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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGCO CORP COM 001084102   4,557,097 46,558 SH   SOLE   46,558 0 0
AGNICO EAGLE MINES LTD COM 008474108   5,987,622 91,585 SH   SOLE   91,585 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   2,369,013 151,085 SH   SOLE   151,085 0 0
ALBEMARLE CORP COM 012653101   523,736 5,483 SH   SOLE   5,483 0 0
ALCOA CORP COM 013872106   2,976,061 74,813 SH   SOLE   74,813 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   4,108,450 31,809 SH   SOLE   31,809 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   1,259,666 50,126 SH   SOLE   50,126 0 0
APA CORPORATION COM 03743Q108   3,434,559 116,663 SH   SOLE   116,663 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203   400,885 17,483 SH   SOLE   17,483 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   5,759,797 95,282 SH   SOLE   95,282 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100   3,118,014 303,900 SH   SOLE   303,900 0 0
ATI INC COM 01741R102   3,158,876 56,968 SH   SOLE   56,968 0 0
B2GOLD CORP COM 11777Q209   4,897,728 1,817,452 SH   SOLE   1,817,452 0 0
BAKER HUGHES COMPANY CL A 05722G100   2,071,548 58,901 SH   SOLE   58,901 0 0
BARRICK GOLD CORP COM 067901108   1,775,820 106,464 SH   SOLE   106,464 0 0
BAYTEX ENERGY CORP COM 07317Q105   1,239,077 357,800 SH   SOLE   357,800 0 0
BHP GROUP LTD SPONSORED ADS 088606108   266,667 4,671 SH   SOLE   4,671 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101   1,295,972 82,704 SH   SOLE   82,704 0 0
BROOKFIELD RENEWABLE CORP CL A SUB VTG 11284V105   486,405 17,139 SH   SOLE   17,139 0 0
BUNGE GLOBAL SA COM SHS H11356104   5,960,115 55,822 SH   SOLE   55,822 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,000,921 16,379 SH   SOLE   16,379 0 0
CALIFORNIA WTR SVC GROUP COM 130788102   1,774,782 36,601 SH   SOLE   36,601 0 0
CANADIAN NAT RES LTD COM 136385101   1,942,937 54,574 SH   SOLE   54,574 0 0
CENOVUS ENERGY INC COM 15135U109   3,603,670 183,500 SH   SOLE   183,500 0 0
CENTERRA GOLD INC COM 152006102   2,351,188 349,800 SH   SOLE   349,800 0 0
CF INDS HLDGS INC COM 125269100   443,238 5,980 SH   SOLE   5,980 0 0
CHAMPIONX CORPORATION COM 15872M104   2,351,069 70,794 SH   SOLE   70,794 0 0
CHEVRON CORP NEW COM 166764100   269,668 1,724 SH   SOLE   1,724 0 0
CHORD ENERGY CORPORATION COM NEW 674215207   2,216,562 13,219 SH   SOLE   13,219 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   2,333,097 33,813 SH   SOLE   33,813 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   284,346 18,476 SH   SOLE   18,476 0 0
CNH INDL N V SHS N20944109   5,033,820 496,922 SH   SOLE   496,922 0 0
CNX RES CORP COM 12653C108   3,381,321 139,149 SH   SOLE   139,149 0 0
COEUR MNG INC COM NEW 192108504   2,220,962 395,189 SH   SOLE   395,189 0 0
COMMERCIAL METALS CO COM 201723103   1,869,220 33,992 SH   SOLE   33,992 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   868,184 64,549 SH   SOLE   64,549 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104   1,274,199 75,174 SH   SOLE   75,174 0 0
COMPASS MINERALS INTL INC COM 20451N101   334,330 32,365 SH   SOLE   32,365 0 0
COMSTOCK RES INC COM 205768302   156,551 15,082 SH   SOLE   15,082 0 0
CONOCOPHILLIPS COM 20825C104   5,424,586 47,426 SH   SOLE   47,426 0 0
CORTEVA INC COM 22052L104   4,598,978 85,261 SH   SOLE   85,261 0 0
COTERRA ENERGY INC COM 127097103   2,602,192 97,570 SH   SOLE   97,570 0 0
CRESCENT ENERGY COMPANY CL A COM 44952J104   1,311,368 110,664 SH   SOLE   110,664 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   1,386,898 94,993 SH   SOLE   94,993 0 0
DARLING INGREDIENTS INC COM 237266101   6,570,569 178,791 SH   SOLE   178,791 0 0
DEERE & CO COM 244199105   5,657,132 15,141 SH   SOLE   15,141 0 0
DEVON ENERGY CORP NEW COM 25179M103   3,234,529 68,239 SH   SOLE   68,239 0 0
DIAMONDBACK ENERGY INC COM 25278X109   342,725 1,712 SH   SOLE   1,712 0 0
DNOW INC COM 67011P100   293,081 21,346 SH   SOLE   21,346 0 0
ELDORADO GOLD CORP NEW COM 284902509   324,611 21,948 SH   SOLE   21,948 0 0
ENERFLEX LTD COM 29269R105   186,557 34,600 SH   SOLE   34,600 0 0
ENPHASE ENERGY INC COM 29355A107   554,886 5,565 SH   SOLE   5,565 0 0
EOG RES INC COM 26875P101   4,547,431 36,128 SH   SOLE   36,128 0 0
EQT CORP COM 26884L109   363,329 9,825 SH   SOLE   9,825 0 0
EQUINOX GOLD CORP COM 29446Y502   921,244 176,146 SH   SOLE   176,146 0 0
ERO COPPER CORP COM 296006109   895,099 41,900 SH   SOLE   41,900 0 0
EXPRO GROUP HOLDINGS NV COM N3144W105   1,562,250 68,161 SH   SOLE   68,161 0 0
EXXON MOBIL CORP COM 30231G102   425,023 3,692 SH   SOLE   3,692 0 0
FMC CORP COM NEW 302491303   4,209,265 73,141 SH   SOLE   73,141 0 0
FRANCO NEV CORP COM 351858105   669,045 5,645 SH   SOLE   5,645 0 0
FREEPORT-MCMORAN INC CL B 35671D857   4,513,190 92,864 SH   SOLE   92,864 0 0
GEOPARK LTD USD SHS G38327105   240,867 21,997 SH   SOLE   21,997 0 0
GERDAU SA SPON ADR REP PFD 373737105   146,365 44,353 SH   SOLE   44,353 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   2,569,326 172,438 SH   SOLE   172,438 0 0
HALLIBURTON CO COM 406216101   2,338,623 69,231 SH   SOLE   69,231 0 0
HECLA MNG CO COM 422704106   2,690,717 554,787 SH   SOLE   554,787 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107   353,364 29,595 SH   SOLE   29,595 0 0
HELMERICH & PAYNE INC COM 423452101   5,026,713 139,090 SH   SOLE   139,090 0 0
HESS CORP COM 42809H107   327,347 2,219 SH   SOLE   2,219 0 0
HORMEL FOODS CORP COM 440452100   4,018,978 131,813 SH   SOLE   131,813 0 0
HUDBAY MINERALS INC COM 443628102   1,918,408 212,100 SH   SOLE   212,100 0 0
ICL GROUP LTD SHS M53213100   1,019,513 238,204 SH   SOLE   238,204 0 0
IMPERIAL OIL LTD COM NEW 453038408   1,928,655 28,300 SH   SOLE   28,300 0 0
INGREDION INC COM 457187102   6,078,871 52,998 SH   SOLE   52,998 0 0
KINROSS GOLD CORP COM 496902404   2,217,829 266,566 SH   SOLE   266,566 0 0
KOSMOS ENERGY LTD COM 500688106   1,718,691 310,233 SH   SOLE   310,233 0 0
LIBERTY ENERGY INC COM CL A 53115L104   2,990,048 143,133 SH   SOLE   143,133 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109   440,485 17,383 SH   SOLE   17,383 0 0
MARATHON OIL CORP COM 565849106   1,130,773 39,441 SH   SOLE   39,441 0 0
MATADOR RES CO COM 576485205   2,955,862 49,595 SH   SOLE   49,595 0 0
METALLUS INC COM 887399103   918,272 45,302 SH   SOLE   45,302 0 0
MOSAIC CO NEW COM 61945C103   582,537 20,157 SH   SOLE   20,157 0 0
MP MATERIALS CORP COM CL A 553368101   2,487,251 195,385 SH   SOLE   195,385 0 0
MURPHY OIL CORP COM 626717102   5,994,523 145,357 SH   SOLE   145,357 0 0
NABORS INDUSTRIES LTD SHS G6359F137   555,902 7,812 SH   SOLE   7,812 0 0
NEWMONT CORP COM 651639106   708,690 16,926 SH   SOLE   16,926 0 0
NEXGEN ENERGY LTD COM 65340P106   748,481 107,500 SH   SOLE   107,500 0 0
NOBLE CORP PLC ORD SHS A G65431127   1,963,216 43,969 SH   SOLE   43,969 0 0
NORTHERN OIL & GAS INC COM 665531307   1,194,309 32,131 SH   SOLE   32,131 0 0
NOV INC COM 62955J103   1,031,350 54,253 SH   SOLE   54,253 0 0
NUTRIEN LTD COM 67077M108   1,170,230 22,991 SH   SOLE   22,991 0 0
OCCIDENTAL PETE CORP COM 674599105   333,870 5,297 SH   SOLE   5,297 0 0
OCEANEERING INTL INC COM 675232102   1,327,634 56,113 SH   SOLE   56,113 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   594,626 38,166 SH   SOLE   38,166 0 0
PAN AMERN SILVER CORP COM 697900108   2,453,824 123,432 SH   SOLE   123,432 0 0
PATTERSON-UTI ENERGY INC COM 703481101   2,110,871 203,752 SH   SOLE   203,752 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   686,989 42,538 SH   SOLE   42,538 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   1,171,096 80,821 SH   SOLE   80,821 0 0
PILGRIMS PRIDE CORP COM 72147K108   5,200,653 135,117 SH   SOLE   135,117 0 0
POTLATCHDELTIC CORPORATION COM 737630103   2,828,202 71,800 SH   SOLE   71,800 0 0
PROPETRO HLDG CORP COM 74347M108   1,312,404 151,373 SH   SOLE   151,373 0 0
RAMACO RES INC COM CL A 75134P600   255,374 20,512 SH   SOLE   20,512 0 0
RANGE RES CORP COM 75281A109   339,759 10,133 SH   SOLE   10,133 0 0
RIO TINTO PLC SPONSORED ADR 767204100   1,945,990 29,516 SH   SOLE   29,516 0 0
ROYAL GOLD INC COM 780287108   1,385,271 11,068 SH   SOLE   11,068 0 0
RPC INC COM 749660106   415,931 66,549 SH   SOLE   66,549 0 0
RYERSON HLDG CORP COM 783754104   307,145 15,751 SH   SOLE   15,751 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869   551,245 42,633 SH   SOLE   42,633 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   818,519 150,463 SH   SOLE   150,463 0 0
SCHLUMBERGER LTD COM STK 806857108   4,301,165 91,165 SH   SOLE   91,165 0 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   1,129,631 105,573 SH   SOLE   105,573 0 0
SM ENERGY CO COM 78454L100   225,488 5,216 SH   SOLE   5,216 0 0
SOUTHERN COPPER CORP COM 84265V105   212,248 1,970 SH   SOLE   1,970 0 0
SOUTHWESTERN ENERGY CO COM 845467109   1,857,897 276,062 SH   SOLE   276,062 0 0
SSR MINING IN COM 784730103   866,574 192,143 SH   SOLE   192,143 0 0
STEEL DYNAMICS INC COM 858119100   623,025 4,811 SH   SOLE   4,811 0 0
SUNCOKE ENERGY INC COM 86722A103   659,001 67,245 SH   SOLE   67,245 0 0
SUNCOR ENERGY INC NEW COM 867224107   3,150,935 82,700 SH   SOLE   82,700 0 0
TALOS ENERGY INC COM 87484T108   172,445 14,193 SH   SOLE   14,193 0 0
TECK RESOURCES LTD CL B 878742204   1,740,589 36,338 SH   SOLE   36,338 0 0
TIDEWATER INC NEW COM 88642R109   255,829 2,687 SH   SOLE   2,687 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   879,242 13,186 SH   SOLE   13,186 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100   416,963 77,937 SH   SOLE   77,937 0 0
TYSON FOODS INC CL A 902494103   5,742,056 100,491 SH   SOLE   100,491 0 0
U S SILICA HLDGS INC COM 90346E103   1,832,571 118,613 SH   SOLE   118,613 0 0
UNITED STATES STL CORP NEW COM 912909108   2,475,257 65,483 SH   SOLE   65,483 0 0
VAALCO ENERGY INC COM NEW 91851C201   529,721 84,485 SH   SOLE   84,485 0 0
VALE S A SPONSORED ADS 91912E105   793,360 71,026 SH   SOLE   71,026 0 0
VERMILION ENERGY INC COM 923725105   2,077,335 188,800 SH   SOLE   188,800 0 0
VIPER ENERGY INC CL A 927959106   1,996,896 53,208 SH   SOLE   53,208 0 0
WARRIOR MET COAL INC COM 93627C101   688,336 10,966 SH   SOLE   10,966 0 0
WEST FRASER TIMBER CO LTD COM 952845105   2,794,215 36,400 SH   SOLE   36,400 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,297,867 24,759 SH   SOLE   24,759 0 0