# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152763
**Filing Date:** 2025-6
**Character Count:** 48102
**Document Hash:** e0b5f46f07b4583a2ce2643a44650518
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152763.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152763

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**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:** 251067556

**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 Quality Dividend Defensive Index Fund (Series ID: S000038875)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000119639 | FlexShares Quality Dividend Defensive Index Fund | QDEF            |

## 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 Quality Dividend Defensive Index Fund

- **b. EDGAR series identifier (if any):** S000038875

- **c. LEI of Series:** 549300Z60HVOAIFFJE65

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

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

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $416263753.23

**Total Liabilities:** $16661101.38

**Net Assets:** $399602651.85

**Cash Not Reported:** $3321199.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119639 | 1.19%                | -3.35%               | -1.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-94.90                  | $4392049.29                                |
| Month 2  | $139783.60               | $-14911571.05                              |
| Month 3  | $0.00                    | $-6394875.93                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oracle Corp.                                 | Oracle Corp.                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1160 | NS      | $163235.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp.                                   | Pool Corp.                                   | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      6032 | NS      | $1768220.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     13456 | NS      | $1421357.28   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     32248 | NS      | $5120982.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                    | CubeSmart                                    | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51968 | NS      | $2113538.56   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington, Inc. | Expeditors International of Washington, Inc. | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     14384 | NS      | $1580945.44   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     11832 | NS      | $1150662.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp.                             | OGE Energy Corp.                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     48720 | NS      | $2210913.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System, Inc.                        | Landstar System, Inc.                        | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     11368 | NS      | $1525017.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                        | Cal-Maine Foods, Inc.                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     23432 | NS      | $2187845.84   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp.                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    167272 | NS      | $18219266.24  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos., Inc.                          | Carlisle Cos., Inc.                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      4872 | NS      | $1848826.56   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Essex Property Trust, Inc.                   | Essex Property Trust, Inc.                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      7656 | NS      | $2137172.40   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp.                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      4872 | NS      | $3423505.68   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc.      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     13920 | NS      | $2222328.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     73080 | NS      | $3668616.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital, Inc.                            | Gen Digital, Inc.                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     79808 | NS      | $2064632.96   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     25984 | NS      | $4180565.76   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                 | Intuit, Inc.                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7656 | NS      | $4803910.32   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corp.        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     33176 | NS      | $8022620.32   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers, Inc.                        | Scorpio Tankers, Inc.                        | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MH        |     48256 | NS      | $1818768.64   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                     | SBA Communications Corp.                     | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      9976 | NS      | $2428158.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide, Inc.                  | CH Robinson Worldwide, Inc.                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     21808 | NS      | $1945709.76   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    136184 | NS      | $28939100.00  | 7.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed, Inc.                                 | ResMed, Inc.                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     10208 | NS      | $2415110.72   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | Automatic Data Processing, Inc.              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     14616 | NS      | $4393569.60   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                | Starwood Property Trust, Inc.                | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    106488 | NS      | $2043504.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC                         | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| TD PRIME SERVICES LLC                        | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Camden Property Trust                        | Camden Property Trust                        | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     17632 | NS      | $2006521.60   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     80272 | NS      | $12547316.32  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                            | Merck & Co., Inc.                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     91408 | NS      | $7787961.60   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                             | Mastercard, Inc., Class A                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2320 | NS      | $1271499.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp.                        | Las Vegas Sands Corp.                        | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     39440 | NS      | $1446264.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant, Inc.                               | Assurant, Inc.                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      9744 | NS      | $1878058.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2088 | NS      | $752703.12    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                          | General Mills, Inc.                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     29232 | NS      | $1658623.68   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                                | Popular, Inc.                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     20416 | NS      | $1948094.72   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                       | Trane Technologies plc                       | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      8120 | NS      | $3112477.20   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp.             | Old Republic International Corp.             | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     58696 | NS      | $2206969.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | Altria Group, Inc.                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     61944 | NS      | $3663987.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                          | UMB Financial Corp.                          | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     18560 | NS      | $1755219.20   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                    | Consolidated Edison, Inc.                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     23664 | NS      | $2668116.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                             | Royal Gold, Inc.                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     14384 | NS      | $2628100.64   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     23432 | NS      | $2255798.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | S&P 500 Micro E-Mini Index                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        65 | NC      | $-16890.08    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rollins, Inc.                                | Rollins, Inc.                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     10208 | NS      | $583183.04    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     22736 | NS      | $4375997.92   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                               | McKesson Corp.                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4640 | NS      | $3307345.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp.                          | Kilroy Realty Corp.                          | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     61016 | NS      | $1922614.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Amdocs Ltd.                                  | Amdocs Ltd.                                  | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     23896 | NS      | $2116707.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                         | Meta Platforms, Inc., Class A                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     19952 | NS      | $10953648.00  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.                    | MDU Resources Group, Inc.                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124352 | NS      | $2131393.28   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Costco Wholesale Corp.                       | Costco Wholesale Corp.                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1160 | NS      | $1153620.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.            | Philip Morris International, Inc.            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     56144 | NS      | $9620835.84   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                     | Willis Towers Watson plc                     | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      7192 | NS      | $2213697.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Chemed Corp.                                 | Chemed Corp.                                 | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1392 | NS      | $809461.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | S&P 500 E-Mini Index                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $-19854.61    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions, Inc.                     | Motorola Solutions, Inc.                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      6264 | NS      | $2758602.96   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO             | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   1000000 | PA      | $1000000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PPL Corp.                                    | PPL Corp.                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     66816 | NS      | $2438784.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     25752 | NS      | $6299454.24   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                            | T-Mobile US, Inc.                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     19024 | NS      | $4697976.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems, Inc.                        | Bentley Systems, Inc., Class B               | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     45472 | NS      | $1954841.28   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     20648 | NS      | $4616066.88   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Co.                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      9744 | NS      | $898299.36    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's, Inc.                              | Dillard's, Inc., Class A                     | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      3480 | NS      | $1206376.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Exelon Corp.                                 | Exelon Corp.                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     43152 | NS      | $2023828.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp.                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       464 | NS      | $63131.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc.                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     14848 | NS      | $1729346.56   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co., Inc.              | MSC Industrial Direct Co., Inc., Class A     | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      4872 | NS      | $372610.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp.                         | Avery Dennison Corp.                         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     10904 | NS      | $1865783.44   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                       | Verisk Analytics, Inc.                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      8120 | NS      | $2407011.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Corp.                       | Blue Owl Capital Corp.                       | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | CORP              | US        |    136417 | NS      | $1911202.17   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| TJX Cos., Inc. (The)                         | TJX Cos., Inc. (The)                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     40832 | NS      | $5254261.76   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc.                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     10672 | NS      | $2240906.56   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Procter & Gamble Co. (The)                   | Procter & Gamble Co. (The)                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     77720 | NS      | $12634940.40  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corp.                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     53128 | NS      | $2036927.52   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza, Inc.                         | Domino's Pizza, Inc.                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      4640 | NS      | $2275316.80   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.               | American Financial Group, Inc.               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     17400 | NS      | $2203884.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                                | MetLife, Inc.                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     26216 | NS      | $1975899.92   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BK OF CANADA FINANCIAL INC          | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |   1000000 | PA      | $1000000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Western Union Co. (The)                      | Western Union Co. (The)                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    195344 | NS      | $1935859.04   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Verizon Communications, Inc.                 | Verizon Communications, Inc.                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     30856 | NS      | $1359515.36   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                    | Kellanova                                    | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     12992 | NS      | $1075347.84   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     10904 | NS      | $3172191.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                                | Paychex, Inc.                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     16472 | NS      | $2423360.64   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     48256 | NS      | $19073666.56  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5104 | NS      | $203547.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                               | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      8352 | NS      | $2509191.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                               | Treasury Repurchase Agreement                | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   2480786 | PA      | $2480785.65   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                 | Evergy, Inc.                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     32944 | NS      | $2276430.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp.                         | Kimberly-Clark Corp.                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     17864 | NS      | $2354117.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                   | NIKE, Inc., Class B                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     43616 | NS      | $2459942.40   | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank of New York Mellon Corp. (The)          | Bank of New York Mellon Corp. (The)          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     29000 | NS      | $2331890.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co.                                       | 3M Co.                                       | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     19952 | NS      | $2771532.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro, Inc.                                 | Hasbro, Inc.                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     35032 | NS      | $2168480.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings, Inc.                       | OneMain Holdings, Inc.                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     37584 | NS      | $1769078.88   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                   | Unum Group                                   | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     29696 | NS      | $2306191.36   | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Equity Residential                           | Equity Residential                           | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     31784 | NS      | $2233143.84   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp.                                  | Masco Corp.                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     11832 | NS      | $717137.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co. (The)                            | Wendy's Co. (The)                            | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     75632 | NS      | $945400.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| AbbVie, Inc.                                 | AbbVie, Inc.                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     63800 | NS      | $12447380.00  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                       | WEC Energy Group, Inc.                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     22504 | NS      | $2464638.08   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings, Inc.          | Allison Transmission Holdings, Inc.          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     14848 | NS      | $1369579.52   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                        | Gilead Sciences, Inc.                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     45008 | NS      | $4795152.32   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                            | Duke Energy Corp.                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     28072 | NS      | $3425345.44   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2552 | NS      | $1049994.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                   | Visa, Inc., Class A                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      6264 | NS      | $2164212.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Illinois Tool Works, Inc.                    | Illinois Tool Works, Inc.                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     10672 | NS      | $2560319.52   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                         | Kontoor Brands, Inc.                         | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     24824 | NS      | $1493163.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac, Inc.                                  | Aflac, Inc.                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     23664 | NS      | $2571803.52   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings, Inc.                        | Leidos Holdings, Inc.                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     16936 | NS      | $2492640.48   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands, Inc.                            | Yum! Brands, Inc.                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     16472 | NS      | $2478047.68   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream, Inc.                           | DT Midstream, Inc.                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21112 | NS      | $2052086.40   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                        | Dominion Energy, Inc.                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     43384 | NS      | $2359221.92   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                 | Fastenal Co.                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     29232 | NS      | $2366915.04   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                        | Electronic Arts, Inc.                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     14384 | NS      | $2086974.56   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40136 | NS      | $5958590.56   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp.                        | Lockheed Martin Corp.                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      7888 | NS      | $3768492.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group, Inc.                            | EMCOR Group, Inc.                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      5104 | NS      | $2045172.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.            | Booz Allen Hamilton Holding Corp.            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     18328 | NS      | $2199726.56   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                             | Salesforce, Inc.                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1624 | NS      | $436385.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     27376 | NS      | $2159418.88   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co.                        | National Fuel Gas Co.                        | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     17400 | NS      | $1335972.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                 | Treasury Repurchase Agreement                | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |  10000000 | PA      | $10000000.00  | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| H&R Block, Inc.                              | H&R Block, Inc.                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     41296 | NS      | $2493039.52   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                 | Iridium Communications, Inc.                 | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     65888 | NS      | $1589877.44   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Zoetis, Inc.                                 | Zoetis, Inc.                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2320 | NS      | $362848.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                   | eBay, Inc.                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     33640 | NS      | $2292902.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial, Inc.                        | Virtu Financial, Inc., Class A               | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     56608 | NS      | $2216203.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO