# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-009641
**Filing Date:** 2025-12
**Character Count:** 43879
**Document Hash:** 7dd0232ddd2949268705ec4def8ffbe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-009641.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0002071691-25-009641

**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:** 251596525

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 353-9383

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FlexShares Trust
- **DATE OF NAME CHANGE:** 20110414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NT ETF Trust
- **DATE OF NAME CHANGE:** 20100513

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FlexShares Trust

- **b. Investment Company Act file number:** 811-22555

- **c. CIK number of Registrant:** 0001491978

- **d. LEI of Registrant:** 5493007FU2RQX77I4604

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 855-353-9383

**Item A.2. Information about the Series.**

- **a. Name of Series:** FlexShares US Quality Low Volatility Index Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $148320194.54

**Total Liabilities:** $3929143.33

**Net Assets:** $144391051.21

**Cash Not Reported:** $1539241.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212719 | 2.97%                | 2.23%                | -0.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3943805.56                                |
| Month 2  | $887408.47               | $2088363.47                                |
| Month 3  | $482661.72               | $-1936915.14                               |

### 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        |     36288 | NS      | $4149895.68   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                         | Alphabet, Inc., Class A                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6462 | NS      | $1817049.78   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                        | CME Group, Inc.                                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3393 | NS      | $900807.57    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System, Inc.                  | Landstar System, Inc.                            | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      6804 | NS      | $873837.72    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                  | Cal-Maine Foods, Inc.                            | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      9801 | NS      | $860527.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                             | Chubb Ltd.                                       | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      3245 | NS      | $898670.30    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                           | NVIDIA Corp.                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     48364 | NS      | $9793226.36   | 6.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                         | Treasury Repurchase Agreement                    | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   2804006 | PA      | $2804005.50   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                 | Northrop Grumman Corp.                           | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1524 | NS      | $889177.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                   | Curtiss-Wright Corp.                             | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |       395 | NS      | $235313.35    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                        | Eli Lilly & Co.                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4238 | NS      | $3656800.68   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                         | Alphabet, Inc., Class C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4350 | NS      | $1225917.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences, Inc.           | Neurocrine Biosciences, Inc.                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      5508 | NS      | $788800.68    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.  | International Business Machines Corp.            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     10530 | NS      | $3237027.30   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                | Republic Services, Inc.                          | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3484 | NS      | $725508.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                            | Apple, Inc.                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     28245 | NS      | $7636600.65   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd. | Check Point Software Technologies Ltd.           | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |      5751 | NS      | $1125355.68   | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Automatic Data Processing, Inc.        | Automatic Data Processing, Inc.                  | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      4692 | NS      | $1221327.60   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp.                              | Fox Corp., Class A                               | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     10935 | NS      | $706947.75    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates, Inc.          | Jack Henry & Associates, Inc.                    | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      3888 | NS      | $579078.72    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                  | Cheniere Energy, Inc.                            | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      5103 | NS      | $1081836.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                   | Allstate Corp. (The)                             | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      3969 | NS      | $760142.88    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                      | Johnson & Johnson                                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     27702 | NS      | $5232076.74   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                      | Merck & Co., Inc.                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     16119 | NS      | $1385911.62   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                       | Mastercard, Inc., Class A                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4630 | NS      | $2555713.70   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                         | DTE Energy Co.                                   | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      5589 | NS      | $757533.06    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                             | AT&T, Inc.                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     41229 | NS      | $1020417.75   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp.                     | Hormel Foods Corp.                               | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     22680 | NS      | $489661.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant, Inc.                         | Assurant, Inc.                                   | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      3483 | NS      | $737420.76    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                | Progressive Corp. (The)                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3483 | NS      | $717498.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp.                | Paylocity Holding Corp.                          | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |       243 | NS      | $34328.61     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                 | Home Depot, Inc. (The)                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1450 | NS      | $550405.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                    | General Mills, Inc.                              | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     13689 | NS      | $638044.29    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                          | Newmont Corp.                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     17820 | NS      | $1442885.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)             | Travelers Cos., Inc. (The)                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2997 | NS      | $805054.14    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys, Inc.                           | Qualys, Inc.                                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      7209 | NS      | $888581.34    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                 | General Dynamics Corp.                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3888 | NS      | $1340971.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.              | Consolidated Edison, Inc.                        | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     11421 | NS      | $1112519.61   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                  | Other Repurchase Agreement                       | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   1096128 | PA      | $1096128.25   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co. (The)                     | Southern Co. (The)                               | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     13851 | NS      | $1302548.04   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Royal Gold, Inc.                       | Royal Gold, Inc.                                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      6237 | NS      | $1090165.23   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                          | Corteva, Inc.                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     12150 | NS      | $746496.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One | Liberty Media Corp.-Liberty Formula One, Class C | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       486 | NS      | $48527.10     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp.                 | Encompass Health Corp.                           | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      5832 | NS      | $663973.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd.   | White Mountains Insurance Group Ltd.             | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | BM        |       405 | NS      | $771346.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride, Inc.                           | Stride, Inc.                                     | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      2997 | NS      | $203915.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| AutoZone, Inc.                         | AutoZone, Inc.                                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       302 | NS      | $1109677.86   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp.            | Sensient Technologies Corp.                      | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      2106 | NS      | $198574.74    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.               | Darden Restaurants, Inc.                         | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      1219 | NS      | $219602.85    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                         | Broadcom, Inc.                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      5670 | NS      | $2095802.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.               | Roper Technologies, Inc.                         | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2207 | NS      | $984653.05    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd.                            | Amdocs Ltd.                                      | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     12393 | NS      | $1044234.18   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                    | Abbott Laboratories                              | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1215 | NS      | $150198.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                   | Meta Platforms, Inc., Class A                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3155 | NS      | $2045544.25   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                | Agnico Eagle Mines Ltd.                          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      8991 | NS      | $1445842.71   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                 | Costco Wholesale Corp.                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2363 | NS      | $2153756.35   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc               | Willis Towers Watson plc                         | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      3402 | NS      | $1065166.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp.                           | Chemed Corp.                                     | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1782 | NS      | $768576.60    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                    | Clean Harbors, Inc.                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      1136 | NS      | $239139.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WR Berkley Corp.                       | W R Berkley Corp.                                | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     10044 | NS      | $716538.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| PepsiCo, Inc.                          | PepsiCo, Inc.                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     15714 | NS      | $2295658.26   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup, Inc.                       | AptarGroup, Inc.                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      6642 | NS      | $770538.42    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                      | FirstEnergy Corp.                                | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     10044 | NS      | $460316.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                   | JPMorgan Chase & Co.                             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1564 | NS      | $486591.68    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group, Inc. (The)    | Hanover Insurance Group, Inc. (The)              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      4212 | NS      | $719746.56    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.               | Berkshire Hathaway, Inc., Class B                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4941 | NS      | $2359525.14   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                      | T-Mobile US, Inc.                                | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      5184 | NS      | $1088899.20   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.           | Vertex Pharmaceuticals, Inc.                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       794 | NS      | $337902.58    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                   | Analog Devices, Inc.                             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2745 | NS      | $642686.85    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's, Inc.                        | Dillard's, Inc., Class A                         | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       426 | NS      | $255634.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Appfolio, Inc.                         | Appfolio, Inc., Class A                          | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1377 | NS      | $350350.11    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd.            | RenaissanceRe Holdings Ltd.                      | CUSIP: N/A<br>LEI: EK6GB9U3U58PDI411C94       | Long             | EC               | CORP              | BM        |      3001 | NS      | $762524.09    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co., Inc.      | American Electric Power Co., Inc.                | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      7614 | NS      | $915659.64    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp.                   | Avery Dennison Corp.                             | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      3564 | NS      | $623307.96    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                 | Verisk Analytics, Inc.                           | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1863 | NS      | $407549.88    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies, Inc.            | Teledyne Technologies, Inc.                      | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      2052 | NS      | $1081034.64   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                           | Ameren Corp.                                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      2916 | NS      | $297490.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                       | CMS Energy Corp.                                 | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     10449 | NS      | $768523.95    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                   | TJX Cos., Inc. (The)                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9639 | NS      | $1350809.46   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                   | Coterra Energy, Inc.                             | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     25920 | NS      | $613267.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| ServiceNow, Inc.                       | ServiceNow, Inc.                                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       405 | NS      | $372308.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)             | Procter & Gamble Co. (The)                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     26973 | NS      | $4055930.01   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International, Inc.  | Restaurant Brands International, Inc.            | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |     11421 | NS      | $750245.49    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.         | American Financial Group, Inc.                   | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      2754 | NS      | $362646.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.           | Verizon Communications, Inc.                     | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     48600 | NS      | $1931364.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                              | Kellanova                                        | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |      9396 | NS      | $780431.76    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                              | QIAGEN NV                                        | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |     21951 | NS      | $1028404.35   | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Microsoft Corp.                        | Microsoft Corp.                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19904 | NS      | $10306490.24  | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics, Inc.                | Quest Diagnostics, Inc.                          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      4131 | NS      | $726849.45    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                           | Evergy, Inc.                                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     10125 | NS      | $777701.25    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems, Inc.         | FactSet Research Systems, Inc.                   | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1503 | NS      | $401000.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings, Inc.                 | Labcorp Holdings, Inc.                           | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       648 | NS      | $164566.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA, Inc.                       | Murphy USA, Inc.                                 | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1539 | NS      | $551269.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Hasbro, Inc.                           | Hasbro, Inc.                                     | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     13122 | NS      | $1001339.82   | 0.69%             |  |  |  | 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        |        49 | NC      | $46886.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp.                   | Alliant Energy Corp.                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      9801 | NS      | $654902.82    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| AbbVie, Inc.                           | AbbVie, Inc.                                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     10854 | NS      | $2366606.16   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                 | WEC Energy Group, Inc.                           | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      7371 | NS      | $823561.83    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                     | Tractor Supply Co.                               | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       729 | NS      | $39446.19     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Hershey Co. (The)                      | Hershey Co. (The)                                | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4293 | NS      | $728221.59    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.               | Tyler Technologies, Inc.                         | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1944 | NS      | $925849.44    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                  | Gilead Sciences, Inc.                            | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     14337 | NS      | $1717429.23   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                      | Duke Energy Corp.                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10449 | NS      | $1298810.70   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications, Inc.              | Zoom Communications, Inc., Class A               | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      8586 | NS      | $748956.78    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems, Inc.                | Commvault Systems, Inc.                          | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      3888 | NS      | $541287.36    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                             | Visa, Inc., Class A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9785 | NS      | $3334140.90   | 2.31%             |  |  |  | No            |                  1 | On Loan: —       |
| McDonald's Corp.                       | McDonald's Corp.                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      4131 | NS      | $1232814.33   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse, Inc.                  | Texas Roadhouse, Inc., Class A                   | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       243 | NS      | $39749.94     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream, Inc.                     | DT Midstream, Inc.                               | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6804 | NS      | $744969.96    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                  | Electronic Arts, Inc.                            | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2430 | NS      | $486145.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                          | Cencora, Inc.                                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1027 | NS      | $346930.87    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp.                  | Lockheed Martin Corp.                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2673 | NS      | $1314795.24   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp. of America             | Packaging Corp. of America                       | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      4131 | NS      | $808684.56    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                | Texas Instruments, Inc.                          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      3513 | NS      | $567208.98    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America               | U.S. Treasury Bills                              | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    106000 | PA      | $105715.55    | 0.07%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alkermes plc                           | Alkermes plc                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |      8019 | NS      | $246183.30    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block, Inc.                        | H&R Block, Inc.                                  | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     21222 | NS      | $1055582.28   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp. International            | Service Corp. International                      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      9072 | NS      | $757602.72    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies, Inc.  | Applied Industrial Technologies, Inc.            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       474 | NS      | $121860.66    | 0.08%             |  |  |  | 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