# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152739
**Filing Date:** 2025-6
**Character Count:** 46244
**Document Hash:** 8f01ce2e1b8d7918ed15da6830bccf9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152739.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152739

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251067533

**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:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $60218908.67

**Total Liabilities:** $514552.29

**Net Assets:** $59704356.38

**Cash Not Reported:** $263153.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230177 | -1.84%               | -6.05%               | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1443177.27                               |
| Month 2  | $1400635.45              | $-5868138.03                               |
| Month 3  | $635234.22               | $-1566625.27                               |

### 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        |      4095 | NS      | $57821.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.              | Cadence Design Systems, Inc.                  | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1677 | NS      | $499309.98    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock, Inc.                           | Blackrock, Inc.                               | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       429 | NS      | $392217.54    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                            | Alphabet, Inc., Class A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9789 | NS      | $1554493.20   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                             | Walmart, Inc.                                 | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      9711 | NS      | $944394.75    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                     | PayPal Holdings, Inc.                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      5967 | NS      | $392867.28    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                    | Waste Management, Inc.                        | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2184 | NS      | $509658.24    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                              | NVIDIA Corp.                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     33579 | NS      | $3657424.68   | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax, Inc.                             | Equifax, Inc.                                 | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       741 | NS      | $192756.33    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                | PG&E Corp.                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     12246 | NS      | $202303.92    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                          | Amazon.com, Inc.                              | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13338 | NS      | $2459793.96   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                  | U.S. Treasury Bills                           | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     26000 | PA      | $25604.46     | 0.04%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                           | Eli Lilly & Co.                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       234 | NS      | $210354.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                            | Alphabet, Inc., Class C                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6318 | NS      | $1016503.02   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                               | Intel Corp.                                   | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     25506 | NS      | $512670.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                             | Owens Corning                                 | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |       546 | NS      | $79393.86     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.     | International Business Machines Corp.         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3042 | NS      | $735616.44    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                               | Apple, Inc.                                   | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19110 | NS      | $4060875.00   | 6.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp.                             | Moody's Corp.                                 | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1014 | NS      | $459463.68    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.           | Automatic Data Processing, Inc.               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2106 | NS      | $633063.60    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                              | Fiserv, Inc.                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1053 | NS      | $194352.21    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                        | Devon Energy Corp.                            | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      3783 | NS      | $115041.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                      | NextEra Energy, Inc.                          | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3588 | NS      | $239965.44    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                      | American Express Co.                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       936 | NS      | $249359.76    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                      | Edison International                          | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       741 | NS      | $39650.91     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                             | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6084 | NS      | $950990.04    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                         | Merck & Co., Inc.                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8931 | NS      | $760921.20    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                          | Mastercard, Inc., Class A                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1872 | NS      | $1025968.32   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                              | Pfizer, Inc.                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     26169 | NS      | $638785.29    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp.                     | Las Vegas Sands Corp.                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      2184 | NS      | $80087.28     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                               | Tesla, Inc.                                   | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4875 | NS      | $1375530.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp.                            | TopBuild Corp.                                | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       195 | NS      | $57673.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.            | Hewlett Packard Enterprise Co.                | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      7917 | NS      | $128413.74    | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Hartford Insurance Group, Inc. (The)      | Hartford Insurance Group, Inc. (The)          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1794 | NS      | $220069.98    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp.     | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1053 | NS      | $194531.22    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                    | Home Depot, Inc. (The)                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1014 | NS      | $365536.86    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina, Inc.                            | Illumina, Inc.                                | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      1014 | NS      | $78686.40     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp.                             | Newmont Corp.                                 | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      6981 | NS      | $367759.08    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                    | Trane Technologies plc                        | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1365 | NS      | $523218.15    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co., Inc.            | American Water Works Co., Inc.                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1170 | NS      | $172001.70    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy, Inc.                      | Enphase Energy, Inc.                          | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       780 | NS      | $34780.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                | Travelers Cos., Inc. (The)                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       312 | NS      | $82408.56     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar, Inc.                         | First Solar, Inc.                             | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       624 | NS      | $78511.68     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co., Inc.                 | Church & Dwight Co., Inc.                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |       429 | NS      | $42616.86     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                               | Adobe, Inc.                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1599 | NS      | $599593.02    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk, Inc.                            | Autodesk, Inc.                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1326 | NS      | $363655.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                               | Deere & Co.                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1365 | NS      | $632759.40    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp.                               | Sysco Corp.                                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      3042 | NS      | $217198.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                              | Ventas, Inc.                                  | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      2457 | NS      | $172186.56    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                 | Consolidated Edison, Inc.                     | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2106 | NS      | $237451.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI, Inc.                                | MSCI, Inc.                                    | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       468 | NS      | $255111.48    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma, Inc.                     | Williams-Sonoma, Inc.                         | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       741 | NS      | $114462.27    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                          | S&P Global, Inc.                              | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1287 | NS      | $643564.35    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co. (The)                          | Clorox Co. (The)                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       741 | NS      | $105444.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                         | Eversource Energy                             | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      2106 | NS      | $125264.88    | 0.21%             |  |  |  | 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        |      2368 | NS      | $59484.16     | 0.10%             |  |  |  | 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        |        11 | NC      | $1008.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                            | Broadcom, Inc.                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2574 | NS      | $495417.78    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                       | Abbott Laboratories                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      5850 | NS      | $764887.50    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                      | Meta Platforms, Inc., Class A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2613 | NS      | $1434537.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                             | Medtronic plc                                 | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      3510 | NS      | $297507.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                             | Comcast Corp., Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      9906 | NS      | $338785.20    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                         | Ulta Beauty, Inc.                             | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       273 | NS      | $108009.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.     | Public Service Enterprise Group, Inc.         | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |       546 | NS      | $43641.78     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                       | Expedia Group, Inc.                           | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       780 | NS      | $122405.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                       | Cisco Systems, Inc.                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     12636 | NS      | $729476.28    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                             | PepsiCo, Inc.                                 | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5070 | NS      | $687390.60    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.      | Cognizant Technology Solutions Corp., Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      3042 | NS      | $223799.94    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                      | JPMorgan Chase & Co.                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5265 | NS      | $1287924.30   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                  | Berkshire Hathaway, Inc., Class B             | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       859 | NS      | $458061.75    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                            | Morgan Stanley                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      5109 | NS      | $589680.78    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                      | PPG Industries, Inc.                          | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      1404 | NS      | $152839.44    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                  | HP, Inc.                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      5928 | NS      | $151578.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                         | Lowe's Cos., Inc.                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       117 | NS      | $26156.52     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                           | Schlumberger NV                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |       819 | NS      | $27231.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                 | EQT Corp.                                     | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2574 | NS      | $127258.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                              | Exelon Corp.                                  | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      6084 | NS      | $285339.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances, Inc.  | International Flavors & Fragrances, Inc.      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      1053 | NS      | $82618.38     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                             | Chevron Corp.                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3705 | NS      | $504102.30    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                         | Cigna Group (The)                             | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1716 | NS      | $583508.64    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                              | Target Corp.                                  | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2808 | NS      | $271533.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Halliburton Co.                           | Halliburton Co.                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      5265 | NS      | $104352.30    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                 | Akamai Technologies, Inc.                     | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       936 | NS      | $75422.88     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp.                      | Avery Dennison Corp.                          | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       507 | NS      | $86752.77     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand, Inc.                      | Ingersoll Rand, Inc.                          | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      2457 | NS      | $185331.51    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                          | ServiceNow, Inc.                              | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       546 | NS      | $521435.46    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp.                    | Norfolk Southern Corp.                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1404 | NS      | $314566.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                | Procter & Gamble Co. (The)                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5772 | NS      | $938354.04    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                         | CNH Industrial NV                             | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | NL        |      5421 | NS      | $62720.97     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell, Inc.                             | Hubbell, Inc., Class B                        | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |        41 | NS      | $14890.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife, Inc.                             | MetLife, Inc.                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3627 | NS      | $273366.99    | 0.46%             |  |  |  | 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        |      1404 | NS      | $84183.84     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.              | Verizon Communications, Inc.                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     15990 | NS      | $704519.40    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)           | Goldman Sachs Group, Inc. (The)               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1170 | NS      | $640633.50    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                     | Walt Disney Co. (The)                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      6669 | NS      | $606545.55    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                               | Amgen, Inc.                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2301 | NS      | $669406.92    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                             | Paychex, Inc.                                 | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1989 | NS      | $292621.68    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                           | Microsoft Corp.                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9789 | NS      | $3869200.14   | 6.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                            | Treasury Repurchase Agreement                 | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |    505858 | PA      | $505858.50    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis, Inc.                            | Prologis, Inc.                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4524 | NS      | $462352.80    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems, Inc.            | FactSet Research Systems, Inc.                | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       234 | NS      | $101139.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                               | ONEOK, Inc.                                   | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      3549 | NS      | $291585.84    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                | NIKE, Inc., Class B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      7332 | NS      | $413524.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Emerson Electric Co.                      | Emerson Electric Co.                          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       429 | NS      | $45092.19     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab, Inc.                              | Ecolab, Inc.                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1560 | NS      | $392230.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                     | Elevance Health, Inc.                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1404 | NS      | $590494.32    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                | Occidental Petroleum Corp.                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4017 | NS      | $158309.97    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.              | Mondelez International, Inc., Class A         | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |       585 | NS      | $39856.05     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                       | Union Pacific Corp.                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2691 | NS      | $580341.06    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                          | Baker Hughes Co.                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6123 | NS      | $216754.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.           | Regeneron Pharmaceuticals, Inc.               | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       663 | NS      | $396977.88    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                    | Booking Holdings, Inc.                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       143 | NS      | $729197.04    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                        | Tractor Supply Co.                            | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3237 | NS      | $163856.94    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                     | Gilead Sciences, Inc.                         | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4953 | NS      | $527692.62    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications, Inc.                 | Zoom Communications, Inc., Class A            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1326 | NS      | $102818.04    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                | Visa, Inc., Class A                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3432 | NS      | $1185756.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Aflac, Inc.                               | Aflac, Inc.                                   | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      3237 | NS      | $351797.16    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                          | CVS Health Corp.                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7683 | NS      | $512532.93    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies, Inc.                   | Dell Technologies, Inc., Class C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1599 | NS      | $146724.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp. of America                | Packaging Corp. of America                    | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       546 | NS      | $101343.06    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                          | Salesforce, Inc.                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2691 | NS      | $723098.61    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                             | Workday, Inc., Class A                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1287 | NS      | $315315.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp.                                 | CSX Corp.                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     11973 | NS      | $336082.11    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                             | Equinix, Inc.                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       585 | NS      | $503538.75    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                | eBay, Inc.                                    | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3042 | NS      | $207342.72    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                              | Cintas Corp.                                  | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2067 | NS      | $437542.56    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO