# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-002076
**Filing Date:** 2025-9
**Character Count:** 48252
**Document Hash:** 20357b06c99bfa9b64c33a48ac157da9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002076.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-002076

**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:** 251342660

**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 ESG & Climate US Large Cap Core Index Fund (Series ID: S000073358)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000230177 | FlexShares ESG & Climate US Large Cap Core Index Fund | FEUS            |

## 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 ESG & Climate US Large Cap Core Index Fund

- **b. EDGAR series identifier (if any):** S000073358

- **c. LEI of Series:** 5493004QXUUF3W6KWD84

**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:** $69112292.64

**Total Liabilities:** $8976.66

**Net Assets:** $69103315.98

**Cash Not Reported:** $377239.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230177 | 6.40%                | 4.22%                | 2.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3861060.82                                |
| Month 2  | $-183695.57              | $2897353.84                                |
| Month 3  | $554586.86               | $844211.33                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Host Hotels & Resorts, Inc.               | Host Hotels & Resorts, Inc.                   | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      4560 | NS      | $71683.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.              | Cadence Design Systems, Inc.                  | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1680 | NS      | $612477.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock, Inc.                           | BlackRock, Inc.                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       520 | NS      | $575125.20    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                            | Alphabet, Inc., Class A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     10200 | NS      | $1957380.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                             | Walmart, Inc.                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     10480 | NS      | $1026830.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                       | Valero Energy Corp.                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       680 | NS      | $93370.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                     | PayPal Holdings, Inc.                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      6000 | NS      | $412560.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                    | Waste Management, Inc.                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2000 | NS      | $458320.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                              | NVIDIA Corp.                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     34080 | NS      | $6061809.60   | 8.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax, Inc.                             | Equifax, Inc.                                 | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       760 | NS      | $182574.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                | PG&E Corp.                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     12480 | NS      | $174969.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                          | Amazon.com, Inc.                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13800 | NS      | $3230718.00   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                           | Eli Lilly & Co.                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       120 | NS      | $88808.40     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                            | Alphabet, Inc., Class C                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6480 | NS      | $1249732.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                               | Intel Corp.                                   | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     26560 | NS      | $525888.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                             | Owens Corning                                 | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |       520 | NS      | $72503.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.     | International Business Machines Corp.         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3040 | NS      | $769576.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                               | Apple, Inc.                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19200 | NS      | $3985344.00   | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp.                             | Moody's Corp.                                 | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1000 | NS      | $515730.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.           | Automatic Data Processing, Inc.               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2080 | NS      | $643760.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                              | Fiserv, Inc.                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       400 | NS      | $55576.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                        | Devon Energy Corp.                            | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      3800 | NS      | $126236.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                      | NextEra Energy, Inc.                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      4440 | NS      | $315506.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                      | American Express Co.                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       960 | NS      | $287337.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust, Inc.                | Digital Realty Trust, Inc.                    | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       560 | NS      | $98806.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                             | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6280 | NS      | $1034567.20   | 1.50%             |  |  |  | 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        |        14 | NC      | $19593.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                         | Merck & Co., Inc.                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      9760 | NS      | $762451.20    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                          | Mastercard, Inc., Class A                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1880 | NS      | $1064963.60   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                              | Pfizer, Inc.                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     23040 | NS      | $536601.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp.                     | Las Vegas Sands Corp.                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      2320 | NS      | $121568.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                               | Tesla, Inc.                                   | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4960 | NS      | $1529019.20   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                    | Becton Dickinson & Co.                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1800 | NS      | $320850.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| TopBuild Corp.                            | TopBuild Corp.                                | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       200 | NS      | $74086.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.            | Hewlett Packard Enterprise Co.                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      7880 | NS      | $163037.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)      | Hartford Insurance Group, Inc. (The)          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1840 | NS      | $228877.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp.     | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1080 | NS      | $207414.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                    | Home Depot, Inc. (The)                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1040 | NS      | $382210.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina, Inc.                            | Illumina, Inc.                                | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       960 | NS      | $98601.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                             | Newmont Corp.                                 | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      1200 | NS      | $74520.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                    | Trane Technologies plc                        | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1400 | NS      | $613312.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.            | American Water Works Co., Inc.                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1200 | NS      | $168288.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy, Inc.                      | Enphase Energy, Inc.                          | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       760 | NS      | $24593.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                | Travelers Cos., Inc. (The)                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       320 | NS      | $83276.80     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar, Inc.                         | First Solar, Inc.                             | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       640 | NS      | $111827.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co., Inc.                 | Church & Dwight Co., Inc.                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      1520 | NS      | $142530.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                               | Adobe, Inc.                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1760 | NS      | $629534.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International, Inc.                | Lennox International, Inc.                    | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       200 | NS      | $121800.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Autodesk, Inc.                            | Autodesk, Inc.                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1360 | NS      | $412229.60    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                               | Deere & Co.                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1280 | NS      | $671193.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp.                               | Sysco Corp.                                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      3080 | NS      | $245168.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                              | Ventas, Inc.                                  | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      2560 | NS      | $171980.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                 | Consolidated Edison, Inc.                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2120 | NS      | $219420.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners plc        | Coca-Cola Europacific Partners plc            | CUSIP: N/A<br>LEI: 549300LTH67W4GWMRF57       | Long             | EC               | CORP              | GB        |      1280 | NS      | $124057.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| MSCI, Inc.                                | MSCI, Inc.                                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       480 | NS      | $269452.80    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co. (The)                | Sherwin-Williams Co. (The)                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1480 | NS      | $489702.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma, Inc.                     | Williams-Sonoma, Inc.                         | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       760 | NS      | $142158.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| S&P Global, Inc.                          | S&P Global, Inc.                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1320 | NS      | $727452.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co. (The)                          | Clorox Co. (The)                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       760 | NS      | $95425.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                         | Eversource Energy                             | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      2200 | NS      | $145420.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq, Inc.                              | Nasdaq, Inc.                                  | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      2680 | NS      | $257869.60    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos., Inc. (The)     | Interpublic Group of Cos., Inc. (The)         | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      2240 | NS      | $55104.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                            | Broadcom, Inc.                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2720 | NS      | $798864.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                       | Abbott Laboratories                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      5920 | NS      | $747044.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                      | Meta Platforms, Inc., Class A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2680 | NS      | $2072819.20   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                             | Medtronic plc                                 | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      7360 | NS      | $664166.40    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                    | Keurig Dr Pepper, Inc.                        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      6800 | NS      | $222020.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                             | Comcast Corp., Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     11200 | NS      | $372176.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                         | Ulta Beauty, Inc.                             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       280 | NS      | $144202.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                       | Expedia Group, Inc.                           | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $144176.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.     | Alexandria Real Estate Equities, Inc.         | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       960 | NS      | $73372.80     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                       | Cisco Systems, Inc.                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     12880 | NS      | $876870.40    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                             | PepsiCo, Inc.                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5480 | NS      | $755801.60    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.      | Cognizant Technology Solutions Corp., Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      3040 | NS      | $218150.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                      | JPMorgan Chase & Co.                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5400 | NS      | $1599696.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                  | Berkshire Hathaway, Inc., Class B             | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       988 | NS      | $466217.44    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                  | HP, Inc.                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      5960 | NS      | $147808.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                           | Schlumberger NV                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      6600 | NS      | $223080.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                     | Colgate-Palmolive Co.                         | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      4840 | NS      | $405834.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                 | EQT Corp.                                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2640 | NS      | $141900.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                              | Exelon Corp.                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      6160 | NS      | $276830.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                         | Cigna Group (The)                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1720 | NS      | $459893.60    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                              | Target Corp.                                  | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2840 | NS      | $285420.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co.                           | Halliburton Co.                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      5320 | NS      | $119168.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                            | ConocoPhillips                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      3880 | NS      | $369919.20    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                 | Akamai Technologies, Inc.                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       920 | NS      | $70205.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp.                      | Avery Dennison Corp.                          | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       480 | NS      | $80529.60     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.                      | Ingersoll Rand, Inc.                          | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      2480 | NS      | $209882.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                          | ServiceNow, Inc.                              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       590 | NS      | $556440.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp.                    | Norfolk Southern Corp.                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1400 | NS      | $389200.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.               | AvalonBay Communities, Inc.                   | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       880 | NS      | $163926.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                | Procter & Gamble Co. (The)                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1440 | NS      | $216676.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                     | Global Payments, Inc.                         | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      1600 | NS      | $127920.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                         | CNH Industrial NV                             | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | NL        |      5280 | NS      | $68428.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                             | MetLife, Inc.                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3680 | NS      | $279496.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos., Inc. (The)             | Estee Lauder Cos., Inc. (The), Class A        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      1400 | NS      | $130676.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.              | Verizon Communications, Inc.                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     16320 | NS      | $697843.20    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)           | Goldman Sachs Group, Inc. (The)               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1200 | NS      | $868308.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                     | Walt Disney Co. (The)                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      6520 | NS      | $776597.20    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                               | Amgen, Inc.                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2520 | NS      | $743652.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                             | Paychex, Inc.                                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      2000 | NS      | $288660.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                           | Microsoft Corp.                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9840 | NS      | $5249640.00   | 7.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                            | Prologis, Inc.                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       680 | NS      | $72610.40     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems, Inc.            | FactSet Research Systems, Inc.                | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       240 | NS      | $96696.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                               | ONEOK, Inc.                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      3600 | NS      | $295596.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                | NIKE, Inc., Class B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      7400 | NS      | $552706.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)       | Bank of New York Mellon Corp. (The)           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      4560 | NS      | $462612.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                      | Emerson Electric Co.                          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       960 | NS      | $139689.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP, Inc.                                 | BXP, Inc.                                     | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       960 | NS      | $62812.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab, Inc.                              | Ecolab, Inc.                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1600 | NS      | $418816.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                     | Elevance Health, Inc.                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1440 | NS      | $407635.20    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                | Occidental Petroleum Corp.                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4080 | NS      | $179275.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                       | Union Pacific Corp.                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2880 | NS      | $639273.60    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree, Inc.                         | Dollar Tree, Inc.                             | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1280 | NS      | $145344.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                          | Baker Hughes Co.                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6080 | NS      | $273904.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.           | Regeneron Pharmaceuticals, Inc.               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       200 | NS      | $109092.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                    | Booking Holdings, Inc.                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       135 | NS      | $743048.10    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                        | Tractor Supply Co.                            | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3280 | NS      | $186796.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications, Inc.                 | Zoom Communications, Inc., Class A            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1560 | NS      | $115518.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                | Visa, Inc., Class A                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3440 | NS      | $1188416.80   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac, Inc.                               | Aflac, Inc.                                   | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      3280 | NS      | $325900.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                          | CVS Health Corp.                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7760 | NS      | $481896.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies, Inc.                   | Dell Technologies, Inc., Class C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1640 | NS      | $217611.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp. of America                | Packaging Corp. of America                    | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       560 | NS      | $108500.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                          | Salesforce, Inc.                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2880 | NS      | $743990.40    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                  | U.S. Treasury Bills                           | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     47000 | PA      | $46345.52     | 0.07%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Workday, Inc.                             | Workday, Inc., Class A                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1320 | NS      | $302781.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp.                                 | CSX Corp.                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     12040 | NS      | $427901.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                             | Equinix, Inc.                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       600 | NS      | $471102.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                | eBay, Inc.                                    | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3040 | NS      | $278920.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                              | Cintas Corp.                                  | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2240 | NS      | $498512.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                        | Best Buy Co., Inc.                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1240 | NS      | $80674.40     | 0.12%             |  |  |  | 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