# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009640
**Filing Date:** 2025-12
**Character Count:** 84720
**Document Hash:** b5a98d390dd9a00eebbbef74d4032081
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009640.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009640

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251596524

**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 Morningstar Global Upstream Natural Resources Index Fund (Series ID: S000033315)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000102371 | FlexShares Morningstar Global Upstream Natural Resources Index Fund | GUNR            |

## 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 Morningstar Global Upstream Natural Resources Index Fund

- **b. EDGAR series identifier (if any):** S000033315

- **c. LEI of Series:** 549300NRG12H5S0TF735

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $5601130653.31

**Total Liabilities:** $326557195.84

**Net Assets:** $5274573457.47

**Cash Not Reported:** $12511494.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102371 | 6.56%                | 2.45%                | -0.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14366627.55             | $271412296.15                              |
| Month 2  | $43477986.64             | $64572782.66                               |
| Month 3  | $-6081.46                | $-41272238.12                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Corteva, Inc.                                          | Corteva, Inc.                                                                                       | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    3531766 | NS      | $216991703.04 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mexican Pesos                                      | New Mexican Pesos                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |    6929861 | OU      | $373547.19    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd.                                         | PPB Group Bhd.                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    5586700 | NS      | $14860515.28  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                           | Nutrien Ltd.                                                                                        | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    4058859 | NS      | $221286970.71 | 4.20%             |  |  |  | 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      | $-643.78      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIXIS NY                                             | NATIXIS SA/NEW YORK NY CERTIFICATE OF DEPOSIT FIXED 4.47% 11/DEC/2025 USD 1000                      | CUSIP: 63873TDM7<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | DBT              | CORP              | FR        |    2000000 | PA      | $2001310.00   | 0.04%             | 2025-12-11      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| ARC Resources Ltd.                                     | ARC Resources Ltd.                                                                                  | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |     633969 | NS      | $11705226.44  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Norwegian Krone                                        | Norwegian Krone                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |     556032 | OU      | $54960.43     | 0.00%             |  |  |  | No            |                  1 | 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      | $2002420.00   | 0.04%             | 2026-02-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.                        | Canadian Natural Resources Ltd.                                                                     | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    2210390 | NS      | $70784854.80  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Oji Holdings Corp.                                     | Oji Holdings Corp.                                                                                  | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        |    2671900 | NS      | $13500418.42  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                   | Tourmaline Oil Corp.                                                                                | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     383782 | NS      | $16897199.86  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3590.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                       | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   25530471 | PA      | $25530470.84  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd, New York Branch                         | MUFG BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 12/MAR/2026 USD 1000                      | CUSIP: 55381BMT2<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $1999866.00   | 0.04%             | 2026-03-12      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Novatek PJSC                                           | Novatek PJSC                                                                                        | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | RU        |    1237715 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vale SA                                                | Vale SA                                                                                             | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    6072500 | NS      | $73589658.60  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Indonesia Tbk. PT                     | Charoen Pokphand Indonesia Tbk. PT                                                                  | CUSIP: N/A<br>LEI: 529900JL5SA37OU87X40       | Long             | EC               | CORP              | ID        |   56109900 | NS      | $15756658.63  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                                                                       | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1284941 | NS      | $202660894.52 | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                                     | South African Rand                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |     665314 | OU      | $38385.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta plc                                        | Antofagasta plc                                                                                     | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |     582960 | NS      | $21369223.68  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                      | Malaysian Ringgit                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |      52577 | OU      | $12554.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                             | Archer-Daniels-Midland Co.                                                                          | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    2346414 | NS      | $142028439.42 | 2.69%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $339.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                         | Bakkafrost P/F                                                                                      | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     408072 | NS      | $18739862.43  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                                                                        | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |   20998000 | NS      | $21667476.39  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd.                                         | Fortescue Ltd.                                                                                      | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    2749628 | NS      | $38322936.12  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondi plc                                              | Mondi plc                                                                                           | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | AT        |    1413678 | NS      | $15791281.86  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Qinghai Salt Lake Industry Co. Ltd.                    | Qinghai Salt Lake Industry Co. Ltd., Class A                                                        | CUSIP: N/A<br>LEI: 300300Q8WSV1OODU9092       | Long             | EC               | CORP              | CN        |    3157700 | NS      | $11008935.25  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                              | FMC Corp.                                                                                           | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     609679 | NS      | $9248830.43   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Thailand Baht                                          | Thailand Baht                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |          0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Dollar                                     | New Zealand Dollar                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |         47 | OU      | $26.73        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                          | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    8000000 | PA      | $8000000.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                                    | Franco-Nevada Corp.                                                                                 | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     296922 | NS      | $55519105.58  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries, Inc.                                   | UFP Industries, Inc.                                                                                | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     128737 | NS      | $11860539.81  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8968.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Krona                                          | Swedish Krona                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SE        |    2764712 | OU      | $291252.23    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp.                                           | Cameco Corp.                                                                                        | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     709268 | NS      | $72559308.51  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | SPI 200 Index                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |          7 | NC      | $-1576.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Cellulosa AB SCA                               | Svenska Cellulosa AB SCA, Class B                                                                   | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |    1513267 | NS      | $20206119.81  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| SUMITOMO MITSUI BANKING CORP NY                        | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 09/APR/2026 USD 1000          | CUSIP: 86565GTX8<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    3000000 | PA      | $2999451.00   | 0.06%             | 2026-04-09      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $1089.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkish Lira                                           | Turkish Lira                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TR        |      55588 | OU      | $1322.03      | 0.00%             |  |  |  | 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      | $-17127.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Yuntianhua Co. Ltd.                             | Yunnan Yuntianhua Co. Ltd., Class A                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    1214500 | NS      | $4910312.93   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                          | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |    5000000 | PA      | $5000000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                 | Grupo Mexico SAB de CV, Series B                                                                    | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    5100900 | NS      | $44163898.23  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                           | Scotts Miracle-Gro Co. (The)                                                                        | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     221039 | NS      | $11830007.28  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                       | Severn Trent plc                                                                                    | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |     995890 | NS      | $36387996.61  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                | Eni SpA                                                                                             | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    2037931 | NS      | $37503157.30  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                                           | Glencore plc                                                                                        | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | AU        |   16866976 | NS      | $80764585.17  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                             | Charoen Pokphand Foods PCL                                                                          | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |   23561300 | NS      | $15374777.49  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT VARIABLE 07/NOV/2025 USD 1000                       | CUSIP: 86564P6Y2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    1000000 | PA      | $1000029.00   | 0.02%             | 2025-11-07      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                   | Barrick Mining Corp.                                                                                | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    2684045 | NS      | $88194291.69  | 1.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Qatari Rial                                            | Qatari Rial                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | QA        |    1563131 | OU      | $429313.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC NY                                                | CANADIAN IMPERIAL BANK OF COMMERCE/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 17/DEC/2025 USD 1000 | CUSIP: 13606DGG1<br>LEI: 549300H8L46OOZOFHU82 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $1999836.00   | 0.04%             | 2025-12-17      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                    | Treasury Repurchase Agreement                                                                       | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |   50044618 | PA      | $50044618.20  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS NEW YORK                                      | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 29/APR/2026 USD 1000                           | CUSIP: 06745GFT3<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    2000000 | PA      | $1999998.00   | 0.04%             | 2026-04-29      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-758.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings, Inc.                           | CF Industries Holdings, Inc.                                                                        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     872011 | NS      | $72629796.19  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                              | Suzano SA                                                                                           | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |    2186100 | NS      | $19846880.59  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SABIC Agri-Nutrients Co.                               | SABIC Agri-Nutrients Co.                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |    2047647 | NS      | $66941728.25  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                          | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |     515360 | PA      | $515360.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                                 | BP plc                                                                                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |   16536632 | NS      | $96096990.40  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                   | Industries Qatar QSC                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |   25047848 | NS      | $87368214.67  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                                   | Cenovus Energy, Inc.                                                                                | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    1367527 | NS      | $23131277.81  | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| PotlatchDeltic Corp.                                   | PotlatchDeltic Corp.                                                                                | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     153027 | NS      | $6121080.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| PhosAgro PJSC                                          | PhosAgro PJSC                                                                                       | CUSIP: N/A<br>LEI: 25340053KRUNNYUWF472       | Long             | EC               | CORP              | RU        |     308581 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Chinese Renminbi (Yuan)                                | Chinese Renminbi (Yuan)                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |    3024736 | OU      | $425216.57    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                                                                           | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   10077921 | NS      | $3840063.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                           | Japanese Yen                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |   10935324 | OU      | $70983.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         47 | NC      | $281289.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC                                                                                         | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | GB        |     269035 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Canadian Dollar                                        | Canadian Dollar                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |    2612275 | OU      | $1864379.47   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS NEW YORK                                      | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 10/APR/2026 USD 1000                           | CUSIP: 06745GEX5<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    2000000 | PA      | $1999904.00   | 0.04%             | 2026-04-10      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                            | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 01/JUL/2026 USD 1000                    | CUSIP: 06418NHH8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2999959.80   | 0.06%             | 2026-07-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                           | Northern Star Resources Ltd.                                                                        | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |    2285689 | NS      | $36824590.33  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Corp.                                           | Canfor Corp.                                                                                        | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |     167601 | NS      | $1462912.77   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Alamos Gold, Inc.                                      | Alamos Gold, Inc., Class A                                                                          | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     666085 | NS      | $20555626.02  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                        | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 10/MAR/2026 USD 1000          | CUSIP: 86565GSX9<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $1999814.00   | 0.04%             | 2026-03-10      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Stella-Jones, Inc.                                     | Stella-Jones, Inc.                                                                                  | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     148169 | NS      | $8418609.06   | 0.16%             |  |  |  | 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      | $-767.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-44596.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| West Fraser Timber Co. Ltd.                            | West Fraser Timber Co. Ltd.                                                                         | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     157885 | NS      | $9645616.81   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF MONTREAL CHICAGO                               | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 29/MAY/2026 USD 1000                    | CUSIP: 06367DQZ1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000862.00   | 0.04%             | 2026-05-29      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Taiwan Fertilizer Co. Ltd.                             | Taiwan Fertilizer Co. Ltd.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    6406508 | NS      | $10034590.94  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                             | Woodside Energy Group Ltd.                                                                          | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |    2067079 | NS      | $33559689.02  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| First Quantum Minerals Ltd.                            | First Quantum Minerals Ltd.                                                                         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | ZM        |    1124627 | NS      | $23373042.32  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                         | BHP Group Ltd.                                                                                      | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    8508787 | NS      | $242028553.40 | 4.59%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |     662300 | NS      | $4647654.57   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS, NY                                        | BNP PARIBAS SA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 01/DEC/2025 USD 1000                     | CUSIP: 05593DFX6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    3000000 | PA      | $3000243.00   | 0.06%             | 2025-12-01      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                          | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    2594172 | NS      | $40917276.33  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE 100 Index                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         43 | NC      | $226820.63    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                          | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |   52000000 | PA      | $52000000.00  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                                       | Royal Gold, Inc.                                                                                    | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      82586 | NS      | $14435206.94  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Vedanta Ltd.                                           | Vedanta Ltd.                                                                                        | CUSIP: N/A<br>LEI: 335800XDKX9KB5EMCO07       | Long             | EC               | CORP              | IN        |    2764202 | NS      | $15368397.96  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                           | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      99589 | NS      | $7101691.59   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Hong Kong Dollar                                       | Hong Kong Dollar                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |   10034557 | OU      | $1291083.25   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Israeli Shekel                                         | Israeli Shekel                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IL        |      75015 | OU      | $23051.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                          | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   41889371 | PA      | $41889371.40  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                                      | New Taiwan Dollar                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |   21150622 | OU      | $688026.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | GMK Norilskiy Nickel PAO                                                                            | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | GB        |    1231473 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AlKhorayef Water & Power Technologies Co.              | AlKhorayef Water & Power Technologies Co.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      60725 | NS      | $2436999.19   | 0.05%             |  |  |  | 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      | $21923.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                            | Zijin Mining Group Co. Ltd., Class A                                                                | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |    2429000 | NS      | $10414780.56  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                                       | Weyerhaeuser Co.                                                                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    1498693 | NS      | $34469939.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| ICL Group Ltd.                                         | ICL Group Ltd.                                                                                      | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |    6371267 | NS      | $41878618.75  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                                | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |   14574000 | NS      | $4687861.87   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| South Korea Won                                        | South Korea Won                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |  263808041 | OU      | $185160.93    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana                                                                             | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |     832400 | NS      | $5329684.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                      | Tyson Foods, Inc., Class A                                                                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    1420965 | NS      | $73051810.65  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                        | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 09/APR/2026 USD 1000          | CUSIP: 86565GUD0<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $1999636.00   | 0.04%             | 2026-04-09      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| K+S AG                                                 | K+S AG (Registered)                                                                                 | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |    1406391 | NS      | $18359030.93  | 0.35%             |  |  |  | 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      | $-53711.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Muyuan Foods Co. Ltd.                                  | Muyuan Foods Co. Ltd., Class A                                                                      | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |    3400600 | NS      | $24046191.69  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                                      | Australian Dollar                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |    1848925 | OU      | $1210398.44   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rosneft Oil Co. PJSC                                   | Rosneft Oil Co. PJSC                                                                                | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               | CORP              | RU        |    2926433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Indian Rupee                                           | Indian Rupee                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |     439100 | OU      | $4946.42      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                                           | Gazprom PJSC                                                                                        | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |   15937700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shell plc                                              | Shell plc                                                                                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |    6230385 | NS      | $233090408.09 | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                     | Petroleo Brasileiro SA - Petrobras (Preference)                                                     | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    4858000 | NS      | $26837785.39  | 0.51%             |  |  |  | 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        |    1655800 | NS      | $40534453.82  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT VARIABLE 10/NOV/2025 USD 1000                       | CUSIP: 86564PT76<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    2000300 | PA      | $2000116.00   | 0.04%             | 2025-11-10      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Mowi ASA                                               | Mowi ASA                                                                                            | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |    3624068 | NS      | $79739203.69  | 1.51%             |  |  |  | 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      | $65851.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                                         | ConocoPhillips                                                                                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     879298 | NS      | $78134420.28  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                       | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |    6309764 | PA      | $6309763.65   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Hang Seng Index                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         18 | NC      | $-74651.98    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                         | Rayonier, Inc.                                                                                      | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     296338 | NS      | $6540179.66   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                           | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     646114 | NS      | $25217829.42  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp.                               | Texas Pacific Land Corp.                                                                            | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |      12145 | NS      | $11457350.10  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Brazilian Real                                         | Brazilian Real                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |    1773157 | OU      | $329267.97    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                                  | Chilean Peso Currency                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |  135563220 | OU      | $143884.80    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                          | Wheaton Precious Metals Corp.                                                                       | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | BR        |     728700 | NS      | $70443860.40  | 1.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                                    | Expand Energy Corp.                                                                                 | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     150598 | NS      | $15558279.38  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                       | China Petroleum & Chemical Corp., Class H                                                           | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | CN        |   24290000 | NS      | $12907246.34  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Grandblue Environment Co. Ltd.                         | Grandblue Environment Co. Ltd., Class A                                                             | CUSIP: N/A<br>LEI: 30030011OA5FCYNY1P78       | Long             | EC               | CORP              | CN        |     242900 | NS      | $961233.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                 | Freeport-McMoRan, Inc.                                                                              | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    1748880 | NS      | $72928296.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                        | Bunge Global SA                                                                                     | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |     716555 | NS      | $67786103.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Simpson Manufacturing Co., Inc.                        | Simpson Manufacturing Co., Inc.                                                                     | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      89873 | NS      | $15862584.50  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                            | Inpex Corp.                                                                                         | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     875000 | NS      | $16136282.50  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Rio Tinto plc                                          | Rio Tinto plc                                                                                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | AU        |    1787744 | NS      | $128856674.09 | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                       | Gold Fields Ltd.                                                                                    | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |    1391817 | NS      | $54445680.79  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                            | Equinor ASA                                                                                         | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     701981 | NS      | $16791562.87  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                             | Occidental Petroleum Corp.                                                                          | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     449365 | NS      | $18513838.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    9716000 | NS      | $9238213.12   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE/JSE Top 40 Index                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |         55 | NC      | $108336.43    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                                         | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |    3298582 | NS      | $13625919.41  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                 | Yara International ASA                                                                              | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | BR        |    1350524 | NS      | $49284958.49  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd.                                    | Teck Resources Ltd., Class B                                                                        | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     765135 | NS      | $32857419.23  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co.                                      | Boise Cascade Co.                                                                                   | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      80157 | NS      | $5650266.93   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Saudi Arabian Oil Co.                                  | Saudi Arabian Oil Co.                                                                               | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    6096790 | NS      | $42106811.99  | 0.80%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Saudi Arabian Mining Co.                               | Saudi Arabian Mining Co.                                                                            | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |    2142378 | NS      | $36704608.22  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                       | TotalEnergies SE                                                                                    | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |    2152094 | NS      | $134008935.03 | 2.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Salmar ASA                                             | Salmar ASA                                                                                          | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |     587818 | NS      | $33089256.25  | 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      | $9608.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                                                                      | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     500374 | NS      | $64263032.82  | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| UPM-Kymmene OYJ                                        | UPM-Kymmene OYJ                                                                                     | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |    1678439 | NS      | $45099279.98  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| South32 Ltd.                                           | South32 Ltd.                                                                                        | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |    7758226 | NS      | $16100184.80  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp.                                      | Exxon Mobil Corp.                                                                                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    2343985 | NS      | $268058124.60 | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO DOMINION NY                                    | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 08/MAY/2026 USD 1000                       | CUSIP: 89115DCC8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $3002331.00   | 0.06%             | 2026-05-08      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Russian Roubles                                        | Russian Roubles                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        | 3273935630 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | MSCI Emerging Markets E-Mini Index                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |          1 | NC      | $3542.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | GMK Norilskiy Nickel PAO                                                                            | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |    4615800 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mosaic Co. (The)                                       | Mosaic Co. (The)                                                                                    | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    1617714 | NS      | $44406249.30  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                                                                       | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |   97872863 | PA      | $97872863.45  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | S&P Midcap 400 E-Mini Index                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         15 | NC      | $-64946.74    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American plc                                     | Anglo American plc                                                                                  | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |    1802318 | NS      | $68079295.72  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| QL Resources Bhd.                                      | QL Resources Bhd.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   19189100 | NS      | $19014986.87  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                          | Newmont Corp.                                                                                       | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    1413678 | NS      | $114465507.66 | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stora Enso OYJ                                         | Stora Enso OYJ, Class R                                                                             | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        |    1855756 | NS      | $21633327.12  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Hindalco Industries Ltd.                               | Hindalco Industries Ltd.                                                                            | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |    2358559 | NS      | $22526485.19  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tatneft PJSC                                           | Tatneft PJSC                                                                                        | CUSIP: N/A<br>LEI: 253400PAT768SVJMV121       | Long             | EC               | CORP              | RU        |    2021036 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Evolution Mining Ltd.                                  | Evolution Mining Ltd.                                                                               | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |    3296153 | NS      | $23433996.45  | 0.44%             |  |  |  | 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      | $-1994.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp.                                     | Kinross Gold Corp.                                                                                  | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    1933484 | NS      | $45013202.07  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                                   | Coterra Energy, Inc.                                                                                | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     497945 | NS      | $11781378.70  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                                     | PI Industries Ltd.                                                                                  | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |     825860 | NS      | $33281400.95  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC                                                                                         | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | RU        |     214305 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EOG Resources, Inc.                                    | EOG Resources, Inc.                                                                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     376495 | NS      | $39848230.80  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                              | EQT Corp.                                                                                           | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     408072 | NS      | $21864497.76  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                                     | Devon Energy Corp.                                                                                  | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     420217 | NS      | $13652850.33  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chengdu Xingrong Environment Co. Ltd.                  | Chengdu Xingrong Environment Co. Ltd., Class A                                                      | CUSIP: N/A<br>LEI: 300300XM3A0CVZ914Y75       | Long             | EC               | CORP              | CN        |     971600 | NS      | $964306.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                                                                    | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    1809605 | NS      | $12327594.31  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                   | EURO                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |    1398743 | OU      | $1614429.59   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                          | British Pound                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    1211845 | OU      | $1592182.25   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                               | UPL Ltd.                                                                                            | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    4481505 | NS      | $36353343.57  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                              | Pan American Silver Corp.                                                                           | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     585389 | NS      | $20638915.61  | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Agnico Eagle Mines Ltd.                                | Agnico Eagle Mines Ltd.                                                                             | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     798984 | NS      | $128633487.29 | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy, Inc.                                    | Suncor Energy, Inc.                                                                                 | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    1314089 | NS      | $52379738.54  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                             | Boliden AB                                                                                          | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |     463939 | NS      | $20967061.47  | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Repsol SA                                              | Repsol SA                                                                                           | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |    1153775 | NS      | $21140532.81  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                                  | Cal-Maine Foods, Inc.                                                                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     228326 | NS      | $20047022.80  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| TORONTO DOMINION NY                                    | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 06/APR/2026 USD 1000                       | CUSIP: 89115DZU3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $1999946.00   | 0.04%             | 2026-04-06      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| New Hope Liuhe Co. Ltd.                                | New Hope Liuhe Co. Ltd., Class A                                                                    | CUSIP: N/A<br>LEI: 300300F28XODWP5GJF78       | Long             | EC               | CORP              | CN        |    2671900 | NS      | $3654734.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                      | Indonesian Rupiah                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |  244964065 | OU      | $14730.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Ryal                                     | Saudi Arabian Ryal                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SA        |    2804601 | OU      | $747863.70    | 0.01%             |  |  |  | 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      | $6336.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Plantations Bhd.                                | United Plantations Bhd.                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    2429000 | NS      | $14383763.13  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                               | Diamondback Energy, Inc.                                                                            | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     133595 | NS      | $19129468.05  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO