# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-26-014813
**Filing Date:** 2026-6
**Character Count:** 85110
**Document Hash:** 10ac9dde5b6a66fffd6b54d709ddc901
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-014813.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0002071691-26-014813

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 261119258

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $7672222038.90

**Total Liabilities:** $178557299.70

**Net Assets:** $7493664739.20

**Cash Not Reported:** $27409666.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102371 | 8.72%                | -0.85%               | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $59512.25                | $574980366.47                              |
| Month 2  | $13333576.97             | $-100870775.96                             |
| Month 3  | $23908337.55             | $-23712038.15                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Antofagasta plc                                           | Antofagasta plc                                                                                             | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |     573510 | NS      | $27661752.68  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                             | Rio Tinto plc                                                                                               | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | AU        |    1679565 | NS      | $167701706.61 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                                    | BP plc                                                                                                      | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | US        |   17087867 | NS      | $135557473.04 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                   | Agnico Eagle Mines Ltd.                                                                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     796478 | NS      | $149470557.30 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                | Archer-Daniels-Midland Co.                                                                                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    3271738 | NS      | $243875350.52 | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                                     | Cal-Maine Foods, Inc.                                                                                       | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     300410 | NS      | $23209676.60  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Coterra Energy, Inc.                                      | Coterra Energy, Inc.                                                                                        | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     600820 | NS      | $21575446.20  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp.                                              | Cameco Corp.                                                                                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     600820 | NS      | $73708708.84  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian Natural Resources Ltd.                           | Canadian Natural Resources Ltd.                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    2291309 | NS      | $109153240.44 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                                   | Vale SA                                                                                                     | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    5766900 | NS      | $93962135.12  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aguas Andinas SA                                          | Aguas Andinas SA, Class A                                                                                   | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   13523912 | NS      | $5099257.27   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                       | EOG Resources, Inc.                                                                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     412381 | NS      | $57968397.17  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                                 | EQT Corp.                                                                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     491580 | NS      | $29534126.40  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                         | Exxon Mobil Corp.                                                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    2408742 | NS      | $371741152.86 | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd.                               | First Quantum Minerals Ltd.                                                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | ZM        |    1201640 | NS      | $29363416.65  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                                    | Freeport-McMoRan, Inc.                                                                                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    1846156 | NS      | $106670893.68 | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                          | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   50000000 | PA      | $50000000.00  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES, INC                                      | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    8000000 | PA      | $8000000.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd.                                         | Imperial Oil Ltd.                                                                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     169322 | NS      | $22635979.08  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Rayonier, Inc.                                            | Rayonier, Inc.                                                                                              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     827493 | NS      | $17551126.53  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Devon Energy Corp.                                        | Devon Energy Corp.                                                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     461539 | NS      | $23709258.43  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| TD SECURITIES (USA) LLC                                   | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: SUVUFHICNZMP2WKHG940       | Long             | RA               | CORP              | US        |    5000000 | PA      | $5000000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                       | Other Repurchase Agreement                                                                                  | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |   35000000 | PA      | $35000000.00  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CF SECURED LLC                                            | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   14724680 | PA      | $14724680.19  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                       | Treasury Repurchase Agreement                                                                               | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |   20000000 | PA      | $20000000.00  | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.                                             | Newmont Corp.                                                                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    1381886 | NS      | $153513715.74 | 2.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Mexico SAB de CV                                    | Grupo Mexico SAB de CV, Series B                                                                            | CUSIP: N/A<br>LEI: 529900JWLZAYET2ZGW20       | Long             | EC               | CORP              | MX        |    5188900 | NS      | $56653590.68  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                | Occidental Petroleum Corp.                                                                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     507966 | NS      | $30772580.28  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Pan American Silver Corp.                                 | Pan American Silver Corp.                                                                                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     674557 | NS      | $35227030.75  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                        | Petroleo Brasileiro SA - Petrobras (Preference)                                                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |    5047700 | NS      | $49723249.04  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                            | ConocoPhillips                                                                                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     961312 | NS      | $120913823.36 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                          | Royal Gold, Inc.                                                                                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      98316 | NS      | $22944988.08  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Simpson Manufacturing Co., Inc.                           | Simpson Manufacturing Co., Inc.                                                                             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     131088 | NS      | $25002414.24  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Stella-Jones, Inc.                                        | Stella-Jones, Inc.                                                                                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     182977 | NS      | $11300453.03  | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Chevron Corp.                                             | Chevron Corp.                                                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1463816 | NS      | $282970270.96 | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp.                                       | Lundin Mining Corp.                                                                                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CL        |    1196178 | NS      | $30636077.50  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Teck Resources Ltd.                                       | Teck Resources Ltd., Class B                                                                                | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     740101 | NS      | $43119542.50  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                         | Tyson Foods, Inc., Class A                                                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    2045519 | NS      | $131056402.33 | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co. Ltd.                               | West Fraser Timber Co. Ltd.                                                                                 | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     210287 | NS      | $13286813.61  | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Weyerhaeuser Co.                                          | Weyerhaeuser Co.                                                                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    2061905 | NS      | $50557910.60  | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                       | Forward Foreign Currency Contract                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-13960.83    | -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      | $-168823.95   | -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      | $13436.86     | 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      | $-11737.43    | -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      | $-19253.02    | -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      | $247155.48    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene OYJ                                           | UPM-Kymmene OYJ                                                                                             | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |    2206648 | NS      | $65929309.91  | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Stora Enso OYJ                                            | Stora Enso OYJ, Class R                                                                                     | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               | CORP              | FI        |    2632684 | NS      | $29215033.90  | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Repsol SA                                                 | Repsol SA                                                                                                   | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |    1212564 | NS      | $32402231.02  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ORLEN SA                                                  | ORLEN SA                                                                                                    | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               | CORP              | PL        |     682750 | NS      | $25004444.26  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Ltd.                                            | Fortescue Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |    2526175 | NS      | $35688202.59  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| BHP Group Ltd.                                            | BHP Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    8072836 | NS      | $311789023.55 | 4.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Golden Agri-Resources Ltd.                                | Golden Agri-Resources Ltd.                                                                                  | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               | CORP              | ID        |   64178500 | NS      | $15873917.40  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co. Ltd.                                       | PetroChina Co. Ltd., Class H                                                                                | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |   22520000 | NS      | $34583130.68  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd.                                          | Gold Fields Ltd.                                                                                            | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |    1447430 | NS      | $61710788.02  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                          | China Petroleum & Chemical Corp., Class H                                                                   | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | CN        |   30082000 | NS      | $17702635.39  | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Charoen Pokphand Indonesia Tbk. PT                        | Charoen Pokphand Indonesia Tbk. PT                                                                          | CUSIP: N/A<br>LEI: 529900JL5SA37OU87X40       | Long             | EC               | CORP              | ID        |   92854000 | NS      | $21510372.04  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Charoen Pokphand Foods PCL                                | Charoen Pokphand Foods PCL                                                                                  | CUSIP: N/A<br>LEI: 529900FJ3AI2GKGIWK15       | Long             | EC               | CORP              | TH        |   37141600 | NS      | $21990425.03  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd.                                            | ICL Group Ltd.                                                                                              | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |    6570786 | NS      | $35256084.63  | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Oji Holdings Corp.                                        | Oji Holdings Corp.                                                                                          | CUSIP: N/A<br>LEI: 529900LVC9GIIYUGE243       | Long             | EC               | CORP              | JP        |    3823400 | NS      | $20067939.76  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                                      | Industries Qatar QSC                                                                                        | CUSIP: N/A<br>LEI: 2763E5KI3B6J7HLSFX16       | Long             | EC               | CORP              | QA        |   33146147 | NS      | $108787821.11 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PPB Group Bhd.                                            | PPB Group Bhd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    7373700 | NS      | $21388650.13  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Star Resources Ltd.                              | Northern Star Resources Ltd.                                                                                | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |    2452438 | NS      | $37026786.30  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd.                                    | Valterra Platinum Ltd.                                                                                      | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |     314065 | NS      | $25106393.71  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                               | Santos Ltd.                                                                                                 | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |    3285393 | NS      | $18896266.38  | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Guangdong Investment Ltd.                                 | Guangdong Investment Ltd.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   12614000 | NS      | $13171535.98  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Plantations Bhd.                                   | United Plantations Bhd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    2731000 | NS      | $21825995.22  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                                                                                 | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     811107 | NS      | $32417773.81  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                   | Eni SpA                                                                                                     | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |    2242151 | NS      | $63123725.57  | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Yara International ASA                                    | Yara International ASA                                                                                      | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | BR        |    1641331 | NS      | $95100016.02  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | FTSE/JSE Top 40 Index                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ZA        |        105 | NC      | $26177.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                                         | Australian Dollar                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |    5245398 | OU      | $3771178.55   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| QL Resources Bhd.                                         | QL Resources Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   26217600 | NS      | $25085453.86  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Enterprises Water Group Ltd.                      | Beijing Enterprises Water Group Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |   18924000 | NS      | $6667335.57   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                                 | Suzano SA                                                                                                   | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |    2842900 | NS      | $25014598.59  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                                  | Mowi ASA                                                                                                    | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |    4839332 | NS      | $106851718.10 | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                        | Kinross Gold Corp.                                                                                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    1922624 | NS      | $58126498.86  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Manila Water Co., Inc.                                    | Manila Water Co., Inc.                                                                                      | CUSIP: N/A<br>LEI: 5493004SJIK0GOUIZM45       | Long             | EC               | CORP              | PH        |    5188900 | NS      | $3713893.45   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                              | CF Industries Holdings, Inc.                                                                                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     996815 | NS      | $123804423.00 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindalco Industries Ltd.                                  | Hindalco Industries Ltd.                                                                                    | CUSIP: N/A<br>LEI: 335800KXLE5NO5B4GF90       | Long             | EC               | CORP              | IN        |    2053712 | NS      | $22459897.07  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd.                                                  | UPL Ltd.                                                                                                    | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    6458815 | NS      | $43677448.29  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento de Minas Gerais Copasa MG               | Cia de Saneamento de Minas Gerais Copasa MG                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     889900 | NS      | $9652014.29   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                               | Inpex Corp.                                                                                                 | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     983600 | NS      | $26048562.59  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| SABIC Agri-Nutrients Co.                                  | SABIC Agri-Nutrients Co.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |    2192993 | NS      | $85193728.86  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                                                                            | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |    2310426 | NS      | $214895343.56 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                          | Severn Trent plc                                                                                            | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    1272646 | NS      | $56531961.70  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Cellulosa AB SCA                                  | Svenska Cellulosa AB SCA, Class B                                                                           | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |    2091946 | NS      | $23741537.41  | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Salmar ASA                                                | Salmar ASA                                                                                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXGDBK67       | Long             | EC               | CORP              | NO        |     781066 | NS      | $46934824.03  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP    | Cia de Saneamento Basico do Estado de Sao Paulo SABESP                                                      | CUSIP: N/A<br>LEI: 254900UOXRZRS2TNWP19       | Long             | EC               | CORP              | BR        |   11375145 | NS      | $75683617.68  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp.                                       | Franco-Nevada Corp.                                                                                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     276416 | NS      | $63642088.08  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                            | American Water Works Co., Inc.                                                                              | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     647247 | NS      | $83119459.74  | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| United Utilities Group plc                                | United Utilities Group plc                                                                                  | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |    3271738 | NS      | $64775323.20  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Co.                                  | Saudi Arabian Mining Co.                                                                                    | CUSIP: N/A<br>LEI: 254900R4HAVLB4GY9713       | Long             | EC               | CORP              | SA        |    1846156 | NS      | $32291116.81  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy, Inc.                                       | Suncor Energy, Inc.                                                                                         | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |    1398272 | NS      | $95622039.35  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co. (The)                                          | Mosaic Co. (The)                                                                                            | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    2250344 | NS      | $52365504.88  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                      | Tourmaline Oil Corp.                                                                                        | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     434229 | NS      | $20992041.88  | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Evolution Mining Ltd.                                     | Evolution Mining Ltd.                                                                                       | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |    3402826 | NS      | $29112894.86  | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| PhosAgro PJSC                                             | PhosAgro PJSC                                                                                               | CUSIP: N/A<br>LEI: 25340053KRUNNYUWF472       | Long             | EC               | CORP              | RU        |     308581 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Glencore plc                                              | Glencore plc                                                                                                | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | AU        |   14375984 | NS      | $110918627.65 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG                                                    | K+S AG (Registered)                                                                                         | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |    1679565 | NS      | $31444611.04  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy, Inc.                                      | Cenovus Energy, Inc.                                                                                        | CUSIP: 15135U109<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               | CORP              | CA        |    1570325 | NS      | $45848736.68  | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Tatneft PJSC                                              | Tatneft PJSC                                                                                                | CUSIP: N/A<br>LEI: 253400PAT768SVJMV121       | Long             | EC               | CORP              | RU        |    2021036 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Novatek PJSC                                              | Novatek PJSC                                                                                                | CUSIP: N/A<br>LEI: 2138008R6GCRVBDFA581       | Long             | EC               | CORP              | RU        |    1237715 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gazprom PJSC                                              | Gazprom PJSC                                                                                                | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |   15937700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LUKOIL PJSC                                               | LUKOIL PJSC                                                                                                 | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | RU        |     214305 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rosneft Oil Co. PJSC                                      | Rosneft Oil Co. PJSC                                                                                        | CUSIP: N/A<br>LEI: 253400JT3MQWNDKMJE44       | Long             | EC               | CORP              | RU        |    2926433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GMK Norilskiy Nickel PAO                                  | GMK Norilskiy Nickel PAO                                                                                    | CUSIP: N/A<br>LEI: 253400JPTEEW143W3E47       | Long             | EC               | CORP              | RU        |    4615800 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bakkafrost P/F                                            | Bakkafrost P/F                                                                                              | CUSIP: N/A<br>LEI: 2138007LH7OP4V112978       | Long             | EC               | CORP              | FO        |     546200 | NS      | $27126222.78  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                  | Diamondback Energy, Inc.                                                                                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     142012 | NS      | $29201927.56  | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| PI Industries Ltd.                                        | PI Industries Ltd.                                                                                          | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |    1070552 | NS      | $34455726.91  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                                  | BANK OF MONTREAL/CHICAGO IL CALLABLE CERTIFICATE OF DEPOSIT VARIABLE 16/APR/2027 USD 1000                   | CUSIP: 06370B6W9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000762.00   | 0.03%             | 2027-04-16      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                                  | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 18/NOV/2026 USD 1000                            | CUSIP: 06367DTG0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000738.00   | 0.03%             | 2026-11-18      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                                  | BANK OF MONTREAL/CHICAGO IL CERTIFICATE OF DEPOSIT VARIABLE 29/MAY/2026 USD 1000                            | CUSIP: 06367DQZ1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000220.00   | 0.03%             | 2026-05-29      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                               | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 01/JUL/2026 USD 1000                            | CUSIP: 06418NHH8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2999968.20   | 0.04%             | 2026-07-01      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUSTON                               | BANK OF NOVA SCOTIA/HOUSTON CERTIFICATE OF DEPOSIT VARIABLE 21/JAN/2027 USD 1000                            | CUSIP: 06418NMD1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $999996.60    | 0.01%             | 2027-01-21      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| Zhongfu Straits Pingtan Development Co. Ltd.              | Zhongfu Straits Pingtan Development Co. Ltd., Class A                                                       | CUSIP: N/A<br>LEI: 3003001A0KC55E7SIK57       | Long             | EC               | CORP              | CN        |     546200 | NS      | $860025.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongshan Public Utilities Group Co. Ltd.                 | Zhongshan Public Utilities Group Co. Ltd., Class A                                                          | CUSIP: N/A<br>LEI: 3003002ENLIAIQFZX208       | Long             | EC               | CORP              | CN        |     546200 | NS      | $937555.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chengdu Xingrong Environment Co. Ltd.                     | Chengdu Xingrong Environment Co. Ltd., Class A                                                              | CUSIP: N/A<br>LEI: 300300XM3A0CVZ914Y75       | Long             | EC               | CORP              | CN        |    1092400 | NS      | $1103006.45   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Muyuan Foods Co. Ltd.                                     | Muyuan Foods Co. Ltd., Class A                                                                              | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |    4096500 | NS      | $26795863.12  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Qinghai Salt Lake Industry Co. Ltd.                       | Qinghai Salt Lake Industry Co. Ltd., Class A                                                                | CUSIP: N/A<br>LEI: 300300Q8WSV1OODU9092       | Long             | EC               | CORP              | CN        |    4096500 | NS      | $23552784.38  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| New Hope Liuhe Co. Ltd.                                   | New Hope Liuhe Co. Ltd., Class A                                                                            | CUSIP: N/A<br>LEI: 300300F28XODWP5GJF78       | Long             | EC               | CORP              | CN        |    3550300 | NS      | $4535514.55   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia - Potash International Investment Guangzhou Co. Ltd. | Asia - Potash International Investment Guangzhou Co. Ltd., Class A                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     638500 | NS      | $5050145.24   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Zhengbang Technology Co. Ltd.                     | Jiangxi Zhengbang Technology Co. Ltd., Class A                                                              | CUSIP: N/A<br>LEI: 30030098MS5Y5GREO955       | Long             | EC               | CORP              | CN        |    6827500 | NS      | $3466877.14   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Holmen AB                                                 | Holmen AB, Class B                                                                                          | CUSIP: N/A<br>LEI: 52990080SH3454F0QE68       | Long             | EC               | CORP              | SE        |     335913 | NS      | $11531249.67  | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Nutrien Ltd.                                              | Nutrien Ltd.                                                                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    4773788 | NS      | $362128874.44 | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                   | Cia De Sanena Do Parana                                                                                     | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |    1215800 | NS      | $9892528.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                             | Wheaton Precious Metals Corp.                                                                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | BR        |     707329 | NS      | $89165755.51  | 1.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Klabin SA                                                 | Klabin SA                                                                                                   | CUSIP: N/A<br>LEI: 254900C8UYA6YUPSDU10       | Long             | EC               | CORP              | BR        |    4096500 | NS      | $14371953.28  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co.                                     | Saudi Arabian Oil Co.                                                                                       | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    6322265 | NS      | $46795380.99  | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Corteva, Inc.                                             | Corteva, Inc.                                                                                               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    4626314 | NS      | $374777697.14 | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                                 | Essential Utilities, Inc.                                                                                   | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     822031 | NS      | $31401584.20  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp.                                  | Texas Pacific Land Corp.                                                                                    | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |      43696 | NS      | $19386604.32  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Woodside Energy Group Ltd.                                | Woodside Energy Group Ltd.                                                                                  | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |    2048250 | NS      | $49405372.27  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| UFP Industries, Inc.                                      | UFP Industries, Inc.                                                                                        | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     199363 | NS      | $17840994.87  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi plc                                                 | Mondi plc                                                                                                   | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | AT        |    1892583 | NS      | $19498905.46  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp.                                       | Expand Energy Corp.                                                                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     182977 | NS      | $18691100.55  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                      | Barrick Mining Corp.                                                                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    2621760 | NS      | $102801653.96 | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                          | Pennon Group plc                                                                                            | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    2395087 | NS      | $17883829.02  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co. Ltd.                               | Zijin Mining Group Co. Ltd., Class A                                                                        | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |    2457900 | NS      | $11977211.30  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Yuntianhua Co. Ltd.                                | Yunnan Yuntianhua Co. Ltd., Class A                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    1540500 | NS      | $8156005.94   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grandblue Environment Co. Ltd.                            | Grandblue Environment Co. Ltd., Class A                                                                     | CUSIP: N/A<br>LEI: 30030011OA5FCYNY1P78       | Long             | EC               | CORP              | CN        |     273100 | NS      | $1279247.69   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                                 | Shell plc                                                                                                   | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |    6445160 | NS      | $291291268.41 | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                                | Boliden AB                                                                                                  | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |     475194 | NS      | $24658787.86  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Bunge Global SA                                           | Bunge Global SA                                                                                             | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |     972236 | NS      | $123542028.52 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazilian Real                                            | Brazilian Real                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |   10442754 | OU      | $2095928.46   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American plc                                        | Anglo American plc                                                                                          | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | ZA        |    1796998 | NS      | $87576976.50  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                                  | GMK Norilskiy Nickel PAO                                                                                    | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | GB        |    1231473 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LUKOIL PJSC                                               | LUKOIL PJSC                                                                                                 | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | GB        |     269035 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Alamos Gold, Inc.                                         | Alamos Gold, Inc., Class A                                                                                  | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     631596 | NS      | $25150615.83  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Dollar                                           | Canadian Dollar                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |    6702448 | OU      | $4924287.45   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                                     | Chilean Peso Currency                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |  322627526 | OU      | $357274.19    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chinese Renminbi (Yuan)                                   | Chinese Renminbi (Yuan)                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |     592781 | OU      | $86744.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                   | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 05/JUN/2026 USD 1000 | CUSIP: 22532XJ33<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |    3000000 | PA      | $3000291.00   | 0.04%             | 2026-06-05      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| EURO                                                      | EURO                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |    3072777 | OU      | $3604520.84   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | S&P Midcap 400 E-Mini Index                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         27 | NC      | $714164.23    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| British Pound                                             | British Pound                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |    4882595 | OU      | $6634714.27   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Hang Seng Index                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | HK        |         37 | NC      | $-758.03      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                                          | Hong Kong Dollar                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |     261140 | OU      | $33335.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                         | Indonesian Rupiah                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |  244964065 | OU      | $14151.59     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Israeli Shekel                                            | Israeli Shekel                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IL        |     888910 | OU      | $301105.96    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                              | Indian Rupee                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |     509260 | OU      | $5365.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                              | Japanese Yen                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |   46112455 | OU      | $294262.82    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC, NEW YORK                                             | KBC BANK NV CERTIFICATE OF DEPOSIT FIXED 3.99% 22/JUN/2026 USD 1                                            | CUSIP: 4823TDW72<br>LEI: 6B2PBRV1FCJDMR45RZ53 | Long             | DBT              | CORP              | BE        |    2000000 | PA      | $2000458.00   | 0.03%             | 2026-06-22      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| South Korea Won                                           | South Korea Won                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |  263819486 | OU      | $177871.82    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | MSCI Emerging Markets Index                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |          2 | NC      | $15510.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO BANK LIMITED NEW YORK                              | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 11/MAY/2026 USD 1000                            | CUSIP: 60701A2C6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |    4000000 | PA      | $4000040.00   | 0.05%             | 2026-05-11      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LIMITED NEW YORK                              | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 24/SEP/2026 USD 1000                            | CUSIP: 60701AC84<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000728.00   | 0.03%             | 2026-09-24      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LIMITED NEW YORK                              | MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 27/MAY/2026 USD 1000                            | CUSIP: 60701A2G7<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000074.00   | 0.03%             | 2026-05-27      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| New Mexican Pesos                                         | New Mexican Pesos                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |    1198842 | OU      | $68458.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                         | Malaysian Ringgit                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |      52577 | OU      | $13238.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Krone                                           | Norwegian Krone                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |   16383744 | OU      | $1761200.57   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDEA BANK ABP, NEW YORK BRANCH                          | NORDEA BANK ABP/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 24/SEP/2026 USD 1000                            | CUSIP: 65558WUD8<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    2000000 | PA      | $2000484.00   | 0.03%             | 2026-09-24      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| New Zealand Dollar                                        | New Zealand Dollar                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NZ        |         47 | OU      | $27.48        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OCBC NEW YORK                                             | OVERSEA-CHINESE BANKING CORP LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 31/AUG/2026 USD 1000              | CUSIP: 69033NPH2<br>LEI: 5493007O3QFXCPOGWK22 | Long             | DBT              | CORP              | SG        |    1000000 | PA      | $999999.80    | 0.01%             | 2026-08-31      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| Philippines                                               | Philippines                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | PH        |         -0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                                        | Polish Zloty - New                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |     986045 | OU      | $271682.77    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | S&P/TSX 60 Index                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         85 | NC      | $895568.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatari Rial                                               | Qatari Rial                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | QA        |    2877092 | OU      | $790192.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA NY                                   | ROYAL BANK OF CANADA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 12/NOV/2026 USD 1000                       | CUSIP: 78015JRQ2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $3001245.00   | 0.04%             | 2026-11-12      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA NY                                   | ROYAL BANK OF CANADA/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 22/JAN/2027 USD 1000                       | CUSIP: 78015JXG7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    1000000 | PA      | $999992.00    | 0.01%             | 2027-01-22      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| Russian Roubles                                           | Russian Roubles                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        | 3522580210 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Ryal                                        | Saudi Arabian Ryal                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SA        |    4268058 | OU      | $1137997.11   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Krona                                             | Swedish Krona                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SE        |    4612770 | OU      | $498575.43    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Dollar                                          | Singapore Dollar                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SG        |     194282 | OU      | $152551.18    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARD CHARTERED NY                                     | STANDARD CHARTERED BANK/NEW YORK CALLABLE CERTIFICATE OF DEPOSIT VARIABLE 18/SEP/2026 USD 1000              | CUSIP: 85325VVH0<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |    2000000 | PA      | $2000538.00   | 0.03%             | 2026-09-18      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST BANK LTD, LDN                       | SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT FIXED 4% 24/JUN/2026 USD                       | CUSIP: N/A<br>LEI: 5493006GGLR4BTEL8O61       | Long             | DBT              | CORP              | JP        |    2000000 | PA      | $2000680.00   | 0.03%             | 2026-06-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Thailand Baht                                             | Thailand Baht                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |          0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO DOMINION NY                                       | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 08/MAY/2026 USD 1000                               | CUSIP: 89115DCC8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    3000000 | PA      | $3000123.00   | 0.04%             | 2026-05-08      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION NY                                       | TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 09/OCT/2026 USD 1000                               | CUSIP: 89115DXV3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2000584.00   | 0.03%             | 2026-10-09      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Turkish Lira                                              | Turkish Lira                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TR        |      55588 | OU      | $1230.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New Taiwan Dollar                                         | New Taiwan Dollar                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |   21150622 | OU      | $667538.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTPAC BKG CORP, NEW YORK                                | WESTPAC BANKING CORP COMMERCIAL PAPER VARIABLE 15/OCT/2026 USD                                              | CUSIP: 9612CABL0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    2000000 | PA      | $2000270.00   | 0.03%             | 2026-10-15      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SPI 200 Index                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |         12 | NC      | $2687.39      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | FTSE 100 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |         79 | NC      | $89695.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                                        | South African Rand                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |    1782846 | OU      | $106757.25    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO