# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009638
**Filing Date:** 2025-12
**Character Count:** 69690
**Document Hash:** d1fbd3e31a20667b26b1f3bab446595b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009638.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009638

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251596522

**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 Emerging Markets Quality Low Volatility Index Fund (Series ID: S000065839)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000212721 | FlexShares Emerging Markets Quality Low Volatility Index Fund | QLVE            |

## 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 Emerging Markets Quality Low Volatility Index Fund

- **b. EDGAR series identifier (if any):** S000065839

- **c. LEI of Series:** 549300CTSJ1UGMNAYU07

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15495827.89

**Total Liabilities:** $537512.39

**Net Assets:** $14958315.50

**Cash Not Reported:** $45602.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212721 | 0.72%                | 3.76%                | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28017.71                | $23478.67                                  |
| Month 2  | $1972.43                 | $491265.13                                 |
| Month 3  | $-45.57                  | $483218.80                                 |

### Schedule of Portfolio Investments

| Name                                             | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Mexican Pesos                                | New Mexican Pesos                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MX        |     13259 | OU      | $714.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Bank Bhd.                                 | Public Bank Bhd.                                    | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |     27500 | NS      | $27710.12     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Mobile Co. Ltd.                           | Taiwan Mobile Co. Ltd.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     22000 | NS      | $78364.40     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MISC Bhd.                                        | MISC Bhd.                                           | CUSIP: N/A<br>LEI: 9845002055U77FF6B972       | Long             | EC               | CORP              | MY        |     24500 | NS      | $45571.87     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd.       | Industrial & Commercial Bank of China Ltd., Class H | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | HK        |    180000 | NS      | $139419.98    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Krafton, Inc.                                    | Krafton, Inc.                                       | CUSIP: N/A<br>LEI: 988400CE024EWSCICK17       | Long             | EC               | CORP              | KR        |       505 | NS      | $97827.69     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corp. Ltd.                           | China Tower Corp. Ltd., Class H                     | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | HK        |     55000 | NS      | $79469.13     | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Unipro PAO                                       | Unipro PAO                                          | CUSIP: N/A<br>LEI: 253400DR5QSH8MEGZZ11       | Long             | EC               | CORP              | RU        |    726000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Divi's Laboratories Ltd.                         | Divi's Laboratories Ltd.                            | CUSIP: N/A<br>LEI: 335800C1DHFG1C9T1M03       | Long             | EC               | CORP              | IN        |      1120 | NS      | $85011.31     | 0.57%             |  |  |  | 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      | $48.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bosch Ltd.                                       | Bosch Ltd.                                          | CUSIP: N/A<br>LEI: 3358008TVK7S8BSVVW82       | Long             | EC               | CORP              | IN        |        15 | NS      | $6293.42      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                          | Vale SA                                             | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |      1500 | NS      | $18177.77     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lupin Ltd.                                       | Lupin Ltd.                                          | CUSIP: N/A<br>LEI: 335800HHXTESDEE2FC65       | Long             | EC               | CORP              | IN        |      3535 | NS      | $78189.42     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Etihad Etisalat Co.                              | Etihad Etisalat Co.                                 | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |      1320 | NS      | $23847.05     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| South African Rand                               | South African Rand                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |       920 | OU      | $53.08        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital PCL                          | Bumrungrad Hospital PCL                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |     17000 | NS      | $90428.33     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysian Ringgit                                | Malaysian Ringgit                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MY        |       914 | OU      | $218.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar National Bank QPSC                         | Qatar National Bank QPSC                            | CUSIP: N/A<br>LEI: 549300FFSRVBS0SQXY75       | Long             | EC               | CORP              | QA        |     17270 | NS      | $87701.81     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Malayan Banking Bhd.                             | Malayan Banking Bhd.                                | CUSIP: N/A<br>LEI: 5493004OT3TOY404V310       | Long             | EC               | CORP              | MY        |     38500 | NS      | $90734.24     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                          | Meituan, Class B                                    | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |      5300 | NS      | $69555.60     | 0.46%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bajaj Finance Ltd.                               | Bajaj Finance Ltd.                                  | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |       930 | NS      | $10924.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL                        | Advanced Info Service PCL                           | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             | EC               | CORP              | TH        |      9800 | NS      | $91529.30     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co. Ltd.              | Hon Hai Precision Industry Co. Ltd.                 | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |      5000 | NS      | $41882.18     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telecommunications Co. KSCP               | Mobile Telecommunications Co. KSCP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KW        |     44150 | NS      | $76376.12     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| China CITIC Bank Corp. Ltd.                      | China CITIC Bank Corp. Ltd., Class H                | CUSIP: N/A<br>LEI: 300300C1030211000384       | Long             | EC               | CORP              | HK        |     22000 | NS      | $20974.76     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Britannia Industries Ltd.                        | Britannia Industries Ltd.                           | CUSIP: N/A<br>LEI: 335800RRN5EVHNNAXN80       | Long             | EC               | CORP              | IN        |      1860 | NS      | $122290.61    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Electricity & Water Authority PJSC         | Dubai Electricity & Water Authority PJSC            | CUSIP: N/A<br>LEI: 213800K4OJF8DKATLT41       | Long             | EC               | CORP              | AE        |    148925 | NS      | $112719.07    | 0.75%             |  |  |  | No            |                  1 | 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      |
| Dr. Sulaiman Al Habib Medical Services Group Co. | Dr Sulaiman Al Habib Medical Services Group Co.     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       555 | NS      | $40283.99     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Jarir Marketing Co.                              | Jarir Marketing Co.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |     32290 | NS      | $122266.58    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BBVA Peru SA                               | Banco BBVA Peru SA                                  | CUSIP: N/A<br>LEI: 549300H1JNU0HLNFU552       | Long             | EC               | CORP              | PE        |      8733 | NS      | $3807.54      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuwaiti Dinar                                    | Kuwaiti Dinar                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KW        |       448 | OU      | $1461.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Far EasTone Telecommunications Co. Ltd.          | Far EasTone Telecommunications Co. Ltd.             | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     36500 | NS      | $109828.89    | 0.73%             |  |  |  | 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        |     38300 | NS      | $1868839.66   | 12.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Manila Electric Co.                              | Manila Electric Co.                                 | CUSIP: N/A<br>LEI: 254900RDFLCM12O8SK69       | Long             | EC               | CORP              | PH        |     10250 | NS      | $101890.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd.                               | Bank of China Ltd., Class H                         | CUSIP: N/A<br>LEI: 54930053HGCFWVHYZX42       | Long             | EC               | CORP              | HK        |    285000 | NS      | $161344.28    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Catcher Technology Co. Ltd.                      | Catcher Technology Co. Ltd.                         | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               | CORP              | TW        |     15600 | NS      | $100731.92    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Bank of Dubai PSC                     | Commercial Bank of Dubai PSC                        | CUSIP: N/A<br>LEI: 2138002DQL2YD4S8HE87       | Long             | EC               | CORP              | AE        |      1450 | NS      | $3864.88      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services PCL               | Bangkok Dusit Medical Services PCL                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |     82000 | NS      | $47929.49     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkish Lira                                     | Turkish Lira                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TR        |      6252 | OU      | $148.69       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Page Industries Ltd.                             | Page Industries Ltd.                                | CUSIP: N/A<br>LEI: 335800D6UFCCKUP3KD53       | Long             | EC               | CORP              | IN        |        10 | NS      | $4641.14      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MRF Ltd.                                         | MRF Ltd.                                            | CUSIP: N/A<br>LEI: 335800EQP78LTJ76DZ82       | Long             | EC               | CORP              | IN        |        46 | NS      | $81622.03     | 0.55%             |  |  |  | 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        |    150000 | NS      | $96883.77     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                            | Emaar Properties PJSC                               | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |       955 | NS      | $3692.13      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive India Ltd.                     | Colgate-Palmolive India Ltd.                        | CUSIP: N/A<br>LEI: 335800YWKI47DGFKWB26       | Long             | EC               | CORP              | IN        |       230 | NS      | $5811.45      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan High Speed Rail Corp.                     | Taiwan High Speed Rail Corp.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     80000 | NS      | $71175.30     | 0.48%             |  |  |  | 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        |     12905 | NS      | $41889.42     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Yanbu National Petrochemical Co.                 | Yanbu National Petrochemical Co.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      1420 | NS      | $13063.48     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatari Rial                                      | Qatari Rial                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | QA        |     17885 | OU      | $4912.17      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                              | IHH Healthcare Bhd.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     46500 | NS      | $91601.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                      | Polyus PJSC                                         | CUSIP: N/A<br>LEI: 549300FUXVT7TF6ZKV71       | Long             | EC               | CORP              | RU        |      5460 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank Central Asia Tbk. PT                        | Bank Central Asia Tbk. PT                           | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |    224500 | NS      | $115084.94    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuyao Glass Industry Group Co. Ltd.              | Fuyao Glass Industry Group Co. Ltd., Class H        | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | HK        |     10400 | NS      | $92797.41     | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                   | HDFC Bank Ltd.                                      | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |     18535 | NS      | $206143.38    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                       | Alibaba Group Holding Ltd.                          | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | US        |      2940 | NS      | $501064.20    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Ltd.                                         | ITC Ltd.                                            | CUSIP: N/A<br>LEI: 335800WLOU3OFWFTMP43       | Long             | EC               | CORP              | IN        |     27330 | NS      | $129413.13    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Salik Co. PJSC                                   | Salik Co. PJSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |     61345 | NS      | $99876.97     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| China Shenhua Energy Co. Ltd.                    | China Shenhua Energy Co. Ltd., Class H              | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               | CORP              | HK        |     28000 | NS      | $145760.53    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd.                  | Agricultural Bank of China Ltd., Class H            | CUSIP: N/A<br>LEI: 549300E7TSGLCOVSY746       | Long             | EC               | CORP              | HK        |    110000 | NS      | $83785.80     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Drilling Co. PJSC                          | ADNOC Drilling Co. PJSC                             | CUSIP: N/A<br>LEI: 254900JPRSQL1PM0JV19       | Long             | EC               | CORP              | AE        |     19820 | NS      | $30110.84     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Cooperative Financial Holding Co. Ltd.    | Taiwan Cooperative Financial Holding Co. Ltd.       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     25750 | NS      | $19894.03     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle India Ltd.                                | Nestle India Ltd.                                   | CUSIP: N/A<br>LEI: 3358008SYYY9CPWH5D94       | Long             | EC               | CORP              | IN        |      6330 | NS      | $90673.82     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                         | Itau Unibanco Holding SA (Preference)               | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EC               | CORP              | BR        |      3000 | NS      | $21971.53     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Industries Qatar QSC                             | Industries Qatar QSC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     21915 | NS      | $76440.68     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Celcomdigi Bhd.                                  | Celcomdigi Bhd.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     83500 | NS      | $71776.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Caixa Seguridade Participacoes SA                | Caixa Seguridade Participacoes SA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     42000 | NS      | $116754.41    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Rural Commercial Bank Co. Ltd.         | Chongqing Rural Commercial Bank Co. Ltd., Class H   | CUSIP: N/A<br>LEI: 300300C1126750000027       | Long             | EC               | CORP              | HK        |    125000 | NS      | $102770.13    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Marico Ltd.                                      | Marico Ltd.                                         | CUSIP: N/A<br>LEI: 3358003SFDQFGJPC5O84       | Long             | EC               | CORP              | IN        |     10990 | NS      | $89130.78     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PhosAgro PJSC                                    | PhosAgro PJSC                                       | CUSIP: N/A<br>LEI: 25340053KRUNNYUWF472       | Long             | EC               | CORP              | RU        |      1158 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Chinese Renminbi (Yuan)                          | Chinese Renminbi (Yuan)                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CN        |      7563 | OU      | $1063.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Investment Bank (The)                      | Saudi Investment Bank (The)                         | CUSIP: N/A<br>LEI: 558600V3J4M5TUY9HR70       | Long             | EC               | CORP              | SA        |     29120 | NS      | $106769.06    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| RHB Bank Bhd.                                    | RHB Bank Bhd.                                       | CUSIP: N/A<br>LEI: 549300ZHRPSV7QIUJT80       | Long             | EC               | CORP              | MY        |     48000 | NS      | $77593.12     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Leong Bank Bhd.                             | Hong Leong Bank Bhd.                                | CUSIP: N/A<br>LEI: 549300BUPYUQGB5BFX94       | Long             | EC               | CORP              | MY        |     16000 | NS      | $78548.23     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp.                                       | KT&G Corp.                                          | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |       895 | NS      | $84301.81     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co. Ltd.                              | SK Telecom Co. Ltd.                                 | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |      1860 | NS      | $68277.24     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nahdi Medical Co.                                | Nahdi Medical Co.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       160 | NS      | $4949.14      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Muthoot Finance Ltd.                             | Muthoot Finance Ltd.                                | CUSIP: N/A<br>LEI: 335800HAMJMBFL4RRF02       | Long             | EC               | CORP              | IN        |      3555 | NS      | $127296.60    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                            | Tencent Holdings Ltd.                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | HK        |      8900 | NS      | $720272.25    | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrent Pharmaceuticals Ltd.                     | Torrent Pharmaceuticals Ltd.                        | CUSIP: N/A<br>LEI: 335800NA6HK275RIJE13       | Long             | EC               | CORP              | IN        |      2700 | NS      | $108281.34    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co. Ltd.                       | Samsung Biologics Co. Ltd.                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       125 | NS      | $107124.06    | 0.72%             |  |  |  | Yes           |                  2 | On Loan: No      |
| National Bank of Kuwait SAKP                     | National Bank of Kuwait SAKP                        | CUSIP: N/A<br>LEI: 549300NB7FE83IH6BW96       | Long             | EC               | CORP              | KW        |     33890 | NS      | $115929.30    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Telekom Malaysia Bhd.                            | Telekom Malaysia Bhd.                               | CUSIP: N/A<br>LEI: 254900SNFPTSDGGVEK77       | Long             | EC               | CORP              | MY        |     43000 | NS      | $74952.24     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zydus Lifesciences Ltd.                          | Zydus Lifesciences Ltd.                             | CUSIP: N/A<br>LEI: 335800R9O14ORBXLPN13       | Long             | EC               | CORP              | IN        |      2835 | NS      | $31120.05     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Coal Energy Co. Ltd.                       | China Coal Energy Co. Ltd., Class H                 | CUSIP: N/A<br>LEI: 529900KRC89344UI3Z10       | Long             | EC               | CORP              | HK        |     90000 | NS      | $126798.08    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                          | Rumo SA                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     23000 | NS      | $67994.39     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertiglobe plc                                   | Fertiglobe plc                                      | CUSIP: N/A<br>LEI: 984500A99D1B4CPBF744       | Long             | EC               | CORP              | AE        |     30815 | NS      | $20974.28     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek, Inc.                                   | MediaTek, Inc.                                      | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |      1570 | NS      | $66904.13     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                   | Credicorp Ltd.                                      | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | US        |       275 | NS      | $71775.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC Property & Casualty Co. Ltd.                | PICC Property & Casualty Co. Ltd., Class H          | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | HK        |     40000 | NS      | $94490.62     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombian Peso                                   | Colombian Peso                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CO        |     12292 | OU      | $3.18         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Dollar                                 | Hong Kong Dollar                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HK        |     56166 | OU      | $7226.57      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sundaram Finance Ltd.                            | Sundaram Finance Ltd.                               | CUSIP: N/A<br>LEI: 335800QM6HEH82BEJY45       | Long             | EC               | CORP              | IN        |       110 | NS      | $5693.23      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Fuel QSC                                   | Qatar Fuel QSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     25960 | NS      | $106948.64    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| New Taiwan Dollar                                | New Taiwan Dollar                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TW        |    152813 | OU      | $4970.97      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chang Hwa Commercial Bank Ltd.                   | Chang Hwa Commercial Bank Ltd.                      | CUSIP: N/A<br>LEI: 549300FHFNGCSKDTHT42       | Long             | EC               | CORP              | TW        |    126000 | NS      | $81155.46     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mega Financial Holding Co. Ltd.                  | Mega Financial Holding Co. Ltd.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     45000 | NS      | $59139.26     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Consumer Products Ltd.                    | Godrej Consumer Products Ltd.                       | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |       560 | NS      | $7056.52      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronet LNG Ltd.                                | Petronet LNG Ltd.                                   | CUSIP: N/A<br>LEI: 335800KIIKNA7GRD9351       | Long             | EC               | CORP              | IN        |      1015 | NS      | $3215.78      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance Group Co. of China Ltd.        | Ping An Insurance Group Co. of China Ltd., Class H  | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |      5000 | NS      | $36122.33     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aboitiz Power Corp.                              | Aboitiz Power Corp.                                 | CUSIP: N/A<br>LEI: 254900UHTKF4VBSFTL94       | Long             | EC               | CORP              | PH        |    131500 | NS      | $92172.90     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Czech Repub. Kronas                              | Czech Repub. Kronas                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CZ        |      1433 | OU      | $67.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                              | Trip.com Group Ltd.                                 | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | HK        |       400 | NS      | $27971.49     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Peruvian New Sol                                 | Peruvian New Sol                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PE        |        92 | OU      | $27.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipla Ltd.                                       | Cipla Ltd.                                          | CUSIP: N/A<br>LEI: 335800KMJJYEDDK82Q34       | Long             | EC               | CORP              | IN        |      6785 | NS      | $114747.97    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| South Korea Won                                  | South Korea Won                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |       231 | OU      | $0.16         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Livzon Pharmaceutical Group, Inc.                | Livzon Pharmaceutical Group, Inc., Class H          | CUSIP: N/A<br>LEI: 529900Y4GWTVVTORJ443       | Long             | EC               | CORP              | HK        |      3500 | NS      | $14077.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| President Chain Store Corp.                      | President Chain Store Corp.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      8800 | NS      | $68273.64     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                         | Reliance Industries Ltd.                            | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |      4320 | NS      | $72334.77     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Reddy's Laboratories Ltd.                     | Dr Reddy's Laboratories Ltd.                        | CUSIP: N/A<br>LEI: 335800OVDPY3DVZR2798       | Long             | EC               | CORP              | IN        |      5655 | NS      | $76290.78     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo QPSC                                     | Ooredoo QPSC                                        | CUSIP: N/A<br>LEI: 549300D3EIDZJB62TR20       | Long             | EC               | CORP              | QA        |      8815 | NS      | $32805.07     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruti Suzuki India Ltd.                         | Maruti Suzuki India Ltd.                            | CUSIP: N/A<br>LEI: 335800D27PBEESKKD357       | Long             | EC               | CORP              | IN        |       640 | NS      | $116693.64    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Telecommunications Group Co. PJSC       | Emirates Telecommunications Group Co. PJSC          | CUSIP: N/A<br>LEI: 529900XDPQPWEQ9BGB80       | Long             | EC               | CORP              | AE        |      5345 | NS      | $28231.53     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Co.                                | Saudi Telecom Co.                                   | CUSIP: N/A<br>LEI: 21380028ATJ79OTA9W17       | Long             | EC               | CORP              | SA        |      7560 | NS      | $91079.24     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Arabian Internet & Communications Services Co.   | Arabian Internet & Communications Services Co.      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       980 | NS      | $65801.10     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Shree Cement Ltd.                                | Shree Cement Ltd.                                   | CUSIP: N/A<br>LEI: 335800W6FNBDUZ89L830       | Long             | EC               | CORP              | IN        |        15 | NS      | $4783.64      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                          | Sberbank of Russia PJSC                             | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               | CORP              | RU        |     12360 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hyundai Mobis Co. Ltd.                           | Hyundai Mobis Co. Ltd.                              | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |       430 | NS      | $95371.12     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Rupee                                     | Indian Rupee                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | IN        |      3883 | OU      | $43.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Surgutneftegas PJSC                              | Surgutneftegas PAO (Preference)                     | CUSIP: N/A<br>LEI: 2138002GZLU65FRAC894       | Long             | EC               | CORP              | RU        |    156600 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tata Consultancy Services Ltd.                   | Tata Consultancy Services Ltd.                      | CUSIP: N/A<br>LEI: 335800ZJKU9GPQRE2U66       | Long             | EC               | CORP              | IN        |      7245 | NS      | $249576.41    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moroccan Dirham                                  | Moroccan Dirham                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | MA        |      1540 | OU      | $165.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aselsan Elektronik Sanayi ve Ticaret A/S         | Aselsan Elektronik Sanayi ve Ticaret A/S            | CUSIP: N/A<br>LEI: 7890008XT4M710MU8714       | Long             | EC               | CORP              | TR        |     19200 | NS      | $92968.59     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Falabella SA                                     | Falabella SA                                        | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               | CORP              | CL        |       405 | NS      | $2542.63      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazilian Real                                   | Brazilian Real                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | BR        |      4404 | OU      | $817.79       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hero MotoCorp Ltd.                               | Hero MotoCorp Ltd.                                  | CUSIP: N/A<br>LEI: 335800Q49FBMZJTRLK49       | Long             | EC               | CORP              | IN        |      1365 | NS      | $85247.87     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chilean Peso Currency                            | Chilean Peso Currency                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CL        |    402381 | OU      | $427.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase, Inc.                                    | NetEase, Inc.                                       | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | US        |       700 | NS      | $98070.00     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Logistics & Services                       | ADNOC Logistics & Services                          | CUSIP: N/A<br>LEI: 254900CIXQYSEOFXAB16       | Long             | EC               | CORP              | AE        |      2240 | NS      | $3500.62      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Unilever Ltd.                          | Hindustan Unilever Ltd.                             | CUSIP: N/A<br>LEI: 5493007IW5N37IKRPM32       | Long             | EC               | CORP              | IN        |      5935 | NS      | $164836.50    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hungarian Forint                                 | Hungarian Forint                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | HU        |     41149 | OU      | $122.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| China Petroleum & Chemical Corp.                 | China Petroleum & Chemical Corp., Class H           | CUSIP: N/A<br>LEI: 529900A2OB24EZ5B3J19       | Long             | EC               | CORP              | HK        |     50000 | NS      | $26569.05     | 0.18%             |  |  |  | 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        |     15495 | NS      | $72817.50     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDS Co. Ltd.                             | Samsung SDS Co. Ltd.                                | CUSIP: N/A<br>LEI: 988400G19T2TB4CAWX91       | Long             | EC               | CORP              | KR        |       790 | NS      | $101470.43    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                    | China Construction Bank Corp., Class H              | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | HK        |    223000 | NS      | $220928.44    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk. PT                          | United Tractors Tbk. PT                             | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |     51500 | NS      | $83304.27     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tingyi Cayman Islands Holding Corp.              | Tingyi Cayman Islands Holding Corp.                 | CUSIP: N/A<br>LEI: 5299009MPI9B60VN4P25       | Long             | EC               | CORP              | HK        |     80000 | NS      | $109724.40    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongcheng Travel Holdings Ltd.                   | Tongcheng Travel Holdings Ltd.                      | CUSIP: N/A<br>LEI: 2549004WGGNOPL8NUL61       | Long             | EC               | CORP              | HK        |      8000 | NS      | $22027.23     | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SK hynix, Inc.                                   | SK hynix, Inc.                                      | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |       325 | NS      | $127513.60    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar Electricity & Water Co. QSC                | Qatar Electricity & Water Co. QSC                   | CUSIP: N/A<br>LEI: 2763MA9U3F8LNMP1G116       | Long             | EC               | CORP              | QA        |     23935 | NS      | $100972.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                        | Guangdong Investment Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    126000 | NS      | $119803.92    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Boubyan Bank KSCP                                | Boubyan Bank KSCP                                   | CUSIP: N/A<br>LEI: 254900D1UAYOAUPGL280       | Long             | EC               | CORP              | KW        |     33365 | NS      | $77828.12     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings, Inc.                               | PDD Holdings, Inc.                                  | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | US        |       770 | NS      | $103849.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                   | BB Seguridade Participacoes SA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     18500 | NS      | $112852.01    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinson PCL                                     | Robinson PCL                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |       600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| United Microelectronics Corp.                    | United Microelectronics Corp.                       | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |     15000 | NS      | $22640.77     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Cards & Payment Services Ltd.                | SBI Cards & Payment Services Ltd.                   | CUSIP: N/A<br>LEI: 335800HN4Y9OTCFH4236       | Long             | EC               | CORP              | IN        |       605 | NS      | $5988.24      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronas Gas Bhd.                                | Petronas Gas Bhd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     18000 | NS      | $79512.89     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                  | ICICI Bank Ltd.                                     | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |      6330 | NS      | $95929.13     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Integrated Telecommunications Co. PJSC  | Emirates Integrated Telecommunications Co. PJSC     | CUSIP: N/A<br>LEI: 254900USBXS6XN200K29       | Long             | EC               | CORP              | AE        |     40000 | NS      | $102805.65    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar International Islamic Bank QSC             | Qatar International Islamic Bank QSC                | CUSIP: N/A<br>LEI: 2549007SZGKT5N5ND952       | Long             | EC               | CORP              | QA        |     23395 | NS      | $71515.06     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Port Holdings Co. Ltd.           | China Merchants Port Holdings Co. Ltd.              | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | HK        |     38000 | NS      | $73533.88     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Russian Roubles                                  | Russian Roubles                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RU        |   8138634 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | MSCI Emerging Markets E-Mini Index                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         2 | NC      | $6640.08      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Pharmaceutical Industries Ltd.               | Sun Pharmaceutical Industries Ltd.                  | CUSIP: N/A<br>LEI: 335800KJ7GE29LB4SS73       | Long             | EC               | CORP              | IN        |      7600 | NS      | $144746.41    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi National Oil Co. for Distribution PJSC | Abu Dhabi National Oil Co. for Distribution PJSC    | CUSIP: N/A<br>LEI: 213800YI1ZIOJB3HLB11       | Long             | EC               | CORP              | AE        |     71955 | NS      | $70329.97     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                             | Telefonica Brasil SA                                | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |     12500 | NS      | $74371.19     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Klabin SA                                        | Klabin SA (Preference)                              | CUSIP: N/A<br>LEI: 254900C8UYA6YUPSDU10       | Long             | EC               | CORP              | BR        |      6000 | NS      | $3999.89      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                        | Prosus NV                                           | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |       370 | NS      | $25593.35     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Balkrishna Industries Ltd.                       | Balkrishna Industries Ltd.                          | CUSIP: N/A<br>LEI: 3358006BD9NZGXG1I436       | Long             | EC               | CORP              | IN        |        90 | NS      | $2311.36      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronas Dagangan Bhd.                           | Petronas Dagangan Bhd.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |      8500 | NS      | $46031.52     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BDO Unibank, Inc.                                | BDO Unibank, Inc.                                   | CUSIP: N/A<br>LEI: 3FGIIBS1PEI1FYQBGN97       | Long             | EC               | CORP              | PH        |     31850 | NS      | $72251.06     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Elm Co.                                          | Elm Co.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |       245 | NS      | $61835.53     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates Central Cooling Systems Corp.           | Emirates Central Cooling Systems Corp.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |    229480 | NS      | $98715.86     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pidilite Industries Ltd.                         | Pidilite Industries Ltd.                            | CUSIP: N/A<br>LEI: 335800APXGEBZ349GN74       | Long             | EC               | CORP              | IN        |      6460 | NS      | $105125.43    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesaieed Petrochemical Holding Co.               | Mesaieed Petrochemical Holding Co.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |    199230 | NS      | $68398.10     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Holding Co. Ltd.                 | First Financial Holding Co. Ltd.                    | CUSIP: N/A<br>LEI: 529900BC1U046Q2GUZ64       | Long             | EC               | CORP              | TW        |    130000 | NS      | $120734.52    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Dabur India Ltd.                                 | Dabur India Ltd.                                    | CUSIP: N/A<br>LEI: 335800MJPUA2E1FSFL38       | Long             | EC               | CORP              | IN        |      9640 | NS      | $52944.87     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                               | Bharti Airtel Ltd.                                  | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |      4910 | NS      | $113635.83    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp.                       | Korea Electric Power Corp.                          | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |      2130 | NS      | $63612.21     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Polish Zloty - New                               | Polish Zloty - New                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PL        |      1205 | OU      | $326.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Uab Dirham                                       | Uab Dirham                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AE        |     39160 | OU      | $10661.63     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chunghwa Telecom Co. Ltd.                        | Chunghwa Telecom Co. Ltd.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     21700 | NS      | $92472.59     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd.                                | Asian Paints Ltd.                                   | CUSIP: N/A<br>LEI: 335800HEHXGYRUNERD75       | Long             | EC               | CORP              | IN        |      4120 | NS      | $116529.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PI Industries Ltd.                               | PI Industries Ltd.                                  | CUSIP: N/A<br>LEI: 335800PEGP94E4CC1D11       | Long             | EC               | CORP              | IN        |       120 | NS      | $4835.89      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL Energia SA                                  | CPFL Energia SA                                     | CUSIP: N/A<br>LEI: 529900GBWSBDXN8GGM28       | Long             | EC               | CORP              | BR        |     15000 | NS      | $115874.21    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Femsa SAB de CV                        | Coca-Cola Femsa SAB de CV                           | CUSIP: N/A<br>LEI: 5493008KEVFYPMGTXO33       | Long             | EC               | CORP              | MX        |      6500 | NS      | $56004.10     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd.                            | HCL Technologies Ltd.                               | CUSIP: N/A<br>LEI: 549300C1F8OLYSOQYB65       | Long             | EC               | CORP              | IN        |      7600 | NS      | $131972.91    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                             | EURO                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |       536 | OU      | $618.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                     | Infosys Ltd.                                        | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |      3905 | NS      | $65205.59     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Office Parks REIT                        | Embassy Office Parks REIT                           | CUSIP: N/A<br>LEI: 335800O555A557E43Z08       | Long             | EC               | CORP              | IN        |     17235 | NS      | $83280.94     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| LafargeHolcim Maroc SA                           | LafargeHolcim Maroc SA                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MA        |       490 | NS      | $102623.87    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Porto Seguro SA                                  | Porto Seguro SA                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |      4500 | NS      | $40152.08     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd.                               | Eicher Motors Ltd.                                  | CUSIP: N/A<br>LEI: 25490059S64CN2OY7239       | Long             | EC               | CORP              | IN        |      1770 | NS      | $139711.79    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                          | Dubai Islamic Bank PJSC                             | CUSIP: N/A<br>LEI: 5493003E7YRAQY3JGW88       | Long             | EC               | CORP              | AE        |     44580 | NS      | $115305.14    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Indonesian Rupiah                                | Indonesian Rupiah                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ID        |       333 | OU      | $0.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Ryal                               | Saudi Arabian Ryal                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SA        |       655 | OU      | $174.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co. Ltd.                     | Samsung Electronics Co. Ltd.                        | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      5510 | NS      | $415739.60    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Cement Corp.                                | Asia Cement Corp.                                   | CUSIP: N/A<br>LEI: 213800EFQXH43HMGJL59       | Long             | EC               | CORP              | TW        |     27000 | NS      | $31882.50     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com, Inc.                                     | JD.com, Inc.                                        | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | US        |       925 | NS      | $30562.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                              | Forward Foreign Currency Contract                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-31.57       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO