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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Nutrien Ltd.</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd.</title>
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          <isin value="CA67077M1086"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dongwha Enterprise Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Dongwha Enterprise Co. Ltd.</title>
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          <isin value="KR7025900002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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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>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
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          <isin value="CA1363851017"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="365972"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Bank of New York</counterpartyName>
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      <invstOrSec>
        <name>Tourmaline Oil Corp.</name>
        <lei>549300LCHLN94A7Y1572</lei>
        <title>Tourmaline Oil Corp.</title>
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          <isin value="CA89156V1067"/>
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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>Novatek PJSC</name>
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        <title>Novatek PJSC</title>
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          <isin value="RU000A0DKVS5"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Tongwei Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BOFA SECURITIES, INC</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale SA</title>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <title>Charoen Pokphand Indonesia Tbk. PT</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Anglo American plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SUMITOMO BK NY</name>
        <lei>5U0XI89JRFVHWIBS4F54</lei>
        <title>SUMIBK FLOAT 04/21/23</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Newcrest Mining Ltd.</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>Newcrest Mining Ltd.</title>
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        <name>Bakkafrost P/F</name>
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        <title>Bakkafrost P/F</title>
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        <name>N/A</name>
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        <name>Fortescue Metals Group Ltd.</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>Fortescue Metals Group Ltd.</title>
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        <name>Qinghai Salt Lake Industry Co. Ltd.</name>
        <lei>300300Q8WSV1OODU9092</lei>
        <title>Qinghai Salt Lake Industry Co. Ltd., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BARCLAYS NEW YORK</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 05/APR/2023 USD 1000</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>UFP Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cameco Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Svenska Cellulosa AB SCA</name>
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        <name>N/A</name>
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        <name>SJW Group</name>
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        <name>Grupo Mexico SAB de CV</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>Glencore plc</name>
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        <name>Charoen Pokphand Foods PCL</name>
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        <name>Chongqing Water Group Co. Ltd.</name>
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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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        <name>China Water Affairs Group Ltd.</name>
        <lei>529900XTSVH0DH4CEX74</lei>
        <title>China Water Affairs Group Ltd.</title>
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        <name>Dexco SA</name>
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        <name>CF Industries Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Suzano SA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pilbara Minerals Ltd.</name>
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          <isin value="AU000000PLS0"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SABIC Agri-Nutrients Co.</name>
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          <isin value="SA0007879139"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BP plc</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kuala Lumpur Kepong Bhd.</name>
        <lei>2549009JSTRFMR7A8D34</lei>
        <title>Kuala Lumpur Kepong Bhd.</title>
        <cusip>N/A</cusip>
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          <isin value="MYL2445OO004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cenovus Energy, Inc.</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy, Inc.</title>
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          <isin value="CA15135U1093"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</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="365968"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>-2855.69000000</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>Citibank</counterpartyName>
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      <invstOrSec>
        <name>PhosAgro PJSC</name>
        <lei>25340053KRUNNYUWF472</lei>
        <title>PhosAgro PJSC</title>
        <cusip>N/A</cusip>
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          <isin value="RU000A0JRKT8"/>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
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        <fairValLevel>3</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="366530"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
        <cusip>69343P105</cusip>
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          <isin value="US69343P1057"/>
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        <balance>269035.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canfor Corp.</name>
        <lei>549300DRE7WBHY02BD70</lei>
        <title>Canfor Corp.</title>
        <cusip>137576104</cusip>
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          <isin value="CA1375761048"/>
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        <balance>248184.00000000</balance>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Stella-Jones, Inc.</name>
        <lei>5493007LOVNNLYJ6KZ35</lei>
        <title>Stella-Jones, Inc.</title>
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          <isin value="CA85853F1053"/>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>West Fraser Timber Co. Ltd.</name>
        <lei>5493005WD1ZK6WBVR988</lei>
        <title>West Fraser Timber Co. Ltd.</title>
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          <isin value="CA9528451052"/>
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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>Woodside Energy Group Ltd.</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
        <title>Woodside Energy Group Ltd.</title>
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          <isin value="AU0000224040"/>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Russell 2000 E-Mini Index</title>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Cia de Saneamento de Minas Gerais-COPASA</name>
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        <title>Cia de Saneamento de Minas Gerais-COPASA</title>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United Utilities Group plc</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
        <title>United Utilities Group plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00B39J2M42"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American States Water Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <title>FTSE/JSE Top 40 Index</title>
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          <isin value="ZAD000277697"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CREDIT AGRICOLE CIB, NY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="366228"/>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="366625"/>
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        <name>Zijin Mining Group Co. Ltd.</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>CF SECURED LLC</name>
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        <name>Norsk Hydro ASA</name>
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        <name>ICL Group Ltd.</name>
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        <name>N/A</name>
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        <name>Beijing Enterprises Water Group Ltd.</name>
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        <name>Cia de Saneamento do Parana</name>
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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>
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        <name>K+S AG</name>
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      <invstOrSec>
        <name>Muyuan Foods Co. Ltd.</name>
        <lei>3003006NCTDQW4KZR676</lei>
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          <isin value="CNE100001RQ3"/>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rosneft Oil Co. PJSC</name>
        <lei>253400JT3MQWNDKMJE44</lei>
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          <isin value="RU000A0J2Q06"/>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Gazprom PJSC</name>
        <lei>213800FD9J2IHTA7YX78</lei>
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          <isin value="RU0007661625"/>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chengxin Lithium Group Co. Ltd.</name>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shell plc</name>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
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          <isin value="BRPETRACNPR6"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mowi ASA</name>
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          <isin value="NO0003054108"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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          <isin value="US20825C1045"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Adani Wilmar Ltd.</name>
        <lei>335800R5XN85I4JPI333</lei>
        <title>Adani Wilmar Ltd.</title>
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          <isin value="INE699H01024"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FTSE 100 Index</title>
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          <isin value="GB00K0S0MK63"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>ICE Clear Europe</counterpartyName>
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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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Texas Pacific Land Corp.</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>Wilmar International Ltd.</name>
        <lei>549300H2EAI4YRLWBB20</lei>
        <title>Wilmar International Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="SG1T56930848"/>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Enviva, Inc.</name>
        <lei>549300WH5VXDEFM5KR81</lei>
        <title>Enviva, Inc.</title>
        <cusip>29415B103</cusip>
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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>
        <lei>N/A</lei>
        <title>MSCI Emerging Markets E-Mini Index</title>
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          <other otherDesc="Inhouse Sedol" value="MESH3ID"/>
          <other otherDesc="Future Ticker" value="MESH3 Index"/>
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              <counterpartyName>ICE Clear US</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <securityLending>
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        <name>Freeport-McMoRan, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Simpson Manufacturing Co., Inc.</name>
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        <name>SOCIETE GENERALE</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>a2 Milk Co. Ltd. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Inpex Corp.</name>
        <lei>353800VHYYADPR6MXQ47</lei>
        <title>Inpex Corp.</title>
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          <isin value="JP3294460005"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Rio Tinto plc</name>
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        <issuerCat>CORP</issuerCat>
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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="PTH3IDX"/>
          <other otherDesc="Future Ticker" value="PTH3 Index"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd.</title>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
        <lei>N/A</lei>
        <title>Ovintiv, Inc.</title>
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        <name>Equinor ASA</name>
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        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>Guangdong Investment Ltd.</name>
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        <name>Santos Ltd.</name>
        <lei>5299000RK70B5O2M7077</lei>
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        <name>Yara International ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
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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>N/A</name>
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        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>Saudi Arabian Oil Co.</title>
        <cusip>N/A</cusip>
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          <isin value="SA14TG012N13"/>
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      <invstOrSec>
        <name>Saudi Arabian Mining Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TotalEnergies SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MUFG Bank Ltd, New York Branch</name>
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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="365964"/>
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      <invstOrSec>
        <name>Hess Corp.</name>
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      <invstOrSec>
        <name>Boliden AB</name>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Shandong Hualu Hengsheng Chemical Co. Ltd.</name>
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        <name>UPM-Kymmene OYJ</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <title>Treasury Repurchase Agreement</title>
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        <name>South32 Ltd.</name>
        <lei>213800LAZNPXSBKVHR17</lei>
        <title>South32 Ltd.</title>
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        <name>N/A</name>
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        <name>Exxon Mobil Corp.</name>
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        <title>Exxon Mobil Corp.</title>
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        <name>Impala Platinum Holdings Ltd.</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings Ltd.</title>
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        <name>Alcoa Corp.</name>
        <lei>549300T12EZ1F6PWWU29</lei>
        <title>Alcoa Corp.</title>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <title>MMC Norilsk Nickel PJSC</title>
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        <name>Mosaic Co. (The)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co. (The)</title>
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      <invstOrSec>
        <name>STANDARD CHARTERED NY</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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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="365969"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="366630"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="365976"/>
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      <invstOrSec>
        <name>TD PRIME SVCS</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hindalco Industries Ltd.</name>
        <lei>335800KXLE5NO5B4GF90</lei>
        <title>Hindalco Industries Ltd.</title>
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          <isin value="INE038A01020"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tatneft PJSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Mondi plc</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi plc</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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        <name>Enviva, Inc.</name>
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        <title>Enviva, Inc.</title>
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        <name>PI Industries Ltd.</name>
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        <name>LUKOIL PJSC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
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        <name>EQT Corp.</name>
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        <name>Devon Energy Corp.</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp.</title>
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        <name>Pennon Group plc</name>
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        <name>UPL Ltd.</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
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        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Marathon Oil Corp.</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corp.</title>
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          <isin value="US5658491064"/>
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        <balance>630801.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17328103.47000000</valUSD>
        <pctVal>0.219944745706</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>1926873.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33435000"/>
        <valUSD>66686397.98000000</valUSD>
        <pctVal>0.846447095099</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="57668996.57000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repsol SA</name>
        <lei>BSYCX13Y0NOTV14V9N85</lei>
        <title>Repsol SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0173516115"/>
        </identifiers>
        <balance>2009601.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92076792"/>
        <valUSD>32934334.95000000</valUSD>
        <pctVal>0.418033856856</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="32697361.43000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cal-Maine Foods, Inc.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
        <title>Cal-Maine Foods, Inc.</title>
        <cusip>128030202</cusip>
        <identifiers>
          <isin value="US1280302027"/>
        </identifiers>
        <balance>189585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10848053.70000000</valUSD>
        <pctVal>0.137693799935</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="8645920.85000000"/>
        </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="365974"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>6272.07000000</valUSD>
        <pctVal>0.000079611069</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>103578.52000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>2080000.00000000</amtCurPur>
            <curPur>MXN</curPur>
            <settlementDt>2023-03-15</settlementDt>
            <unrealizedAppr>6272.07000000</unrealizedAppr>
          </fwdDeriv>
        </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>2412900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75695000"/>
        <valUSD>4681567.72000000</valUSD>
        <pctVal>0.059422903577</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>3357378.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67305000"/>
        <valUSD>365805713.40000000</valUSD>
        <pctVal>4.643153519418</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>689400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="130.04500000"/>
        <valUSD>27820917.37000000</valUSD>
        <pctVal>0.353129504728</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>217161.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33435000"/>
        <valUSD>4330688.51000000</valUSD>
        <pctVal>0.054969211415</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>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
        </identifiers>
        <balance>165456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24176430.72000000</valUSD>
        <pctVal>0.306870219005</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="21642434.06000000"/>
        </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>2023-03-02</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>
