# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-26-006216
**Filing Date:** 2026-3
**Character Count:** 85655
**Document Hash:** afed2726fbc5ea541652175e4f13122d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-006216.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0002071691-26-006216

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 26788669

**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:** 2026-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6922526829.90

**Total Liabilities:** $203479532.21

**Net Assets:** $6719047297.69

**Cash Not Reported:** $19943942.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102371 | 3.32%                | 3.07%                | 11.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41708.41               | $162446897.04                              |
| Month 2  | $-43879347.51            | $201874962.35                              |
| Month 3  | $70824.41                | $650007254.37                              |

### 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        |    4461240 | NS      | $324778272.00 | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| New Mexican Pesos                                         | New Mexican Pesos                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |    3808995 | OU      | $219576.59    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd.                                            | PPB Group Bhd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    6053600 | NS      | $17353039.07  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | S&P/TSX 60 Index                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         61 | NC      | $-64591.19    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                              | Nutrien Ltd.                                                                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    3858512 | NS      | $267131041.61 | 3.98%             |  |  |  | No            |                  1 | On Loan: —       |
| TD SECURITIES (USA) LLC                                   | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: SUVUFHICNZMP2WKHG940       | Long             | RA               | CORP              | US        |    1000000 | PA      | $1000000.00   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Norwegian Krone                                           | Norwegian Krone                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |    8538575 | OU      | $889522.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                         | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT FIXED 4.4% 03/FEB/2026 USD                                  | CUSIP: 86564TDF7<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000152.00   | 0.03%             | 2026-02-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.                           | Canadian Natural Resources Ltd.                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    2184560 | NS      | $81678006.72  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oji Holdings Corp.                                        | Oji Holdings Corp.                                                                                          | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        |    3158400 | NS      | $18738283.94  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                      | Tourmaline Oil Corp.                                                                                        | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     386904 | NS      | $18411618.92  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| MUFG Bank Ltd, New York Branch                            | MUFG BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 12/MAR/2026 USD 1000                              | CUSIP: 55381BMT2<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000226.00   | 0.03%             | 2026-03-12      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Novatek PJSC                                              | Novatek PJSC                                                                                                | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | RU        |    1237715 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vale SA                                                   | Vale SA                                                                                                     | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    5527200 | NS      | $89017104.98  | 1.32%             |  |  |  | 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        |   56324800 | NS      | $14865586.18  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                             | Chevron Corp.                                                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1560776 | NS      | $276101274.40 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                                        | South African Rand                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |     157997 | OU      | $9851.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta plc                                           | Antofagasta plc                                                                                             | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |     500080 | NS      | $25033844.76  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                         | Malaysian Ringgit                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |      52577 | OU      | $13337.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                | Archer-Daniels-Midland Co.                                                                                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    2984688 | NS      | $200899349.28 | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                                            | Bakkafrost P/F                                                                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     379008 | NS      | $18328429.75  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                               | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 21/JAN/2027 USD 1000                            | CUSIP: 06418NMD1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $999996.10    | 0.01%             | 2027-01-21      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| PetroChina Co. Ltd.                                       | PetroChina Co. Ltd., Class H                                                                                | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |   22622000 | NS      | $26880950.61  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | S&P Midcap 400 E-Mini Index                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         18 | NC      | $133076.05    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd.                                            | Fortescue Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    2376696 | NS      | $34964882.03  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondi plc                                                 | Mondi plc                                                                                                   | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | AT        |    1563408 | NS      | $18321601.79  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Asia - Potash International Investment Guangzhou Co. Ltd. | Asia - Potash International Investment Guangzhou Co. Ltd., Class A                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    2105600 | NS      | $16975708.71  | 0.25%             |  |  |  | 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        |   12883450 | NS      | $60778512.05  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                                  | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 18/NOV/2026 USD 1000                            | CUSIP: 06367DTG0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2001082.00   | 0.03%             | 2026-11-18      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD, LDN                       | SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT FIXED 4% 11/MAR/2026 USD                       | CUSIP: N/A<br>LEI: 5493006GGLR4BTEL8O61       | Long             | DBT              | CORP              | JP        |    5000000 | PA      | $5001700.00   | 0.07%             | 2026-03-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LIMITED NEW YORK                              | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 11/MAY/2026 USD 1000                            | CUSIP: 60701A2C6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |    4000000 | PA      | $4000888.00   | 0.06%             | 2026-05-11      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Thailand Baht                                             | Thailand Baht                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |          0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Dollar                                        | New Zealand Dollar                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |         47 | OU      | $28.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                                      | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    8000000 | PA      | $8000000.00   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                                       | Franco-Nevada Corp.                                                                                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     297976 | NS      | $70137628.95  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries, Inc.                                      | UFP Industries, Inc.                                                                                        | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     181608 | NS      | $18756474.24  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Krona                                             | Swedish Krona                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SE        |    3002510 | OU      | $339180.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp.                                              | Cameco Corp.                                                                                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     634312 | NS      | $78886743.65  | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Svenska Cellulosa AB SCA                                  | Svenska Cellulosa AB SCA, Class B                                                                           | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |    1708168 | NS      | $21525164.83  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| SUMITOMO MITSUI BANKING CORP NY                           | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 09/APR/2026 USD 1000                  | CUSIP: 86565GTX8<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    3000000 | PA      | $3000579.00   | 0.04%             | 2026-04-09      | Floating      | 3.87%                 | 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      | $38312.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkish Lira                                              | Turkish Lira                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TR        |      55588 | OU      | $1278.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                           | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 10/FEB/2026 USD 1000                  | CUSIP: 86565GRX0<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    2000593 | PA      | $2000074.00   | 0.03%             | 2026-02-10      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                                         | Imperial Oil Ltd.                                                                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     192136 | NS      | $19519366.04  | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                       | FTSE 100 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         56 | NC      | $287171.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Yuntianhua Co. Ltd.                                | Yunnan Yuntianhua Co. Ltd., Class A                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    4461016 | NS      | $24518414.20  | 0.36%             |  |  |  | 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        |    4633155 | NS      | $51828196.68  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                          | Severn Trent plc                                                                                            | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    1018584 | NS      | $40926175.44  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                       | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |   55000000 | PA      | $55000000.00  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                                   | Eni SpA                                                                                                     | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    2060856 | NS      | $42232938.38  | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| ROYAL BANK OF CANADA NY                                   | ROYAL BANK OF CANADA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 12/NOV/2026 USD 1000                       | CUSIP: 78015JRQ2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $3001602.00   | 0.04%             | 2026-11-12      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| ORLEN SA                                                  | ORLEN SA                                                                                                    | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               | CORP              | PL        |     639576 | NS      | $19525393.40  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                                              | Glencore plc                                                                                                | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | AU        |   14144368 | NS      | $96902472.83  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                                | Charoen Pokphand Foods PCL                                                                                  | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |   24214400 | NS      | $15930020.02  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                      | Barrick Mining Corp.                                                                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    2789920 | NS      | $128231452.05 | 1.91%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                       | MSCI Emerging Markets E-Mini Index                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |          4 | NC      | $26831.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatari Rial                                               | Qatari Rial                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | QA        |    2357655 | OU      | $647529.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $27719.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongfu Straits Pingtan Development Co. Ltd.              | Zhongfu Straits Pingtan Development Co. Ltd., Class A                                                       | CUSIP: N/A<br>LEI: 3003001A0KC55E7SIK57       | Long             | EC               | CORP              | CN        |    1842400 | NS      | $2744310.28   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Manila Water Co., Inc.                                    | Manila Water Co., Inc.                                                                                      | CUSIP: N/A<br>LEI: 5493004SJIK0GOUIZM45       | Long             | EC               | CORP              | PH        |    3948000 | NS      | $2722273.08   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Klabin SA                                                 | Klabin SA                                                                                                   | CUSIP: N/A<br>LEI: 254900C8UYA6YUPSDU10       | Long             | EC               | CORP              | BR        |    3421600 | NS      | $12521675.09  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS NEW YORK                                         | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 29/APR/2026 USD 1000                                   | CUSIP: 06745GFT3<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    2000000 | PA      | $2000144.00   | 0.03%             | 2026-04-29      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| CF Industries Holdings, Inc.                              | CF Industries Holdings, Inc.                                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    1002792 | NS      | $93490298.16  | 1.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Suzano SA                                                 | Suzano SA                                                                                                   | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |    2266800 | NS      | $21358070.12  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongshan Public Utilities Group Co. Ltd.                 | Zhongshan Public Utilities Group Co. Ltd., Class A                                                          | CUSIP: N/A<br>LEI: 3003002ENLIAIQFZX208       | Long             | EC               | CORP              | CN        |    1579200 | NS      | $2806810.10   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SABIC Agri-Nutrients Co.                                  | SABIC Agri-Nutrients Co.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |    1850296 | NS      | $61665022.53  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                                    | BP plc                                                                                                      | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |   16550016 | NS      | $105332502.31 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                      | Industries Qatar QSC                                                                                        | CUSIP: N/A<br>LEI: 2763E5KI3B6J7HLSFX16       | Long             | EC               | CORP              | QA        |   23906456 | NS      | $83518297.26  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                                      | Cenovus Energy, Inc.                                                                                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    1521296 | NS      | $30186628.90  | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                       | FTSE/JSE Top 40 Index                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |         70 | NC      | $218317.99    | 0.00%             |  |  |  | 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      |
| Chinese Renminbi (Yuan)                                   | Chinese Renminbi (Yuan)                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |    8730370 | OU      | $1256439.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aguas Andinas SA                                          | Aguas Andinas SA, Class A                                                                                   | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   10546424 | NS      | $4703670.77   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                              | Japanese Yen                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |    5000835 | OU      | $32418.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                               | LUKOIL PJSC                                                                                                 | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | GB        |     269035 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Canadian Dollar                                           | Canadian Dollar                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |    6596815 | OU      | $4871554.09   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS NEW YORK                                         | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 10/APR/2026 USD 1000                                   | CUSIP: 06745GEX5<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    2000000 | PA      | $1999994.00   | 0.03%             | 2026-04-10      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                               | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 01/JUL/2026 USD 1000                            | CUSIP: 06418NHH8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2999967.90   | 0.04%             | 2026-07-01      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                              | Northern Star Resources Ltd.                                                                                | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |    2318792 | NS      | $47010996.54  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold, Inc.                                         | Alamos Gold, Inc., Class A                                                                                  | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     697937 | NS      | $26007385.46  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd.                                    | Valterra Platinum Ltd.                                                                                      | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |     268464 | NS      | $25444444.58  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                           | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 10/MAR/2026 USD 1000                  | CUSIP: 86565GSX9<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000224.00   | 0.03%             | 2026-03-10      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Stella-Jones, Inc.                                        | Stella-Jones, Inc.                                                                                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     173712 | NS      | $11712074.44  | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| West Fraser Timber Co. Ltd.                               | West Fraser Timber Co. Ltd.                                                                                 | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     186872 | NS      | $12832571.93  | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF MONTREAL CHICAGO                                  | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 29/MAY/2026 USD 1000                            | CUSIP: 06367DQZ1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000872.00   | 0.03%             | 2026-05-29      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                                | Woodside Energy Group Ltd.                                                                                  | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |    1995056 | NS      | $35458037.51  | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| First Quantum Minerals Ltd.                               | First Quantum Minerals Ltd.                                                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | ZM        |    1026480 | NS      | $29176394.93  | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| BHP Group Ltd.                                            | BHP Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    6977432 | NS      | $247188182.14 | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento de Minas Gerais Copasa MG               | Cia de Saneamento de Minas Gerais Copasa MG                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     702900 | NS      | $6867155.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group plc                                | United Utilities Group plc                                                                                  | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    2660952 | NS      | $45534097.51  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                       | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |    5000000 | PA      | $5000000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                                          | Royal Gold, Inc.                                                                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     110544 | NS      | $29107340.64  | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Hong Kong Dollar                                          | Hong Kong Dollar                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |     597579 | OU      | $76517.59     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Israeli Shekel                                            | Israeli Shekel                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IL        |     918414 | OU      | $297182.97    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                          | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   50000000 | PA      | $50000000.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                                         | New Taiwan Dollar                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |   21150622 | OU      | $672088.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-211054.99   | -0.00%            |  |  |  | No            |                  2 | 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      |
| CREDIT AGRICOLE CIB, NY                                   | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 05/JUN/2026 USD 1000 | CUSIP: 22532XJ33<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |    3000000 | PA      | $3000654.00   | 0.04%             | 2026-06-05      | Floating      | 3.92%                 | 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        |    8685600 | NS      | $50174855.58  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                                          | Weyerhaeuser Co.                                                                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    2010848 | NS      | $51839661.44  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd.                                            | ICL Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |    6198360 | NS      | $33855914.06  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Holmen AB                                                 | Holmen AB, Class B                                                                                          | CUSIP: N/A<br>LEI: 52990080SH3454F0QE68       | Long             | EC               | CORP              | SE        |     278992 | NS      | $10520210.07  | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Beijing Enterprises Water Group Ltd.                      | Beijing Enterprises Water Group Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |   15792000 | NS      | $5439450.94   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| South Korea Won                                           | South Korea Won                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |  263819486 | OU      | $183284.34    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                   | Cia De Sanena Do Parana                                                                                     | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |     943900 | NS      | $8415782.87   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                         | Tyson Foods, Inc., Class A                                                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    1763440 | NS      | $115205535.20 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI BANKING CORP NY                           | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 09/APR/2026 USD 1000                  | CUSIP: 86565GUD0<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000386.00   | 0.03%             | 2026-04-09      | Floating      | 3.87%                 | No            |                  2 | On Loan: No      |
| K+S AG                                                    | K+S AG (Registered)                                                                                         | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |    1331792 | NS      | $21895942.99  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD, LDN                       | SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT FIXED 4% 04/MAR/2026 USD                       | CUSIP: N/A<br>LEI: 5493006GGLR4BTEL8O61       | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000580.00   | 0.03%             | 2026-03-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden Agri-Resources Ltd.                                | Golden Agri-Resources Ltd.                                                                                  | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               | CORP              | ID        |   50008000 | NS      | $11428148.15  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Muyuan Foods Co. Ltd.                                     | Muyuan Foods Co. Ltd., Class A                                                                              | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |   13806019 | NS      | $91397693.60  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                                         | Australian Dollar                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |    3382811 | OU      | $2369828.11   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rosneft Oil Co. PJSC                                      | Rosneft Oil Co. PJSC                                                                                        | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               | CORP              | RU        |    2926433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8095.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Indian Rupee                                              | Indian Rupee                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |     439100 | OU      | $4773.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                                              | Gazprom PJSC                                                                                                | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |   15937700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shell plc                                                 | Shell plc                                                                                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |    6224680 | NS      | $238658370.50 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                        | Petroleo Brasileiro SA - Petrobras (Preference)                                                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    5000800 | NS      | $36066928.59  | 0.54%             |  |  |  | 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        |    1894261 | NS      | $51094448.23  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                                  | Mowi ASA                                                                                                    | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |    3445288 | NS      | $79464818.21  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                            | ConocoPhillips                                                                                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     971208 | NS      | $101229009.84 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                            | Rayonier, Inc.                                                                                              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     415856 | NS      | $9456565.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                 | Essential Utilities, Inc.                                                                                   | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     813288 | NS      | $31547441.52  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp.                                  | Texas Pacific Land Corp.                                                                                    | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |      44900 | NS      | $15641364.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Brazilian Real                                            | Brazilian Real                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |    3423005 | OU      | $653800.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                                     | Chilean Peso Currency                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |  198930698 | OU      | $230447.91    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                             | Wheaton Precious Metals Corp.                                                                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | BR        |     739592 | NS      | $97976892.43  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                                       | Expand Energy Corp.                                                                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     192136 | NS      | $21598007.76  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Dollar                                          | Singapore Dollar                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SG        |      12060 | OU      | $9503.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                          | China Petroleum & Chemical Corp., Class H                                                                   | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | CN        |   23828000 | NS      | $16414796.98  | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Jiangxi Zhengbang Technology Co. Ltd.                     | Jiangxi Zhengbang Technology Co. Ltd., Class A                                                              | CUSIP: N/A<br>LEI: 30030098MS5Y5GREO955       | Long             | EC               | CORP              | CN        |   22372000 | NS      | $10624969.42  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA NY                                   | ROYAL BANK OF CANADA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 22/JAN/2027 USD 1000                       | CUSIP: 78015JXG7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    1000000 | PA      | $999993.00    | 0.01%             | 2027-01-22      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Grandblue Environment Co. Ltd.                            | Grandblue Environment Co. Ltd., Class A                                                                     | CUSIP: N/A<br>LEI: 30030011OA5FCYNY1P78       | Long             | EC               | CORP              | CN        |     776229 | NS      | $3299964.69   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                    | Freeport-McMoRan, Inc.                                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    1842400 | NS      | $110967752.00 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                           | Bunge Global SA                                                                                             | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |     884352 | NS      | $100710005.76 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                            | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   21415298 | PA      | $21415297.92  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Simpson Manufacturing Co., Inc.                           | Simpson Manufacturing Co., Inc.                                                                             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     123704 | NS      | $21868393.12  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Inpex Corp.                                               | Inpex Corp.                                                                                                 | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     953900 | NS      | $21290533.51  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                             | Rio Tinto plc                                                                                               | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | AU        |    1637104 | NS      | $151370245.58 | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                          | Gold Fields Ltd.                                                                                            | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |    1405488 | NS      | $74466544.57  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                                                                                 | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     710640 | NS      | $19026307.81  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                | Occidental Petroleum Corp.                                                                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     547456 | NS      | $24849027.84  | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Guangdong Investment Ltd.                                 | Guangdong Investment Ltd.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   10528000 | NS      | $9948735.55   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                               | Santos Ltd.                                                                                                 | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |    3221568 | NS      | $15820654.93  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                    | Yara International ASA                                                                                      | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | BR        |    1226512 | NS      | $56629574.63  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd.                                       | Teck Resources Ltd., Class B                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     694848 | NS      | $37499163.19  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Saudi Arabian Oil Co.                                     | Saudi Arabian Oil Co.                                                                                       | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    6303640 | NS      | $43360949.16  | 0.65%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                       | Hang Seng Index                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         26 | NC      | $92665.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Co.                                  | Saudi Arabian Mining Co.                                                                                    | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |    2031904 | NS      | $41876497.51  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                                                                            | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |    2155608 | NS      | $156814225.32 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Salmar ASA                                                | Salmar ASA                                                                                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |     563248 | NS      | $33622192.20  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                            | American Water Works Co., Inc.                                                                              | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     605360 | NS      | $78170136.80  | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| UPM-Kymmene OYJ                                           | UPM-Kymmene OYJ                                                                                             | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |    1797656 | NS      | $49978648.72  | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp.                                         | Exxon Mobil Corp.                                                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    2508296 | NS      | $354673054.40 | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO DOMINION NY                                       | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 08/MAY/2026 USD 1000                               | CUSIP: 89115DCC8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $3001809.00   | 0.04%             | 2026-05-08      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Russian Roubles                                           | Russian Roubles                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        | 3407541488 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SECURITIES (USA) LLC                                   | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: SUVUFHICNZMP2WKHG940       | Long             | RA               | CORP              | US        |    5000000 | PA      | $5000000.00   | 0.07%             |  |  |  | No            |                  2 | 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        |    1995056 | NS      | $54864040.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | SPI 200 Index                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |          9 | NC      | $23619.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American plc                                        | Anglo American plc                                                                                          | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |    1605520 | NS      | $75084197.83  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| QL Resources Bhd.                                         | QL Resources Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   19213600 | NS      | $19593777.78  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                             | Newmont Corp.                                                                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    1492344 | NS      | $167664848.40 | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp.                                       | Lundin Mining Corp.                                                                                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CL        |    1092280 | NS      | $27707283.54  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Stora Enso OYJ                                            | Stora Enso OYJ, Class R                                                                                     | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        |    2050328 | NS      | $23752663.79  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Polish Zloty - New                                        | Polish Zloty - New                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |      30966 | OU      | $8756.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindalco Industries Ltd.                                  | Hindalco Industries Ltd.                                                                                    | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |    2247728 | NS      | $23521271.62  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tatneft PJSC                                              | Tatneft PJSC                                                                                                | CUSIP: N/A<br>LEI: 253400PAT768SVJMV121       | Long             | EC               | CORP              | RU        |    2021036 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Evolution Mining Ltd.                                     | Evolution Mining Ltd.                                                                                       | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |    3132080 | NS      | $32276367.85  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                        | Kinross Gold Corp.                                                                                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    2034536 | NS      | $64424844.87  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                                      | Coterra Energy, Inc.                                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     631680 | NS      | $18223968.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                                        | PI Industries Ltd.                                                                                          | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |     818552 | NS      | $28434309.67  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                               | LUKOIL PJSC                                                                                                 | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | RU        |     214305 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EOG Resources, Inc.                                       | EOG Resources, Inc.                                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     436912 | NS      | $48990942.56  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                                 | EQT Corp.                                                                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     529032 | NS      | $30541017.36  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                                        | Devon Energy Corp.                                                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     497448 | NS      | $20002384.08  | 0.30%             |  |  |  | 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        |    3421600 | NS      | $3604535.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                          | Pennon Group plc                                                                                            | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    1821344 | NS      | $13658889.29  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Philippines                                               | Philippines                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | PH        |         -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                      | EURO                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |    1252338 | OU      | $1489843.91   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                             | British Pound                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    1494003 | OU      | $2050145.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                                  | UPL Ltd.                                                                                                    | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    4448080 | NS      | $34039689.26  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                                 | Pan American Silver Corp.                                                                                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     681688 | NS      | $37347733.06  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| MIZUHO BANK LIMITED NEW YORK                              | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 27/MAY/2026 USD 1000                            | CUSIP: 60701A2G7<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000588.00   | 0.03%             | 2026-05-27      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                   | Agnico Eagle Mines Ltd.                                                                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     828429 | NS      | $158350671.90 | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy, Inc.                                       | Suncor Energy, Inc.                                                                                         | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |    1321264 | NS      | $70222183.72  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                                | Boliden AB                                                                                                  | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |     429016 | NS      | $30367581.76  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                                                 | Repsol SA                                                                                                   | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |    1208088 | NS      | $23792877.27  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                                     | Cal-Maine Foods, Inc.                                                                                       | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     263200 | NS      | $21985096.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| TORONTO DOMINION NY                                       | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 06/APR/2026 USD 1000                               | CUSIP: 89115DZU3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000254.00   | 0.03%             | 2026-04-06      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| New Hope Liuhe Co. Ltd.                                   | New Hope Liuhe Co. Ltd., Class A                                                                            | CUSIP: N/A<br>LEI: 300300F28XODWP5GJF78       | Long             | EC               | CORP              | CN        |   11304208 | NS      | $14706777.05  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                         | Indonesian Rupiah                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |  244964065 | OU      | $14594.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Ryal                                        | Saudi Arabian Ryal                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SA        |    6115094 | OU      | $1630387.47   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United Plantations Bhd.                                   | United Plantations Bhd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    2233700 | NS      | $17135232.88  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                  | Diamondback Energy, Inc.                                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     152656 | NS      | $25027951.20  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO