# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009646
**Filing Date:** 2025-12
**Character Count:** 94623
**Document Hash:** 4c3cbc3302ec35f4de43d51a4d34c37a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009646.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009646

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251596532

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 353-9383

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FlexShares Trust
- **DATE OF NAME CHANGE:** 20110414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NT ETF Trust
- **DATE OF NAME CHANGE:** 20100513

## Series and Classes Contracts Data

### FlexShares STOXX Global Broad Infrastructure Index Fund (Series ID: S000042071)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000130666 | FlexShares STOXX Global Broad Infrastructure Index Fund | NFRA            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FlexShares Trust

- **b. Investment Company Act file number:** 811-22555

- **c. CIK number of Registrant:** 0001491978

- **d. LEI of Registrant:** 5493007FU2RQX77I4604

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 855-353-9383

**Item A.2. Information about the Series.**

- **a. Name of Series:** FlexShares STOXX Global Broad Infrastructure Index Fund

- **b. EDGAR series identifier (if any):** S000042071

- **c. LEI of Series:** 549300M226QPIG4QNV60

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3129517386.18

**Total Liabilities:** $133742669.05

**Net Assets:** $2995774717.13

**Cash Not Reported:** $7352582.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130666 | 3.33%                | 0.80%                | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-60240.00               | $87630907.49                               |
| Month 2  | $-3294496.16             | $20150818.28                               |
| Month 3  | $-965997.80              | $-13475140.02                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Mexican Pesos                                      | New Mexican Pesos                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |    4255882 | OU      | $229409.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                                          | Veralto Corp.                                                                                                 | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     105160 | NS      | $10377188.80  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                 | Waste Management, Inc.                                                                                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     155828 | NS      | $31129759.56  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIXIS NY                                             | NATIXIS SA/NEW YORK NY CERTIFICATE OF DEPOSIT FIXED 4.47% 11/DEC/2025 USD 1000                                | CUSIP: 63873TDM7<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | DBT              | CORP              | FR        |    1000000 | PA      | $1000655.00   | 0.03%             | 2025-12-11      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT FIXED 4.4% 03/FEB/2026 USD                                    | CUSIP: 86564TDF7<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2002420.00   | 0.07%             | 2026-02-03      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                      | American Electric Power Co., Inc.                                                                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     226572 | NS      | $27247548.72  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                                                                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     189288 | NS      | $18188683.92  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp., Class A                                                                                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    1563060 | NS      | $43507775.10  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Qube Holdings Ltd.                                     | Qube Holdings Ltd.                                                                                            | CUSIP: N/A<br>LEI: 391200RT2MUFEO3RFW25       | Long             | EC               | CORP              | AU        |    2868000 | NS      | $8242383.92   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| SoftBank Group Corp.                                   | SoftBank Group Corp.                                                                                          | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |     897600 | NS      | $157693966.44 | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV             | Grupo Aeroportuario del Pacifico SAB de CV, Class B                                                           | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               | CORP              | MX        |     640520 | NS      | $13371111.79  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corp. Ltd.                                 | China Tower Corp. Ltd., Class H                                                                               | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        |    3824000 | NS      | $5525272.12   | 0.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Odakyu Electric Railway Co. Ltd.                       | Odakyu Electric Railway Co. Ltd.                                                                              | CUSIP: N/A<br>LEI: 353800LA6BC6E1MK6U35       | Long             | EC               | CORP              | JP        |     536200 | NS      | $5673337.44   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   29909303 | PA      | $29909302.87  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keisei Electric Railway Co. Ltd.                       | Keisei Electric Railway Co. Ltd.                                                                              | CUSIP: N/A<br>LEI: 529900VNP95IIHXPCY17       | Long             | EC               | CORP              | JP        |     764800 | NS      | $6096357.79   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                                                                         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      39196 | NS      | $9165592.64   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                   | Infrastrutture Wireless Italiane SpA                                                                          | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |     247604 | NS      | $2722097.71   | 0.09%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Consolidated Edison, Inc.                              | Consolidated Edison, Inc.                                                                                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     152960 | NS      | $14899833.60  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.                                                               | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |    2351760 | NS      | $21179826.68  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                                     | South African Rand                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |     540154 | OU      | $31164.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp.                                 | Pembina Pipeline Corp.                                                                                        | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |     371884 | NS      | $14082835.56  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital PCL                                | Bumrungrad Hospital PCL                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |    1051600 | NS      | $5593790.01   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanaway Waste Management Ltd.                        | Cleanaway Waste Management Ltd.                                                                               | CUSIP: N/A<br>LEI: 549300D5C72CV6CIBS66       | Long             | EC               | CORP              | AU        |    3462388 | NS      | $5779963.37   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel DC REIT                                         | Keppel DC REIT                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    1755216 | NS      | $3223301.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                      | Malaysian Ringgit                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |     130529 | OU      | $31167.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV         | Grupo Aeroportuario del Centro Norte SAB de CV, Class B                                                       | CUSIP: N/A<br>LEI: 529900HUSBARAFSXJ605       | Long             | EC               | CORP              | MX        |     434980 | NS      | $5367992.95   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp.                          | Select Medical Holdings Corp.                                                                                 | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      38240 | NS      | $528859.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KPJ Healthcare Bhd.                                    | KPJ Healthcare Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    2676800 | NS      | $1815212.99   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Core REIT Management Pte. Ltd.                 | Digital Core REIT Management Pte. Ltd.                                                                        | CUSIP: N/A<br>LEI: 254900RTT7SLEEJYGV92       | Long             | EC               | CORP              | SG        |     956000 | NS      | $492340.00    | 0.02%             |  |  |  | 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      | $-55354.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV              | Grupo Aeroportuario del Sureste SAB de CV, Class B                                                            | CUSIP: N/A<br>LEI: 5299001W7JIDXCUOUC82       | Long             | EC               | CORP              | MX        |     267680 | NS      | $8108966.02   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Dollar                                     | New Zealand Dollar                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |      25266 | OU      | $14468.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                      | T-Mobile US, Inc.                                                                                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     207452 | NS      | $43575292.60  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                                 | WEC Energy Group, Inc.                                                                                        | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     135752 | NS      | $15167570.96  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    2000000 | PA      | $2000000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL                               | Airports of Thailand PCL                                                                                      | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |    6500800 | NS      | $8293118.91   | 0.28%             |  |  |  | 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      | $-58677.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                     | Southern Co. (The)                                                                                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     465572 | NS      | $43782390.88  | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | SPI 200 Index                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         32 | NC      | $-15142.58    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8972.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PG&E Corp.                                             | PG&E Corp.                                                                                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     932100 | NS      | $14876316.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                                        | South Bow Corp.                                                                                               | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |     133840 | NS      | $3475073.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Daiei Kankyo Co. Ltd.                                  | Daiei Kankyo Co. Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      49100 | NS      | $1093200.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Post AG                                       | Deutsche Post AG                                                                                              | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |    1451208 | NS      | $66664374.12  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd.                    | Auckland International Airport Ltd.                                                                           | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |    2683499 | NS      | $12478050.30  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services PCL                     | Bangkok Dusit Medical Services PCL                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   21318800 | NS      | $12460965.52  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobu Railway Co. Ltd.                                  | Tobu Railway Co. Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     286800 | NS      | $4623464.35   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlas Arteria Ltd.                                     | Atlas Arteria Ltd.                                                                                            | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |    1573576 | NS      | $5006487.83   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                            | H2O America                                                                                                   | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      15296 | NS      | $707440.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                           | Verizon Communications, Inc.                                                                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    1786764 | NS      | $71006001.36  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                       | Severn Trent plc                                                                                              | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |     423508 | NS      | $15474206.66  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.                                | Waste Connections, Inc.                                                                                       | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |     405344 | NS      | $68047686.31  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $90896.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| California Water Service Group                         | California Water Service Group                                                                                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      21032 | NS      | $933400.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                                                                                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     516240 | NS      | $29874808.80  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd.                                            | NEXTDC Ltd.                                                                                                   | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        |     554480 | NS      | $5720727.63   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Gemadept Corp.                                         | Gemadept Corp.                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |     669200 | NS      | $1731807.71   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                     | Koninklijke KPN NV                                                                                            | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    3370856 | NS      | $15632599.55  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd.                                   | HKT Trust & HKT Ltd.                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    3267000 | NS      | $4762500.96   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                                    | IHH Healthcare Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    3346000 | NS      | $6591332.38   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                             | Getlink SE                                                                                                    | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |     491384 | NS      | $8978070.19   | 0.30%             |  |  |  | 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      | $15225.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                               | Enel SpA                                                                                                      | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    4953992 | NS      | $50157397.47  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                    | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |    3000000 | PA      | $3000000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistra Corp.                                           | Vistra Corp.                                                                                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     135752 | NS      | $25562101.60  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                                   | HCA Healthcare, Inc.                                                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      69788 | NS      | $32080147.84  | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Middlesex Water Co.                                    | Middlesex Water Co.                                                                                           | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       8604 | NS      | $494471.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| DT Midstream, Inc.                                     | DT Midstream, Inc.                                                                                            | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      43020 | NS      | $4710259.80   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co.                          | Canadian National Railway Co.                                                                                 | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     893860 | NS      | $85797545.87  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                                                                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      41108 | NS      | $34777779.08  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Healthcare Group Holdings Ltd.                    | Life Healthcare Group Holdings Ltd.                                                                           | CUSIP: N/A<br>LEI: 529900NEEWARTDD80135       | Long             | EC               | CORP              | ZA        |    1892880 | NS      | $1296321.11   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                           | Iberdrola SA                                                                                                  | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    3905260 | NS      | $79173378.46  | 2.64%             |  |  |  | No            |                  1 | On Loan: —       |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |    3500000 | PA      | $3500000.00   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyushu Railway Co.                                     | Kyushu Railway Co.                                                                                            | CUSIP: N/A<br>LEI: 5299002CCI6HLWAN3K50       | Long             | EC               | CORP              | JP        |     246600 | NS      | $6254040.44   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                                                                          | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |      38240 | NS      | $1733685.96   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | Rede D'Or Sao Luiz SA                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    1242800 | NS      | $10002126.59  | 0.33%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Snam SpA                                               | Snam SpA                                                                                                      | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |    1308764 | NS      | $8078557.29   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Swiss Franc                                            | Swiss Franc                                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CH        |      19320 | OU      | $24067.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                           | Exelon Corp.                                                                                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     428288 | NS      | $19752642.56  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Hess Midstream LP                                      | Hess Midstream LP, Class A                                                                                    | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      55448 | NS      | $1882459.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.                  | Public Service Enterprise Group, Inc.                                                                         | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     212232 | NS      | $17097409.92  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Enagas SA                                              | Enagas SA                                                                                                     | CUSIP: N/A<br>LEI: 213800OU3FQKGM4M2U23       | Long             | EC               | CORP              | ES        |     131928 | NS      | $2096014.41   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chinese Renminbi (Yuan)                                | Chinese Renminbi (Yuan)                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |     503891 | OU      | $70836.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                                                                                     | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |    3930116 | NS      | $1497520.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                           | Japanese Yen                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |   96205474 | OU      | $624487.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL AUSTRALIA BANK NY                             | NATIONAL AUSTRALIA BANK LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 17/MAR/2026 USD 1000                     | CUSIP: 63253T7L6<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    1000000 | PA      | $1000340.00   | 0.03%             | 2026-03-17      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         23 | NC      | $159056.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust, Inc.                             | Digital Realty Trust, Inc.                                                                                    | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     135752 | NS      | $23133498.32  | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Norfolk Southern Corp.                                 | Norfolk Southern Corp.                                                                                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      94644 | NS      | $26820216.72  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                                        | Canadian Dollar                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |    3658088 | OU      | $2610775.37   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Towers plc                                      | Helios Towers plc                                                                                             | CUSIP: N/A<br>LEI: 213800DGC7GS4XCHCU30       | Long             | EC               | CORP              | TZ        |     969384 | NS      | $1905343.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| China Everbright Environment Group Ltd.                | China Everbright Environment Group Ltd.                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    5736000 | NS      | $3549852.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| East Japan Railway Co.                                 | East Japan Railway Co.                                                                                        | CUSIP: N/A<br>LEI: 353800SENYJ2DSM6PS44       | Long             | EC               | CORP              | JP        |    1779200 | NS      | $43378502.48  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                                            | Swisscom AG (Registered)                                                                                      | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |      21988 | NS      | $16146902.52  | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Quebecor, Inc.                                         | Quebecor, Inc., Class B                                                                                       | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     135752 | NS      | $4334685.42   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Health Services, Inc.                        | Universal Health Services, Inc., Class B                                                                      | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      21988 | NS      | $4771615.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE, Inc.                                              | BCE, Inc.                                                                                                     | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |     800165 | NS      | $18308739.18  | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Rumo SA                                                | Rumo SA                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    1912000 | NS      | $5652403.37   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                | Republic Services, Inc., Class A                                                                              | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      86040 | NS      | $17916969.60  | 0.60%             |  |  |  | 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        |     286800 | NS      | $2012603.55   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                                    | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    1070720 | NS      | $16888219.48  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE 100 Index                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         64 | NC      | $352271.83    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |   15000000 | PA      | $15000000.00  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                                     | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      17208 | NS      | $1227102.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp.                                        | TC Energy Corp.                                                                                               | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     662508 | NS      | $33277888.19  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                                       | Hong Kong Dollar                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |    6323165 | OU      | $813561.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp.                                 | Antero Midstream Corp.                                                                                        | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     142444 | NS      | $2457159.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   30000000 | PA      | $30000000.00  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Taiwan Dollar                                      | New Taiwan Dollar                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |       9870 | OU      | $321.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philippines                                            | Philippines                                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PH        |     975879 | OU      | $16582.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group, Inc. (The)                                  | GEO Group, Inc. (The)                                                                                         | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      60228 | NS      | $1022069.16   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Jiangsu Expressway Co. Ltd.                            | Jiangsu Expressway Co. Ltd., Class H                                                                          | CUSIP: N/A<br>LEI: 529900UWWTWZ6AKLYD43       | Long             | EC               | CORP              | CN        |    1912000 | NS      | $2327207.23   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                            | ONEOK, Inc.                                                                                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     267680 | NS      | $17934560.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                    | Union Pacific Corp.                                                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     251428 | NS      | $55407188.36  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental, Inc.                                | GFL Environmental, Inc.                                                                                       | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | US        |     551612 | NS      | $24099928.28  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                                      | Xcel Energy, Inc.                                                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     250472 | NS      | $20330812.24  | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Central Japan Railway Co.                              | Central Japan Railway Co.                                                                                     | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |    1529600 | NS      | $37392318.33  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SAB de CV     | Promotora y Operadora de Infraestructura SAB de CV                                                            | CUSIP: N/A<br>LEI: 52990035X6RK8DBUWA73       | Long             | EC               | CORP              | MX        |     282020 | NS      | $3657754.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                                    | Clean Harbors, Inc.                                                                                           | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      21988 | NS      | $4628693.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| CTT-Correios de Portugal SA                            | CTT-Correios de Portugal SA                                                                                   | CUSIP: N/A<br>LEI: 529900G4A1IKOKC22K56       | Long             | EC               | CORP              | PT        |     140532 | NS      | $1224625.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                                          | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |    6220000 | NS      | $2000720.52   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| South Korea Won                                        | South Korea Won                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |   42015488 | OU      | $29489.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid plc                                      | National Grid plc                                                                                             | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    3290552 | NS      | $49285525.87  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty, Inc.                                      | GCI Liberty, Inc.                                                                                             | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      36294 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KDDI Corp.                                             | KDDI Corp.                                                                                                    | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    2485600 | NS      | $39715065.40  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                                           | Keyera Corp.                                                                                                  | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     148180 | NS      | $4379355.39   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Aurizon Holdings Ltd.                                  | Aurizon Holdings Ltd.                                                                                         | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |    2606056 | NS      | $5851767.14   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                                      | Australian Dollar                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |    1201177 | OU      | $786350.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                | E.ON SE                                                                                                       | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |    1429220 | NS      | $26624636.40  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                           | Indian Rupee                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |   11869823 | OU      | $133712.47    | 0.00%             |  |  |  | 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        |     715400 | NS      | $17513194.99  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT VARIABLE 10/NOV/2025 USD 1000                                 | CUSIP: 86564PT76<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    2000300 | PA      | $2000116.00   | 0.07%             | 2025-11-10      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Fastly, Inc.                                           | Fastly, Inc., Class A                                                                                         | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |      60228 | NS      | $499290.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                      | Uniti Group, Inc.                                                                                             | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |          1 | NS      | $5.76         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   19285956 | PA      | $19285956.05  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| COSCO SHIPPING Ports Ltd.                              | COSCO SHIPPING Ports Ltd.                                                                                     | CUSIP: N/A<br>LEI: 5299008QX6KA3JHWK507       | Long             | EC               | CORP              | CN        |    1971426 | NS      | $1453420.01   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Veolia Environnement SA                                | Veolia Environnement SA                                                                                       | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |    1049688 | NS      | $34710904.35  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                                     | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     109940 | NS      | $4290958.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazilian Real                                         | Brazilian Real                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |    1548229 | OU      | $287499.62    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dong                                           | Vietnam Dong                                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | VN        | 1031651190 | OU      | $39203.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                                  | Chilean Peso Currency                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |   25464184 | OU      | $27027.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNeVision Holdings Ltd.                               | SUNeVision Holdings Ltd.                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     504000 | NS      | $391672.89    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumen Technologies, Inc.                               | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     405344 | NS      | $4166936.32   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Dollar                                       | Singapore Dollar                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SG        |      98171 | OU      | $75431.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiseki Co. Ltd.                                       | Daiseki Co. Ltd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      95660 | NS      | $2014973.22   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Bangkok Expressway & Metro PCL                         | Bangkok Expressway & Metro PCL                                                                                | CUSIP: N/A<br>LEI: 529900A653WRN6DJXS19       | Long             | EC               | CORP              | TH        |   12045600 | NS      | $1918504.41   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                            | Casella Waste Systems, Inc., Class A                                                                          | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      23900 | NS      | $2116823.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Constellation Energy Corp.                             | Constellation Energy Corp.                                                                                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     131928 | NS      | $49736856.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                            | Aena SME SA                                                                                                   | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |    1153892 | NS      | $31364411.56  | 1.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kinetik Holdings, Inc.                                 | Kinetik Holdings, Inc., Class A                                                                               | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20076 | NS      | $773126.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| West Japan Railway Co.                                 | West Japan Railway Co.                                                                                        | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |     764800 | NS      | $15692660.41  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Frontier Communications Parent, Inc.                   | Frontier Communications Parent, Inc.                                                                          | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     100380 | NS      | $3790348.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                  | Targa Resources Corp.                                                                                         | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      90820 | NS      | $13989912.80  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Befesa SA                                              | Befesa SA                                                                                                     | CUSIP: N/A<br>LEI: 222100VXGA8L6J4ZWG61       | Long             | EC               | CORP              | ES        |      54492 | NS      | $1805076.93   | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd.               | Adani Ports & Special Economic Zone Ltd.                                                                      | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |    1373772 | NS      | $22462565.95  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P 500 E-Mini Index                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         15 | NC      | $159443.62    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Viettel Post Joint Stock Corp.                         | Viettel Post Joint Stock Corp.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |      95600 | NS      | $419600.99    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                         | EchoStar Corp., Class A                                                                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      61184 | NS      | $4580846.08   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| PostNL NV                                              | PostNL NV                                                                                                     | CUSIP: N/A<br>LEI: 724500Q41FHN0P1GPC53       | Long             | EC               | CORP              | NL        |     586028 | NS      | $649675.97    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Duke Energy Corp.                                      | Duke Energy Corp.                                                                                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     329820 | NS      | $40996626.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                                 | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      38240 | NS      | $7896177.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    3824000 | NS      | $3635953.78   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                                                   | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |    2080256 | NS      | $8593207.81   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT, Inc.                                              | NTT, Inc.                                                                                                     | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   45983600 | NS      | $47280531.24  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 08/JAN/2026 USD 100000 | CUSIP: 22532XE53<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |    1000000 | PA      | $999997.00    | 0.03%             | 2026-01-08      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| MTR Corp. Ltd.                                         | MTR Corp. Ltd.                                                                                                | CUSIP: N/A<br>LEI: 254900IH4U9NHH9AQM97       | Long             | EC               | CORP              | HK        |    2390000 | NS      | $8763927.85   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                                                                       | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     645300 | NS      | $37255159.12  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                               | Engie SA                                                                                                      | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |    1178748 | NS      | $27618372.13  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana (Preference)                                                                          | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |    1625200 | NS      | $2061245.46   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                      | Uniti Group, Inc.                                                                                             | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |      75523 | NS      | $435012.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| BT Group plc                                           | BT Group plc                                                                                                  | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |    5491264 | NS      | $13401300.06  | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Transurban Group                                       | Transurban Group                                                                                              | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |    4895676 | NS      | $46407738.16  | 1.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Oesterreichische Post AG                               | Oesterreichische Post AG                                                                                      | CUSIP: N/A<br>LEI: 529900MVUWACNUTK8467       | Long             | EC               | CORP              | AT        |      49712 | NS      | $1721327.71   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                 | Motiva Infraestrutura de Mobilidade SA                                                                        | CUSIP: N/A<br>LEI: 254900H4EUL83CCQ6781       | Long             | EC               | CORP              | BR        |    1625200 | NS      | $4792471.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $80874.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sirius XM Holdings, Inc.                               | Sirius XM Holdings, Inc.                                                                                      | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      78392 | NS      | $1700322.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| TRE Holdings Corp.                                     | TRE Holdings Corp.                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      95600 | NS      | $960623.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CSX Corp.                                              | CSX Corp.                                                                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     791568 | NS      | $28512279.36  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                                                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     198848 | NS      | $35589815.04  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                                                                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      83172 | NS      | $10681779.96  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Westports Holdings Bhd.                                | Westports Holdings Bhd.                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    1529634 | NS      | $1880996.92   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge, Inc.                                         | Enbridge, Inc.                                                                                                | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    1390024 | NS      | $64880683.44  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                                                                            | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |     408212 | NS      | $12735408.59  | 0.43%             |  |  |  | Yes           |                  1 | On Loan: No      |
| China Merchants Port Holdings Co. Ltd.                 | China Merchants Port Holdings Co. Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | CN        |    1912000 | NS      | $3699915.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Russian Roubles                                        | Russian Roubles                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        |   81017100 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Post Ltd.                                    | Singapore Post Ltd.                                                                                           | CUSIP: N/A<br>LEI: 2549001SP50468BWD892       | Long             | EC               | CORP              | SG        |    1912000 | NS      | $617034.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                           | Iridium Communications, Inc.                                                                                  | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      28680 | NS      | $549222.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| AST SpaceMobile, Inc.                                  | AST SpaceMobile, Inc., Class A                                                                                | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |      99424 | NS      | $7978776.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| AltaGas Ltd.                                           | AltaGas Ltd.                                                                                                  | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |     192156 | NS      | $5646121.06   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Ramsay Health Care Ltd.                                | Ramsay Health Care Ltd.                                                                                       | CUSIP: N/A<br>LEI: 549300QBX122KF2JPI10       | Long             | EC               | CORP              | AU        |     285844 | NS      | $6006801.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |   19612678 | PA      | $19612678.22  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                    | Deutsche Telekom AG (Registered)                                                                              | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    3022872 | NS      | $93819179.45  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                      | Canadian Pacific Kansas City Ltd.                                                                             | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    1433044 | NS      | $103227442.40 | 3.45%             |  |  |  | No            |                  1 | On Loan: —       |
| SBA Communications Corp.                               | SBA Communications Corp., Class A                                                                             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      45888 | NS      | $8786634.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co., Inc.                            | Acadia Healthcare Co., Inc.                                                                                   | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      28680 | NS      | $616620.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                                                                            | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    2401472 | NS      | $55579077.96  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Envision Greenwise Holdings Ltd.                       | Envision Greenwise Holdings Ltd.                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    1912000 | NS      | $801976.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Polish Zloty - New                                     | Polish Zloty - New                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |       3764 | OU      | $1020.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.                   | Cogent Communications Holdings, Inc.                                                                          | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      12428 | NS      | $512655.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Sempra                                                 | Sempra                                                                                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     277240 | NS      | $25489445.60  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle, Inc.                                     | Crown Castle, Inc.                                                                                            | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     185464 | NS      | $16732562.08  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                                                                              | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |     749504 | NS      | $5105855.28   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic, Inc.                                        | CoreCivic, Inc.                                                                                               | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |      45888 | NS      | $850304.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                   | EURO                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |    1487607 | OU      | $1716996.03   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                          | British Pound                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |     533917 | OU      | $701486.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies, Inc.                           | PureCycle Technologies, Inc.                                                                                  | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      82216 | NS      | $952061.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Transneft PJSC                                         | Transneft PJSC (Preference)                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |     147300 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NextEra Energy, Inc.                                   | NextEra Energy, Inc.                                                                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     872828 | NS      | $71048199.20  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                  | Dominion Energy, Inc.                                                                                         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     362324 | NS      | $21264795.56  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen International Holdings Ltd.                   | Shenzhen International Holdings Ltd.                                                                          | CUSIP: N/A<br>LEI: 5493002NKD14ZZMEJF98       | Long             | EC               | CORP              | CN        |    2047732 | NS      | $2120923.63   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Flughafen Zurich AG                                    | Flughafen Zurich AG (Registered)                                                                              | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |      29636 | NS      | $8756971.91   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                                 | Encompass Health Corp.                                                                                        | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      43020 | NS      | $4897827.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airport Terminal Co. Ltd.                        | Japan Airport Terminal Co. Ltd.                                                                               | CUSIP: N/A<br>LEI: 353800W9WEQSGUY2EO26       | Long             | EC               | CORP              | JP        |     141200 | NS      | $4395801.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| AT&T, Inc.                                             | AT&T, Inc.                                                                                                    | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    3026696 | NS      | $74910726.00  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | TOPIX Index                                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |          3 | NC      | $37548.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KINX, Inc.                                             | KINX, Inc.                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       4780 | NS      | $312012.63    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                      | Indonesian Rupiah                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |          9 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                  | Cheniere Energy, Inc.                                                                                         | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      92732 | NS      | $19659184.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                    | Kinder Morgan, Inc.                                                                                           | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     830764 | NS      | $21757709.16  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Group                                              | APA Group                                                                                                     | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        |     792524 | NS      | $4762821.18   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO