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        <fairValLevel>1</fairValLevel>
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        <name>MIT UFJ TR NY</name>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
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      <invstOrSec>
        <name>SUMITOMO MITSUI BANKING CORP NY</name>
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      <invstOrSec>
        <name>Tourmaline Oil Corp.</name>
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          <isin value="CA89156V1067"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Novatek PJSC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Vale SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
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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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      <invstOrSec>
        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MUFG Bank Ltd, New York Branch</name>
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        <curCd>USD</curCd>
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        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
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        <name>PetroChina Co. Ltd.</name>
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        <name>BARCLAYS NEW YORK</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 30/JUL/2025 USD 1000</title>
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        <name>TD PRIME SERVICES LLC</name>
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      <invstOrSec>
        <name>Fortescue Ltd.</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>Fortescue Ltd.</title>
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        <name>Mondi plc</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi plc</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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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>RABOBANK LONDON</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>COOPERATIEVE RABOBANK UA/LONDON CERTIFICATE OF DEPOSIT VARIABLE 03/JUL/2025 USD</title>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
        <cusip>302491303</cusip>
        <identifiers>
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        <balance>577095.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24191822.40000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TD PRIME SERVICES LLC</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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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>Franco-Nevada Corp.</title>
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          <isin value="CA3518581051"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UFP Industries, Inc.</name>
        <lei>5493007KB485C9OV5572</lei>
        <title>UFP Industries, Inc.</title>
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          <isin value="US90278Q1085"/>
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        <balance>116880.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Southern Copper Corp.</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corp.</title>
        <cusip>84265V105</cusip>
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          <isin value="US84265V1052"/>
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        <balance>124185.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cameco Corp.</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>Cameco Corp.</title>
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          <isin value="CA13321L1085"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Svenska Cellulosa AB SCA</name>
        <lei>549300FW5JDRV1IJ0M67</lei>
        <title>Svenska Cellulosa AB SCA, Class B</title>
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          <isin value="SE0000112724"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORDEA BANK ABP, NEW YORK BRANCH</name>
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        <title>NORDEA BANK ABP/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 18/JUL/2025 USD 1000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Imperial Oil Ltd.</name>
        <lei>549300JZNB745JT5WY51</lei>
        <title>Imperial Oil Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Yunnan Yuntianhua Co. Ltd.</name>
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        <name>Grupo Mexico SAB de CV</name>
        <lei>529900JWLZAYET2ZGW20</lei>
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        <invCountry>MX</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Scotts Miracle-Gro Co. (The)</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent plc</title>
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        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni SpA</title>
        <cusip>N/A</cusip>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>California Water Service Group</name>
        <lei>529900QABDOBU6UVRQ36</lei>
        <title>California Water Service Group</title>
        <cusip>130788102</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Glencore plc</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore plc</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <name>CIBC NY</name>
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        <name>Klabin SA</name>
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        <name>Suzano SA</name>
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        <name>SABIC Agri-Nutrients Co.</name>
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        <name>BP plc</name>
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        <name>Cenovus Energy, Inc.</name>
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        <name>PotlatchDeltic Corp.</name>
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        <name>PhosAgro PJSC</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Aguas Andinas SA</name>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
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      <invstOrSec>
        <name>BARCLAYS NEW YORK</name>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
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      <invstOrSec>
        <name>Canfor Corp.</name>
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        <title>Canfor Corp.</title>
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        <name>Stella-Jones, Inc.</name>
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        <name>N/A</name>
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        <name>West Fraser Timber Co. Ltd.</name>
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        <name>MIT UFJ TR NY</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="HIK5IDX"/>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="XPM5IDX"/>
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      <invstOrSec>
        <name>GMK Norilskiy Nickel PAO</name>
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          <isin value="US55315J1025"/>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
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          <isin value="CNE100000B24"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
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          <isin value="US9621661043"/>
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        <fairValLevel>1</fairValLevel>
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        <name>ICL Group Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Beijing Enterprises Water Group Ltd.</name>
        <lei>836800VJR5J11VO6AY72</lei>
        <title>Beijing Enterprises Water Group Ltd.</title>
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          <isin value="BMG0957L1090"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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        <name>N/A</name>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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        <name>Cia De Sanena Do Parana</name>
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        <title>Cia De Sanena Do Parana</title>
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        <name>Tyson Foods, Inc.</name>
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        <name>K+S AG</name>
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        <name>SOCIETE GENERALE NEW YORK</name>
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        <name>Muyuan Foods Co. Ltd.</name>
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        <name>Rosneft Oil Co. PJSC</name>
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        <name>Gazprom PJSC</name>
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        <name>Shell plc</name>
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        <name>N/A</name>
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        <title>FTSE/JSE Top 40 Index</title>
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        <name>Rio Tinto plc</name>
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        <name>Gold Fields Ltd.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Santos Ltd.</name>
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        <name>Yara International ASA</name>
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        <name>CIC NY</name>
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        <name>Saudi Arabian Mining Co.</name>
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        <name>TotalEnergies SE</name>
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        <name>Hess Corp.</name>
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        <name>SUMITOMO MITSUI TRUST BANK LTD, LDN</name>
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        <name>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
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        <name>WESTPAC BKG CORP, NEW YORK</name>
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        <title>WESTPAC BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 11/SEP/2025 USD 1000</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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        <name>UPM-Kymmene OYJ</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>South32 Ltd.</name>
        <lei>213800LAZNPXSBKVHR17</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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          <isin value="US30231G1022"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="PTM5IDX"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <isin value="GB00M251VK77"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE Clear Europe</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Alcoa Corp.</name>
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        <title>Alcoa Corp.</title>
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          <isin value="US0138721065"/>
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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>GMK Norilskiy Nickel PAO</name>
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        <title>GMK Norilskiy Nickel PAO</title>
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          <isin value="RU0007288411"/>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mosaic Co. (The)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co. (The)</title>
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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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      <invstOrSec>
        <name>METROPOLITAN LIFE INSURANCE COMPANY</name>
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        <title>Treasury Repurchase Agreement</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>QL Resources Bhd.</name>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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        <name>Stora Enso OYJ</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Hindalco Industries Ltd.</name>
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        <title>Hindalco Industries Ltd.</title>
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        <name>Tatneft PJSC</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PI Industries Ltd.</name>
        <lei>335800PEGP94E4CC1D11</lei>
        <title>PI Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE603J01030"/>
        </identifiers>
        <balance>606315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.48375000"/>
        <valUSD>26124643.65000000</valUSD>
        <pctVal>0.564572913104</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="0.00000000"/>
        <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>328725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36268229.25000000</valUSD>
        <pctVal>0.783783316440</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="421992"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-13178.65000000</valUSD>
        <pctVal>-0.00028480039</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>UBS</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>8380000.00000000</amtCurSold>
            <curSold>MXN</curSold>
            <amtCurPur>412081.75000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>-13178.65000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>318985.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15770618.40000000</valUSD>
        <pctVal>0.340814752952</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>392035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11921784.35000000</valUSD>
        <pctVal>0.257638596340</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>Chengdu Xingrong Environment Co. Ltd.</name>
        <lei>300300XM3A0CVZ914Y75</lei>
        <title>Chengdu Xingrong Environment Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000HN4"/>
        </identifiers>
        <balance>974000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26280000"/>
        <valUSD>950826.13000000</valUSD>
        <pctVal>0.020548057430</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>Pennon Group plc</name>
        <lei>213800V1CCTS41GWH423</lei>
        <title>Pennon Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNNTLN49"/>
        </identifiers>
        <balance>1874950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74867110"/>
        <valUSD>12546897.28000000</valUSD>
        <pctVal>0.271147750097</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>UPL Ltd.</name>
        <lei>335800RJSM1SLHO4UA95</lei>
        <title>UPL Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE628A01036"/>
        </identifiers>
        <balance>4672765.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="84.48375000"/>
        <valUSD>37051921.51000000</valUSD>
        <pctVal>0.800719487058</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>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <isin value="CA0084741085"/>
        </identifiers>
        <balance>924104.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>108399747.43000000</valUSD>
        <pctVal>2.342598888860</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>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
        <identifiers>
          <isin value="CA0679011084"/>
        </identifiers>
        <balance>3255595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>61963072.87000000</valUSD>
        <pctVal>1.339067932324</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="572184.77000000"/>
        </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>1307595.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38130000"/>
        <valUSD>46091942.77000000</valUSD>
        <pctVal>0.996081047035</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="314024.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boliden AB</name>
        <lei>21380059QU7IM1ONDJ56</lei>
        <title>Boliden AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0020050417"/>
        </identifiers>
        <balance>521090.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.64490000"/>
        <valUSD>15997547.82000000</valUSD>
        <pctVal>0.345718865920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</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>1124970.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87970090"/>
        <valUSD>13823932.28000000</valUSD>
        <pctVal>0.298745422997</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>Cal-Maine Foods, Inc.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
        <title>Cal-Maine Foods, Inc.</title>
        <cusip>128030202</cusip>
        <identifiers>
          <isin value="US1280302027"/>
        </identifiers>
        <balance>221585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20689391.45000000</valUSD>
        <pctVal>0.447113084403</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="19478881.80000000"/>
        </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>2678500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26280000"/>
        <valUSD>3536764.75000000</valUSD>
        <pctVal>0.076432107730</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>CITIGROUP GLOBAL MARKETS INC</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="250430027"/>
        </identifiers>
        <balance>27000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27000000.00000000</valUSD>
        <pctVal>0.583490012650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.36000000</repurchaseRt>
          <maturityDt>2025-05-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>26892914.14290000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>27540000.04990000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="27000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Plantations Bhd.</name>
        <lei>N/A</lei>
        <title>United Plantations Bhd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL2089OO000"/>
        </identifiers>
        <balance>2435000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.31500000"/>
        <valUSD>12933997.68000000</valUSD>
        <pctVal>0.279513276663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</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>119315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15750773.15000000</valUSD>
        <pctVal>0.340385882390</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>
    </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>2025-05-30</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>
