| Number of shares | Value (US $) | ||
| Closed-Ended Trust — 2.49% | |||
| Sprott Physical Uranium Trust † | 102,877 | $ 1,992,198 | |
| Total Closed-Ended Trust (cost $1,672,247) | 1,992,198 | ||
| Common Stocks — 95.35% | |||
| Aluminum — 3.60% | |||
| Alcoa | 74,530 | 2,875,368 | |
| 2,875,368 | |||
| Construction & Engineering — 2.24% | |||
| Arcosa | 18,886 | 1,789,637 | |
| 1,789,637 | |||
| Construction Materials — 4.62% | |||
| CRH | 40,515 | 3,693,074 | |
| 3,693,074 | |||
| Copper — 3.21% | |||
| ERO Copper † | 115,191 | 2,564,532 | |
| 2,564,532 | |||
| Diversified Metals & Mining — 11.66% | |||
| Anglo American | 126,630 | 4,112,248 | |
| China Metal Recycling Holdings =, † | 1,900,000 | 0 | |
| Hudbay Minerals | 316,038 | 2,904,389 | |
| Lifezone Metals † | 69,795 | 488,565 | |
| MP Materials † | 102,500 | 1,809,125 | |
| 9,314,327 | |||
| Electrical Components & Equipment — 1.35% | |||
| Sunrun † | 59,648 | 1,077,243 | |
| 1,077,243 | |||
| Fertilizers & Agricultural Chemicals — 8.53% | |||
| CF Industries Holdings | 51,364 | 4,407,031 | |
| Nutrien | 50,082 | 2,406,941 | |
| 6,813,972 | |||
| Forest Products — 3.90% | |||
| Louisiana-Pacific | 15,799 | 1,697,761 | |
| West Fraser Timber | 14,524 | 1,415,082 | |
| 3,112,843 | |||
| Gold — 14.97% | |||
| Endeavour Mining | 117,895 | 2,791,445 | |
| Newmont | 113,689 | 6,076,677 | |
| Wheaton Precious Metals | 50,586 | 3,089,793 | |
| 11,957,915 | |||
| Heavy Electrical Equipment — 0.38% | |||
| Net Power † | 43,144 | 302,440 | |
| 302,440 | |||
| Industrial Gases — 1.23% | |||
| Air Products and Chemicals | 3,308 | 984,924 | |
| 984,924 | |||
| Number ofshares | Value (US $) | ||
| Common Stocks (continued) | |||
| Integrated Oil & Gas — 7.46% | |||
| Shell | 141,350 | $ 4,582,714 | |
| Unit | 43,518 | 1,372,993 | |
| 5,955,707 | |||
| Oil & Gas Drilling — 1.79% | |||
| Valaris † | 25,659 | 1,430,489 | |
| 1,430,489 | |||
| Oil & Gas Equipment & Services — 4.01% | |||
| Schlumberger | 76,319 | 3,201,582 | |
| 3,201,582 | |||
| Oil & Gas Exploration & Production — 15.46% | |||
| ARC Resources | 55,714 | 941,715 | |
| Chesapeake Energy | 23,303 | 1,916,672 | |
| Chord Energy | 15,616 | 2,033,671 | |
| Granite Ridge Resources | 65,280 | 387,763 | |
| Kimbell Royalty Partners | 154,509 | 2,486,050 | |
| Parex Resources | 83,326 | 739,334 | |
| Permian Resources | 159,545 | 2,171,407 | |
| Tourmaline Oil | 36,033 | 1,673,432 | |
| 12,350,044 | |||
| Oil & Gas Refining & Marketing — 1.14% | |||
| Valero Energy | 6,744 | 910,642 | |
| 910,642 | |||
| Packaged Foods & Meats — 1.86% | |||
| Bunge Global | 15,403 | 1,488,546 | |
| 1,488,546 | |||
| Paper Packaging — 1.91% | |||
| International Paper | 31,304 | 1,529,200 | |
| 1,529,200 | |||
| Paper Products — 2.08% | |||
| Sylvamo | 19,318 | 1,658,450 | |
| 1,658,450 | |||
| Renewable Electricity — 0.41% | |||
| Spruce Power Holding † | 116,785 | 331,669 | |
| 331,669 | |||
| Specialty Chemicals — 2.28% | |||
| Corteva | 30,990 | 1,821,902 | |
| 1,821,902 | |||
| Steel — 1.26% | |||
| Metallus † | 67,654 | 1,003,309 | |
| 1,003,309 | |||
| Total Common Stocks (cost $78,396,017) | 76,167,815 | ||
| Short-Term Investments — 2.19% | |||
| Money Market Mutual Funds — 2.19% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.83%) | 437,618 | 437,618 | |
| Number ofshares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.83%) | 437,618 | $ 437,618 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.89%) | 437,618 | 437,618 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.83%) | 437,619 | 437,619 | |
| Total Short-Term Investments (cost $1,750,473) | 1,750,473 | ||
| Total Value of Securities—100.03% (cost $81,818,737) | 79,910,486 | ||
| Liabilities Net of Receivables and Other Assets—(0.03%) | (23,854) | ||
| Net Assets Applicable to 16,808,490 Shares Outstanding—100.00% | $79,886,632 | ||
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |