# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0001752724-25-152759
**Filing Date:** 2025-6
**Character Count:** 40527
**Document Hash:** 401f2aa9341b0b9ef3ff3c8a95de8f94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-152759.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-152759

**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:** 251067553

**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:** 2025-04-30

**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:** $133941102.55

**Total Liabilities:** $4103360.67

**Net Assets:** $129837741.88

**Cash Not Reported:** $1107456.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212719 | 1.57%                | -1.97%               | -1.47%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26.55                   | $1903527.74                                |
| Month 2  | $1617065.07              | $-4312068.09                               |
| Month 3  | $354139.68               | $-2157397.87                               |

### 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        |     16560 | NS      | $1749232.80   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class A                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6240 | NS      | $990912.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                          | CME Group, Inc.                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3520 | NS      | $975321.60    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                   | Waste Management, Inc.                   | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      3840 | NS      | $896102.40    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System, Inc.                    | Landstar System, Inc.                    | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      6240 | NS      | $837096.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                    | Cal-Maine Foods, Inc.                    | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     11040 | NS      | $1030804.80   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                               | Chubb Ltd.                               | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      3440 | NS      | $984115.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                             | NVIDIA Corp.                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     47200 | NS      | $5141024.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                         | Amazon.com, Inc.                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     15680 | NS      | $2891705.60   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical, Inc.            | BioMarin Pharmaceutical, Inc.            | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      8720 | NS      | $555376.80    | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Flowers Foods, Inc.                      | Flowers Foods, Inc.                      | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     32480 | NS      | $571323.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Enstar Group Ltd.                        | Enstar Group Ltd.                        | CUSIP: N/A<br>LEI: 213800AMAL5QFXVUCN04       | Long             | EC               | CORP              | BM        |      3040 | NS      | $1016606.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                 | U.S. Treasury Bills                      | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    108000 | PA      | $106357.00    | 0.08%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                   | Northrop Grumman Corp.                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1840 | NS      | $895160.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                          | Eli Lilly & Co.                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4240 | NS      | $3811548.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                           | Alphabet, Inc., Class C                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4400 | NS      | $707916.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences, Inc.             | Neurocrine Biosciences, Inc.             | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      8960 | NS      | $964902.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.    | International Business Machines Corp.    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     10640 | NS      | $2572964.80   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers, Inc.                    | Scorpio Tankers, Inc.                    | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MH        |     22880 | NS      | $862347.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen, Inc.                             | Biogen, Inc.                             | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      7680 | NS      | $929894.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                  | Republic Services, Inc.                  | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3440 | NS      | $862580.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                              | Apple, Inc.                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     28160 | NS      | $5984000.00   | 4.61%             |  |  |  | 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        |      4720 | NS      | $1036323.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.          | Automatic Data Processing, Inc.          | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      4720 | NS      | $1418832.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp.                                | Fox Corp., Class A                       | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     10720 | NS      | $533748.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates, Inc.            | Jack Henry & Associates, Inc.            | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      4160 | NS      | $721468.80    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TD PRIME SERVICES LLC                    | Other Repurchase Agreement               | CUSIP: N/A<br>LEI: 549300ZBQI1JB1844X09       | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Allstate Corp. (The)                     | Allstate Corp. (The)                     | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      4160 | NS      | $825302.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     20480 | NS      | $3201228.80   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                        | Merck & Co., Inc.                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     29280 | NS      | $2494656.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                               | AT&T, Inc.                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     82560 | NS      | $2286912.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp.                       | Hormel Foods Corp.                       | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     24320 | NS      | $727168.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                   | Becton Dickinson & Co.                   | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      3600 | NS      | $745524.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant, Inc.                           | Assurant, Inc.                           | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      5120 | NS      | $986828.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                      | General Mills, Inc.                      | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     18560 | NS      | $1053094.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)               | Travelers Cos., Inc. (The)               | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      3360 | NS      | $887476.80    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                   | General Dynamics Corp.                   | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3280 | NS      | $892553.60    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                | Consolidated Edison, Inc.                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     11280 | NS      | $1271820.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                       | Southern Co. (The)                       | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     14240 | NS      | $1308513.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                         | Royal Gold, Inc.                         | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      6880 | NS      | $1257044.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva, Inc.                            | Corteva, Inc.                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     12000 | NS      | $743880.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co. (The)                         | Clorox Co. (The)                         | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      1920 | NS      | $273216.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                           | AutoZone, Inc.                           | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       320 | NS      | $1204032.00   | 0.93%             |  |  |  | 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        |        47 | NC      | $-5377.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                           | Broadcom, Inc.                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4400 | NS      | $846868.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd.                              | Amdocs Ltd.                              | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     11520 | NS      | $1020441.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                     | Meta Platforms, Inc., Class A            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3200 | NS      | $1756800.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd.                  | Agnico Eagle Mines Ltd.                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      9600 | NS      | $1128768.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                 | Willis Towers Watson plc                 | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |      3360 | NS      | $1034208.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp.                             | Chemed Corp.                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1840 | NS      | $1069978.40   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group, Inc.                       | Markel Group, Inc.                       | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       160 | NS      | $290976.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands, Inc.                     | Conagra Brands, Inc.                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     43280 | NS      | $1069448.80   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA, TORONTO         | Other Repurchase Agreement               | CUSIP: N/A<br>LEI: L3I9ZG2KFGXZ61BMYR72       | Long             | RA               | CORP              | CA        |   1000000 | PA      | $1000000.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| WR Berkley Corp.                         | W R Berkley Corp.                        | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     11440 | NS      | $820133.60    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                            | PepsiCo, Inc.                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     11280 | NS      | $1529342.40   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup, Inc.                         | AptarGroup, Inc.                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      6960 | NS      | $1043652.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| FirstEnergy Corp.                        | FirstEnergy Corp.                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      9760 | NS      | $418508.80    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co.                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1840 | NS      | $450100.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource, Inc.                           | NiSource, Inc.                           | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      4320 | NS      | $168955.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                 | Berkshire Hathaway, Inc., Class B        | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4800 | NS      | $2559600.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                        | T-Mobile US, Inc.                        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      6080 | NS      | $1501456.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                     | Analog Devices, Inc.                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       480 | NS      | $93561.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's, Inc.                          | Dillard's, Inc., Class A                 | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      1520 | NS      | $526923.20    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio, Inc.                           | Appfolio, Inc., Class A                  | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1360 | NS      | $280867.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| TXNM Energy, Inc.                        | TXNM Energy, Inc.                        | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     13440 | NS      | $715008.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| RenaissanceRe Holdings Ltd.              | RenaissanceRe Holdings Ltd.              | CUSIP: N/A<br>LEI: EK6GB9U3U58PDI411C94       | Long             | EC               | CORP              | BM        |      2960 | NS      | $716112.80    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| American Electric Power Co., Inc.        | American Electric Power Co., Inc.        | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      7360 | NS      | $797382.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp.                     | Avery Dennison Corp.                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      3520 | NS      | $602307.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                   | Verisk Analytics, Inc.                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1840 | NS      | $545431.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                         | CMS Energy Corp.                         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     10240 | NS      | $754176.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy, Inc.                     | Coterra Energy, Inc.                     | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     25760 | NS      | $632665.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)               | Procter & Gamble Co. (The)               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     27280 | NS      | $4434909.60   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International, Inc.    | Restaurant Brands International, Inc.    | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |     10960 | NS      | $705824.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.           | American Financial Group, Inc.           | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      2640 | NS      | $334382.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.             | Verizon Communications, Inc.             | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     48720 | NS      | $2146603.20   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                | Kellanova                                | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     12800 | NS      | $1059456.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                | QIAGEN NV                                | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |     25520 | NS      | $1090980.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp.                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     24480 | NS      | $9675964.80   | 7.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                           | Public Storage                           | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |       480 | NS      | $144206.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CF SECURED LLC                           | Treasury Repurchase Agreement            | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   2075678 | PA      | $2075677.75   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| FactSet Research Systems, Inc.           | FactSet Research Systems, Inc.           | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1520 | NS      | $656974.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group, Inc.          | Selective Insurance Group, Inc.          | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8160 | NS      | $711796.80    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter, Inc.                       | Badger Meter, Inc.                       | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1040 | NS      | $229652.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA, Inc.                         | Murphy USA, Inc.                         | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1440 | NS      | $717940.80    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Hasbro, Inc.                             | Hasbro, Inc.                             | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     13280 | NS      | $822032.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.              | Pinnacle West Capital Corp.              | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      7360 | NS      | $700524.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Alliant Energy Corp.                     | Alliant Energy Corp.                     | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      6400 | NS      | $390656.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                             | AbbVie, Inc.                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2800 | NS      | $546280.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                   | WEC Energy Group, Inc.                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     10480 | NS      | $1147769.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.          | Regeneron Pharmaceuticals, Inc.          | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1280 | NS      | $766412.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                       | Tractor Supply Co.                       | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       960 | NS      | $48595.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Hershey Co. (The)                        | Hershey Co. (The)                        | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4240 | NS      | $708885.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                 | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1680 | NS      | $912744.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                    | Gilead Sciences, Inc.                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     14320 | NS      | $1525652.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp.                        | Duke Energy Corp.                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10880 | NS      | $1327577.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications, Inc.                | Zoom Communications, Inc., Class A       | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      8320 | NS      | $645132.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems, Inc.                  | Commvault Systems, Inc.                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      4480 | NS      | $748742.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                               | Visa, Inc., Class A                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     14000 | NS      | $4837000.00   | 3.73%             |  |  |  | No            |                  1 | On Loan: —       |
| McDonald's Corp.                         | McDonald's Corp.                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      4160 | NS      | $1329744.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream, Inc.                       | DT Midstream, Inc.                       | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10160 | NS      | $987552.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                    | Electronic Arts, Inc.                    | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2320 | NS      | $336608.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                            | Cencora, Inc.                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1040 | NS      | $304376.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp.                    | Lockheed Martin Corp.                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2800 | NS      | $1337700.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp. of America               | Packaging Corp. of America               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3360 | NS      | $623649.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.        | Booz Allen Hamilton Holding Corp.        | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      3920 | NS      | $470478.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                  | Texas Instruments, Inc.                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      5680 | NS      | $909084.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings, Inc. | CCC Intelligent Solutions Holdings, Inc. | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51280 | NS      | $474852.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Alkermes plc                             | Alkermes plc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     28320 | NS      | $814766.40    | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Service Corp. International              | Service Corp. International              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      8880 | NS      | $709512.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.             | Iridium Communications, Inc.             | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     30960 | NS      | $747064.80    | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| FTI Consulting, Inc.                     | FTI Consulting, Inc.                     | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      5440 | NS      | $904563.20    | 0.70%             |  |  |  | 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