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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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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
ADECOAGRO S A COM L00849106   1,171,309 104,862 SH   SOLE   104,862 0 0
AGCO CORP COM 001084102   1,308,384 14,134 SH   SOLE   14,134 0 0
AGNICO EAGLE MINES LTD COM 008474108   7,510,886 69,281 SH   SOLE   69,281 0 0
ALBEMARLE CORP COM 012653101   293,193 4,071 SH   SOLE   4,071 0 0
ALCOA CORP COM 013872106   2,493,711 81,761 SH   SOLE   81,761 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106   1,366,478 10,910 SH   SOLE   10,910 0 0
AMER STATES WTR CO COM 029899101   1,808,224 22,982 SH   SOLE   22,982 0 0
APA CORPORATION COM 03743Q108   738,979 35,156 SH   SOLE   35,156 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   3,620,674 75,415 SH   SOLE   75,415 0 0
ARIS WATER SOLUTIONS INC CLASS A COM 04041L106   1,017,558 31,759 SH   SOLE   31,759 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100   2,402,960 493,421 SH   SOLE   493,421 0 0
ATI INC COM 01741R102   2,108,308 40,521 SH   SOLE   40,521 0 0
ATLAS ENERGY SOLUTIONS INC COM NEW 642045108   198,809 11,144 SH   SOLE   11,144 0 0
B2GOLD CORP COM 11777Q209   2,553,507 895,988 SH   SOLE   895,988 0 0
BAKER HUGHES COMPANY CL A 05722G100   583,568 13,278 SH   SOLE   13,278 0 0
BARRICK GOLD CORP COM 067901108   821,807 42,274 SH   SOLE   42,274 0 0
BAYTEX ENERGY CORP COM 07317Q105   3,174,513 1,430,834 SH   SOLE   1,430,834 0 0
BHP GROUP LTD SPONSORED ADS 088606108   312,549 6,439 SH   SOLE   6,439 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101   784,588 51,381 SH   SOLE   51,381 0 0
BUNGE GLOBAL SA COM SHS G16962105   3,448,529 45,126 SH   SOLE   45,126 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,819,545 20,017 SH   SOLE   20,017 0 0
CALIFORNIA RES CORP COM STOCK 13057Q305   1,188,949 27,040 SH   SOLE   27,040 0 0
CALIFORNIA WTR SVC GROUP COM 130788102   1,926,624 39,757 SH   SOLE   39,757 0 0
CANADIAN NAT RES LTD COM 136385101   1,727,132 56,081 SH   SOLE   56,081 0 0
CANADIAN SOLAR INC COM 136635109   188,328 21,772 SH   SOLE   21,772 0 0
CENOVUS ENERGY INC COM 15135U109   1,002,577 72,076 SH   SOLE   72,076 0 0
CENTERRA GOLD INC COM 152006102   3,201,513 504,182 SH   SOLE   504,182 0 0
CENTURY ALUM CO COM 156431108   2,572,824 138,622 SH   SOLE   138,622 0 0
CF INDS HLDGS INC COM 125269100   472,964 6,052 SH   SOLE   6,052 0 0
CHAMPIONX CORPORATION COM 15872M104   2,773,069 93,056 SH   SOLE   93,056 0 0
CHEVRON CORP NEW COM 166764100   408,857 2,444 SH   SOLE   2,444 0 0
CHORD ENERGY CORPORATION COM NEW 674215207   2,674,282 23,725 SH   SOLE   23,725 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   2,318,161 66,442 SH   SOLE   66,442 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   167,030 20,320 SH   SOLE   20,320 0 0
CNH INDL N V SHS N20944109   3,011,326 245,222 SH   SOLE   245,222 0 0
CNX RES CORP COM 12653C108   268,461 8,528 SH   SOLE   8,528 0 0
COEUR MNG INC COM NEW 192108504   2,242,348 378,775 SH   SOLE   378,775 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   575,717 32,235 SH   SOLE   32,235 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104   3,421,782 218,924 SH   SOLE   218,924 0 0
COMPASS MINERALS INTL INC COM 20451N101   440,420 47,408 SH   SOLE   47,408 0 0
CONOCOPHILLIPS COM 20825C104   4,231,781 40,295 SH   SOLE   40,295 0 0
CORE LABORATORIES INC COM 21867A105   986,102 65,784 SH   SOLE   65,784 0 0
CORTEVA INC COM 22052L104   4,386,284 69,701 SH   SOLE   69,701 0 0
COTERRA ENERGY INC COM 127097103   3,477,971 120,345 SH   SOLE   120,345 0 0
CRESCENT ENERGY COMPANY CL A COM 44952J104   276,954 24,640 SH   SOLE   24,640 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   4,694,384 259,215 SH   SOLE   259,215 0 0
DARLING INGREDIENTS INC COM 237266101   3,290,947 105,344 SH   SOLE   105,344 0 0
DEERE & CO COM 244199105   4,101,180 8,738 SH   SOLE   8,738 0 0
DEVON ENERGY CORP NEW COM 25179M103   3,873,069 103,558 SH   SOLE   103,558 0 0
DNOW INC COM 67011P100   1,847,595 108,173 SH   SOLE   108,173 0 0
DOLE PLC ORD SHS G27907107   1,014,347 70,197 SH   SOLE   70,197 0 0
ELDORADO GOLD CORP NEW COM 284902509   4,121,186 245,017 SH   SOLE   245,017 0 0
ENERFLEX LTD COM 29269R105   763,999 98,785 SH   SOLE   98,785 0 0
ENPHASE ENERGY INC COM 29355A107   502,295 8,095 SH   SOLE   8,095 0 0
EOG RES INC COM 26875P101   2,531,329 19,739 SH   SOLE   19,739 0 0
EOS ENERGY ENTERPRISES INC COM CL A 29415C101   684,985 181,213 SH   SOLE   181,213 0 0
EQT CORP COM 26884L109   268,165 5,019 SH   SOLE   5,019 0 0
ERO COPPER CORP COM 296006109   951,367 78,479 SH   SOLE   78,479 0 0
ESSENTIAL UTILS INC COM 29670G102   2,722,945 68,883 SH   SOLE   68,883 0 0
EXPRO GROUP HOLDINGS NV COM N3144W105   758,631 76,321 SH   SOLE   76,321 0 0
EXXON MOBIL CORP COM 30231G102   509,020 4,280 SH   SOLE   4,280 0 0
FINANCIAL INVS TR CORECOMMODITY NA 31761T886   351,382,979 14,500,125 SH   SOLE   14,500,125 0 0
FIRST SOLAR INC COM 336433107   1,685,185 13,329 SH   SOLE   13,329 0 0
FLEX LNG LTD SHS G35947202   991,605 43,132 SH   SOLE   43,132 0 0
FLUENCE ENERGY INC COM CL A 34379V103   48,694 10,040 SH   SOLE   10,040 0 0
FMC CORP COM NEW 302491303   2,593,715 61,477 SH   SOLE   61,477 0 0
FRANCO NEV CORP COM 351858105   597,783 3,794 SH   SOLE   3,794 0 0
FREEPORT-MCMORAN INC CL B 35671D857   3,524,160 93,084 SH   SOLE   93,084 0 0
FRESH DEL MONTE PRODUCE INC ORD G36738105   1,009,066 32,730 SH   SOLE   32,730 0 0
GEOPARK LTD USD SHS G38327105   853,466 105,627 SH   SOLE   105,627 0 0
GERDAU SA SPON ADR REP PFD 373737105   64,309 22,644 SH   SOLE   22,644 0 0
GEVO INC COM PAR 374396406   451,017 388,808 SH   SOLE   388,808 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   1,985,957 89,903 SH   SOLE   89,903 0 0
GREEN PLAINS INC COM 393222104   117,729 24,274 SH   SOLE   24,274 0 0
GULFPORT ENERGY CORP COMMON SHARES 402635502   1,224,715 6,651 SH   SOLE   6,651 0 0
HALLIBURTON CO COM 406216101   2,479,943 97,751 SH   SOLE   97,751 0 0
HECLA MNG CO COM 422704106   3,324,874 597,999 SH   SOLE   597,999 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107   2,081,605 250,494 SH   SOLE   250,494 0 0
HELMERICH & PAYNE INC COM 423452101   3,434,023 131,471 SH   SOLE   131,471 0 0
HESS CORP COM 42809H107   322,974 2,022 SH   SOLE   2,022 0 0
HIGHPEAK ENERGY INC COM 43114Q105   165,276 13,055 SH   SOLE   13,055 0 0
HORMEL FOODS CORP COM 440452100   2,567,834 82,994 SH   SOLE   82,994 0 0
HUDBAY MINERALS INC COM 443628102   3,859,117 508,588 SH   SOLE   508,588 0 0
IAMGOLD CORP COM 450913108   69,569 11,131 SH   SOLE   11,131 0 0
ICL GROUP LTD SHS M53213100   529,124 92,992 SH   SOLE   92,992 0 0
IMPERIAL OIL LTD COM NEW 453038408   1,051,852 14,549 SH   SOLE   14,549 0 0
INGREDION INC COM 457187102   4,148,243 30,680 SH   SOLE   30,680 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100   3,113,327 167,024 SH   SOLE   167,024 0 0
KINROSS GOLD CORP COM 496902404   131,321 10,414 SH   SOLE   10,414 0 0
KODIAK GAS SVCS INC COM 50012A108   934,328 25,049 SH   SOLE   25,049 0 0
KOSMOS ENERGY LTD COM 500688106   76,428 33,521 SH   SOLE   33,521 0 0
LIBERTY ENERGY INC COM CL A 53115L104   4,159,285 262,747 SH   SOLE   262,747 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109   2,968,252 117,508 SH   SOLE   117,508 0 0
METALLUS INC COM 887399103   295,243 22,099 SH   SOLE   22,099 0 0
MOSAIC CO NEW COM 61945C103   1,334,024 49,390 SH   SOLE   49,390 0 0
MP MATERIALS CORP COM CL A 553368101   1,314,649 53,857 SH   SOLE   53,857 0 0
MURPHY OIL CORP COM 626717102   5,273,823 185,698 SH   SOLE   185,698 0 0
NABORS INDUSTRIES LTD SHS G6359F137   1,355,575 32,500 SH   SOLE   32,500 0 0
NATIONAL FUEL GAS CO COM 636180101   535,324 6,760 SH   SOLE   6,760 0 0
NEWMONT CORP COM 651639106   6,828,723 141,440 SH   SOLE   141,440 0 0
NEXGEN ENERGY LTD COM 65340P106   1,481,115 329,888 SH   SOLE   329,888 0 0
NOBLE CORP PLC ORD SHS A G65431127   1,341,420 56,600 SH   SOLE   56,600 0 0
NORTHERN OIL & GAS INC COM 665531307   608,651 20,134 SH   SOLE   20,134 0 0
NOV INC COM 62955J103   754,805 49,593 SH   SOLE   49,593 0 0
NPK INTERNATIONAL INC COM SHS 651718504   524,056 90,199 SH   SOLE   90,199 0 0
NUTRIEN LTD COM 67077M108   1,839,663 37,037 SH   SOLE   37,037 0 0
OCCIDENTAL PETE CORP COM 674599105   1,420,087 28,770 SH   SOLE   28,770 0 0
OCEANEERING INTL INC COM 675232102   1,637,582 75,084 SH   SOLE   75,084 0 0
PAN AMERN SILVER CORP COM 697900108   1,157,681 44,819 SH   SOLE   44,819 0 0
PATTERSON-UTI ENERGY INC COM 703481101   2,772,236 337,255 SH   SOLE   337,255 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   829,255 59,874 SH   SOLE   59,874 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   172,998 12,064 SH   SOLE   12,064 0 0
PILGRIMS PRIDE CORP COM 72147K108   4,816,940 88,368 SH   SOLE   88,368 0 0
POTLATCHDELTIC CORPORATION COM 737630103   1,741,181 38,590 SH   SOLE   38,590 0 0
PRECISION DRILLING CORP COM NEW 74022D407   668,993 14,378 SH   SOLE   14,378 0 0
PROPETRO HLDG CORP COM 74347M108   1,245,502 169,456 SH   SOLE   169,456 0 0
RAMACO RES INC COM CL A 75134P600   1,045,704 127,060 SH   SOLE   127,060 0 0
RAYONIER INC COM 754907103   390,878 14,020 SH   SOLE   14,020 0 0
RENEW ENERGY GLOBAL PLC CL A SHS G7500M104   164,143 27,868 SH   SOLE   27,868 0 0
REX AMERICAN RES CORP COM 761624105   444,528 11,832 SH   SOLE   11,832 0 0
RIO TINTO PLC SPONSORED ADR 767204100   272,943 4,543 SH   SOLE   4,543 0 0
ROYAL GOLD INC COM 780287108   5,721,378 34,991 SH   SOLE   34,991 0 0
RPC INC COM 749660106   2,410,760 438,320 SH   SOLE   438,320 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869   1,450,534 127,017 SH   SOLE   127,017 0 0
SCHLUMBERGER LTD COM STK 806857108   1,431,190 34,239 SH   SOLE   34,239 0 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   1,210,671 115,302 SH   SOLE   115,302 0 0
SHOALS TECHNOLOGIES GROUP IN CL A 82489W107   109,231 32,901 SH   SOLE   32,901 0 0
SJW GROUP COM 784305104   1,538,102 28,124 SH   SOLE   28,124 0 0
SM ENERGY CO COM 78454L100   2,239,721 74,782 SH   SOLE   74,782 0 0
SOUTHERN COPPER CORP COM 84265V105   5,066,654 54,212 SH   SOLE   54,212 0 0
STEEL DYNAMICS INC COM 858119100   491,815 3,932 SH   SOLE   3,932 0 0
SUNCOKE ENERGY INC COM 86722A103   504,657 54,854 SH   SOLE   54,854 0 0
SUNCOR ENERGY INC NEW COM 867224107   1,492,969 38,525 SH   SOLE   38,525 0 0
TALOS ENERGY INC COM 87484T108   1,650,242 169,778 SH   SOLE   169,778 0 0
TECK RESOURCES LTD CL B 878742204   4,927,007 135,245 SH   SOLE   135,245 0 0
TERNIUM SA SPONSORED ADS 880890108   1,119,018 35,912 SH   SOLE   35,912 0 0
TIDEWATER INC NEW COM 88642R109   2,301,855 54,456 SH   SOLE   54,456 0 0
TITAN INTL INC ILL COM 88830M102   989,592 117,949 SH   SOLE   117,949 0 0
TYSON FOODS INC CL A 902494103   4,904,692 76,864 SH   SOLE   76,864 0 0
UNITED STATES STL CORP NEW COM 912909108   367,239 8,690 SH   SOLE   8,690 0 0
URANIUM ENERGY CORP COM 916896103   298,109 62,366 SH   SOLE   62,366 0 0
VAALCO ENERGY INC COM NEW 91851C201   1,380,631 367,189 SH   SOLE   367,189 0 0
VALE S A SPONSORED ADS 91912E105   164,470 16,480 SH   SOLE   16,480 0 0
VERALTO CORP COM SHS 92338C103   3,578,461 36,721 SH   SOLE   36,721 0 0
VEREN INC COM NEW 92340V107   2,417,617 365,135 SH   SOLE   365,135 0 0
VERMILION ENERGY INC COM 923725105   2,052,612 253,764 SH   SOLE   253,764 0 0
WARRIOR MET COAL INC COM 93627C101   2,475,523 51,876 SH   SOLE   51,876 0 0
WEST FRASER TIMBER CO LTD COM 952845105   894,501 11,636 SH   SOLE   11,636 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,573,017 20,263 SH   SOLE   20,263 0 0