# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-002060
**Filing Date:** 2025-9
**Character Count:** 42501
**Document Hash:** 486603e89fc2ff41811584f7e25d8e63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002060.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-002060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251342635

**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 US Quality Low Volatility Index Fund (Series ID: S000065837)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000212719 | FlexShares US Quality Low Volatility Index Fund | QLV             |

## 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 US Quality Low Volatility Index Fund

- **b. EDGAR series identifier (if any):** S000065837

- **c. LEI of Series:** 549300L25VDMC1O71Y42

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $149612134.03

**Total Liabilities:** $7238249.40

**Net Assets:** $142373884.63

**Cash Not Reported:** $1471241.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212719 | 3.33%                | 1.92%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $394965.57               | $3709071.32                                |
| Month 2  | $413459.88               | $1955030.84                                |
| Month 3  | $473685.22               | $461886.60                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Exxon Mobil Corp.                        | Exxon Mobil Corp.                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     17430 | NS      | $1945885.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6059 | NS      | $1162722.10   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3403 | NS      | $946986.84    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System, Inc.                    | Landstar System, Inc.                    | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      7055 | NS      | $940925.35    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                    | Cal-Maine Foods, Inc.                    | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     10458 | NS      | $1162302.12   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals, Inc.           | Madrigal Pharmaceuticals, Inc.           | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      2407 | NS      | $728141.57    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                               | Chubb Ltd.                               | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      3320 | NS      | $883252.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                             | NVIDIA Corp.                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     50630 | NS      | $9005558.10   | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1826 | NS      | $1052889.86   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                          | Eli Lilly & Co.                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4399 | NS      | $3255567.93   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class C                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4150 | NS      | $800369.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences, Inc.             | Neurocrine Biosciences, Inc.             | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      5976 | NS      | $766302.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.    | International Business Machines Corp.    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     11122 | NS      | $2815534.30   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers, Inc.                    | Scorpio Tankers, Inc.                    | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MH        |     19173 | NS      | $866811.33    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen, Inc.                             | Biogen, Inc.                             | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      5478 | NS      | $701184.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                  | Republic Services, Inc.                  | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3320 | NS      | $765758.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                              | Apple, Inc.                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     29465 | NS      | $6116050.05   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.   | Check Point Software Technologies Ltd.   | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |      4897 | NS      | $911821.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.          | Automatic Data Processing, Inc.          | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      4897 | NS      | $1515621.50   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp.                                | Fox Corp., Class A                       | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     11205 | NS      | $624790.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates, Inc.            | Jack Henry & Associates, Inc.            | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      3984 | NS      | $676542.96    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                    | Cheniere Energy, Inc.                    | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1577 | NS      | $371982.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                     | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      3984 | NS      | $809748.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     22244 | NS      | $3664476.56   | 2.57%             |  |  |  | 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        |        52 | NC      | $63579.58     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                        | Merck & Co., Inc.                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     30627 | NS      | $2392581.24   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                         | Mastercard, Inc., Class A                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5063 | NS      | $2868037.61   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                           | DTE Energy Co.                           | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      5478 | NS      | $758209.98    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                               | AT&T, Inc.                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     44156 | NS      | $1210315.96   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp.                       | Hormel Foods Corp.                       | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     23240 | NS      | $652811.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                   | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      3735 | NS      | $665763.75    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant, Inc.                           | Assurant, Inc.                           | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      3569 | NS      | $668473.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Home Depot, Inc. (The)                   | Home Depot, Inc. (The)                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1494 | NS      | $549059.94    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                      | General Mills, Inc.                      | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     13778 | NS      | $674846.44    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Newmont Corp.                            | Newmont Corp.                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     15687 | NS      | $974162.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)               | Travelers Cos., Inc. (The)               | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      3071 | NS      | $799197.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                   | General Dynamics Corp.                   | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3071 | NS      | $956954.31    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                | Consolidated Edison, Inc.                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      7470 | NS      | $773145.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                       | Southern Co. (The)                       | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     14359 | NS      | $1356638.32   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Royal Gold, Inc.                         | Royal Gold, Inc.                         | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      6142 | NS      | $930021.64    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     12616 | NS      | $909992.08    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                   | Encompass Health Corp.                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      5893 | NS      | $648878.23    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co. (The)                         | Clorox Co. (The)                         | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      2090 | NS      | $262420.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                           | AutoZone, Inc.                           | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       318 | NS      | $1198344.84   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                           | Broadcom, Inc.                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4897 | NS      | $1438248.90   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                 | Roper Technologies, Inc.                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2075 | NS      | $1142080.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd.                              | Amdocs Ltd.                              | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     11703 | NS      | $998968.08    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                      | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1328 | NS      | $167580.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                     | Meta Platforms, Inc., Class A            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3237 | NS      | $2503625.28   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                  | Agnico Eagle Mines Ltd.                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     10873 | NS      | $1352166.28   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                   | Costco Wholesale Corp.                   | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       996 | NS      | $935881.44    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                           | Treasury Repurchase Agreement            | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   5209520 | PA      | $5209520.05   | 3.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson plc                 | Willis Towers Watson plc                 | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      3569 | NS      | $1127125.89   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Chemed Corp.                             | Chemed Corp.                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1826 | NS      | $752859.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group, Inc.                       | Markel Group, Inc.                       | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       166 | NS      | $333376.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands, Inc.                     | Conagra Brands, Inc.                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     31042 | NS      | $566826.92    | 0.40%             |  |  |  | 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   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| WR Berkley Corp.                         | W R Berkley Corp.                        | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     10126 | NS      | $696770.06    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                            | PepsiCo, Inc.                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     17015 | NS      | $2346708.80   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup, Inc.                         | AptarGroup, Inc.                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      6723 | NS      | $1056452.22   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                        | FirstEnergy Corp.                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     10043 | NS      | $428936.53    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2003 | NS      | $593368.72    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group, Inc. (The)      | Hanover Insurance Group, Inc. (The)      | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      4150 | NS      | $712264.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                 | Berkshire Hathaway, Inc., Class B        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5063 | NS      | $2389128.44   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                        | T-Mobile US, Inc.                        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      6474 | NS      | $1543466.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                     | Analog Devices, Inc.                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       522 | NS      | $117256.86    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's, Inc.                          | Dillard's, Inc., Class A                 | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      1577 | NS      | $736348.61    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio, Inc.                           | Appfolio, Inc., Class A                  | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1479 | NS      | $395455.02    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd.              | RenaissanceRe Holdings Ltd.              | CUSIP: N/A<br>LEI: EK6GB9U3U58PDI411C94       | Long             | EC               | CORP              | BM        |      2905 | NS      | $708064.70    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| American Electric Power Co., Inc.        | American Electric Power Co., Inc.        | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      7719 | NS      | $873327.66    | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Avery Dennison Corp.                     | Avery Dennison Corp.                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      3652 | NS      | $612696.04    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                   | Verisk Analytics, Inc.                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2003 | NS      | $558256.13    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies, Inc.              | Teledyne Technologies, Inc.              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      1162 | NS      | $640285.24    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                         | CMS Energy Corp.                         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     10541 | NS      | $777925.80    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                     | TJX Cos., Inc. (The)                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9960 | NS      | $1240318.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                     | Coterra Energy, Inc.                     | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     26560 | NS      | $647798.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                         | ServiceNow, Inc.                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       415 | NS      | $391394.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     29050 | NS      | $4371153.50   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                    | Other Repurchase Agreement               | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Restaurant Brands International, Inc.    | Restaurant Brands International, Inc.    | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |     10541 | NS      | $715312.26    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| American Financial Group, Inc.           | American Financial Group, Inc.           | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      2873 | NS      | $358837.70    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.             | Verizon Communications, Inc.             | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     52290 | NS      | $2235920.40   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                | Kellanova                                | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     13197 | NS      | $1053516.51   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                | QIAGEN NV                                | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |     24734 | NS      | $1220375.56   | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Microsoft Corp.                          | Microsoft Corp.                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21995 | NS      | $11734332.50  | 8.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                             | Evergy, Inc.                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     10292 | NS      | $728673.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems, Inc.           | FactSet Research Systems, Inc.           | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1577 | NS      | $635373.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA, Inc.                         | Murphy USA, Inc.                         | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1566 | NS      | $567643.68    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Hasbro, Inc.                             | Hasbro, Inc.                             | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     14027 | NS      | $1054269.32   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.              | Pinnacle West Capital Corp.              | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      7802 | NS      | $707017.24    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Ecolab, Inc.                             | Ecolab, Inc.                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       664 | NS      | $173808.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp.                     | Alliant Energy Corp.                     | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      9877 | NS      | $642103.77    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3047 | NS      | $575943.94    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                   | WEC Energy Group, Inc.                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      7221 | NS      | $787666.68    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.          | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1245 | NS      | $679097.70    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                       | Tractor Supply Co.                       | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      1044 | NS      | $59455.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                        | Hershey Co. (The)                        | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4399 | NS      | $818785.87    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                 | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1909 | NS      | $1115925.04   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                    | Gilead Sciences, Inc.                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     15106 | NS      | $1696252.74   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                        | Duke Energy Corp.                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10790 | NS      | $1312495.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications, Inc.                | Zoom Communications, Inc., Class A       | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      8715 | NS      | $645345.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Commvault Systems, Inc.                  | Commvault Systems, Inc.                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      3984 | NS      | $756760.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                               | Visa, Inc., Class A                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14608 | NS      | $5046625.76   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                         | McDonald's Corp.                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      8881 | NS      | $2664921.67   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse, Inc.                    | Texas Roadhouse, Inc., Class A           | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       166 | NS      | $30731.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream, Inc.                       | DT Midstream, Inc.                       | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6972 | NS      | $716233.56    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                    | Electronic Arts, Inc.                    | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2525 | NS      | $385037.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                            | Cencora, Inc.                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1131 | NS      | $323556.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp.                    | Lockheed Martin Corp.                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2739 | NS      | $1153064.22   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp. of America               | Packaging Corp. of America               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      4150 | NS      | $804062.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                  | Texas Instruments, Inc.                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4980 | NS      | $901678.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                      | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    116000 | PA      | $114384.68    | 0.08%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCC Intelligent Solutions Holdings, Inc. | CCC Intelligent Solutions Holdings, Inc. | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52954 | NS      | $512065.18    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Alkermes plc                             | Alkermes plc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     29880 | NS      | $791521.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp. International              | Service Corp. International              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      9296 | NS      | $709377.76    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Iridium Communications, Inc.             | Iridium Communications, Inc.             | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     32204 | NS      | $787709.84    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| FTI Consulting, Inc.                     | FTI Consulting, Inc.                     | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      4150 | NS      | $690352.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO