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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIXIS NY</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Dongwha Enterprise Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mitsui &amp; Co. Ltd.</name>
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        <title>Mitsui &amp; Co. Ltd.</title>
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          <isin value="JP3893600001"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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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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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="342665"/>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="337233"/>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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      <invstOrSec>
        <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>
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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>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>FMC Corp.</name>
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      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
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        <name>UFP Industries, Inc.</name>
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        <name>Cameco Corp.</name>
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        <name>Svenska Cellulosa AB SCA</name>
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        <name>SKANDI NY</name>
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        <name>COMMONWEALTH BANK AUS, NEW YORK</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Eni SpA</name>
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        <name>California Water Service Group</name>
        <lei>529900QABDOBU6UVRQ36</lei>
        <title>California Water Service Group</title>
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        <name>N/A</name>
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        <name>NORINCHUKIN BANK NY</name>
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      <invstOrSec>
        <name>China Water Affairs Group Ltd.</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>N/A</name>
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        <name>BP plc</name>
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        <name>N/A</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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canfor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stella-Jones, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>West Fraser Timber Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United Utilities Group plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Boliden AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American States Water Co.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>China Northern Rare Earth Group High-Tech Co. Ltd.</name>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
        <lei>529900ABI5CBFXD01Q05</lei>
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          <isin value="CNE100000B24"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
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          <isin value="US9621661043"/>
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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>Zurn Water Solutions Corp.</name>
        <lei>549300AM3633XDFU1Q85</lei>
        <title>Zurn Water Solutions Corp.</title>
        <cusip>98983L108</cusip>
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          <isin value="US98983L1089"/>
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        <balance>400932.00000000</balance>
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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>Norsk Hydro ASA</name>
        <lei>549300N1SDN71ZZ8BO45</lei>
        <title>Norsk Hydro ASA</title>
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          <isin value="NO0005052605"/>
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        <balance>3915408.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICL Group Ltd.</name>
        <lei>529900FQVQD88SHIGM04</lei>
        <title>ICL Group Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="IL0002810146"/>
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        <balance>5764752.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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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          <isin value="BMG0957L1090"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>
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          <other otherDesc="Inhouse Asset ID" value="342668"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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      <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="220429025"/>
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        <balance>65296020.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65296020.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC"/>
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          <isTriParty>Y</isTriParty>
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            <repurchaseCollateral>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="65296020.49000000" isCashCollateral="Y"/>
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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="337227"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-7429.45000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
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            <amtCurSold>566581.67000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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="339449"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-33754.21000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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            <amtCurSold>602743.20000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc., Class A</title>
        <cusip>902494103</cusip>
        <identifiers>
          <isin value="US9024941034"/>
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        <balance>1845732.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>171948393.12000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="287.07000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Sibanye Stillwater Ltd.</name>
        <lei>378900F238434B74D281</lei>
        <title>Sibanye Stillwater Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000259701"/>
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        <balance>7480452.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="15.81625000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>K+S AG</name>
        <lei>529900YURAYD4IJX2J91</lei>
        <title>K+S AG (Registered)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000KSAG888"/>
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        <balance>1603728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.94791222"/>
        <valUSD>54460743.55000000</valUSD>
        <pctVal>0.670103085251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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="337216"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>367297.98000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank</counterpartyName>
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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="342577"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-30532.68000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>Muyuan Foods Co. Ltd.</name>
        <lei>3003006NCTDQW4KZR676</lei>
        <title>Muyuan Foods Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001RQ3"/>
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        <balance>3612020.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Bank of New York</counterpartyName>
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      <invstOrSec>
        <name>Rosneft Oil Co. PJSC</name>
        <lei>253400JT3MQWNDKMJE44</lei>
        <title>Rosneft Oil Co. PJSC</title>
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        <identifiers>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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="342578"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-5898.76000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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      <invstOrSec>
        <name>Gazprom PJSC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Chengxin Lithium Group Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Shell plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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          <isin value="BRSBSPACNOR5"/>
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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>Mowi ASA</name>
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          <isin value="NO0003054108"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
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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="337405"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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          <isin value="US20825C1045"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Veolia Environnement SA</name>
        <lei>969500LENY69X51OOT31</lei>
        <title>Veolia Environnement SA</title>
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          <isin value="FR0000124141"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities, Inc.</title>
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          <isin value="US29670G1022"/>
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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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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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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="340012"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Wilmar International Ltd.</name>
        <lei>549300H2EAI4YRLWBB20</lei>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>China Petroleum &amp; Chemical Corp.</name>
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        <name>N/A</name>
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        <name>Grandblue Environment Co. Ltd.</name>
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        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
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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>IOI Corp. Bhd.</name>
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        <name>a2 Milk Co. Ltd. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Steico SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gold Fields Ltd.</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Yara International ASA</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Teck Resources Ltd.</name>
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        <name>Boise Cascade Co.</name>
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        <name>Saudi Arabian Mining Co.</name>
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      <invstOrSec>
        <name>TotalEnergies SE</name>
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        <name>Salmar ASA</name>
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        <name>TD PRIME SVCS</name>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <name>N/A</name>
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        <name>MACQUARIE BANK LTD</name>
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        <name>American Water Works Co., Inc.</name>
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        <title>American Water Works Co., Inc.</title>
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        <name>Shandong Hualu Hengsheng Chemical Co. Ltd.</name>
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        <name>UPM-Kymmene OYJ</name>
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        <name>South32 Ltd.</name>
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        <title>Exxon Mobil Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Impala Platinum Holdings Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alcoa Corp.</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Mosaic Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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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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          <other otherDesc="Inhouse Sedol" value="MESM2ID"/>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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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>
        <lei>253400PAT768SVJMV121</lei>
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        <name>N/A</name>
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        <name>Mondi plc</name>
        <lei>213800LOZA69QFDC9N34</lei>
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        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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        <name>PI Industries Ltd.</name>
        <lei>335800PEGP94E4CC1D11</lei>
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        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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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="341085"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Devon Energy Corp.</name>
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        <title>Devon Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pennon Group plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UPL Ltd.</name>
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          <isin value="INE628A01036"/>
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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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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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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          <isin value="CA0084741085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
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          <isin value="CA0679011084"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="337223"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="338555"/>
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      <invstOrSec>
        <name>Marathon Oil Corp.</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corp.</title>
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        <name>Suncor Energy, Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc.</title>
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        <name>Repsol SA</name>
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        <name>New Hope Liuhe Co. Ltd.</name>
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        <name>International Holding Co. PJSC</name>
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        <name>Sumitomo Metal Mining Co. Ltd.</name>
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        <name>Interfor Corp.</name>
        <lei>549300P4G5UZ3AMJE056</lei>
        <title>Interfor Corp.</title>
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            <curPur>CAD</curPur>
            <settlementDt>2022-06-15</settlementDt>
            <unrealizedAppr>-47499.22000000</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>216720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27356565.60000000</valUSD>
        <pctVal>0.336604273381</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="11432201.00000000"/>
        </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="342575"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-34741.08000000</valUSD>
        <pctVal>-0.00042746579</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>JP Morgan Chase Bank</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>901082.32000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>690000.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2022-06-15</settlementDt>
            <unrealizedAppr>-34741.08000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <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>2022-05-31</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>
