FEUS / FlexShares Trust - FlexShares ESG & Climate US Large Cap Core Index Fund - SEC-Einreichungen, Jahresbericht, Proxy Statement

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on February 10, 2025, pursuant to the provisions of Rule 12d2-2 (a).

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on May 13, 2024, pursuant to the provisions of Rule 12d2-2 (a).

IQDF / FlexShares Trust - FlexShares International Quality Dividend Index Fund / KEYBANK NATIONAL ASSOCIATION/OH - 12/31/2023 Passive Investment

SC 13G/A 1 flexshares23.txt 12/31/2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 4)* FlexShares Trust (Name of Issuer) Common Stock (Title of Class of Securities) 33939L837 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on July 31, 2023, pursuant to the provisions of Rule 12d2-2 (a).

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on July 14, 2023, pursuant to the provisions of Rule 12d2-2 (a).

June 2, 2023

Stradley Ronon Stevens & Young, LLP 2005 Market Street Suite 2600 Philadelphia, PA 19103 Telephone 215.

FLEXSHARES TRUST POWER OF ATTORNEY

EX-99 4 ex9916.htm EX-99.16 FLEXSHARES TRUST POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned, being a Trustee of FlexShares Trust, a statutory trust organized under the laws of the State of Maryland (the “Trust”), does hereby make, constitute and appoint Craig R. Carberry, Jose J. Del Real, Peter K. Ewing, Christopher P. Fair, Randal E. Rein and Himanshu S. Surti and eac

May 10, 2023

EX-99.11 Stradley Ronon Stevens & Young, LLP Suite 2600 2005 Market Street Philadelphia, PA 19103-7018 Telephone 215.564.8000 Fax 215.564.8120 www.stradley.com May 10, 2023 Board of Trustees FlexShares® Trust 50 South LaSalle Street Chicago, Illinois 60603 Re: Registration Statement on Form N-14 Ladies and Gentlemen: We have acted as counsel to FlexShares® Trust, a statutory trust organized under

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EX-99.14 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated December 27, 2022, relating to the financial statements and financial highlights of FlexShares® Quality Dividend Index Fund, FlexShares® Quality Dividend Dynamic Index Fund, FlexShares® International Quality Dividend Index Fu

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. /  / Post-Effective Amendment No. / / (Check appropriate box or boxes) FLEXSHARES TRUST (Exact Name of Registrant as Specified in Charter) 855-353-9383 Registrant’s Area Code and Telephone Number 50 South LaSalle Street, Chicago, Illi

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d459079d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.5% Aerospace & Defense - 0.3% Huntington Ingalls Industries, Inc. 2,363 521,136 Air Freight & Logistics - 2.0% CH Robinson Worldwide, Inc.(a) 14,595 1,461,981 Expeditors International of Washington, Inc. 12,649 1,367,990 Uni

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2023 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

IQDF / FlexShares International Quality Dividend Index Fund / KEYBANK NATIONAL ASSOCIATION/OH - FLEXSHARES13G_22 Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 3)* FlexShares Trust (Name of Issuer) Common Stock (Title of Class of Securities) 33939L837 (CUSIP Number) December 31, 2022 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedu

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 d403002d8k.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 8,128 899,769 Expeditors International of Washington, Inc. 11,811 1,254,919 2,154,688 Automobiles - 0.6% Tesla, Inc.* 1,080 962,766 Banks - 1.4% First Citizens Ba

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

NYSE ARCA CERTIFICATION

March 28, 2022

Stradley Ronon Stevens & Young, LLP 2005 Market Street Suite 2600 Philadelphia, PA 19103 Telephone 215.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

NPORT-EX 2 Flexshares1.31.22.htm Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.8% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc.(a) 9,486 992,710 Expeditors International of Washington, Inc. 10,602 1,213,717 2,206,427 Automobiles - 0.8% Tesla, Inc.* 1,364 1,277,686 Banks - 0.1% JPMor

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2022 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

IQDF / FlexShares International Quality Dividend Index Fund / KEYBANK NATIONAL ASSOCIATION/OH - FLEXSHARES 2021 Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2)* FlexShares Trust (Name of Issuer) Common Stock (Title of Class of Securities) 33939L837 (CUSIP Number) December 31, 2021 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedu

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

NYSE ARCA CERTIFICATION

New York Stock Exchange 11 Wall Street New York, NY 10005 September 17, 2021 Chief, Information Technology Securities and Exchange Commission Division of Corporate Finance 100 F Street, NE MS 3040 Washington, DC 20549 To whom it may concern: The NYSE Arca certifies its approval for listing and registration of the following series of FlexShares Trust, under the Exchange Act of 1934:  FlexShares® E

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 FlexShares Trust (Exact Name of Registrant as

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 FlexShares Trust (Exact Name of Registrant as Specified in Its Charter) Maryland (State of Incorporation or Organization) (See Below) (I.R.S. Employer Identification No.) 50 South LaSalle Street,

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

FOR VALIDATION PURPOSES ONLY - [155508.TX] Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.7% Air Freight & Logistics - 1.3% CH Robinson Worldwide, Inc. 6,985 597,636 Expeditors International of Washington, Inc. 10,780 965,026 1,562,662 Banks - 0.0%(a) JPMorgan Chase & Co. 110 14,154 Beverages - 3

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2021 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

SC 13G/A

SCHEDULE 13G Amendment No. 4 FlexShares Morningstar Global Upstream Natural Resources Index Fund COMMON STOCK Cusip #33939L407 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [x] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) Cusip #33939L407 Item 1: Reporting Person - FMR LLC Item 2: (a) [ ] (b) [ ] Item 4: Delaware Item 5: 100 Item 6: 0 Item 7: 21,618

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on February 09, 2021, pursuant to the provisions of Rule 12d2-2 (a).

EX-99.25

NOTIFICATION OF THE REMOVAL FROM LISTING AND REGISTRATION OF THE STATED SECURITIES NYSE Arca hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on February 09, 2021, pursuant to the provisions of Rule 12d2-2 (a).

13G ANNUAL 2020

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* FlexShares Trust (Name of Issuer) Common Stock (Title of Class of Securities) 33939L837 (CUSIP Number) December 31, 2020 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedu

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund July 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

- FLEXSHARES TRUST

FlexShares Trust UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 811-22555 FlexShares Trust The NASDAQ Stock Market LLC (Exact name of registrant as specified in its charter, and name of Exchange where security is listed and/or

- NYSE ARCA CERTIFICATION

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- FLEXSHARES TRUST

FlexShares Trust UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 FlexShares Trust (Exact Name of Registrant as Specified in Its Charter) Maryland (See Below) (State of Incorporation or Organization) (I.R.S. Employer Identification No.) 50 Sout

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

See Accompanying Notes to the Schedules of Investments.

HTML Schedule of Investments FlexShares® US Quality Low Volatility Index Fund January 31, 2020 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 99.

Faegre Drinker Biddle & Reath LLP One Logan Square, Ste. 2000 Philadelphia, PA 19103-6996 (215) 988-2700 (Phone) (215) 988-2757 (Facsimile)

Faegre Drinker Biddle & Reath LLP One Logan Square, Ste. 2000 Philadelphia, PA 19103-6996 (215) 988-2700 (Phone) (215) 988-2757 (Facsimile) www.faegredrinker.com February 26, 2020 VIA EDGAR TRANSMISSION Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Re: FlexShares Trust (811-22555; 333-173967) Ladies and Gentlemen: Please accept for filing Post-Effective Amendment No.

-

FlexShares Trust Faegre, Drinker Biddle & Reath LLP 191 N. Wacker Drive, Suite 3700 Chicago, IL 60606-1698 (312) 569-1000 (Phone) (312) 569-3000 (Facsimile) www.faegredrinker.com February 21, 2020 Via Edgar Transmission Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Attention: Samantha Brutlag RE: FlexShares® Trust (the “Trust” or “Registrant”) Post-Effective Amendmen

GUNR / FlexShares Morningstar Global Upstream Natural Resources Index Fund / FMR LLC / Fidelity Passive Investment

SCHEDULE 13G Amendment No. 3 FlexShares Morningstar Global Upstream Natural Resources Index Fund COMMON STOCK Cusip #33939L407 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [x] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) Cusip #33939L407 Item 1: Reporting Person - FMR LLC Item 2: (a) [ ] (b) [ ] Item 4: Delaware Item 5: 254,240 Item 6: 0 Item 7: 15

IQDF / FlexShares International Quality Dividend Index Fund / KEYBANK NATIONAL ASSOCIATION/OH - 13G FILING FOR 12.31.2019 Passive Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No.)* FlexShares Trust (Name of Issuer) Common Stock (Title of Class of Securities) 33939L837 (CUSIP Number) December 31, 2019 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule

Drinker Biddle & Reath LLP 191 N. Wacker Drive, Suite 3700 Chicago, IL 60606-1698 (312) 569-1000 (Phone) (312) 569-3000 (Facsimile) December 27, 2019

Drinker Biddle & Reath LLP 191 N. Wacker Drive, Suite 3700 Chicago, IL 60606-1698 (312) 569-1000 (Phone) (312) 569-3000 (Facsimile) www.drinkerbiddle.com December 27, 2019 VIA EDGAR TRANSMISSION Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Re: FlexShares Trust (File Nos. 811-22555; 333-173967) Ladies and Gentlemen: On behalf of FlexShares Trust (the ?Trust?), transm

Flexshares Trust 8-A12B - - FLEXSHARES TRUST

8-A12B 1 d814831d8a12b.htm FLEXSHARES TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 FlexShares Trust (Exact Name of Registrant as Specified in Its Charter) Maryland (State of Incorporation or Organization) (See Below) (I.R.S. Employer

Flexshares Trust 25 - - FLEXSHARES TRUST

FlexShares Trust UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 811-22555 FlexShares Trust The NASDAQ Stock Market LLC (Exact name of registrant as specified in its charter, and name of Exchange where security is listed and/or

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

NPORT-EX 1 FlexSharesNPORTEX7311927.htm Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Aerospace & Defense - 0.8% Airbus SE 17,520 2,498,037 BAE Systems plc 79,840 536,312 Bombardier, Inc., Class B* 48,735 84,246 CAE, Inc.(a) 7,384 200,127 Cobham plc* 7,653 15,490 Dassault A

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

NPORT-EX 1 FlexSharesNPORTEX7311920.htm Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.1% Aerospace & Defense - 0.8% Airbus SE 17,520 2,498,037 BAE Systems plc 79,840 536,312 Bombardier, Inc., Class B* 48,735 84,246 CAE, Inc.(a) 7,384 200,127 Cobham plc* 7,653 15,490 Dassault A

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.

Flexshares Trust NPORT-EX - -

HTML Schedule of Investments FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund July 31, 2019 (Unaudited) Investments Shares Value ($) COMMON STOCKS - 98.