# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-26-006205
**Filing Date:** 2026-3
**Character Count:** 87257
**Document Hash:** 394b5d028e8a3a5027f819d139fad9ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-006205.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0002071691-26-006205

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLEXSHARES TRUST
- **CENTRAL INDEX KEY:** 0001491978

**ORGANIZATION NAME:**
- **EIN:** 272560399
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 26788656

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 353-9383

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FlexShares Trust
- **DATE OF NAME CHANGE:** 20110414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NT ETF Trust
- **DATE OF NAME CHANGE:** 20100513

## Series and Classes Contracts Data

### FlexShares STOXX Global Broad Infrastructure Index Fund (Series ID: S000042071)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000130666 | FlexShares STOXX Global Broad Infrastructure Index Fund | NFRA            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FlexShares Trust

- **b. Investment Company Act file number:** 811-22555

- **c. CIK number of Registrant:** 0001491978

- **d. LEI of Registrant:** 5493007FU2RQX77I4604

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 855-353-9383

**Item A.2. Information about the Series.**

- **a. Name of Series:** FlexShares STOXX Global Broad Infrastructure Index Fund

- **b. EDGAR series identifier (if any):** S000042071

- **c. LEI of Series:** 549300M226QPIG4QNV60

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3090166518.93

**Total Liabilities:** $147052723.14

**Net Assets:** $2943113795.79

**Cash Not Reported:** $11279361.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130666 | 0.59%                | -0.00%               | 3.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-64751.66               | $15175487.28                               |
| Month 2  | $-8565683.43             | $1790423.20                                |
| Month 3  | $22418065.61             | $62845596.33                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Mexican Pesos                                      | New Mexican Pesos                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |    110034 | OU      | $6343.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                                          | Veralto Corp.                                                                             | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    101115 | NS      | $10008362.70  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        21 | NC      | $-44857.20    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                 | Waste Management, Inc.                                                                    | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    153090 | NS      | $34022721.60  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SECURITIES (USA) LLC                                | Other Repurchase Agreement                                                                | CUSIP: N/A<br>LEI: SUVUFHICNZMP2WKHG940       | Long             | RA               | CORP              | US        |  15000000 | PA      | $15000000.00  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT FIXED 4.4% 03/FEB/2026 USD                | CUSIP: 86564TDF7<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2000152.00   | 0.07%             | 2026-02-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                      | American Electric Power Co., Inc.                                                         | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    220185 | NS      | $26372658.38  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                                                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    184275 | NS      | $17670129.75  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp., Class A                                                                    | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1485540 | NS      | $44194815.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Qube Holdings Ltd.                                     | Qube Holdings Ltd.                                                                        | CUSIP: N/A<br>LEI: 391200RT2MUFEO3RFW25       | Long             | EC               | CORP              | AU        |   2581740 | NS      | $8627203.05   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp.                                   | SoftBank Group Corp.                                                                      | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |   3780000 | NS      | $104215869.31 | 3.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Aeroportuario del Pacifico SAB de CV             | Grupo Aeroportuario del Pacifico SAB de CV, Class B                                       | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               | CORP              | MX        |    585900 | NS      | $16206060.88  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corp. Ltd.                                 | China Tower Corp. Ltd., Class H                                                           | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        |   4252500 | NS      | $6131240.64   | 0.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Odakyu Electric Railway Co. Ltd.                       | Odakyu Electric Railway Co. Ltd.                                                          | CUSIP: N/A<br>LEI: 353800LA6BC6E1MK6U35       | Long             | EC               | CORP              | JP        |    472500 | NS      | $5075408.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Keisei Electric Railway Co. Ltd.                       | Keisei Electric Railway Co. Ltd.                                                          | CUSIP: N/A<br>LEI: 529900VNP95IIHXPCY17       | Long             | EC               | CORP              | JP        |    661500 | NS      | $5235910.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                                                     | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     35910 | NS      | $7401769.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Infrastrutture Wireless Italiane SpA                   | Infrastrutture Wireless Italiane SpA                                                      | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |    274050 | NS      | $2425615.45   | 0.08%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Consolidated Edison, Inc.                              | Consolidated Edison, Inc.                                                                 | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |    147420 | NS      | $15719394.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.                                           | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |   2166290 | NS      | $23620013.08  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                                     | South African Rand                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |   2678959 | OU      | $167043.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp.                                 | Pembina Pipeline Corp.                                                                    | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    319410 | NS      | $13345802.02  | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Bumrungrad Hospital PCL                                | Bumrungrad Hospital PCL                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   1134000 | NS      | $6036707.45   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanaway Waste Management Ltd.                        | Cleanaway Waste Management Ltd.                                                           | CUSIP: N/A<br>LEI: 549300D5C72CV6CIBS66       | Long             | EC               | CORP              | AU        |   3205440 | NS      | $5546560.35   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Keppel DC REIT                                         | Keppel DC REIT                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1890016 | NS      | $3395773.43   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                      | Malaysian Ringgit                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |    130529 | OU      | $33112.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV         | Grupo Aeroportuario del Centro Norte SAB de CV, Class B                                   | CUSIP: N/A<br>LEI: 529900HUSBARAFSXJ605       | Long             | EC               | CORP              | MX        |    401625 | NS      | $5888817.59   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                                                             | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  10000000 | PA      | $10000000.00  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Select Medical Holdings Corp.                          | Select Medical Holdings Corp.                                                             | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51975 | NS      | $782223.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KPJ Healthcare Bhd.                                    | KPJ Healthcare Bhd.                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2929500 | NS      | $2058527.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Core REIT Management Pte. Ltd.                 | Digital Core REIT Management Pte. Ltd.                                                    | CUSIP: N/A<br>LEI: 254900RTT7SLEEJYGV92       | Long             | EC               | CORP              | SG        |    567000 | NS      | $306180.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV              | Grupo Aeroportuario del Sureste SAB de CV, Class B                                        | CUSIP: N/A<br>LEI: 5299001W7JIDXCUOUC82       | Long             | EC               | CORP              | MX        |    250425 | NS      | $8728279.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF MONTREAL CHICAGO                               | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 18/NOV/2026 USD 1000          | CUSIP: 06367DTG0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1000541.00   | 0.03%             | 2026-11-18      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Danish Krone                                           | Danish Krone                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | DK        |    438086 | OU      | $69790.01     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Dollar                                     | New Zealand Dollar                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |    382155 | OU      | $231146.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                      | T-Mobile US, Inc.                                                                         | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    220185 | NS      | $43422683.85  | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| WEC Energy Group, Inc.                                 | WEC Energy Group, Inc.                                                                    | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    132300 | NS      | $14641641.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL                               | Airports of Thailand PCL                                                                  | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |   6142500 | NS      | $9809649.61   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                     | Southern Co. (The)                                                                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    449820 | NS      | $40173424.20  | 1.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Iberdrola SA                                           | Iberdrola SA                                                                              | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     47002 | NS      | $1058208.96   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PG&E Corp.                                             | PG&E Corp.                                                                                | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    892080 | NS      | $13755873.60  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                                        | South Bow Corp.                                                                           | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    116235 | NS      | $3320141.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Daiei Kankyo Co. Ltd.                                  | Daiei Kankyo Co. Ltd.                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     61700 | NS      | $1629894.33   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Post AG                                       | Deutsche Post AG                                                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |   1313550 | NS      | $73945296.31  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd.                    | Auckland International Airport Ltd.                                                       | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |   2400300 | NS      | $11992045.22  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                     | Bangkok Dusit Medical Services PCL                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |  19183500 | NS      | $12254516.13  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobu Railway Co. Ltd.                                  | Tobu Railway Co. Ltd.                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    283500 | NS      | $5011697.78   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlas Arteria Ltd.                                     | Atlas Arteria Ltd.                                                                        | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |   1307880 | NS      | $4553689.61   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | FTSE 100 Index                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        72 | NC      | $292598.57    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                            | H2O America                                                                               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11340 | NS      | $590133.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Verizon Communications, Inc.                           | Verizon Communications, Inc.                                                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   1725570 | NS      | $76822376.40  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                       | Severn Trent plc                                                                          | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    381780 | NS      | $15339721.87  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.                                | Waste Connections, Inc.                                                                   | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |    366660 | NS      | $61680868.44  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                    | Treasury Repurchase Agreement                                                             | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| California Water Service Group                         | California Water Service Group                                                            | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     27405 | NS      | $1225003.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                                                                 | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    502740 | NS      | $33814292.40  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd.                                            | NEXTDC Ltd.                                                                               | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        |    617085 | NS      | $5758221.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Gemadept Corp.                                         | Gemadept Corp.                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |    567000 | NS      | $1497455.37   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                     | Koninklijke KPN NV                                                                        | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   3561705 | NS      | $17406345.10  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd.                                   | HKT Trust & HKT Ltd.                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   3472000 | NS      | $5201531.43   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                                    | IHH Healthcare Bhd.                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2929500 | NS      | $6658630.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                             | Getlink SE                                                                                | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |    441315 | NS      | $8772923.61   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                               | Enel SpA                                                                                  | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   4234545 | NS      | $46890227.07  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                           | Vistra Corp.                                                                              | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    131355 | NS      | $20800064.25  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                                   | HCA Healthcare, Inc.                                                                      | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     65205 | NS      | $31837645.35  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co.                                    | Middlesex Water Co.                                                                       | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9450 | NS      | $494991.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| DT Midstream, Inc.                                     | DT Midstream, Inc.                                                                        | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42525 | NS      | $5359000.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian National Railway Co.                          | Canadian National Railway Co.                                                             | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    811755 | NS      | $78522901.78  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $21135.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     40635 | NS      | $33358490.55  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Healthcare Group Holdings Ltd.                    | Life Healthcare Group Holdings Ltd.                                                       | CUSIP: N/A<br>LEI: 529900NEEWARTDD80135       | Long             | EC               | CORP              | ZA        |   1480815 | NS      | $1026759.96   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                           | Iberdrola SA                                                                              | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |   3288848 | NS      | $74045539.08  | 2.52%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | S&P 500 E-Mini Index                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        16 | NC      | $44508.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyushu Railway Co.                                     | Kyushu Railway Co.                                                                        | CUSIP: N/A<br>LEI: 5299002CCI6HLWAN3K50       | Long             | EC               | CORP              | JP        |    227600 | NS      | $5822051.08   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                                                      | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |     32130 | NS      | $1607678.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | Rede D'Or Sao Luiz SA                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1134000 | NS      | $9181511.02   | 0.31%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Snam SpA                                               | Snam SpA                                                                                  | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |   1138725 | NS      | $7854458.97   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Swiss Franc                                            | Swiss Franc                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CH        |      3483 | OU      | $4523.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                           | Exelon Corp.                                                                              | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    416745 | NS      | $18661841.10  | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Hess Midstream LP                                      | Hess Midstream LP, Class A                                                                | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49140 | NS      | $1742995.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.                  | Public Service Enterprise Group, Inc.                                                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    205065 | NS      | $16889153.40  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                                              | Enagas SA                                                                                 | CUSIP: N/A<br>LEI: 213800OU3FQKGM4M2U23       | Long             | EC               | CORP              | ES        |    120015 | NS      | $1982442.61   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                                                                 | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   3884895 | NS      | $1732650.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                           | Japanese Yen                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        | 214987173 | OU      | $1393667.66   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL AUSTRALIA BANK NY                             | NATIONAL AUSTRALIA BANK LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 17/MAR/2026 USD 1000 | CUSIP: 63253T7L6<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1000145.00   | 0.03%             | 2026-03-17      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust, Inc.                             | Digital Realty Trust, Inc.                                                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    131355 | NS      | $21798362.25  | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| Norfolk Southern Corp.                                 | Norfolk Southern Corp.                                                                    | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     91665 | NS      | $26696514.60  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                                        | Canadian Dollar                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |   4091443 | OU      | $3021410.65   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Towers plc                                      | Helios Towers plc                                                                         | CUSIP: N/A<br>LEI: 213800DGC7GS4XCHCU30       | Long             | EC               | CORP              | TZ        |    958230 | NS      | $2274830.83   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| China Everbright Environment Group Ltd.                | China Everbright Environment Group Ltd.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   4725000 | NS      | $3043234.70   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| East Japan Railway Co.                                 | East Japan Railway Co.                                                                    | CUSIP: N/A<br>LEI: 353800SENYJ2DSM6PS44       | Long             | EC               | CORP              | JP        |   1606500 | NS      | $40542619.60  | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Swisscom AG                                            | Swisscom AG (Registered)                                                                  | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |     23625 | NS      | $19435669.76  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Quebecor, Inc.                                         | Quebecor, Inc., Class B                                                                   | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    141750 | NS      | $5199366.76   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Health Services, Inc.                        | Universal Health Services, Inc., Class B                                                  | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     20790 | NS      | $4184195.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE, Inc.                                              | BCE, Inc.                                                                                 | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    878853 | NS      | $22845050.84  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                                | Rumo SA                                                                                   | CUSIP: N/A<br>LEI: 254900TXQFP7CJCGYM66       | Long             | EC               | CORP              | BR        |   1701000 | NS      | $4795438.87   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                | Republic Services, Inc., Class A                                                          | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     81270 | NS      | $17480364.30  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento de Minas Gerais Copasa MG            | Cia de Saneamento de Minas Gerais Copasa MG                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    283500 | NS      | $2769723.33   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    972405 | NS      | $16639753.02  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |  35000000 | PA      | $35000000.00  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                 | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     14175 | NS      | $1034208.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| TC Energy Corp.                                        | TC Energy Corp.                                                                           | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    567945 | NS      | $33485750.32  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                                       | Hong Kong Dollar                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |     81197 | OU      | $10396.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp.                                 | Antero Midstream Corp.                                                                    | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130410 | NS      | $2454316.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |  20000000 | PA      | $20000000.00  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                                      | New Taiwan Dollar                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |      9870 | OU      | $313.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philippines                                            | Philippines                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PH        |    975879 | OU      | $16573.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group, Inc. (The)                                  | GEO Group, Inc. (The)                                                                     | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |     49140 | NS      | $785257.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Expressway Co. Ltd.                            | Jiangsu Expressway Co. Ltd., Class H                                                      | CUSIP: N/A<br>LEI: 529900UWWTWZ6AKLYD43       | Long             | EC               | CORP              | CN        |   1890000 | NS      | $2492669.37   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| ONEOK, Inc.                                            | ONEOK, Inc.                                                                               | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    256095 | NS      | $20280163.05  | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Union Pacific Corp.                                    | Union Pacific Corp.                                                                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    242865 | NS      | $57097561.50  | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |
| GFL Environmental, Inc.                                | GFL Environmental, Inc.                                                                   | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | US        |    495180 | NS      | $21267981.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                                      | Xcel Energy, Inc.                                                                         | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    243810 | NS      | $18544188.60  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-17682.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co.                              | Central Japan Railway Co.                                                                 | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |   1378500 | NS      | $38488263.32  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SAB de CV     | Promotora y Operadora de Infraestructura SAB de CV                                        | CUSIP: N/A<br>LEI: 52990035X6RK8DBUWA73       | Long             | EC               | CORP              | MX        |    264600 | NS      | $4168132.59   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                                    | Clean Harbors, Inc.                                                                       | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     20790 | NS      | $5403528.90   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CTT-Correios de Portugal SA                            | CTT-Correios de Portugal SA                                                               | CUSIP: N/A<br>LEI: 529900G4A1IKOKC22K56       | Long             | EC               | CORP              | PT        |    123795 | NS      | $999981.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                      | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |   5670000 | NS      | $1952994.35   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| South Korea Won                                        | South Korea Won                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |  42018632 | OU      | $29191.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid plc                                      | National Grid plc                                                                         | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |   2830275 | NS      | $47946064.89  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty, Inc.                                      | GCI Liberty, Inc.                                                                         | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36294 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KDDI Corp.                                             | KDDI Corp.                                                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |   2709700 | NS      | $45785252.50  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                                           | Keyera Corp.                                                                              | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    127575 | NS      | $4344041.10   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Aurizon Holdings Ltd.                                  | Aurizon Holdings Ltd.                                                                     | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |   2450385 | NS      | $6334317.51   | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Australian Dollar                                      | Australian Dollar                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |     48964 | OU      | $34301.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                | E.ON SE                                                                                   | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   1227555 | NS      | $26089345.80  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                           | Indian Rupee                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |  11888513 | OU      | $129240.53    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                    | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |    681464 | NS      | $18381325.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly, Inc.                                           | Fastly, Inc., Class A                                                                     | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |     67095 | NS      | $620628.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COSCO SHIPPING Ports Ltd.                              | COSCO SHIPPING Ports Ltd.                                                                 | CUSIP: N/A<br>LEI: 5299008QX6KA3JHWK507       | Long             | EC               | CORP              | CN        |   1890000 | NS      | $1498021.69   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA                                | Veolia Environnement SA                                                                   | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |    957285 | NS      | $36021322.58  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                 | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    103005 | NS      | $3995563.95   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazilian Real                                         | Brazilian Real                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |    187051 | OU      | $35727.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dong                                           | Vietnam Dong                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | VN        | 257596170 | OU      | $9931.61      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                                  | Chilean Peso Currency                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |  49483877 | OU      | $57323.76     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNeVision Holdings Ltd.                               | SUNeVision Holdings Ltd.                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    504000 | NS      | $432385.37    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumen Technologies, Inc.                               | Lumen Technologies, Inc.                                                                  | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    407295 | NS      | $3592341.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Dollar                                       | Singapore Dollar                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SG        |      6306 | OU      | $4969.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiseki Co. Ltd.                                       | Daiseki Co. Ltd.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     65660 | NS      | $1476988.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Bangkok Expressway & Metro PCL                         | Bangkok Expressway & Metro PCL                                                            | CUSIP: N/A<br>LEI: 529900A653WRN6DJXS19       | Long             | EC               | CORP              | TH        |   9828000 | NS      | $1639822.02   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                            | Casella Waste Systems, Inc., Class A                                                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     26460 | NS      | $2669284.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Constellation Energy Corp.                             | Constellation Energy Corp.                                                                | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    128520 | NS      | $36072993.60  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                            | Aena SME SA                                                                               | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |   1058400 | NS      | $33026863.43  | 1.12%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kinetik Holdings, Inc.                                 | Kinetik Holdings, Inc., Class A                                                           | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16065 | NS      | $657219.15    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| West Japan Railway Co.                                 | West Japan Railway Co.                                                                    | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |    661500 | NS      | $13546470.25  | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Targa Resources Corp.                                  | Targa Resources Corp.                                                                     | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     87885 | NS      | $17663127.30  | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Befesa SA                                              | Befesa SA                                                                                 | CUSIP: N/A<br>LEI: 222100VXGA8L6J4ZWG61       | Long             | EC               | CORP              | ES        |     50085 | NS      | $1845900.56   | 0.06%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Adani Ports & Special Economic Zone Ltd.               | Adani Ports & Special Economic Zone Ltd.                                                  | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |   1260630 | NS      | $19457453.18  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                             | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |  55892665 | PA      | $55892665.40  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Viettel Post Joint Stock Corp.                         | Viettel Post Joint Stock Corp.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |     94500 | NS      | $405150.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                         | EchoStar Corp., Class A                                                                   | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     60480 | NS      | $6847545.60   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| PostNL NV                                              | PostNL NV                                                                                 | CUSIP: N/A<br>LEI: 724500Q41FHN0P1GPC53       | Long             | EC               | CORP              | NL        |    618030 | NS      | $869788.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Duke Energy Corp.                                      | Duke Energy Corp.                                                                         | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    318465 | NS      | $38645727.75  | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Tenet Healthcare Corp.                                 | Tenet Healthcare Corp.                                                                    | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     35910 | NS      | $6797044.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   3780000 | NS      | $3572019.41   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                               | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |   1730295 | NS      | $8497228.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT, Inc.                                              | NTT, Inc.                                                                                 | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |  49801500 | NS      | $50008118.44  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MTR Corp. Ltd.                                         | MTR Corp. Ltd.                                                                            | CUSIP: N/A<br>LEI: 254900IH4U9NHH9AQM97       | Long             | EC               | CORP              | HK        |   2362500 | NS      | $10460741.13  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                                                   | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    591570 | NS      | $33224568.63  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                               | Engie SA                                                                                  | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1015875 | NS      | $30334245.91  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana (Preference)                                                      | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |   1417500 | NS      | $2385265.16   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                      | Uniti Group, Inc.                                                                         | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |    116235 | NS      | $967075.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| BT Group plc                                           | BT Group plc                                                                              | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |   5922315 | NS      | $15550816.94  | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Transurban Group                                       | Transurban Group                                                                          | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |   4479300 | NS      | $43774731.92  | 1.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Oesterreichische Post AG                               | Oesterreichische Post AG                                                                  | CUSIP: N/A<br>LEI: 529900MVUWACNUTK8467       | Long             | EC               | CORP              | AT        |     49140 | NS      | $1926237.26   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                 | Motiva Infraestrutura de Mobilidade SA                                                    | CUSIP: N/A<br>LEI: 254900H4EUL83CCQ6781       | Long             | EC               | CORP              | BR        |   1606500 | NS      | $5142714.71   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings, Inc.                               | Sirius XM Holdings, Inc.                                                                  | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71820 | NS      | $1461537.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| TRE Holdings Corp.                                     | TRE Holdings Corp.                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     94500 | NS      | $1050000.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| CSX Corp.                                              | CSX Corp.                                                                                 | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    766395 | NS      | $28939075.20  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    191835 | NS      | $34392178.80  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                                                            | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     79380 | NS      | $10250339.40  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Westports Holdings Bhd.                                | Westports Holdings Bhd.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1701034 | NS      | $2636559.55   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge, Inc.                                         | Enbridge, Inc.                                                                            | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   1187865 | NS      | $58307710.78  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                                                        | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |    459270 | NS      | $14216561.85  | 0.48%             |  |  |  | Yes           |                  1 | On Loan: —       |
| China Merchants Port Holdings Co. Ltd.                 | China Merchants Port Holdings Co. Ltd.                                                    | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | CN        |   1890000 | NS      | $3806765.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Russian Roubles                                        | Russian Roubles                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        |  81017100 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Post Ltd.                                    | Singapore Post Ltd.                                                                       | CUSIP: N/A<br>LEI: 2549001SP50468BWD892       | Long             | EC               | CORP              | SG        |   2835000 | NS      | $882446.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                           | Iridium Communications, Inc.                                                              | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     46305 | NS      | $922395.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| AST SpaceMobile, Inc.                                  | AST SpaceMobile, Inc., Class A                                                            | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |     98280 | NS      | $10929718.80  | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| AltaGas Ltd.                                           | AltaGas Ltd.                                                                              | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |    172935 | NS      | $5244943.65   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | SPI 200 Index                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        39 | NC      | $96963.71     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramsay Health Care Ltd.                                | Ramsay Health Care Ltd.                                                                   | CUSIP: N/A<br>LEI: 549300QBX122KF2JPI10       | Long             | EC               | CORP              | AU        |    267435 | NS      | $6812103.78   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Telekom AG                                    | Deutsche Telekom AG (Registered)                                                          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   3294270 | NS      | $110399027.35 | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                      | Canadian Pacific Kansas City Ltd.                                                         | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1285200 | NS      | $96066125.61  | 3.26%             |  |  |  | No            |                  1 | On Loan: —       |
| SBA Communications Corp.                               | SBA Communications Corp., Class A                                                         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     43470 | NS      | $8003261.70   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co., Inc.                            | Acadia Healthcare Co., Inc.                                                               | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     47250 | NS      | $635040.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                                                        | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |   2619540 | NS      | $56062925.92  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Envision Greenwise Holdings Ltd.                       | Envision Greenwise Holdings Ltd.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   1890000 | NS      | $796202.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | TOPIX Index                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         7 | NC      | $46692.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                                     | Polish Zloty - New                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |      3764 | OU      | $1064.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.                   | Cogent Communications Holdings, Inc.                                                      | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23625 | NS      | $574087.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Sempra                                                 | Sempra                                                                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    268380 | NS      | $23351743.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle, Inc.                                     | Crown Castle, Inc.                                                                        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    177660 | NS      | $15422664.60  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Pennon Group plc                                       | Pennon Group plc                                                                          | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    656775 | NS      | $4925383.14   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic, Inc.                                        | CoreCivic, Inc.                                                                           | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     50085 | NS      | $928075.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                   | EURO                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |   1840837 | OU      | $2189951.42   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                          | British Pound                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    757055 | OU      | $1038869.29   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies, Inc.                           | PureCycle Technologies, Inc.                                                              | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56700 | NS      | $542052.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MIZUHO BANK LIMITED NEW YORK                           | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 27/MAY/2026 USD 1000          | CUSIP: 60701A2G7<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1000294.00   | 0.03%             | 2026-05-27      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| Transneft PJSC                                         | Transneft PJSC (Preference)                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |    147300 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NextEra Energy, Inc.                                   | NextEra Energy, Inc.                                                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    855225 | NS      | $75174277.50  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                  | Dominion Energy, Inc.                                                                     | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    347760 | NS      | $20924719.20  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Shenzhen International Holdings Ltd.                   | Shenzhen International Holdings Ltd.                                                      | CUSIP: N/A<br>LEI: 5493002NKD14ZZMEJF98       | Long             | EC               | CORP              | CN        |   1890000 | NS      | $2178060.62   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Flughafen Zurich AG                                    | Flughafen Zurich AG (Registered)                                                          | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |     27405 | NS      | $8527028.12   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                                 | Encompass Health Corp.                                                                    | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     40635 | NS      | $3841226.55   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Japan Airport Terminal Co. Ltd.                        | Japan Airport Terminal Co. Ltd.                                                           | CUSIP: N/A<br>LEI: 353800W9WEQSGUY2EO26       | Long             | EC               | CORP              | JP        |    129000 | NS      | $4040762.35   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| AT&T, Inc.                                             | AT&T, Inc.                                                                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   2901150 | NS      | $76039141.50  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KINX, Inc.                                             | KINX, Inc.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3780 | NS      | $349795.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                      | Indonesian Rupiah                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |         9 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                  | Cheniere Energy, Inc.                                                                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     87885 | NS      | $18589435.20  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                    | Kinder Morgan, Inc.                                                                       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    801360 | NS      | $24433466.40  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Group                                              | APA Group                                                                                 | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        |    691740 | NS      | $4293542.33   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO