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        <name>PPB Group Bhd.</name>
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        <name>Nutrien Ltd.</name>
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        <name>Dongwha Enterprise Co. Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>N/A</name>
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        <name>Tourmaline Oil Corp.</name>
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        <name>Novatek PJSC</name>
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        <name>Tongwei Co. Ltd.</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>N/A</name>
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      <invstOrSec>
        <name>Anglo American plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUMITOMO BK NY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Newcrest Mining Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bakkafrost P/F</name>
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        <name>N/A</name>
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        <name>Fortescue Metals Group Ltd.</name>
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        <name>Qinghai Salt Lake Industry Co. Ltd.</name>
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        <name>TD PRIME SVCS</name>
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        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
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        <title>BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 05/APR/2023 USD 1000</title>
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        <name>Franco-Nevada Corp.</name>
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        <name>Cameco Corp.</name>
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        <title>Cameco Corp.</title>
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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>
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        <name>Eni SpA</name>
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        <name>California Water Service Group</name>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <name>Cenovus Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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        <title>Royal Gold, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MACQUARIE BANK LTD</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>PhosAgro PJSC</name>
        <lei>25340053KRUNNYUWF472</lei>
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          <isin value="RU000A0JRKT8"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>APA Corp.</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp.</title>
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          <isin value="US03743Q1085"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
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        <title>LUKOIL PJSC</title>
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          <isin value="US69343P1057"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Canfor Corp.</name>
        <lei>N/A</lei>
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          <isin value="CA1375761048"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Stella-Jones, Inc.</name>
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        <title>Stella-Jones, Inc.</title>
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          <isin value="CA85853F1053"/>
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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>CF SECURED LLC</name>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Woodside Energy Group Ltd.</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>First Quantum Minerals Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BHP Group Ltd.</name>
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        <name>Fertiglobe plc</name>
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        <name>Cia de Saneamento de Minas Gerais-COPASA</name>
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        <name>N/A</name>
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        <name>United Utilities Group plc</name>
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        <title>United Utilities Group plc</title>
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        <name>Royal Gold, Inc.</name>
        <lei>5493001NGRU6SFL04184</lei>
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        <name>N/A</name>
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        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>Bunge Ltd.</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>CREDIT AGRICOLE CIB, NY</name>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>Norsk Hydro ASA</name>
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        <name>ICL Group Ltd.</name>
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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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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>Citibank</counterpartyName>
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        <name>Cia de Saneamento do Parana</name>
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        <title>Cia de Saneamento do Parana</title>
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        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc., Class A</title>
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        <name>Sibanye Stillwater Ltd.</name>
        <lei>378900F238434B74D281</lei>
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        <name>K+S AG</name>
        <lei>529900YURAYD4IJX2J91</lei>
        <title>K+S AG (Registered)</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Muyuan Foods Co. Ltd.</name>
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        <name>Rosneft Oil Co. PJSC</name>
        <lei>253400JT3MQWNDKMJE44</lei>
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        <name>N/A</name>
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        <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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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="PTZ2IDX"/>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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        <name>Mowi ASA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Veolia Environnement SA</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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        <title>FTSE 100 Index</title>
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          <isin value="GB00JSZ47G93"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Essential Utilities, Inc.</name>
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        <name>Wilmar International Ltd.</name>
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        <title>Wilmar International Ltd.</title>
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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>CITIGROUP GLOBAL MARKETS INC</name>
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        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
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        <name>TotalEnergies SE</name>
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        <name>MUFG Bank Ltd, New York Branch</name>
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        <name>Hess Corp.</name>
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        <name>APA Corp.</name>
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        <name>Shandong Hualu Hengsheng Chemical Co. Ltd.</name>
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        <name>South32 Ltd.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Impala Platinum Holdings Ltd.</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>Newmont Corp.</name>
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      <invstOrSec>
        <name>Mondi plc</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
        </identifiers>
        <balance>1828218.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.86854562"/>
        <valUSD>30784437.38000000</valUSD>
        <pctVal>0.450403047598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
        <cusip>127097103</cusip>
        <identifiers>
          <isin value="US1270971039"/>
        </identifiers>
        <balance>724014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22538555.82000000</valUSD>
        <pctVal>0.329758640851</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="21230463.10000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enviva, Inc.</name>
        <lei>549300WH5VXDEFM5KR81</lei>
        <title>Enviva, Inc.</title>
        <cusip>29415B103</cusip>
        <identifiers>
          <isin value="US29415B1035"/>
        </identifiers>
        <balance>89262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5341438.08000000</valUSD>
        <pctVal>0.078149876838</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="4760592.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PI Industries Ltd.</name>
        <lei>335800PEGP94E4CC1D11</lei>
        <title>PI Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE603J01030"/>
        </identifiers>
        <balance>525654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.77750000"/>
        <valUSD>20587043.40000000</valUSD>
        <pctVal>0.301206319736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0009024277"/>
        </identifiers>
        <balance>214305.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="61.70000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
        <cusip>26875P101</cusip>
        <identifiers>
          <isin value="US26875P1012"/>
        </identifiers>
        <balance>515736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70408278.72000000</valUSD>
        <pctVal>1.030134249984</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>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corp.</title>
        <cusip>26884L109</cusip>
        <identifiers>
          <isin value="US26884L1098"/>
        </identifiers>
        <balance>1902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79579.68000000</valUSD>
        <pctVal>0.001164319813</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>Devon Energy Corp.</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp.</title>
        <cusip>25179M103</cusip>
        <identifiers>
          <isin value="US25179M1036"/>
        </identifiers>
        <balance>535572.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41426494.20000000</valUSD>
        <pctVal>0.606105578889</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="30688277.40000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pennon Group plc</name>
        <lei>213800V1CCTS41GWH423</lei>
        <title>Pennon Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNNTLN49"/>
        </identifiers>
        <balance>1153794.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.86854562"/>
        <valUSD>11125523.55000000</valUSD>
        <pctVal>0.162776069323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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="363442"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>6076.81000000</valUSD>
        <pctVal>0.000088909006</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>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <amtCurSold>909981.72000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>76150000.00000000</amtCurPur>
            <curPur>INR</curPur>
            <settlementDt>2022-12-21</settlementDt>
            <unrealizedAppr>6076.81000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPL Ltd.</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
        </identifiers>
        <balance>3540726.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="82.77750000"/>
        <valUSD>31233585.52000000</valUSD>
        <pctVal>0.456974474861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
        </identifiers>
        <balance>1352154.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36405000"/>
        <valUSD>59407345.20000000</valUSD>
        <pctVal>0.869181040976</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="19082796.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
        </identifiers>
        <balance>5243316.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36405000"/>
        <valUSD>78762175.02000000</valUSD>
        <pctVal>1.152359006162</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>618222.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18824859.90000000</valUSD>
        <pctVal>0.275424045108</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="360561"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>6077.68000000</valUSD>
        <pctVal>0.000088921735</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>Citibank</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <amtCurSold>161534.25000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>168489.50000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2022-12-21</settlementDt>
            <unrealizedAppr>6077.68000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>1785240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36405000"/>
        <valUSD>61329384.11000000</valUSD>
        <pctVal>0.897302139048</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>1676142.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.01178732"/>
        <valUSD>22770172.48000000</valUSD>
        <pctVal>0.333147393689</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>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>2314200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.29860000"/>
        <valUSD>4087090.40000000</valUSD>
        <pctVal>0.059797681187</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>9845000BB909CE4A0G98</lei>
        <title>International Holding Co. PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEI000201014"/>
        </identifiers>
        <balance>2833242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67305000"/>
        <valUSD>310857877.24000000</valUSD>
        <pctVal>4.548120647800</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>906900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.63500000"/>
        <valUSD>25516572.81000000</valUSD>
        <pctVal>0.373329615091</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>211584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36405000"/>
        <valUSD>3753772.08000000</valUSD>
        <pctVal>0.054920944760</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="763117.60000000"/>
        </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>145464.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22853849.04000000</valUSD>
        <pctVal>0.334371654414</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="16797144.00000000"/>
        </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>2022-11-30</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>
