| Number of shares | Value (US $) | ||
| Common Stocks — 99.50%♣ | |||
| Consumer Staples — 3.12% | |||
| Bunge Global | 44,998 | $ 3,612,439 | |
| Darling Ingredients † | 46,869 | 1,778,210 | |
| 5,390,649 | |||
| Energy — 31.13% | |||
| ARC Resources | 233,819 | 4,929,645 | |
| Chord Energy | 17,142 | 1,660,203 | |
| DHT Holdings | 183,748 | 1,986,316 | |
| Diamondback Energy | 11,955 | 1,642,617 | |
| Expand Energy | 54,284 | 6,347,971 | |
| Helmerich & Payne | 107,582 | 1,630,943 | |
| HF Sinclair | 81,094 | 3,331,342 | |
| Kimbell Royalty Partners | 340,799 | 4,757,554 | |
| Parex Resources | 194,550 | 1,987,289 | |
| Permian Resources | 139,427 | 1,898,996 | |
| Shell | 318,791 | 11,173,821 | |
| Tourmaline Oil | 73,285 | 3,535,762 | |
| Unit | 101,226 | 2,643,011 | |
| Valero Energy | 46,670 | 6,273,381 | |
| 53,798,851 | |||
| Industrials — 2.06% | |||
| Arcosa | 41,090 | 3,562,914 | |
| 3,562,914 | |||
| Information Technology — 1.79% | |||
| First Solar † | 18,734 | 3,101,226 | |
| 3,101,226 | |||
| Materials — 61.40% | |||
| Alcoa | 128,961 | 3,805,639 | |
| Anglo American | 163,461 | 4,824,057 | |
| Canfor † | 162,994 | 1,692,480 | |
| CF Industries Holdings | 73,994 | 6,807,448 | |
| China Metal Recycling Holdings =, † | 30,000,000 | 0 | |
| Coeur Mining † | 296,740 | 2,629,116 | |
| Corteva | 77,098 | 5,746,114 | |
| CRH | 57,585 | 5,305,437 | |
| Endeavour Mining | 111,956 | 3,423,910 | |
| ERO Copper † | 347,371 | 5,867,107 | |
| Hudbay Minerals | 742,646 | 7,879,474 | |
| International Paper | 121,857 | 5,706,563 | |
| Louisiana-Pacific | 23,829 | 2,049,056 | |
| Metallus † | 183,165 | 2,822,573 | |
| Methanex | 87,321 | 2,890,325 | |
| MP Materials † | 93,821 | 3,121,425 | |
| Newmont | 121,024 | 7,050,858 | |
| Nutrien | 137,118 | 7,985,752 | |
| SSR Mining † | 231,711 | 2,955,623 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Materials (continued) | |||
| Steel Dynamics | 49,771 | $ 6,371,186 | |
| Titan | 42,742 | 1,933,361 | |
| Titan America † | 151,468 | 1,890,321 | |
| Valterra Platinum † | 62,863 | 2,761,259 | |
| West Fraser Timber | 53,165 | 3,898,702 | |
| Wheaton Precious Metals | 74,502 | 6,690,279 | |
| 106,108,065 | |||
| Total Common Stocks (cost $183,844,372) | 171,961,705 | ||
| Short-Term Investments — 0.49% | |||
| Money Market Mutual Funds — 0.49% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 211,869 | 211,869 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 211,869 | 211,869 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 211,868 | 211,868 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 211,869 | 211,869 | |
| Total Short-Term Investments (cost $847,475) | 847,475 | ||
| Total Value of Securities—99.99% (cost $184,691,847) | 172,809,180 | ||
| Receivables and Other Assets Net of Liabilities—0.01% | 13,694 | ||
| Net Assets Applicable to 10,440,662 Shares Outstanding—100.00% | $172,822,874 | ||
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |