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      <invstOrSec>
        <name>South32 Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Suncor Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wheaton Precious Metals Corp.</name>
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        <name>ICL Group Ltd.</name>
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        <name>Kirkland Lake Gold Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sumitomo Metal Mining Co. Ltd.</name>
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        <name>N/A</name>
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        <name>Corteva, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Glencore plc</name>
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        <title>Glencore plc</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Tatneft PJSC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <title>MSCI Emerging Markets E-Mini Index</title>
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      <invstOrSec>
        <name>Evolution Mining Ltd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Boliden AB</name>
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        <title>Boliden AB</title>
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        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>China Petroleum &amp; Chemical Corp.</name>
        <lei>529900A2OB24EZ5B3J19</lei>
        <title>China Petroleum &amp; Chemical Corp., Class H</title>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>PetroChina Co. Ltd.</name>
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        <name>Concho Resources, Inc.</name>
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        <name>Vale SA</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Cabot Oil &amp; Gas Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Suez SA</name>
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      <invstOrSec>
        <name>International Holdings Co. PJSC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Veolia Environnement SA</name>
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        <name>N/A</name>
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        <title>Hang Seng Index</title>
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        <name>Essential Utilities, Inc.</name>
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        <name>SJW Group</name>
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        <name>FMC Corp.</name>
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        <name>Canfor Corp.</name>
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        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="295294"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Rayonier, Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc.</title>
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          <isin value="US7549071030"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pioneer Natural Resources Co.</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co.</title>
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          <isin value="US7237871071"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
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          <isin value="US0304201033"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Repsol SA</name>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
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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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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
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          <isin value="ZAE000083648"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
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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>
        <title>Gazprom PJSC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>a2 Milk Co. Ltd.</name>
        <lei>529900PVC9CV0KFA2U62</lei>
        <title>a2 Milk Co. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="NZATME0002S8"/>
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        <balance>3508380.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CF Industries Holdings, Inc.</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc.</title>
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          <isin value="US1252691001"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P/TSX 60 Index</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="PTZ0IDX"/>
          <other otherDesc="Future Ticker" value="PTZ0 Index"/>
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        <balance>57.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33335000"/>
        <valUSD>-286253.51000000</valUSD>
        <pctVal>-0.00978736574</pctVal>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Canadian Derivatives Clearing</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>S&amp;P/TSX 60 Index</indexName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="294250"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-6953.24000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <amtCurSold>738164.51000000</amtCurSold>
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      <invstOrSec>
        <name>Salmar ASA</name>
        <lei>5967007LIEEXZXGDBK67</lei>
        <title>Salmar ASA</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Duratex SA</name>
        <lei>N/A</lei>
        <title>Duratex SA</title>
        <cusip>N/A</cusip>
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        <balance>438000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="295297"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BNP Paribas</counterpartyName>
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      <invstOrSec>
        <name>Beijing Enterprises Water Group Ltd.</name>
        <lei>529900TWUN2ALJKWRR11</lei>
        <title>Beijing Enterprises Water Group Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG0957L1090"/>
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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>Stora Enso OYJ</name>
        <lei>7437000ZP669LKUTZ738</lei>
        <title>Stora Enso OYJ, Class R</title>
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          <isin value="FI0009005961"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FI</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent plc</title>
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          <isin value="GB00B1FH8J72"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
        <lei>529900JL5SA37OU87X40</lei>
        <title>Charoen Pokphand Indonesia Tbk. PT</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
        <cusip>26875P101</cusip>
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          <isin value="US26875P1012"/>
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        <balance>604440.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20696025.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TOTAL SE</name>
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      <invstOrSec>
        <name>Oji Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Yara International ASA</name>
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      <invstOrSec>
        <name>Cal-Maine Foods, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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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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        <name>PTT PCL</name>
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        <name>N/A</name>
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        <name>United Utilities Group plc</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="XPZ0IDX"/>
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        <name>Nutrien Ltd.</name>
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        <name>Fortescue Metals Group Ltd.</name>
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        <name>K+S AG</name>
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        <name>QL Resources Bhd.</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <name>Newmont Corp.</name>
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        <name>Stella-Jones, Inc.</name>
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        <name>N/A</name>
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        <name>China Water Affairs Group Ltd.</name>
        <lei>529900XTSVH0DH4CEX74</lei>
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        <name>N/A</name>
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        <name>Charoen Pokphand Foods PCL</name>
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        <name>B2Gold Corp.</name>
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        <name>Rio Tinto plc</name>
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      <invstOrSec>
        <name>American States Water Co.</name>
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        <name>BP plc</name>
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        <name>Pennon Group plc</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>ConocoPhillips</name>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
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        <name>Diamondback Energy, Inc.</name>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <name>Chevron Corp.</name>
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        <name>N/A</name>
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        <title>FTSE/JSE Top 40 Index</title>
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        <name>New Hope Liuhe Co. Ltd.</name>
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        <name>CNOOC Ltd.</name>
        <lei>549300XIVJCBIGMRUD48</lei>
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          <isin value="HK0883013259"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <isin value="GB00HDK54J62"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE Clear Europe</counterpartyName>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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          <isin value="US7802871084"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Grupo Mexico SAB de CV</name>
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          <isin value="MXP370841019"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
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          <isin value="CA6979001089"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>West Fraser Timber Co. Ltd.</name>
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          <isin value="CA9528451052"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
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          <isin value="SA14TG012N13"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Woodside Petroleum Ltd.</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
        <title>Woodside Petroleum Ltd.</title>
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          <isin value="AU000000WPL2"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="294187"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>MMC Norilsk Nickel PJSC</title>
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          <isin value="US55315J1025"/>
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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>Guangdong Investment Ltd.</name>
        <lei>N/A</lei>
        <title>Guangdong Investment Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="HK0270001396"/>
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        <balance>4615576.00000000</balance>
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        <invCountry>CN</invCountry>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
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        <name>UFP Industries, Inc.</name>
        <lei>5493007KB485C9OV5572</lei>
        <title>UFP Industries, Inc.</title>
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        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
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        <invCountry>IT</invCountry>
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        <name>Svenska Cellulosa AB SCA</name>
        <lei>549300FW5JDRV1IJ0M67</lei>
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        <name>Suzano SA</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>Suzano SA</title>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mondi plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cia de Saneamento do Parana</name>
        <lei>N/A</lei>
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          <isin value="BRSAPRCDAM13"/>
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        <assetCat>EC</assetCat>
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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>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="294300"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newcrest Mining Ltd.</name>
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          <isin value="AU000000NCM7"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Hess Corp.</name>
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          <isin value="US42809H1077"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
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          <isin value="BMG169621056"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Royal Dutch Shell 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>Gazprom PJSC</name>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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      <invstOrSec>
        <name>Sime Darby Plantation Bhd.</name>
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        <title>Sime Darby Plantation Bhd.</title>
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        <name>Anglo American plc</name>
        <lei>549300S9XF92D1X8ME43</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>UPL Ltd.</name>
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        <name>Polyus PJSC</name>
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        <name>Empresas CMPC SA</name>
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        <name>Mitsui &amp; Co. Ltd.</name>
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        <title>Mitsui &amp; Co. Ltd.</title>
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        <name>PPB Group Bhd.</name>
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        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
        <lei>378900EF3BA9A5F42A59</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG, LONDON BRANCH</name>
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          <other otherDesc="Custodian Internal ID" value="201030223"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
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          <other otherDesc="Custodian Internal ID" value="181101246"/>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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        <name>SVENSKA NY</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
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          <other otherDesc="Custodian Internal ID" value="86959RFP0"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ROYAL BANK OF CANADA NY</name>
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        <title>ROYAL BANK OF CANADA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 05/OCT/2021 USD 1000</title>
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        <balance>2000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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      <invstOrSec>
        <name>RABOBANK LONDON</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC</name>
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          <other otherDesc="Custodian Internal ID" value="201030010"/>
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      <invstOrSec>
        <name>SUMITOMO MITSUI TRUST BANK LTD,NY</name>
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        <title>SUMITOMO MITSUI TRUST BANK LTD/ NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 11/DEC/2020 USD 1000</title>
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        <valUSD>3000156.00000000</valUSD>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-12-11</maturityDt>
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      <invstOrSec>
        <name>SUMITOMO BK NY</name>
        <lei>5U0XI89JRFVHWIBS4F54</lei>
        <title>SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 29/JAN/2021 USD 1000</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>NORDEA BANK ABP, NEW YORK BRANCH</name>
        <lei>6SCPQ280AIY8EP3XFW53</lei>
        <title>NORDEA BANK ABP/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 07/OCT/2021 USD 1000</title>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS LTD</name>
        <lei>XKZZ2JZF41MRHTR1V493</lei>
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        <pctVal>0.352169890005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="XKZZ2JZF41MRHTR1V493" name="CITIGROUP GLOBAL MARKETS LTD"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.11000000</repurchaseRt>
          <maturityDt>2020-11-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1612568.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1610792.75502100</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>8688956.40000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8895208.91212400</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="10300000.00000000" 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>2020-11-30</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>
</edgarSubmission>
