| Number of shares | Value (US $) | ||
| Common Stocks — 97.24%♣ | |||
| Agricultural Products and Services — 2.22% | |||
| Bunge Global | 47,484 | $ 5,067,967 | |
| 5,067,967 | |||
| Aluminum — 1.59% | |||
| Alcoa | 69,549 | 3,626,285 | |
| 3,626,285 | |||
| Coal & Consumable Fuels — 5.73% | |||
| Core Natural Resources | 86,110 | 6,890,522 | |
| Peabody Energy | 161,759 | 3,739,868 | |
| Yellow Cake 144A #, † | 349,110 | 2,441,363 | |
| 13,071,753 | |||
| Construction & Engineering — 1.34% | |||
| Arcosa | 21,094 | 3,064,747 | |
| 3,064,747 | |||
| Construction Materials — 3.76% | |||
| CRH | 80,106 | 8,571,342 | |
| 8,571,342 | |||
| Copper — 1.51% | |||
| First Quantum Minerals † | 125,900 | 3,439,003 | |
| 3,439,003 | |||
| Diversified Metals & Mining — 8.53% | |||
| Anglo American | 110,063 | 5,398,864 | |
| China Metal Recycling Holdings =, † | 30,000,000 | 0 | |
| Glencore | 1,059,720 | 7,225,624 | |
| Hudbay Minerals | 289,397 | 6,832,663 | |
| 19,457,151 | |||
| Fertilizers & Agricultural Chemicals — 8.44% | |||
| CF Industries Holdings | 20,572 | 2,227,125 | |
| Corteva | 69,111 | 5,853,011 | |
| Nutrien | 177,433 | 11,169,407 | |
| 19,249,543 | |||
| Forest Products — 3.86% | |||
| Louisiana-Pacific | 49,283 | 3,876,601 | |
| West Fraser Timber | 72,981 | 4,940,529 | |
| 8,817,130 | |||
| Gold — 11.02% | |||
| Agnico Eagle Mines | 35,970 | 5,580,026 | |
| Coeur Mining | 178,575 | 2,914,344 | |
| Eldorado Gold | 92,260 | 2,868,363 | |
| Franco-Nevada | 26,890 | 5,604,952 | |
| G Mining Ventures † | 124,890 | 3,657,100 | |
| Kinross Gold | 191,040 | 4,512,365 | |
| 25,137,150 | |||
| Integrated Oil & Gas — 5.39% | |||
| BP ADR | 200,290 | 7,400,715 | |
| Shell | 126,269 | 4,906,181 | |
| 12,306,896 | |||
| Oil & Gas Equipment & Services — 3.84% | |||
| SLB | 129,200 | 6,006,508 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Oil & Gas Equipment & Services (continued) | |||
| Weatherford International | 33,720 | $ 2,748,180 | |
| 8,754,688 | |||
| Oil & Gas Exploration & Production — 24.02% | |||
| Canadian Natural Resources | 237,280 | 9,389,144 | |
| Chord Energy | 29,805 | 3,406,712 | |
| ConocoPhillips | 62,390 | 6,486,064 | |
| Diamondback Energy | 53,982 | 9,488,956 | |
| Expand Energy | 70,971 | 6,471,845 | |
| Kimbell Royalty Partners | 361,972 | 5,259,453 | |
| Ovintiv | 174,070 | 9,164,786 | |
| Permian Resources Class A | 278,774 | 5,132,229 | |
| 54,799,189 | |||
| Oil & Gas Refining & Marketing — 1.14% | |||
| Valero Energy | 9,970 | 2,596,587 | |
| 2,596,587 | |||
| Packaged Foods & Meats — 3.66% | |||
| JBS Class A | 396,390 | 4,697,222 | |
| Pilgrim's Pride | 130,310 | 3,663,014 | |
| 8,360,236 | |||
| Paper & Plastic Packaging Products & Materials — 4.83% | |||
| International Paper | 141,694 | 5,398,542 | |
| Smurfit Westrock | 121,570 | 5,623,828 | |
| 11,022,370 | |||
| Precious Metals & Minerals — 1.27% | |||
| Northam Platinum Holdings | 200,500 | 2,896,405 | |
| 2,896,405 | |||
| Steel — 5.09% | |||
| Commercial Metals | 77,630 | 4,871,283 | |
| Steel Dynamics | 29,413 | 6,749,107 | |
| 11,620,390 | |||
| Total Common Stocks (cost $241,891,476) | 221,858,832 | ||
| Short-Term Investments — 2.94% | |||
| Money Market Mutual Funds — 2.94% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.54%) | 1,676,753 | 1,676,753 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1,676,752 | 1,676,752 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1,676,752 | 1,676,752 | |
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.56%) | 1,676,752 | $ 1,676,752 | |
| Total Short-Term Investments (cost $6,707,009) | 6,707,009 | ||
| Total Value of Securities—100.18% (cost $248,598,485) | 228,565,841 | ||
| Liabilities Net of Receivables and Other Assets—(0.18%) | (410,517) | ||
| Net Assets Applicable to 10,097,843 Shares Outstanding—100.00% | $228,155,324 | ||
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $2,441,363, which represents 1.07% of the Fund’s net assets. |
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |