# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152757
**Filing Date:** 2025-6
**Character Count:** 78513
**Document Hash:** 9110f96b4a7800bb50d8ac84398ef385
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152757.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251067551

**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 International Quality Dividend Index Fund (Series ID: S000038876)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000119640 | FlexShares International Quality Dividend Index Fund | IQDF            |

## 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 International Quality Dividend Index Fund

- **b. EDGAR series identifier (if any):** S000038876

- **c. LEI of Series:** 549300OJOGU0VHUBNE56

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

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

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $679305873.23

**Total Liabilities:** $7092469.28

**Net Assets:** $672213403.95

**Cash Not Reported:** $10947544.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119640 | 1.28%                | 1.14%                | 3.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-823631.66              | $6778813.66                                |
| Month 2  | $-1729536.72             | $3531323.75                                |
| Month 3  | $45304.29                | $20155742.82                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Partners Group Holding AG                       | Partners Group Holding AG                       | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      2783 | NS      | $3642368.73   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                       | Orange SA                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |    156485 | NS      | $2274251.08   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Canada                         | National Bank of Canada                         | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |      2893 | NS      | $253590.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Mitsui & Co. Ltd.                               | Mitsui & Co. Ltd.                               | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |     63000 | NS      | $1279963.54   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co. Ltd.                   | Nien Made Enterprise Co. Ltd.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    332023 | NS      | $4059062.41   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Evonik Industries AG                            | Evonik Industries AG                            | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | EC               | CORP              | DE        |     72062 | NS      | $1617850.45   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer, Inc.                           | Quanta Computer, Inc.                           | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    244375 | NS      | $1822325.53   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Largan Precision Co. Ltd.                       | Largan Precision Co. Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      5000 | NS      | $353312.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COSCO SHIPPING Holdings Co. Ltd.                | COSCO SHIPPING Holdings Co. Ltd., Class H       | CUSIP: N/A<br>LEI: 3003009XI0QGYYA29S17       | Long             | EC               | CORP              | HK        |    920500 | NS      | $1388815.81   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Open Text Corp.                                 | Open Text Corp.                                 | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     47866 | NS      | $1293244.86   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd.                 | Canadian Natural Resources Ltd.                 | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    128344 | NS      | $3675732.02   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                                    | Evolution AB                                    | CUSIP: N/A<br>LEI: 549300SUH6ZR1RF6TA88       | Long             | EC               | CORP              | SE        |     43921 | NS      | $3070175.76   | 0.46%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Telenor ASA                                     | Telenor ASA                                     | CUSIP: N/A<br>LEI: 549300IM1QSBY4SLPM26       | Long             | EC               | CORP              | NO        |    266682 | NS      | $4016965.21   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unipro PJSC                                     | Unipro PJSC                                     | CUSIP: N/A<br>LEI: 253400DR5QSH8MEGZZ11       | Long             | EC               | CORP              | RU        | 125500000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Astra International Tbk. PT                     | Astra International Tbk. PT                     | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |   4471000 | NS      | $1292819.28   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                         | Vale SA                                         | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    315600 | NS      | $2946729.78   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International, Inc.                       | Magna International, Inc.                       | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     33927 | NS      | $1176502.79   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| China Gas Holdings Ltd.                         | China Gas Holdings Ltd.                         | CUSIP: N/A<br>LEI: 254900KTSZLZ21VV8T33       | Long             | EC               | CORP              | HK        |   5575600 | NS      | $5047353.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Weichai Power Co. Ltd.                          | Weichai Power Co. Ltd., Class H                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | HK        |   2155000 | NS      | $4224018.98   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| ING Groep NV                                    | ING Groep NV                                    | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    194094 | NS      | $3753906.94   | 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      | $-7782.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp.                                    | Subaru Corp.                                    | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |     33000 | NS      | $599779.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank (The)                     | Toronto-Dominion Bank (The)                     | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     79689 | NS      | $5082027.08   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                                | Sony Group Corp.                                | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     19700 | NS      | $520812.54    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek Microelectronics Corp.                  | Novatek Microelectronics Corp.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    304770 | NS      | $4945615.80   | 0.74%             |  |  |  | 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      | $-61694.18    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co. Ltd.                             | PetroChina Co. Ltd., Class H                    | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | HK        |   3830000 | NS      | $2933730.51   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinotrans Ltd.                                  | Sinotrans Ltd., Class H                         | CUSIP: N/A<br>LEI: 5299005U1RZLKVFWR249       | Long             | EC               | CORP              | HK        |   9994000 | NS      | $4343144.16   | 0.65%             |  |  |  | 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        |   1841000 | NS      | $1659456.85   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd.                          | Julius Baer Group Ltd.                          | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     24722 | NS      | $1601702.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chailease Holding Co. Ltd.                      | Chailease Holding Co. Ltd.                      | CUSIP: N/A<br>LEI: 529900L76E6T0JCM3J27       | Long             | EC               | CORP              | TW        |   1105345 | NS      | $3957164.82   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                       | Sanofi SA                                       | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |      1841 | NS      | $200695.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Next plc                                        | Next plc                                        | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |      8679 | NS      | $1429360.22   | 0.21%             |  |  |  | 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        |     26300 | NS      | $269379.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd.                                  | Fortescue Ltd.                                  | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    429216 | NS      | $4446322.15   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp.                                  | Sumitomo Corp.                                  | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |     78900 | NS      | $1934886.43   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                    | British American Tobacco plc                    | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    115983 | NS      | $5031752.65   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd.                                  | FirstRand Ltd.                                  | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |    116246 | NS      | $453769.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                     | Swedbank AB, Class A                            | CUSIP: N/A<br>LEI: M312WZV08Y7LYUC71685       | Long             | EC               | CORP              | SE        |    221446 | NS      | $5508081.51   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd.                                    | Komatsu Ltd.                                    | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     61700 | NS      | $1773918.26   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Budweiser Brewing Co. APAC Ltd.                 | Budweiser Brewing Co. APAC Ltd.                 | CUSIP: N/A<br>LEI: 549300YF1MR4GTF18132       | Long             | EC               | CORP              | HK        |   1236100 | NS      | $1310268.87   | 0.19%             |  |  |  | Yes           |                  1 | On Loan: —       |
| China Resources Land Ltd.                       | China Resources Land Ltd.                       | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | HK        |   1578000 | NS      | $5341599.29   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Denko Corp.                               | Nitto Denko Corp.                               | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |     89400 | NS      | $1567195.04   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group plc                              | Vodafone Group plc                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1907013 | NS      | $1866076.71   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                             | Forward Foreign Currency Contract               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7886.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                          | Mercedes-Benz Group AG                          | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     41028 | NS      | $2447126.24   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Elisa OYJ                                       | Elisa OYJ                                       | CUSIP: N/A<br>LEI: 743700TU2S3DXWGU7H32       | Long             | EC               | CORP              | FI        |      8416 | NS      | $449835.07    | 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      | $-1431.66     | -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      | $3339.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TD PRIME SERVICES LLC                           | Other Repurchase Agreement                      | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC                  | Moscow Exchange MICEX-RTS PJSC                  | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               | CORP              | RU        |    775590 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays plc                                    | Barclays plc                                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    903405 | NS      | $3581420.48   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Bank Slaski SA                              | ING Bank Slaski SA                              | CUSIP: N/A<br>LEI: 259400YLRTOBISHBVX41       | Long             | EC               | CORP              | PL        |      6575 | NS      | $572278.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Komercni Banka A/S                              | Komercni Banka A/S                              | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |     20251 | NS      | $982926.08    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                  | BNP Paribas SA                                  | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     61542 | NS      | $5197170.05   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.     | Taiwan Semiconductor Manufacturing Co. Ltd.     | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    506480 | NS      | $14379008.85  | 2.14%             |  |  |  | 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      | $-16042.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bosideng International Holdings Ltd.            | Bosideng International Holdings Ltd.            | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               | CORP              | HK        |   9994000 | NS      | $5180842.59   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV                  | BE Semiconductor Industries NV                  | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     13413 | NS      | $1436898.74   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Kia Corp.                                       | Kia Corp.                                       | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     14991 | NS      | $953349.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Catcher Technology Co. Ltd.                     | Catcher Technology Co. Ltd.                     | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               | CORP              | TW        |    178000 | NS      | $1207704.09   | 0.18%             |  |  |  | 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        |    131500 | NS      | $7061559.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Post AG                                | Deutsche Post AG                                | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |     62857 | NS      | $2680190.58   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimano, Inc.                                   | Shimano, Inc.                                   | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |       800 | NS      | $113208.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Honda Motor Co. Ltd.                            | Honda Motor Co. Ltd.                            | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    157800 | NS      | $1607427.09   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancolombia SA                                  | Bancolombia SA (Preference)                     | CUSIP: N/A<br>LEI: 54930052NWJRPNMP1W58       | Long             | EC               | CORP              | CO        |    139916 | NS      | $1437592.41   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Want Want China Holdings Ltd.                   | Want Want China Holdings Ltd.                   | CUSIP: N/A<br>LEI: 5299005HZCEKX4O1J230       | Long             | EC               | CORP              | HK        |   2104000 | NS      | $1381015.38   | 0.21%             |  |  |  | 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        |      3285 | NS      | $1821927.77   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal PAO                                   | Severstal PAO                                   | CUSIP: N/A<br>LEI: 213800OKDPTV6K4ONO53       | Long             | EC               | CORP              | RU        |     58985 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CK Asset Holdings Ltd.                          | CK Asset Holdings Ltd.                          | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | HK        |   1183500 | NS      | $4845593.64   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                              | Koninklijke KPN NV                              | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    741660 | NS      | $3452420.81   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corp. of India Ltd.                  | Power Grid Corp. of India Ltd.                  | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |    254584 | NS      | $926472.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Yadea Group Holdings Ltd.                       | Yadea Group Holdings Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    526000 | NS      | $952330.84    | 0.14%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Bank Polska Kasa Opieki SA                      | Bank Polska Kasa Opieki SA                      | CUSIP: N/A<br>LEI: 5493000LKS7B3UTF7H35       | Long             | EC               | CORP              | PL        |    110723 | NS      | $5542476.69   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co. Ltd.                         | Daiichi Sankyo Co. Ltd.                         | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    162300 | NS      | $4146250.70   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                    | VAT Group AG                                    | CUSIP: N/A<br>LEI: 529900MVFK7NVALR7Y83       | Long             | EC               | CORP              | CH        |      6575 | NS      | $2354758.14   | 0.35%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                | Powszechny Zaklad Ubezpieczen SA                | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |    364518 | NS      | $5700225.67   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                           | Schneider Electric SE                           | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |      1052 | NS      | $244194.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd.                             | Tokyo Electron Ltd.                             | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     54800 | NS      | $8154304.54   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd.                              | Telstra Group Ltd.                              | CUSIP: N/A<br>LEI: 894500WRW54CVN62K416       | Long             | EC               | CORP              | AU        |    576759 | NS      | $1664367.00   | 0.25%             |  |  |  | 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        |     73903 | NS      | $1048924.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co. Ltd.                   | China Merchants Bank Co. Ltd., Class H          | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | HK        |    703500 | NS      | $3851029.05   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International                            | Hermes International SCA                        | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |       789 | NS      | $2144477.74   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| China Hongqiao Group Ltd.                       | China Hongqiao Group Ltd.                       | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | HK        |   3156000 | NS      | $5681426.75   | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| BCE, Inc.                                       | BCE, Inc.                                       | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | US        |     66539 | NS      | $1480492.75   | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Hitachi Ltd.                                    | Hitachi Ltd.                                    | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |    157800 | NS      | $3891898.49   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                        | Enel SpA                                        | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    992825 | NS      | $8626971.15   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | Forward Foreign Currency Contract               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-16088.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp.                     | Realtek Semiconductor Corp.                     | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |     82947 | NS      | $1358979.08   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                | Novo Nordisk A/S, Class B                       | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     72062 | NS      | $4775632.47   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands plc                             | Imperial Brands plc                             | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |    158589 | NS      | $6511572.04   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd.                      | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | US        |     32612 | NS      | $3894851.16   | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian National Railway Co.                   | Canadian National Railway Co.                   | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      2104 | NS      | $203362.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa Securities Group, Inc.                    | Daiwa Securities Group, Inc.                    | CUSIP: N/A<br>LEI: 353800WRC7Y23PWFJG38       | Long             | EC               | CORP              | JP        |    210400 | NS      | $1377984.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Brookfield Asset Management Ltd.                | Brookfield Asset Management Ltd., Class A       | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |     88105 | NS      | $4691959.60   | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| China Shenhua Energy Co. Ltd.                   | China Shenhua Energy Co. Ltd., Class H          | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               | CORP              | HK        |   1129500 | NS      | $4253085.23   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Financial, Inc.                             | IGM Financial, Inc.                             | CUSIP: 449586106<br>LEI: 254900RYHLVJNTUFDA95 | Long             | EC               | CORP              | CA        |    153592 | NS      | $4871400.51   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                     | Cie Financiere Richemont SA (Registered)        | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      2104 | NS      | $371896.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                                     | Randstad NV                                     | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     81267 | NS      | $3253632.84   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                             | Forward Foreign Currency Contract               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-42705.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Energia Bogota SA ESP                     | Grupo Energia Bogota SA ESP                     | CUSIP: N/A<br>LEI: 529900LG618OWYVHI655       | Long             | EC               | CORP              | CO        |   7785852 | NS      | $5400729.49   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fast Retailing Co. Ltd.                         | Fast Retailing Co. Ltd.                         | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |       600 | NS      | $197616.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Telia Co. AB                                    | Telia Co. AB                                    | CUSIP: N/A<br>LEI: 213800FSR9RNDUOTXO25       | Long             | EC               | CORP              | SE        |    473926 | NS      | $1776319.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Sodexo SA                                       | Sodexo SA                                       | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |     14991 | NS      | $952592.98    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group plc                              | Intertek Group plc                              | CUSIP: N/A<br>LEI: 2138003GAT25WW1RN369       | Long             | EC               | CORP              | GB        |     76270 | NS      | $4669896.78   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco, Inc.                             | Japan Tobacco, Inc.                             | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |    191600 | NS      | $5919666.29   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Financial Services Software Ltd.         | Oracle Financial Services Software Ltd.         | CUSIP: N/A<br>LEI: 3358008SYNPKSPNMTJ57       | Long             | EC               | CORP              | IN        |      7890 | NS      | $814507.35    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                           | Tencent Holdings Ltd.                           | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | HK        |    108200 | NS      | $6658289.81   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp.                                      | Hoya Corp.                                      | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     13800 | NS      | $1623415.59   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Oil Corp. Ltd.                           | Indian Oil Corp. Ltd.                           | CUSIP: N/A<br>LEI: 335800J8OBWE4VFUDG88       | Long             | EC               | CORP              | IN        |    816878 | NS      | $1332975.88   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | MSCI EAFE E-Mini Index                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        87 | NC      | $131157.11    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | Forward Foreign Currency Contract               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-521.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                 | ASML Holding NV                                 | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      5260 | NS      | $3482945.16   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lite-On Technology Corp.                        | Lite-On Technology Corp.                        | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |    789000 | NS      | $2368258.14   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| REC Ltd.                                        | REC Ltd.                                        | CUSIP: N/A<br>LEI: 335800B4YRYWAMIJZ374       | Long             | EC               | CORP              | IN        |   1003871 | NS      | $4991802.65   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuehne + Nagel International AG                 | Kuehne + Nagel International AG (Registered)    | CUSIP: N/A<br>LEI: 529900Q0YED3805QXQ66       | Long             | EC               | CORP              | CH        |     22092 | NS      | $5077060.18   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Seng Bank Ltd.                             | Hang Seng Bank Ltd.                             | CUSIP: N/A<br>LEI: 5493009Z5F07LWZYMK62       | Long             | EC               | CORP              | HK        |    114100 | NS      | $1593489.11   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Orient Overseas International Ltd.              | Orient Overseas International Ltd.              | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |     73000 | NS      | $1021380.58   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp.                                    | ITOCHU Corp.                                    | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    145700 | NS      | $7438217.89   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Shenzhou International Group Holdings Ltd.      | Shenzhou International Group Holdings Ltd.      | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | HK        |    131500 | NS      | $912311.24    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA                             | Intesa Sanpaolo SpA                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |   1749739 | NS      | $9312572.01   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd.                      | Kawasaki Kisen Kaisha Ltd.                      | CUSIP: N/A<br>LEI: 353800FL04R73DS5P870       | Long             | EC               | CORP              | JP        |    139700 | NS      | $1909807.91   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Woodside Energy Group Ltd.                      | Woodside Energy Group Ltd.                      | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |    123084 | NS      | $1633384.87   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| BHP Group Ltd.                                  | BHP Group Ltd.                                  | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    608056 | NS      | $14858378.28  | 2.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Fertiglobe plc                                  | Fertiglobe plc                                  | CUSIP: N/A<br>LEI: 984500A99D1B4CPBF744       | Long             | EC               | CORP              | AE        |   6065832 | NS      | $3748775.17   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.           | Sumitomo Mitsui Financial Group, Inc.           | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |    108800 | NS      | $2593381.94   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek, Inc.                                  | MediaTek, Inc.                                  | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    186122 | NS      | $7856195.48   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co. Ltd.                               | Nintendo Co. Ltd.                               | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |    116300 | NS      | $9645464.11   | 1.43%             |  |  |  | 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      | $-17904.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                          | SAP SE                                          | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     14465 | NS      | $4197920.56   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Canara Bank                                     | Canara Bank                                     | CUSIP: N/A<br>LEI: 335800E4RH82Z8XC3C30       | Long             | EC               | CORP              | IN        |    265367 | NS      | $306094.53    | 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      | $-11186.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WPP plc                                         | WPP plc                                         | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | GB        |    352157 | NS      | $2710307.11   | 0.40%             |  |  |  | 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        |    289300 | NS      | $3657827.75   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                   | Stellantis NV                                   | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | IT        |    135182 | NS      | $1250858.65   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamtri Resources Indonesia Tbk. PT             | Alamtri Resources Indonesia Tbk. PT             | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               | CORP              | ID        |  35294600 | NS      | $4039743.37   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Expressway Co. Ltd.                     | Jiangsu Expressway Co. Ltd., Class H            | CUSIP: N/A<br>LEI: 529900UWWTWZ6AKLYD43       | Long             | EC               | CORP              | HK        |   2418000 | NS      | $3008975.20   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Mediolanum SpA                            | Banca Mediolanum SpA                            | CUSIP: N/A<br>LEI: 7LVZJ6XRIE7VNZ4UBX81       | Long             | EC               | CORP              | IT        |    340848 | NS      | $5083461.61   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Petroleum Corp. Ltd.                     | Bharat Petroleum Corp. Ltd.                     | CUSIP: N/A<br>LEI: 8GRDBX1TJ0PU5NCSHT72       | Long             | EC               | CORP              | IN        |    482605 | NS      | $1771129.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                            | Royal Bank of Canada                            | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     84423 | NS      | $10113280.11  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corp.                                | Mitsubishi Corp.                                | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |    140200 | NS      | $2665608.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever plc                                    | Unilever plc                                    | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |      8942 | NS      | $568406.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Feng TAY Enterprise Co. Ltd.                    | Feng TAY Enterprise Co. Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     32123 | NS      | $112992.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd.                       | ANTA Sports Products Ltd.                       | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | HK        |    142800 | NS      | $1693226.04   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Schroders plc                                   | Schroders plc                                   | CUSIP: N/A<br>LEI: 2138001YYBULX5SZ2H24       | Long             | EC               | CORP              | GB        |    289826 | NS      | $1271304.01   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                | Roche Holding AG                                | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     37872 | NS      | $12411231.64  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                      | Allianz SE (Registered)                         | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |       263 | NS      | $108853.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever Indonesia Tbk. PT                      | Unilever Indonesia Tbk. PT                      | CUSIP: N/A<br>LEI: 549300MUHUFNRRI19O72       | Long             | EC               | CORP              | ID        |  23038800 | NS      | $2380213.37   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Ing hc F Porsche AG                          | Dr Ing hc F Porsche AG (Preference)             | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EC               | CORP              | DE        |     16832 | NS      | $843608.18    | 0.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Aker BP ASA                                     | Aker BP ASA                                     | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |     65487 | NS      | $1409524.48   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp.                                      | KDDI Corp.                                      | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |     41900 | NS      | $741269.28    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PLDT, Inc.                                      | PLDT, Inc.                                      | CUSIP: N/A<br>LEI: 254900ADE8GQHM5P2648       | Long             | EC               | CORP              | PH        |     55230 | NS      | $1285453.41   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SGS SA                                          | SGS SA (Registered)                             | CUSIP: N/A<br>LEI: 2138007JNS19JHNA2336       | Long             | EC               | CORP              | CH        |     33747 | NS      | $3314947.17   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Skandinaviska Enskilda Banken AB                | Skandinaviska Enskilda Banken AB, Class A       | CUSIP: N/A<br>LEI: F3JS33DEI6XQ4ZBPTN86       | Long             | EC               | CORP              | SE        |    344793 | NS      | $5449895.06   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Sberbank of Russia PJSC                         | Sberbank of Russia PJSC                         | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |   1227390 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chugai Pharmaceutical Co. Ltd.                  | Chugai Pharmaceutical Co. Ltd.                  | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |     26300 | NS      | $1515421.34   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                       | Shell plc                                       | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     58912 | NS      | $1920399.15   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Var Energi ASA                                  | Var Energi ASA                                  | CUSIP: N/A<br>LEI: 549300LIVN3FFOJN2K47       | Long             | EC               | CORP              | NO        |   1438610 | NS      | $3963479.83   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Research Institute Ltd.                  | Nomura Research Institute Ltd.                  | CUSIP: N/A<br>LEI: 5299005F1HCVF4M4QN79       | Long             | EC               | CORP              | JP        |     78900 | NS      | $2982535.05   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                          | Petroleo Brasileiro SA (Preference)             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    289300 | NS      | $1532502.03   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                | Roche Holding AG                                | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |       526 | NS      | $184092.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp.                                  | Marubeni Corp.                                  | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    105200 | NS      | $1864453.17   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Airlines Ltd.                         | Singapore Airlines Ltd.                         | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |   1052000 | NS      | $5406234.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                         | BASF SE                                         | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     29193 | NS      | $1481052.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                                    | Carrefour SA                                    | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |     17884 | NS      | $276381.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Hero MotoCorp Ltd.                              | Hero MotoCorp Ltd.                              | CUSIP: N/A<br>LEI: 335800Q49FBMZJTRLK49       | Long             | EC               | CORP              | IN        |     20777 | NS      | $941268.47    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | MSCI Emerging Markets E-Mini Index              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        86 | NC      | $-70494.13    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Nemetschek SE                                   | Nemetschek SE                                   | CUSIP: N/A<br>LEI: 529900R0S2IX1S358J38       | Long             | EC               | CORP              | DE        |     36294 | NS      | $4798212.88   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Geberit AG                                      | Geberit AG (Registered)                         | CUSIP: N/A<br>LEI: 52990093Z5OHD6T7BS47       | Long             | EC               | CORP              | CH        |      5136 | NS      | $3563793.37   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| ENN Energy Holdings Ltd.                        | ENN Energy Holdings Ltd.                        | CUSIP: N/A<br>LEI: 549300V7BXPWT6WIPR03       | Long             | EC               | CORP              | HK        |    103500 | NS      | $821492.13    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corp.                        | Manulife Financial Corp.                        | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |    109934 | NS      | $3362565.34   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkiye Petrol Rafinerileri A/S                 | Turkiye Petrol Rafinerileri A/S                 | CUSIP: N/A<br>LEI: 789000RCNG97UV50EE03       | Long             | EC               | CORP              | TR        |    300872 | NS      | $975532.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk. PT                         | United Tractors Tbk. PT                         | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |   2761500 | NS      | $3776268.07   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                      | Siemens AG (Registered)                         | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      4997 | NS      | $1147144.61   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca plc                                 | AstraZeneca plc                                 | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     18936 | NS      | $2713413.21   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Bank Polska SA                        | Santander Bank Polska SA                        | CUSIP: N/A<br>LEI: 259400LGXW3K0GDAG361       | Long             | EC               | CORP              | PL        |     36294 | NS      | $5567517.16   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp.                                      | ORIX Corp.                                      | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |    195300 | NS      | $3903535.47   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                                  | Treasury Repurchase Agreement                   | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   3810783 | PA      | $3810782.78   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                   | Rio Tinto plc                                   | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     69432 | NS      | $4124162.14   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                     | Equinor ASA                                     | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    118087 | NS      | $2709067.77   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                | TotalEnergies SE                                | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     82056 | NS      | $4772059.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone OYJ                                        | Kone OYJ, Class B                               | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               | CORP              | FI        |     94154 | NS      | $5833110.99   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                  | BB Seguridade Participacoes SA                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    710100 | NS      | $5364570.07   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                     | Bayerische Motoren Werke AG                     | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               | CORP              | DE        |     21566 | NS      | $1821475.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                       | Nestle SA (Registered)                          | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     93365 | NS      | $9968780.16   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Admiral Group plc                               | Admiral Group plc                               | CUSIP: N/A<br>LEI: 213800FGVM7Z9EJB2685       | Long             | EC               | CORP              | GB        |     38661 | NS      | $1682414.83   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Coles Group Ltd.                                | Coles Group Ltd.                                | CUSIP: N/A<br>LEI: 549300OHQRG2HN8LZ793       | Long             | EC               | CORP              | AU        |    140442 | NS      | $1906867.69   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                    | KBC Group NV                                    | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |     61805 | NS      | $5695018.94   | 0.85%             |  |  |  | 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      | $-65262.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd.                     | BOC Hong Kong Holdings Ltd.                     | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |   1495000 | NS      | $6207719.19   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Integrated Telecommunications Co. PJSC | Emirates Integrated Telecommunications Co. PJSC | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |   2296253 | NS      | $5438913.46   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tele2 AB                                        | Tele2 AB, Class B                               | CUSIP: N/A<br>LEI: 213800EKD193RVI9HL76       | Long             | EC               | CORP              | SE        |    434739 | NS      | $6411846.96   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                        | GMK Norilskiy Nickel PAO                        | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |   1631500 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                             | Forward Foreign Currency Contract               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-27075.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| China Feihe Ltd.                                | China Feihe Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   1841000 | NS      | $1395937.95   | 0.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Novartis AG                                     | Novartis AG (Registered)                        | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |    153592 | NS      | $17530141.38  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                         | OPAP SA                                         | CUSIP: N/A<br>LEI: 213800M4NRGFJCI34834       | Long             | EC               | CORP              | GR        |    275624 | NS      | $6131585.94   | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| TELUS Corp.                                     | TELUS Corp.                                     | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | CA        |     90472 | NS      | $1389861.61   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA                               | Bureau Veritas SA                               | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    157274 | NS      | $4984420.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| Chow Tai Fook Jewellery Group Ltd.              | Chow Tai Fook Jewellery Group Ltd.              | CUSIP: N/A<br>LEI: 254900VXRL7SRSF44G79       | Long             | EC               | CORP              | HK        |   4839200 | NS      | $6477477.66   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Fortum OYJ                                      | Fortum OYJ                                      | CUSIP: N/A<br>LEI: 635400IUIZZIUJSAMF76       | Long             | EC               | CORP              | FI        |    317178 | NS      | $5316340.59   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Kumba Iron Ore Ltd.                             | Kumba Iron Ore Ltd.                             | CUSIP: N/A<br>LEI: 3789006C753402643048       | Long             | EC               | CORP              | ZA        |    243538 | NS      | $4234305.30   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| FinecoBank Banca Fineco SpA                     | FinecoBank Banca Fineco SpA                     | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    274046 | NS      | $5471880.25   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV              | Grupo Financiero Banorte SAB de CV, Class O     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    683800 | NS      | $5886793.15   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings plc                               | HSBC Holdings plc                               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   1865985 | NS      | $20736736.08  | 3.08%             |  |  |  | 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      | $12103.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCL Technologies Ltd.                           | HCL Technologies Ltd.                           | CUSIP: N/A<br>LEI: 549300C1F8OLYSOQYB65       | Long             | EC               | CORP              | IN        |    204351 | NS      | $3791500.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co. Ltd.                     | Shin-Etsu Chemical Co. Ltd.                     | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |    125200 | NS      | $3800588.90   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                 | Nordea Bank Abp                                 | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |    190149 | NS      | $2631649.09   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                      | L'Oreal SA                                      | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |     10783 | NS      | $4743681.62   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                    | Infosys Ltd.                                    | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |     65224 | NS      | $1158122.39   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd.                               | Isuzu Motors Ltd.                               | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    105200 | NS      | $1420834.27   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coal India Ltd.                                 | Coal India Ltd.                                 | CUSIP: N/A<br>LEI: 335800NLJQZNHM9LBB31       | Long             | EC               | CORP              | IN        |    246168 | NS      | $1122683.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera, Inc.                                     | Emera, Inc.                                     | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |     40502 | NS      | $1819408.60   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Bouygues SA                                     | Bouygues SA                                     | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     42080 | NS      | $1851192.83   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                       | H & M Hennes & Mauritz AB, Class B              | CUSIP: N/A<br>LEI: 529900O5RR7R39FRDM42       | Long             | EC               | CORP              | SE        |    119665 | NS      | $1737610.89   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Aviva plc                                       | Aviva plc                                       | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Long             | EC               | CORP              | GB        |    261685 | NS      | $1957382.86   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Energy Ltd.                              | Origin Energy Ltd.                              | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |    238804 | NS      | $1625778.59   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO