# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009653
**Filing Date:** 2025-12
**Character Count:** 49113
**Document Hash:** 9f523ab829dc338632657cfe89e49d9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009653.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009653

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**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:** 251596537

**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:** 2025-10-31

**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:** $499475003.68

**Total Liabilities:** $20538139.63

**Net Assets:** $478936864.05

**Cash Not Reported:** $4508824.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119639 | 3.85%                | 2.80%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31716.96                | $16547543.90                               |
| Month 2  | $7193327.46              | $4925540.65                                |
| Month 3  | $737063.78               | $-593333.72                                |

### 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        |     14691 | NS      | $1680062.76   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     32868 | NS      | $9242152.92   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington, Inc. | Expeditors International of Washington, Inc. | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     15057 | NS      | $1835448.30   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     10277 | NS      | $1039826.86   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System, Inc.                        | Landstar System, Inc.                        | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     12201 | NS      | $1566974.43   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                        | Cal-Maine Foods, Inc.                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     21510 | NS      | $1888578.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| NVIDIA Corp.                                 | NVIDIA Corp.                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    171124 | NS      | $34650898.76  | 7.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                               | Treasury Repurchase Agreement                | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   4050263 | PA      | $4050263.20   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlisle Cos., Inc.                          | Carlisle Cos., Inc.                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5229 | NS      | $1699686.45   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                   | Essex Property Trust, Inc.                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      7887 | NS      | $1985709.99   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp.                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      5019 | NS      | $6066666.06   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc.      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     13862 | NS      | $1777524.26   | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     76480 | NS      | $3523433.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital, Inc.                            | Gen Digital, Inc.                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     76958 | NS      | $2028612.88   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     25573 | NS      | $7206982.86   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                 | Intuit, Inc.                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7887 | NS      | $5264966.85   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                             | GE Vernova, Inc.                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      3824 | NS      | $2237575.36   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide, Inc.                  | CH Robinson Worldwide, Inc.                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     19598 | NS      | $3017896.02   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    139815 | NS      | $37801781.55  | 7.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed, Inc.                                 | ResMed, Inc.                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      9082 | NS      | $2242164.16   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Automatic Data Processing, Inc.              | Automatic Data Processing, Inc.              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     15296 | NS      | $3981548.80   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.            | Choice Hotels International, Inc.            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |       717 | NS      | $66652.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Starwood Property Trust, Inc.                | Starwood Property Trust, Inc.                | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    117827 | NS      | $2142094.86   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Cheniere Energy, Inc.                        | Cheniere Energy, Inc.                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     10755 | NS      | $2280060.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC                         | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Edison International                         | Edison International                         | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     42542 | NS      | $2355975.96   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corp.                        | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     80782 | NS      | $2215042.44   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     72656 | NS      | $13722538.72  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                            | Merck & Co., Inc.                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     93927 | NS      | $8075843.46   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                             | Mastercard, Inc., Class A                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2151 | NS      | $1187330.49   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                                 | Pfizer, Inc.                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     38718 | NS      | $954398.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                        | Range Resources Corp.                        | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     64769 | NS      | $2302537.95   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                  | United Parcel Service, Inc., Class B         | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     10209 | NS      | $984351.78    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems, Inc.                            | Pegasystems, Inc.                            | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     10755 | NS      | $684555.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Globe Life, Inc.                             | Globe Life, Inc.                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     17208 | NS      | $2263024.08   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group, Inc.                    | Nexstar Media Group, Inc., Class A           | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      5258 | NS      | $1029148.34   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1673 | NS      | $635054.07    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                                | Newmont Corp.                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     41585 | NS      | $3367137.45   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                                | Popular, Inc.                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     19837 | NS      | $2211230.39   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                       | Trane Technologies plc                       | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      8365 | NS      | $3752957.25   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                          | Rithm Capital Corp.                          | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |     45171 | NS      | $495525.87    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Altria Group, Inc.                           | Altria Group, Inc.                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     63096 | NS      | $3557352.48   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp.                          | UMB Financial Corp.                          | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     19920 | NS      | $2129049.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                    | Consolidated Edison, Inc.                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     25573 | NS      | $2491065.93   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                        | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   1539229 | PA      | $1539228.75   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Gold, Inc.                             | Royal Gold, Inc.                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     12906 | NS      | $2255839.74   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| S&P Global, Inc.                             | S&P Global, Inc.                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       239 | NS      | $116443.19    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares, Inc.                  | Prosperity Bancshares, Inc.                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34655 | NS      | $2280992.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins, Inc.                                | Rollins, Inc.                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     10038 | NS      | $578289.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     71222 | NS      | $26325787.86  | 5.50%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                               | McKesson Corp.                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3107 | NS      | $2520833.38   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp.                          | Kilroy Realty Corp.                          | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     60945 | NS      | $2574926.25   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd.                                  | Amdocs Ltd.                                  | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     27246 | NS      | $2295747.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Meta Platforms, Inc.                         | Meta Platforms, Inc., Class A                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13384 | NS      | $8677516.40   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                       | Costco Wholesale Corp.                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1245 | NS      | $1134755.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.            | Philip Morris International, Inc.            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     58555 | NS      | $8451243.15   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                     | Willis Towers Watson plc                     | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      7648 | NS      | $2394588.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Chemed Corp.                                 | Chemed Corp.                                 | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1494 | NS      | $644362.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure, Inc.                           | Clear Secure, Inc., Class A                  | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11950 | NS      | $364116.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| NATIONAL BK OF CANADA FINANCIAL INC          | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: 549300K66TF1ST7A3V76       | Long             | RA               | CORP              | CA        |   5000000 | PA      | $5000000.00   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO             | Other Repurchase Agreement                   | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   6000000 | PA      | $6000000.00   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                   | US Bancorp                                   | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     49712 | NS      | $2320556.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                    | PPL Corp.                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     66442 | NS      | $2426461.84   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Cisco Systems, Inc.                          | Cisco Systems, Inc.                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    103487 | NS      | $7565934.57   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                            | FirstEnergy Corp.                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     53775 | NS      | $2464508.25   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     31787 | NS      | $9889571.44   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                            | T-Mobile US, Inc.                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     16969 | NS      | $3564338.45   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems, Inc.                        | Bentley Systems, Inc., Class B               | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     43976 | NS      | $2235300.08   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     21032 | NS      | $5008350.16   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Co.                        | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     15687 | NS      | $1208683.35   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.                 | Sabra Health Care REIT, Inc.                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    124519 | NS      | $2218928.58   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Dillard's, Inc.                              | Dillard's, Inc., Class A                     | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      3735 | NS      | $2241298.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc.                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     18642 | NS      | $2295575.88   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| MSC Industrial Direct Co., Inc.              | MSC Industrial Direct Co., Inc., Class A     | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      5229 | NS      | $443994.39    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Avery Dennison Corp.                         | Avery Dennison Corp.                         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     11233 | NS      | $1964539.37   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Vistra Corp.                                 | Vistra Corp.                                 | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      2988 | NS      | $562640.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                               | Treasury Repurchase Agreement                | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   2728576 | PA      | $2728575.95   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                       | Verisk Analytics, Inc.                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      7887 | NS      | $1725360.12   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.     | Science Applications International Corp.     | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      5736 | NS      | $537520.56    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| TJX Cos., Inc. (The)                         | TJX Cos., Inc. (The)                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     41825 | NS      | $5861355.50   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc.                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     11703 | NS      | $2035385.76   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| VICI Properties, Inc.                        | VICI Properties, Inc., Class A               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     79109 | NS      | $2372478.91   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                   | Procter & Gamble Co. (The)                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     79826 | NS      | $12003435.62  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corp.                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     61423 | NS      | $2741308.49   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza, Inc.                         | Domino's Pizza, Inc.                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      4731 | NS      | $1885114.26   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| American Financial Group, Inc.               | American Financial Group, Inc.               | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     17208 | NS      | $2265949.44   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                                | MetLife, Inc.                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     30592 | NS      | $2441853.44   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources, Inc.                     | Franklin Resources, Inc.                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     93449 | NS      | $2112881.89   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     11950 | NS      | $3566238.50   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | S&P 500 E-Mini Index                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        13 | NC      | $130833.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     48756 | NS      | $25246344.36  | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5229 | NS      | $279490.05    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                 | CF Industries Holdings, Inc.                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     25573 | NS      | $2129975.17   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                               | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      8126 | NS      | $2263578.56   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                 | Evergy, Inc.                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     33460 | NS      | $2570062.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp.                         | Kimberly-Clark Corp.                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     18426 | NS      | $2205776.46   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                   | NIKE, Inc., Class B                          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     44693 | NS      | $2886720.87   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry, Inc.                               | Tapestry, Inc.                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     24378 | NS      | $2677191.96   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro, Inc.                                 | Hasbro, Inc.                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     29158 | NS      | $2225046.98   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings, Inc.                       | OneMain Holdings, Inc.                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     38001 | NS      | $2249279.19   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                          | S&P 500 Micro E-Mini Index                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        15 | NC      | $14634.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                   | Unum Group                                   | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     34655 | NS      | $2544370.10   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                           | Equity Residential                           | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     32265 | NS      | $1917831.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp.                                  | Masco Corp.                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     12450 | NS      | $806262.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp, Inc.                      | East West Bancorp, Inc.                      | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     23183 | NS      | $2355392.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     64530 | NS      | $14070121.20  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings, Inc.          | Allison Transmission Holdings, Inc.          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     16185 | NS      | $1336071.75   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                            | Hershey Co. (The)                            | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     13862 | NS      | $2351411.06   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc.           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     30114 | NS      | $2377801.44   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                          | EOG Resources, Inc.                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     22705 | NS      | $2403097.20   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                        | Gilead Sciences, Inc.                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     46844 | NS      | $5611442.76   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                            | Duke Energy Corp.                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     28680 | NS      | $3564924.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                   | Visa, Inc., Class A                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      5975 | NS      | $2035921.50   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Illinois Tool Works, Inc.                    | Illinois Tool Works, Inc.                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     10994 | NS      | $2681656.48   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                        | Paycom Software, Inc.                        | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       478 | NS      | $89429.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Aflac, Inc.                                  | Aflac, Inc.                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |     23900 | NS      | $2561841.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Leidos Holdings, Inc.                        | Leidos Holdings, Inc.                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     13862 | NS      | $2640295.14   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co. (The)                               | Toro Co. (The)                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     21510 | NS      | $1607442.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands, Inc.                            | Yum! Brands, Inc.                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     17181 | NS      | $2374586.01   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                        | Dominion Energy, Inc.                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     44454 | NS      | $2609005.26   | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Fastenal Co.                                 | Fastenal Co.                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     55448 | NS      | $2281685.20   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                        | Electronic Arts, Inc.                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     15296 | NS      | $3060117.76   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40630 | NS      | $7349967.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp. (The)                              | AES Corp. (The)                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    164671 | NS      | $2283986.77   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Cencora, Inc.                                | Cencora, Inc.                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      7887 | NS      | $2664307.47   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp.                        | Lockheed Martin Corp.                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      7887 | NS      | $3879457.56   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                           | Vail Resorts, Inc.                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     14340 | NS      | $2127052.20   | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Booz Allen Hamilton Holding Corp.            | Booz Allen Hamilton Holding Corp.            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     21988 | NS      | $1916474.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     28202 | NS      | $1763189.04   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co.                        | National Fuel Gas Co.                        | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     27639 | NS      | $2180993.49   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block, Inc.                              | H&R Block, Inc.                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     46605 | NS      | $2318132.70   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Zoetis, Inc.                                 | Zoetis, Inc.                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       996 | NS      | $143513.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| eBay, Inc.                                   | eBay, Inc.                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     26529 | NS      | $2157072.99   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                           | Best Buy Co., Inc.                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     33460 | NS      | $2748404.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO