# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-002062
**Filing Date:** 2025-9
**Character Count:** 76383
**Document Hash:** 9de5c7d10c27258e9a87d67a79ce5049
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002062.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-002062

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251342638

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** FlexShares Morningstar Global Upstream Natural Resources Index Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $4958340073.99

**Total Liabilities:** $190549734.96

**Net Assets:** $4767790339.03

**Cash Not Reported:** $16896655.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102371 | 2.74%                | 3.56%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15994083.45             | $90339395.46                               |
| Month 2  | $-34390957.45            | $180440235.53                              |
| Month 3  | $4755294.51              | $29659878.48                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Corteva, Inc.                                          | Corteva, Inc.                                                                                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   3248736 | NS      | $234331327.68 | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd.                                         | PPB Group Bhd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   4958100 | NS      | $10962457.91  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                           | Nutrien Ltd.                                                                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |   3333732 | NS      | $198232329.91 | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MIT UFJ TR NY                                          | MITSUBISHI UFJ TRUST & BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 08/AUG/2025 USD 1000                 | CUSIP: 60683D4Y2<br>LEI: JBONEPAGQXF4QP29B387 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $999983.00    | 0.02%             | 2025-08-08      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| NATIXIS NY                                             | NATIXIS SA/NEW YORK NY CERTIFICATE OF DEPOSIT FIXED 4.47% 11/DEC/2025 USD 1000                              | CUSIP: 63873TDM7<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2000238.00   | 0.04%             | 2025-12-11      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| ARC Resources Ltd.                                     | ARC Resources Ltd.                                                                                          | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    576084 | NS      | $11271253.99  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE/JSE Top 40 Index                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |        40 | NC      | $39589.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd.                        | Canadian Natural Resources Ltd.                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   1992684 | NS      | $63215883.87  | 1.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Oji Holdings Corp.                                     | Oji Holdings Corp.                                                                                          | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        |   2641000 | NS      | $12972040.27  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| SUMITOMO MITSUI BANKING CORP NY                        | SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 01/OCT/2025 USD 1000                  | CUSIP: 86565GMH0<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2000172.00   | 0.04%             | 2025-10-01      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp.                                   | Tourmaline Oil Corp.                                                                                        | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |    339984 | NS      | $14501360.88  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Novatek PJSC                                           | Novatek PJSC                                                                                                | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | RU        |   1237715 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vale SA                                                | Vale SA                                                                                                     | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |   6027100 | NS      | $57552181.55  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Indonesia Tbk. PT                     | Charoen Pokphand Indonesia Tbk. PT                                                                          | CUSIP: N/A<br>LEI: 529900JL5SA37OU87X40       | Long             | EC               | CORP              | ID        |  50761500 | NS      | $15208398.36  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1076616 | NS      | $163258050.24 | 3.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Antofagasta plc                                        | Antofagasta plc                                                                                             | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |    559557 | NS      | $13898992.72  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                             | Archer-Daniels-Midland Co.                                                                                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |   2219340 | NS      | $120243841.20 | 2.52%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | SPI 200 Index                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         7 | NC      | $16802.49     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MUFG Bank Ltd, New York Branch                         | MUFG BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 08/SEP/2025 USD 1000                              | CUSIP: 55381BFN3<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $1999938.00   | 0.04%             | 2025-09-08      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Bakkafrost P/F                                         | Bakkafrost P/F                                                                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |    347067 | NS      | $13979178.82  | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| PetroChina Co. Ltd.                                    | PetroChina Co. Ltd., Class H                                                                                | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |  20056000 | NS      | $19596117.20  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $16.10        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                         | Fortescue Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |   2693901 | NS      | $30821499.19  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondi plc                                              | Mondi plc                                                                                                   | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | AT        |   1248969 | NS      | $16982757.63  | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Qinghai Salt Lake Industry Co. Ltd.                    | Qinghai Salt Lake Industry Co. Ltd., Class A                                                                | CUSIP: N/A<br>LEI: 300300Q8WSV1OODU9092       | Long             | EC               | CORP              | CN        |  10684200 | NS      | $26781426.96  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                              | FMC Corp.                                                                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |    512337 | NS      | $20001636.48  | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Hang Seng Index                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |        13 | NC      | $-59833.28    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   8000000 | PA      | $8000000.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp.                                    | Franco-Nevada Corp.                                                                                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    321096 | NS      | $51262022.44  | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| UFP Industries, Inc.                                   | UFP Industries, Inc.                                                                                        | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    129855 | NS      | $12725790.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Russell 2000 E-Mini Index                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $30491.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp.                                           | Cameco Corp.                                                                                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    639831 | NS      | $48144095.28  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Svenska Cellulosa AB SCA                               | Svenska Cellulosa AB SCA, Class B                                                                           | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |   1435488 | NS      | $18068987.15  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Yunnan Yuntianhua Co. Ltd.                             | Yunnan Yuntianhua Co. Ltd., Class A                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   3777600 | NS      | $12951051.18  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                 | Grupo Mexico SAB de CV, Series B                                                                            | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |   5261684 | NS      | $33000624.77  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                           | Scotts Miracle-Gro Co. (The)                                                                                | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |    191241 | NS      | $11983161.06  | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Severn Trent plc                                       | Severn Trent plc                                                                                            | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    871209 | NS      | $30540703.26  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                | Eni SpA                                                                                                     | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |   2006850 | NS      | $34247377.91  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore plc                                           | Glencore plc                                                                                                | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | AU        |  16597830 | NS      | $66937540.09  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                             | Charoen Pokphand Foods PCL                                                                                  | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |  20304600 | NS      | $14166000.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD,NY                      | SUMITOMO MITSUI TRUST NY CERTIFICATE OF DEPOSIT VARIABLE 07/NOV/2025 USD 1000                               | CUSIP: 86564P6Y2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1000214.00   | 0.02%             | 2025-11-07      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                   | Barrick Mining Corp.                                                                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   2828478 | NS      | $59840860.37  | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| CIBC NY                                                | CANADIAN IMPERIAL BANK OF COMMERCE/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 17/DEC/2025 USD 1000         | CUSIP: 13606DGG1<br>LEI: 549300H8L46OOZOFHU82 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1999838.00   | 0.04%             | 2025-12-17      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $334.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings, Inc.                           | CF Industries Holdings, Inc.                                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    783852 | NS      | $72764981.16  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                              | Suzano SA                                                                                                   | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |   1761400 | NS      | $16407285.82  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SABIC Agri-Nutrients Co.                               | SABIC Agri-Nutrients Co.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |   1605480 | NS      | $51017892.35  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 31/OCT/2025 USD 1000 | CUSIP: 22532XD47<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2000152.00   | 0.04%             | 2025-10-31      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | MSCI Emerging Markets E-Mini Index                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         8 | NC      | $16926.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                                 | BP plc                                                                                                      | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |  15641625 | NS      | $83780596.66  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                   | Industries Qatar QSC                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |  20229048 | NS      | $73837969.77  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                                   | Cenovus Energy, Inc.                                                                                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   1227720 | NS      | $18728157.97  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp.                                   | PotlatchDeltic Corp.                                                                                        | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |    155826 | NS      | $6371725.14   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| PhosAgro PJSC                                          | PhosAgro PJSC                                                                                               | CUSIP: N/A<br>LEI: 25340053KRUNNYUWF472       | Long             | EC               | CORP              | RU        |    308581 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                                                                                   | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   9795789 | NS      | $3202631.10   | 0.07%             |  |  |  | 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      | $-13458.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $784.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC                                                                                                 | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | GB        |    269035 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                            | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 01/JUL/2026 USD 1000                            | CUSIP: 06418NHH8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2999954.70   | 0.06%             | 2026-07-01      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| BARCLAYS NEW YORK                                      | BARCLAYS BANK PLC/NY CERTIFICATE OF DEPOSIT VARIABLE 15/OCT/2025 USD 1000                                   | CUSIP: 06745GDA6<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $4000576.00   | 0.08%             | 2025-10-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                           | Northern Star Resources Ltd.                                                                                | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   2479050 | NS      | $24851842.86  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Corp.                                           | Canfor Corp.                                                                                                | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |    146382 | NS      | $1437826.89   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold, Inc.                                      | Alamos Gold, Inc., Class A                                                                                  | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    696495 | NS      | $16962125.53  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |  41062881 | PA      | $41062881.24  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella-Jones, Inc.                                     | Stella-Jones, Inc.                                                                                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    136938 | NS      | $7823755.10   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| West Fraser Timber Co. Ltd.                            | West Fraser Timber Co. Ltd.                                                                                 | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |    146382 | NS      | $10170666.46  | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| BANK OF MONTREAL CHICAGO                               | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 29/MAY/2026 USD 1000                            | CUSIP: 06367DQZ1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1999616.00   | 0.04%             | 2026-05-29      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Taiwan Fertilizer Co. Ltd.                             | Taiwan Fertilizer Co. Ltd.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   5173000 | NS      | $9029677.53   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                             | Woodside Energy Group Ltd.                                                                                  | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |   1832136 | NS      | $31366116.11  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| First Quantum Minerals Ltd.                            | First Quantum Minerals Ltd.                                                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | ZM        |   1119114 | NS      | $18852240.47  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                         | BHP Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |   8348496 | NS      | $210975781.65 | 4.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Cia de Saneamento de Minas Gerais Copasa MG            | Cia de Saneamento de Minas Gerais Copasa MG                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    708300 | NS      | $3271675.34   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS, NY                                        | BNP PARIBAS SA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 01/DEC/2025 USD 1000                             | CUSIP: 05593DFX6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $3000216.00   | 0.06%             | 2025-12-01      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                                  | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |   2266560 | NS      | $33818823.29  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |  30000000 | PA      | $30000000.00  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                                       | Royal Gold, Inc.                                                                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     94440 | NS      | $14300104.80  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | S&P Midcap 400 E-Mini Index                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $16968.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vedanta Ltd.                                           | Vedanta Ltd.                                                                                                | CUSIP: N/A<br>LEI: 335800XDKX9KB5EMCO07       | Long             | EC               | CORP              | IN        |   2833200 | NS      | $13766766.99  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                                   | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     92079 | NS      | $6776093.61   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |  34000000 | PA      | $34000000.00  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7341.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MIT UFJ TR NY                                          | MITSUBISHI UFJ TRUST & BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 08/AUG/2025 USD 1000                 | CUSIP: 60683D4Y2<br>LEI: JBONEPAGQXF4QP29B387 | Long             | DBT              | CORP              | JP        |   1499993 | PA      | $1499974.50   | 0.03%             | 2025-08-08      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | GMK Norilskiy Nickel PAO                                                                                    | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | GB        |   1231473 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AlKhorayef Water & Power Technologies Co.              | AlKhorayef Water & Power Technologies Co.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     54303 | NS      | $1873266.03   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                            | Zijin Mining Group Co. Ltd., Class A                                                                        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |  10624500 | NS      | $28286112.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                                       | Weyerhaeuser Co.                                                                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |   1418961 | NS      | $35544973.05  | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| ICL Group Ltd.                                         | ICL Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |   4941573 | NS      | $30952197.80  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |  14166000 | NS      | $4854336.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana                                                                                     | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |    752000 | NS      | $4580328.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                      | Tyson Foods, Inc., Class A                                                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |   1341048 | NS      | $70136810.40  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG                                                 | K+S AG (Registered)                                                                                         | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |   1166334 | NS      | $17727838.26  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $32282.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Muyuan Foods Co. Ltd.                                  | Muyuan Foods Co. Ltd., Class A                                                                              | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |  10796804 | NS      | $69588042.85  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rosneft Oil Co. PJSC                                   | Rosneft Oil Co. PJSC                                                                                        | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               | CORP              | RU        |   2926433 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gazprom PJSC                                           | Gazprom PJSC                                                                                                | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |  15937700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shell plc                                              | Shell plc                                                                                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |   5834031 | NS      | $209301804.14 | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $17491.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                     | Petroleo Brasileiro SA - Petrobras (Preference)                                                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |   4751600 | NS      | $27702212.89  | 0.58%             |  |  |  | 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        |   1510000 | NS      | $29212581.83  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                               | Mowi ASA                                                                                                    | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |   3043329 | NS      | $57209600.43  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                         | ConocoPhillips                                                                                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    845238 | NS      | $80584990.92  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                         | Rayonier, Inc.                                                                                              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    299847 | NS      | $6989433.57   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                                   | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    599694 | NS      | $22068739.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp.                               | Texas Pacific Land Corp.                                                                                    | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |     13020 | NS      | $12605052.60  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-22903.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp.                          | Wheaton Precious Metals Corp.                                                                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | BR        |    769686 | NS      | $70546895.17  | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                                    | Expand Energy Corp.                                                                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    158187 | NS      | $16574833.86  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                       | China Petroleum & Chemical Corp., Class H                                                                   | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | CN        |  23610000 | NS      | $13835159.24  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |  30000000 | PA      | $30000000.00  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| OCBC NEW YORK                                          | OVERSEA-CHINESE BANKING CORP LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 17/OCT/2025 USD 1000              | CUSIP: 69033NGF6<br>LEI: 5493007O3QFXCPOGWK22 | Long             | DBT              | CORP              | SG        |   3000000 | PA      | $3000723.00   | 0.06%             | 2025-10-17      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | FTSE 100 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        40 | NC      | $120755.23    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grandblue Environment Co. Ltd.                         | Grandblue Environment Co. Ltd., Class A                                                                     | CUSIP: N/A<br>LEI: 30030011OA5FCYNY1P78       | Long             | EC               | CORP              | CN        |    785679 | NS      | $2924081.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                 | Freeport-McMoRan, Inc.                                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   1806165 | NS      | $72680079.60  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                        | Bunge Global SA                                                                                             | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |    679968 | NS      | $54234247.68  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CIC NY                                                 | CREDIT INDUSTRIEL ET COMMERCIAL/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 07/AUG/2025 USD 1000               | CUSIP: 22536WKG0<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $999992.00    | 0.02%             | 2025-08-07      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Simpson Manufacturing Co., Inc.                        | Simpson Manufacturing Co., Inc.                                                                             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     87357 | NS      | $15674466.51  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Inpex Corp.                                            | Inpex Corp.                                                                                                 | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |    854600 | NS      | $12194780.56  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                          | Rio Tinto plc                                                                                               | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | AU        |   1879356 | NS      | $112004105.95 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                       | Gold Fields Ltd.                                                                                            | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |   1421322 | NS      | $34647794.14  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                            | Equinor ASA                                                                                                 | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    821628 | NS      | $21367939.38  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                             | Occidental Petroleum Corp.                                                                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    424980 | NS      | $18673621.20  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   9444000 | NS      | $8409370.70   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                                                 | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |   3071661 | NS      | $15564411.92  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                 | Yara International ASA                                                                                      | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | BR        |   1114392 | NS      | $41583528.09  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd.                                    | Teck Resources Ltd., Class B                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    767325 | NS      | $24936466.85  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co.                                      | Boise Cascade Co.                                                                                           | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     80274 | NS      | $6727763.94   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Saudi Arabian Oil Co.                                  | Saudi Arabian Oil Co.                                                                                       | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |   5895417 | NS      | $38191099.44  | 0.80%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1367.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CIC NY                                                 | CREDIT INDUSTRIEL ET COMMERCIAL/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 28/OCT/2025 USD 1000               | CUSIP: 22536WK21<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2000144.00   | 0.04%             | 2025-10-28      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $53479.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Mining Co.                               | Saudi Arabian Mining Co.                                                                                    | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |   2198091 | NS      | $30471256.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                       | TotalEnergies SE                                                                                            | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   2021016 | NS      | $120330263.98 | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Salmar ASA                                             | Salmar ASA                                                                                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |    491088 | NS      | $20037689.99  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD, LDN                    | SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT FIXED 4.5% 06/OCT/2025 USD                     | CUSIP: N/A<br>LEI: 5493006GGLR4BTEL8O61       | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2000500.00   | 0.04%             | 2025-10-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                                                                              | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    469839 | NS      | $65890221.36  | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-28081.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        41 | NC      | $253026.61    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTPAC BKG CORP, NEW YORK                             | WESTPAC BANKING CORP/NY CERTIFICATE OF DEPOSIT VARIABLE 11/SEP/2025 USD 1000                                | CUSIP: 96130AXX1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2000222.00   | 0.04%             | 2025-09-11      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| UPM-Kymmene OYJ                                        | UPM-Kymmene OYJ                                                                                             | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |   1541733 | NS      | $40144434.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd.                                           | South32 Ltd.                                                                                                | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |   7899906 | NS      | $14953882.17  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp.                                      | Exxon Mobil Corp.                                                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   2228784 | NS      | $248821445.76 | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO DOMINION NY                                    | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 08/MAY/2026 USD 1000                               | CUSIP: 89115DCC8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3001344.00   | 0.06%             | 2026-05-08      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | GMK Norilskiy Nickel PAO                                                                                    | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |   4615800 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mosaic Co. (The)                                       | Mosaic Co. (The)                                                                                            | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |   1555899 | NS      | $56027922.99  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American plc                                     | Anglo American plc                                                                                          | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |   2120178 | NS      | $60267242.72  | 1.26%             |  |  |  | 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      | $-7522.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9137.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QL Resources Bhd.                                      | QL Resources Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |  16290900 | NS      | $16233604.92  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                          | Newmont Corp.                                                                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   1562982 | NS      | $97061182.20  | 2.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Stora Enso OYJ                                         | Stora Enso OYJ, Class R                                                                                     | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        |   1737696 | NS      | $17967541.53  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Hindalco Industries Ltd.                               | Hindalco Industries Ltd.                                                                                    | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |   2467245 | NS      | $19238307.59  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tatneft PJSC                                           | Tatneft PJSC                                                                                                | CUSIP: N/A<br>LEI: 253400PAT768SVJMV121       | Long             | EC               | CORP              | RU        |   2021036 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Evolution Mining Ltd.                                  | Evolution Mining Ltd.                                                                                       | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   3432894 | NS      | $15715011.18  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                     | Kinross Gold Corp.                                                                                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |   2082402 | NS      | $33392537.22  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                                   | Coterra Energy, Inc.                                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    488727 | NS      | $11920051.53  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                                     | PI Industries Ltd.                                                                                          | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |    679968 | NS      | $32996771.89  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                            | LUKOIL PJSC                                                                                                 | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | RU        |    214305 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EOG Resources, Inc.                                    | EOG Resources, Inc.                                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    358872 | NS      | $43071817.44  | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| EQT Corp.                                              | EQT Corp.                                                                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    406092 | NS      | $21827445.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                                     | Devon Energy Corp.                                                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    387204 | NS      | $12862916.88  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chengdu Xingrong Environment Co. Ltd.                  | Chengdu Xingrong Environment Co. Ltd., Class A                                                              | CUSIP: N/A<br>LEI: 300300XM3A0CVZ914Y75       | Long             | EC               | CORP              | CN        |   2833200 | NS      | $2800546.65   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                                                                            | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |   1610202 | NS      | $10620210.32  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                               | UPL Ltd.                                                                                                    | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   3697326 | NS      | $29705652.64  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                              | Pan American Silver Corp.                                                                                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    531225 | NS      | $14381940.44  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                | Agnico Eagle Mines Ltd.                                                                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    871876 | NS      | $108474478.87 | 2.28%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-41777.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy, Inc.                                    | Suncor Energy, Inc.                                                                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   1194666 | NS      | $47223244.66  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                             | Boliden AB                                                                                                  | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |    493449 | NS      | $15213303.97  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Repsol SA                                              | Repsol SA                                                                                                   | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |   1130919 | NS      | $17189543.58  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                                  | Cal-Maine Foods, Inc.                                                                                       | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |    203046 | NS      | $22566532.44  | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5565.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Hope Liuhe Co. Ltd.                                | New Hope Liuhe Co. Ltd., Class A                                                                            | CUSIP: N/A<br>LEI: 300300F28XODWP5GJF78       | Long             | EC               | CORP              | CN        |   9445164 | NS      | $12632245.36  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United Plantations Bhd.                                | United Plantations Bhd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2124900 | NS      | $10791403.05  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                               | Diamondback Energy, Inc.                                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    122772 | NS      | $18251285.52  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO