The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADECOAGRO S A COM L00849106 1,687 199,416 SH   SOLE   199,416 0 0
AGCO CORP COM 001084102 4,144 41,984 SH   SOLE   41,984 0 0
AGNICO EAGLE MINES LTD COM 008474108 3,206 70,023 SH   SOLE   70,023 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 3,206 456,633 SH   SOLE   456,633 0 0
ALCOA CORP COM 013872106 217 4,767 SH   SOLE   4,767 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 5,652 248,899 SH   SOLE   248,899 0 0
AMER STATES WTR CO COM 029899101 1,248 15,305 SH   SOLE   15,305 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,759 11,825 SH   SOLE   11,825 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 330 22,295 SH   SOLE   22,295 0 0
ANTERO RESOURCES CORP COM 03674X106 258 8,430 SH   SOLE   8,430 0 0
APA CORPORATION COM 03743Q108 2,434 69,744 SH   SOLE   69,744 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 364 16,113 SH   SOLE   16,113 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,965 25,327 SH   SOLE   25,327 0 0
ARCHROCK INC COM 03957W106 1,770 214,018 SH   SOLE   214,018 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100 364 33,053 SH   SOLE   33,053 0 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 4,758 147,477 SH   SOLE   147,477 0 0
B2GOLD CORP COM 11777Q209 6,053 1,785,798 SH   SOLE   1,785,798 0 0
BAKER HUGHES COMPANY CL A 05722G100 1,267 43,875 SH   SOLE   43,875 0 0
BARRICK GOLD CORP COM 067901108 1,077 60,897 SH   SOLE   60,897 0 0
BHP GROUP LTD SPONSORED ADS 088606108 345 6,143 SH   SOLE   6,143 0 0
BLOOM ENERGY CORP COM CL A 093712107 777 47,065 SH   SOLE   47,065 0 0
BP PLC SPONSORED ADR 055622104 565 19,939 SH   SOLE   19,939 0 0
BRF SA SPONSORED ADR 10552T107 40 15,806 SH   SOLE   15,806 0 0
BUNGE LIMITED COM G16962105 3,764 41,505 SH   SOLE   41,505 0 0
CAL MAINE FOODS INC COM NEW 128030202 4,365 88,339 SH   SOLE   88,339 0 0
CALIFORNIA RES CORP COM STOCK 13057Q305 346 8,990 SH   SOLE   8,990 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 2,552 45,947 SH   SOLE   45,947 0 0
CALLON PETE CO DEL COM 13123X508 1,729 44,104 SH   SOLE   44,104 0 0
CAMECO CORP COM 13321L108 1,978 94,119 SH   SOLE   94,119 0 0
CANADIAN NAT RES LTD COM 136385101 4,457 83,029 SH   SOLE   83,029 0 0
CENOVUS ENERGY INC COM 15135U109 367 19,300 SH   SOLE   19,300 0 0
CENTENNIAL RESOURCE DEV INC CL A 15136A102 1,830 305,978 SH   SOLE   305,978 0 0
CENTERRA GOLD INC COM 152006102 2,935 432,700 SH   SOLE   432,700 0 0
CF INDS HLDGS INC COM 125269100 11,948 139,364 SH   SOLE   139,364 0 0
CHAMPIONX CORPORATION COM 15872M104 4,443 223,818 SH   SOLE   223,818 0 0
CHEMOURS CO COM 163851108 4,910 153,330 SH   SOLE   153,330 0 0
CHEVRON CORP NEW COM 166764100 1,757 12,137 SH   SOLE   12,137 0 0
CHINA PETROLEUM & CHEMICAL C SPON ADR H SHS 16941R108 270 6,024 SH   SOLE   6,024 0 0
CIVITAS RESOURCES INC COM NEW 17888H103 6,102 116,691 SH   SOLE   116,691 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 365 23,743 SH   SOLE   23,743 0 0
CNH INDL N V SHS N20944109 2,420 208,770 SH   SOLE   208,770 0 0
CNX RES CORP COM 12653C108 710 43,151 SH   SOLE   43,151 0 0
COMMERCIAL METALS CO COM 201723103 493 14,907 SH   SOLE   14,907 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 1,695 212,109 SH   SOLE   212,109 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 2,854 974,052 SH   SOLE   974,052 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,043 158,013 SH   SOLE   158,013 0 0
COMSTOCK RES INC COM 205768302 5,500 455,325 SH   SOLE   455,325 0 0
CONOCOPHILLIPS COM 20825C104 3,168 35,275 SH   SOLE   35,275 0 0
CONTINENTAL RES INC COM 212015101 3,595 55,011 SH   SOLE   55,011 0 0
CORE LABORATORIES N V COM N22717107 1,160 58,558 SH   SOLE   58,558 0 0
CORTEVA INC COM 22052L104 7,109 131,304 SH   SOLE   131,304 0 0
COTERRA ENERGY INC COM 127097103 2,228 86,400 SH   SOLE   86,400 0 0
CRESCENT PT ENERGY CORP COM 22576C101 4,883 686,800 SH   SOLE   686,800 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 499 6,985 SH   SOLE   6,985 0 0
DARLING INGREDIENTS INC COM 237266101 8,250 137,952 SH   SOLE   137,952 0 0
DEERE & CO COM 244199105 3,359 11,217 SH   SOLE   11,217 0 0
DEVON ENERGY CORP NEW COM 25179M103 2,276 41,307 SH   SOLE   41,307 0 0
DIAMONDBACK ENERGY INC COM 25278X109 5,132 42,363 SH   SOLE   42,363 0 0
ECOPETROL S A SPONSORED ADS 279158109 701 64,574 SH   SOLE   64,574 0 0
ELDORADO GOLD CORP NEW COM 284902509 886 138,605 SH   SOLE   138,605 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 1,581 503,489 SH   SOLE   503,489 0 0
ENERPLUS CORP COM 292766102 1,250 94,459 SH   SOLE   94,459 0 0
ENI S P A SPONSORED ADR 26874R108 723 30,364 SH   SOLE   30,364 0 0
ENPHASE ENERGY INC COM 29355A107 3,250 16,645 SH   SOLE   16,645 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 266 10,900 SH   SOLE   10,900 0 0
EOG RES INC COM 26875P101 4,147 37,551 SH   SOLE   37,551 0 0
EQUINOR ASA SPONSORED ADR 29446M102 257 7,406 SH   SOLE   7,406 0 0
EXXON MOBIL CORP COM 30231G102 2,282 26,645 SH   SOLE   26,645 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 1,995 277,804 SH   SOLE   277,804 0 0
FIRST SOLAR INC COM 336433107 2,333 34,242 SH   SOLE   34,242 0 0
FMC CORP COM NEW 302491303 10,887 101,738 SH   SOLE   101,738 0 0
FRANCO NEV CORP COM 351858105 321 2,439 SH   SOLE   2,439 0 0
FREEPORT-MCMORAN INC CL B 35671D857 6,638 226,877 SH   SOLE   226,877 0 0
GERDAU SA SPON ADR REP PFD 373737105 2,286 532,848 SH   SOLE   532,848 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 8,665 950,128 SH   SOLE   950,128 0 0
GREEN PLAINS INC COM 393222104 968 35,641 SH   SOLE   35,641 0 0
HALLIBURTON CO COM 406216101 3,463 110,417 SH   SOLE   110,417 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 120 38,457 SH   SOLE   38,457 0 0
HECLA MNG CO COM 422704106 3,228 823,473 SH   SOLE   823,473 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 1,092 352,181 SH   SOLE   352,181 0 0
HELMERICH & PAYNE INC COM 423452101 3,022 70,188 SH   SOLE   70,188 0 0
HESS CORP COM 42809H107 2,420 22,846 SH   SOLE   22,846 0 0
HF SINCLAIR CORP COM 403949100 1,030 22,800 SH   SOLE   22,800 0 0
HORMEL FOODS CORP COM 440452100 8,977 189,556 SH   SOLE   189,556 0 0
HUDBAY MINERALS INC COM 443628102 1,788 439,100 SH   SOLE   439,100 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,367 29,000 SH   SOLE   29,000 0 0
INGREDION INC COM 457187102 4,749 53,869 SH   SOLE   53,869 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100 1,550 22,412 SH   SOLE   22,412 0 0
KINROSS GOLD CORP COM 496902404 4,164 1,163,110 SH   SOLE   1,163,110 0 0
KOSMOS ENERGY LTD COM 500688106 511 82,621 SH   SOLE   82,621 0 0
LIBERTY ENERGY INC COM CL A 53115L104 1,051 82,336 SH   SOLE   82,336 0 0
LIVENT CORP COM 53814L108 683 30,082 SH   SOLE   30,082 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109 590 28,095 SH   SOLE   28,095 0 0
MARATHON OIL CORP COM 565849106 1,734 77,129 SH   SOLE   77,129 0 0
MARATHON PETE CORP COM 56585A102 2,050 24,936 SH   SOLE   24,936 0 0
MATADOR RES CO COM 576485205 3,344 71,781 SH   SOLE   71,781 0 0
MOSAIC CO NEW COM 61945C103 2,198 46,536 SH   SOLE   46,536 0 0
MP MATERIALS CORP COM CL A 553368101 1,035 32,253 SH   SOLE   32,253 0 0
MRC GLOBAL INC COM 55345K103 512 51,385 SH   SOLE   51,385 0 0
MURPHY OIL CORP COM 626717102 1,346 44,579 SH   SOLE   44,579 0 0
NATIONAL FUEL GAS CO COM 636180101 209 3,164 SH   SOLE   3,164 0 0
NEWMONT CORP COM 651639106 2,456 41,165 SH   SOLE   41,165 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 429 45,081 SH   SOLE   45,081 0 0
NORTHERN OIL AND GAS INC MN COM 665531307 343 13,598 SH   SOLE   13,598 0 0
NOV INC COM 62955J103 1,717 101,529 SH   SOLE   101,529 0 0
NOW INC COM 67011P100 423 43,204 SH   SOLE   43,204 0 0
NUTRIEN LTD COM 67077M108 2,750 34,467 SH   SOLE   34,467 0 0
OCEANEERING INTL INC COM 675232102 432 40,491 SH   SOLE   40,491 0 0
PAN AMERN SILVER CORP COM 697900108 4,135 210,211 SH   SOLE   210,211 0 0
PATTERSON-UTI ENERGY INC COM 703481101 3,561 225,973 SH   SOLE   225,973 0 0
PDC ENERGY INC COM 69327R101 2,511 40,759 SH   SOLE   40,759 0 0
PENTAIR PLC SHS G7S00T104 2,757 60,240 SH   SOLE   60,240 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,726 37,016 SH   SOLE   37,016 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 3,870 331,358 SH   SOLE   331,358 0 0
PHILLIPS 66 COM 718546104 703 8,575 SH   SOLE   8,575 0 0
PILGRIMS PRIDE CORP COM 72147K108 4,475 143,290 SH   SOLE   143,290 0 0
PIONEER NAT RES CO COM 723787107 2,797 12,537 SH   SOLE   12,537 0 0
PLUG POWER INC COM NEW 72919P202 439 26,488 SH   SOLE   26,488 0 0
POTLATCHDELTIC CORPORATION COM 737630103 864 19,558 SH   SOLE   19,558 0 0
PROPETRO HLDG CORP COM 74347M108 1,658 165,795 SH   SOLE   165,795 0 0
RANGE RES CORP COM 75281A109 2,197 88,778 SH   SOLE   88,778 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 2,275 13,394 SH   SOLE   13,394 0 0
RIO TINTO PLC SPONSORED ADR 767204100 4,620 75,730 SH   SOLE   75,730 0 0
ROYAL GOLD INC COM 780287108 1,068 10,002 SH   SOLE   10,002 0 0
RPC INC COM 749660106 988 143,042 SH   SOLE   143,042 0 0
SANDERSON FARMS INC COM 800013104 4,067 18,868 SH   SOLE   18,868 0 0
SCHLUMBERGER LTD COM STK 806857108 1,862 52,082 SH   SOLE   52,082 0 0
SILVERCORP METALS INC COM 82835P103 423 170,625 SH   SOLE   170,625 0 0
SM ENERGY CO COM 78454L100 4,282 125,230 SH   SOLE   125,230 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 2,882 34,499 SH   SOLE   34,499 0 0
SOUTHERN COPPER CORP COM 84265V105 6,323 126,948 SH   SOLE   126,948 0 0
SOUTHWESTERN ENERGY CO COM 845467109 139 22,250 SH   SOLE   22,250 0 0
SSR MNG INC COM 784730103 4,514 270,279 SH   SOLE   270,279 0 0
STEEL DYNAMICS INC COM 858119100 1,091 16,491 SH   SOLE   16,491 0 0
SUNCOKE ENERGY INC COM 86722A103 394 57,849 SH   SOLE   57,849 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,012 85,900 SH   SOLE   85,900 0 0
SUNPOWER CORP COM 867652406 1,797 113,631 SH   SOLE   113,631 0 0
TALOS ENERGY INC COM 87484T108 1,926 124,469 SH   SOLE   124,469 0 0
TECK RESOURCES LTD CL B 878742204 1,478 48,355 SH   SOLE   48,355 0 0
TELLURIAN INC NEW COM 87968A104 251 84,139 SH   SOLE   84,139 0 0
TENARIS S A SPONSORED ADS 88031M109 824 32,066 SH   SOLE   32,066 0 0
TERNIUM SA SPONSORED ADS 880890108 3,498 96,915 SH   SOLE   96,915 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109 6,496 123,403 SH   SOLE   123,403 0 0
TPI COMPOSITES INC COM 87266J104 1,713 137,018 SH   SOLE   137,018 0 0
TRANSOCEAN LTD REG SHS H8817H100 3,038 912,276 SH   SOLE   912,276 0 0
TURQUOISE HILL RES LTD COM 900435207 1,347 50,281 SH   SOLE   50,281 0 0
TYSON FOODS INC CL A 902494103 8,284 96,254 SH   SOLE   96,254 0 0
U S SILICA HLDGS INC COM 90346E103 1,773 155,221 SH   SOLE   155,221 0 0
UNITED STATES STL CORP NEW COM 912909108 633 35,350 SH   SOLE   35,350 0 0
VALE S A SPONSORED ADS 91912E105 3,225 220,460 SH   SOLE   220,460 0 0
VALERO ENERGY CORP COM 91913Y100 1,719 16,174 SH   SOLE   16,174 0 0
VERMILION ENERGY INC COM 923725105 5,195 272,900 SH   SOLE   272,900 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 2,018 60,932 SH   SOLE   60,932 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 1,958 54,340 SH   SOLE   54,340 0 0
YAMANA GOLD INC COM 98462Y100 163 35,018 SH   SOLE   35,018 0 0