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        <name>LUKOIL PJSC</name>
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      <invstOrSec>
        <name>Tatneft PJSC</name>
        <lei>253400PAT768SVJMV121</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cal-Maine Foods, Inc.</name>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mitsui &amp; Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Empresas CMPC SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pennon Group plc</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UPL Ltd.</name>
        <lei>335800RJSM1SLHO4UA95</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Beijing Enterprises Water Group Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <title>Kuala Lumpur Kepong Bhd.</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <title>FTSE/JSE Top 40 Index</title>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>a2 Milk Co. Ltd.</name>
        <lei>529900PVC9CV0KFA2U62</lei>
        <title>a2 Milk Co. Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Suzano SA</name>
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        <name>N/A</name>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>Mosaic Co. (The)</name>
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          <isin value="US61945C1036"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Novatek PJSC</name>
        <lei>2138008R6GCRVBDFA581</lei>
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          <isin value="RU000A0DKVS5"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Anglo American plc</name>
        <lei>549300S9XF92D1X8ME43</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Co.</name>
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          <isin value="US0394831020"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gazprom PJSC</name>
        <lei>213800FD9J2IHTA7YX78</lei>
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          <isin value="US3682872078"/>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Glencore plc</name>
        <lei>2138002658CPO9NBH955</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Suez SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ICL Group Ltd.</name>
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          <isin value="IL0002810146"/>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PetroChina Co. Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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        <name>West Fraser Timber Co. Ltd.</name>
        <lei>5493005WD1ZK6WBVR988</lei>
        <title>West Fraser Timber Co. Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Mondi plc</name>
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        <name>MMC Norilsk Nickel PJSC</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC Norilsk Nickel PJSC</title>
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        <name>BP plc</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP plc</title>
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        <name>Rayonier, Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc.</title>
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        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
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        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>South32 Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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        <name>Suncor Energy, Inc.</name>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <name>Repsol SA</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>International Holdings Co. PJSC</name>
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        <name>CNOOC Ltd.</name>
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        <name>Northern Star Resources Ltd.</name>
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        <name>LUKOIL PJSC</name>
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        <name>N/A</name>
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        <name>IOI Corp. Bhd.</name>
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        <name>N/A</name>
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        <name>Franco-Nevada Corp.</name>
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        <name>Nutrien Ltd.</name>
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        <name>California Water Service Group</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>China Water Affairs Group Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Holmen AB</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Salmar ASA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cabot Oil &amp; Gas Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rio Tinto plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vale SA</name>
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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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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Cia de Saneamento do Parana</name>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boliden AB</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evolution Mining Ltd.</name>
        <lei>254900BCFW5QO5LW8F27</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Wilmar International Ltd.</name>
        <lei>549300H2EAI4YRLWBB20</lei>
        <title>Wilmar International Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
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        <name>Essential Utilities, Inc.</name>
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        <title>Essential Utilities, Inc.</title>
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        <name>Gazprom PJSC</name>
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        <name>Gold Fields Ltd.</name>
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        <name>Stella-Jones, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <title>Charoen Pokphand Indonesia Tbk. PT</title>
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        <name>Concho Resources, Inc.</name>
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      <invstOrSec>
        <name>Severn Trent plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>New Hope Liuhe Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gazprom PJSC</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>K+S AG</name>
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        <name>Sime Darby Plantation Bhd.</name>
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        <title>Sime Darby Plantation Bhd.</title>
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        <invCountry>MY</invCountry>
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        <name>Diamondback Energy, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FAU0IDX"/>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <title>Hess Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <title>SPI 200 Index</title>
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          <other otherDesc="Future Ticker" value="XPU0 Index"/>
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              <counterpartyName>ASX Clear (Futures)</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <title>EURO STOXX 50 Index</title>
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          <isin value="DE000C2Q0WP2"/>
          <other otherDesc="Future Ticker" value="VGU0 Index"/>
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        <name>N/A</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Woodside Petroleum Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kirkland Lake Gold Ltd.</name>
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        <name>N/A</name>
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        <name>Mowi ASA</name>
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        <name>Newcrest Mining Ltd.</name>
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        <name>Bunge Ltd.</name>
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        <name>American States Water Co.</name>
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        <name>Eni SpA</name>
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        <name>UPM-Kymmene OYJ</name>
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        <name>Duratex SA</name>
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        <name>Grupo Mexico SAB de CV</name>
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        <name>Stora Enso OYJ</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Muyuan Foodstuff Co. Ltd.</name>
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      <invstOrSec>
        <name>Oji Holdings Corp.</name>
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        <name>Canfor Corp.</name>
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        <name>Weyerhaeuser Co.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Fortescue Metals Group Ltd.</name>
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        <title>Fortescue Metals Group Ltd.</title>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Royal Dutch Shell plc</name>
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        <name>Bakkafrost P/F</name>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <name>NBC GLOBAL FINANCE LIMITED</name>
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        <name>AGRIC BK OF CHINA LTD - NY BRANCH</name>
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        <name>CHINA CONSTRUCTION BANK CORP NY</name>
        <lei>5493001KQW6DM7KEDR62</lei>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.54000000</repurchaseRt>
          <maturityDt>2020-11-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>207105.27999900</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8800002.05440100</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="8000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF CHINA, HONG KONG BRANCH</name>
        <lei>54930053HGCFWVHYZX42</lei>
        <title>BANK OF CHINA LTD. CORPORATE COMMERCIAL PAPER DISCOUNT DTD 21/FEB/2020 DUE 19/AUG/2020 1.93%</title>
        <cusip>06119QHK6</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="06119QHK6"/>
        </identifiers>
        <balance>1997250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999736.00000000</valUSD>
        <pctVal>0.059454334195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1999736.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IND AND COM BK OF CHINA LTD, NY BR</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>INDUSTRIAL COM BNK CHN CERTIFICATE OF DEPOSIT FIXED DTD 17/JUN/2020 DUE 15/SEP/2020 0.55%</title>
        <cusip>45580DM92</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="45580DM92"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000600.00000000</valUSD>
        <pctVal>0.059480021858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000600.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="181101246"/>
        </identifiers>
        <balance>28400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28400000.00000000</valUSD>
        <pctVal>0.844363001489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="O2RNE8IBXP4R0TD8PU41" name="SOCIETE GENERALE"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.22000000</repurchaseRt>
          <maturityDt>2020-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>671686.93942300</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>31560051.11011500</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="28400000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO MITSUI TRUST BANK LTD,NY</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITOMO MITSUI TRUST BANK LIMITED/ NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 11/DEC/2020 USD 1000</title>
        <cusip>86564GFB2</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="86564GFB2"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3000390.00000000</valUSD>
        <pctVal>0.089204869930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.40248000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3000390.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVENSKA NY</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>SVENSKA HANDELSBANKEN/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 30/NOV/2020 USD 1000</title>
        <cusip>86959RFP0</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="86959RFP0"/>
        </identifiers>
        <balance>2996208.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2999370.01000000</valUSD>
        <pctVal>0.089174544514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-11-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.24688000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2999370.01000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="200731022"/>
        </identifiers>
        <balance>58624551.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58624551.18000000</valUSD>
        <pctVal>1.742971901243</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="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.07000000</repurchaseRt>
          <maturityDt>2020-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>57655311.47534200</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>59797059.67957800</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="58624551.18000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RABOBANK LONDON</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>RABOBANK INTERNATIONAL/LONDON CERTIFICATE OF DEPOSIT VARIABLE DTD 30/JUL/2020 DUE 30/JUL/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2212837590"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3000000.00000000</valUSD>
        <pctVal>0.089193274805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.34825000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO BK NY</name>
        <lei>5U0XI89JRFVHWIBS4F54</lei>
        <title>SUMITOMO BK NY - Certificate of Deposit - Floating</title>
        <cusip>86565CMZ9</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="86565CMZ9"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
        <pctVal>0.118924366406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.31100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUFG Bank Ltd, New York Branch</name>
        <lei>C3GTMMZIHMY46P4OIX74</lei>
        <title>MUFG BANK LTD NY BRAN CERTIFICATE OF DEPOSIT FIXED DTD 28/OCT/2019 DUE 15/OCT/2020 1.96%</title>
        <cusip>55379W4W3</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="55379W4W3"/>
        </identifiers>
        <balance>4032119.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4014400.00000000</valUSD>
        <pctVal>0.119352494126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.96000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4014400.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NOVA SCOTIA HOUSTON</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 21/JUL/2021 USD 1000</title>
        <cusip>06417MKQ7</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="06417MKQ7"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000158.00000000</valUSD>
        <pctVal>0.059466880715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.35138000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000158.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Confluence NXT system does not accept CNH as a valid Currency. Given the limitation, CNH has been converted to CNY for the applicable holdings." noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
