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 1,671 201,627 SH   SOLE   201,627 0 0
AGCO CORP COM 001084102 4,429 46,055 SH   SOLE   46,055 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,501 35,391 SH   SOLE   35,391 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,260 170,077 SH   SOLE   170,077 0 0
ALCOA CORP COM 013872106 901 26,758 SH   SOLE   26,758 0 0
AMER STATES WTR CO COM 029899101 585 7,500 SH   SOLE   7,500 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 2,090 16,058 SH   SOLE   16,058 0 0
ANDERSONS INC COM 034164103 1,067 34,377 SH   SOLE   34,377 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 261 18,871 SH   SOLE   18,871 0 0
APA CORPORATION COM 03743Q108 1,630 47,678 SH   SOLE   47,678 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 319 16,042 SH   SOLE   16,042 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 895 11,122 SH   SOLE   11,122 0 0
ARCHROCK INC COM 03957W106 1,007 156,857 SH   SOLE   156,857 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100 167 10,048 SH   SOLE   10,048 0 0
ATI INC COM 01741R102 2,523 94,808 SH   SOLE   94,808 0 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 2,921 111,049 SH   SOLE   111,049 0 0
B2GOLD CORP COM 11777Q209 9,046 2,807,337 SH   SOLE   2,807,337 0 0
BAKER HUGHES COMPANY CL A 05722G100 584 27,874 SH   SOLE   27,874 0 0
BARRICK GOLD CORP COM 067901108 469 30,275 SH   SOLE   30,275 0 0
BEYOND MEAT INC COM 08862E109 1,673 118,077 SH   SOLE   118,077 0 0
BHP GROUP LTD SPONSORED ADS 088606108 331 6,609 SH   SOLE   6,609 0 0
BP PLC SPONSORED ADR 055622104 605 21,182 SH   SOLE   21,182 0 0
BRF SA SPONSORED ADR 10552T107 37 15,806 SH   SOLE   15,806 0 0
BROOKFIELD RENEWABLE CORP CL A SUB VTG 11284V105 393 12,029 SH   SOLE   12,029 0 0
BUNGE LIMITED COM G16962105 1,856 22,474 SH   SOLE   22,474 0 0
CAL MAINE FOODS INC COM NEW 128030202 2,236 40,220 SH   SOLE   40,220 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 1,903 36,121 SH   SOLE   36,121 0 0
CALLON PETE CO DEL COM 13123X508 2,969 84,813 SH   SOLE   84,813 0 0
CAMECO CORP COM 13321L108 646 24,362 SH   SOLE   24,362 0 0
CANADIAN NAT RES LTD COM 136385101 505 10,806 SH   SOLE   10,806 0 0
CENOVUS ENERGY INC COM 15135U109 298 19,300 SH   SOLE   19,300 0 0
CENTERRA GOLD INC COM 152006102 1,744 394,400 SH   SOLE   394,400 0 0
CENTURY ALUM CO COM 156431108 137 25,865 SH   SOLE   25,865 0 0
CF INDS HLDGS INC COM 125269100 7,232 75,135 SH   SOLE   75,135 0 0
CHAMPIONX CORPORATION COM 15872M104 3,317 169,510 SH   SOLE   169,510 0 0
CHEMOURS CO COM 163851108 4,078 165,422 SH   SOLE   165,422 0 0
CHEVRON CORP NEW COM 166764100 1,202 8,369 SH   SOLE   8,369 0 0
CIVITAS RESOURCES INC COM NEW 17888H103 2,686 46,794 SH   SOLE   46,794 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 334 24,776 SH   SOLE   24,776 0 0
CNH INDL N V SHS N20944109 2,949 264,038 SH   SOLE   264,038 0 0
CNX RES CORP COM 12653C108 281 18,117 SH   SOLE   18,117 0 0
COMMERCIAL METALS CO COM 201723103 529 14,910 SH   SOLE   14,910 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 1,106 121,356 SH   SOLE   121,356 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 51 21,328 SH   SOLE   21,328 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,255 186,481 SH   SOLE   186,481 0 0
COMSTOCK RES INC COM 205768302 2,104 121,708 SH   SOLE   121,708 0 0
CONOCOPHILLIPS COM 20825C104 2,736 26,731 SH   SOLE   26,731 0 0
CONTINENTAL RES INC COM 212015101 3,218 48,162 SH   SOLE   48,162 0 0
CORTEVA INC COM 22052L104 5,770 100,956 SH   SOLE   100,956 0 0
COTERRA ENERGY INC COM 127097103 758 29,020 SH   SOLE   29,020 0 0
CRESCENT PT ENERGY CORP COM 22576C101 3,342 540,600 SH   SOLE   540,600 0 0
DARLING INGREDIENTS INC COM 237266101 4,682 70,785 SH   SOLE   70,785 0 0
DEERE & CO COM 244199105 3,936 11,788 SH   SOLE   11,788 0 0
DEVON ENERGY CORP NEW COM 25179M103 2,347 39,038 SH   SOLE   39,038 0 0
DIAMONDBACK ENERGY INC COM 25278X109 3,963 32,895 SH   SOLE   32,895 0 0
ECOPETROL S A SPONSORED ADS 279158109 164 18,405 SH   SOLE   18,405 0 0
ELDORADO GOLD CORP NEW COM 284902509 832 137,948 SH   SOLE   137,948 0 0
ENERPLUS CORP COM 292766102 344 24,270 SH   SOLE   24,270 0 0
ENI S P A SPONSORED ADR 26874R108 1,547 73,195 SH   SOLE   73,195 0 0
ENPHASE ENERGY INC COM 29355A107 2,210 7,965 SH   SOLE   7,965 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 258 10,850 SH   SOLE   10,850 0 0
EOG RES INC COM 26875P101 3,914 35,032 SH   SOLE   35,032 0 0
EXXON MOBIL CORP COM 30231G102 2,429 27,822 SH   SOLE   27,822 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 1,280 167,966 SH   SOLE   167,966 0 0
FIRST SOLAR INC COM 336433107 2,385 18,030 SH   SOLE   18,030 0 0
FMC CORP COM NEW 302491303 8,432 79,769 SH   SOLE   79,769 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,167 152,486 SH   SOLE   152,486 0 0
GERDAU SA SPON ADR REP PFD 373737105 309 68,447 SH   SOLE   68,447 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 6,517 805,559 SH   SOLE   805,559 0 0
GREEN PLAINS INC COM 393222104 1,031 35,481 SH   SOLE   35,481 0 0
HALLIBURTON CO COM 406216101 2,214 89,942 SH   SOLE   89,942 0 0
HECLA MNG CO COM 422704106 1,675 425,021 SH   SOLE   425,021 0 0
HELMERICH & PAYNE INC COM 423452101 1,522 41,178 SH   SOLE   41,178 0 0
HESS CORP COM 42809H107 727 6,670 SH   SOLE   6,670 0 0
HF SINCLAIR CORP COM 403949100 1,228 22,800 SH   SOLE   22,800 0 0
HORMEL FOODS CORP COM 440452100 6,893 151,688 SH   SOLE   151,688 0 0
HUDBAY MINERALS INC COM 443628102 1,774 438,800 SH   SOLE   438,800 0 0
ICL GROUP LTD. COM M53213100 1,379 168,581 SH   SOLE   168,581 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,266 29,100 SH   SOLE   29,100 0 0
INGREDION INC COM 457187102 2,501 31,061 SH   SOLE   31,061 0 0
KINROSS GOLD CORP COM 496902404 3,558 946,263 SH   SOLE   946,263 0 0
KOSMOS ENERGY LTD COM 500688106 155 29,924 SH   SOLE   29,924 0 0
LIBERTY ENERGY INC COM CL A 53115L104 1,092 86,159 SH   SOLE   86,159 0 0
LIVENT CORP COM 53814L108 917 29,903 SH   SOLE   29,903 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109 1,842 92,979 SH   SOLE   92,979 0 0
MARATHON OIL CORP COM 565849106 2,668 118,177 SH   SOLE   118,177 0 0
MARATHON PETE CORP COM 56585A102 2,465 24,817 SH   SOLE   24,817 0 0
MATADOR RES CO COM 576485205 3,303 67,510 SH   SOLE   67,510 0 0
MOSAIC CO NEW COM 61945C103 769 15,903 SH   SOLE   15,903 0 0
MP MATERIALS CORP COM CL A 553368101 1,338 49,025 SH   SOLE   49,025 0 0
MURPHY OIL CORP COM 626717102 2,301 65,420 SH   SOLE   65,420 0 0
NEWMONT CORP COM 651639106 6,803 161,871 SH   SOLE   161,871 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 338 45,635 SH   SOLE   45,635 0 0
NOV INC COM 62955J103 604 37,352 SH   SOLE   37,352 0 0
NOW INC COM 67011P100 434 43,204 SH   SOLE   43,204 0 0
NUTRIEN LTD COM 67077M108 1,402 16,779 SH   SOLE   16,779 0 0
OCEANEERING INTL INC COM 675232102 324 40,685 SH   SOLE   40,685 0 0
PAN AMERN SILVER CORP COM 697900108 1,648 103,764 SH   SOLE   103,764 0 0
PATTERSON-UTI ENERGY INC COM 703481101 1,495 127,995 SH   SOLE   127,995 0 0
PDC ENERGY INC COM 69327R101 2,241 38,780 SH   SOLE   38,780 0 0
PENTAIR PLC SHS G7S00T104 829 20,397 SH   SOLE   20,397 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105 1,143 168,094 SH   SOLE   168,094 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,215 179,501 SH   SOLE   179,501 0 0
PHILLIPS 66 COM 718546104 689 8,535 SH   SOLE   8,535 0 0
PILGRIMS PRIDE CORP COM 72147K108 2,222 96,529 SH   SOLE   96,529 0 0
PIONEER NAT RES CO COM 723787107 2,682 12,385 SH   SOLE   12,385 0 0
POTLATCHDELTIC CORPORATION COM 737630103 1,891 46,075 SH   SOLE   46,075 0 0
RANGE RES CORP COM 75281A109 1,389 54,971 SH   SOLE   54,971 0 0
RAYONIER INC COM 754907103 2,280 76,088 SH   SOLE   76,088 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 2,478 14,208 SH   SOLE   14,208 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,815 32,964 SH   SOLE   32,964 0 0
ROYAL GOLD INC COM 780287108 879 9,368 SH   SOLE   9,368 0 0
RPC INC COM 749660106 728 105,013 SH   SOLE   105,013 0 0
SCHLUMBERGER LTD COM STK 806857108 1,939 54,018 SH   SOLE   54,018 0 0
SM ENERGY CO COM 78454L100 3,206 85,236 SH   SOLE   85,236 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 1,079 11,887 SH   SOLE   11,887 0 0
SOUTHERN COPPER CORP COM 84265V105 4,029 89,862 SH   SOLE   89,862 0 0
SOUTHWESTERN ENERGY CO COM 845467109 542 88,621 SH   SOLE   88,621 0 0
SSR MNG INC COM 784730103 542 88,621 SH   SOLE   88,621 0 0
STEEL DYNAMICS INC COM 858119100 926 13,052 SH   SOLE   13,052 0 0
SUNCOKE ENERGY INC COM 86722A103 313 53,897 SH   SOLE   53,897 0 0
SUNCOR ENERGY INC NEW COM 867224107 2,393 84,600 SH   SOLE   84,600 0 0
SUNPOWER CORP COM 867652406 397 17,216 SH   SOLE   17,216 0 0
TALOS ENERGY INC COM 87484T108 3,268 196,290 SH   SOLE   196,290 0 0
TECK RESOURCES LTD CL B 878742204 5,989 196,924 SH   SOLE   196,924 0 0
TELLURIAN INC NEW COM 87968A104 601 251,582 SH   SOLE   251,582 0 0
TENARIS S A SPONSORED ADS 88031M109 731 28,284 SH   SOLE   28,284 0 0
TERNIUM SA SPONSORED ADS 880890108 2,916 106,465 SH   SOLE   106,465 0 0
TIMKENSTEEL CORPORATION COM 887399103 309 20,618 SH   SOLE   20,618 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109 4,539 97,580 SH   SOLE   97,580 0 0
TPI COMPOSITES INC COM 87266J104 667 59,164 SH   SOLE   59,164 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,446 585,246 SH   SOLE   585,246 0 0
TURQUOISE HILL RES LTD COM 900435207 1,090 36,859 SH   SOLE   36,859 0 0
TYSON FOODS INC CL A 902494103 3,021 45,816 SH   SOLE   45,816 0 0
U S SILICA HLDGS INC COM 90346E103 1,710 156,206 SH   SOLE   156,206 0 0
UNITED STATES STL CORP NEW COM 912909108 2,797 154,378 SH   SOLE   154,378 0 0
VALE S A SPONSORED ADS 91912E105 3,204 240,555 SH   SOLE   240,555 0 0
VALERO ENERGY CORP COM 91913Y100 1,720 16,098 SH   SOLE   16,098 0 0
VERMILION ENERGY INC COM 923725105 802 37,300 SH   SOLE   37,300 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 352 12,283 SH   SOLE   12,283 0 0
WARRIOR MET COAL INC COM 93627C101 560 19,678 SH   SOLE   19,678 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 1,628 56,994 SH   SOLE   56,994 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 1,156 35,717 SH   SOLE   35,717 0 0
YAMANA GOLD INC COM 98462Y100 75 16,461 SH   SOLE   16,461 0 0