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 2021-10-31 2021-01-31 N 3573323452.28 43845382.92 3529478069.36 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 31096513.87999999 UST Corteva, Inc. 549300WZN9I2QKLS0O94 22052L104 3215310.00000000 NS USD 128162256.60000000 3.631195720200 Long EC CORP US N 1 N N N PPB Group Bhd. N/A N/A 3629500.00000000 NS 16609956.71000000 0.470606599151 Long EC CORP MY N 1 N N N Nutrien Ltd. 5493002QQ7GD21OWF963 67077M108 2339960.00000000 NS 115363169.44000000 3.268561729891 Long EC CORP CA N 1 N N Dongwha Enterprise Co. Ltd. N/A N/A 8540.00000000 NS 455018.77000000 0.012891956290 Long EC CORP KR N 1 N N N Mitsui & Co. Ltd. 2NRSB4GOU9DD6CNW5R48 N/A 1832700.00000000 NS 33898691.91000000 0.960444894226 Long EC CORP JP N 1 N N N Canadian Natural Resources Ltd. 549300T15RIMIKZC5Q38 136385101 1009855.00000000 NS 22838240.99000000 0.647071338628 Long EC CORP CA N 1 N N Oji Holdings Corp. 529900LVC9GIIYUGE243 N/A 1494500.00000000 NS 9021672.48000000 0.255609251643 Long EC CORP JP N 1 N N N N/A N/A N/A 1.00000000 NC N/A -1469.22000000 -0.00004162711 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 180000.00000000 NZD 128257.56000000 USD 2021-03-17 -1469.22000000 N N N Novatek PJSC 2138008R6GCRVBDFA581 N/A 932995.00000000 NS 15753815.64000000 0.446349724531 Long EC CORP RU N 1 N N N Tongwei Co. Ltd. 3003009CW4QYMCG0BH89 N/A 1708860.00000000 NS 12166846.21000000 0.344720833247 Long EC CORP CN N 1 N N N BOFA SECURITIES, INC 549300HN4UKV1E2R3U73 N/A 8000000.00000000 PA USD 8000000.00000000 0.226662408514 Long RA CORP US N 2 Repurchase Y 0.52000000 2021-05-03 278035.09332500 USD 8800000.51519700 USD EQT N N TORONTO DOMINION NY N/A 89114NVK8 1000000.00000000 PA USD 1000056.00000000 0.028334387701 Long DBT CORP CA N 2 2021-02-23 Fixed 0.22000000 N N N N N Vale SA 254900SMTWBX7RU2SR20 N/A 3949084.00000000 NS 63614989.29000000 1.802390836261 Long EC CORP BR N 1 N N N Charoen Pokphand Indonesia Tbk. PT 529900JL5SA37OU87X40 N/A 32452000.00000000 NS 13300000.00000000 0.376826254155 Long EC CORP ID N 1 N N N Chevron Corp. N/A 166764100 1921500.00000000 NS USD 163711800.00000000 4.638413861279 Long EC CORP US N 1 N N N Anglo American plc 549300S9XF92D1X8ME43 N/A 1686650.00000000 NS 55910841.91000000 1.584110761173 Long EC CORP GB N 1 N N N Archer-Daniels-Midland Co. 549300LO13MQ9HYSTR83 039483102 2613426.00000000 NS USD 130697434.26000000 3.703024404503 Long EC CORP US N 1 N N N Newcrest Mining Ltd. 5299006MN50OZJUJI655 N/A 1443260.00000000 NS 27816411.87000000 0.788116863835 Long EC CORP AU N 1 N N N Bakkafrost P/F 2138007LH7OP4V112978 N/A 230580.00000000 NS 16323746.78000000 0.462497470141 Long EC CORP NO N 1 N N N PetroChina Co. Ltd. 529900RPY4YG47TRSV05 N/A 25620000.00000000 NS 7764787.82000000 0.219998188610 Long EC CORP CN N 1 N N N Fortescue Metals Group Ltd. 529900VEJFORCO6I4826 N/A 2209725.00000000 NS 36943016.78000000 1.046699145142 Long EC CORP AU N 1 N N N N/A N/A N/A 1.00000000 NC N/A 6030.08000000 0.000170849057 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 322860.76000000 USD 456346.42000000 NZD 2021-03-17 6030.08000000 N N N N/A N/A N/A 1.00000000 NC N/A -10987.42000000 -0.00031130438 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 460000.00000000 GBP 620831.78000000 USD 2021-03-17 -10987.42000000 N N N N/A N/A N/A 1.00000000 NC N/A 2546.36000000 0.000072145511 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 404279.51000000 USD 539914.88000000 SGD 2021-03-17 2546.36000000 N N N N/A N/A N/A 1.00000000 NC N/A 1365.54000000 0.000038689573 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 93043.74000000 USD 6925710.50000000 INR 2021-03-17 1365.54000000 N N N NBC GLOBAL FINANCE LIMITED 549300KWU8YQOYSK5Y64 N/A 17000000.00000000 PA USD 17000000.00000000 0.481657618093 Long RA CORP IE N 2 Repurchase Y 0.19000000 2021-02-01 174191.00000000 USD 188103.96530000 USD UST 222408.22999900 USD 18686269.23320000 USD EQT N N FMC Corp. CKDHZ2X64EEBQCSP7013 302491303 567910.00000000 NS USD 61498973.90000000 1.742438193167 Long EC CORP US N 1 N N N Franco-Nevada Corp. N/A 351858105 337912.00000000 NS 40294442.02000000 1.141654409749 Long EC CORP CA N 1 N N N UFP Industries, Inc. 5493007KB485C9OV5572 90278Q108 113155.00000000 NS USD 6103580.70000000 0.172931537753 Long EC CORP US N 1 N N BANK OF NOVA SCOTIA HOUSTON L3I9ZG2KFGXZ61BMYR72 06417MKQ7 2000000.00000000 PA USD 2000402.00000000 0.056676991914 Long DBT CORP US N 2 2021-07-21 Floating 0.30363000 N N N N N Duratex SA N/A N/A 640500.00000000 NS 2331010.58000000 0.066044059041 Long EC CORP BR N 1 N N N Svenska Cellulosa AB SCA 549300FW5JDRV1IJ0M67 N/A 969290.00000000 NS 17156347.48000000 0.486087380140 Long EC CORP SE N 1 N N N N/A N/A N/A 1.00000000 NC N/A 91.97000000 0.000002605767 N/A DFE N/A N 2 Bank of New York WFLLPEPC7FZXENRZV188 450000.00000000 CAD 352396.14000000 USD 2021-03-17 91.97000000 N N N N/A N/A N/A 1.00000000 NC N/A 359.16000000 0.000010176008 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 1215850.00000000 RUB 16397.60000000 USD 2021-03-17 359.16000000 N N N N/A N/A N/A 1.00000000 NC N/A 104.91000000 0.000002972394 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 33570.19000000 USD 510000.00000000 ZAR 2021-03-17 104.91000000 N N N SJW Group N/A 784305104 42700.00000000 NS USD 2825459.00000000 0.080053167762 Long EC CORP US N 1 N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 N/A 4056500.00000000 NS 17619252.85000000 0.499202785900 Long EC CORP MX N 1 N N N Scotts Miracle-Gro Co. (The) 2TH9E0JTOUXOEGI2R879 810186106 172935.00000000 NS USD 38289538.35000000 1.084849872914 Long EC CORP US N 1 N N N Severn Trent plc 213800RPBXRETY4A4C59 N/A 452620.00000000 NS 14369953.59000000 0.407141036368 Long EC CORP GB N 1 N N N Eni SpA BUCRF72VH5RBN7X3VL35 N/A 2167025.00000000 NS 21988466.44000000 0.622994845353 Long EC CORP IT N 1 N N N N/A N/A N/A 1.00000000 NC N/A -307.60000000 -0.00000871516 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 600000.00000000 SGD 451792.40000000 USD 2021-03-17 -307.60000000 N N N California Water Service Group 529900QABDOBU6UVRQ36 130788102 81130.00000000 NS USD 4432943.20000000 0.125597697814 Long EC CORP US N 1 N N Glencore plc 2138002658CPO9NBH955 N/A 12231415.00000000 NS 41385785.33000000 1.172575222644 Long EC CORP GB N 1 N N N Charoen Pokphand Foods PCL 529900FJ3AI2GKGIWK15 N/A 14945000.00000000 NS 13606790.85000000 0.385518498276 Long EC CORP TH N 1 N N N N/A N/A N/A 1.00000000 NC N/A 8354.77000000 0.000236714036 N/A DFE N/A N 2 Citibank MBNUM2BPBDO7JBLYG310 350052156.00000000 KRW 321316.80000000 USD 2021-03-17 8354.77000000 N N N N/A N/A N/A 1.00000000 NC N/A -773.80000000 -0.00002192392 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 596647.62000000 USD 490000.00000000 EUR 2021-03-17 -773.80000000 N N N N/A N/A N/A 1.00000000 NC N/A 9042.43000000 0.000256197370 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 680000.00000000 EUR 835969.36000000 USD 2021-03-17 9042.43000000 N N N N/A N/A N/A 1.00000000 NC N/A 18038.62000000 0.000511084631 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 474722.12000000 USD 358757.60000000 GBP 2021-03-17 18038.62000000 N N N N/A N/A N/A 1.00000000 NC N/A -2374.17000000 -0.00006726688 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 337903.16000000 USD 2870000.00000000 NOK 2021-03-17 -2374.17000000 N N N China Water Affairs Group Ltd. 529900XTSVH0DH4CEX74 N/A 1490000.00000000 NS 1156818.87000000 0.032775918911 Long EC CORP CN N 1 N N N/A N/A N/A 63.00000000 NC -229989.33000000 -0.00651624193 N/A DE CA N 1 Canadian Derivatives Clearing 5493004XJK1P32XQLA57 Long S&P/TSX 60 Index XC0009654721 2021-03-18 12891060.00000000 CAD -229989.33000000 N N N N/A N/A N/A 1.00000000 NC N/A -4573.52000000 -0.00012958063 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 6780000.00000000 NOK 788069.88000000 USD 2021-03-17 -4573.52000000 N N N CF Industries Holdings, Inc. 529900CG8YAQFZ2JMV97 125269100 768600.00000000 NS USD 31804668.00000000 0.901115331360 Long EC CORP US N 1 N N N Suzano SA 391200AW174YQSDMGG41 N/A 1165765.00000000 NS 13248906.68000000 0.375378637283 Long EC CORP BR N 1 N N N Boliden AB 21380059QU7IM1ONDJ56 N/A 384300.00000000 NS 12686137.17000000 0.359433800712 Long EC CORP SE N 1 N N N Kirkland Lake Gold Ltd. N/A 49741E100 542290.00000000 NS 20860409.88000000 0.591033843249 Long EC CORP CA N 1 N N SABIC Agri-Nutrients Co. N/A N/A 937265.00000000 NS 23189546.62000000 0.657024811155 Long EC CORP SA N 1 N N N BP plc 213800LH1BZH3DI6G760 N/A 18401565.00000000 NS 68605414.03000000 1.943783547646 Long EC CORP GB N 1 N N N Kuala Lumpur Kepong Bhd. 2549009JSTRFMR7A8D34 N/A 2562000.00000000 NS 14728727.27000000 0.417306099671 Long EC CORP MY N 1 N N N N/A N/A N/A 20.00000000 NC USD 38236.64000000 0.001083351114 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI Emerging Markets E-Mini Index MXEF Index 2021-03-19 1326100.00000000 USD 38236.64000000 N N N Sime Darby Plantation Bhd. N/A N/A 11742500.00000000 NS 14088095.24000000 0.399155199809 Long EC CORP MY N 1 N N N N/A N/A N/A 1.00000000 NC N/A 166.59000000 0.000004719961 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 158068.41000000 USD 210000.00000000 SGD 2021-03-17 166.59000000 N N N N/A N/A N/A 113.00000000 NC -312947.56000000 -0.00886668096 N/A DE GB N 1 ICE Clear Europe 5R6J7JCQRIPQR1EEP713 Long FTSE 100 Index GB0001383545 2021-03-19 7187930.00000000 GBP -312947.56000000 N N N PTT PCL 549300QOGMPTKB6W7G56 N/A 7899500.00000000 NS 9963452.22000000 0.282292509662 Long EC CORP TH N 1 N N N LUKOIL PJSC 549300LCJ1UJXHYBWI24 69343P105 76369.00000000 NS USD 5434418.04000000 0.153972285227 Long EC CORP RU N 1 N N N N/A N/A N/A 1.00000000 NC N/A 8192.38000000 0.000232113072 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 1269181.23000000 USD 930000.00000000 GBP 2021-03-17 8192.38000000 N N N N/A N/A N/A 1.00000000 NC N/A -9062.13000000 -0.00025675552 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 671258.70000000 USD 69300000.00000000 JPY 2021-03-17 -9062.13000000 N N N Northern Star Resources Ltd. 254900XFXCRYYZAX6M78 N/A 1398425.00000000 NS 13787299.34000000 0.390632809414 Long EC CORP AU N 1 N N N/A N/A N/A 20.00000000 NC USD 33788.59000000 0.000957325398 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long S&P Midcap 400 Emini Index XC0009692283 2021-03-19 4671400.00000000 USD 33788.59000000 N N N Canfor Corp. N/A 137576104 93940.00000000 NS 1736211.52000000 0.049191735601 Long EC CORP CA N 1 N N Stella-Jones, Inc. 5493007LOVNNLYJ6KZ35 85853F105 117425.00000000 NS 4224707.82000000 0.119697806218 Long EC CORP CA N 1 N N N N/A N/A N/A 1.00000000 NC N/A 947.80000000 0.000026853828 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 1134376.93000000 USD 933602.22000000 EUR 2021-03-17 947.80000000 N N N West Fraser Timber Co. Ltd. 5493005WD1ZK6WBVR988 952845105 70455.00000000 NS 4519224.00000000 0.128042274557 Long EC CORP CA N 1 N N AngloGold Ashanti Ltd. 378900EF3BA9A5F42A59 N/A 785680.00000000 NS 18876676.43000000 0.534829118046 Long EC CORP ZA N 1 N N N First Quantum Minerals Ltd. 549300I7UVBGWRYMYZ18 335934105 719089.00000000 NS 11989976.67000000 0.339709623756 Long EC CORP CA N 1 N N N Pennon Group plc 213800V1CCTS41GWH423 N/A 792085.00000000 NS 10167736.63000000 0.288080459212 Long EC CORP GB N 1 N N N BHP Group Ltd. WZE1WSENV6JSZFK0JC28 N/A 3872890.00000000 NS 129437444.78000000 3.667325373223 Long EC CORP AU N 1 N N N United Utilities Group plc 2138002IEYQAOC88ZJ59 N/A 1131550.00000000 NS 14329553.64000000 0.405996392622 Long EC CORP GB N 1 N N N Royal Gold, Inc. 5493001NGRU6SFL04184 780287108 123830.00000000 NS USD 13234950.40000000 0.374983216779 Long EC CORP US N 1 N N N American States Water Co. 529900L26LIS2V8PWM23 029899101 68320.00000000 NS USD 5278403.20000000 0.149551947802 Long EC CORP US N 1 N N Royal Dutch Shell plc 21380068P1DRHMJ8KU70 N/A 3608150.00000000 NS 66294041.06000000 1.878295877101 Long EC CORP GB N 1 N N N Bunge Ltd. 5493007M0RIN8HY3MM77 N/A 631960.00000000 NS USD 41355462.40000000 1.171716089101 Long EC CORP US N 1 N N N MMC Norilsk Nickel PJSC 253400JPTEEW143W3E47 55315J102 699876.00000000 NS USD 22557003.48000000 0.639103092205 Long EC CORP RU N 1 N N N Weyerhaeuser Co. 08IRJODWFYBI7QWRGS31 962166104 1261785.00000000 NS USD 39355074.15000000 1.115039486762 Long EC CORP US N 1 N N N N/A N/A N/A 2.00000000 NC -1149.32000000 -0.00003256345 N/A DE DE N 1 Eurex Clearing 529900LN3S50JPU47S06 Long EURO STOXX 50 Index EU0009658145 2021-03-19 69560.00000000 EUR -1149.32000000 N N N ICL Group Ltd. 529900FQVQD88SHIGM04 N/A 2658075.00000000 NS 14332001.50000000 0.406065747352 Long EC CORP IL N 1 N N N Holmen AB 52990080SH3454F0QE68 N/A 155855.00000000 NS 7165489.07000000 0.203018376348 Long EC CORP SE N 1 N N N Beijing Enterprises Water Group Ltd. 529900TWUN2ALJKWRR11 N/A 8540000.00000000 NS 3480387.16000000 0.098609117031 Long EC CORP CN N 1 N N Cia de Saneamento do Parana N/A N/A 427000.00000000 NS 1704949.86000000 0.048306005207 Long EC CORP BR N 1 N N N Tyson Foods, Inc. WD6L6041MNRW1JE49D58 902494103 1234030.00000000 NS USD 79360469.30000000 2.248504389046 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -12193.14000000 -0.00034546580 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 953629.57000000 AUD 719669.24000000 USD 2021-03-17 -12193.14000000 N N N N/A N/A N/A 1.00000000 NC N/A -1206.02000000 -0.00003416992 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 125735.09000000 USD 2530000.00000000 MXN 2021-03-17 -1206.02000000 N N N N/A N/A N/A 22.00000000 NC 19280.96000000 0.000546283604 N/A DE ZA N 1 JSE Clear 213800PJDCEXAVMM3J32 Long FTSE/JSE Top 40 Index TOP40 Index 2021-03-18 12614360.00000000 ZAR 19280.96000000 N N N Muyuan Foods Co. Ltd. 3003006NCTDQW4KZR676 N/A 1281000.00000000 NS 17626439.45000000 0.499406402408 Long EC CORP CN N 1 N N N Rosneft Oil Co. PJSC 253400JT3MQWNDKMJE44 N/A 2177700.00000000 NS 13715495.36000000 0.388598401533 Long EC CORP RU N 1 N N N Gazprom PJSC 213800FD9J2IHTA7YX78 N/A 11827900.00000000 NS 33613207.02000000 0.952356307630 Long EC CORP RU N 1 N N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 N/A 3752916.00000000 NS 18346138.20000000 0.519797483918 Long EC CORP BR N 1 N N N Cia de Saneamento Basico do Estado de Sao Paulo 254900UOXRZRS2TNWP19 N/A 546533.00000000 NS 4091177.02000000 0.115914504626 Long EC CORP BR N 1 N N N Mowi ASA 549300W1OGQF5LZIH349 N/A 1761375.00000000 NS 39138463.19000000 1.108902291524 Long EC CORP NO N 1 N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 20825C104 945805.00000000 NS USD 37860574.15000000 1.072696115572 Long EC CORP US N 1 N N N Veolia Environnement SA 969500LENY69X51OOT31 N/A 779275.00000000 NS 20885110.90000000 0.591733692335 Long EC CORP FR N 1 N N N Rayonier, Inc. HGV8VDVNL0W6SF2U9C50 754907103 219905.00000000 NS USD 6762078.75000000 0.191588632004 Long EC CORP US N 1 N N Essential Utilities, Inc. 549300ILTEOF3E3QY357 29670G102 369355.00000000 NS USD 17101136.50000000 0.484523098428 Long EC CORP US N 1 N N N/A N/A N/A 1.00000000 NC N/A 1461.04000000 0.000041395355 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1840000.00000000 SEK 222439.46000000 USD 2021-03-17 1461.04000000 N N N N/A N/A N/A 1.00000000 NC N/A 379.86000000 0.000010762497 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 10647494.80000000 HKD 1373641.32000000 USD 2021-03-17 379.86000000 N N N Wilmar International Ltd. 549300H2EAI4YRLWBB20 N/A 13664000.00000000 NS 54260628.44000000 1.537355591214 Long EC CORP SG N 1 N N N Wheaton Precious Metals Corp. 549300XSFG5ZCGVYD886 962879102 892430.00000000 NS 36690613.02000000 1.039547839623 Long EC CORP CA N 1 N N N N/A N/A N/A 37.00000000 NC -56748.93000000 -0.00160785614 N/A DE AU N 1 ASX Clear (Futures) 549300ZD7BBOVZFVHK49 Long SPI 200 Index XC0006013624 2021-03-18 6050425.00000000 AUD -56748.93000000 N N N China Petroleum & Chemical Corp. 529900A2OB24EZ5B3J19 N/A 29890000.00000000 NS 14301527.63000000 0.405202337256 Long EC CORP CN N 1 N N N B2Gold Corp. 549300F7OK456M5NLM05 11777Q209 2132865.00000000 NS 10552042.58000000 0.298968923241 Long EC CORP CA N 1 N N N/A N/A N/A 1.00000000 NC N/A -1114.08000000 -0.00003156500 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 133744.50000000 USD 13880000.00000000 JPY 2021-03-17 -1114.08000000 N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 35671D857 1819020.00000000 NS USD 48949828.20000000 1.386885744522 Long EC CORP US N 1 N N N Suez SA 549300JQIZM6CL7POC81 N/A 730170.00000000 NS 15036065.95000000 0.426013865351 Long EC CORP FR N 1 N N N N/A N/A N/A 1.00000000 NC N/A -6298.03000000 -0.00017844083 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1172816.29000000 USD 1490000.00000000 CAD 2021-03-17 -6298.03000000 N N N IOI Corp. Bhd. N/A N/A 14945000.00000000 NS 15601212.12000000 0.442026039357 Long EC CORP MY N 1 N N N N/A N/A N/A 1.00000000 NC N/A 1200.46000000 0.000034012394 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 177834.21000000 USD 724831.26000000 MYR 2021-03-17 1200.46000000 N N N a2 Milk Co. Ltd. (The) 529900PVC9CV0KFA2U62 N/A 3723440.00000000 NS 30967396.26000000 0.877393077714 Long EC CORP NZ N 1 N N Rio Tinto plc 213800YOEO5OQ72G2R82 N/A 1496635.00000000 NS 114863964.70000000 3.254417861302 Long EC CORP GB N 1 N N N Gold Fields Ltd. 5299003KXIBJQYCBBD72 N/A 1878800.00000000 NS 18578932.40000000 0.526393195676 Long EC CORP ZA N 1 N N N N/A N/A N/A 1.00000000 NC N/A 8997.69000000 0.000254929760 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 115677351.00000000 JPY 1114353.31000000 USD 2021-03-17 8997.69000000 N N N Equinor ASA OW6OFBNCKXC4US5C7523 N/A 1044015.00000000 NS 18901750.01000000 0.535539522800 Long EC CORP NO N 1 N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599105 520940.00000000 NS USD 10450056.40000000 0.296079369091 Long EC CORP US N 1 N N N CITIGROUP GLOBAL MARKETS INC MBNUM2BPBDO7JBLYG310 N/A 860364.65000000 PA USD 860364.65000000 0.024376540471 Long RA CORP US N 2 Repurchase Y 0.04000000 2021-02-01 812482.68053800 USD 877571.95162300 USD UST N N Guangdong Investment Ltd. N/A N/A 4943576.00000000 NS 8683622.35000000 0.246031344560 Long EC CORP CN N 1 N N N Yara International ASA 213800WKOUWXWFJ5Z514 N/A 747250.00000000 NS 34990690.35000000 0.991384268789 Long EC CORP NO N 1 N N N Pioneer Natural Resources Co. FY8JBF7CCL2VE4F1B628 723787107 149450.00000000 NS USD 18068505.00000000 0.511931357694 Long EC CORP US N 1 N N N Teck Resources Ltd. T8KI5SQ2JRWHL7XY0E11 878742204 595665.00000000 NS 10892586.32000000 0.308617481280 Long EC CORP CA N 1 N N N Saudi Arabian Oil Co. 5586006WD91QHB7J4X50 N/A 2476600.00000000 NS 22945237.62000000 0.650102852860 Long EC CORP SA Y 1 N N N N/A N/A N/A 1.00000000 NC N/A 38676.82000000 0.001095822646 N/A DFE N/A N 2 JP Morgan Chase Bank 7H6GLXDRUGQFU57RNE97 1287194.39000000 USD 11341047.95000000 NOK 2021-03-17 38676.82000000 N N N TOTAL SE 529900S21EQ1BO4ESM68 N/A 2218265.00000000 NS 94040983.73000000 2.664444483913 Long EC CORP FR N 1 N N N Salmar ASA 5967007LIEEXZXGDBK67 N/A 264740.00000000 NS 16002733.56000000 0.453402266440 Long EC CORP NO N 1 N N N Hess Corp. UASVRYNXNK17ULIGK870 42809H107 247660.00000000 NS USD 13368686.80000000 0.378772343595 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -3125.18000000 -0.00008854510 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 732202.05000000 USD 950000.00000000 AUD 2021-03-17 -3125.18000000 N N N N/A N/A N/A 1.00000000 NC N/A 1370.86000000 0.000038840303 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 96562.98000000 USD 815456.40000000 SEK 2021-03-17 1370.86000000 N N N American Water Works Co., Inc. 549300DXHIJQMD5WFW18 030420103 351086.00000000 NS USD 55829695.72000000 1.581811662315 Long EC CORP US N 1 N N N/A N/A N/A 3.00000000 NC 1768.79000000 0.000050114775 N/A DE JP N 1 Japan Securities Clearing 549300JHM7D8P3TS4S86 Long TOPIX Index JP9010100007 2021-03-11 54120000.00000000 JPY 1768.79000000 N N N N/A N/A N/A 1.00000000 NC N/A 111767.17000000 0.003166676993 N/A DFE N/A N 2 Goldman Sachs Bank KD3XUN7C6T14HNAYLU02 9450759.70000000 BRL 1840746.31000000 USD 2021-03-17 111767.17000000 N N N UPM-Kymmene OYJ 213800EC6PW5VU4J9U64 N/A 834785.00000000 NS 29908177.07000000 0.847382431120 Long EC CORP FI N 1 N N N N/A N/A N/A 1.00000000 NC N/A 2017.74000000 0.000057168226 N/A DFE N/A N 2 Toronto Dominion Bank PT3QB789TSUIDF371261 961534.25000000 CHF 1084233.36000000 USD 2021-03-17 2017.74000000 N N N South32 Ltd. 213800LAZNPXSBKVHR17 N/A 6114640.00000000 NS 11916302.17000000 0.337622218804 Long EC CORP AU N 1 N N N N/A N/A N/A 1.00000000 NC N/A 11837.57000000 0.000335391515 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 6080000.00000000 ZAR 413297.61000000 USD 2021-03-17 11837.57000000 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 30231G102 4062905.00000000 NS USD 182180660.20000000 5.161688403210 Long EC CORP US N 1 N N N Impala Platinum Holdings Ltd. 254900BZFIFB4PD2Z778 N/A 1005585.00000000 NS 13840697.58000000 0.392145731125 Long EC CORP ZA N 1 N N N MMC Norilsk Nickel PJSC 253400JPTEEW143W3E47 N/A 10440.00000000 NS 3392797.81000000 0.096127465402 Long EC CORP RU N 1 N N N Mosaic Co. (The) 2YD5STGSJNMUB7H76907 61945C103 1445395.00000000 NS USD 37522454.20000000 1.063116230293 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A 41.55000000 0.000001177227 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 1370000.00000000 HKD 176737.41000000 USD 2021-03-17 41.55000000 N N N N/A N/A N/A 1.00000000 NC N/A -495.53000000 -0.00001403975 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1666853.52000000 USD 12920000.00000000 HKD 2021-03-17 -495.53000000 N N N N/A N/A N/A 1.00000000 NC N/A -506.49000000 -0.00001435028 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 779129.49000000 USD 994539.31000000 CAD 2021-03-17 -506.49000000 N N N QL Resources Bhd. N/A N/A 5764500.00000000 NS 8570103.90000000 0.242815048899 Long EC CORP MY N 1 N N N Newmont Corp. 549300VSP3RIX7FGDZ51 651639106 1490230.00000000 NS USD 88817708.00000000 2.516454451751 Long EC CORP US N 1 N N N N/A N/A N/A 1.00000000 NC N/A -14.23000000 -0.00000040317 N/A DFE N/A N 2 BNP Paribas R0MUWSFPU8MPRO8K5P83 5870000.00000000 HKD 757069.47000000 USD 2021-03-17 -14.23000000 N N N Stora Enso OYJ 7437000ZP669LKUTZ738 N/A 979965.00000000 NS 17858392.25000000 0.505978274947 Long EC CORP FI N 1 N N N Tatneft PJSC 253400PAT768SVJMV121 N/A 1539335.00000000 NS 10005081.26000000 0.283471976971 Long EC CORP RU N 1 N N N Evolution Mining Ltd. 254900BCFW5QO5LW8F27 N/A 3102155.00000000 NS 11258007.46000000 0.318970885744 Long EC CORP AU N 1 N N N Kinross Gold Corp. 549300UEBMAQDN0K0R06 496902404 2416820.00000000 NS 16894753.30000000 0.478675684279 Long EC CORP CA N 1 N N N Mondi plc 213800LOZA69QFDC9N34 N/A 775005.00000000 NS 18384691.90000000 0.520889818231 Long EC CORP GB N 1 N N N N/A N/A N/A 2.00000000 NC -19032.42000000 -0.00053924176 N/A DE HK N 1 HKCC & SEOCH 213800NM8ZN1F16ARD34 Long Hang Seng Index HK0000004322 2021-02-25 2831900.00000000 HKD -19032.42000000 N N N Cabot Oil & Gas Corp. FCNMH6O7VWU7LHXMK351 127097103 559370.00000000 NS USD 10253252.10000000 0.290503352011 Long EC CORP US N 1 N N PI Industries Ltd. 335800PEGP94E4CC1D11 N/A 384300.00000000 NS 10633037.42000000 0.301263733930 Long EC CORP IN N 1 N N N LUKOIL PJSC 549300LCJ1UJXHYBWI24 N/A 271636.00000000 NS 19444577.83000000 0.550919355436 Long EC CORP RU N 1 N N N N/A N/A N/A 1.00000000 NC N/A 13100.42000000 0.000371171593 N/A DFE N/A N 2 Morgan Stanley & Co. 9R7GPTSO7KV3UQJZQ078 1270000.00000000 EUR 1557508.06000000 USD 2021-03-17 13100.42000000 N N N EOG Resources, Inc. XWTZDRYZPBUHIQBKDB46 26875P101 491050.00000000 NS USD 25023908.00000000 0.708997407215 Long EC CORP US N 1 N N N ROYAL BANK OF CANADA NY ES7IP3U3RHIGC71XBU11 78012UYG4 2000000.00000000 PA USD 2000856.00000000 0.056689855006 Long DBT CORP CA N 2 2021-10-05 Floating 0.27838000 N N N N N UPL Ltd. 335800RJSM1SLHO4UA95 N/A 2566270.00000000 NS 19720110.68000000 0.558725972862 Long EC CORP IN N 1 N N N Pan American Silver Corp. 549300MKTF5851TYIB83 697900108 390705.00000000 NS 12652914.67000000 0.358492514228 Long EC CORP CA N 1 N N Woodside Petroleum Ltd. 2549005ZC5RXAOO7FH41 980228100 909510.00000000 NS 17075693.29000000 0.483802221020 Long EC CORP AU N 1 N N N Agnico Eagle Mines Ltd. YGE0EUBRF7IJOB3QRX76 008474108 480375.00000000 NS 33569279.62000000 0.951111721345 Long EC CORP CA N 1 N N N Barrick Gold Corp. 0O4KBQCJZX82UKGCBV73 067901108 3597475.00000000 NS 80428890.37000000 2.278775750675 Long EC CORP CA N 1 N N N Suncor Energy, Inc. 549300W70ZOQDVLCHY06 867224107 1242570.00000000 NS 20805958.98000000 0.589491096732 Long EC CORP CA N 1 N N N Repsol SA BSYCX13Y0NOTV14V9N85 N/A 1171804.00000000 NS 11562679.70000000 0.327603103710 Long EC CORP ES N 1 N N Cal-Maine Foods, Inc. 549300NHE5WMIEIEMF53 128030202 187880.00000000 NS USD 7203319.20000000 0.204090209896 Long EC CORP US N 1 N N RABOBANK LONDON DG3RU1DBUFHT4ZF9WN62 N/A 3000000.00000000 PA USD 3000780.00000000 0.085020502777 Long DBT CORP NL N 2 2021-07-30 Floating 0.29150000 N N N N N OCBC NEW YORK 5493007O3QFXCPOGWK22 69033MTX5 3000000.00000000 PA USD 3000246.00000000 0.085005373061 Long DBT CORP SG N 2 2021-03-12 Fixed 0.24000000 N N N N N International Holdings Co. PJSC N/A N/A 1577765.00000000 NS 19758841.87000000 0.559823335963 Long EC CORP AE N 1 N N N Sumitomo Metal Mining Co. Ltd. 353800CF81IXL9974H84 N/A 364800.00000000 NS 15833145.80000000 0.448597370173 Long EC CORP JP N 1 N N N NORDEA BANK ABP, NEW YORK BRANCH 6SCPQ280AIY8EP3XFW53 65558TP74 4999745.70000000 PA USD 5001025.00000000 0.141693046442 Long DBT CORP FI N 2 2021-10-07 Floating 0.26688000 N N N N N 2021-02-26 FlexShares Trust Randal Rein Randal Rein Treasurer and PFO XXXX