# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009655
**Filing Date:** 2025-12
**Character Count:** 76948
**Document Hash:** a7123a53854bb2de7d92da8d5e011642
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009655.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009655

**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:** 251596541

**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 Developed Markets ex-US Quality Low Volatility Index Fund (Series ID: S000065838)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000212720 | FlexShares Developed Markets ex-US Quality Low Volatility Index Fund | QLVD            |

## 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 Developed Markets ex-US Quality Low Volatility Index Fund

- **b. EDGAR series identifier (if any):** S000065838

- **c. LEI of Series:** 549300CQ3FSH3O0DSC91

**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:** $63746986.93

**Total Liabilities:** $3563732.64

**Net Assets:** $60183254.29

**Cash Not Reported:** $104832.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212720 | 4.01%                | -0.43%               | -0.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28212.51                | $2144654.83                                |
| Month 2  | $560805.51               | $-1023871.76                               |
| Month 3  | $-56.38                  | $-517352.75                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thomson Reuters Corp.                          | Thomson Reuters Corp.                                                  | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      2886 | NS      | $442513.82    | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| Orange SA                                      | Orange SA                                                              | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |     21567 | NS      | $344389.56    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Canada                        | National Bank of Canada                                                | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |      4602 | NS      | $514672.52    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                                    | Euronext NV                                                            | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | FR        |      2964 | NS      | $424210.05    | 0.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Norwegian Krone                                | Norwegian Krone                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |     51168 | OU      | $5057.61      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Idemitsu Kosan Co. Ltd.                        | Idemitsu Kosan Co. Ltd.                                                | CUSIP: N/A<br>LEI: 549300P0R46FF6DUA630       | Long             | EC               | CORP              | JP        |      7800 | NS      | $54251.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HAL Trust                                      | HAL Trust                                                              | CUSIP: N/A<br>LEI: 5493000O3IE3DNOY3R07       | Long             | EC               | CORP              | NL        |       195 | NS      | $30654.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel Ltd.                                    | Keppel Ltd.                                                            | CUSIP: N/A<br>LEI: 254900SQ7IPDOY6IDW33       | Long             | EC               | CORP              | SG        |     37800 | NS      | $295963.73    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      1521 | NS      | $941670.69    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                 | Treasury Repurchase Agreement                                          | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   3524886 | PA      | $3524885.70   | 5.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co. Ltd.                  | Daiwa House Industry Co. Ltd.                                          | CUSIP: N/A<br>LEI: 353800K9WXR9XRZJZI46       | Long             | EC               | CORP              | JP        |      7600 | NS      | $258159.75    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ajinomoto Co., Inc.                            | Ajinomoto Co., Inc.                                                    | CUSIP: N/A<br>LEI: 353800UT0TLROREPIC92       | Long             | EC               | CORP              | JP        |      4300 | NS      | $122059.65    | 0.20%             |  |  |  | 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      | $440.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Ltd.                | Fairfax Financial Holdings Ltd.                                        | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |       255 | NS      | $414415.27    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp.                         | Pembina Pipeline Corp.                                                 | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |      6864 | NS      | $259932.08    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Toronto-Dominion Bank (The)                    | Toronto-Dominion Bank (The)                                            | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |      5070 | NS      | $416701.42    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                               | Sony Group Corp.                                                       | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |      2000 | NS      | $56239.65     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo OYJ                                      | Sampo OYJ, Class A                                                     | CUSIP: N/A<br>LEI: 743700UF3RL386WIDA22       | Long             | EC               | CORP              | FI        |     28782 | NS      | $321172.75    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Infrastructure Holdings Ltd.                | CK Infrastructure Holdings Ltd.                                        | CUSIP: N/A<br>LEI: 5299005U11RQ1C27MR12       | Long             | EC               | CORP              | HK        |     68000 | NS      | $442268.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong & China Gas Co. Ltd.                 | Hong Kong & China Gas Co. Ltd.                                         | CUSIP: N/A<br>LEI: 254900P7BETXGC7YU827       | Long             | EC               | CORP              | HK        |    273000 | NS      | $253955.12    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Danone SA                                      | Danone SA                                                              | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      7527 | NS      | $666170.03    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                      | Sanofi SA                                                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     12675 | NS      | $1281542.89   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp. Ltd.             | Oversea-Chinese Banking Corp. Ltd.                                     | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |     40700 | NS      | $532575.97    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Bank Co. Ltd.                       | Japan Post Bank Co. Ltd.                                               | CUSIP: N/A<br>LEI: 5493006JVO6N2HC2XZ76       | Long             | EC               | CORP              | JP        |     42000 | NS      | $471104.48    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                        | GSK plc                                                                | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     17394 | NS      | $406899.57    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd.                                  | Brambles Ltd.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     21216 | NS      | $345281.89    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airlines Co. Ltd.                        | Japan Airlines Co. Ltd.                                                | CUSIP: N/A<br>LEI: 3538002MH5L1QZZ93477       | Long             | EC               | CORP              | JP        |     10500 | NS      | $189341.47    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Land Co. Ltd.                             | Sino Land Co. Ltd.                                                     | CUSIP: N/A<br>LEI: 529900G5P51053HJVZ92       | Long             | EC               | CORP              | HK        |     10190 | NS      | $12651.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse AG                                                     | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      2223 | NS      | $563190.16    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Danish Krone                                   | Danish Krone                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | DK        |    143179 | OU      | $22131.21     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group plc                              | Compass Group plc                                                      | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |     19773 | NS      | $654924.44    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| New Zealand Dollar                             | New Zealand Dollar                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |     14948 | OU      | $8559.89      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Constellation Software, Inc.                                           | CUSIP: 21037X134<br>LEI: N/A                  | N/A              | DE               |  | CA        |        28 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Elisa OYJ                                      | Elisa OYJ                                                              | CUSIP: N/A<br>LEI: 743700TU2S3DXWGU7H32       | Long             | EC               | CORP              | FI        |      4368 | NS      | $192788.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp.                            | Franco-Nevada Corp.                                                    | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1562 | NS      | $292066.07    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co. Ltd.                             | Tokyo Gas Co. Ltd.                                                     | CUSIP: N/A<br>LEI: 353800678EIJLOQSWZ83       | Long             | EC               | CORP              | JP        |      6500 | NS      | $227925.09    | 0.38%             |  |  |  | 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      | $-2300.60     | -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      | $-1113.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Shopify, Inc.                                  | Shopify, Inc., Class A                                                 | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       390 | NS      | $67876.67     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                  | Industria de Diseno Textil SA                                          | CUSIP: N/A<br>LEI: 549300TTCXZOGZM2EY83       | Long             | EC               | CORP              | ES        |      1794 | NS      | $99183.41     | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| ZOZO, Inc.                                     | ZOZO, Inc.                                                             | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |     45600 | NS      | $394713.58    | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Pandora A/S                                    | Pandora A/S                                                            | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |       429 | NS      | $57531.11     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hydro One Ltd.                                 | Hydro One Ltd.                                                         | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |      6630 | NS      | $244777.43    | 0.41%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Shimano, Inc.                                  | Shimano, Inc.                                                          | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |      1700 | NS      | $178822.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG         | Chocoladefabriken Lindt & Spruengli AG                                 | CUSIP: N/A<br>LEI: 529900JYJNNOKKAGK736       | Long             | EC               | CORP              | CH        |        24 | NS      | $369828.71    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd.                   | Sun Hung Kai Properties Ltd.                                           | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |     23000 | NS      | $279502.59    | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Alimentation Couche-Tard, Inc.                 | Alimentation Couche-Tard, Inc.                                         | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      5772 | NS      | $293636.06    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dai Nippon Printing Co. Ltd.                   | Dai Nippon Printing Co. Ltd.                                           | CUSIP: N/A<br>LEI: 529900S7NFNQ4FT6OP83       | Long             | EC               | CORP              | JP        |     14600 | NS      | $244462.69    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                              | Imperial Oil Ltd.                                                      | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      3003 | NS      | $265868.86    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Thales SA                                      | Thales SA                                                              | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |      1560 | NS      | $444556.29    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                        | Eni SpA                                                                | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |     19929 | NS      | $366744.72    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE            | LVMH Moet Hennessy Louis Vuitton SE                                    | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |        39 | NS      | $27552.95     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX plc                                       | RELX plc                                                               | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |      4173 | NS      | $184054.11    | 0.31%             |  |  |  | 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      | $2918.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Azrieli Group Ltd.                             | Azrieli Group Ltd.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |        78 | NS      | $8238.15      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Schindler Holding AG                           | Schindler Holding AG                                                   | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |       117 | NS      | $41684.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                             | Koninklijke KPN NV                                                     | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    106821 | NS      | $495390.47    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp. Japan                             | Oracle Corp. Japan                                                     | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |      4300 | NS      | $397189.32    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd.                           | HKT Trust & HKT Ltd.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    145000 | NS      | $211375.16    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Helvetia Holding AG                            | Helvetia Holding AG (Registered)                                       | CUSIP: N/A<br>LEI: 529900SUJBXTORH0LT80       | Long             | EC               | CORP              | CH        |       468 | NS      | $115083.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Telstra Group Ltd.                             | Telstra Group Ltd.                                                     | CUSIP: N/A<br>LEI: 894500WRW54CVN62K416       | Long             | EC               | CORP              | AU        |     79209 | NS      | $253048.36    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Leumi Le-Israel BM                        | Bank Leumi Le-Israel BM                                                | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |     28665 | NS      | $584275.54    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                     | Getlink SE                                                             | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |      1092 | NS      | $19951.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia (The)                      | Bank of Nova Scotia (The)                                              | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |      3432 | NS      | $225321.83    | 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      | $304.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                               | Novo Nordisk A/S, Class B                                              | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |      6708 | NS      | $327595.06    | 0.54%             |  |  |  | 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      | $-2.26        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                 | Air Liquide SA                                                         | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |      5109 | NS      | $990191.97    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co.                  | Canadian National Railway Co.                                          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      6123 | NS      | $587718.85    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd.                     | Power Assets Holdings Ltd.                                             | CUSIP: N/A<br>LEI: 254900JOWYUW1ZX4DF47       | Long             | EC               | CORP              | HK        |     73500 | NS      | $466786.75    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV                              | Wolters Kluwer NV                                                      | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      3198 | NS      | $392182.73    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co. Ltd.                            | Shionogi & Co. Ltd.                                                    | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     27300 | NS      | $457200.35    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Toho Co. Ltd.                                  | Toho Co. Ltd.                                                          | CUSIP: N/A<br>LEI: 529900IYHHYWU4O3H185       | Long             | EC               | CORP              | JP        |      3400 | NS      | $199866.28    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Iberdrola SA                                   | Iberdrola SA                                                           | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |     42432 | NS      | $860246.13    | 1.43%             |  |  |  | No            |                  1 | On Loan: —       |
| TD PRIME SERVICES LLC                          | Other Repurchase Agreement                                             | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |     16630 | PA      | $16630.20     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam SpA                                       | Snam SpA                                                               | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |     43602 | NS      | $269140.40    | 0.45%             |  |  |  | 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      | $4090.54      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Franc                                    | Swiss Franc                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CH        |     13450 | OU      | $16755.34     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Telecommunications Ltd.              | Singapore Telecommunications Ltd.                                      | CUSIP: N/A<br>LEI: 2549003XJKIQO8YDYD89       | Long             | EC               | CORP              | SG        |     62400 | NS      | $203772.72    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodexo SA                                      | Sodexo SA                                                              | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |      7605 | NS      | $421680.28    | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| BioMerieux                                     | BioMerieux                                                             | CUSIP: N/A<br>LEI: 549300AK8Y0LBIQ4T071       | Long             | EC               | CORP              | FR        |      1560 | NS      | $200941.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                   | Japanese Yen                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |    999617 | OU      | $6488.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco, Inc.                            | Japan Tobacco, Inc.                                                    | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |     14100 | NS      | $491035.67    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Intact Financial Corp.                         | Intact Financial Corp.                                                 | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |      2067 | NS      | $385960.97    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                                | Canadian Dollar                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |     41554 | OU      | $29657.22     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Gas Co. Ltd.                             | Osaka Gas Co. Ltd.                                                     | CUSIP: N/A<br>LEI: 353800024KMNOPQRWZ02       | Long             | EC               | CORP              | JP        |      8500 | NS      | $267488.88    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| London Stock Exchange Group plc                | London Stock Exchange Group plc                                        | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |      5538 | NS      | $690210.97    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                | Danske Bank A/S                                                        | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |      5343 | NS      | $238923.87    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corp.                                      | Kao Corp.                                                              | CUSIP: N/A<br>LEI: 353800HM38HFCB8RGL63       | Long             | EC               | CORP              | JP        |     11200 | NS      | $474012.53    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                  | Koninklijke Ahold Delhaize NV                                          | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     10530 | NS      | $431578.81    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Loblaw Cos. Ltd.                               | Loblaw Cos. Ltd.                                                       | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      1833 | NS      | $72919.69     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                | ASML Holding NV                                                        | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       602 | NS      | $637921.95    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd.                        | DBS Group Holdings Ltd.                                                | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     23300 | NS      | $965514.62    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuehne + Nagel International AG                | Kuehne + Nagel International AG (Registered)                           | CUSIP: N/A<br>LEI: 529900Q0YED3805QXQ66       | Long             | EC               | CORP              | CH        |      1872 | NS      | $359125.51    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Hang Seng Bank Ltd.                            | Hang Seng Bank Ltd.                                                    | CUSIP: N/A<br>LEI: 5493009Z5F07LWZYMK62       | Long             | EC               | CORP              | HK        |     16400 | NS      | $319888.83    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Canon, Inc.                                    | Canon, Inc.                                                            | CUSIP: N/A<br>LEI: 529900JH1GSC035SSP77       | Long             | EC               | CORP              | JP        |     10900 | NS      | $313652.27    | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Insurance Australia Group Ltd.                 | Insurance Australia Group Ltd.                                         | CUSIP: N/A<br>LEI: 549300PFEWKNHRG25N08       | Long             | EC               | CORP              | AU        |     42003 | NS      | $216128.49    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd.                     | Kawasaki Kisen Kaisha Ltd.                                             | CUSIP: N/A<br>LEI: 353800FL04R73DS5P870       | Long             | EC               | CORP              | JP        |     12900 | NS      | $185308.49    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Otsuka Corp.                                   | Otsuka Corp.                                                           | CUSIP: N/A<br>LEI: 529900RG9DJ58J3UIE72       | Long             | EC               | CORP              | JP        |     10400 | NS      | $205900.49    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                             | Nippon Steel Corp.                                                     | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |     66000 | NS      | $272602.64    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| SAP SE                                         | SAP SE                                                                 | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      1716 | NS      | $444547.29    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                               | Hong Kong Dollar                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |    274590 | OU      | $35329.79     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Israeli Shekel                                 | Israeli Shekel                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IL        |     22913 | OU      | $7041.20      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubu Electric Power Co., Inc.                 | Chubu Electric Power Co., Inc.                                         | CUSIP: N/A<br>LEI: 529900A76GOP0PGNHT63       | Long             | EC               | CORP              | JP        |     17700 | NS      | $246447.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LY Corp.                                       | LY Corp.                                                               | CUSIP: N/A<br>LEI: 52990078MD2OL792YM35       | Long             | EC               | CORP              | JP        |    120900 | NS      | $355507.45    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.           | Mitsubishi UFJ Financial Group, Inc.                                   | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |      4500 | NS      | $68060.11     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui Chemical Co. Ltd.                      | Sekisui Chemical Co. Ltd.                                              | CUSIP: N/A<br>LEI: 529900KQIVT7NWFNMI70       | Long             | EC               | CORP              | JP        |     25700 | NS      | $446252.96    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandai Namco Holdings, Inc.                    | Bandai Namco Holdings, Inc.                                            | CUSIP: N/A<br>LEI: 3538008EFEM34VRJDQ95       | Long             | EC               | CORP              | JP        |      2100 | NS      | $65458.44     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Hapoalim BM                               | Bank Hapoalim BM                                                       | CUSIP: N/A<br>LEI: B6ARUI4946ST4S7WOU88       | Long             | EC               | CORP              | IL        |     27807 | NS      | $566530.67    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cochlear Ltd.                                  | Cochlear Ltd.                                                          | CUSIP: N/A<br>LEI: 5493001OLLWY8KV5UC08       | Long             | EC               | CORP              | AU        |       975 | NS      | $183289.56    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                           | Royal Bank of Canada                                                   | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |      6123 | NS      | $897900.16    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corp.                               | Mitsubishi Corp.                                                       | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |     39000 | NS      | $939716.34    | 1.56%             |  |  |  | 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      | $2524.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                     | Haleon plc                                                             | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |     46683 | NS      | $217185.32    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever plc                                   | Unilever plc                                                           | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     26442 | NS      | $1594256.31   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                                                       | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |       702 | NS      | $226406.48    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                     | Allianz SE (Registered)                                                | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |        78 | NS      | $31347.61     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ANA Holdings, Inc.                             | ANA Holdings, Inc.                                                     | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | EC               | CORP              | JP        |     11100 | NS      | $208158.77    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp.                                     | KDDI Corp.                                                             | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |     34100 | NS      | $544851.84    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                         | SGS SA (Registered)                                                    | CUSIP: N/A<br>LEI: 2138007JNS19JHNA2336       | Long             | EC               | CORP              | CH        |      4446 | NS      | $501895.38    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                              | Australian Dollar                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |     30521 | OU      | $19980.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                      | Shell plc                                                              | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     14001 | NS      | $523803.72    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises, Inc.                     | Ferguson Enterprises, Inc.                                             | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      2301 | NS      | $571798.50    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI, Inc.                                      | CGI, Inc.                                                              | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      2808 | NS      | $244616.55    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd.                   | Suntory Beverage & Food Ltd.                                           | CUSIP: N/A<br>LEI: 549300FONLMVK7YYYH41       | Long             | EC               | CORP              | JP        |      6500 | NS      | $196702.48    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Singapore Airlines Ltd.                        | Singapore Airlines Ltd.                                                | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |      5600 | NS      | $28528.18     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Pacific International Holdings Corp.       | Pan Pacific International Holdings Corp.                               | CUSIP: N/A<br>LEI: 529900QLHJM2E18A5763       | Long             | EC               | CORP              | JP        |     68000 | NS      | $405117.65    | 0.67%             |  |  |  | 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      | $-843.61      | -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      | $-3723.58     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                             | Toyota Motor Corp.                                                     | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |      4700 | NS      | $95735.94     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jardine Matheson Holdings Ltd.                 | Jardine Matheson Holdings Ltd.                                         | CUSIP: N/A<br>LEI: 2138009KENVUNWOLPK41       | Long             | EC               | CORP              | SG        |      4200 | NS      | $246750.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd.                                  | WH Group Ltd.                                                          | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    273000 | NS      | $262033.92    | 0.44%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                 | Takeda Pharmaceutical Co. Ltd.                                         | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     18700 | NS      | $504112.82    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                  | Wheaton Precious Metals Corp.                                          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      2067 | NS      | $199818.11    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Geberit AG                                     | Geberit AG (Registered)                                                | CUSIP: N/A<br>LEI: 52990093Z5OHD6T7BS47       | Long             | EC               | CORP              | CH        |       663 | NS      | $484809.72    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | MSCI EAFE E-Mini Index                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $6573.06      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Dollar                               | Singapore Dollar                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SG        |     14435 | OU      | $11091.61     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG                      | Zurich Insurance Group AG                                              | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |       936 | NS      | $651789.47    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co. Ltd.                        | Mitsui Fudosan Co. Ltd.                                                | CUSIP: N/A<br>LEI: 353800ND4ZKNZDYKMF33       | Long             | EC               | CORP              | JP        |     31200 | NS      | $324343.90    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                    | Aena SME SA                                                            | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |     17433 | NS      | $473853.52    | 0.79%             |  |  |  | Yes           |                  1 | On Loan: No      |
| West Japan Railway Co.                         | West Japan Railway Co.                                                 | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |     10200 | NS      | $209290.19    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Secom Co. Ltd.                                 | Secom Co. Ltd.                                                         | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |      6500 | NS      | $219950.67    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama, Inc.                                | Dollarama, Inc.                                                        | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |      3276 | NS      | $426255.26    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                       | Universal Music Group NV                                               | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |      8034 | NS      | $215779.05    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Siemens AG                                     | Siemens AG (Registered)                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |       585 | NS      | $165797.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA   | Cie Generale des Etablissements Michelin SCA                           | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |      1482 | NS      | $47364.42     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ACS Actividades de Construccion y Servicios SA | ACS Actividades de Construccion y Servicios SA                         | CUSIP: N/A<br>LEI: 95980020140005558665       | Long             | EC               | CORP              | ES        |      3315 | NS      | $272423.52    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                                | AstraZeneca plc                                                        | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      1833 | NS      | $300313.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fisher & Paykel Healthcare Corp. Ltd.          | Fisher & Paykel Healthcare Corp. Ltd.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |      1521 | NS      | $32314.12     | 0.05%             |  |  |  | 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      | $4882.83      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co. Ltd.                       | Otsuka Holdings Co. Ltd.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      5300 | NS      | $288093.21    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                                  | Beiersdorf AG                                                          | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |      1794 | NS      | $189918.62    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Prime Site AG                            | Swiss Prime Site AG (Registered)                                       | CUSIP: N/A<br>LEI: 506700XI9H64OPR34158       | Long             | EC               | CORP              | CH        |      3471 | NS      | $494220.24    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CCL Industries, Inc.                           | CCL Industries, Inc., Class B                                          | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |      5031 | NS      | $280930.26    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                           | Galp Energia SGPS SA                                                   | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |     19773 | NS      | $396988.64    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicharm Corp.                                 | Unicharm Corp.                                                         | CUSIP: N/A<br>LEI: 353800UQ4BZIJTAQEG85       | Long             | EC               | CORP              | JP        |     30000 | NS      | $185680.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Nice Ltd.                                      | Nice Ltd.                                                              | CUSIP: N/A<br>LEI: 254900YTY4EF5Z4W0A51       | Long             | EC               | CORP              | IL        |      1131 | NS      | $153478.46    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp.                                 | SoftBank Corp.                                                         | CUSIP: N/A<br>LEI: 353800M1YCTS9JRBJ535       | Long             | EC               | CORP              | JP        |    354900 | NS      | $503824.15    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MTR Corp. Ltd.                                 | MTR Corp. Ltd.                                                         | CUSIP: N/A<br>LEI: 254900IH4U9NHH9AQM97       | Long             | EC               | CORP              | HK        |     33000 | NS      | $121008.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| TotalEnergies SE                               | TotalEnergies SE                                                       | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     12519 | NS      | $779546.74    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone OYJ                                       | Kone OYJ, Class B                                                      | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               | CORP              | FI        |      8307 | NS      | $555333.45    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                       | Engie SA                                                               | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     20553 | NS      | $481562.13    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd.                      | Mizrahi Tefahot Bank Ltd.                                              | CUSIP: N/A<br>LEI: YZO9YEGEO4VYDZMDWF93       | Long             | EC               | CORP              | IL        |      7917 | NS      | $516252.04    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                      | Nestle SA (Registered)                                                 | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     10608 | NS      | $1015936.52   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Admiral Group plc                              | Admiral Group plc                                                      | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |      5109 | NS      | $219900.18    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group, Inc.                     | Japan Exchange Group, Inc.                                             | CUSIP: N/A<br>LEI: 353800578ADEGIJTVW07       | Long             | EC               | CORP              | JP        |     12300 | NS      | $138086.07    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis, Inc.                                   | Fortis, Inc.                                                           | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |      5863 | NS      | $295001.61    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kongsberg Gruppen ASA                          | Kongsberg Gruppen ASA                                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               | CORP              | NO        |     13065 | NS      | $334536.42    | 0.56%             |  |  |  | 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      | $1050.24      | 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      | $-231.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Obic Co. Ltd.                                  | Obic Co. Ltd.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     13300 | NS      | $413275.13    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong Holdings Ltd.                    | BOC Hong Kong Holdings Ltd.                                            | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |    110000 | NS      | $540361.80    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CLP Holdings Ltd.                              | CLP Holdings Ltd.                                                      | CUSIP: N/A<br>LEI: 25490002BUTSMP94GO68       | Long             | EC               | CORP              | HK        |     29500 | NS      | $251646.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl plc                                      | Bunzl plc                                                              | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |      5265 | NS      | $159930.76    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pearson plc                                    | Pearson plc                                                            | CUSIP: N/A<br>LEI: 2138004JBXWWJKIURC57       | Long             | EC               | CORP              | GB        |     14820 | NS      | $206395.32    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental, Inc.                        | GFL Environmental, Inc.                                                | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |      1872 | NS      | $81926.30     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Pacific Airways Ltd.                    | Cathay Pacific Airways Ltd.                                            | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |    312000 | NS      | $444383.83    | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| Sony Financial Group, Inc.                     | Sony Financial Group, Inc.                                             | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |      2000 | NS      | $2017.46      | 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      | $369.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                                    | Givaudan SA (Registered)                                               | CUSIP: N/A<br>LEI: 213800SVRMQA1TD91D41       | Long             | EC               | CORP              | CH        |       117 | NS      | $480680.16    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                                   | CaixaBank SA                                                           | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     32955 | NS      | $348491.89    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG (Registered)                                       | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     25818 | NS      | $801298.76    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis AG (Registered)                                               | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     13182 | NS      | $1630117.89   | 2.71%             |  |  |  | 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        |      1092 | NS      | $78660.79     | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| TELUS Corp.                                    | TELUS Corp.                                                            | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               | CORP              | CA        |     14313 | NS      | $209513.35    | 0.35%             |  |  |  | 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      | $464.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software, Inc.                   | Constellation Software, Inc.                                           | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       102 | NS      | $268700.82    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tryg A/S                                       | Tryg A/S                                                               | CUSIP: N/A<br>LEI: 213800ZRS8AC4LSTCE39       | Long             | EC               | CORP              | DK        |      9204 | NS      | $227199.54    | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| HSBC Holdings plc                              | HSBC Holdings plc                                                      | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |     16458 | NS      | $229942.63    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Schindler Holding AG                           | Schindler Holding AG (Registered)                                      | CUSIP: N/A<br>LEI: 5299007DRLI319H7Q933       | Long             | EC               | CORP              | CH        |        78 | NS      | $26380.57     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                           | EURO                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |     71909 | OU      | $82997.56     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                  | British Pound                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |     16813 | OU      | $22089.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Metro, Inc.                                    | Metro, Inc., Class A                                                   | CUSIP: 59162N109<br>LEI: 549300KQ7DCG4IXSNW78 | Long             | EC               | CORP              | CA        |      3549 | NS      | $236802.63    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG                            | Flughafen Zurich AG (Registered)                                       | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |        78 | NS      | $23047.77     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp.                              | Bridgestone Corp.                                                      | CUSIP: N/A<br>LEI: 549300DHPOF90OYYD780       | Long             | EC               | CORP              | JP        |      6600 | NS      | $289782.22    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Imperial Bank of Commerce             | Canadian Imperial Bank of Commerce                                     | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      3393 | NS      | $281412.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                        | Singapore Exchange Ltd.                                                | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |     39000 | NS      | $507334.13    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commercial Trust         | CapitaLand Integrated Commercial Trust                                 | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |    124800 | NS      | $227266.51    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd.                      | United Overseas Bank Ltd.                                              | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     14700 | NS      | $391600.91    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Energy Ltd.                             | Origin Energy Ltd.                                                     | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |     23049 | NS      | $184840.59    | 0.31%             |  |  |  | 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      | $3240.18      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO