# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152747
**Filing Date:** 2025-6
**Character Count:** 78006
**Document Hash:** dc950388cece258bbce6c785292d0c2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152747.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152747

**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:** 251067538

**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:** 2025-04-30

**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:** $4777977979.82

**Total Liabilities:** $150649419.84

**Net Assets:** $4627328559.98

**Cash Not Reported:** $27940926.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102371 | -0.79%               | 3.00%                | -1.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9883772.55              | $-66555126.13                              |
| Month 2  | $8863995.87              | $113704196.55                              |
| Month 3  | $22270637.34             | $-120531257.62                             |

### 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        |   3659805 | NS      | $226871311.95 | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd.                                         | PPB Group Bhd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   5357000 | NS      | $15444050.98  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                           | Nutrien Ltd.                                                                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   4236900 | NS      | $241398704.12 | 5.22%             |  |  |  | No            |                  1 | On Loan: —       |
| MIT UFJ TR NY                                          | MITSUBISHI UFJ TRUST & BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 08/AUG/2025 USD 1000                 | CUSIP: 60683D4Y2<br>LEI: JBONEPAGQXF4QP29B387 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1000716.00   | 0.02%             | 2025-08-08      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.                        | Canadian Natural Resources Ltd.                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   1889560 | NS      | $54116407.44  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                        | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 01/OCT/2025 USD 1000                  | CUSIP: 86565GMH0<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $1999926.00   | 0.04%             | 2025-10-01      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp.                                   | Tourmaline Oil Corp.                                                                                        | CUSIP: 89156V106<br>LEI: 894500A5J1WTJ2WIUU03 | Long             | EC               | CORP              | CA        |    340900 | NS      | $15029906.61  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |   7061500 | NS      | $65932612.07  | 1.42%             |  |  |  | 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        |  57466000 | NS      | $16374348.19  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    978870 | NS      | $133185052.20 | 2.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Anglo American plc                                     | Anglo American plc                                                                                          | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |   2332730 | NS      | $63220139.17  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                             | Archer-Daniels-Midland Co.                                                                                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |   2391170 | NS      | $114178367.50 | 2.47%             |  |  |  | No            |                  1 | On Loan: —       |
| MUFG Bank Ltd, New York Branch                         | MUFG BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 08/SEP/2025 USD 1000                              | CUSIP: 55381BFN3<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $1999172.00   | 0.04%             | 2025-09-08      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                         | Bakkafrost P/F                                                                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |    416385 | NS      | $20939809.50  | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                                                                                | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |  19480000 | NS      | $14921428.30  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS NEW YORK                                      | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 30/JUL/2025 USD 1000                                   | CUSIP: 06745GCJ8<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1000279.00   | 0.02%             | 2025-07-30      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                         | Fortescue Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |   3104625 | NS      | $32161342.81  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi plc                                              | Mondi plc                                                                                                   | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | AT        |   1156625 | NS      | $17503762.46  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Qinghai Salt Lake Industry Co. Ltd.                    | Qinghai Salt Lake Industry Co. Ltd., Class A                                                                | CUSIP: N/A<br>LEI: 300300Q8WSV1OODU9092       | Long             | EC               | CORP              | CN        |   3409000 | NS      | $7510051.22   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RABOBANK LONDON                                        | COOPERATIEVE RABOBANK UA/LONDON CERTIFICATE OF DEPOSIT VARIABLE 03/JUL/2025 USD                             | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $3000900.00   | 0.06%             | 2025-07-03      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                              | FMC Corp.                                                                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |    577095 | NS      | $24191822.40  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   8000000 | PA      | $8000000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |  30000000 | PA      | $30000000.00  | 0.65%             |  |  |  | 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      | $-41935.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                                    | Franco-Nevada Corp.                                                                                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    357945 | NS      | $61391985.77  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries, Inc.                                   | UFP Industries, Inc.                                                                                        | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    116880 | NS      | $11553588.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp.                                  | Southern Copper Corp.                                                                                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | HK        |    124185 | NS      | $11117041.20  | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Cameco Corp.                                           | Cameco Corp.                                                                                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    861990 | NS      | $38834169.04  | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Svenska Cellulosa AB SCA                               | Svenska Cellulosa AB SCA, Class B                                                                           | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |   1495090 | NS      | $19423195.37  | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-31513.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP, NEW YORK BRANCH                       | NORDEA BANK ABP/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 18/JUL/2025 USD 1000                            | CUSIP: 65558WCM8<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   4000000 | PA      | $4000776.00   | 0.09%             | 2025-07-18      | Floating      | 4.68%                 | 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      | $34573.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                                      | Imperial Oil Ltd.                                                                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |    160710 | NS      | $10819100.05  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Yunnan Yuntianhua Co. Ltd.                             | Yunnan Yuntianhua Co. Ltd., Class A                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    974000 | NS      | $2994632.92   | 0.06%             |  |  |  | No            |                  1 | 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        |   5472298 | NS      | $28486700.70  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                           | Scotts Miracle-Gro Co. (The)                                                                                | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |    202105 | NS      | $10182049.90  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Severn Trent plc                                       | Severn Trent plc                                                                                            | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |   1059225 | NS      | $39473110.62  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                | Eni SpA                                                                                                     | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |   1913910 | NS      | $27630592.34  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                         | California Water Service Group                                                                              | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |    138795 | NS      | $7029966.75   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                                           | Glencore plc                                                                                                | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | AU        |  18786025 | NS      | $61326054.32  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                             | Charoen Pokphand Foods PCL                                                                                  | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |  25567500 | NS      | $20282555.01  | 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      | $-38735.91    | -0.00%            |  |  |  | No            |                  2 | 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      | $1998732.00   | 0.04%             | 2025-12-17      | Floating      | 4.60%                 | 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      | $21653.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 01/MAY/2025 USD 1000 | CUSIP: 22532XZQ4<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $999999.00    | 0.02%             | 2025-05-01      | Floating      | 4.57%                 | 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      | $5212.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Klabin SA                                              | Klabin SA                                                                                                   | CUSIP: N/A<br>LEI: 254900C8UYA6YUPSDU10       | Long             | EC               | CORP              | BR        |   2678500 | NS      | $8766843.01   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexco SA                                               | Dexco SA                                                                                                    | CUSIP: N/A<br>LEI: 8945004WLNADCQEEFF38       | Long             | EC               | CORP              | BR        |    730500 | NS      | $713545.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                           | CF Industries Holdings, Inc.                                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    900950 | NS      | $70607451.50  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                              | Suzano SA                                                                                                   | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |   1948000 | NS      | $17231751.86  | 0.37%             |  |  |  | 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      | $-21271.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SABIC Agri-Nutrients Co.                               | SABIC Agri-Nutrients Co.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |   1928520 | NS      | $50746467.25  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 31/OCT/2025 USD 1000 | CUSIP: 22532XD47<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2000378.00   | 0.04%             | 2025-10-31      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| BP plc                                                 | BP plc                                                                                                      | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |  15391635 | NS      | $72016799.85  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                   | Industries Qatar QSC                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |  24432790 | NS      | $84283395.33  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                                   | Cenovus Energy, Inc.                                                                                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   1305160 | NS      | $15335370.16  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| PotlatchDeltic Corp.                                   | PotlatchDeltic Corp.                                                                                        | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |    155840 | NS      | $5982697.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| 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      |
| N/A                                                    | Russell 2000 E-Mini Index                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        94 | NC      | $-233678.29   | -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        |  10706695 | NS      | $3917015.28   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC                                                                                                 | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | GB        |    269035 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BARCLAYS NEW YORK                                      | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 15/OCT/2025 USD 1000                                   | CUSIP: 06745GDA6<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $3999988.00   | 0.09%             | 2025-10-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                           | Northern Star Resources Ltd.                                                                                | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   2191500 | NS      | $26894795.85  | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Canfor Corp.                                           | Canfor Corp.                                                                                                | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |    150970 | NS      | $1439422.93   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Stella-Jones, Inc.                                     | Stella-Jones, Inc.                                                                                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    141230 | NS      | $6911712.16   | 0.15%             |  |  |  | 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      | $2198.04      | 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        |    160710 | NS      | $11875530.08  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2528.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                             | Woodside Energy Group Ltd.                                                                                  | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |   1969915 | NS      | $26141735.33  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| First Quantum Minerals Ltd.                            | First Quantum Minerals Ltd.                                                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | ZM        |   1312465 | NS      | $17587582.10  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| BHP Group Ltd.                                         | BHP Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |   9279785 | NS      | $226759633.78 | 4.90%             |  |  |  | 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        |    730500 | NS      | $2766439.40   | 0.06%             |  |  |  | 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      | $2998764.00   | 0.06%             | 2025-12-01      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                                  | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |   2590840 | NS      | $39018095.73  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                       | Royal Gold, Inc.                                                                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     90095 | NS      | $16461257.45  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Vedanta Ltd.                                           | Vedanta Ltd.                                                                                                | CUSIP: N/A<br>LEI: 335800XDKX9KB5EMCO07       | Long             | EC               | CORP              | IN        |   2878170 | NS      | $14281194.48  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                                   | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     90095 | NS      | $7307605.45   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |  15000000 | PA      | $15000000.00  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| MIT UFJ TR NY                                          | MITSUBISHI UFJ TRUST & BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 08/AUG/2025 USD 1000                 | CUSIP: 60683D4Y2<br>LEI: JBONEPAGQXF4QP29B387 | Long             | DBT              | CORP              | JP        |   1501134 | PA      | $1501074.00   | 0.03%             | 2025-08-08      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Hang Seng Index                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |        14 | NC      | $5183.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | SPI 200 Index                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        12 | NC      | $48791.35     | 0.00%             |  |  |  | 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      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $99585.80     | 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        |   2678500 | NS      | $6439198.38   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                                       | Weyerhaeuser Co.                                                                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |   1390385 | NS      | $36024875.35  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd.                                         | ICL Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |   5863480 | NS      | $38895977.58  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                                        | CUSIP: N/A<br>LEI: 836800VJR5J11VO6AY72       | Long             | EC               | CORP              | CN        |  16738000 | NS      | $5288160.73   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2242.67      | 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      | $96523.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    974000 | NS      | $5286858.37   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                      | Tyson Foods, Inc., Class A                                                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   1434215 | NS      | $87831326.60  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG                                                 | K+S AG (Registered)                                                                                         | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |   1224805 | NS      | $21343914.29  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE NEW YORK                              | SOCIETE GENERALE/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 17/JUN/2025 USD 1000                           | CUSIP: 83369XSY5<br>LEI: 254900J6B390XMPVLV82 | Long             | DBT              | CORP              | FR        |   1001225 | PA      | $999984.99    | 0.02%             | 2025-06-17      | Floating      | 4.70%                 | 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        |   3165500 | NS      | $17290216.58  | 0.37%             |  |  |  | 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%             |  |  |  | No            |                  3 | 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              | GB        |   5792865 | NS      | $188834414.24 | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE/JSE Top 40 Index                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |        19 | NC      | $36028.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                 | Petroleo Brasileiro SA (Preference)                                                                         | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |   4626500 | NS      | $24507848.77  | 0.53%             |  |  |  | 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        |   1358700 | NS      | $27332875.79  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                               | Mowi ASA                                                                                                    | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |   3681720 | NS      | $67492608.16  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                         | ConocoPhillips                                                                                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    742675 | NS      | $66187196.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                         | Rayonier, Inc.                                                                                              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    241065 | NS      | $5896449.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                                   | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    611185 | NS      | $25138039.05  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp.                               | Texas Pacific Land Corp.                                                                                    | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |     12175 | NS      | $15691992.25  | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | MSCI Emerging Markets E-Mini Index                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        15 | NC      | $-12042.95    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                          | Wheaton Precious Metals Corp.                                                                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    844945 | NS      | $70413102.84  | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                                    | Expand Energy Corp.                                                                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    114445 | NS      | $11890835.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| China Petroleum & Chemical Corp.                       | China Petroleum & Chemical Corp., Class H                                                                   | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | CN        |  22358000 | NS      | $11446124.29  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OCBC NEW YORK                                          | OVERSEA-CHINESE BANKING CORP LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 17/OCT/2025 USD 1000              | CUSIP: 69033NGF6<br>LEI: 5493007O3QFXCPOGWK22 | Long             | DBT              | CORP              | SG        |   3000000 | PA      | $2999964.00   | 0.06%             | 2025-10-17      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Jiangxi Zhengbang Technology Co. Ltd.                  | Jiangxi Zhengbang Technology Co. Ltd., Class A                                                              | CUSIP: N/A<br>LEI: 30030098MS5Y5GREO955       | Long             | EC               | CORP              | CN        |   5600500 | NS      | $2128294.87   | 0.05%             |  |  |  | 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        |    243500 | NS      | $777826.73    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Zinc Co. Ltd.                                    | Korea Zinc Co. Ltd.                                                                                         | CUSIP: N/A<br>LEI: 988400D0HSQUB1I1VO41       | Long             | EC               | CORP              | KR        |     15943 | NS      | $8950062.61   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                 | Freeport-McMoRan, Inc.                                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   2079490 | NS      | $74924024.70  | 1.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Bunge Global SA                                        | Bunge Global SA                                                                                             | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |    715890 | NS      | $56354860.80  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil & Natural Gas Corp. Ltd.                           | Oil & Natural Gas Corp. Ltd.                                                                                | CUSIP: N/A<br>LEI: 335800FPDZ9MRSNO7N41       | Long             | EC               | CORP              | IN        |   4003140 | NS      | $11582908.82  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |  14000000 | PA      | $14000000.00  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CIC NY                                                 | CREDIT INDUSTRIEL ET COMMERCIAL/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 07/AUG/2025 USD 1000               | CUSIP: 22536WKG0<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $999725.00    | 0.02%             | 2025-08-07      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Simpson Manufacturing Co., Inc.                        | Simpson Manufacturing Co., Inc.                                                                             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     82790 | NS      | $12723995.10  | 0.27%             |  |  |  | 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      | $-19649.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   2253990 | PA      | $2253989.65   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                          | Rio Tinto plc                                                                                               | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | AU        |   1957740 | NS      | $116286974.02 | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                       | Gold Fields Ltd.                                                                                            | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |   1531615 | NS      | $34491743.43  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                            | Equinor ASA                                                                                                 | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    786505 | NS      | $18043437.00  | 0.39%             |  |  |  | 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      | $-3631.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                             | Occidental Petroleum Corp.                                                                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    409080 | NS      | $16121842.80  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |  10968000 | NS      | $8882231.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                                                 | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |   3080275 | NS      | $11845192.89  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                 | Yara International ASA                                                                                      | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |   1229675 | NS      | $39748220.58  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd.                                    | Teck Resources Ltd., Class B                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    893645 | NS      | $30310047.24  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Saudi Arabian Oil Co.                                  | Saudi Arabian Oil Co.                                                                                       | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |   5780690 | NS      | $39068088.06  | 0.84%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CIC NY                                                 | CREDIT INDUSTRIEL ET COMMERCIAL/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 28/OCT/2025 USD 1000               | CUSIP: 22536WK21<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1999502.00   | 0.04%             | 2025-10-28      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Mining Co.                               | Saudi Arabian Mining Co.                                                                                    | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |   2629800 | NS      | $35826809.57  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                       | TotalEnergies SE                                                                                            | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   1928520 | NS      | $112155259.79 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Salmar ASA                                             | Salmar ASA                                                                                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |    637970 | NS      | $31529527.63  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp.                                             | Hess Corp.                                                                                                  | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    165580 | NS      | $21368099.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD, LDN                    | SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT ZERO CPN 17/JUL/2025 USD                       | CUSIP: N/A<br>LEI: 5493006GGLR4BTEL8O61       | Long             | DBT              | CORP              | JP        |   2966259 | PA      | $2971530.01   | 0.06%             | 2025-07-17      | Fixed         | 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        |    465085 | NS      | $68372145.85  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTPAC BKG CORP, NEW YORK                             | WESTPAC BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 11/SEP/2025 USD 1000                                | CUSIP: 96130AXX1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2000068.00   | 0.04%             | 2025-09-11      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| UPM-Kymmene OYJ                                        | UPM-Kymmene OYJ                                                                                             | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |   1431780 | NS      | $37955070.32  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd.                                           | South32 Ltd.                                                                                                | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |   8373965 | NS      | $14734724.14  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp.                                      | Exxon Mobil Corp.                                                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   2086795 | NS      | $220428155.85 | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        76 | NC      | $360893.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE 100 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        71 | NC      | $-149005.71   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp.                                            | Alcoa Corp.                                                                                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    353075 | NS      | $8660929.75   | 0.19%             |  |  |  | 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        |   1555965 | NS      | $47301336.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                    | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |   8000000 | PA      | $8000000.00   | 0.17%             |  |  |  | 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      | $25111.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd.                                     | Ivanhoe Mines Ltd., Class A                                                                                 | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   1373340 | NS      | $12169464.71  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3244.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QL Resources Bhd.                                      | QL Resources Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |  14610000 | NS      | $16252143.68  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                          | Newmont Corp.                                                                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1614405 | NS      | $85046855.40  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Stora Enso OYJ                                         | Stora Enso OYJ, Class R                                                                                     | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        |   1624145 | NS      | $15076451.60  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Hindalco Industries Ltd.                               | Hindalco Industries Ltd.                                                                                    | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |   2734505 | NS      | $20218190.46  | 0.44%             |  |  |  | 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      |
| Kinross Gold Corp.                                     | Kinross Gold Corp.                                                                                          | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |   2269420 | NS      | $33434226.45  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                                   | Coterra Energy, Inc.                                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    426125 | NS      | $10465630.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                                     | PI Industries Ltd.                                                                                          | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |    606315 | NS      | $26124643.65  | 0.56%             |  |  |  | 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%             |  |  |  | No            |                  3 | On Loan: No      |
| EOG Resources, Inc.                                    | EOG Resources, Inc.                                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    328725 | NS      | $36268229.25  | 0.78%             |  |  |  | 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      | $-13178.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp.                                              | EQT Corp.                                                                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    318985 | NS      | $15770618.40  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                                     | Devon Energy Corp.                                                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    392035 | NS      | $11921784.35  | 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        |    974000 | NS      | $950826.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                                                                            | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |   1874950 | NS      | $12546897.28  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                               | UPL Ltd.                                                                                                    | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   4672765 | NS      | $37051921.51  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                | Agnico Eagle Mines Ltd.                                                                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    924104 | NS      | $108399747.43 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp.                                     | Barrick Gold Corp.                                                                                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   3255595 | NS      | $61963072.87  | 1.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Suncor Energy, Inc.                                    | Suncor Energy, Inc.                                                                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   1307595 | NS      | $46091942.77  | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Boliden AB                                             | Boliden AB                                                                                                  | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |    521090 | NS      | $15997547.82  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                                              | Repsol SA                                                                                                   | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |   1124970 | NS      | $13823932.28  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                                  | Cal-Maine Foods, Inc.                                                                                       | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |    221585 | NS      | $20689391.45  | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| New Hope Liuhe Co. Ltd.                                | New Hope Liuhe Co. Ltd., Class A                                                                            | CUSIP: N/A<br>LEI: 300300F28XODWP5GJF78       | Long             | EC               | CORP              | CN        |   2678500 | NS      | $3536764.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  27000000 | PA      | $27000000.00  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| United Plantations Bhd.                                | United Plantations Bhd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2435000 | NS      | $12933997.68  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                               | Diamondback Energy, Inc.                                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    119315 | NS      | $15750773.15  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO