# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-002071
**Filing Date:** 2025-9
**Character Count:** 84018
**Document Hash:** f9e6b18858e0d37369f0b8f24ba6e029
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002071.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-002071

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251342651

**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 STOXX Global Broad Infrastructure Index Fund (Series ID: S000042071)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000130666 | FlexShares STOXX Global Broad Infrastructure Index Fund | NFRA            |

## 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 STOXX Global Broad Infrastructure Index Fund

- **b. EDGAR series identifier (if any):** S000042071

- **c. LEI of Series:** 549300M226QPIG4QNV60

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2925140778.53

**Total Liabilities:** $140678868.47

**Net Assets:** $2784461910.06

**Cash Not Reported:** $21187380.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130666 | 3.26%                | 1.72%                | -1.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6385616.50              | $59521957.79                               |
| Month 2  | $-3897190.42             | $44081248.25                               |
| Month 3  | $-7337.77                | $-48085139.22                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Veralto Corp.                                          | Veralto Corp.                                                                                                 | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     99036 | NS      | $10381943.88  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                 | Waste Management, Inc.                                                                                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |    146720 | NS      | $33622355.20  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIXIS NY                                             | NATIXIS SA/NEW YORK NY CERTIFICATE OF DEPOSIT FIXED 4.47% 11/DEC/2025 USD 1000                                | CUSIP: 63873TDM7<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1000119.00   | 0.04%             | 2025-12-11      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                      | American Electric Power Co., Inc.                                                                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    210910 | NS      | $23862357.40  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Entergy Corp.                                          | Entergy Corp.                                                                                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    171479 | NS      | $15506845.97  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Comcast Corp.                                          | Comcast Corp., Class A                                                                                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1474536 | NS      | $48998831.28  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Qube Holdings Ltd.                                     | Qube Holdings Ltd.                                                                                            | CUSIP: N/A<br>LEI: 391200RT2MUFEO3RFW25       | Long             | EC               | CORP              | AU        |   2551094 | NS      | $7177820.58   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp.                                   | SoftBank Group Corp.                                                                                          | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |    948800 | NS      | $74456480.28  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV             | Grupo Aeroportuario del Pacifico SAB de CV, Class B                                                           | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               | CORP              | MX        |    586880 | NS      | $13508666.29  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tower Corp. Ltd.                                 | China Tower Corp. Ltd., Class H                                                                               | CUSIP: N/A<br>LEI: 300300T6BNNP0L7O7H91       | Long             | EC               | CORP              | CN        |   4126500 | NS      | $5782356.69   | 0.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Odakyu Electric Railway Co. Ltd.                       | Odakyu Electric Railway Co. Ltd.                                                                              | CUSIP: N/A<br>LEI: 353800LA6BC6E1MK6U35       | Long             | EC               | CORP              | JP        |    516700 | NS      | $5608355.43   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Keisei Electric Railway Co. Ltd.                       | Keisei Electric Railway Co. Ltd.                                                                              | CUSIP: N/A<br>LEI: 529900VNP95IIHXPCY17       | Long             | EC               | CORP              | JP        |    679700 | NS      | $5760705.34   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                                                                         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     37597 | NS      | $10127127.92  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                   | Infrastrutture Wireless Italiane SpA                                                                          | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |    249424 | NS      | $2957554.56   | 0.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                              | Consolidated Edison, Inc.                                                                                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |    142135 | NS      | $14710972.50  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services, Inc.        | International Container Terminal Services, Inc.                                                               | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |   2164120 | NS      | $16620679.04  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp.                                 | Pembina Pipeline Corp.                                                                                        | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    364966 | NS      | $13594986.80  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital PCL                                | Bumrungrad Hospital PCL                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   1008700 | NS      | $5247215.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanaway Waste Management Ltd.                        | Cleanaway Waste Management Ltd.                                                                               | CUSIP: N/A<br>LEI: 549300D5C72CV6CIBS66       | Long             | EC               | CORP              | AU        |   3344299 | NS      | $6201293.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Keppel DC REIT                                         | Keppel DC REIT                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1650600 | NS      | $3015317.38   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | SPI 200 Index                                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        39 | NC      | $86000.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV         | Grupo Aeroportuario del Centro Norte SAB de CV, Class B                                                       | CUSIP: N/A<br>LEI: 529900HUSBARAFSXJ605       | Long             | EC               | CORP              | MX        |    412324 | NS      | $5479769.21   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp.                          | Select Medical Holdings Corp.                                                                                 | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39431 | NS      | $583184.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KPJ Healthcare Bhd.                                    | KPJ Healthcare Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2842700 | NS      | $1726282.06   | 0.06%             |  |  |  | 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      | $-85746.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Digital Core REIT Management Pte. Ltd.                 | Digital Core REIT Management Pte. Ltd.                                                                        | CUSIP: N/A<br>LEI: 254900RTT7SLEEJYGV92       | Long             | EC               | CORP              | SG        |    458500 | NS      | $240712.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV              | Grupo Aeroportuario del Sureste SAB de CV, Class B                                                            | CUSIP: N/A<br>LEI: 5299001W7JIDXCUOUC82       | Long             | EC               | CORP              | MX        |    243005 | NS      | $7380300.03   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                                      | T-Mobile US, Inc.                                                                                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    181566 | NS      | $43287150.06  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                                 | WEC Energy Group, Inc.                                                                                        | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    125629 | NS      | $13703611.32  | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC                                   | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL                               | Airports of Thailand PCL                                                                                      | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |   6419000 | NS      | $8053212.97   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                                     | Southern Co. (The)                                                                                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    431907 | NS      | $40806573.36  | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| PG&E Corp.                                             | PG&E Corp.                                                                                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    853727 | NS      | $11969252.54  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                                        | South Bow Corp.                                                                                               | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    132965 | NS      | $3499762.29   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Daiei Kankyo Co. Ltd.                                  | Daiei Kankyo Co. Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     49100 | NS      | $1014658.29   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Post AG                                       | Deutsche Post AG                                                                                              | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |   1358077 | NS      | $61320568.36  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd.                    | Auckland International Airport Ltd.                                                                           | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |   2416295 | NS      | $10741241.94  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P 500 E-Mini Index                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        19 | NC      | $255946.67    | 0.01%             |  |  |  | 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        |  19440400 | NS      | $12789736.84  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tobu Railway Co. Ltd.                                  | Tobu Railway Co. Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    275100 | NS      | $4701532.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Arteria Ltd.                                     | Atlas Arteria Ltd.                                                                                            | CUSIP: N/A<br>LEI: 254900SGF4ZQDBH2YC59       | Long             | EC               | CORP              | AU        |   1368164 | NS      | $4545404.74   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                            | H2O America                                                                                                   | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9170 | NS      | $442819.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambipar Participacoes e Empreendimentos S/A            | Ambipar Participacoes e Empreendimentos SA, Class B                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     59300 | NS      | $1386072.82   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                           | Verizon Communications, Inc.                                                                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   1661604 | NS      | $71050187.04  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent plc                                       | Severn Trent plc                                                                                              | CUSIP: N/A<br>LEI: 213800RPBXRETY4A4C59       | Long             | EC               | CORP              | GB        |    384223 | NS      | $13469145.33  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections, Inc.                                | Waste Connections, Inc.                                                                                       | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |    375970 | NS      | $70361634.52  | 2.53%             |  |  |  | No            |                  1 | On Loan: —       |
| California Water Service Group                         | California Water Service Group                                                                                | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     25676 | NS      | $1167487.72   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                                                                                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    481425 | NS      | $28861428.75  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd.                                            | NEXTDC Ltd.                                                                                                   | CUSIP: N/A<br>LEI: 529900RTERU3X7G3D672       | Long             | EC               | CORP              | AU        |    559370 | NS      | $5225781.93   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Gemadept Corp.                                         | Gemadept Corp.                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |    550200 | NS      | $1180245.05   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                     | Koninklijke KPN NV                                                                                            | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   3555209 | NS      | $15950928.69  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd.                                   | HKT Trust & HKT Ltd.                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   3150000 | NS      | $4959745.22   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| IHH Healthcare Bhd.                                    | IHH Healthcare Bhd.                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   3117800 | NS      | $4861282.53   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                             | Getlink SE                                                                                                    | CUSIP: N/A<br>LEI: 9695007ZEQ7M0OE74G82       | Long             | EC               | CORP              | FR        |    443828 | NS      | $8076935.07   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                               | Enel SpA                                                                                                      | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |   4845428 | NS      | $42885939.10  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                                           | Vistra Corp.                                                                                                  | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    134799 | NS      | $28110983.46  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                                   | HCA Healthcare, Inc.                                                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     67858 | NS      | $24021053.42  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Middlesex Water Co.                                    | Middlesex Water Co.                                                                                           | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6419 | NS      | $331220.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream, Inc.                                     | DT Midstream, Inc.                                                                                            | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41265 | NS      | $4239153.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Canadian National Railway Co.                          | Canadian National Railway Co.                                                                                 | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    832636 | NS      | $77918661.66  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | TOPIX Index                                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | JP        |         3 | NC      | $35445.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                                                                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     38514 | NS      | $30240037.38  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Healthcare Group Holdings Ltd.                    | Life Healthcare Group Holdings Ltd.                                                                           | CUSIP: N/A<br>LEI: 529900NEEWARTDD80135       | Long             | EC               | CORP              | ZA        |   1470868 | NS      | $1089170.33   | 0.04%             |  |  |  | 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      | $56955.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                           | Iberdrola SA                                                                                                  | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |   3666313 | NS      | $64433857.07  | 2.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Kyushu Railway Co.                                     | Kyushu Railway Co.                                                                                            | CUSIP: N/A<br>LEI: 5299002CCI6HLWAN3K50       | Long             | EC               | CORP              | JP        |    225600 | NS      | $5486534.44   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                                                                          | CUSIP: N/A<br>LEI: 724500UL634GFV1KYF10       | Long             | EC               | CORP              | NL        |     39431 | NS      | $1890075.85   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | Rede D'Or Sao Luiz SA                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1152200 | NS      | $6688606.87   | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Snam SpA                                               | Snam SpA                                                                                                      | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |   1287468 | NS      | $7476901.79   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Exelon Corp.                                           | Exelon Corp.                                                                                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    399812 | NS      | $17967551.28  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                                      | Hess Midstream LP, Class A                                                                                    | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41265 | NS      | $1796265.45   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.                  | Public Service Enterprise Group, Inc.                                                                         | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    197155 | NS      | $17702547.45  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                                              | Enagas SA                                                                                                     | CUSIP: N/A<br>LEI: 213800OU3FQKGM4M2U23       | Long             | EC               | CORP              | ES        |    134799 | NS      | $2023437.23   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Aguas Andinas SA                                       | Aguas Andinas SA, Class A                                                                                     | CUSIP: N/A<br>LEI: 894500KC50BSHRL3SK15       | Long             | EC               | CORP              | CL        |   3769787 | NS      | $1232492.56   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL AUSTRALIA BANK NY                             | NATIONAL AUSTRALIA BANK LTD/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 17/MAR/2026 USD 1000                     | CUSIP: 63253T7L6<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $1000122.00   | 0.04%             | 2026-03-17      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust, Inc.                             | Digital Realty Trust, Inc.                                                                                    | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    124712 | NS      | $22004185.28  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp.                                 | Norfolk Southern Corp.                                                                                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     88949 | NS      | $24727822.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Towers plc                                      | Helios Towers plc                                                                                             | CUSIP: N/A<br>LEI: 213800DGC7GS4XCHCU30       | Long             | EC               | CORP              | GB        |    939925 | NS      | $1480181.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| China Everbright Environment Group Ltd.                | China Everbright Environment Group Ltd.                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   4585000 | NS      | $2458961.78   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| East Japan Railway Co.                                 | East Japan Railway Co.                                                                                        | CUSIP: N/A<br>LEI: 353800SENYJ2DSM6PS44       | Long             | EC               | CORP              | JP        |   1650600 | NS      | $35294400.48  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Swisscom AG                                            | Swisscom AG (Registered)                                                                                      | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |     22925 | NS      | $15964641.96  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| CF SECURED LLC                                         | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |  36331109 | PA      | $36331108.85  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Quebecor, Inc.                                         | Quebecor, Inc., Class B                                                                                       | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    144886 | NS      | $4084956.26   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Health Services, Inc.                        | Universal Health Services, Inc., Class B                                                                      | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     19257 | NS      | $3205327.65   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE, Inc.                                              | BCE, Inc.                                                                                                     | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |    861413 | NS      | $20137331.86  | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Rumo SA                                                | Rumo SA                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1742300 | NS      | $5147340.29   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                | Republic Services, Inc., Class A                                                                              | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     80696 | NS      | $18612532.40  | 0.67%             |  |  |  | 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        |    275100 | NS      | $1270701.52   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group plc                             | United Utilities Group plc                                                                                    | CUSIP: N/A<br>LEI: 2138002IEYQAOC88ZJ59       | Long             | EC               | CORP              | GB        |   1003198 | NS      | $14968487.88  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC                    | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |  12000000 | PA      | $12000000.00  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| American States Water Co.                              | American States Water Co.                                                                                     | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |     12838 | NS      | $944748.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp.                                        | TC Energy Corp.                                                                                               | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    641900 | NS      | $30717228.31  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp.                                 | Antero Midstream Corp.                                                                                        | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130214 | NS      | $2389426.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO                       | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |  32000000 | PA      | $32000000.00  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                                  | GEO Group, Inc. (The)                                                                                         | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |     49518 | NS      | $1283506.56   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Jiangsu Expressway Co. Ltd.                            | Jiangsu Expressway Co. Ltd., Class H                                                                          | CUSIP: N/A<br>LEI: 529900UWWTWZ6AKLYD43       | Long             | EC               | CORP              | CN        |   1834000 | NS      | $2249862.42   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                            | ONEOK, Inc.                                                                                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    248507 | NS      | $20404909.77  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                    | Union Pacific Corp.                                                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    236586 | NS      | $52514994.42  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental, Inc.                                | GFL Environmental, Inc.                                                                                       | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | US        |    512603 | NS      | $25804435.02  | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| Xcel Energy, Inc.                                      | Xcel Energy, Inc.                                                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    228333 | NS      | $16768775.52  | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Central Japan Railway Co.                              | Central Japan Railway Co.                                                                                     | CUSIP: N/A<br>LEI: 353800YAR3OVUITHTG64       | Long             | EC               | CORP              | JP        |   1505500 | NS      | $35122831.32  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SAB de CV     | Promotora y Operadora de Infraestructura SAB de CV                                                            | CUSIP: N/A<br>LEI: 52990035X6RK8DBUWA73       | Long             | EC               | CORP              | MX        |    270515 | NS      | $3194572.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                                    | Clean Harbors, Inc.                                                                                           | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     20174 | NS      | $4757230.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CTT-Correios de Portugal SA                            | CTT-Correios de Portugal SA                                                                                   | CUSIP: N/A<br>LEI: 529900G4A1IKOKC22K56       | Long             | EC               | CORP              | PT        |    124712 | NS      | $1056269.49   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Beijing Enterprises Water Group Ltd.                   | Beijing Enterprises Water Group Ltd.                                                                          | CUSIP: N/A<br>LEI: 529900TWUN2ALJKWRR11       | Long             | EC               | CORP              | CN        |   5986000 | NS      | $2051253.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| National Grid plc                                      | National Grid plc                                                                                             | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |   3174654 | NS      | $44532490.74  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty, Inc.                                      | GCI Liberty, Inc.                                                                                             | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36294 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KDDI Corp.                                             | KDDI Corp.                                                                                                    | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |   2567600 | NS      | $42405194.86  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp.                                           | Keyera Corp.                                                                                                  | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    141218 | NS      | $4443226.65   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Aurizon Holdings Ltd.                                  | Aurizon Holdings Ltd.                                                                                         | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |   2673972 | NS      | $5578103.47   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                           | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  29000000 | PA      | $29000000.00  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                | E.ON SE                                                                                                       | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   1404844 | NS      | $25654271.07  | 0.92%             |  |  |  | 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        |    672300 | NS      | $13006370.04  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly, Inc.                                           | Fastly, Inc., Class A                                                                                         | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |     26593 | NS      | $180566.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                      | Uniti Group, Inc.                                                                                             | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |     49518 | NS      | $263435.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| COSCO SHIPPING Ports Ltd.                              | COSCO SHIPPING Ports Ltd.                                                                                     | CUSIP: N/A<br>LEI: 5299008QX6KA3JHWK507       | Long             | EC               | CORP              | CN        |   1893426 | NS      | $1326604.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Veolia Environnement SA                                | Veolia Environnement SA                                                                                       | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | EC               | CORP              | FR        |    973854 | NS      | $33104350.50  | 1.19%             |  |  |  | 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      | $65751.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Essential Utilities, Inc.                              | Essential Utilities, Inc.                                                                                     | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     97202 | NS      | $3577033.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNeVision Holdings Ltd.                               | SUNeVision Holdings Ltd.                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    504000 | NS      | $501431.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumen Technologies, Inc.                               | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    328286 | NS      | $1460872.70   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Daiseki Co. Ltd.                                       | Daiseki Co. Ltd.                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     55560 | NS      | $1305057.31   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Bangkok Expressway & Metro PCL                         | Bangkok Expressway & Metro PCL                                                                                | CUSIP: N/A<br>LEI: 529900A653WRN6DJXS19       | Long             | EC               | CORP              | TH        |   9628500 | NS      | $1635195.07   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                            | Casella Waste Systems, Inc., Class A                                                                          | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     25676 | NS      | $2791751.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Constellation Energy Corp.                             | Constellation Energy Corp.                                                                                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    123795 | NS      | $43060852.80  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                            | Aena SME SA                                                                                                   | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |   1072890 | NS      | $28974099.62  | 1.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                                  | Other Repurchase Agreement                                                                                    | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinetik Holdings, Inc.                                 | Kinetik Holdings, Inc., Class A                                                                               | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13755 | NS      | $596691.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| West Japan Railway Co.                                 | West Japan Railway Co.                                                                                        | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               | CORP              | JP        |    676200 | NS      | $14921825.97  | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Frontier Communications Parent, Inc.                   | Frontier Communications Parent, Inc.                                                                          | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88949 | NS      | $3267986.26   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                  | Targa Resources Corp.                                                                                         | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     86198 | NS      | $14344209.18  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | FTSE 100 Index                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        77 | NC      | $219505.05    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Befesa SA                                              | Befesa SA                                                                                                     | CUSIP: N/A<br>LEI: 222100VXGA8L6J4ZWG61       | Long             | EC               | CORP              | ES        |     43099 | NS      | $1301297.98   | 0.05%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Adani Ports & Special Economic Zone Ltd.               | Adani Ports & Special Economic Zone Ltd.                                                                      | CUSIP: N/A<br>LEI: 335800QOAXP5TM7OYP69       | Long             | EC               | CORP              | IN        |   1280132 | NS      | $20065917.03  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Viettel Post Joint Stock Corp.                         | Viettel Post Joint Stock Corp.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | VN        |     91700 | NS      | $388514.83    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                         | EchoStar Corp., Class A                                                                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     49518 | NS      | $1613791.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| PostNL NV                                              | PostNL NV                                                                                                     | CUSIP: N/A<br>LEI: 724500Q41FHN0P1GPC53       | Long             | EC               | CORP              | NL        |    332871 | NS      | $365176.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Santos Brasil Participacoes SA                         | Santos Brasil Participacoes SA                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    641900 | NS      | $1599432.89   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                                      | Duke Energy Corp.                                                                                             | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    305361 | NS      | $37144112.04  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp.                                 | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     37597 | NS      | $6063644.16   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd.                              | Guangdong Investment Ltd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   3668000 | NS      | $3266155.41   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd.                                            | Santos Ltd.                                                                                                   | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |   2054997 | NS      | $10412874.27  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT, Inc.                                              | NTT, Inc.                                                                                                     | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |  48509300 | NS      | $49220041.26  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE CIB, NY                                | CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 08/JAN/2026 USD 100000 | CUSIP: 22532XE53<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $999557.00    | 0.04%             | 2026-01-08      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| MTR Corp. Ltd.                                         | MTR Corp. Ltd.                                                                                                | CUSIP: N/A<br>LEI: 254900IH4U9NHH9AQM97       | Long             | EC               | CORP              | HK        |   2292500 | NS      | $8250079.62   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                                                                       | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    595133 | NS      | $28595074.77  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                               | Engie SA                                                                                                      | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |   1162756 | NS      | $26110931.30  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                                | Cia De Sanena Do Parana (Preference)                                                                          | CUSIP: N/A<br>LEI: 254900SZW9X2D21A7X94       | Long             | EC               | CORP              | BR        |   1467200 | NS      | $1732268.53   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group plc                                           | BT Group plc                                                                                                  | CUSIP: N/A<br>LEI: 213800LRO7NS5CYQMN21       | Long             | EC               | CORP              | GB        |   5799108 | NS      | $15893370.87  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Transurban Group                                       | Transurban Group                                                                                              | CUSIP: N/A<br>LEI: 549300ZR71SUQ4VUTM79       | Long             | EC               | CORP              | AU        |   4540984 | NS      | $40405707.42  | 1.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Oesterreichische Post AG                               | Oesterreichische Post AG                                                                                      | CUSIP: N/A<br>LEI: 529900MVUWACNUTK8467       | Long             | EC               | CORP              | AT        |     41265 | NS      | $1447595.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Motiva Infraestrutura de Mobilidade SA                 | Motiva Infraestrutura de Mobilidade SA                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1467200 | NS      | $3226055.32   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings, Inc.                               | Sirius XM Holdings, Inc.                                                                                      | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81613 | NS      | $1723666.56   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| TRE Holdings Corp.                                     | TRE Holdings Corp.                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     91700 | NS      | $833553.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CSX Corp.                                              | CSX Corp.                                                                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    746438 | NS      | $26528406.52  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                                                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    185234 | NS      | $38600913.26  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.                         | American Water Works Co., Inc.                                                                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     77028 | NS      | $10802406.72  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | S&P/TSX 60 Index                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |        36 | NC      | $157062.98    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Westports Holdings Bhd.                                | Westports Holdings Bhd.                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1375500 | NS      | $1806049.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge, Inc.                                         | Enbridge, Inc.                                                                                                | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   1358077 | NS      | $61639240.35  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                                                                            | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |    441994 | NS      | $15682411.22  | 0.56%             |  |  |  | Yes           |                  1 | On Loan: No      |
| METROPOLITAN LIFE INSURANCE COMPANY                    | Treasury Repurchase Agreement                                                                                 | CUSIP: N/A<br>LEI: 549300H7EXFMRS487544       | Long             | RA               | CORP              | US        |  19000000 | PA      | $19000000.00  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Port Holdings Co. Ltd.                 | China Merchants Port Holdings Co. Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900GA4UH90FUOR048       | Long             | EC               | CORP              | CN        |   1834000 | NS      | $3611928.66   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Post Ltd.                                    | Singapore Post Ltd.                                                                                           | CUSIP: N/A<br>LEI: 2549001SP50468BWD892       | Long             | EC               | CORP              | SG        |   2109100 | NS      | $796592.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                           | Iridium Communications, Inc.                                                                                  | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     32095 | NS      | $785043.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| AST SpaceMobile, Inc.                                  | AST SpaceMobile, Inc., Class A                                                                                | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |     83447 | NS      | $4436876.99   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| AltaGas Ltd.                                           | AltaGas Ltd.                                                                                                  | CUSIP: 021361100<br>LEI: 2549008X5V70MOS4HM10 | Long             | EC               | CORP              | CA        |    191653 | NS      | $5671060.16   | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Ramsay Health Care Ltd.                                | Ramsay Health Care Ltd.                                                                                       | CUSIP: N/A<br>LEI: 549300QBX122KF2JPI10       | Long             | EC               | CORP              | AU        |    283353 | NS      | $7073075.86   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Deutsche Telekom AG                                    | Deutsche Telekom AG (Registered)                                                                              | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   3258101 | NS      | $117390793.08 | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                      | Canadian Pacific Kansas City Ltd.                                                                             | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1350741 | NS      | $99555537.16  | 3.58%             |  |  |  | No            |                  1 | On Loan: —       |
| SBA Communications Corp.                               | SBA Communications Corp., Class A                                                                             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     43099 | NS      | $9685207.28   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co., Inc.                            | Acadia Healthcare Co., Inc.                                                                                   | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     42182 | NS      | $918302.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd.                                                                                            | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |   2426382 | NS      | $53023850.94  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.                   | Cogent Communications Holdings, Inc.                                                                          | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13755 | NS      | $627090.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Envision Greenwise Holdings Ltd.                       | Envision Greenwise Holdings Ltd.                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    917000 | NS      | $846910.83    | 0.03%             |  |  |  | Yes           |                  1 | On Loan: —       |
| Sempra                                                 | Sempra                                                                                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    259511 | NS      | $21196858.48  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle, Inc.                                     | Crown Castle, Inc.                                                                                            | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    173313 | NS      | $18213463.17  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group plc                                       | Pennon Group plc                                                                                              | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    657489 | NS      | $4336518.94   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCivic, Inc.                                        | CoreCivic, Inc.                                                                                               | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |     40348 | NS      | $808573.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies, Inc.                           | PureCycle Technologies, Inc.                                                                                  | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78862 | NS      | $1057539.42   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Transneft PJSC                                         | Transneft PJSC (Preference)                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | RU        |    147300 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NextEra Energy, Inc.                                   | NextEra Energy, Inc.                                                                                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    813379 | NS      | $57798711.74  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                  | Dominion Energy, Inc.                                                                                         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    339290 | NS      | $19831500.50  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Shenzhen International Holdings Ltd.                   | Shenzhen International Holdings Ltd.                                                                          | CUSIP: N/A<br>LEI: 5493002NKD14ZZMEJF98       | Long             | EC               | CORP              | CN        |   1969732 | NS      | $1972241.21   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Flughafen Zurich AG                                    | Flughafen Zurich AG (Registered)                                                                              | CUSIP: N/A<br>LEI: 529900PFO97GCN5SYB55       | Long             | EC               | CORP              | CH        |     27510 | NS      | $7791761.59   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                                 | Encompass Health Corp.                                                                                        | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     41265 | NS      | $4543689.15   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airport Terminal Co. Ltd.                        | Japan Airport Terminal Co. Ltd.                                                                               | CUSIP: N/A<br>LEI: 353800W9WEQSGUY2EO26       | Long             | EC               | CORP              | JP        |    137300 | NS      | $4193034.98   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                                             | AT&T, Inc.                                                                                                    | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   2840866 | NS      | $77868137.06  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KINX, Inc.                                             | KINX, Inc.                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      4585 | NS      | $298877.99    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                                  | Cheniere Energy, Inc.                                                                                         | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     88032 | NS      | $20764988.16  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                    | Kinder Morgan, Inc.                                                                                           | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    777616 | NS      | $21819904.96  | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Broadband Corp.                                | Liberty Broadband Corp., Class C                                                                              | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     50435 | NS      | $3092674.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Group                                              | APA Group                                                                                                     | CUSIP: N/A<br>LEI: 549300T9RBSX164T8H40       | Long             | EC               | CORP              | AU        |    775782 | NS      | $4190697.95   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                    | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $15098.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO