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 2,433 201,396 SH   SOLE   201,396 0 0
AGCO CORP COM 001084102 6,789 46,490 SH   SOLE   46,490 0 0
AGNICO EAGLE MINES LTD COM 008474108 5,470 89,267 SH   SOLE   89,267 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 3,955 469,690 SH   SOLE   469,690 0 0
ALBEMARLE CORP COM 012653101 2,436 11,013 SH   SOLE   11,013 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 959 35,743 SH   SOLE   35,743 0 0
ALTO INGREDIENTS INC COM 021513106 395 57,956 SH   SOLE   57,956 0 0
AMER STATES WTR CO COM 029899101 1,371 15,403 SH   SOLE   15,403 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103 1,969 11,898 SH   SOLE   11,898 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 334 14,116 SH   SOLE   14,116 0 0
ANTERO RESOURCES CORP COM 03674X106 257 8,430 SH   SOLE   8,430 0 0
APA CORPORATION COM 03743Q108 3,053 73,861 SH   SOLE   73,861 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 546 17,058 SH   SOLE   17,058 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,486 27,548 SH   SOLE   27,548 0 0
ARCHROCK INC COM 03957W106 2,003 217,054 SH   SOLE   217,054 0 0
ARCONIC CORPORATION COM 03966V107 1,205 47,034 SH   SOLE   47,034 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100 435 38,624 SH   SOLE   38,624 0 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103 4,007 114,260 SH   SOLE   114,260 0 0
B2GOLD CORP COM 11777Q209 8,101 1,764,906 SH   SOLE   1,764,906 0 0
BAKER HUGHES COMPANY CL A 05722G100 1,509 41,441 SH   SOLE   41,441 0 0
BALLARD PWR SYS INC NEW COM 058586108 1,654 142,099 SH   SOLE   142,099 0 0
BARRICK GOLD CORP COM 067901108 1,353 55,154 SH   SOLE   55,154 0 0
BHP GROUP LTD SPONSORED ADS 088606108 351 4,539 SH   SOLE   4,539 0 0
BLOOM ENERGY CORP COM CL A 093712107 997 41,272 SH   SOLE   41,272 0 0
BP PLC SPONSORED ADR 055622104 3,960 134,706 SH   SOLE   134,706 0 0
BRF SA SPONSORED ADR 10552T107 3,497 880,913 SH   SOLE   880,913 0 0
BUNGE LIMITED COM G16962105 5,398 48,712 SH   SOLE   48,712 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,422 25,756 SH   SOLE   25,756 0 0
CALIFORNIA RES CORP COM STOCK 13057Q305 414 9,261 SH   SOLE   9,261 0 0
CALIFORNIA WTR SVC GROUP COM 130788102 2,770 46,734 SH   SOLE   46,734 0 0
CALLON PETE CO DEL COM 13123X508 1,016 17,199 SH   SOLE   17,199 0 0
CAMECO CORP COM 13321L108 1,516 52,089 SH   SOLE   52,089 0 0
CANADIAN NAT RES LTD COM 136385101 4,613 74,394 SH   SOLE   74,394 0 0
CANADIAN SOLAR INC COM 136635109 2,856 80,777 SH   SOLE   80,777 0 0
CENTENNIAL RESOURCE DEV INC CL A 15136A102 2,172 269,189 SH   SOLE   269,189 0 0
CENTERRA GOLD INC COM 152006102 4,384 445,300 SH   SOLE   445,300 0 0
CF INDS HLDGS INC COM 125269100 15,413 149,558 SH   SOLE   149,558 0 0
CHAMPIONX CORPORATION COM 15872M104 1,774 72,457 SH   SOLE   72,457 0 0
CHEMOURS CO COM 163851108 4,677 148,557 SH   SOLE   148,557 0 0
CHEVRON CORP NEW COM 166764100 1,996 12,260 SH   SOLE   12,260 0 0
CHINA PETROLEUM & CHEMICAL C SPON ADR H SHS 16941R108 298 6,024 SH   SOLE   6,024 0 0
CIVITAS RESOURCES INC COM NEW 17888H103 2,036 34,098 SH   SOLE   34,098 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 768 23,835 SH   SOLE   23,835 0 0
CNH INDL N V SHS N20944109 3,223 203,238 SH   SOLE   203,238 0 0
CNX RES CORP COM 12653C108 900 43,430 SH   SOLE   43,430 0 0
COMMERCIAL METALS CO COM 201723103 630 15,145 SH   SOLE   15,145 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 3,390 344,899 SH   SOLE   344,899 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 3,892 718,045 SH   SOLE   718,045 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,601 158,984 SH   SOLE   158,984 0 0
COMPASS MINERALS INTL INC COM 20451N101 5,611 89,357 SH   SOLE   89,357 0 0
COMSTOCK RES INC COM 205768302 6,703 513,634 SH   SOLE   513,634 0 0
CONOCOPHILLIPS COM 20825C104 3,483 34,829 SH   SOLE   34,829 0 0
CORE LABORATORIES N V COM N22717107 2,581 81,593 SH   SOLE   81,593 0 0
CORTEVA INC COM 22052L104 7,716 134,245 SH   SOLE   134,245 0 0
COTERRA ENERGY INC COM 127097103 1,916 71,057 SH   SOLE   71,057 0 0
CRESCENT PT ENERGY CORP COM 22576C101 6,780 934,200 SH   SOLE   934,200 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 3,207 77,615 SH   SOLE   77,615 0 0
DARLING INGREDIENTS INC COM 237266101 2,947 36,666 SH   SOLE   36,666 0 0
DEERE & CO COM 244199105 3,890 9,362 SH   SOLE   9,362 0 0
DEVON ENERGY CORP NEW COM 25179M103 1,336 22,593 SH   SOLE   22,593 0 0
DIAMONDBACK ENERGY INC COM 25278X109 5,854 42,708 SH   SOLE   42,708 0 0
DRIL-QUIP INC COM 262037104 209 5,583 SH   SOLE   5,583 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,214 65,286 SH   SOLE   65,286 0 0
ELDORADO GOLD CORP NEW COM 284902509 1,621 144,647 SH   SOLE   144,647 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 2,984 641,786 SH   SOLE   641,786 0 0
ENERGY FUELS INC COM NEW 292671708 273 29,833 SH   SOLE   29,833 0 0
ENERPLUS CORP COM 292766102 1,609 126,731 SH   SOLE   126,731 0 0
ENI S P A SPONSORED ADR 26874R108 715 24,449 SH   SOLE   24,449 0 0
ENPHASE ENERGY INC COM 29355A107 2,825 14,000 SH   SOLE   14,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 287 11,138 SH   SOLE   11,138 0 0
EOG RES INC COM 26875P101 4,442 37,257 SH   SOLE   37,257 0 0
ERO COPPER CORP COM 296006109 1,308 89,200 SH   SOLE   89,200 0 0
ESSENTIAL UTILS INC COM 29670G102 1,397 27,321 SH   SOLE   27,321 0 0
EXXON MOBIL CORP COM 30231G102 2,219 26,869 SH   SOLE   26,869 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 3,927 298,416 SH   SOLE   298,416 0 0
FIRST SOLAR INC COM 336433107 2,994 35,754 SH   SOLE   35,754 0 0
FMC CORP COM NEW 302491303 9,879 75,085 SH   SOLE   75,085 0 0
FORTUNA SILVER MINES INC COM 349915108 4,156 1,090,848 SH   SOLE   1,090,848 0 0
FRANCO NEV CORP COM 351858105 349 2,190 SH   SOLE   2,190 0 0
FREEPORT-MCMORAN INC CL B 35671D857 6,633 133,350 SH   SOLE   133,350 0 0
FUELCELL ENERGY INC COM 35952H601 171 29,743 SH   SOLE   29,743 0 0
GERDAU SA SPON ADR REP PFD 373737105 3,650 567,707 SH   SOLE   567,707 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 213 13,752 SH   SOLE   13,752 0 0
GREEN PLAINS INC COM 393222104 1,287 41,517 SH   SOLE   41,517 0 0
HALLIBURTON CO COM 406216101 4,429 116,940 SH   SOLE   116,940 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 205 40,813 SH   SOLE   40,813 0 0
HECLA MNG CO COM 422704106 5,673 863,404 SH   SOLE   863,404 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 2,831 592,242 SH   SOLE   592,242 0 0
HELMERICH & PAYNE INC COM 423452101 3,087 72,151 SH   SOLE   72,151 0 0
HESS CORP COM 42809H107 3,371 31,497 SH   SOLE   31,497 0 0
HF SINCLAIR CORPORATION COM 403949100 909 22,800 SH   SOLE   22,800 0 0
HORMEL FOODS CORP COM 440452100 1,430 27,746 SH   SOLE   27,746 0 0
HUDBAY MINERALS INC COM 443628102 3,475 441,700 SH   SOLE   441,700 0 0
IAMGOLD CORP COM 450913108 1,267 364,142 SH   SOLE   364,142 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,207 24,900 SH   SOLE   24,900 0 0
INGREDION INC COM 457187102 4,253 48,803 SH   SOLE   48,803 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100 3,072 63,615 SH   SOLE   63,615 0 0
KINROSS GOLD CORP COM 496902404 8,002 1,360,855 SH   SOLE   1,360,855 0 0
LAREDO PETROLEUM INC COM 516806205 284 3,590 SH   SOLE   3,590 0 0
LIBERTY OILFIELD SVCS INC COM CL A 53115L104 1,038 70,049 SH   SOLE   70,049 0 0
LIVENT CORP COM 53814L108 872 33,454 SH   SOLE   33,454 0 0
MAG SILVER CORP COM 55903Q104 649 40,144 SH   SOLE   40,144 0 0
MARATHON OIL CORP COM 565849106 2,429 96,750 SH   SOLE   96,750 0 0
MARATHON PETE CORP COM 56585A102 2,150 25,148 SH   SOLE   25,148 0 0
MATADOR RES CO COM 576485205 1,966 37,110 SH   SOLE   37,110 0 0
MIDDLESEX WTR CO COM 596680108 1,301 12,371 SH   SOLE   12,371 0 0
MOSAIC CO NEW COM 61945C103 3,368 50,641 SH   SOLE   50,641 0 0
MP MATERIALS CORP COM CL A 553368101 1,755 30,604 SH   SOLE   30,604 0 0
MRC GLOBAL INC COM 55345K103 802 67,373 SH   SOLE   67,373 0 0
MURPHY OIL CORP COM 626717102 1,809 44,796 SH   SOLE   44,796 0 0
NATIONAL FUEL GAS CO COM 636180101 217 3,164 SH   SOLE   3,164 0 0
NEWMONT CORP COM 651639106 3,226 40,599 SH   SOLE   40,599 0 0
NEXGEN ENERGY LTD COM 65340P106 1,438 253,500 SH   SOLE   253,500 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 276 29,902 SH   SOLE   29,902 0 0
NORTHERN OIL AND GAS INC MN COM 665531307 383 13,598 SH   SOLE   13,598 0 0
NOV INC COM 62955J103 2,049 104,464 SH   SOLE   104,464 0 0
NOW INC COM 67011P100 898 81,388 SH   SOLE   81,388 0 0
NUTRIEN LTD COM 67077M108 10,637 102,411 SH   SOLE   102,411 0 0
OASIS PETROLEUM INC COM NEW 674215207 380 2,597 SH   SOLE   2,597 0 0
OCEANEERING INTL INC COM 675232102 1,716 113,214 SH   SOLE   113,214 0 0
PATTERSON-UTI ENERGY INC COM 703481101 3,943 254,732 SH   SOLE   254,732 0 0
PDC ENERGY INC COM 69327R101 3,412 46,941 SH   SOLE   46,941 0 0
PENTAIR PLC SHS G7S00T104 1,567 28,903 SH   SOLE   28,903 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 1,883 37,260 SH   SOLE   37,260 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,494 303,663 SH   SOLE   303,663 0 0
PHILLIPS 66 COM 718546104 749 8,672 SH   SOLE   8,672 0 0
PILGRIMS PRIDE CORP COM 72147K108 3,359 133,819 SH   SOLE   133,819 0 0
PIONEER NAT RES CO COM 723787107 2,096 8,384 SH   SOLE   8,384 0 0
PLUG POWER INC COM NEW 72919P202 769 26,896 SH   SOLE   26,896 0 0
POTLATCHDELTIC CORPORATION COM 737630103 5,205 98,703 SH   SOLE   98,703 0 0
PROPETRO HLDG CORP COM 74347M108 2,395 171,958 SH   SOLE   171,958 0 0
RANGE RES CORP COM 75281A109 208 6,855 SH   SOLE   6,855 0 0
RAYONIER INC COM 754907103 2,916 70,907 SH   SOLE   70,907 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 2,354 12,839 SH   SOLE   12,839 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 1,312 21,637 SH   SOLE   21,637 0 0
RIO TINTO PLC SPONSORED ADR 767204100 6,584 81,893 SH   SOLE   81,893 0 0
ROYAL GOLD INC COM 780287108 1,434 10,147 SH   SOLE   10,147 0 0
RPC INC COM 749660106 2,043 191,487 SH   SOLE   191,487 0 0
SANDERSON FARMS INC COM 800013104 3,184 16,983 SH   SOLE   16,983 0 0
SCHLUMBERGER LTD COM STK 806857108 2,010 48,660 SH   SOLE   48,660 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,571 158,406 SH   SOLE   158,406 0 0
SILVERCORP METALS INC COM 82835P103 1,363 376,425 SH   SOLE   376,425 0 0
SM ENERGY CO COM 78454L100 2,633 67,594 SH   SOLE   67,594 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 5,659 66,109 SH   SOLE   66,109 0 0
SOLAREDGE TECHNOLOGIES INC COM 83417M104 3,015 9,353 SH   SOLE   9,353 0 0
SOUTHERN COPPER CORP COM 84265V105 6,425 84,648 SH   SOLE   84,648 0 0
SOUTHWESTERN ENERGY CO COM 845467109 174 24,276 SH   SOLE   24,276 0 0
SSR MNG INC COM 784730103 6,533 300,347 SH   SOLE   300,347 0 0
STEEL DYNAMICS INC COM 858119100 1,387 16,620 SH   SOLE   16,620 0 0
SUNCOKE ENERGY INC COM 86722A103 1,470 164,957 SH   SOLE   164,957 0 0
SUNCOR ENERGY INC NEW COM 867224107 2,462 75,500 SH   SOLE   75,500 0 0
SUNPOWER CORP COM 867652406 2,136 99,422 SH   SOLE   99,422 0 0
TALOS ENERGY INC COM 87484T108 2,497 158,168 SH   SOLE   158,168 0 0
TELLURIAN INC NEW COM 87968A104 565 106,571 SH   SOLE   106,571 0 0
TENARIS S A SPONSORED ADS 88031M109 1,030 34,265 SH   SOLE   34,265 0 0
TERNIUM SA SPONSORED ADS 880890108 4,437 97,188 SH   SOLE   97,188 0 0
TIMKENSTEEL CORPORATION COM 887399103 382 17,477 SH   SOLE   17,477 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109 3,516 69,571 SH   SOLE   69,571 0 0
TPI COMPOSITES INC COM 87266J104 2,378 169,146 SH   SOLE   169,146 0 0
TRANSOCEAN LTD REG SHS H8817H100 4,122 902,045 SH   SOLE   4,122 0 0
TURQUOISE HILL RES LTD COM 900435207 1,553 51,687 SH   SOLE   51,687 0 0
U S SILICA HLDGS INC COM 90346E103 2,951 158,119 SH   SOLE   158,119 0 0
VALE S A SPONSORED ADS 91912E105 5,818 291,055 SH   SOLE   291,055 0 0
VALERO ENERGY CORP COM 91913Y100 1,653 16,281 SH   SOLE   16,281 0 0
VERMILION ENERGY INC COM 923725105 4,664 221,800 SH   SOLE   221,800 0 0
W & T OFFSHORE INC COM 92922P106 882 230,825 SH   SOLE   230,825 0 0
WARRIOR MET COAL INC COM 93627C101 790 21,279 SH   SOLE   21,279 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 1,570 41,418 SH   SOLE   41,418 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 2,655 55,807 SH   SOLE   55,807 0 0
WHITING PETE CORP NEW COM NEW 966387508 1,923 23,596 SH   SOLE   23,596 0 0
WORTHINGTON INDS INC COM 981811102 436 8,478 SH   SOLE   8,478 0 0
YAMANA GOLD INC COM 98462Y100 5,191 930,287 SH   SOLE   930,287 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 585 121,137 SH   SOLE   121,137 0 0