# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152754
**Filing Date:** 2025-6
**Character Count:** 71601
**Document Hash:** 6dad2594d775a2f3a130d85c0ce3faee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152754.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152754

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**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:** 251067546

**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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $2426793735.65

**Total Liabilities:** $81791201.94

**Net Assets:** $2345002533.71

**Cash Not Reported:** $14469764.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130666 | 2.08%                | 1.54%                | 2.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7032954.92              | $38492951.57                               |
| Month 2  | $9391634.41              | $21911674.89                               |
| Month 3  | $24976443.79             | $27552465.77                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Veralto Corp.                                          | Veralto Corp.                                           | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     81576 | NS      | $7823138.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                 | Waste Management, Inc.                                  | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    120384 | NS      | $28092810.24  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co., Inc.                      | American Electric Power Co., Inc.                       | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    175032 | NS      | $18962966.88  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                           | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    139392 | NS      | $11593232.64  | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Comcast Corp.                                          | Comcast Corp., Class A                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1234728 | NS      | $42227697.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Qube Holdings Ltd.                                     | Qube Holdings Ltd.                                      | CUSIP: N/A<br>LEI: 391200RT2MUFEO3RFW25       | Long             | EC               | CORP              | AU        |   2321352 | NS      | $5881855.62   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| SoftBank Group Corp.                                   | SoftBank Group Corp.                                    | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |    799400 | NS      | $40149338.19  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| 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        |    510840 | NS      | $10390603.03  | 0.44%             |  |  |  | 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        |   3168000 | NS      | $4591837.21   | 0.20%             |  |  |  | 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        |    413900 | NS      | $4575997.62   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Keisei Electric Railway Co. Ltd.                       | Keisei Electric Railway Co. Ltd.                        | CUSIP: N/A<br>LEI: 529900VNP95IIHXPCY17       | Long             | EC               | CORP              | JP        |    633600 | NS      | $6567425.69   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                   | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     31680 | NS      | $12414124.80  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                   | Infrastrutture Wireless Italiane SpA                    | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |    251856 | NS      | $3017573.63   | 0.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                              | Consolidated Edison, Inc.                               | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |    115632 | NS      | $13037508.00  | 0.56%             |  |  |  | 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        |   1884960 | NS      | $11480859.22  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp.                                 | Pembina Pipeline Corp.                                  | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    340560 | NS      | $12993203.50  | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Bumrungrad Hospital PCL                                | Bumrungrad Hospital PCL                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    871200 | NS      | $4303188.15   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanaway Waste Management Ltd.                        | Cleanaway Waste Management Ltd.                         | CUSIP: N/A<br>LEI: 549300D5C72CV6CIBS66       | Long             | EC               | CORP              | AU        |   2707056 | NS      | $4503485.43   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Keppel DC REIT                                         | Keppel DC REIT                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1504805 | NS      | $2489376.43   | 0.11%             |  |  |  | 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        |    316800 | NS      | $3504463.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp.                          | Select Medical Holdings Corp.                           | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38016 | NS      | $693411.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| KPJ Healthcare Bhd.                                    | KPJ Healthcare Bhd.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2534400 | NS      | $1691557.82   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Renewi plc                                             | Renewi plc                                              | CUSIP: N/A<br>LEI: 213800CNEIDZBL17KU22       | Long             | EC               | CORP              | GB        |     95832 | NS      | $1100824.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Core REIT Management Pte. Ltd.                 | Digital Core REIT Management Pte. Ltd.                  | CUSIP: N/A<br>LEI: 549300IIGO612K0POE26       | Long             | EC               | CORP              | SG        |    792000 | NS      | $396000.00    | 0.02%             |  |  |  | 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        |    213840 | NS      | $6786183.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                      | T-Mobile US, Inc.                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    154440 | NS      | $38138958.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                                 | WEC Energy Group, Inc.                                  | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    105336 | NS      | $11536398.72  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                              | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL                               | Airports of Thailand PCL                                | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |   5227200 | NS      | $5985343.51   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                              | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                     | Southern Co. (The)                                      | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    361152 | NS      | $33186257.28  | 1.42%             |  |  |  | No            |                  1 | On Loan: —       |
| CCR SA                                                 | CCR SA                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1346400 | NS      | $3198692.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                             | PG&E Corp.                                              | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    877536 | NS      | $14496894.72  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                                        | South Bow Corp.                                         | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    121176 | NS      | $2987072.18   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Daiei Kankyo Co. Ltd.                                  | Daiei Kankyo Co. Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     49100 | NS      | $1004787.58   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-59578.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                       | Deutsche Post AG                                        | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |   1254528 | NS      | $53492437.23  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd.                    | Auckland International Airport Ltd.                     | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |   2165243 | NS      | $9662925.21   | 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        |  16869600 | NS      | $12120053.88  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobu Railway Co. Ltd.                                  | Tobu Railway Co. Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    237600 | NS      | $4335900.17   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Arteria Ltd.                                     | Atlas Arteria Ltd.                                      | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |   1351944 | NS      | $4472263.87   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| SJW Group                                              | SJW Group                                               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9504 | NS      | $539256.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambipar Participacoes e Empreendimentos S/A            | Ambipar Participacoes e Empreendimentos SA, Class B     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     59300 | NS      | $1277881.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                           | Verizon Communications, Inc.                            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   1379664 | NS      | $60787995.84  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                       | Severn Trent plc                                        | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    334224 | NS      | $12455201.61  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.                                | Waste Connections, Inc.                                 | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |    323928 | NS      | $63849907.02  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | TOPIX Index                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         4 | NC      | $25090.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                         | California Water Service Group                          | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     16632 | NS      | $842410.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    401544 | NS      | $23518432.08  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd.                                            | NEXTDC Ltd.                                             | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        |    514800 | NS      | $3896740.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Gemadept Corp.                                         | Gemadept Corp.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |    554433 | NS      | $1129973.04   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                     | Koninklijke KPN NV                                      | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   2984256 | NS      | $13891685.56  | 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        |   2775000 | NS      | $3950636.39   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                                    | IHH Healthcare Bhd.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2772000 | NS      | $4445478.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                             | Getlink SE                                              | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |    392832 | NS      | $7448483.62   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                               | Enel SpA                                                | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   4519944 | NS      | $39275226.23  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                           | Vistra Corp.                                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    112464 | NS      | $14578708.32  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                                   | HCA Healthcare, Inc.                                    | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     59400 | NS      | $20497752.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: —       |
| Middlesex Water Co.                                    | Middlesex Water Co.                                     | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7128 | NS      | $449919.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| DT Midstream, Inc.                                     | DT Midstream, Inc.                                      | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32472 | NS      | $3156278.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co.                          | Canadian National Railway Co.                           | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    719928 | NS      | $69584874.60  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     32306 | NS      | $27807389.50  | 1.19%             |  |  |  | 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        |   1567368 | NS      | $1232413.51   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                           | Iberdrola SA                                            | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |   3423024 | NS      | $61849392.62  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyushu Railway Co.                                     | Kyushu Railway Co.                                      | CUSIP: N/A<br>LEI: 5299002CCI6HLWAN3K50       | Long             | EC               | CORP              | JP        |    200600 | NS      | $5168290.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                    | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |     36432 | NS      | $1509128.93   | 0.06%             |  |  |  | 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        |    950400 | NS      | $5375314.94   | 0.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Snam SpA                                               | Snam SpA                                                | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |   1171368 | NS      | $6737656.02   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Exelon Corp.                                           | Exelon Corp.                                            | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    329472 | NS      | $15452236.80  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                                      | Hess Midstream LP, Class A                              | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36432 | NS      | $1354177.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                            | Aena SME SA                                             | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |     92664 | NS      | $23321346.55  | 0.99%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.                  | Public Service Enterprise Group, Inc.                   | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    164736 | NS      | $13167348.48  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                                              | Enagas SA                                               | CUSIP: N/A<br>LEI: 213800OU3FQKGM4M2U23       | Long             | EC               | CORP              | ES        |    121176 | NS      | $1896773.68   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                               | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   3602016 | NS      | $1317787.77   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust, Inc.                             | Digital Realty Trust, Inc.                              | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    103752 | NS      | $16656346.08  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Norfolk Southern Corp.                                 | Norfolk Southern Corp.                                  | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     74448 | NS      | $16680074.40  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Helios Towers plc                                      | Helios Towers plc                                       | CUSIP: N/A<br>LEI: 213800DGC7GS4XCHCU30       | Long             | EC               | CORP              | GB        |    859320 | NS      | $1230434.87   | 0.05%             |  |  |  | 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        |   4752000 | NS      | $2199914.89   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| East Japan Railway Co.                                 | East Japan Railway Co.                                  | CUSIP: N/A<br>LEI: 353800SENYJ2DSM6PS44       | Long             | EC               | CORP              | JP        |   1425600 | NS      | $30942636.01  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                                            | Swisscom AG (Registered)                                | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |     19008 | NS      | $12722117.43  | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Quebecor, Inc.                                         | Quebecor, Inc., Class B                                 | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    123552 | NS      | $3382854.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Health Services, Inc.                        | Universal Health Services, Inc., Class B                | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     18216 | NS      | $3225507.12   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE, Inc.                                              | BCE, Inc.                                               | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    718484 | NS      | $15937413.86  | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Rumo SA                                                | Rumo SA                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1504800 | NS      | $5156519.59   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P 500 E-Mini Index                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        18 | NC      | $43489.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                | Republic Services, Inc., Class A                        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     67320 | NS      | $16880490.00  | 0.72%             |  |  |  | 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        |    237600 | NS      | $899802.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                              | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    848232 | NS      | $12774388.76  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                               | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     12672 | NS      | $1027825.92   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp.                                        | TC Energy Corp.                                         | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    602712 | NS      | $30390857.02  | 1.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Midstream Corp.                                 | Antero Midstream Corp.                                  | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121176 | NS      | $2005462.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                              | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   4000000 | PA      | $4000000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                                  | GEO Group, Inc. (The)                                   | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |     47520 | NS      | $1486425.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | SPI 200 Index                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        26 | NC      | $128990.15    | 0.01%             |  |  |  | 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        |   1584000 | NS      | $1971140.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                            | ONEOK, Inc.                                             | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    204336 | NS      | $16788245.76  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                    | Union Pacific Corp.                                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    201168 | NS      | $43383890.88  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental, Inc.                                | GFL Environmental, Inc.                                 | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |    449064 | NS      | $22408293.60  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                                      | Xcel Energy, Inc.                                       | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    187704 | NS      | $13270672.80  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Central Japan Railway Co.                              | Central Japan Railway Co.                               | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |   1287000 | NS      | $26445576.28  | 1.13%             |  |  |  | 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        |    245520 | NS      | $2750827.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                                    | Clean Harbors, Inc.                                     | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     16632 | NS      | $3558250.08   | 0.15%             |  |  |  | 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        |     83952 | NS      | $741510.03    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                    | CUSIP: N/A<br>LEI: 836800VJR5J11VO6AY72       | Long             | EC               | CORP              | CN        |   6336000 | NS      | $2001779.57   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| National Grid plc                                      | National Grid plc                                       | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |   2962080 | NS      | $42848356.26  | 1.83%             |  |  |  | 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        |   2217600 | NS      | $39232428.49  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                                           | Keyera Corp.                                            | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    132264 | NS      | $4097282.68   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Aurizon Holdings Ltd.                                  | Aurizon Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |   2117808 | NS      | $4146543.11   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                | E.ON SE                                                 | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   1304424 | NS      | $22857423.37  | 0.97%             |  |  |  | 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        |    554400 | NS      | $11152827.22  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly, Inc.                                           | Fastly, Inc., Class A                                   | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |     30096 | NS      | $173052.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                      | Uniti Group, Inc.                                       | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |     76032 | NS      | $374077.44    | 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        |   1584000 | NS      | $821138.15    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA                                | Veolia Environnement SA                                 | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |    932184 | NS      | $34099864.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                               | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     84744 | NS      | $3485520.72   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNeVision Holdings Ltd.                               | SUNeVision Holdings Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    504000 | NS      | $419203.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies, Inc.                               | Lumen Technologies, Inc.                                | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    309672 | NS      | $1096238.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiseki Co. Ltd.                                       | Daiseki Co. Ltd.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     79260 | NS      | $2028175.83   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Expressway & Metro PCL                         | Bangkok Expressway & Metro PCL                          | CUSIP: N/A<br>LEI: 529900A653WRN6DJXS19       | Long             | EC               | CORP              | TH        |  11167200 | NS      | $1972353.84   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                            | Casella Waste Systems, Inc., Class A                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     19800 | NS      | $2325510.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Constellation Energy Corp.                             | Constellation Energy Corp.                              | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    102960 | NS      | $23005382.40  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings, Inc.                                 | Kinetik Holdings, Inc., Class A                         | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12672 | NS      | $523860.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| West Japan Railway Co.                                 | West Japan Railway Co.                                  | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |    588700 | NS      | $12365011.22  | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Frontier Communications Parent, Inc.                   | Frontier Communications Parent, Inc.                    | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79992 | NS      | $2899710.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                  | Targa Resources Corp.                                   | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     72864 | NS      | $12452457.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Befesa SA                                              | Befesa SA                                               | CUSIP: N/A<br>LEI: 222100VXGA8L6J4ZWG61       | Long             | EC               | CORP              | ES        |     44352 | NS      | $1346137.53   | 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        |   1264032 | NS      | $18201073.32  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                              | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |  20000000 | PA      | $20000000.00  | 0.85%             |  |  |  | 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        |     79200 | NS      | $335012.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                         | EchoStar Corp., Class A                                 | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     46728 | NS      | $1050445.44   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| PostNL NV                                              | PostNL NV                                               | CUSIP: N/A<br>LEI: 724500Q41FHN0P1GPC53       | Long             | EC               | CORP              | NL        |    532224 | NS      | $543597.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Santos Brasil Participacoes SA                         | Santos Brasil Participacoes SA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    633600 | NS      | $1515339.67   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                           | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |  14550903 | PA      | $14550903.05  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                      | Duke Energy Corp.                                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    255024 | NS      | $31118028.48  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                                 | Tenet Healthcare Corp.                                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     32472 | NS      | $4641872.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   3168000 | NS      | $2565546.06   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                             | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |   1859616 | NS      | $7151150.54   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Telegraph & Telephone Corp.                     | Nippon Telegraph & Telephone Corp.                      | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |  41025600 | NS      | $42941125.07  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MTR Corp. Ltd.                                         | MTR Corp. Ltd.                                          | CUSIP: N/A<br>LEI: 254900IH4U9NHH9AQM97       | Long             | EC               | CORP              | HK        |   1980000 | NS      | $6842817.90   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                 | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    517968 | NS      | $24611845.17  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                               | Engie SA                                                | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1088208 | NS      | $22495216.77  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana (Preference)                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1267200 | NS      | $1360895.89   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group plc                                           | BT Group plc                                            | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |   4854168 | NS      | $11268691.79  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Transurban Group                                       | Transurban Group                                        | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |   3886344 | NS      | $35087015.41  | 1.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Oesterreichische Post AG                               | Oesterreichische Post AG                                | CUSIP: N/A<br>LEI: 529900MVUWACNUTK8467       | Long             | EC               | CORP              | AT        |     41184 | NS      | $1392773.38   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings, Inc.                               | Sirius XM Holdings, Inc.                                | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77616 | NS      | $1662534.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| TRE Holdings Corp.                                     | TRE Holdings Corp.                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     79200 | NS      | $855075.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| CSX Corp.                                              | CSX Corp.                                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    630432 | NS      | $17696226.24  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    153648 | NS      | $34633795.68  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     64152 | NS      | $9430985.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Westports Holdings Bhd.                                | Westports Holdings Bhd.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1188000 | NS      | $1170104.29   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge, Inc.                                         | Enbridge, Inc.                                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   1264824 | NS      | $59033666.31  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                      | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |    372240 | NS      | $15080845.74  | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| China Merchants Port Holdings Co. Ltd.                 | China Merchants Port Holdings Co. Ltd.                  | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | CN        |   1584000 | NS      | $2577801.85   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        28 | NC      | $175382.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Post Ltd.                                    | Singapore Post Ltd.                                     | CUSIP: N/A<br>LEI: 2549001SP50468BWD892       | Long             | EC               | CORP              | SG        |   1900800 | NS      | $829789.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                           | Iridium Communications, Inc.                            | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     36432 | NS      | $879104.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AST SpaceMobile, Inc.                                  | AST SpaceMobile, Inc., Class A                          | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |     72072 | NS      | $1672791.12   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | FTSE 100 Index                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        67 | NC      | $10526.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AltaGas Ltd.                                           | AltaGas Ltd.                                            | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |    180576 | NS      | $5333744.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Ramsay Health Care Ltd.                                | Ramsay Health Care Ltd.                                 | CUSIP: N/A<br>LEI: 549300QBX122KF2JPI10       | Long             | EC               | CORP              | AU        |    231872 | NS      | $4934563.33   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Telekom AG                                    | Deutsche Telekom AG (Registered)                        | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   2736360 | NS      | $98293608.43  | 4.19%             |  |  |  | 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        |   1174536 | NS      | $85141743.05  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                               | SBA Communications Corp., Class A                       | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     34848 | NS      | $8482003.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co., Inc.                            | Acadia Healthcare Co., Inc.                             | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     23760 | NS      | $555984.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                      | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |   1876248 | NS      | $41407541.64  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.                   | Cogent Communications Holdings, Inc.                    | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14256 | NS      | $774813.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Envision Greenwise Holdings Ltd.                       | Envision Greenwise Holdings Ltd.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    792000 | NS      | $842585.79    | 0.04%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Sempra                                                 | Sempra                                                  | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    211464 | NS      | $15705431.28  | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Crown Castle, Inc.                                     | Crown Castle, Inc.                                      | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    140976 | NS      | $14909621.76  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                        | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    609840 | NS      | $4080962.07   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic, Inc.                                        | CoreCivic, Inc.                                         | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     38808 | NS      | $878613.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| PureCycle Technologies, Inc.                           | PureCycle Technologies, Inc.                            | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53856 | NS      | $361373.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |    673992 | NS      | $45076584.96  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                  | Dominion Energy, Inc.                                   | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    272448 | NS      | $14815722.24  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen International Holdings Ltd.                   | Shenzhen International Holdings Ltd.                    | CUSIP: N/A<br>LEI: 5493002NKD14ZZMEJF98       | Long             | EC               | CORP              | CN        |   1584000 | NS      | $1623892.61   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Flughafen Zurich AG                                    | Flughafen Zurich AG (Registered)                        | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |     23760 | NS      | $5996743.54   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                                 | Encompass Health Corp.                                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     33264 | NS      | $3891555.36   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airport Terminal Co. Ltd.                        | Japan Airport Terminal Co. Ltd.                         | CUSIP: N/A<br>LEI: 353800W9WEQSGUY2EO26       | Long             | EC               | CORP              | JP        |    124800 | NS      | $3586337.63   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| AT&T, Inc.                                             | AT&T, Inc.                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   2353824 | NS      | $65200924.80  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KINX, Inc.                                             | KINX, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3168 | NS      | $175616.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Distribution Services plc                | International Distribution Services plc                 | CUSIP: N/A<br>LEI: 213800TCZZU84G8Z2M70       | Long             | EC               | CORP              | GB        |    814968 | NS      | $3992811.51   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                  | Cheniere Energy, Inc.                                   | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     73656 | NS      | $17022638.16  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                           | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  35000000 | PA      | $35000000.00  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                    | Kinder Morgan, Inc.                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    653400 | NS      | $17184420.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp.                                | Liberty Broadband Corp., Class C                        | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     39600 | NS      | $3579444.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Group                                              | APA Group                                               | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        |    708840 | NS      | $3728191.47   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO