Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XOM	EXXONMOBIL HOLDINGS CORP	112,300	$18.28M	6.1%	$162.75	$162.75	—	COM SHS	30233Q108
NTR	NUTRIEN LTD	236,500	$16.61M	5.6%	$70.25	$71.22	-1.4%	COM	67077M108
YPF	YPF SOCIEDAD ANONIMA	202,800	$10.17M	3.4%	$50.13	$51.08	-1.9%	SPONSORED ADS	984245100
VIST	VISTA ENERGY S.A.B. DE C.V.	154,100	$10.07M	3.4%	$65.35	$68.67	-4.8%	SPONSORED ADS	92837L109
ADM	ARCHER DANIELS MIDLAND CO	126,200	$10.02M	3.4%	$79.38	$81.95	-3.1%	COM	039483102
BG	BUNGE GLOBAL SA	86,800	$9.283M	3.1%	$106.95	$114.41	-6.5%	COM SHS	H11356104
GPRK	GEOPARK LTD	327,900	$3.427M	1.2%	$10.45	$10.22	+2.3%	USD SHS	G38327105
SYM	SYMBOTIC INC	47,300	$1.99M	0.7%	$42.07	$42.18	-0.3%	CLASS A COM	87151X101
SPCX	SPACE EXPLORATION TECHN CORP	11,800	$1.78M	0.6%	$150.86	$138.41	+9.0%	CLASS A COM STK	84615Q103

Increased Positions (16)

CGAU CENTERRA GOLD INC 7.0%

Value $20.68M (+41.7%) Shares 949,300 (+3.2%) Share Price $21.78 Est. Cost/Share $12.75 Unrealized @ Report Date +70.8%

AGRO ADECOAGRO S A 2.9%

Value $8.567M (+182.9%) Shares 844,900 (+166.4%) Share Price $10.14 Est. Cost/Share $11.30 Unrealized @ Report Date -10.2%

CNQ CANADIAN NAT RES LTD MED TER 5.8%

Value $17.19M (+45.3%) Shares 365,200 (+21.9%) Share Price $47.07 Est. Cost/Share $45.76 Unrealized @ Report Date +2.9%

PBR PETROLEO BRASILEIRO S A 6.3%

Value $18.63M (+39.4%) Shares 892,600 (+8.0%) Share Price $20.87 Est. Cost/Share $16.22 Unrealized @ Report Date +28.7%

CVE CENOVUS ENERGY INC 6.0%

Value $17.71M (+40.7%) Shares 569,900 (+12.3%) Share Price $31.08 Est. Cost/Share $27.89 Unrealized @ Report Date +11.5%

TGB TREKOR METALS LTD 5.7%

Value $16.83M (+33.7%) Shares 1,889,300 (+3.2%) Share Price $8.91 Est. Cost/Share $6.94 Unrealized @ Report Date —

CVX CHEVRON CORPORATION 6.3%

Value $18.81M (+27.1%) Shares 92,100 (+3.1%) Share Price $204.21 Est. Cost/Share $186.45 Unrealized @ Report Date +9.5%

COP CONOCOPHILLIPS 6.3%

Value $18.79M (+24.2%) Shares 150,100 (+3.2%) Share Price $125.15 Est. Cost/Share $111.99 Unrealized @ Report Date +11.8%

WEAT TEUCRIUM COMMODITY TR 5.6%

Value $16.7M (+15.1%) Shares 679,600 (+3.2%) Share Price $24.57 Est. Cost/Share $23.30 Unrealized @ Report Date +5.4%

WPM WHEATON PRECIOUS METALS CORP 1.1%

Value $3.396M (+124.0%) Shares 25,400 (+88.1%) Share Price $133.72 Est. Cost/Share $135.90 Unrealized @ Report Date -1.6%

RGLD ROYAL GOLD INC 1.1%

Value $3.375M (+122.5%) Shares 14,300 (+88.2%) Share Price $236.00 Est. Cost/Share $213.78 Unrealized @ Report Date +10.4%

FNV FRANCO NEV CORP 1.1%

Value $3.357M (+114.8%) Shares 14,100 (+88.0%) Share Price $238.11 Est. Cost/Share $242.91 Unrealized @ Report Date -2.0%

DBA INVESCO DB MULTI-SECTOR COMM 6.3%

Value $18.75M (+8.9%) Shares 666,400 (+3.2%) Share Price $28.14 Est. Cost/Share $27.30 Unrealized @ Report Date +3.1%

CF CF INDUSTRIES HOLD 5.3%

Value $15.74M (+9.8%) Shares 136,600 (+3.2%) Share Price $115.20 Est. Cost/Share $118.02 Unrealized @ Report Date -2.4%

NKLR TERRA INNOVATUM GLOBAL NV 0.3%

Value $944K (-29.0%) Shares 278,500 (+3.0%) Share Price $3.39 Est. Cost/Share $6.49 Unrealized @ Report Date -47.7%

HUN HUNTSMAN CORP 3.2%

Value $9.399M (-0.7%) Shares 1,118,900 (+25.5%) Share Price $8.40 Est. Cost/Share $12.17 Unrealized @ Report Date -31.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CGAU	CENTERRA GOLD INC	949,300 (+3.2%)	$20.68M (+41.7%)	7.0%	$21.78	$12.75	+70.8%	COM	152006102
AGRO	ADECOAGRO S A	844,900 (+166.4%)	$8.567M (+182.9%)	2.9%	$10.14	$11.30	-10.2%	COM	L00849106
CNQ	CANADIAN NAT RES LTD MED TER	365,200 (+21.9%)	$17.19M (+45.3%)	5.8%	$47.07	$45.76	+2.9%	COM	136385101
PBR	PETROLEO BRASILEIRO S A	892,600 (+8.0%)	$18.63M (+39.4%)	6.3%	$20.87	$16.22	+28.7%	SPONSORED ADR	71654V408
CVE	CENOVUS ENERGY INC	569,900 (+12.3%)	$17.71M (+40.7%)	6.0%	$31.08	$27.89	+11.5%	COM	15135U109
TGB	TREKOR METALS LTD	1,889,300 (+3.2%)	$16.83M (+33.7%)	5.7%	$8.91	$6.94	—	COM	89472Y107
CVX	CHEVRON CORPORATION	92,100 (+3.1%)	$18.81M (+27.1%)	6.3%	$204.21	$186.45	+9.5%	COM	166764100
COP	CONOCOPHILLIPS	150,100 (+3.2%)	$18.79M (+24.2%)	6.3%	$125.15	$111.99	+11.8%	COM	20825C104
WEAT	TEUCRIUM COMMODITY TR	679,600 (+3.2%)	$16.7M (+15.1%)	5.6%	$24.57	$23.30	+5.4%	WHEAT FD	88166A870
WPM	WHEATON PRECIOUS METALS CORP	25,400 (+88.1%)	$3.396M (+124.0%)	1.1%	$133.72	$135.90	-1.6%	COM	962879102
RGLD	ROYAL GOLD INC	14,300 (+88.2%)	$3.375M (+122.5%)	1.1%	$236.00	$213.78	+10.4%	COM	780287108
FNV	FRANCO NEV CORP	14,100 (+88.0%)	$3.357M (+114.8%)	1.1%	$238.11	$242.91	-2.0%	COM	351858105
DBA	INVESCO DB MULTI-SECTOR COMM	666,400 (+3.2%)	$18.75M (+8.9%)	6.3%	$28.14	$27.30	+3.1%	AGRICULTURE FD	46140H106
CF	CF INDUSTRIES HOLD	136,600 (+3.2%)	$15.74M (+9.8%)	5.3%	$115.20	$118.02	-2.4%	COM	125269100
NKLR	TERRA INNOVATUM GLOBAL NV	278,500 (+3.0%)	$944K (-29.0%)	0.3%	$3.39	$6.49	-47.7%	ORD SHS	N85083108
HUN	HUNTSMAN CORP	1,118,900 (+25.5%)	$9.399M (-0.7%)	3.2%	$8.40	$12.17	-31.0%	COM	447011107

Exited Positions (6)

VNOM VIPER ENERGY INC 4.5%

Value $13.31M Shares 314,000 Share Price $42.40 * Est. Cost/Share $42.85 Unrealized @ Report Date -6.9%

XOM EXXON MOBIL CORP 4.1%

Value $12.14M Shares 88,800 Share Price $136.72 * Est. Cost/Share $133.92 Unrealized @ Report Date +21.5%

AR ANTERO RESOURCES CORP 2.9%

Value $8.75M Shares 249,000 Share Price $35.14 * Est. Cost/Share $36.82 Unrealized @ Report Date -9.3%

CXW CORECIVIC INC 1.6%

Value $4.9M Shares 161,300 Share Price $30.38 * Est. Cost/Share $18.32 Unrealized @ Report Date +76.0%

CTVA CORTEVA INC 1.1%

Value $3.159M Shares 37,300 Share Price $84.69 * Est. Cost/Share $80.30 Unrealized @ Report Date -3.3%

OLN OLIN CORP 0.9%

Value $2.688M Shares 135,600 Share Price $19.82 * Est. Cost/Share $26.14 Unrealized @ Report Date -40.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VNOM	VIPER ENERGY INC	314,000	$13.31M	4.5%	$42.40 *	$42.85	-6.9%	—	64361Q101
XOM	EXXON MOBIL CORP	88,800	$12.14M	4.1%	$136.72 *	$133.92	+21.5%	—	30231G102
AR	ANTERO RESOURCES CORP	249,000	$8.75M	2.9%	$35.14 *	$36.82	-9.3%	—	03674X106
CXW	CORECIVIC INC	161,300	$4.9M	1.6%	$30.38 *	$18.32	+76.0%	—	21871N101
CTVA	CORTEVA INC	37,300	$3.159M	1.1%	$84.69 *	$80.30	-3.3%	—	22052L104
OLN	OLIN CORP	135,600	$2.688M	0.9%	$19.82 *	$26.14	-40.7%	—	680665205

Decreased Positions (2)

CORN TEUCRIUM COMMODITY TR 1.1%

Value $3.3M (-71.5%) Shares 173,300 (-74.9%) Share Price $19.04 Est. Cost/Share $17.89 Unrealized @ Report Date +6.4%

CANE TEUCRIUM COMMODITY TR 1.2%

Value $3.553M (-62.5%) Shares 315,500 (-67.4%) Share Price $11.26 Est. Cost/Share $9.67 Unrealized @ Report Date +16.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CORN	TEUCRIUM COMMODITY TR	173,300 (-74.9%)	$3.3M (-71.5%)	1.1%	$19.04	$17.89	+6.4%	CORN FD SHS	88166A102
CANE	TEUCRIUM COMMODITY TR	315,500 (-67.4%)	$3.553M (-62.5%)	1.2%	$11.26	$9.67	+16.5%	SUGAR FD	88166A409