NPORT-P false 0001491978 XXXXXXXX S000033315 C000102371 FlexShares Trust 811-22555 0001491978 5493007FU2RQX77I4604 50 South LaSalle Street Chicago 60603 800-595-9111 FlexShares Morningstar Global Upstream Natural Resources Index Fund S000033315 549300NRG12H5S0TF735 2020-10-31 2020-01-31 N 5131123175.17 74480494.76 5056642680.41 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 9000692.49000000 UST Canadian Natural Resources Ltd. 549300T15RIMIKZC5Q38 136385101 1037484.00000000 NS 29197500.65000000 0.577408816389 Long EC CORP CA N 1 N N N/A N/A N/A 1.00000000 NC N/A -2352.64000000 -0.00004652573 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 54320550.00000000 JPY 500000.00000000 USD 2020-03-18 -2352.64000000 N N N EOG Resources, Inc. XWTZDRYZPBUHIQBKDB46 26875P101 547740.00000000 NS USD 39935723.40000000 0.789767557725 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1403.11000000 0.000027747857 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 640000.00000000 USD 486008.28000000 GBP 2020-03-18 1403.11000000 N N N Duratex SA N/A N/A 644400.00000000 NS 2367537.59000000 0.046820345822 Long EC CORP BR N 1 N N N BHP Group Ltd. WZE1WSENV6JSZFK0JC28 N/A 8422308.00000000 NS 222149576.25000000 4.393222742643 Long EC CORP AU N 1 N N N Veolia Environnement SA 969500LENY69X51OOT31 N/A 1488564.00000000 NS 44012038.55000000 0.870380632598 Long EC CORP FR N 1 N N N/A N/A N/A 1.00000000 NC N/A -19329.05000000 -0.00038225065 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 559863.69000000 USD 2315316.30000000 BRL 2020-03-18 -19329.05000000 N N N Mowi ASA 549300W1OGQF5LZIH349 N/A 3189780.00000000 NS 76199261.86000000 1.506914106373 Long EC CORP NO N 1 N N CITIGROUP GLOBAL MARKETS INC MBNUM2BPBDO7JBLYG310 N/A 9276043.07000000 PA USD 9276043.07000000 0.183442723883 Long RA CORP US N 2 Repurchase Y 1.57000000 2020-02-03 8629744.04514200 USD 9461569.44198700 USD UST N N N/A N/A N/A 1.00000000 NC N/A 37271.16000000 0.000737073239 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1735425.68000000 AUD 1200000.00000000 USD 2020-03-18 37271.16000000 N N N N/A N/A N/A 1.00000000 NC N/A 3849.58000000 0.000076129167 N/A DFE N/A N 2 Bank of Montreal NQQ6HPCNCCU6TUTQYE16 400000.00000000 USD 306007.62000000 GBP 2020-03-18 3849.58000000 N N N N/A N/A N/A 1.00000000 NC N/A 28.91000000 0.000000571723 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 1457.06000000 USD 28290.90000000 MXN 2020-03-18 28.91000000 N N N Repsol SA BSYCX13Y0NOTV14V9N85 N/A 1540453.00000000 NS 21279375.74000000 0.420820237554 Long EC CORP ES N 1 N N N/A N/A N/A 1.00000000 NC N/A -3567.62000000 -0.00007055313 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 300000.00000000 USD 392060.58000000 CAD 2020-03-18 -3567.62000000 N N N IOI Corp. Bhd. N/A N/A 22045600.00000000 NS 24423383.11000000 0.482996024311 Long EC CORP MY N 1 N N N Royal Gold, Inc. 5493001NGRU6SFL04184 780287108 196548.00000000 NS USD 22665915.36000000 0.448240399659 Long EC CORP US N 1 N N N/A N/A N/A 1.00000000 NC N/A -7899.76000000 -0.00015622539 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 1700000.00000000 USD 2237966.70000000 CAD 2020-03-18 -7899.76000000 N N N BANK OF NOVA SCOTIA HOUSTON L3I9ZG2KFGXZ61BMYR72 06417LLF2 5000000.00000000 PA USD 5000915.00000000 0.098897931217 Long DBT CORP CA N 2 2020-05-15 Floating 1.84625000 N N N N N RABOBANK LONDON DG3RU1DBUFHT4ZF9WN62 N/A 5000000.00000000 PA USD 5000900.00000000 0.098897634578 Long DBT CORP NL N 2 2020-04-24 Floating 1.85088000 N N N N N Mondi plc 213800LOZA69QFDC9N34 N/A 1343574.00000000 NS 27381194.57000000 0.541489606850 Long EC CORP GB N 1 N N N Weyerhaeuser Co. 08IRJODWFYBI7QWRGS31 962166104 2139418.00000000 NS USD 61936151.10000000 1.224847295221 Long EC CORP US N 1 N N N Aqua America, Inc. 549300ILTEOF3E3QY357 03836W103 557407.00000000 NS USD 28951719.58000000 0.572548258000 Long EC CORP US N 1 N N N/A N/A N/A 1.00000000 NC N/A -3442.14000000 -0.00006807164 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 290000.00000000 USD 379000.57000000 CAD 2020-03-18 -3442.14000000 N N N N/A N/A N/A 1.00000000 NC N/A -2690.30000000 -0.00005320328 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 831704.00000000 MYR 200000.00000000 USD 2020-03-18 -2690.30000000 N N N N/A N/A N/A 1.00000000 NC N/A -2846.15000000 -0.00005628536 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 519341.49000000 USD 704893.90000000 SGD 2020-03-18 -2846.15000000 N N N Boliden AB 21380059QU7IM1ONDJ56 N/A 840942.00000000 NS 20005706.26000000 0.395632191641 Long EC CORP SE N 1 N N N Gazprom PJSC 213800FD9J2IHTA7YX78 368287207 155011.00000000 NS USD 1083526.89000000 0.021427792281 Long EC CORP RU N 1 N N N UPL Ltd. 335800RJSM1SLHO4UA95 N/A 4259988.00000000 NS 31434631.00000000 0.621650232906 Long EC CORP IN N 1 N N N Scotts Miracle-Gro Co. (The) 2TH9E0JTOUXOEGI2R879 810186106 277092.00000000 NS USD 34010272.08000000 0.672586026530 Long EC CORP US N 1 N N STANDARD CHARTERED NY RILFO74KP1CM8P6PCT96 85325T5X9 4000000.00000000 PA USD 3999992.00000000 0.079103710758 Long DBT CORP GB N 2 2020-02-26 Floating 1.95000000 N N N N N Kuala Lumpur Kepong Bhd. 2549009JSTRFMR7A8D34 N/A 3566200.00000000 NS 19841229.87000000 0.392379511941 Long EC CORP MY N 1 N N N K+S AG 529900YURAYD4IJX2J91 N/A 1636776.00000000 NS 15962101.51000000 0.315665996568 Long EC CORP DE N 1 N N N N/A N/A N/A 1.00000000 NC N/A -2301.64000000 -0.00004551715 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 630000.00000000 USD 564904.68000000 EUR 2020-03-18 -2301.64000000 N N N CF Industries Holdings, Inc. 529900CG8YAQFZ2JMV97 125269100 1614222.00000000 NS USD 65020862.16000000 1.285850440093 Long EC CORP US N 1 N N N SJW Group N/A 784305104 67662.00000000 NS USD 4963007.70000000 0.098148277694 Long EC CORP US N 1 N N Fortescue Metals Group Ltd. 529900VEJFORCO6I4826 N/A 4514022.00000000 NS 34419578.16000000 0.680680450160 Long EC CORP AU N 1 N N American Water Works Co., Inc. 549300DXHIJQMD5WFW18 030420103 483300.00000000 NS USD 65825460.00000000 1.301762140619 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 7012.50000000 0.000138678970 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 482307.46000000 USD 2007838.42000000 MYR 2020-03-18 7012.50000000 N N N N/A N/A N/A 10.00000000 NC -11667.50000000 -0.00023073609 N/A DE ZA N 1 JSE Clear 213800PJDCEXAVMM3J32 Long FTSE/JSE Top 40 Index TOP40 Index 2020-03-19 5015700.00000000 ZAR -11667.50000000 N N N N/A N/A N/A 1.00000000 NC N/A 175051.12000000 0.003461805214 N/A DFE N/A N 2 Morgan Stanley Capital Services I7331LVCZKQKX5T7XV54 12785676.00000000 BRL 3160000.00000000 USD 2020-03-18 175051.12000000 N N N N/A N/A N/A 1.00000000 NC -10891.32000000 -0.00021538638 N/A DE HK N 1 HKCC & SEOCH 213800NM8ZN1F16ARD34 Long Hang Seng Index HK0000004322 2020-02-27 1311650.00000000 HKD -10891.32000000 N N N Gazprom PJSC 213800FD9J2IHTA7YX78 N/A 8393520.00000000 NS 29772684.71000000 0.588783637517 Long EC CORP RU N 1 N N N PetroChina Co. Ltd. 529900RPY4YG47TRSV05 N/A 22910000.00000000 NS 10179075.07000000 0.201301055133 Long EC CORP CN N 1 N N N United Utilities Group plc 2138002IEYQAOC88ZJ59 N/A 1752768.00000000 NS 23416905.30000000 0.463091952111 Long EC CORP GB N 1 N N N N/A N/A N/A 1.00000000 NC N/A -6357.97000000 -0.00012573500 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 338693.07000000 USD 513249.86000000 NZD 2020-03-18 -6357.97000000 N N N N/A N/A N/A 19.00000000 NC 76891.62000000 0.001520606158 N/A DE AU N 1 ASX Clear (Futures) 549300ZD7BBOVZFVHK49 Long SPI 200 Index XC0006013624 2020-03-19 3303150.00000000 AUD 76891.62000000 N N N Guangdong Investment Ltd. N/A N/A 8011576.00000000 NS 16343206.46000000 0.323202715574 Long EC CORP CN N 1 N N N N/A N/A N/A 1.00000000 NC N/A 8783.26000000 0.000173697462 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 651085.25000000 USD 500000.00000000 GBP 2020-03-18 8783.26000000 N N N N/A N/A N/A 1.00000000 NC N/A -6912.16000000 -0.00013669464 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1823781.66000000 GBP 2400000.00000000 USD 2020-03-18 -6912.16000000 N N N Universal Forest Products, Inc. 5493007KB485C9OV5572 913543104 180432.00000000 NS USD 8642692.80000000 0.170917609691 Long EC CORP US N 1 N N N California Water Service Group 529900QABDOBU6UVRQ36 130788102 138546.00000000 NS USD 7281977.76000000 0.144008153635 Long EC CORP US N 1 N N Korea Zinc Co. Ltd. 988400D0HSQUB1I1VO41 N/A 42146.00000000 NS 13437496.33000000 0.265739487230 Long EC CORP KR N 1 N N N N/A N/A N/A 1.00000000 NC N/A -17013.62000000 -0.00033646079 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 961534.25000000 CHF 982977.91000000 USD 2020-03-18 -17013.62000000 N N N N/A N/A N/A 1.00000000 NC N/A 15.23000000 0.000000301187 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 451303.17000000 MYR 110000.00000000 USD 2020-03-18 15.23000000 N N N Franco-Nevada Corp. N/A 351858105 562330.00000000 NS 63960759.06000000 1.264885875915 Long EC CORP CA N 1 N N N West Fraser Timber Co. Ltd. 5493005WD1ZK6WBVR988 952845105 164322.00000000 NS 6587541.07000000 0.130274996402 Long EC CORP CA N 1 N N N/A N/A N/A 1.00000000 NC N/A 1128.63000000 0.000022319749 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 180386.21000000 USD 1410425.35000000 HKD 2020-03-18 1128.63000000 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 N/A 4688533.00000000 NS 31214828.02000000 0.617303416374 Long EC CORP BR N 1 N N N Teck Resources Ltd. T8KI5SQ2JRWHL7XY0E11 878742204 1469232.00000000 NS 18996534.88000000 0.375674851489 Long EC CORP CA N 1 N N N a2 Milk Co. Ltd. 529900PVC9CV0KFA2U62 N/A 4488246.00000000 NS 43568526.20000000 0.861609746893 Long EC CORP NZ N 1 N N Canfor Corp. N/A 137576104 180432.00000000 NS 1622121.27000000 0.032079017097 Long EC CORP CA N 1 N N Sime Darby Plantation Bhd. N/A N/A 20424600.00000000 NS 25269087.85000000 0.499720653545 Long EC CORP MY N 1 N N N Wheaton Precious Metals Corp. 549300XSFG5ZCGVYD886 962879102 1367916.00000000 NS 40296402.68000000 0.796900339351 Long EC CORP CA N 1 N N N N/A N/A N/A 1.00000000 NC N/A -896.82000000 -0.00001773548 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 1327920.15000000 HKD 170000.00000000 USD 2020-03-18 -896.82000000 N N N SOCIETE GENERALE O2RNE8IBXP4R0TD8PU41 N/A 10000000.00000000 PA USD 10000000.00000000 0.197759672415 Long RA CORP FR N 2 Repurchase Y 1.73000000 2020-02-03 195179.28182200 USD 11122924.07226100 USD EQT N N N/A N/A N/A 1.00000000 NC N/A 2966.00000000 0.000058655518 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 1816296.72000000 GBP 2400000.00000000 USD 2020-03-18 2966.00000000 N N N Corteva, Inc. 549300WZN9I2QKLS0O94 22052L104 5490288.00000000 NS USD 158779128.96000000 3.140010852954 Long EC CORP US N 1 N N Glencore plc 2138002658CPO9NBH955 N/A 34923258.00000000 NS 102429741.92000000 2.025647220770 Long EC CORP GB N 1 N N N Concho Resources, Inc. SYHS7HRDXLL4I0IQ8776 20605P101 177210.00000000 NS USD 13428973.80000000 0.265570945956 Long EC CORP US N 1 N N N Saudi Arabian Mining Co. N/A N/A 1293102.00000000 NS 14785201.44000000 0.292391659337 Long EC CORP SA N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1501.85000000 0.000029700536 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 270903.00000000 SGD 200000.00000000 USD 2020-03-18 1501.85000000 N N N N/A N/A N/A 1.00000000 NC N/A -62843.74000000 -0.00124279574 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 2090180.32000000 USD 3025892.05000000 AUD 2020-03-18 -62843.74000000 N N N N/A N/A N/A 1.00000000 NC N/A 5580.27000000 0.000110355236 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 3859464.63000000 USD 2928647.81000000 GBP 2020-03-18 5580.27000000 N N N Sumitomo Metal Mining Co. Ltd. 353800CF81IXL9974H84 N/A 910400.00000000 NS 26576607.46000000 0.525578118520 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 6482.82000000 0.000128204035 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 4548377.55000000 NOK 500000.00000000 USD 2020-03-18 6482.82000000 N N N N/A N/A N/A 1.00000000 NC N/A 7512.60000000 0.000148568931 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 983197.16000000 EUR 1100000.00000000 USD 2020-03-18 7512.60000000 N N N BP plc 213800LH1BZH3DI6G760 N/A 21374748.00000000 NS 128680673.61000000 2.544784785931 Long EC CORP GB N 1 N N N TORONTO DOMINION NY PT3QB789TSUIDF371261 89114M7E1 2000000.00000000 PA USD 1999890.00000000 0.039549759126 Long DBT CORP CA N 2 2020-02-27 Floating 1.90000000 N N N N N Tatneft PJSC 253400PAT768SVJMV121 N/A 1608032.00000000 NS 19147042.10000000 0.378651277342 Long EC CORP RU N 1 N N N N/A N/A N/A 1.00000000 NC N/A -9.00000000 -0.00000017798 N/A DFE N/A N 2 Morgan Stanley Capital Services I7331LVCZKQKX5T7XV54 35889.56000000 USD 42729502.00000000 KRW 2020-03-18 -9.00000000 N N N Nutrien Ltd. 5493002QQ7GD21OWF963 67077M108 4320702.00000000 NS 184549889.21000000 3.649652563448 Long EC CORP CA N 1 N N Svenska Cellulosa AB SCA 549300FW5JDRV1IJ0M67 N/A 1794654.00000000 NS 17971396.83000000 0.355401754994 Long EC CORP SE N 1 N N N N/A N/A N/A 1.00000000 NC -1128.09000000 -0.00002230907 N/A DE DE N 1 Eurex Clearing 529900LN3S50JPU47S06 Long EURO STOXX 50 Index EU0009658145 2020-03-20 36390.00000000 EUR -1128.09000000 N N N Yara International ASA 213800WKOUWXWFJ5Z514 N/A 1317798.00000000 NS 47949559.46000000 0.948248917127 Long EC CORP NO N 1 N N N China Petroleum & Chemical Corp. 529900A2OB24EZ5B3J19 N/A 25936000.00000000 NS 13794856.34000000 0.272806627081 Long EC CORP CN N 1 N N N Royal Dutch Shell plc 21380068P1DRHMJ8KU70 N/A 4407696.00000000 NS 115879125.67000000 2.291621793229 Long EC CORP GB N 1 N N N Hess Corp. UASVRYNXNK17ULIGK870 42809H107 280314.00000000 NS USD 15857362.98000000 0.313594690829 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -13099.04000000 -0.00025904618 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 965701.86000000 USD 8779425.45000000 NOK 2020-03-18 -13099.04000000 N N N South32 Ltd. 213800LAZNPXSBKVHR17 N/A 14428116.00000000 NS 25499502.08000000 0.504277317809 Long EC CORP AU N 1 N N N N/A N/A N/A 13.00000000 NC USD -23425.70000000 -0.00046326587 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI Emerging Markets E-Mini Index MXEF Index 2020-03-20 682565.00000000 USD -23425.70000000 N N N N/A N/A N/A 11.00000000 NC USD -19881.64000000 -0.00039317866 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long S&P Midcap 400 E-Mini Index XC0009692283 2020-03-20 2207700.00000000 USD -19881.64000000 N N N Salmar ASA 5967007LIEEXZXGDBK67 N/A 376974.00000000 NS 18472862.92000000 0.365318731963 Long EC CORP NO N 1 N N N Pennon Group plc 213800V1CCTS41GWH423 N/A 1040706.00000000 NS 15207053.25000000 0.300734186912 Long EC CORP GB N 1 N N N Norsk Hydro ASA 549300N1SDN71ZZ8BO45 N/A 4262706.00000000 NS 13415468.01000000 0.265303855895 Long EC CORP NO N 1 N N N Maruha Nichiro Corp. 529900HGXVKT576NWZ27 N/A 322200.00000000 NS 7815323.15000000 0.154555574596 Long EC CORP JP N 1 N N N Nufarm Ltd. 529900QVU58IVMPRWJ98 N/A 2551824.00000000 NS 9447001.78000000 0.186823597732 Long EC CORP AU N 1 N N N/A N/A N/A 1.00000000 NC N/A 10175.74000000 0.000201235100 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 392781658.00000000 KRW 340000.00000000 USD 2020-03-18 10175.74000000 N N N N/A N/A N/A 1.00000000 NC N/A 44025.41000000 0.000870645065 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1900000.00000000 AUD 1317018.44000000 USD 2020-03-18 44025.41000000 N N N Rio Tinto plc 213800YOEO5OQ72G2R82 N/A 2777364.00000000 NS 149520192.02000000 2.956906419337 Long EC CORP GB N 1 N N N Diamondback Energy, Inc. 549300R22LSX6OHWEN64 25278X109 170766.00000000 NS USD 12704990.40000000 0.251253473954 Long EC CORP US N 1 N N N Wilmar International Ltd. 549300H2EAI4YRLWBB20 N/A 19654200.00000000 NS 56302968.72000000 1.113445665008 Long EC CORP SG N 1 N N N N/A N/A N/A 1.00000000 NC N/A -253.09000000 -0.00000500509 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 96864.30000000 USD 6925710.50000000 INR 2020-03-18 -253.09000000 N N N Archer-Daniels-Midland Co. 549300LO13MQ9HYSTR83 039483102 3834195.00000000 NS USD 171618568.20000000 3.393923182764 Long EC CORP US N 1 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 20825C104 1008492.00000000 NS USD 59934679.56000000 1.185266259611 Long EC CORP US N 1 N N N Mosaic Co. (The) 2YD5STGSJNMUB7H76907 61945C103 2816028.00000000 NS USD 55869995.52000000 1.104883201188 Long EC CORP US N 1 N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599105 982710.00000000 NS USD 39033241.20000000 0.771920099302 Long EC CORP US N 1 N N N Woodside Petroleum Ltd. 2549005ZC5RXAOO7FH41 N/A 898938.00000000 NS 20900307.25000000 0.413323791514 Long EC CORP AU N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1528.80000000 0.000030233498 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 700000.00000000 EUR 779339.40000000 USD 2020-03-18 1528.80000000 N N N N/A N/A N/A 2.00000000 NC -6441.14000000 -0.00012737977 N/A DE JP N 1 Japan Securities Clearing 549300JHM7D8P3TS4S86 Long TOPIX Index JP9010100007 2020-03-12 33580000.00000000 JPY -6441.14000000 N N N N/A N/A N/A 31.00000000 NC 105928.62000000 0.002094840919 N/A DE CA N 1 Canadian Derivatives Clearing 5493004XJK1P32XQLA57 Long S&P/TSX 60 Index XC0009654721 2020-03-19 6395300.00000000 CAD 105928.62000000 N N N Newcrest Mining Ltd. 5299006MN50OZJUJI655 N/A 2551824.00000000 NS 50446647.82000000 0.997631254734 Long EC CORP AU N 1 N N N Interfor Corp. 549300P4G5UZ3AMJE056 45868C109 222318.00000000 NS 2355052.88000000 0.046573448606 Long EC CORP CA N 1 N N Severn Trent plc 213800RPBXRETY4A4C59 N/A 612180.00000000 NS 20811902.85000000 0.411575508995 Long EC CORP GB N 1 N N Rayonier, Inc. HGV8VDVNL0W6SF2U9C50 754907103 318978.00000000 NS USD 9690551.64000000 0.191640031785 Long EC CORP US N 1 N N Stella-Jones, Inc. 5493007LOVNNLYJ6KZ35 85853F105 180432.00000000 NS 5110568.76000000 0.101066440383 Long EC CORP CA N 1 N N BANK OF MONTREAL CHICAGO NQQ6HPCNCCU6TUTQYE16 06370RY45 4000000.00000000 PA USD 3999996.00000000 0.079103789862 Long DBT CORP CA N 2 2020-08-06 Floating 1.95000000 N N N N N Pioneer Natural Resources Co. FY8JBF7CCL2VE4F1B628 723787107 151440.00000000 NS USD 20444400.00000000 0.404307784673 Long EC CORP US N 1 N N N Inpex Corp. 353800VHYYADPR6MXQ47 N/A 966600.00000000 NS 9190213.59000000 0.181745362898 Long EC CORP JP N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 30231G102 3734298.00000000 NS USD 231974591.76000000 4.587521927517 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 10663.36000000 0.000210878258 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 1970319.82000000 EUR 2200000.00000000 USD 2020-03-18 10663.36000000 N N N Cia de Saneamento Basico do Estado de Sao Paulo 254900UOXRZRS2TNWP19 N/A 824105.00000000 NS 11763974.73000000 0.232643978890 Long EC CORP BR N 1 N N N Novatek PJSC 2138008R6GCRVBDFA581 N/A 1112006.00000000 NS 20106524.72000000 0.397625974204 Long EC CORP RU N 1 N N N Kinross Gold Corp. 549300UEBMAQDN0K0R06 496902404 4233708.00000000 NS 21479853.83000000 0.424784885695 Long EC CORP CA N 1 N N N N/A N/A N/A 1.00000000 NC N/A -902.03000000 -0.00001783851 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 35781200.00000000 JPY 330000.00000000 USD 2020-03-18 -902.03000000 N N N PTT PCL 549300QOGMPTKB6W7G56 N/A 9343800.00000000 NS 12965009.62000000 0.256395605531 Long EC CORP TH N 1 N N N N/A N/A N/A 1.00000000 NC N/A -9970.80000000 -0.00019718221 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 2996104.28000000 USD 3949451.18000000 CAD 2020-03-18 -9970.80000000 N N N Newmont Corp. 549300VSP3RIX7FGDZ51 651639106 2432610.00000000 NS USD 109613406.60000000 2.167711138156 Long EC CORP US N 1 N N N Sasol Ltd. N/A 803866102 576738.00000000 NS 9196201.70000000 0.181863783565 Long EC CORP ZA N 1 N N N Oji Holdings Corp. 529900LVC9GIIYUGE243 N/A 2577600.00000000 NS 13460548.97000000 0.266195375483 Long EC CORP JP N 1 N N N Stora Enso OYJ 7437000ZP669LKUTZ738 N/A 1720548.00000000 NS 22422924.92000000 0.443435028677 Long EC CORP FI N 1 N N N Gazprom PJSC 213800FD9J2IHTA7YX78 368287207 2074782.00000000 NS USD 14585717.46000000 0.288446670683 Long EC CORP RU N 1 N N N Vale SA 254900SMTWBX7RU2SR20 N/A 9021600.00000000 NS 106129019.36000000 2.098804010240 Long EC CORP BR N 1 N N N LUKOIL PJSC 549300LCJ1UJXHYBWI24 69343P105 299070.00000000 NS USD 30505140.00000000 0.603268649338 Long EC CORP RU N 1 N N N BOFA SECURITIES, INC 549300HN4UKV1E2R3U73 N/A 8000000.00000000 PA USD 8000000.00000000 0.158207737932 Long RA CORP US N 2 Repurchase Y 2.03000000 2020-05-04 98347.00000000 USD 8800003.05520000 USD EQT N N Mitsui & Co. Ltd. 2NRSB4GOU9DD6CNW5R48 N/A 1689400.00000000 NS 30558367.86000000 0.604321281754 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A 12151.62000000 0.000240310039 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 979022.22000000 EUR 1100000.00000000 USD 2020-03-18 12151.62000000 N N N CITADEL CLEARING LLC 5493001I7IJ4CW6Q9N27 N/A 5000000.00000000 PA USD 5000000.00000000 0.098879836207 Long RA CORP US N 2 Repurchase Y 2.19000000 2020-05-01 153323.33333000 USD 5503859.13333400 USD EQT N N Tyson Foods, Inc. WD6L6041MNRW1JE49D58 902494103 1994428.00000000 NS USD 164799585.64000000 3.259071207037 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 6251.34000000 0.000123626295 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 2636926.00000000 CAD 2000000.00000000 USD 2020-03-18 6251.34000000 N N N Cia de Saneamento de Minas Gerais-COPASA N/A N/A 171866.00000000 NS 2710763.10000000 0.053607962265 Long EC CORP BR N 1 N N N N/A N/A N/A 1.00000000 NC N/A -26037.92000000 -0.00051492505 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 2700000.00000000 USD 2406464.30000000 EUR 2020-03-18 -26037.92000000 N N N N/A N/A N/A 1.00000000 NC N/A 18978.22000000 0.000375312657 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 2060400.00000000 BRL 500000.00000000 USD 2020-03-18 18978.22000000 N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 35671D857 3389544.00000000 NS USD 37623938.40000000 0.744049773296 Long EC CORP US N 1 N N American States Water Co. 529900L26LIS2V8PWM23 029899101 106326.00000000 NS USD 9416230.56000000 0.186215067093 Long EC CORP US N 1 N N CNOOC Ltd. 549300XIVJCBIGMRUD48 N/A 17001000.00000000 NS 25967090.37000000 0.513524328515 Long EC CORP CN N 1 N N N N/A N/A N/A 1.00000000 NC N/A -15633.91000000 -0.00030917569 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1992168.41000000 USD 1778805.97000000 EUR 2020-03-18 -15633.91000000 N N N Charoen Pokphand Indonesia Tbk. PT 529900JL5SA37OU87X40 N/A 48007800.00000000 NS 23379851.34000000 0.462359174212 Long EC CORP ID N 1 N N N TOTAL SA 529900S21EQ1BO4ESM68 N/A 2574378.00000000 NS 125942405.59000000 2.490632887269 Long EC CORP FR N 1 N N N PhosAgro PJSC 25340053KRUNNYUWF472 N/A 252876.00000000 NS 9769021.19000000 0.193191843035 Long EC CORP RU N 1 N N N MMC Norilsk Nickel PJSC 253400JPTEEW143W3E47 N/A 48476.00000000 NS 15776565.33000000 0.311996839150 Long EC CORP RU N 1 N N N Eni SpA BUCRF72VH5RBN7X3VL35 N/A 2600154.00000000 NS 36473908.98000000 0.721306829159 Long EC CORP IT N 1 N N N NATIXIS NY KX1WK48MPD4Y2NCUIZ63 63873N6B2 1007998.21000000 PA USD 1000646.00000000 0.019788742516 Long DBT CORP FR N 2 2020-06-05 Fixed 1.98000000 N N N N N FMC Corp. CKDHZ2X64EEBQCSP7013 302491303 879612.00000000 NS USD 84082111.08000000 1.662805074318 Long EC CORP US N 1 N N N Beijing Enterprises Water Group Ltd. 529900TWUN2ALJKWRR11 N/A 16782000.00000000 NS 7542811.88000000 0.149166400648 Long EC CORP CN N 1 N N N Bakkafrost P/F 2138007LH7OP4V112978 N/A 264204.00000000 NS 18802515.13000000 0.371837923269 Long EC CORP NO N 1 N N N Israel Chemicals Ltd. 529900FQVQD88SHIGM04 N/A 4952214.00000000 NS 20980975.96000000 0.414919093280 Long EC CORP IL N 1 N N N N/A N/A N/A 1.00000000 NC N/A 10211.01000000 0.000201932599 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 2600000.00000000 CAD 1976040.36000000 USD 2020-03-18 10211.01000000 N N N N/A N/A N/A 1.00000000 NC N/A 3268.06000000 0.000064629047 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 257496.56000000 NZD 170000.00000000 USD 2020-03-18 3268.06000000 N N N WESTPAC BKG CORP, NEW YORK EN5TNI6CI43VEPAMHL14 96130ABU1 4000000.00000000 PA USD 3999994.80000000 0.079103766131 Long DBT CORP AU N 2 2020-02-14 Floating 1.90000000 N N N N N LUKOIL PJSC 549300LCJ1UJXHYBWI24 N/A 132858.00000000 NS 13617096.34000000 0.269291251144 Long EC CORP RU N 1 N N N First Quantum Minerals Ltd. 549300I7UVBGWRYMYZ18 335934105 1733436.00000000 NS 13578614.77000000 0.268530240877 Long EC CORP CA N 1 N N Agnico Eagle Mines Ltd. YGE0EUBRF7IJOB3QRX76 008474108 730748.00000000 NS 45196919.89000000 0.893812807163 Long EC CORP CA N 1 N N N/A N/A N/A 1.00000000 NC N/A 36.52000000 0.000000722218 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 396730.80000000 CAD 300000.00000000 USD 2020-03-18 36.52000000 N N N UPM-Kymmene OYJ 213800EC6PW5VU4J9U64 N/A 1485342.00000000 NS 46961978.02000000 0.928718538921 Long EC CORP FI N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 N/A 9570828.00000000 NS 25528278.93000000 0.504846407852 Long EC CORP MX N 1 N N N N/A N/A N/A 1.00000000 NC N/A -651.17000000 -0.00001287751 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 369197.64000000 USD 39851780.00000000 JPY 2020-03-18 -651.17000000 N N N Kirkland Lake Gold Ltd. N/A 49741E100 654066.00000000 NS 26839183.26000000 0.530770808939 Long EC CORP CA N 1 N N N/A N/A N/A 1.00000000 NC N/A 7536.60000000 0.000149043554 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 388384.50000000 USD 300000.00000000 GBP 2020-03-18 7536.60000000 N N N N/A N/A N/A 1.00000000 NC N/A -7568.75000000 -0.00014967935 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 170000.00000000 USD 242436.03000000 AUD 2020-03-18 -7568.75000000 N N N Holmen AB 52990080SH3454F0QE68 N/A 273870.00000000 NS 8109278.58000000 0.160368827550 Long EC CORP SE N 1 N N N NORINCHUKIN BANK NY 5493007VSMFZCPV1NB83 65602VXS0 1000264.47000000 PA USD 999976.00000000 0.019775492618 Long DBT CORP JP N 2 2020-04-17 Fixed 1.74000000 N N N N N AngloGold Ashanti Ltd. 378900EF3BA9A5F42A59 N/A 1359684.00000000 NS 27537238.28000000 0.544575522147 Long EC CORP ZA N 1 N N N BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 06053P3T2 5000000.00000000 PA USD 5000000.00000000 0.098879836207 Long DBT CORP US N 2 2020-02-03 Floating 1.86000000 N N N N N N/A N/A N/A 1.00000000 NC N/A 14016.23000000 0.000277184505 N/A DFE N/A N 2 Morgan Stanley Capital Services I7331LVCZKQKX5T7XV54 31215850.00000000 RUB 500000.00000000 USD 2020-03-18 14016.23000000 N N N UBS AG LONDON BFM8T61CT2L1QCEMIK50 90276JHT6 3000000.00000000 PA USD 3000000.00000000 0.059327901724 Long DBT CORP CH N 2 2020-07-28 Floating 1.99950000 N N N N N Gold Fields Ltd. N/A N/A 2596932.00000000 NS 16930829.71000000 0.334823533717 Long EC CORP ZA N 1 N N N Bunge Ltd. 5493007M0RIN8HY3MM77 N/A 1005264.00000000 NS USD 52705991.52000000 1.042311961732 Long EC CORP US N 1 N N N MMC Norilsk Nickel PJSC 253400JPTEEW143W3E47 55315J102 1248556.00000000 NS USD 40353329.92000000 0.798026130585 Long EC CORP RU N 1 N N N Suncor Energy, Inc. 549300W70ZOQDVLCHY06 867224107 1491786.00000000 NS 45626058.52000000 0.902299438652 Long EC CORP CA N 1 N N N Suzano SA 391200AW174YQSDMGG41 N/A 1288800.00000000 NS 11964358.74000000 0.236606766508 Long EC CORP BR N 1 N N N Northern Star Resources Ltd. 254900XFXCRYYZAX6M78 N/A 1913868.00000000 NS 16143610.63000000 0.319255514979 Long EC CORP AU N 1 N N N QL Resources Bhd. N/A N/A 5187200.00000000 NS 10506041.97000000 0.207767141837 Long EC CORP MY N 1 N N N Charoen Pokphand Foods PCL 529900FJ3AI2GKGIWK15 N/A 24809400.00000000 NS 23878152.07000000 0.472213553125 Long EC CORP TH N 1 N N N Impala Platinum Holdings Ltd. 254900BZFIFB4PD2Z778 N/A 1784988.00000000 NS 16838948.10000000 0.333006486007 Long EC CORP ZA N 1 N N N N/A N/A N/A 1.00000000 NC N/A 2149.64000000 0.000042511210 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 229076.02000000 SGD 170000.00000000 USD 2020-03-18 2149.64000000 N N N Anglo American plc 549300S9XF92D1X8ME43 N/A 3940506.00000000 NS 103139511.01000000 2.039683591043 Long EC CORP GB N 1 N N N N/A N/A N/A 1.00000000 NC N/A -1783.34000000 -0.00003526727 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 59529.48000000 USD 555456.40000000 SEK 2020-03-18 -1783.34000000 N N N Barrick Gold Corp. 0O4KBQCJZX82UKGCBV73 067901108 5354079.00000000 NS 99223829.94000000 1.962247210474 Long EC CORP CA N 1 N N Chevron Corp. N/A 166764100 1923544.00000000 NS USD 206088504.16000000 4.075599507127 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -22831.97000000 -0.00045152429 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1000000.00000000 USD 1458467.73000000 AUD 2020-03-18 -22831.97000000 N N N N/A N/A N/A 1.00000000 NC N/A -1295.92000000 -0.00002562807 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 100000.00000000 USD 88829.92000000 EUR 2020-03-18 -1295.92000000 N N N Cia de Saneamento do Parana N/A N/A 215920.00000000 NS 5123568.24000000 0.101323517674 Long EC CORP BR N 1 N N N N/A N/A N/A 50.00000000 NC -159452.16000000 -0.00315332069 N/A DE GB N 1 ICE Clear Europe 5R6J7JCQRIPQR1EEP713 Long FTSE 100 Index GB0001383545 2020-03-20 3608750.00000000 GBP -159452.16000000 N N N Sakata Seed Corp. N/A N/A 278700.00000000 NS 9038432.44000000 0.178743743848 Long EC CORP JP N 1 N N N CREDIT SUISSE NY ANGGYXNX0JLX3X63JN86 22549LWP6 2000000.00000000 PA USD 2000378.77000000 0.039559425026 Long DBT CORP CH N 2 2020-03-06 Floating 1.96000000 N N N N N Saudi Arabian Fertilizer Co. N/A N/A 1536725.00000000 NS 30718117.00000000 0.607480475514 Long EC CORP SA N 1 N N N PPB Group Bhd. N/A N/A 5187200.00000000 NS 23568976.09000000 0.466099299072 Long EC CORP MY N 1 N N N Equinor ASA OW6OFBNCKXC4US5C7523 N/A 1134144.00000000 NS 20565880.10000000 0.406710171151 Long EC CORP NO N 1 N N N Suez 549300JQIZM6CL7POC81 N/A 1166364.00000000 NS 19168732.88000000 0.379080233496 Long EC CORP FR N 1 N N N 2020-02-28 FlexShares Trust Randal Rein Randal Rein Treasurer and PFO XXXX