# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152741
**Filing Date:** 2025-6
**Character Count:** 59675
**Document Hash:** 167ae8c5fb7c157809a2bb7753f014a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152741.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152741

**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:** 251067534

**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 Emerging Markets Quality Low Volatility Index Fund (Series ID: S000065839)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000212721 | FlexShares Emerging Markets Quality Low Volatility Index Fund | QLVE            |

## 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 Emerging Markets Quality Low Volatility Index Fund

- **b. EDGAR series identifier (if any):** S000065839

- **c. LEI of Series:** 549300CTSJ1UGMNAYU07

**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:** $12981343.09

**Total Liabilities:** $28375.70

**Net Assets:** $12952967.39

**Cash Not Reported:** $103129.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212721 | -0.75%               | 0.93%                | 2.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20450.70                | $-233548.66                                |
| Month 2  | $-97210.52               | $164717.16                                 |
| Month 3  | $309.98                  | $233930.49                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kuwait Finance House KSCP                        | Kuwait Finance House KSCP                           | CUSIP: N/A<br>LEI: 2549007KX0N057S9BC98       | Long             | EC               | CORP              | KW        |     46623 | NS      | $110014.46    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Bank Bhd.                                 | Public Bank Bhd.                                    | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |     29500 | NS      | $30559.68     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MISC Bhd.                                        | MISC Bhd.                                           | CUSIP: N/A<br>LEI: 9845002055U77FF6B972       | Long             | EC               | CORP              | MY        |     24500 | NS      | $42640.79     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd.       | Industrial & Commercial Bank of China Ltd., Class H | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | HK        |    180000 | NS      | $123486.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Unipro PJSC                                      | Unipro PJSC                                         | CUSIP: N/A<br>LEI: 253400DR5QSH8MEGZZ11       | Long             | EC               | CORP              | RU        |    726000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Divi's Laboratories Ltd.                         | Divi's Laboratories Ltd.                            | CUSIP: N/A<br>LEI: 335800C1DHFG1C9T1M03       | Long             | EC               | CORP              | IN        |      1170 | NS      | $84297.75     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bosch Ltd.                                       | Bosch Ltd.                                          | CUSIP: N/A<br>LEI: 3358008TVK7S8BSVVW82       | Long             | EC               | CORP              | IN        |        15 | NS      | $5229.70      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                          | Vale SA                                             | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |      1700 | NS      | $15872.75     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lupin Ltd.                                       | Lupin Ltd.                                          | CUSIP: N/A<br>LEI: 335800HHXTESDEE2FC65       | Long             | EC               | CORP              | IN        |      4615 | NS      | $114474.01    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Etihad Etisalat Co.                              | Etihad Etisalat Co.                                 | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |      1320 | NS      | $22100.30     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital PCL                          | Bumrungrad Hospital PCL                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |     10000 | NS      | $49393.80     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Holdings Ltd. (The)                        | Wharf Holdings Ltd. (The)                           | CUSIP: N/A<br>LEI: 254900JCV4TBBPX9IW91       | Long             | EC               | CORP              | HK        |     27000 | NS      | $67824.67     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Malayan Banking Bhd.                             | Malayan Banking Bhd.                                | CUSIP: N/A<br>LEI: 5493004OT3TOY404V310       | Long             | EC               | CORP              | MY        |     36500 | NS      | $84504.06     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek Microelectronics Corp.                   | Novatek Microelectronics Corp.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      1800 | NS      | $29209.27     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                          | Meituan, Class B                                    | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |      6500 | NS      | $109217.64    | 0.84%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Advanced Info Service PCL                        | Advanced Info Service PCL                           | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             | EC               | CORP              | TH        |      9800 | NS      | $86543.93     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co. Ltd.              | Hon Hai Precision Industry Co. Ltd.                 | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |     14000 | NS      | $61939.16     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telecommunications Co. KSCP               | Mobile Telecommunications Co. KSCP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KW        |     44150 | NS      | $68155.84     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| China CITIC Bank Corp. Ltd.                      | China CITIC Bank Corp. Ltd., Class H                | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               | CORP              | HK        |     22000 | NS      | $17390.74     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HYBE Co. Ltd.                                    | HYBE Co. Ltd.                                       | CUSIP: N/A<br>LEI: 988400NYDQI538IJ3K23       | Long             | EC               | CORP              | KR        |       180 | NS      | $33809.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Synnex Technology International Corp.            | Synnex Technology International Corp.               | CUSIP: N/A<br>LEI: 529900GMBJ3R4A2WBC71       | Long             | EC               | CORP              | TW        |     20000 | NS      | $44336.05     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Industries Ltd.                        | Britannia Industries Ltd.                           | CUSIP: N/A<br>LEI: 335800RRN5EVHNNAXN80       | Long             | EC               | CORP              | IN        |      1600 | NS      | $103004.90    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Electricity & Water Authority PJSC         | Dubai Electricity & Water Authority PJSC            | CUSIP: N/A<br>LEI: 213800K4OJF8DKATLT41       | Long             | EC               | CORP              | AE        |    146940 | NS      | $107213.13    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jarir Marketing Co.                              | Jarir Marketing Co.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     29785 | NS      | $100212.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BBVA Peru SA                               | Banco BBVA Peru SA                                  | CUSIP: N/A<br>LEI: 549300H1JNU0HLNFU552       | Long             | EC               | CORP              | PE        |      8050 | NS      | $3132.85      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.          | Far EasTone Telecommunications Co. Ltd.             | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     26500 | NS      | $71008.04     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.      | Taiwan Semiconductor Manufacturing Co. Ltd.         | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     38600 | NS      | $1095857.17   | 8.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Manila Electric Co.                              | Manila Electric Co.                                 | CUSIP: N/A<br>LEI: 254900RDFLCM12O8SK69       | Long             | EC               | CORP              | PH        |      8250 | NS      | $84191.21     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd.                               | Bank of China Ltd., Class H                         | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | HK        |    300000 | NS      | $167898.18    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Glovis Co. Ltd.                          | Hyundai Glovis Co. Ltd.                             | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |       305 | NS      | $24460.08     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Catcher Technology Co. Ltd.                      | Catcher Technology Co. Ltd.                         | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               | CORP              | TW        |     11300 | NS      | $76668.86     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Page Industries Ltd.                             | Page Industries Ltd.                                | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               | CORP              | IN        |        10 | NS      | $5399.26      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MRF Ltd.                                         | MRF Ltd.                                            | CUSIP: N/A<br>LEI: 335800EQP78LTJ76DZ82       | Long             | EC               | CORP              | IN        |        55 | NS      | $87564.47     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd.                             | Larsen & Toubro Ltd.                                | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |        95 | NS      | $3756.88      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Want Want China Holdings Ltd.                    | Want Want China Holdings Ltd.                       | CUSIP: N/A<br>LEI: 5299005HZCEKX4O1J230       | Long             | EC               | CORP              | HK        |    170000 | NS      | $111583.94    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                            | Emaar Properties PJSC                               | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |       955 | NS      | $3406.02      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive India Ltd.                     | Colgate-Palmolive India Ltd.                        | CUSIP: N/A<br>LEI: 335800YWKI47DGFKWB26       | Long             | EC               | CORP              | IN        |       230 | NS      | $7043.98      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan High Speed Rail Corp.                     | Taiwan High Speed Rail Corp.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    117000 | NS      | $99319.95     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corp. of India Ltd.                   | Power Grid Corp. of India Ltd.                      | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |     12905 | NS      | $46963.38     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Yanbu National Petrochemical Co.                 | Yanbu National Petrochemical Co.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      1420 | NS      | $12095.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                              | IHH Healthcare Bhd.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     43000 | NS      | $68959.44     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                      | Polyus PJSC                                         | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        |      5460 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank Central Asia Tbk. PT                        | Bank Central Asia Tbk. PT                           | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    224500 | NS      | $119350.15    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuyao Glass Industry Group Co. Ltd.              | Fuyao Glass Industry Group Co. Ltd., Class H        | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | HK        |     10800 | NS      | $76389.80     | 0.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Titan Co. Ltd.                                   | Titan Co. Ltd.                                      | CUSIP: N/A<br>LEI: 549300RO9VJWPK37FE54       | Long             | EC               | CORP              | IN        |      2130 | NS      | $85208.82     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                   | HDFC Bank Ltd.                                      | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |      4620 | NS      | $105268.76    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                       | Alibaba Group Holding Ltd.                          | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | US        |      3675 | NS      | $438905.25    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Ltd.                                         | ITC Ltd.                                            | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               | CORP              | IN        |     25805 | NS      | $130057.78    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Salik Co. PJSC                                   | Salik Co. PJSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |     69020 | NS      | $95082.07     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Co. Ltd.                    | China Shenhua Energy Co. Ltd., Class H              | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               | CORP              | HK        |     28000 | NS      | $105432.83    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd.                  | Agricultural Bank of China Ltd., Class H            | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               | CORP              | HK        |    233000 | NS      | $142419.44    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Drilling Co. PJSC                          | ADNOC Drilling Co. PJSC                             | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     19820 | NS      | $26440.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Cooperative Financial Holding Co. Ltd.    | Taiwan Cooperative Financial Holding Co. Ltd.       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     25000 | NS      | $19033.55     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle India Ltd.                                | Nestle India Ltd.                                   | CUSIP: N/A<br>LEI: 3358008SYYY9CPWH5D94       | Long             | EC               | CORP              | IN        |      4250 | NS      | $120139.67    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Rabigh Refining & Petrochemical Co.              | Rabigh Refining & Petrochemical Co.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     31555 | NS      | $59898.05     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                         | Itau Unibanco Holding SA (Preference)               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |      1650 | NS      | $10369.70     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                             | Industries Qatar QSC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     20265 | NS      | $69906.18     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixa Seguridade Participacoes SA                | Caixa Seguridade Participacoes SA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     33500 | NS      | $96806.44     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Rural Commercial Bank Co. Ltd.         | Chongqing Rural Commercial Bank Co. Ltd., Class H   | CUSIP: N/A<br>LEI: 300300C1126750000027       | Long             | EC               | CORP              | HK        |    155000 | NS      | $118927.88    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Marico Ltd.                                      | Marico Ltd.                                         | CUSIP: N/A<br>LEI: 3358003SFDQFGJPC5O84       | Long             | EC               | CORP              | IN        |     10135 | NS      | $85228.35     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PhosAgro PJSC                                    | PhosAgro PJSC                                       | CUSIP: N/A<br>LEI: 25340053KRUNNYUWF472       | Long             | EC               | CORP              | RU        |      1158 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hong Leong Bank Bhd.                             | Hong Leong Bank Bhd.                                | CUSIP: N/A<br>LEI: 549300BUPYUQGB5BFX94       | Long             | EC               | CORP              | MY        |     22000 | NS      | $101867.90    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp.                                       | KT&G Corp.                                          | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |      1055 | NS      | $85127.33     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co. Ltd.                              | SK Telecom Co. Ltd.                                 | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |      2630 | NS      | $100463.59    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nahdi Medical Co.                                | Nahdi Medical Co.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       160 | NS      | $4845.77      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Muthoot Finance Ltd.                             | Muthoot Finance Ltd.                                | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               | CORP              | IN        |      2265 | NS      | $58174.78     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd.                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | HK        |     10300 | NS      | $633829.81    | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrent Pharmaceuticals Ltd.                     | Torrent Pharmaceuticals Ltd.                        | CUSIP: N/A<br>LEI: 335800NA6HK275RIJE13       | Long             | EC               | CORP              | IN        |       195 | NS      | $7667.63      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co. Ltd.                       | Samsung Biologics Co. Ltd.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       110 | NS      | $81406.96     | 0.63%             |  |  |  | Yes           |                  1 | On Loan: No      |
| National Bank of Kuwait SAKP                     | National Bank of Kuwait SAKP                        | CUSIP: N/A<br>LEI: 549300NB7FE83IH6BW96       | Long             | EC               | CORP              | KW        |     34991 | NS      | $108718.77    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Telekom Malaysia Bhd.                            | Telekom Malaysia Bhd.                               | CUSIP: N/A<br>LEI: 254900SNFPTSDGGVEK77       | Long             | EC               | CORP              | MY        |     41500 | NS      | $65399.77     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                           | Petroleo Brasileiro SA                              | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |      1000 | NS      | $5661.14      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zydus Lifesciences Ltd.                          | Zydus Lifesciences Ltd.                             | CUSIP: N/A<br>LEI: 335800R9O14ORBXLPN13       | Long             | EC               | CORP              | IN        |      2835 | NS      | $29806.78     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Auto Ltd.                                  | Bajaj Auto Ltd.                                     | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |       665 | NS      | $63206.83     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu, Inc.                                      | Baidu, Inc.                                         | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | US        |        55 | NS      | $4830.10      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertiglobe plc                                   | Fertiglobe plc                                      | CUSIP: N/A<br>LEI: 984500A99D1B4CPBF744       | Long             | EC               | CORP              | AE        |     31440 | NS      | $19430.39     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek, Inc.                                   | MediaTek, Inc.                                      | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      1700 | NS      | $71756.87     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                   | Credicorp Ltd.                                      | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | US        |       640 | NS      | $129401.60    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property & Casualty Co. Ltd.                | PICC Property & Casualty Co. Ltd., Class H          | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | HK        |     50000 | NS      | $92202.15     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fubon Financial Holding Co. Ltd.                 | Fubon Financial Holding Co. Ltd.                    | CUSIP: N/A<br>LEI: 549300G7Y2TS2XNIB476       | Long             | EC               | CORP              | TW        |      1000 | NS      | $2635.78      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Fuel QSC                                   | Qatar Fuel QSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     23885 | NS      | $98400.16     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chang Hwa Commercial Bank Ltd.                   | Chang Hwa Commercial Bank Ltd.                      | CUSIP: N/A<br>LEI: 549300FHFNGCSKDTHT42       | Long             | EC               | CORP              | TW        |    185000 | NS      | $105274.68    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mega Financial Holding Co. Ltd.                  | Mega Financial Holding Co. Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     45000 | NS      | $53114.15     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Consumer Products Ltd.                    | Godrej Consumer Products Ltd.                       | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |      2975 | NS      | $44387.09     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                 | Apollo Hospitals Enterprise Ltd.                    | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |       775 | NS      | $64002.54     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Expressway Co. Ltd.                      | Jiangsu Expressway Co. Ltd., Class H                | CUSIP: N/A<br>LEI: 529900UWWTWZ6AKLYD43       | Long             | EC               | CORP              | HK        |     90000 | NS      | $111996.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronet LNG Ltd.                                | Petronet LNG Ltd.                                   | CUSIP: N/A<br>LEI: 335800KIIKNA7GRD9351       | Long             | EC               | CORP              | IN        |      1070 | NS      | $3973.69      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance Group Co. of China Ltd.        | Ping An Insurance Group Co. of China Ltd., Class H  | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |      5000 | NS      | $30046.29     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aboitiz Power Corp.                              | Aboitiz Power Corp.                                 | CUSIP: N/A<br>LEI: 254900UHTKF4VBSFTL94       | Long             | EC               | CORP              | PH        |    131500 | NS      | $87815.77     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                              | Trip.com Group Ltd.                                 | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |       500 | NS      | $30175.25     | 0.23%             |  |  |  | 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      | $73.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Leong Financial Group Bhd.                  | Hong Leong Financial Group Bhd.                     | CUSIP: N/A<br>LEI: 549300EGI40XD5GGWS62       | Long             | EC               | CORP              | MY        |     16000 | NS      | $63703.36     | 0.49%             |  |  |  | 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      | $-1330.29     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cipla Ltd.                                       | Cipla Ltd.                                          | CUSIP: N/A<br>LEI: 335800KMJJYEDDK82Q34       | Long             | EC               | CORP              | IN        |      6640 | NS      | $121830.10    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| President Chain Store Corp.                      | President Chain Store Corp.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     12900 | NS      | $105271.55    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                         | Reliance Industries Ltd.                            | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |      3400 | NS      | $56543.42     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Reddy's Laboratories Ltd.                     | Dr Reddy's Laboratories Ltd.                        | CUSIP: N/A<br>LEI: 335800OVDPY3DVZR2798       | Long             | EC               | CORP              | IN        |      5625 | NS      | $78825.07     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo QPSC                                     | Ooredoo QPSC                                        | CUSIP: N/A<br>LEI: 549300D3EIDZJB62TR20       | Long             | EC               | CORP              | QA        |      8815 | NS      | $31376.65     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruti Suzuki India Ltd.                         | Maruti Suzuki India Ltd.                            | CUSIP: N/A<br>LEI: 335800D27PBEESKKD357       | Long             | EC               | CORP              | IN        |       650 | NS      | $94302.75     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Co.                                | Saudi Telecom Co.                                   | CUSIP: N/A<br>LEI: 21380028ATJ79OTA9W17       | Long             | EC               | CORP              | SA        |      7560 | NS      | $95938.57     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Shree Cement Ltd.                                | Shree Cement Ltd.                                   | CUSIP: N/A<br>LEI: 335800W6FNBDUZ89L830       | Long             | EC               | CORP              | IN        |        25 | NS      | $8791.63      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                          | Sberbank of Russia PJSC                             | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |     12360 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                           | Hyundai Mobis Co. Ltd.                              | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |       475 | NS      | $89386.21     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgutneftegas PJSC                              | Surgutneftegas PAO (Preference)                     | CUSIP: N/A<br>LEI: 2138002GZLU65FRAC894       | Long             | EC               | CORP              | RU        |    156600 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Petroleo Brasileiro SA                           | Petroleo Brasileiro SA (Preference)                 | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |      2300 | NS      | $12183.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd.                   | Tata Consultancy Services Ltd.                      | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |      6845 | NS      | $279823.95    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hero MotoCorp Ltd.                               | Hero MotoCorp Ltd.                                  | CUSIP: N/A<br>LEI: 335800Q49FBMZJTRLK49       | Long             | EC               | CORP              | IN        |      1365 | NS      | $61839.12     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | MSCI Emerging Markets E-Mini Index                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $-5110.76     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| NetEase, Inc.                                    | NetEase, Inc.                                       | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | US        |       240 | NS      | $25694.40     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Logistics & Services                       | ADNOC Logistics & Services                          | CUSIP: N/A<br>LEI: 254900CIXQYSEOFXAB16       | Long             | EC               | CORP              | AE        |      2240 | NS      | $2957.76      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Unilever Ltd.                          | Hindustan Unilever Ltd.                             | CUSIP: N/A<br>LEI: 5493007IW5N37IKRPM32       | Long             | EC               | CORP              | IN        |      5935 | NS      | $164532.98    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDS Co. Ltd.                             | Samsung SDS Co. Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       805 | NS      | $72713.33     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                    | China Construction Bank Corp., Class H              | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | HK        |    220000 | NS      | $180999.91    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk. PT                          | United Tractors Tbk. PT                             | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |     60000 | NS      | $82048.19     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Itissalat Al-Maghrib                             | Itissalat Al-Maghrib                                | CUSIP: N/A<br>LEI: 254900LH0G1ZIZ78Y462       | Long             | EC               | CORP              | MA        |      9595 | NS      | $118638.51    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd.                               | Bajaj Finance Ltd.                                  | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |        65 | NS      | $6643.20      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics, Inc.                          | Delta Electronics, Inc.                             | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |       250 | NS      | $2606.85      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Electricity & Water Co. QSC                | Qatar Electricity & Water Co. QSC                   | CUSIP: N/A<br>LEI: 2763MA9U3F8LNMP1G116       | Long             | EC               | CORP              | QA        |     23935 | NS      | $100512.54    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle Malaysia Bhd.                             | Nestle Malaysia Bhd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |      4100 | NS      | $82665.12     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Boubyan Bank KSCP                                | Boubyan Bank KSCP                                   | CUSIP: N/A<br>LEI: 254900D1UAYOAUPGL280       | Long             | EC               | CORP              | KW        |     34534 | NS      | $76529.34     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings, Inc.                               | PDD Holdings, Inc.                                  | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | US        |       855 | NS      | $90262.35     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                   | BB Seguridade Participacoes SA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     15000 | NS      | $113320.03    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinson PCL                                     | Robinson PCL                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |       600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| United Microelectronics Corp.                    | United Microelectronics Corp.                       | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |     15000 | NS      | $21198.76     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Cards & Payment Services Ltd.                | SBI Cards & Payment Services Ltd.                   | CUSIP: N/A<br>LEI: 335800HN4Y9OTCFH4236       | Long             | EC               | CORP              | IN        |      6960 | NS      | $71965.41     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronas Gas Bhd.                                | Petronas Gas Bhd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     18000 | NS      | $73001.16     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                  | ICICI Bank Ltd.                                     | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |      3940 | NS      | $66549.84     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalbe Farma Tbk. PT                              | Kalbe Farma Tbk. PT                                 | CUSIP: N/A<br>LEI: 529900PRQI8S32HOE387       | Long             | EC               | CORP              | ID        |    617000 | NS      | $50735.24     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Tech Mahindra Ltd.                               | Tech Mahindra Ltd.                                  | CUSIP: N/A<br>LEI: 3358005FZUZ1I25XQH69       | Long             | EC               | CORP              | IN        |       885 | NS      | $15744.51     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Integrated Telecommunications Co. PJSC  | Emirates Integrated Telecommunications Co. PJSC     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |     47330 | NS      | $112106.02    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar International Islamic Bank QSC             | Qatar International Islamic Bank QSC                | CUSIP: N/A<br>LEI: 2549007SZGKT5N5ND952       | Long             | EC               | CORP              | QA        |     23880 | NS      | $69521.56     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Port Holdings Co. Ltd.           | China Merchants Port Holdings Co. Ltd.              | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | HK        |     40000 | NS      | $65096.01     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Pharmaceutical Industries Ltd.               | Sun Pharmaceutical Industries Ltd.                  | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               | CORP              | IN        |      8110 | NS      | $175891.26    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi National Oil Co. for Distribution PJSC | Abu Dhabi National Oil Co. for Distribution PJSC    | CUSIP: N/A<br>LEI: 213800YI1ZIOJB3HLB11       | Long             | EC               | CORP              | AE        |     62595 | NS      | $57430.51     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                             | Telefonica Brasil SA                                | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |      8800 | NS      | $43196.38     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Klabin SA                                        | Klabin SA (Preference)                              | CUSIP: N/A<br>LEI: 254900C8UYA6YUPSDU10       | Long             | EC               | CORP              | BR        |      6000 | NS      | $3900.10      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                        | Prosus NV                                           | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |       225 | NS      | $10467.34     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Balkrishna Industries Ltd.                       | Balkrishna Industries Ltd.                          | CUSIP: N/A<br>LEI: 3358006BD9NZGXG1I436       | Long             | EC               | CORP              | IN        |       145 | NS      | $4591.29      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronas Dagangan Bhd.                           | Petronas Dagangan Bhd.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |      8500 | NS      | $38885.28     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Central Cooling Systems Corp.           | Emirates Central Cooling Systems Corp.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |    209235 | NS      | $91713.52     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Pidilite Industries Ltd.                         | Pidilite Industries Ltd.                            | CUSIP: N/A<br>LEI: 335800APXGEBZ349GN74       | Long             | EC               | CORP              | IN        |      3345 | NS      | $120122.46    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| QL Resources Bhd.                                | QL Resources Bhd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     32500 | NS      | $36152.95     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesaieed Petrochemical Holding Co.               | Mesaieed Petrochemical Holding Co.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |    157990 | NS      | $61182.61     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Holding Co. Ltd.                 | First Financial Holding Co. Ltd.                    | CUSIP: N/A<br>LEI: 529900BC1U046Q2GUZ64       | Long             | EC               | CORP              | TW        |    133450 | NS      | $105982.24    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Dabur India Ltd.                                 | Dabur India Ltd.                                    | CUSIP: N/A<br>LEI: 335800MJPUA2E1FSFL38       | Long             | EC               | CORP              | IN        |     16655 | NS      | $96154.30     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                               | Bharti Airtel Ltd.                                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |      4910 | NS      | $108360.42    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie Brasil Energia SA                          | Engie Brasil Energia SA                             | CUSIP: N/A<br>LEI: 52990057Q0EK2Q9YBC07       | Long             | EC               | CORP              | BR        |      6000 | NS      | $44056.24     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chunghwa Telecom Co. Ltd.                        | Chunghwa Telecom Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     32000 | NS      | $129568.83    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd.                                | Asian Paints Ltd.                                   | CUSIP: N/A<br>LEI: 335800HEHXGYRUNERD75       | Long             | EC               | CORP              | IN        |      4400 | NS      | $126332.93    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                               | PI Industries Ltd.                                  | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |       120 | NS      | $5170.51      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL Energia SA                                  | CPFL Energia SA                                     | CUSIP: N/A<br>LEI: 529900GBWSBDXN8GGM28       | Long             | EC               | CORP              | BR        |     16500 | NS      | $111303.74    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd.                            | HCL Technologies Ltd.                               | CUSIP: N/A<br>LEI: 549300C1F8OLYSOQYB65       | Long             | EC               | CORP              | IN        |      7870 | NS      | $146018.91    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                     | Infosys Ltd.                                        | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |      3930 | NS      | $69781.38     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Office Parks REIT                        | Embassy Office Parks REIT                           | CUSIP: N/A<br>LEI: 335800O555A557E43Z08       | Long             | EC               | CORP              | IN        |      1430 | NS      | $6461.97      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LafargeHolcim Maroc SA                           | LafargeHolcim Maroc SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MA        |       505 | NS      | $103659.69    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Porto Seguro SA                                  | Porto Seguro SA                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      4500 | NS      | $34965.73     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                          | Dubai Islamic Bank PJSC                             | CUSIP: N/A<br>LEI: 5493003E7YRAQY3JGW88       | Long             | EC               | CORP              | AE        |     51645 | NS      | $106297.55    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| International Holding Co. PJSC                   | International Holding Co. PJSC                      | CUSIP: N/A<br>LEI: 9845000BB909CE4A0G98       | Long             | EC               | CORP              | AE        |      2630 | NS      | $287126.50    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co. Ltd.                     | Samsung Electronics Co. Ltd.                        | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      5565 | NS      | $217275.77    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Cement Corp.                                | Asia Cement Corp.                                   | CUSIP: N/A<br>LEI: 213800EFQXH43HMGJL59       | Long             | EC               | CORP              | TW        |     27000 | NS      | $37988.93     | 0.29%             |  |  |  | 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