODS INC-CL A	7,643 (-88.5%)	$490K (-87.5%)	0.1%	$60.14	+3.6%	CL A	902494103
BTE	BAYTEX ENERGY CORP	12,800 (-98.7%)	$57,053 (-98.2%)	0.0%	$2.44	+41.3%	COM	07317Q105
VLTO	VERALTO CORP	6,399 (-82.7%)	$566K (-84.7%)	0.1%	$105.29	-7.4%	COM SHS	92338C103
FCX	FREEPORT-MCMORAN INC	6,258 (-89.6%)	$368K (-87.9%)	0.1%	$42.46	+43.9%	CL B	35671D857
FLNC	FLUENCE ENERGY INC	33,148 (-78.3%)	$456K (-84.9%)	0.1%	$8.79	+158.7%	COM CL A	34379V103
SU	SUNCOR ENERGY INC	21,882 (-71.5%)	$1.443M (-57.7%)	0.3%	$35.18	+47.3%	COM	867224107
CALM	CAL-MAINE FOODS INC	2,674 (-89.5%)	$212K (-89.6%)	0.0%	$72.04	+12.0%	COM NEW	128030202
SHLS	SHOALS TECHNOLOGIES GROUP -A	362,241 (-24.1%)	$2.384M (-41.3%)	0.4%	$4.42	+113.2%	CL A	82489W107
CGAU	CENTERRA GOLD INC	53,439 (-70.2%)	$945K (-63.5%)	0.2%	$6.54	+169.1%	COM	152006102
PPC	PILGRIM'S PRIDE CORP	5,823 (-86.4%)	$220K (-86.8%)	0.0%	$35.02	+19.3%	COM	72147K108
DAR	DARLING INGREDIENTS INC	70,977 (-21.2%)	$4.39M (+35.3%)	0.8%	$45.46	-0.5%	COM	237266101
CENX	CENTURY ALUMINUM COMPANY	27,031 (-61.0%)	$1.586M (-41.6%)	0.3%	$17.31	+179.6%	COM	156431108
TECK	TECK RESOURCES LTD-CLS B	27,128 (-46.6%)	$1.404M (-42.3%)	0.3%	$43.21	+27.2%	CL B	878742204
MUR	MURPHY OIL CORP	132,978 (-10.7%)	$5.485M (+17.9%)	1.0%	$30.14	+5.4%	COM	626717102
FSM	FORTUNA MINING CORP	21,621 (-71.9%)	$215K (-71.5%)	0.0%	$7.30	+49.9%	COM NEW	349942102
HLX	HELIX ENERGY SOLUTIONS GROUP	184,020 (-10.4%)	$1.82M (+41.3%)	0.3%	$9.71	-17.9%	COM	42330P107
GPRE	GREEN PLAINS INC	84,913 (-8.9%)	$1.397M (+52.9%)	0.3%	$8.76	+40.3%	COM	393222104
HAL	HALLIBURTON CO	73,698 (-13.5%)	$2.873M (+19.4%)	0.5%	$26.68	+25.7%	COM	406216101
BE	BLOOM ENERGY CORP- A	10,712 (-50.7%)	$1.451M (-23.2%)	0.3%	$46.44	+211.5%	COM CL A	093712107
PUMP	PROPETRO HOLDING CORP	111,854 (-47.9%)	$1.612M (-21.1%)	0.3%	$6.82	+59.2%	COM	74347M108
SLB	SLB LTD	42,782 (-8.6%)	$2.199M (+22.3%)	0.4%	$35.70	+35.3%	COM STK	806857108
MGY	MAGNOLIA OIL & GAS CORP - A	70,522 (-15.5%)	$2.226M (+21.9%)	0.4%	$24.91	-0.4%	CL A	559663109
OII	OCEANEERING INTL INC	46,090 (-10.5%)	$1.635M (+32.1%)	0.3%	$16.92	+80.9%	COM	675232102
DVN	DEVON ENERGY CORP	61,221 (-16.8%)	$3.081M (+14.3%)	0.6%	$40.32	-0.2%	COM	25179M103
HP	HELMERICH & PAYNE	34,595 (-37.1%)	$1.246M (-21.0%)	0.2%	$29.67	+12.1%	COM	423452101
WTTR	SELECT WATER SOLUTIONS INC	92,614 (-10.5%)	$1.417M (+30.1%)	0.3%	$8.32	—	CL A COM	81617J301
VET	VERMILION ENERGY INC	73,142 (-10.5%)	$1.005M (+47.7%)	0.2%	$11.28	-15.8%	COM	923725105
XOM	EXXON MOBIL CORP	8,217 (-42.5%)	$1.394M (-18.9%)	0.3%	$109.70	+26.5%	COM	30231G102
ADM	ARCHER-DANIELS-MIDLAND CO	30,071 (-7.3%)	$2.186M (+17.3%)	0.4%	$68.13	-3.7%	COM	039483102
LBRT	LIBERTY ENERGY INC	158,876 (-39.5%)	$4.576M (-5.6%)	0.9%	$14.68	+58.1%	COM CL A	53115L104
EFXT	ENERFLEX LTD	73,638 (-12.1%)	$1.536M (+18.9%)	0.3%	$9.22	+90.2%	COM	29269R105
ERO	ERO COPPER CORP	42,455 (-10.0%)	$1.128M (-15.8%)	0.2%	$15.03	+111.2%	COM	296006109
COP	CONOCOPHILLIPS	29,685 (-25.2%)	$3.918M (+5.4%)	0.7%	$102.60	+0.0%	COM	20825C104
XPRO	EXPRO GROUP HOLDINGS NV	105,716 (-14.4%)	$1.841M (+11.6%)	0.3%	$12.29	+30.3%	COM	N3144W105
CVE	CENOVUS ENERGY INC	22,595 (-11.2%)	$596K (+38.3%)	0.1%	$14.43	+35.9%	COM	15135U109
DNOW	DNOW INC	75,296 (-5.6%)	$897K (-15.1%)	0.2%	$13.16	+10.8%	COM	67011P100
RES	RPC INC	187,238 (-13.7%)	$1.326M (+12.4%)	0.2%	$6.14	-2.8%	COM	749660106
NOV	NOV INC	87,778 (-10.0%)	$1.651M (+8.3%)	0.3%	$15.25	+21.9%	COM	62955J103
ERII	ENERGY RECOVERY INC	22,332 (-11.2%)	$225K (-33.7%)	0.0%	$15.16	-2.2%	COM	29270J100
SXC	SUNCOKE ENERGY INC	75,857 (-10.1%)	$494K (-18.7%)	0.1%	$8.02	-5.0%	COM	86722A103
CRGY	CRESCENT ENERGY INC-A	41,468 (-22.6%)	$560K (+24.6%)	0.1%	$9.21	+1.2%	CL A COM	44952J104
BKR	BAKER HUGHES CO	10,597 (-10.4%)	$647K (+20.1%)	0.1%	$40.04	+40.1%	CL A	05722G100
RNW	RENEW ENERGY GLOBAL PLC-A	59,524 (-10.6%)	$273K (-27.6%)	0.1%	$6.51	-16.4%	CL A SHS	G7500M104
TTI	TETRA TECHNOLOGIES INC	56,435 (-7.5%)	$481K (-15.9%)	0.1%	$7.72	+42.9%	COM	88162F105
CWT	CALIFORNIA WATER SERVICE GRP	28,561 (-9.9%)	$1.295M (-5.7%)	0.2%	$50.92	-12.4%	COM	130788102
RIO	RIO TINTO PLC-SPON ADR	5,142 (-25.4%)	$480K (-13.0%)	0.1%	$66.28	—	SPONSORED ADR	767204100
ICL	ICL GROUP LTD	56,602 (-9.9%)	$293K (-18.3%)	0.1%	$7.52	-27.2%	SHS	M53213100
MUX	MCEWEN INC	33,888 (-14.6%)	$692K (-5.8%)	0.1%	$11.97	+104.3%	COM NEW	58039P305
TX	TERNIUM SA-SPONSORED ADR	18,483 (-9.3%)	$742K (-4.7%)	0.1%	$31.16	—	SPONSORED ADS	880890108
VALE	VALE SA-SP ADR	21,028 (-8.2%)	$335K (+12.1%)	0.1%	$11.13	—	SPONSORED ADS	91912E105
CLB	CORE LABORATORIES INC	31,972 (-10.3%)	$537K (-6.0%)	0.1%	$17.21	+9.4%	COM	21867A105
CDE	COEUR MINING INC	14,912 (-10.1%)	$280K (-5.4%)	0.1%	$6.17	+261.8%	COM NEW	192108504
AEM	AGNICO EAGLE MINES LTD	5,579 (-15.3%)	$1.131M (+1.2%)	0.2%	$73.71	+179.5%	COM	008474108
NFG	NATIONAL FUEL GAS CO	2,231 (-12.0%)	$210K (+3.3%)	0.0%	$59.89	+39.6%	COM	636180101

Unchanged Positions (2)

PTEN PATTERSON-UTI ENERGY INC 0.7%

Value $3.826M Shares 353,300 Est. Cost $8.94 Unrealized -14.6%

GGB GERDAU SA -SPON ADR 0.0%

Value $175K Shares 48,408 Est. Cost $2.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PTEN	PATTERSON-UTI ENERGY INC	353,300	$3.826M	0.7%	$8.94	-14.6%	COM	703481101
GGB	GERDAU SA -SPON ADR	48,408	$175K	0.0%	$2.98	—	SPON ADR REP PFD	373737105