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
AGCO CORP COM 001084102   5,312,416 43,756 SH   SOLE   43,756 0 0
AGNICO EAGLE MINES LTD COM 008474108   6,993,971 127,169 SH   SOLE   127,169 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   2,730,019 202,674 SH   SOLE   202,674 0 0
ALBEMARLE CORP COM 012653101   508,570 3,520 SH   SOLE   3,520 0 0
ALCOA CORP COM 013872106   914,634 26,901 SH   SOLE   26,901 0 0
ALGOMA STL GROUP INC COM 015658107   1,344,241 134,022 SH   SOLE   134,022 0 0
AMER STATES WTR CO COM 029899101   1,941,902 24,147 SH   SOLE   24,147 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   761,054 5,766 SH   SOLE   5,766 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   566,139 30,291 SH   SOLE   30,291 0 0
ANTERO RESOURCES CORP COM 03674X106   211,854 9,341 SH   SOLE   9,341 0 0
APA CORPORATION COM 03743Q108   247,106 6,887 SH   SOLE   6,887 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203   454,183 15,998 SH   SOLE   15,998 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   8,140,638 112,720 SH   SOLE   112,720 0 0
ARRAY TECHNOLOGIES INC COM SHS 04271T100   1,750,392 104,190 SH   SOLE   104,190 0 0
ATI INC COM 01741R102   2,119,811 46,620 SH   SOLE   46,620 0 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103   2,081,695 96,823 SH   SOLE   96,823 0 0
ATLAS ENERGY SOLUTIONS INC COM NEW 642045108   185,304 10,761 SH   SOLE   10,761 0 0
B2GOLD CORP COM 11777Q209   7,942,027 2,511,843 SH   SOLE   2,511,843 0 0
BAKER HUGHES COMPANY CL A 05722G100   1,979,569 57,916 SH   SOLE   57,916 0 0
BARRICK GOLD CORP COM 067901108   1,922,298 106,263 SH   SOLE   106,263 0 0
BAYTEX ENERGY CORP COM 07317Q105   2,567,732 770,600 SH   SOLE   770,600 0 0
BHP GROUP LTD SPONSORED ADS 088606108   238,607 3,493 SH   SOLE   3,493 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101   1,600,948 100,310 SH   SOLE   100,310 0 0
BP PLC SPONSORED ADR 055622104   1,083,736 30,614 SH   SOLE   30,614 0 0
BROOKFIELD RENEWABLE CORP CL A SUB VTG 11284V105   453,500 15,752 SH   SOLE   15,752 0 0
BUNGE LIMITED COM G16962105   6,057,303 60,003 SH   SOLE   60,003 0 0
CAL MAINE FOODS INC COM NEW 128030202   6,431,697 112,070 SH   SOLE   112,070 0 0
CALIFORNIA WTR SVC GROUP COM 130788102   2,181,134 42,050 SH   SOLE   42,050 0 0
CALLON PETE CO DEL COM 13123X508   2,981,156 92,011 SH   SOLE   92,011 0 0
CANADIAN NAT RES LTD COM 136385101   679,949 10,346 SH   SOLE   10,346 0 0
CANADIAN SOLAR INC COM 136635109   2,590,947 98,778 SH   SOLE   98,778 0 0
CENOVUS ENERGY INC COM 15135U109   3,416,138 204,300 SH   SOLE   204,300 0 0
CENTERRA GOLD INC COM 152006102   2,085,204 348,100 SH   SOLE   348,100 0 0
CENTURY ALUM CO COM 156431108   660,829 54,434 SH   SOLE   54,434 0 0
CF INDS HLDGS INC COM 125269100   1,709,091 21,498 SH   SOLE   21,498 0 0
CHAMPIONX CORPORATION COM 15872M104   2,053,872 70,314 SH   SOLE   70,314 0 0
CHEVRON CORP NEW COM 166764100   1,894,034 12,698 SH   SOLE   12,698 0 0
CHORD ENERGY CORPORATION COM NEW 674215207   2,783,189 16,743 SH   SOLE   16,743 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   427,307 6,249 SH   SOLE   6,249 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   596,591 29,216 SH   SOLE   29,216 0 0
CNH INDL N V SHS N20944109   5,848,592 480,180 SH   SOLE   480,180 0 0
CNX RES CORP COM 12653C108   1,671,320 83,566 SH   SOLE   83,566 0 0
COMMERCIAL METALS CO COM 201723103   1,739,691 34,766 SH   SOLE   34,766 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   935,488 61,424 SH   SOLE   61,424 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104   2,271,019 149,017 SH   SOLE   149,017 0 0
COMPASS MINERALS INTL INC COM 20451N101   1,423,769 56,231 SH   SOLE   56,231 0 0
COMSTOCK RES INC COM 205768302   437,279 49,410 SH   SOLE   49,410 0 0
CONOCOPHILLIPS COM 20825C104   599,153 5,162 SH   SOLE   5,162 0 0
CORTEVA INC COM 22052L104   5,087,379 106,164 SH   SOLE   106,164 0 0
COTERRA ENERGY INC COM 127097103   2,772,187 108,628 SH   SOLE   108,628 0 0
CRESCENT ENERGY COMPANY CL A COM 44952J104   1,034,911 78,343 SH   SOLE   78,343 0 0
CRESCENT PT ENERGY CORP COM 22576C101   6,010,995 863,700 SH   SOLE   863,700 0 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   2,291,005 86,128 SH   SOLE   86,128 0 0
DARLING INGREDIENTS INC COM 237266101   3,998,813 80,233 SH   SOLE   80,233 0 0
DEERE & CO COM 244199105   5,531,002 13,832 SH   SOLE   13,832 0 0
DEVON ENERGY CORP NEW COM 25179M103   5,414,030 119,515 SH   SOLE   119,515 0 0
DIAMONDBACK ENERGY INC COM 25278X109   3,690,439 23,797 SH   SOLE   23,797 0 0
DRIL-QUIP INC COM 262037104   228,837 9,834 SH   SOLE   9,834 0 0
ELDORADO GOLD CORP NEW COM 284902509   266,054 20,513 SH   SOLE   20,513 0 0
EOG RES INC COM 26875P101   4,294,088 35,503 SH   SOLE   35,503 0 0
EQT CORP COM 26884L109   843,368 21,815 SH   SOLE   21,815 0 0
EQUINOX GOLD CORP COM 29446Y502   1,599,778 327,153 SH   SOLE   327,153 0 0
ERO COPPER CORP COM 296006109   660,002 41,600 SH   SOLE   41,600 0 0
ESSENTIAL UTILS INC COM 29670G102   4,887,584 130,859 SH   SOLE   130,859 0 0
EXPRO GROUP HOLDINGS NV COM N3144W105   1,058,553 66,492 SH   SOLE   66,492 0 0
EXXON MOBIL CORP COM 30231G102   743,151 7,433 SH   SOLE   7,433 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   436,785 71,022 SH   SOLE   71,022 0 0
FIRST SOLAR INC COM 336433107   430,528 2,499 SH   SOLE   2,499 0 0
FLEX LNG LTD SHS G35947202   458,102 15,764 SH   SOLE   15,764 0 0
FMC CORP COM NEW 302491303   4,294,714 68,116 SH   SOLE   68,116 0 0
FRANCO NEV CORP COM 351858105   3,969,547 35,823 SH   SOLE   35,823 0 0
FREEPORT-MCMORAN INC CL B 35671D857   2,029,738 47,680 SH   SOLE   47,680 0 0
GERDAU SA SPON ADR REP PFD 373737105   109,494 22,576 SH   SOLE   22,576 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   4,898,874 338,788 SH   SOLE   338,788 0 0
GREEN PLAINS INC COM 393222104   558,951 22,163 SH   SOLE   22,163 0 0
HALLIBURTON CO COM 406216101   2,372,561 65,631 SH   SOLE   65,631 0 0
HECLA MNG CO COM 422704106   4,953,848 1,029,906 SH   SOLE   1,029,906 0 0
HELMERICH & PAYNE INC COM 423452101   2,639,098 72,863 SH   SOLE   72,863 0 0
HESS CORP COM 42809H107   738,532 5,123 SH   SOLE   5,123 0 0
HORMEL FOODS CORP COM 440452100   4,641,019 144,535 SH   SOLE   144,535 0 0
HUDBAY MINERALS INC COM 443628102   2,548,363 461,600 SH   SOLE   461,600 0 0
ICL GROUP LTD SHS M53213100   1,407,690 280,976 SH   SOLE   280,976 0 0
INGREDION INC COM 457187102   9,036,208 83,260 SH   SOLE   83,260 0 0
JINKOSOLAR HLDG CO LTD SPONSORED ADR 47759T100   647,928 17,540 SH   SOLE   17,540 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   266,430 17,703 SH   SOLE   17,703 0 0
KINROSS GOLD CORP COM 496902404   2,252,578 372,327 SH   SOLE   372,327 0 0
KOSMOS ENERGY LTD COM 500688106   2,396,758 357,192 SH   SOLE   357,192 0 0
LIBERTY ENERGY INC COM CL A 53115L104   3,350,313 184,692 SH   SOLE   184,692 0 0
LOUISIANA PAC CORP COM 546347105   6,658,516 94,007 SH   SOLE   94,007 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109   4,117,848 193,417 SH   SOLE   193,417 0 0
MARATHON OIL CORP COM 565849106   2,287,058 94,663 SH   SOLE   94,663 0 0
MATADOR RES CO COM 576485205   463,125 8,145 SH   SOLE   8,145 0 0
MOSAIC CO NEW COM 61945C103   2,295,081 64,234 SH   SOLE   64,234 0 0
MP MATERIALS CORP COM CL A 553368101   780,442 39,317 SH   SOLE   39,317 0 0
MURPHY OIL CORP COM 626717102   5,851,374 137,163 SH   SOLE   137,163 0 0
NEWMONT CORP COM 651639106   4,301,005 103,914 SH   SOLE   103,914 0 0
NEXGEN ENERGY LTD COM 65340P106   1,634,998 232,900 SH   SOLE   232,900 0 0
NOBLE CORP PLC ORD SHS A G65431127   1,371,886 28,486 SH   SOLE   28,486 0 0
NORTHERN OIL & GAS INC COM 665531307   679,938 18,342 SH   SOLE   18,342 0 0
NOV INC COM 62955J103   966,849 47,675 SH   SOLE   47,675 0 0
NOW INC COM 67011P100   728,125 64,322 SH   SOLE   64,322 0 0
NUCOR CORP COM 670346105   2,088,306 11,999 SH   SOLE   11,999 0 0
NUTRIEN LTD COM 67077M108   4,191,175 74,193 SH   SOLE   74,193 0 0
OCCIDENTAL PETE CORP COM 674599105   845,613 14,162 SH   SOLE   14,162 0 0
OCEANEERING INTL INC COM 675232102   1,187,211 55,790 SH   SOLE   55,790 0 0
OIL STS INTL INC COM 678026105   418,570 61,645 SH   SOLE   61,645 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   789,099 55,259 SH   SOLE   55,259 0 0
PAN AMERN SILVER CORP COM 697900108   381,027 23,332 SH   SOLE   23,332 0 0
PATTERSON-UTI ENERGY INC COM 703481101   3,063,604 283,667 SH   SOLE   283,667 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   2,938,226 216,046 SH   SOLE   216,046 0 0
PILGRIMS PRIDE CORP COM 72147K108   1,308,263 47,298 SH   SOLE   47,298 0 0
PIONEER NAT RES CO COM 723787107   1,759,911 7,826 SH   SOLE   7,826 0 0
POTLATCHDELTIC CORPORATION COM 737630103   3,493,023 71,141 SH   SOLE   71,141 0 0
PROPETRO HLDG CORP COM 74347M108   617,413 73,677 SH   SOLE   73,677 0 0
RAMACO RES INC COM CL A 75134P600   767,705 44,686 SH   SOLE   44,686 0 0
RANGE RES CORP COM 75281A109   886,261 29,115 SH   SOLE   29,115 0 0
RAYONIER INC COM 754907103   2,282,905 68,330 SH   SOLE   68,330 0 0
RENEW ENERGY GLOBAL PLC CL A SHS G7500M104   1,003,223 130,969 SH   SOLE   130,969 0 0
RIO TINTO PLC SPONSORED ADR 767204100   2,652,489 35,623 SH   SOLE   35,623 0 0
ROYAL GOLD INC COM 780287108   373,887 3,091 SH   SOLE   3,091 0 0
RPC INC COM 749660106   702,265 96,465 SH   SOLE   96,465 0 0
RYERSON HLDG CORP COM 783754104   362,233 10,445 SH   SOLE   10,445 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869   841,730 61,575 SH   SOLE   61,575 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   1,232,109 244,952 SH   SOLE   244,952 0 0
SCHLUMBERGER LTD COM STK 806857108   2,188,646 42,057 SH   SOLE   42,057 0 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   799,591 105,348 SH   SOLE   105,348 0 0
SHOALS TECHNOLOGIES GROUP IN CL A 82489W107   611,841 39,372 SH   SOLE   39,372 0 0
SILVERBOW RES INC COM 82836G102   240,957 8,286 SH   SOLE   8,286 0 0
SM ENERGY CO COM 78454L100   1,178,056 30,425 SH   SOLE   30,425 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   1,352,963 22,467 SH   SOLE   22,467 0 0
SOUTHERN COPPER CORP COM 84265V105   1,518,533 17,643 SH   SOLE   17,643 0 0
SOUTHWESTERN ENERGY CO COM 845467109   3,514,985 536,639 SH   SOLE   536,639 0 0
SSR MINING IN COM 784730103   4,469,440 415,374 SH   SOLE   415,374 0 0
STEEL DYNAMICS INC COM 858119100   2,030,966 17,197 SH   SOLE   17,197 0 0
SUNCOKE ENERGY INC COM 86722A103   723,360 67,352 SH   SOLE   67,352 0 0
SUNCOR ENERGY INC NEW COM 867224107   2,459,275 76,500 SH   SOLE   76,500 0 0
SUNNOVA ENERGY INTL INC. COM 86745K104   282,781 18,543 SH   SOLE   18,543 0 0
SUNPOWER CORP COM 867652406   688,758 142,600 SH   SOLE   142,600 0 0
TECK RESOURCES LTD CL B 878742204   280,509 6,619 SH   SOLE   6,619 0 0
TERNIUM SA SPONSORED ADS 880890108   1,162,744 27,378 SH   SOLE   27,378 0 0
TETRA TECHNOLOGIES INC DEL COM 88162F105   213,782 47,297 SH   SOLE   47,297 0 0
TIDEWATER INC NEW COM 88642R109   430,713 5,973 SH   SOLE   5,973 0 0
TIMKENSTEEL CORPORATION COM 887399103   1,493,648 63,695 SH   SOLE   63,695 0 0
TOTALENERGIES SE SPONSORED ADS 89151E109   881,869 13,088 SH   SOLE   13,088 0 0
TRANSOCEAN LTD REG SHS H8817H100   494,900 77,937 SH   SOLE   77,937 0 0
TRONOX HOLDINGS PLC SHS G9087Q102   559,164 39,489 SH   SOLE   39,489 0 0
TYSON FOODS INC CL A 902494103   4,002,816 74,471 SH   SOLE   74,471 0 0
U S SILICA HLDGS INC COM 90346E103   1,764,609 156,022 SH   SOLE   156,022 0 0
UNITED STATES STL CORP NEW COM 912909108   3,654,247 75,113 SH   SOLE   75,113 0 0
VAALCO ENERGY INC COM NEW 91851C201   405,065 90,215 SH   SOLE   90,215 0 0
VALE S A SPONSORED ADS 91912E105   1,437,757 90,653 SH   SOLE   90,653 0 0
VERMILION ENERGY INC COM 923725105   6,101,464 504,500 SH   SOLE   504,500 0 0
VIPER ENERGY INC CL A 927959106   2,202,092 70,175 SH   SOLE   70,175 0 0
VITAL ENERGY INC COM 516806205   2,396,459 52,681 SH   SOLE   52,681 0 0
W & T OFFSHORE INC COM 92922P106   1,557,947 477,898 SH   SOLE   477,898 0 0
WARRIOR MET COAL INC COM 93627C101   751,699 12,329 SH   SOLE   12,329 0 0
WEST FRASER TIMBER CO LTD COM 952845105   8,000,990 93,200 SH   SOLE   93,200 0 0