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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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   1,664,118 200,738 SH   SOLE   200,738 0 0
AGCO CORP COM 001084102   6,311,088 45,505 SH   SOLE   45,505 0 0
AGNICO EAGLE MINES LTD COM 008474108   6,639,417 127,691 SH   SOLE   127,691 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   1,714,838 169,618 SH   SOLE   169,618 0 0
ALCOA CORP COM 013872106   1,396,975 30,723 SH   SOLE   30,723 0 0
AMERESCO INC CL A 02361E108   1,224,910 21,437 SH   SOLE   21,437 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   538,043 3,530 SH   SOLE   3,530 0 0
ANDERSONS INC COM 034164103   1,746,736 49,921 SH   SOLE   49,921 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   1,154,771 59,463 SH   SOLE   59,463 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203   419,468 15,998 SH   SOLE   15,998 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   2,514,007 27,076 SH   SOLE   27,076 0 0
ARCHROCK INC COM 03957W106   1,521,068 169,384 SH   SOLE   169,384 0 0
ATI INC COM 01741R102   481,851 16,137 SH   SOLE   16,137 0 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103   2,604,970 100,578 SH   SOLE   100,578 0 0
B2GOLD CORP COM 11777Q209   11,501,996 3,225,100 SH   SOLE   3,225,100 0 0
BAKER HUGHES COMPANY CL A 05722G100   735,031 24,891 SH   SOLE   24,891 0 0
BARRICK GOLD CORP COM 067901108   520,125 30,275 SH   SOLE   30,275 0 0
BEYOND MEAT INC COM 08862E109   1,277,396 103,769 SH   SOLE   103,769 0 0
BHP GROUP LTD SPONSORED ADS 088606108   276,060 4,449 SH   SOLE   4,449 0 0
BP PLC SPONSORED ADR 055622104   761,090 21,789 SH   SOLE   21,789 0 0
BUNGE LIMITED COM G16962105   3,929,242 39,383 SH   SOLE   39,383 0 0
CAL MAINE FOODS INC COM NEW 128030202   1,092,430 20,063 SH   SOLE   20,063 0 0
CALIFORNIA WTR SVC GROUP COM 130788102   2,186,739 36,061 SH   SOLE   36,061 0 0
CALLON PETE CO DEL COM 13123X508   3,276,345 88,335 SH   SOLE   88,335 0 0
CANADIAN NAT RES LTD COM 136385101   375,841 6,765 SH   SOLE   6,765 0 0
CANADIAN SOLAR INC COM 136635109   2,737,431 88,590 SH   SOLE   88,590 0 0
CENOVUS ENERGY INC COM 15135U109   430,980 22,200 SH   SOLE   22,200 0 0
CENTERRA GOLD INC COM 152006102   1,377,466 265,900 SH   SOLE   265,900 0 0
CENTURY ALUM CO COM 156431108   498,743 60,971 SH   SOLE   60,971 0 0
CF INDS HLDGS INC COM 125269100   3,843,883 45,116 SH   SOLE   45,116 0 0
CHAMPIONX CORPORATION COM 15872M104   630,677 21,755 SH   SOLE   21,755 0 0
CHEMOURS CO COM 163851108   5,034,510 164,419 SH   SOLE   164,419 0 0
CHEVRON CORP NEW COM 166764100   1,498,024 8,346 SH   SOLE   8,346 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   2,814,413 48,583 SH   SOLE   48,583 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   632,672 39,272 SH   SOLE   39,272 0 0
CNH INDL N V SHS N20944109   4,213,245 262,344 SH   SOLE   262,344 0 0
CNX RES CORP COM 12653C108   305,090 18,117 SH   SOLE   18,117 0 0
COMMERCIAL METALS CO COM 201723103   714,550 14,794 SH   SOLE   14,794 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   1,810,100 169,803 SH   SOLE   169,803 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105   58,865 21,328 SH   SOLE   21,328 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104   1,393,530 187,051 SH   SOLE   187,051 0 0
COMSTOCK RES INC COM 205768302   1,265,968 92,339 SH   SOLE   92,339 0 0
CONOCOPHILLIPS COM 20825C104   3,011,950 25,525 SH   SOLE   25,525 0 0
CORE LABORATORIES N V COM N22717107   1,507,358 74,364 SH   SOLE   74,364 0 0
CORTEVA INC COM 22052L104   5,720,293 97,317 SH   SOLE   97,317 0 0
COTERRA ENERGY INC COM 127097103   632,702 25,751 SH   SOLE   25,751 0 0
CRESCENT ENERGY COMPANY CL A COM 44952J104   377,901 31,518 SH   SOLE   31,518 0 0
CRESCENT PT ENERGY CORP COM 22576C101   4,883,612 684,100 SH   SOLE   684,100 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   2,123,203 54,991 SH   SOLE   54,991 0 0
DARLING INGREDIENTS INC COM 237266101   4,028,981 64,371 SH   SOLE   64,371 0 0
DEERE & CO COM 244199105   5,741,954 13,392 SH   SOLE   13,392 0 0
DEVON ENERGY CORP NEW COM 25179M103   2,273,410 36,960 SH   SOLE   36,960 0 0
DIAMONDBACK ENERGY INC COM 25278X109   4,371,215 31,958 SH   SOLE   31,958 0 0
EARTHSTONE ENERGY INC CL A 27032D304   1,608,047 113,004 SH   SOLE   113,004 0 0
ELDORADO GOLD CORP NEW COM 284902509   1,149,968 137,556 SH   SOLE   137,556 0 0
ENERPLUS CORP COM 292766102   505,690 28,651 SH   SOLE   28,651 0 0
ENI S P A SPONSORED ADR 26874R108   2,093,126 73,033 SH   SOLE   73,033 0 0
ENPHASE ENERGY INC COM 29355A107   2,198,903 8,299 SH   SOLE   8,299 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   261,702 10,850 SH   SOLE   10,850 0 0
EOG RES INC COM 26875P101   791,367 6,110 SH   SOLE   6,110 0 0
ERO COPPER CORP COM 296006109   378,811 27,500 SH   SOLE   27,500 0 0
ESSENTIAL UTILS INC COM 29670G102   1,148,957 24,072 SH   SOLE   24,072 0 0
EXPRO GROUP HOLDINGS NV COM N3144W105   279,982 15,443 SH   SOLE   15,443 0 0
EXXON MOBIL CORP COM 30231G102   1,801,309 16,331 SH   SOLE   16,331 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   1,396,992 167,505 SH   SOLE   167,505 0 0
FIRST SOLAR INC COM 336433107   2,065,005 13,786 SH   SOLE   13,786 0 0
FMC CORP COM NEW 302491303   3,581,136 28,695 SH   SOLE   28,695 0 0
FREEPORT-MCMORAN INC CL B 35671D857   3,071,464 80,828 SH   SOLE   80,828 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   8,321,545 804,014 SH   SOLE   804,014 0 0
GREEN PLAINS INC COM 393222104   1,407,453 46,146 SH   SOLE   46,146 0 0
HALLIBURTON CO COM 406216101   2,255,188 57,311 SH   SOLE   57,311 0 0
HECLA MNG CO COM 422704106   2,357,907 424,084 SH   SOLE   424,084 0 0
HELMERICH & PAYNE INC COM 423452101   1,871,961 37,764 SH   SOLE   37,764 0 0
HESS CORP COM 42809H107   911,903 6,430 SH   SOLE   6,430 0 0
HF SINCLAIR CORP COM 403949100   1,161,817 22,390 SH   SOLE   22,390 0 0
HORMEL FOODS CORP COM 440452100   4,612,484 101,262 SH   SOLE   101,262 0 0
HUDBAY MINERALS INC COM 443628102   2,211,458 437,500 SH   SOLE   437,500 0 0
ICL GROUP LTD SHS M53213100   1,228,891 168,111 SH   SOLE   168,111 0 0
INGREDION INC COM 457187102   2,457,749 25,097 SH   SOLE   25,097 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100   1,479,079 36,181 SH   SOLE   36,181 0 0
KINROSS GOLD CORP COM 496902404   5,322,121 1,301,252 SH   SOLE   1,301,252 0 0
KOSMOS ENERGY LTD COM 500688106   150,592 23,678 SH   SOLE   23,678 0 0
LAREDO PETROLEUM INC COM 516806205   2,253,173 43,819 SH   SOLE   43,819 0 0
LIBERTY ENERGY INC COM CL A 53115L104   1,315,157 82,146 SH   SOLE   82,146 0 0
LIVENT CORP COM 53814L108   602,359 30,315 SH   SOLE   30,315 0 0
MAG SILVER CORP COM 55903Q104   202,002 12,924 SH   SOLE   12,924 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109   1,615,025 68,871 SH   SOLE   68,871 0 0
MARATHON OIL CORP COM 565849106   3,954,846 146,097 SH   SOLE   146,097 0 0
MARATHON PETE CORP COM 56585A102   2,882,166 24,763 SH   SOLE   24,763 0 0
MATADOR RES CO COM 576485205   3,492,270 61,011 SH   SOLE   61,011 0 0
MOSAIC CO NEW COM 61945C103   809,138 18,444 SH   SOLE   18,444 0 0
MP MATERIALS CORP COM CL A 553368101   839,821 34,589 SH   SOLE   34,589 0 0
MRC GLOBAL INC COM 55345K103   238,050 20,557 SH   SOLE   20,557 0 0
MURPHY OIL CORP COM 626717102   2,800,940 65,123 SH   SOLE   65,123 0 0
NATIONAL FUEL GAS CO COM 636180101   203,510 3,215 SH   SOLE   3,215 0 0
NEWMONT CORP COM 651639106   8,196,280 173,650 SH   SOLE   173,650 0 0
NEXGEN ENERGY LTD COM 65340P106   1,257,157 284,000 SH   SOLE   284,000 0 0
NORTHERN OIL AND GAS INC MN COM 665531307   203,320 6,597 SH   SOLE   6,597 0 0
NOV INC COM 62955J103   705,393 33,767 SH   SOLE   33,767 0 0
NOVAGOLD RES INC COM NEW 66987E206   251,465 42,051 SH   SOLE   42,051 0 0
NOW INC COM 67011P100   548,691 43,204 SH   SOLE   43,204 0 0
NUTRIEN LTD COM 67077M108   1,186,847 16,249 SH   SOLE   16,249 0 0
OCCIDENTAL PETE CORP COM 674599105   299,895 4,761 SH   SOLE   4,761 0 0
OCEANEERING INTL INC COM 675232102   2,251,838 128,750 SH   SOLE   128,750 0 0
PAN AMERN SILVER CORP COM 697900108   5,297,540 324,207 SH   SOLE   324,207 0 0
PATTERSON-UTI ENERGY INC COM 703481101   1,722,496 102,286 SH   SOLE   102,286 0 0
PDC ENERGY INC COM 69327R101   2,459,152 38,739 SH   SOLE   38,739 0 0
PENTAIR PLC SHS G7S00T104   914,938 20,341 SH   SOLE   20,341 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   609,505 64,841 SH   SOLE   64,841 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   1,360,814 127,776 SH   SOLE   127,776 0 0
PHILLIPS 66 COM 718546104   885,721 8,510 SH   SOLE   8,510 0 0
PILGRIMS PRIDE CORP COM 72147K108   2,179,980 91,866 SH   SOLE   91,866 0 0
PIONEER NAT RES CO COM 723787107   4,775,178 20,908 SH   SOLE   20,908 0 0
POTLATCHDELTIC CORPORATION COM 737630103   4,686,915 106,545 SH   SOLE   106,545 0 0
RANGE RES CORP COM 75281A109   1,382,805 55,268 SH   SOLE   55,268 0 0
RAYONIER INC COM 754907103   3,196,230 96,973 SH   SOLE   96,973 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   2,261,457 11,171 SH   SOLE   11,171 0 0
RIO TINTO PLC SPONSORED ADR 767204100   2,221,867 31,206 SH   SOLE   31,206 0 0
ROYAL GOLD INC COM 780287108   1,053,143 9,343 SH   SOLE   9,343 0 0
RPC INC COM 749660106   930,907 104,714 SH   SOLE   104,714 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869   332,460 19,522 SH   SOLE   19,522 0 0
SCHLUMBERGER LTD COM STK 806857108   2,284,292 42,729 SH   SOLE   42,729 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   1,733,250 60,078 SH   SOLE   60,078 0 0
SM ENERGY CO COM 78454L100   3,434,726 98,614 SH   SOLE   98,614 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   851,414 10,664 SH   SOLE   10,664 0 0
SOUTHERN COPPER CORP COM 84265V105   2,771,056 45,886 SH   SOLE   45,886 0 0
SOUTHWESTERN ENERGY CO COM 845467109   1,789,597 305,914 SH   SOLE   305,914 0 0
SSR MNG INC COM 784730103   4,843,439 309,101 SH   SOLE   309,101 0 0
STEEL DYNAMICS INC COM 858119100   1,271,663 13,016 SH   SOLE   13,016 0 0
SUNCOKE ENERGY INC COM 86722A103   465,131 53,897 SH   SOLE   53,897 0 0
SUNCOR ENERGY INC NEW COM 867224107   2,726,470 85,900 SH   SOLE   85,900 0 0
SUNPOWER CORP COM 867652406   377,566 20,941 SH   SOLE   20,941 0 0
TALOS ENERGY INC COM 87484T108   3,870,891 205,026 SH   SOLE   205,026 0 0
TECK RESOURCES LTD CL B 878742204   7,839,010 207,266 SH   SOLE   207,266 0 0
TELLURIAN INC NEW COM 87968A104   114,425 68,110 SH   SOLE   68,110 0 0
TENARIS S A SPONSORED ADS 88031M109   976,885 27,784 SH   SOLE   27,784 0 0
TERNIUM SA SPONSORED ADS 880890108   2,688,547 87,976 SH   SOLE   87,976 0 0
TIDEWATER INC NEW COM 88642R109   1,483,065 40,246 SH   SOLE   40,246 0 0
TIMKENSTEEL CORPORATION COM 887399103   1,435,121 78,983 SH   SOLE   78,983 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   1,095,029 17,639 SH   SOLE   17,639 0 0
TRANSOCEAN LTD REG SHS H8817H100   2,064,531 452,748 SH   SOLE   452,748 0 0
TRONOX HOLDINGS PLC SHS G9087Q102   266,276 19,422 SH   SOLE   19,422 0 0
TYSON FOODS INC CL A 902494103   2,651,912 42,601 SH   SOLE   42,601 0 0
U S SILICA HLDGS INC COM 90346E103   1,948,750 155,900 SH   SOLE   155,900 0 0
UNITED STATES STL CORP NEW COM 912909108   3,924,834 156,680 SH   SOLE   156,680 0 0
VALE S A SPONSORED ADS 91912E105   2,410,181 142,026 SH   SOLE   142,026 0 0
VALERO ENERGY CORP COM 91913Y100   2,037,625 16,062 SH   SOLE   16,062 0 0
VERMILION ENERGY INC COM 923725105   5,576,314 314,800 SH   SOLE   314,800 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   390,477 12,283 SH   SOLE   12,283 0 0
W & T OFFSHORE INC COM 92922P106   2,932,870 525,604 SH   SOLE   525,604 0 0
WARRIOR MET COAL INC COM 93627C101   275,977 7,967 SH   SOLE   7,967 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104   1,326,614 42,794 SH   SOLE   42,794 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,392,694 35,637 SH   SOLE   35,637 0 0
WORTHINGTON INDS INC COM 981811102   209,577 4,216 SH   SOLE   4,216 0 0
YAMANA GOLD INC COM 98462Y100   4,505,651 811,829 SH   SOLE   811,829 0 0