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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CELANESE CORP</name>
        <lei>549300FHJQTDPPN41627</lei>
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          <isin value="US1508701034"/>
          <ticker value="CE"/>
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        <curCd>USD</curCd>
        <valUSD>192372.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KINROSS GOLD CORP</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
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          <isin value="CA4969024047"/>
          <ticker value="KGC"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WESTLAKE CORP</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
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          <isin value="US9604131022"/>
          <ticker value="WLK"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COEUR MINING INC</name>
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          <ticker value="CDE"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ARCELORMITTAL SA</name>
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          <isin value="US03938L2034"/>
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        <invCountry>LU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>B2GOLD CORP</name>
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          <isin value="CA11777Q2099"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PACKAGING CORP OF AMERICA</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
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          <isin value="US6951561090"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AXALTA COATING SYSTEMS LTD</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CEMEX-CEMENTOS MEXICANOS SAB DE CV</name>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CF INDUSTRIES HOLDINGS INC</name>
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          <isin value="US1252691001"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CLEVELAND-CLIFFS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PERPETUA RESOURCES CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PPG INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BALCHEM CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WARRIOR MET COAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HAWKINS INC</name>
        <lei>549300VL3IJ23OWX1Y34</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KNIFE RIVER CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SILGAN HOLDINGS INC</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HARMONY GOLD MINING COMPANY LTD</name>
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        <title>HARMONY GOLD MINING COMPANY LTD SPONSORED ADR</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MARTIN MARIETTA MATERIALS INC</name>
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        <title>MARTIN MARIETTA MATERIALS INC COM</title>
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          <ticker value="MLM"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BARRICK MINING CORP</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP COM SHS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ALBEMARLE CORP</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>ALBEMARLE CORP COM</title>
        <cusip>012653101</cusip>
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          <ticker value="ALB"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SENSIENT TECHNOLOGIES CORP</name>
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          <ticker value="SXT"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMCOR PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEWMONT CORP</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIBANYE-STILLWATER LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AURA MINERALS INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RAMACO RESOURCES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AIR PRODUCTS AND CHEMICALS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASP ISOTOPES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VULCAN MATERIALS COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>USA RARE EARTH INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SCOTTS MIRACLE-GRO COMPANY (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MP MATERIALS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ELEMENT SOLUTIONS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SONOCO PRODUCTS COMPANY</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>VALE SA</name>
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        <title>VALE SA SPONSORED ADS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC SPONSORED ADR</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OLIN CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORTUNA MINING CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LYONDELLBASELL INDUSTRIES NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GRAPHIC PACKAGING HOLDING COMPANY</name>
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        <title>GRAPHIC PACKAGING HOLDING COMPANY COM</title>
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          <ticker value="GPK"/>
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        <fairValLevel>1</fairValLevel>
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        <name>INNOSPEC INC</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>INNOSPEC INC COM</title>
        <cusip>45768S105</cusip>
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          <ticker value="IOSP"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SMURFIT WESTROCK PLC</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>SMURFIT WESTROCK PLC COM USD0.001</title>
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          <ticker value="SW"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SHERWIN-WILLIAMS COMPANY (THE)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHEMOURS COMPANY (THE)</name>
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          <isin value="US1638511089"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FMC CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALAMOS GOLD INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ANGLOGOLD ASHANTI PLC</name>
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          <isin value="GB00BRXH2664"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LOUISIANA PACIFIC CORP</name>
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          <isin value="US5463471053"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ECOLAB INC</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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          <isin value="US2788651006"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOSAIC COMPANY (THE)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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          <isin value="US61945C1036"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TMC THE METALS COMPANY INC</name>
        <lei>N/A</lei>
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          <isin value="CA87261Y1060"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SSR MINING INC</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COM</title>
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          <isin value="CA7847301032"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STEEL DYNAMICS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HUNTSMAN CORP</name>
        <lei>5299000V56320A7RIQ67</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CROWN HOLDINGS INC</name>
        <lei>NYLWZIOY8PUNIT4JOE22</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IAMGOLD CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED STATES ANTIMONY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ELDORADO GOLD CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AVERY DENNISON CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALCOA CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FRANCO-NEVADA CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HUDBAY MINERALS INC</name>
        <lei>894500LX3TMESP27BE29</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>TRIMAS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BHP GROUP LTD</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP GROUP LTD SPONSORED ADS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERNATIONAL FLAVORS &amp; FRAGRANCES INC</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>INTERNATIONAL FLAVORS &amp; FRAGRANCES INC COM</title>
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          <ticker value="IFF"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CORTEVA INC</name>
        <lei>549300WZN9I2QKLS0O94</lei>
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          <isin value="US22052L1044"/>
          <ticker value="CTVA"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTURY ALUMINUM COMPANY</name>
        <lei>549300U5ODNGEYWKSW73</lei>
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          <isin value="US1564311082"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PAN AMERICAN SILVER CORP</name>
        <lei>549300MKTF5851TYIB83</lei>
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          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RPM INTERNATIONAL INC</name>
        <lei>549300TJCKW4BRXPJ474</lei>
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          <isin value="US7496851038"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ENDEAVOUR SILVER CORP</name>
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          <ticker value="EXK"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LINDE PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FREEPORT-MCMORAN INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMMERCIAL METALS COMPANY</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS COMPANY COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>RELIANCE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLD FIELDS LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SOUTHERN COPPER CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WHEATON PRECIOUS METALS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EQUINOX GOLD CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST MAJESTIC SILVER CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HYCROFT MINING HOLDING CORP</name>
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        <title>HYCROFT MINING HOLDING CORP CL A NEW</title>
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        <fairValLevel>1</fairValLevel>
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        <name>APTARGROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OR ROYALTIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NUCOR CORP</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CRH PLC</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH PLC ORD EUR 0.32</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DOW INC</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>DOW INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TECK RESOURCES LTD</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD CL B</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL PAPER COMPANY</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>INTERNATIONAL PAPER COMPANY COM</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
          <ticker value="IP"/>
        </identifiers>
        <balance>11010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419481.00000000</valUSD>
        <pctVal>1.231784718208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PURECYCLE TECHNOLOGIES INC</name>
        <lei>N/A</lei>
        <title>PURECYCLE TECHNOLOGIES INC COM</title>
        <cusip>74623V103</cusip>
        <identifiers>
          <isin value="US74623V1035"/>
          <ticker value="PCT"/>
        </identifiers>
        <balance>13361.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108357.71000000</valUSD>
        <pctVal>0.318186929272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HECLA MINING COMPANY</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>HECLA MINING COMPANY COM</title>
        <cusip>422704106</cusip>
        <identifiers>
          <isin value="US4227041062"/>
          <ticker value="HL"/>
        </identifiers>
        <balance>19089.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>294543.27000000</valUSD>
        <pctVal>0.864911399651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CRITICAL METALS CORP</name>
        <lei>984500158752F66VAE27</lei>
        <title>CRITICAL METALS CORP PUBCO ORD SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG2662B1031"/>
          <ticker value="CRML"/>
          <other otherDesc="SEDOL" value="BSNX0D4"/>
        </identifiers>
        <balance>7569.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77582.25000000</valUSD>
        <pctVal>0.227816349141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EASTMAN CHEMICAL COMPANY</name>
        <lei>FDPVHDGJ1IQZFK9KH630</lei>
        <title>EASTMAN CHEMICAL COMPANY COM</title>
        <cusip>277432100</cusip>
        <identifiers>
          <isin value="US2774321002"/>
          <ticker value="EMN"/>
        </identifiers>
        <balance>3563.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>238649.74000000</valUSD>
        <pctVal>0.700782878691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALL CORP</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>BALL CORP COM</title>
        <cusip>058498106</cusip>
        <identifiers>
          <isin value="US0584981064"/>
          <ticker value="BALL"/>
        </identifiers>
        <balance>6220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388128.00000000</valUSD>
        <pctVal>1.139718221108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. MORGAN SECURITIES LLC TRI PARTY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BGHB3J1E6260630"/>
        </identifiers>
        <balance>48777.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48777.92000000</valUSD>
        <pctVal>0.143233892457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.64000000</repurchaseRt>
          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>51394.29000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>49753.48000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUTRIEN LTD</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>NUTRIEN LTD COM</title>
        <cusip>67077M108</cusip>
        <identifiers>
          <isin value="CA67077M1086"/>
          <ticker value="NTR"/>
        </identifiers>
        <balance>5582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>351386.90000000</valUSD>
        <pctVal>1.031829841157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAGLE MATERIALS INC</name>
        <lei>529900KRXRGXL61SG039</lei>
        <title>EAGLE MATERIALS INC COM</title>
        <cusip>26969P108</cusip>
        <identifiers>
          <isin value="US26969P1084"/>
          <ticker value="EXP"/>
        </identifiers>
        <balance>1079.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>242775.00000000</valUSD>
        <pctVal>0.712896495819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLSTICE ADVANCED MATERIALS INC</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>SOLSTICE ADVANCED MATERIALS INC COM SHS</title>
        <cusip>83443Q103</cusip>
        <identifiers>
          <isin value="US83443Q1031"/>
          <ticker value="SOLS"/>
        </identifiers>
        <balance>4035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>357501.00000000</valUSD>
        <pctVal>1.049783586250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
