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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Gold, Inc.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc. COM</title>
        <cusip>780287108</cusip>
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          <isin value="US7802871084"/>
          <ticker value="RGLD"/>
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        <balance>1784.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Celanese Corporation</name>
        <lei>549300FHJQTDPPN41627</lei>
        <title>Celanese Corporation COM</title>
        <cusip>150870103</cusip>
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          <isin value="US1508701034"/>
          <ticker value="CE"/>
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        <balance>4017.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coeur Mining Inc</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>Coeur Mining Inc COM NEW</title>
        <cusip>192108504</cusip>
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          <isin value="US1921085049"/>
          <ticker value="CDE"/>
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        <balance>33405.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cleveland-Cliffs Inc</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs Inc COM</title>
        <cusip>185899101</cusip>
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          <isin value="US1858991011"/>
          <ticker value="CLF"/>
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        <balance>25531.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MP Materials Corp</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP Materials Corp COM CL A</title>
        <cusip>553368101</cusip>
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          <isin value="US5533681012"/>
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        <balance>5192.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>The Mosaic Company COM</title>
        <cusip>61945C103</cusip>
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          <isin value="US61945C1036"/>
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        <balance>9647.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto PLC SPONSORED ADR</title>
        <cusip>767204100</cusip>
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          <isin value="US7672041008"/>
          <ticker value="RIO"/>
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        <balance>4369.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nucor Corporation</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corporation COM</title>
        <cusip>670346105</cusip>
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          <isin value="US6703461052"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southern Copper Corporation</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corporation COM</title>
        <cusip>84265V105</cusip>
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          <isin value="US84265V1052"/>
          <ticker value="SCCO"/>
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        <balance>2215.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Mining Corp. COM SHS</title>
        <cusip>06849F108</cusip>
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          <isin value="CA06849F1080"/>
          <ticker value="B"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perpetua Resources Corp</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp COM</title>
        <cusip>714266103</cusip>
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          <isin value="CA7142661031"/>
          <ticker value="PPTA"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>USA RARE EARTH INC</name>
        <lei>N/A</lei>
        <title>USA Rare Earth Inc. COM</title>
        <cusip>91733P107</cusip>
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          <isin value="US91733P1075"/>
          <ticker value="USAR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corp. COM</title>
        <cusip>496902404</cusip>
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          <isin value="CA4969024047"/>
          <ticker value="KGC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sensient Technologies Corp</name>
        <lei>CMMZHMFZQG86EI7WZU92</lei>
        <title>Sensient Technologies Corp COM</title>
        <cusip>81725T100</cusip>
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          <ticker value="SXT"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>Warrior Met Coal Inc COM</title>
        <cusip>93627C101</cusip>
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          <ticker value="HCC"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Hawkins Inc</name>
        <lei>549300VL3IJ23OWX1Y34</lei>
        <title>Hawkins Inc COM</title>
        <cusip>420261109</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Element Solutions Inc</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>Element Solutions Inc COM</title>
        <cusip>28618M106</cusip>
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          <ticker value="ESI"/>
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      <invstOrSec>
        <name>Silgan Holdings Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>Silgan Holdings Inc. COM</title>
        <cusip>827048109</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Avery Dennison Corporation</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Avery Dennison Corporation COM</title>
        <cusip>053611109</cusip>
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          <ticker value="AVY"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Trimas Corporation</name>
        <lei>75G1WUQ8QK4P5MZOYD78</lei>
        <title>Trimas Corporation COM NEW</title>
        <cusip>896215209</cusip>
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          <ticker value="TRS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KNIFE RIVER CORP</name>
        <lei>N/A</lei>
        <title>Knife River Corp. COMMON STOCK</title>
        <cusip>498894104</cusip>
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          <ticker value="KNF"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Ball Corporation</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corporation COM</title>
        <cusip>058498106</cusip>
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          <ticker value="BALL"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC TRI PARTY</title>
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        <curCd>USD</curCd>
        <valUSD>72736.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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            <repurchaseCollateral>
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      <invstOrSec>
        <name>Amcor PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amrize Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sonoco Products Company</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ramaco Resources Inc.</name>
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        <title>Ramaco Resources Inc. COM CL A</title>
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        <name>Alcoa Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>The Scotts Miracle-Gro Company</name>
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        <name>Vulcan Materials Company</name>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <title>International Flavors &amp; Fragrances Inc. COM</title>
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          <isin value="US4595061015"/>
          <ticker value="IFF"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CF Industries Holdings, Inc.</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc. COM</title>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
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        <title>B2Gold Corp. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Wheaton Precious Metals Corporation</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corporation COM</title>
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        <name>Smurfit WestRock plc</name>
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        <name>Vale S.A.</name>
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        <title>Vale S.A. SPONSORED ADS</title>
        <cusip>91912E105</cusip>
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        <name>Newmont Corporation</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corporation COM</title>
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        <name>Eastman Chemical Company</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
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        <name>Fortuna Mining Corp.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Mining Corp. COM NEW</title>
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        <name>LyondellBasell Industries NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LyondellBasell Industries NV COM EUR0.04 CLASS 'A'</title>
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        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp. COM NEW</title>
        <cusip>302491303</cusip>
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        <invCountry>US</invCountry>
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        <name>Innospec Inc</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>Innospec Inc COM</title>
        <cusip>45768S105</cusip>
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          <ticker value="IOSP"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CEMEX S.A.B. de C.V.</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX S.A.B. de C.V. SPON ADR NEW</title>
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          <ticker value="CX"/>
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        <curCd>USD</curCd>
        <valUSD>385962.72000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eagle Materials Inc.</name>
        <lei>529900KRXRGXL61SG039</lei>
        <title>Eagle Materials Inc. COM</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <isin value="US26969P1084"/>
          <ticker value="EXP"/>
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        <balance>1303.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246853.35000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reliance Inc</name>
        <lei>549300E287ZOFT3C5Z56</lei>
        <title>Reliance Inc COM</title>
        <cusip>759509102</cusip>
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          <isin value="US7595091023"/>
          <ticker value="RS"/>
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        <balance>1322.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRITICAL METALS CORP</name>
        <lei>984500158752F66VAE27</lei>
        <title>Critical Metals Corp. PUBCO ORD SHS</title>
        <cusip>000000000</cusip>
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          <isin value="VGG2662B1031"/>
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          <other otherDesc="SEDOL" value="BSNX0D4"/>
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        <balance>8566.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alamos Gold Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold Inc. COM CL A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <ticker value="AGI"/>
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        <balance>7523.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anglogold Ashanti PLC</name>
        <lei>2138005YDSA7A82RNU96</lei>
        <title>Anglogold Ashanti PLC COM SHS</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BRXH2664"/>
          <ticker value="AU"/>
          <other otherDesc="SEDOL" value="BRXH266"/>
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        <balance>3711.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Louisiana Pacific Corporation</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana Pacific Corporation COM</title>
        <cusip>546347105</cusip>
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          <isin value="US5463471053"/>
          <ticker value="LPX"/>
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        <balance>2913.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Crown Holdings Inc</name>
        <lei>NYLWZIOY8PUNIT4JOE22</lei>
        <title>Crown Holdings Inc COM</title>
        <cusip>228368106</cusip>
        <identifiers>
          <isin value="US2283681060"/>
          <ticker value="CCK"/>
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        <balance>3280.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Albemarle Corp</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp COM</title>
        <cusip>012653101</cusip>
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          <isin value="US0126531013"/>
          <ticker value="ALB"/>
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        <balance>3091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hecla Mining Company</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>Hecla Mining Company COM</title>
        <cusip>422704106</cusip>
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          <isin value="US4227041062"/>
          <ticker value="HL"/>
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        <balance>17712.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Packaging Corporation of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>Packaging Corporation of America COM</title>
        <cusip>695156109</cusip>
        <identifiers>
          <isin value="US6951561090"/>
          <ticker value="PKG"/>
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        <balance>2056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>436324.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc. COM</title>
        <cusip>858119100</cusip>
        <identifiers>
          <isin value="US8581191009"/>
          <ticker value="STLD"/>
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        <balance>2837.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>510660.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Chemours Company LLC</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>The Chemours Company LLC COM</title>
        <cusip>163851108</cusip>
        <identifiers>
          <isin value="US1638511089"/>
          <ticker value="CC"/>
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        <balance>9175.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202125.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RPM International Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International Inc. COM</title>
        <cusip>749685103</cusip>
        <identifiers>
          <isin value="US7496851038"/>
          <ticker value="RPM"/>
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        <balance>3582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356050.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp COM</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
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        <balance>17356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326639.92000000</valUSD>
        <pctVal>0.825079452380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tmc The Metals Company Inc</name>
        <lei>N/A</lei>
        <title>Tmc The Metals Company Inc COM</title>
        <cusip>87261Y106</cusip>
        <identifiers>
          <isin value="CA87261Y1060"/>
          <ticker value="TMC"/>
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        <balance>53445.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249588.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eldorado Gold Corp</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp COM</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <ticker value="EGO"/>
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        <balance>8740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300044.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Company COM</title>
        <cusip>201723103</cusip>
        <identifiers>
          <isin value="US2017231034"/>
          <ticker value="CMC"/>
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        <balance>4357.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267650.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining Inc COM</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
          <ticker value="SSRM"/>
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        <balance>8287.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243637.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Majestic Silver Corp.</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp. COM</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
          <ticker value="AG"/>
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        <balance>16271.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HudBay Minerals Inc</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>HudBay Minerals Inc COM</title>
        <cusip>443628102</cusip>
        <identifiers>
          <isin value="CA4436281022"/>
          <ticker value="HBM"/>
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        <balance>16166.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>337869.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PPG Industries, Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries, Inc. COM</title>
        <cusip>693506107</cusip>
        <identifiers>
          <isin value="US6935061076"/>
          <ticker value="PPG"/>
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        <balance>4769.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>509710.72000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd. SPONSORED ADS</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
          <ticker value="BHP"/>
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        <balance>5668.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412290.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dow Inc</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow Inc COM</title>
        <cusip>260557103</cusip>
        <identifiers>
          <isin value="US2605571031"/>
          <ticker value="DOW"/>
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        <balance>13034.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>542866.10000000</valUSD>
        <pctVal>1.371258187009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Harmony Gold Mining Co Ltd</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co Ltd SPONSORED ADR</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
          <ticker value="HMY"/>
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        <balance>21611.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>332161.07000000</valUSD>
        <pctVal>0.839025657788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Century Aluminum Company</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>Century Aluminum Company COM</title>
        <cusip>156431108</cusip>
        <identifiers>
          <isin value="US1564311082"/>
          <ticker value="CENX"/>
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        <balance>3420.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Westlake Corporation</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
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      <invstOrSec>
        <name>United States Antimony Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Endeavour Silver Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Linde PLC</name>
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        <name>Freeport-McMoRan Inc.</name>
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        <name>Olin Corporation</name>
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        <name>ArcelorMittal S.A.</name>
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        <name>Pan American Silver Corp.</name>
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        <name>Equinox Gold Corp</name>
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        <name>Franco Nevada Corp</name>
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        <name>Air Products &amp; Chemicals, Inc.</name>
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        <name>Corteva Inc</name>
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        <name>Huntsman Corporation</name>
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        <name>Aptargroup Inc.</name>
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        <name>OR Royalties Inc.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR Royalties Inc. COM SHS</title>
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        <name>Agnico Eagle Mines Ltd</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
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        <name>CRH PLC</name>
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        <name>AXALTA COATING SYSTEMS LTD</name>
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        <title>Axalta Coating Systems Limited COM USD1.00</title>
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        <name>Teck Resources Limited</name>
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        <name>International Paper Co.</name>
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        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <name>Novagold Resources, Inc.</name>
        <lei>529900587LVZTJ2BHS60</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Solstice Advanced Materials Inc.</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>Solstice Advanced Materials Inc. COM SHS</title>
        <cusip>83443Q103</cusip>
        <identifiers>
          <isin value="US83443Q1031"/>
          <ticker value="SOLS"/>
        </identifiers>
        <balance>4690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>357190.40000000</valUSD>
        <pctVal>0.902248750329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Balchem Corp</name>
        <lei>549300VR70OPMHUI3557</lei>
        <title>Balchem Corp COM</title>
        <cusip>057665200</cusip>
        <identifiers>
          <isin value="US0576652004"/>
          <ticker value="BCPC"/>
        </identifiers>
        <balance>699.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118466.52000000</valUSD>
        <pctVal>0.299241719894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAPHIC PACKAGING HOLDING CO</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Company COM</title>
        <cusip>388689101</cusip>
        <identifiers>
          <isin value="US3886891015"/>
          <ticker value="GPK"/>
        </identifiers>
        <balance>17538.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>174327.72000000</valUSD>
        <pctVal>0.440344890337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials Inc COM</title>
        <cusip>573284106</cusip>
        <identifiers>
          <isin value="US5732841060"/>
          <ticker value="MLM"/>
        </identifiers>
        <balance>1013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>596332.84000000</valUSD>
        <pctVal>1.506313046684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd COM</title>
        <cusip>67077M108</cusip>
        <identifiers>
          <isin value="CA67077M1086"/>
          <ticker value="NTR"/>
        </identifiers>
        <balance>4728.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356774.88000000</valUSD>
        <pctVal>0.901199163328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>The Sherwin-Williams Company COM</title>
        <cusip>824348106</cusip>
        <identifiers>
          <isin value="US8243481061"/>
          <ticker value="SHW"/>
        </identifiers>
        <balance>2702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>866126.10000000</valUSD>
        <pctVal>2.187800095838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PURECYCLE TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>PureCycle Technologies Inc. COM</title>
        <cusip>74623V103</cusip>
        <identifiers>
          <isin value="US74623V1035"/>
          <ticker value="PCT"/>
        </identifiers>
        <balance>16726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86807.94000000</valUSD>
        <pctVal>0.219273405398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
