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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PPB Group Bhd.</name>
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      <invstOrSec>
        <name>Nutrien Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dongwha Enterprise 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>Mitsui &amp; Co. Ltd.</name>
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          <isin value="JP3893600001"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="329965"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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          <isin value="US30231G1022"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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        <title>Canadian Natural Resources Ltd.</title>
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          <isin value="CA1363851017"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="328429"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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        <name>Novatek PJSC</name>
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        <name>Tongwei Co. Ltd.</name>
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        <name>BOFA SECURITIES, INC</name>
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        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <name>Chevron Corp.</name>
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        <name>Anglo American plc</name>
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        <name>N/A</name>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co.</title>
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        <name>Newcrest Mining Ltd.</name>
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        <name>Bakkafrost P/F</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Bunge Ltd.</name>
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        <name>Fortescue Metals Group Ltd.</name>
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        <name>FMC Corp.</name>
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        <name>N/A</name>
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        <name>Franco-Nevada Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>UFP Industries, Inc.</name>
        <lei>5493007KB485C9OV5572</lei>
        <title>UFP Industries, Inc.</title>
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        <name>Cameco Corp.</name>
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        <name>Svenska Cellulosa AB SCA</name>
        <lei>549300FW5JDRV1IJ0M67</lei>
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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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        <name>N/A</name>
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        <name>Grupo Mexico SAB de CV</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
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        <name>Eni SpA</name>
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        <name>California Water Service Group</name>
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        <name>Glencore plc</name>
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        <name>Newmont Corp.</name>
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        <name>China Water Affairs Group Ltd.</name>
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        <name>Hess Corp.</name>
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        <name>CF Industries Holdings, Inc.</name>
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        <name>Suzano SA</name>
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        <name>SABIC Agri-Nutrients Co.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>BP plc</name>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <name>Cenovus Energy, Inc.</name>
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        <name>PhosAgro PJSC</name>
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        <name>MIZUHO BANK LIMITED NEW YORK</name>
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        <name>LUKOIL PJSC</name>
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        <name>Canfor Corp.</name>
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        <name>Stella-Jones, Inc.</name>
        <lei>5493007LOVNNLYJ6KZ35</lei>
        <title>Stella-Jones, Inc.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>West Fraser Timber Co. Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Marathon Oil Corp.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>BHP Group Ltd.</name>
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        <name>United Utilities Group plc</name>
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        <name>Boliden AB</name>
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        <name>American States Water Co.</name>
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        <name>Bunge Ltd.</name>
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        <name>China Northern Rare Earth Group High-Tech Co. Ltd.</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <name>Zijin Mining Group Co. Ltd.</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>Zurn Water Solutions Corp.</name>
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        <name>Norsk Hydro ASA</name>
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        <name>N/A</name>
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        <name>ICL Group Ltd.</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FAH2IDX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Beijing Enterprises Water Group Ltd.</name>
        <lei>529900TWUN2ALJKWRR11</lei>
        <title>Beijing Enterprises Water Group Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="328132"/>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
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        <name>Sibanye Stillwater Ltd.</name>
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        <name>K+S AG</name>
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        <name>Muyuan Foods Co. Ltd.</name>
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        <name>ConocoPhillips</name>
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        <name>SOCIETE GENERALE NEW YORK</name>
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        <name>Gazprom PJSC</name>
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        <name>Chengxin Lithium Group Co. Ltd.</name>
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        <name>Shell plc</name>
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      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
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        <name>Mowi ASA</name>
        <lei>549300W1OGQF5LZIH349</lei>
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        <name>ConocoPhillips</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Veolia Environnement SA</name>
        <lei>969500LENY69X51OOT31</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Essential Utilities, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Wilmar International Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Coterra Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>Citibank</counterpartyName>
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        <name>Wheaton Precious Metals Corp.</name>
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        <title>Wheaton Precious Metals Corp.</title>
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          <isin value="CA9628791027"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>China Petroleum &amp; Chemical Corp.</name>
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        <name>Grandblue Environment Co. Ltd.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>CREDIT AGRICOLE CIB, NY</name>
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        <name>Zurn Water Solutions Corp.</name>
        <lei>549300AM3633XDFU1Q85</lei>
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        <name>Suez SA</name>
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        <name>IOI Corp. Bhd.</name>
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        <name>Alcoa Corp.</name>
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        <title>Alcoa Corp.</title>
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        <name>a2 Milk Co. Ltd. (The)</name>
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      <invstOrSec>
        <name>CF Industries Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Steico SE</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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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
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        <name>Equinor ASA</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>Guangdong Investment Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Yara International ASA</name>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Pioneer Natural Resources Co.</name>
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        <title>Pioneer Natural Resources Co.</title>
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        <name>Teck Resources Ltd.</name>
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        <name>Boise Cascade Co.</name>
        <lei>549300Z8B8LSRHC7XA55</lei>
        <title>Boise Cascade Co.</title>
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        <name>Saudi Arabian Oil Co.</name>
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        <name>N/A</name>
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        <title>EURO STOXX 50 Index</title>
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        <name>Saudi Arabian Mining Co.</name>
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        <name>TotalEnergies SE</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <name>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
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        <name>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Shandong Hualu Hengsheng Chemical Co. 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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      <invstOrSec>
        <name>N/A</name>
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        <title>FTSE 100 Index</title>
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          <isin value="GB00JBVSC167"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>ICE Clear Europe</counterpartyName>
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      <invstOrSec>
        <name>UPM-Kymmene OYJ</name>
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          <isin value="FI0009005987"/>
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        <name>South32 Ltd.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>SOCIETE GENERALE NY BRANCH</name>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <name>Alcoa Corp.</name>
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        <name>DEUTSCHE BANK AG, LONDON BRANCH</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <name>Mosaic Co. (The)</name>
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        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Newmont Corp.</name>
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        <name>N/A</name>
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        <name>Stora Enso OYJ</name>
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        <name>N/A</name>
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        <name>Hindalco Industries Ltd.</name>
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        <name>Tatneft PJSC</name>
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        <name>N/A</name>
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        <name>Mondi plc</name>
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        <name>N/A</name>
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        <name>Coterra Energy, Inc.</name>
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        <name>PI Industries Ltd.</name>
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        <name>LUKOIL PJSC</name>
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        <name>UPL Ltd.</name>
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        <name>Woodside Petroleum Ltd.</name>
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        <name>Agnico Eagle Mines Ltd.</name>
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        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
        </identifiers>
        <balance>5022342.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27180000"/>
        <valUSD>96079242.70000000</valUSD>
        <pctVal>1.414491200884</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>Marathon Oil Corp.</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corp.</title>
        <cusip>565849106</cusip>
        <identifiers>
          <isin value="US5658491064"/>
        </identifiers>
        <balance>966966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18826828.02000000</valUSD>
        <pctVal>0.277171029105</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>Suncor Energy, Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc.</title>
        <cusip>867224107</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
        </identifiers>
        <balance>1885442.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27180000"/>
        <valUSD>53844357.16000000</valUSD>
        <pctVal>0.792703681667</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>Repsol SA</name>
        <lei>BSYCX13Y0NOTV14V9N85</lei>
        <title>Repsol SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0173516115"/>
        </identifiers>
        <balance>1707134.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89206066"/>
        <valUSD>21513784.09000000</valUSD>
        <pctVal>0.316728748456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCBC NEW YORK</name>
        <lei>5493007O3QFXCPOGWK22</lei>
        <title>OVERSEA-CHINESE BANKIN CERTIFICATE OF DEPOSIT FIXED DTD 24/AUG/2021 DUE 24/FEB/2022 0.14%</title>
        <cusip>69033MZU4</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="69033MZU4"/>
        </identifiers>
        <balance>7000244.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6999944.00000000</valUSD>
        <pctVal>0.103054092813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.14000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6999944.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P/TSX 60 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="PTH2IDX"/>
          <other otherDesc="Future Ticker" value="PTH2 Index"/>
        </identifiers>
        <balance>47.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27180000"/>
        <valUSD>40606.89000000</valUSD>
        <pctVal>0.000597819955</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Canadian Derivatives Clearing</counterpartyName>
              <counterpartyLei>5493004XJK1P32XQLA57</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/TSX 60 Index</indexName>
                <indexIdentifier>XC0009654721</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-03-17</expDate>
            <notionalAmt>12002860.00000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>40606.89000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Hope Liuhe Co. Ltd.</name>
        <lei>300300F28XODWP5GJF78</lei>
        <title>New Hope Liuhe Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000VB0"/>
        </identifiers>
        <balance>2311488.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.36535000"/>
        <valUSD>5842858.90000000</valUSD>
        <pctVal>0.086019334351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Holding Co. PJSC</name>
        <lei>N/A</lei>
        <title>International Holding Co. PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEI000201014"/>
        </identifiers>
        <balance>3097276.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67305000"/>
        <valUSD>128426004.22000000</valUSD>
        <pctVal>1.890704462577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Metal Mining Co. Ltd.</name>
        <lei>353800CF81IXL9974H84</lei>
        <title>Sumitomo Metal Mining Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3402600005"/>
        </identifiers>
        <balance>721100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="115.22500000"/>
        <valUSD>32842983.73000000</valUSD>
        <pctVal>0.483518710091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Interfor Corp.</name>
        <lei>549300P4G5UZ3AMJE056</lei>
        <title>Interfor Corp.</title>
        <cusip>45868C109</cusip>
        <identifiers>
          <isin value="CA45868C1095"/>
        </identifiers>
        <balance>165100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27180000"/>
        <valUSD>4917430.41000000</valUSD>
        <pctVal>0.072395054857</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="328139"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>11454.23000000</valUSD>
        <pctVal>0.000168630674</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Toronto Dominion Bank</counterpartyName>
              <counterpartyLei>PT3QB789TSUIDF371261</counterpartyLei>
            </counterparties>
            <amtCurSold>281609.69000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>4560000.00000000</amtCurPur>
            <curPur>ZAR</curPur>
            <settlementDt>2022-03-16</settlementDt>
            <unrealizedAppr>11454.23000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
        </identifiers>
        <balance>208026.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26244560.16000000</valUSD>
        <pctVal>0.386375853661</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="669344.00000000"/>
        </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>2022-03-02</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>
